BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
12 Months Ended |
Dec. 31, 2020 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Schedule of Property and Equipment, net |
At December 31, 2020 and 2019, property and equipment, net consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
At December 31, |
| |
|
2020 |
|
2019 |
| Computer and office equipment |
|
$ |
59,407 |
|
|
$ |
57,162 |
|
| Model home furnishings and capitalized sales office costs |
|
76,398 |
|
|
86,047 |
|
| Gross property and equipment |
|
135,805 |
|
|
143,209 |
|
| Accumulated depreciation |
|
(96,872) |
|
|
(92,603) |
|
| Total |
|
$ |
38,933 |
|
|
$ |
50,606 |
|
|
| Schedule of Accrued Liabilities |
Accrued liabilities at December 31, 2020 and 2019 consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
At December 31, |
| |
|
2020 |
|
2019 |
| Accruals related to real estate development and construction activities |
|
$ |
92,701 |
|
|
$ |
74,448 |
|
| Payroll and other benefits |
|
88,337 |
|
|
67,734 |
|
| Accrued interest |
|
8,457 |
|
|
8,758 |
|
| Accrued taxes |
|
34,373 |
|
|
8,459 |
|
| Warranty reserves |
|
23,743 |
|
|
22,015 |
|
|
|
|
|
|
Lease liabilities (1)
|
|
28,254 |
|
|
34,231 |
|
| Other accruals |
|
20,256 |
|
|
10,363 |
|
| Total |
|
$ |
296,121 |
|
|
$ |
226,008 |
|
(1)Refer to Note 4 for additional information related to our leases.
|
| Schedule of Surety Bond and Letter of Credit Obligations |
The table below outlines our surety bond and letter of credit obligations (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, |
| |
|
2020 |
|
2019 |
| |
|
Outstanding |
|
Estimated work
remaining to
complete (unaudited) |
|
Outstanding |
|
Estimated work
remaining to
complete (unaudited) |
| Sureties: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sureties related to owned projects and lots under contract |
|
478,788 |
|
|
216,708 |
|
|
405,017 |
|
|
186,986 |
|
| Total Sureties |
|
$ |
478,788 |
|
|
$ |
216,708 |
|
|
$ |
405,017 |
|
|
$ |
186,986 |
|
| Letters of Credit (“LOCs”): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LOCs for land development |
|
93,661 |
|
|
N/A |
|
57,192 |
|
|
N/A |
| LOCs for general corporate operations |
|
3,750 |
|
|
N/A |
|
3,750 |
|
|
N/A |
| Total LOCs |
|
$ |
97,411 |
|
|
N/A |
|
$ |
60,942 |
|
|
N/A |
|
| Summary of Changes in Warranty Reserves |
A summary of changes in our warranty reserves follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Years Ended December 31, |
| |
|
2020 |
|
2019 |
| Balance, beginning of year |
|
$ |
22,015 |
|
|
$ |
24,552 |
|
| Additions to reserve from new home deliveries |
|
18,503 |
|
|
15,841 |
|
| Warranty claims |
|
(16,775) |
|
|
(18,378) |
|
| Adjustments to pre-existing reserves |
|
— |
|
|
— |
|
| Balance, end of year |
|
$ |
23,743 |
|
|
$ |
22,015 |
|
|