BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Schedule of Property and Equipment, net |
At December 31, 2024 and 2023, property and equipment, net consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
At December 31, |
| |
|
2024 |
|
2023 |
| Computer and office equipment |
|
$ |
59,433 |
|
|
$ |
62,682 |
|
| Model home furnishings and capitalized sales office costs |
|
57,149 |
|
|
60,043 |
|
| Gross property and equipment |
|
116,582 |
|
|
122,725 |
|
| Accumulated depreciation |
|
(69,297) |
|
|
(73,772) |
|
| Total |
|
$ |
47,285 |
|
|
$ |
48,953 |
|
|
| Schedule of Accrued Liabilities |
Accrued liabilities at December 31, 2024 and 2023 consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
At December 31, |
| |
|
2024 |
|
2023 |
| Accruals related to real estate development and construction activities |
|
$ |
167,075 |
|
|
$ |
137,489 |
|
| Payroll and other benefits |
|
131,733 |
|
|
140,734 |
|
| Accrued interest |
|
6,290 |
|
|
6,331 |
|
| Accrued taxes |
|
24,478 |
|
|
25,569 |
|
| Warranty reserves |
|
32,693 |
|
|
37,360 |
|
|
|
|
|
|
Lease liabilities (1)
|
|
55,825 |
|
|
54,040 |
|
| Other accruals |
|
34,119 |
|
|
23,241 |
|
| Total |
|
$ |
452,213 |
|
|
$ |
424,764 |
|
(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, |
| |
|
2024 |
|
2023 |
| |
|
Outstanding |
|
Estimated work
remaining to
complete (unaudited) |
|
Outstanding |
|
Estimated work
remaining to
complete (unaudited) |
| Sureties: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sureties related to owned projects and lots under contract |
|
1,056,529 |
|
|
712,415 |
|
|
975,979 |
|
|
712,421 |
|
| Total Sureties |
|
$ |
1,056,529 |
|
|
$ |
712,415 |
|
|
$ |
975,979 |
|
|
$ |
712,421 |
|
| Letters of Credit (“LOCs”): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LOCs for land development |
|
105,371 |
|
|
N/A |
|
56,251 |
|
|
N/A |
| LOCs for general corporate operations |
|
5,000 |
|
|
N/A |
|
5,000 |
|
|
N/A |
| Total LOCs |
|
$ |
110,371 |
|
|
N/A |
|
$ |
61,251 |
|
|
N/A |
|
| Summary of Changes in Warranty Reserves |
A summary of changes in our warranty reserves follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Years Ended December 31, |
|
| |
|
2024 |
|
2023 |
|
| Balance, beginning of year |
|
$ |
37,360 |
|
|
$ |
35,575 |
|
|
| Additions to reserve from new home deliveries |
|
21,820 |
|
|
22,713 |
|
|
| Warranty claims |
|
(25,444) |
|
|
(20,928) |
|
|
| Adjustments to pre-existing reserves |
|
(1,043) |
|
|
— |
|
|
| Balance, end of year |
|
$ |
32,693 |
|
|
$ |
37,360 |
|
|
|