Quarterly report pursuant to Section 13 or 15(d)

ORGANIZATION AND BASIS OF PRESENTATION (Tables)

v3.7.0.1
ORGANIZATION AND BASIS OF PRESENTATION (Tables)
 6 Months Ended
Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Surety Bond and Letter of Credit Obligations
The table below outlines our surety bond and letter of credit obligations (in thousands):
 
As of
 
June 30, 2017
 
December 31, 2016
 
Outstanding
 
Estimated work
remaining to
complete
 
Outstanding
 
Estimated work
remaining to
complete
Sureties:
 
 
 
 
 
 
 
Sureties related to owned projects and lots under contract
$
262,702

 
$
107,198

 
$
239,246

 
$
85,706

Total Sureties
$
262,702

 
$
107,198

 
$
239,246

 
$
85,706

Letters of Credit (“LOCs”):
 
 
 
 
 
 
 
LOCs in lieu of deposits for contracted lots
$
3,631

 
N/A

 
$
250

 
N/A

LOCs for land development
51,261

 
N/A

 
39,839

 
N/A

LOCs for general corporate operations
3,750

 
N/A

 
3,750

 
N/A

Total LOCs
$
58,642

 
N/A

 
$
43,839

 
N/A

Schedule of Accrued Liabilities
Accrued liabilities at June 30, 2017 and December 31, 2016 consisted of the following (in thousands):
 
 
As of
 
 
June 30, 2017
 
December 31, 2016
Accruals related to real estate development and construction activities
 
$
57,691

 
$
53,778

Payroll and other benefits
 
38,608

 
52,941

Accrued taxes
 
13,525

 
9,637

Warranty reserves
 
23,620


22,660

Legal reserves (1)
 
615

 
673

Other accruals
 
32,021

 
31,163

Total
 
$
166,080

 
$
170,852



(1)
See Note 15 for additional information related to our legal reserves.
Summary of Changes in Warranty Reserves
A summary of changes in our warranty reserves follows (in thousands):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2017
 
2016
 
2017
 
2016
Balance, beginning of period
$
22,477

 
$
22,308

 
$
22,660

 
$
21,615

Additions to reserve from new home deliveries
4,310

 
4,423

 
8,125

 
7,958

Warranty claims
(3,167
)
 
(3,757
)
 
(7,165
)
 
(6,599
)
Adjustments to pre-existing reserves
—

 
(275
)
 
—

 
(275
)
Balance, end of period
$
23,620


$
22,699

 
$
23,620

 
$
22,699