Quarterly report pursuant to Section 13 or 15(d)

ORGANIZATION AND BASIS OF PRESENTATION (Tables)

v3.10.0.1
ORGANIZATION AND BASIS OF PRESENTATION (Tables)
 9 Months Ended
Sep. 30, 2018
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
 
September 30, 2018
 
December 31, 2017
 
Outstanding
 
Estimated work
remaining to
complete
 
Outstanding
 
Estimated work
remaining to
complete
Sureties:
 
 
 
 
 
 
 
Sureties related to owned projects and lots under contract
$
353,125

 
$
169,702

 
$
296,387

 
$
120,320

Total Sureties
$
353,125

 
$
169,702

 
$
296,387

 
$
120,320

Letters of Credit (“LOCs”):
 
 
 
 
 
 
 
LOCs for land development
72,419

 
N/A

 
70,922

 
N/A

LOCs for general corporate operations
3,750

 
N/A

 
3,750

 
N/A

Total LOCs
$
76,169

 
N/A

 
$
74,672

 
N/A

Schedule of Accrued Liabilities
Accrued liabilities at September 30, 2018 and December 31, 2017 consisted of the following (in thousands):
 
 
As of
 
 
September 30, 2018
 
December 31, 2017
Accruals related to real estate development and construction activities
 
$
70,874

 
$
53,522

Payroll and other benefits
 
47,605

 
58,186

Accrued interest
 
33,881

 
15,369

Accrued taxes
 
8,676

 
14,067

Warranty reserves
 
22,864


23,328

Other accruals
 
16,545

 
16,604

Total
 
$
200,445

 
$
181,076

Summary of Changes in Warranty Reserves
A summary of changes in our warranty reserves follows (in thousands):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2018
 
2017
 
2018
 
2017
Balance, beginning of period
$
23,659

 
$
23,620

 
$
23,328

 
$
22,660

Additions to reserve from new home deliveries
4,092

 
4,366

 
11,645

 
12,491

Warranty claims
(4,887
)
 
(3,554
)
 
(12,109
)
 
(10,719
)
Adjustments to pre-existing reserves
—

 
—

 
—

 
—

Balance, end of period
$
22,864


$
24,432

 
$
22,864

 
$
24,432