Quarterly report pursuant to Section 13 or 15(d)

ORGANIZATION AND BASIS OF PRESENTATION (Tables)

v3.20.2
ORGANIZATION AND BASIS OF PRESENTATION (Tables)
9 Months Ended
Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Lease, Cost
The table below outlines our ROU assets and lease liabilities (in thousands):
As of
September 30, 2020 December 31, 2019
ROU assets $ 22,881  $ 26,332 
Lease liabilities 29,739  34,231 
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, 2020 December 31, 2019
  Outstanding Estimated work
remaining to
complete
Outstanding Estimated work
remaining to
complete
Sureties:
Sureties related to owned projects and lots under contract $ 428,912  $ 160,639  $ 405,017  $ 186,986 
Total Sureties $ 428,912  $ 160,639  $ 405,017  $ 186,986 
Letters of Credit (“LOCs”):
LOCs for land development 70,860  N/A 57,192  N/A
LOCs for general corporate operations 3,750  N/A 3,750  N/A
Total LOCs $ 74,610  N/A $ 60,942  N/A
Schedule of Accrued Liabilities Accrued liabilities at September 30, 2020 and December 31, 2019 consisted of the following (in thousands):
As of
  September 30, 2020 December 31, 2019
Accruals related to real estate development and construction activities $ 97,028  $ 74,448 
Payroll and other benefits 64,331  67,734 
Accrued interest 23,979  8,758 
Accrued taxes 17,311  8,459 
Warranty reserves 23,259  22,015 
Lease liabilities 29,739  34,231 
Other accruals 18,724  10,363 
Total $ 274,371  $ 226,008 
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,
  2020 2019 2020 2019
Balance, beginning of period $ 21,578  $ 20,927  $ 22,015  $ 24,552 
Additions to reserve from new home deliveries 4,592  4,150  12,620  11,425 
Warranty claims (2,911) (3,766) (11,376) (14,666)
Adjustments to pre-existing reserves —  —  —  — 
Balance, end of period $ 23,259  $ 21,311  $ 23,259  $ 21,311