ORGANIZATION AND BASIS OF PRESENTATION (Tables)
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6 Months Ended |
Jun. 30, 2023 |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
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| Lease, Cost |
The table below outlines our ROU assets and lease liabilities (in thousands):
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As of |
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June 30, 2023 |
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December 31, 2022 |
| ROU assets |
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$ |
21,787 |
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$ |
19,129 |
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| Lease liabilities |
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24,753 |
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22,782 |
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| Schedule of Surety Bond and Letter of Credit Obligations |
The table below outlines our surety bond and letter of credit obligations (in thousands):
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As of |
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June 30, 2023 |
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December 31, 2022 |
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Outstanding |
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Estimated work
remaining to
complete |
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Outstanding |
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Estimated work
remaining to
complete |
| Sureties: |
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| Sureties related to owned projects and lots under contract |
$ |
968,729 |
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$ |
689,160 |
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$ |
926,928 |
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$ |
616,028 |
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| Total Sureties |
$ |
968,729 |
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$ |
689,160 |
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$ |
926,928 |
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$ |
616,028 |
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| Letters of Credit (“LOCs”): |
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| LOCs for land development |
35,056 |
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N/A |
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49,442 |
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N/A |
| LOCs for general corporate operations |
5,000 |
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N/A |
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5,000 |
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N/A |
| Total LOCs |
$ |
40,056 |
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N/A |
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$ |
54,442 |
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N/A |
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| Schedule of Accrued Liabilities |
Accrued liabilities at June 30, 2023 and December 31, 2022 consisted of the following (in thousands):
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As of |
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June 30, 2023 |
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December 31, 2022 |
| Accruals related to real estate development and construction activities |
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$ |
151,883 |
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$ |
139,447 |
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| Payroll and other benefits |
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76,642 |
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110,338 |
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| Accrued interest |
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6,841 |
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7,026 |
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| Accrued taxes |
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21,773 |
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25,182 |
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| Warranty reserves |
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36,215 |
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35,575 |
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| Lease liabilities |
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24,753 |
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22,782 |
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| Other accruals |
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17,991 |
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20,265 |
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| Total |
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$ |
336,098 |
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$ |
360,615 |
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| Summary of Changes in Warranty Reserves |
A summary of changes in our warranty reserves follows (in thousands):
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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| Balance, beginning of period |
$ |
37,063 |
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$ |
26,667 |
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$ |
35,575 |
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$ |
26,264 |
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| Additions to reserve from new home deliveries |
5,982 |
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5,308 |
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10,388 |
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9,836 |
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| Warranty claims and recoveries |
(6,830) |
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(538) |
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(1) |
(9,748) |
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(4,663) |
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(1) |
| Adjustments to pre-existing reserves |
— |
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— |
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— |
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— |
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| Balance, end of period |
$ |
36,215 |
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$ |
31,437 |
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$ |
36,215 |
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$ |
31,437 |
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(1)
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