ORGANIZATION AND BASIS OF PRESENTATION (Tables)
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9 Months Ended |
Sep. 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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September 30, 2023 |
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December 31, 2022 |
| ROU assets |
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$ |
49,619 |
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$ |
19,129 |
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| Lease liabilities |
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52,340 |
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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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September 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 |
$ |
1,005,561 |
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$ |
738,545 |
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$ |
926,928 |
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$ |
616,028 |
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| Total Sureties |
$ |
1,005,561 |
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$ |
738,545 |
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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 |
35,554 |
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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 |
$ |
40,554 |
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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 September 30, 2023 and December 31, 2022 consisted of the following (in thousands):
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As of |
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September 30, 2023 |
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December 31, 2022 |
| Accruals related to real estate development and construction activities |
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$ |
145,467 |
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$ |
139,447 |
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| Payroll and other benefits |
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107,413 |
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110,338 |
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| Accrued interest |
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18,257 |
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7,026 |
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| Accrued taxes |
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28,674 |
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25,182 |
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| Warranty reserves |
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39,145 |
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35,575 |
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| Lease liabilities |
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52,340 |
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22,782 |
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| Other accruals |
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21,796 |
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20,265 |
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| Total |
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$ |
413,092 |
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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 September 30, |
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Nine Months Ended September 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 |
$ |
36,215 |
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$ |
31,437 |
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$ |
35,575 |
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$ |
26,264 |
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| Additions to reserve from new home deliveries |
6,444 |
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5,583 |
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16,832 |
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15,419 |
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| Warranty claims and recoveries |
(3,514) |
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(5,305) |
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(13,262) |
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(9,968) |
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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 |
$ |
39,145 |
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$ |
31,715 |
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$ |
39,145 |
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$ |
31,715 |
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(1)
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