Quarterly report pursuant to Section 13 or 15(d)

Organization and Basis of Presentation (Tables)

v2.4.0.8
Organization and Basis of Presentation (Tables)
 9 Months Ended
Sep. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Letter of credit and surety bond obligations
The table below outlines our surety bond and letter of credit obligations (in thousands):
 
 
At September 30, 2014
 
At December 31, 2013
 
Outstanding
 
Estimated work
remaining to
complete
 
Outstanding
 
Estimated work
remaining to
complete
Surety Bonds:
 
 
 
 
 
 
 
Surety bonds related to joint ventures
$
87

 
$
87

 
$
87

 
$
87

Surety bonds related to owned projects and lots under contract
249,510

 
95,778

 
191,742

 
86,115

Total surety bonds
$
249,597

 
$
95,865

 
$
191,829

 
$
86,202

Letters of Credit (“LOCs”):
 
 
 
 
 
 
 
LOCs in lieu of deposits for contracted lots
$
1,200

 
N/A

 
$
1,685

 
N/A

LOCs for land development
18,586

 
N/A

 
35,883

 
N/A

LOCs for general corporate operations
4,500

 
N/A

 
4,500

 
N/A

Total LOCs
$
24,286

 
N/A

 
$
42,068

 
N/A

Accrued liabilities
Accrued liabilities consist of the following (in thousands):
 
At September 30, 2014
 
At December 31, 2013
Accruals related to real-estate development and construction activities
$
38,463

 
$
29,992

Payroll and other benefits
34,942

 
36,232

Accrued taxes
12,878

 
22,902

Warranty reserves
21,454

 
21,971

Legal reserves
15,747

 
16,463

Real-estate notes payable (1)
16,574

 
15,993

Other accruals
28,526

 
23,058

Total
$
168,584

 
$
166,611


(1)     Reflects balance of non-recourse notes payable made in connection with land purchases.
Warranty reserves
A summary of changes in our warranty reserves follows (in thousands):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2014
 
2013
 
2014
 
2013
Balance, beginning of period
$
20,882

 
$
21,844

 
$
21,971

 
$
22,064

Additions to reserve from new home deliveries
3,023

 
2,818

 
8,058

 
8,055

Warranty claims
(2,451
)
 
(2,405
)
 
(9,075
)
 
(7,862
)
Adjustments to pre-existing reserves
—

 
—

 
500

 
—

Balance, end of period
$
21,454

 
$
22,257

 
$
21,454

 
$
22,257