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Accrued Expenses and Other Liabilities
6 Months Ended
Jun. 30, 2017
Payables and Accruals [Abstract]  
Accrued Expenses and Other Liabilities Disclosures
ACCRUED EXPENSES AND OTHER LIABILITIES
Accrued and other current liabilities consist of the following (in thousands):
 
 
June 30,
 
December 31,
 
 
2017
 
2016
Inventory related obligations
 
$
16,179

 
$
16,352

Taxes payable
 
12,465

 
5,040

Retentions and development payable
 
14,079

 
8,506

Accrued compensation, bonuses and benefits
 
8,872

 
7,800

Accrued interest
 
1,988

 
1,645

Warranty reserve
 
1,850

 
1,600

Other
 
7,933

 
5,446

Total accrued expenses and other liabilities
 
$
63,366

 
$
46,389


Inventory Related Obligations
We own lots in certain communities in Florida, Arizona, and Texas that have Community Development Districts (“CDD”) or similar utility and infrastructure development special assessment programs that allocate a fixed amount of debt service associated with development activities to each lot. This obligation for infrastructure development is attached to the land, is typically payable over a 30-year period, and is ultimately assumed by the homebuyer when home sales are closed. Such obligations represent a non-cash cost of the lots.
Estimated Warranty Reserve
We typically provide homebuyers with a one-year warranty on the house and a 10-year limited warranty for major defects in structural elements such as framing components and foundation systems.
Changes to our warranty accrual are as follows (in thousands):
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2017
 
2016
 
2017
 
2016
Warranty reserves, beginning of period
 
$
1,650

 
$
1,325

 
$
1,600

 
$
1,325

Warranty provision
 
847

 
947

 
1,199

 
1,456

Warranty expenditures
 
(647
)
 
(897
)
 
(949
)
 
(1,406
)
Warranty reserves, end of period
 
$
1,850

 
$
1,375

 
$
1,850

 
$
1,375