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Accrued Expenses and Other Liabilities
12 Months Ended
Dec. 31, 2022
Payables and Accruals [Abstract]  
Accrued Expenses and Other Liabilities ACCRUED EXPENSES AND OTHER LIABILITIES
Accrued and other liabilities consist of the following (in thousands):
December 31,
   20222021
Land banking financing arrangements
141,792 — 
Real estate inventory development and construction payable73,678 48,656 
Accrued compensation, bonuses and benefits12,900 24,914 
Taxes payable47,037 11,604 
Contract deposits5,545 12,182 
Inventory related obligations13,039 8,803 
Warranty reserve10,750 7,850 
Accrued interest10,906 7,431 
Lease liability5,182 5,333 
Other19,299 9,836 
Total accrued expenses and other liabilities$340,128 $136,609 
Land Banking Financing Arrangements
We have entered into land banking financing arrangements with a third-party land banker to repurchase land that we sold to the land banker as a method of acquiring finished lots in staged takedowns. Principal payments on these financing arrangements will generally coincide with the repurchase of lot takedowns from the land banker. We expect to complete the repurchase of all lots via takedowns associated with these transactions over the course of approximately two to four years.
Inventory Related Obligations
We own lots in certain communities in Arizona, Florida, and Texas that have Community Development Districts 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, which is typically payable over a 30-year period, and is ultimately assumed by the homebuyer when home sales are closed. The obligations assumed by the homebuyer 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 ten-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):
 December 31,
 202220212020
Warranty reserves, beginning of period$7,850 $5,350 $3,500 
Warranty provision11,488 11,223 7,040 
Warranty expenditures(8,588)(8,723)(5,190)
Warranty reserves, end of period$10,750 $7,850 $5,350