Insurance and Construction Defect Claim Reserves

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Insurance and Construction Defect Claim Reserves

Insurance and Construction Defect Claim Reserves

The following table summarizes our insurance and defect claim reserves activity for the years ended December 31, 2023, 2022 and 2021. These reserves are included as a component of accounts payable and accrued liabilities and accrued and other liabilities in either the financial services or homebuilding sections of the consolidated balance sheets, respectively.

	December 31,
	2023		2022		2021
	(Dollars in thousands)
Balance at beginning of period	$	94,574	$	82,187	$	70,054
Expense provisions	17,721		19,537		19,653
Cash payments, net of recoveries	(11,536)		(7,150)		(7,520)
Adjustments	—		—		—
Balance at end of period	$	100,759	$	94,574	$	82,187

In the ordinary course of business, we make payments from our insurance and construction defect claim reserves to settle litigation claims arising primarily from our homebuilding activities. These payments are irregular in both their timing and their magnitude. As a result, the cash payments, net of recoveries shown for the years ended December 31, 2023, 2022 and 2021, are not necessarily indicative of what future cash payments will be for subsequent periods.