Commitments and Contingencies (Tables)
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9 Months Ended |
Sep. 30, 2019 |
Commitments and Contingencies Disclosure [Abstract] |
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Summary of Changes in Warranty Liability |
Changes to warranty liabilities were as follows ($000’s omitted): | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | September 30, | | September 30, | | 2019 | | 2018 | | 2019 | | 2018 | Warranty liabilities, beginning of period | $ | 81,442 |
| | $ | 72,169 |
| | $ | 79,154 |
| | $ | 72,709 |
| Reserves provided | 16,152 |
| | 18,376 |
| | 43,060 |
| | 46,022 |
| Payments | (19,573 | ) | | (15,993 | ) | | (53,634 | ) | | (47,403 | ) | Other adjustments (a) | 10,402 |
| | 638 |
| | 19,843 |
| | 3,862 |
| Warranty liabilities, end of period | $ | 88,423 |
| | $ | 75,190 |
| | $ | 88,423 |
| | $ | 75,190 |
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Summary of Changes in Self-Insurance Liability |
Changes in these liabilities were as follows ($000's omitted): | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | September 30, | | September 30, | | 2019 | | 2018 | | 2019 | | 2018 | Balance, beginning of period | $ | 716,218 |
| | $ | 725,482 |
| | $ | 737,013 |
| | $ | 758,812 |
| Reserves provided | 21,892 |
| | 24,106 |
| | 59,558 |
| | 67,001 |
| Adjustments to previously recorded reserves | (1,700 | ) | | (5,065 | ) | | (18,338 | ) | | (40,133 | ) | Payments, net (a) | (11,092 | ) | | (18,026 | ) | | (52,915 | ) | | (59,183 | ) | Balance, end of period | $ | 725,318 |
| | $ | 726,497 |
| | $ | 725,318 |
| | $ | 726,497 |
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| | (a) | Includes net changes in amounts expected to be recovered from our insurance carriers, which are recorded in other assets (see below). |
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Schedule of Future Minimum Lease Payments Required Under Leases |
The future minimum lease payments required under our leases as of September 30, 2019 were as follows ($000's omitted): | | | | | Years Ending December 31, | | 2019 (a) | $ | 5,926 |
| 2020 | 21,539 |
| 2021 | 19,555 |
| 2022 | 18,011 |
| 2023 | 16,549 |
| Thereafter | 32,322 |
| Total lease payments (b) | 113,902 |
| Less: Interest (c) | 18,891 |
| Present value of lease liabilities (d) | $ | 95,011 |
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| | (a) | Remaining payments are for the three months ending December 31, 2019. |
| | (b) | Lease payments include options to extend lease terms that are reasonably certain of being exercised. There were $5.9 million of legally binding minimum lease payments for leases signed but not yet commenced at September 30, 2019. |
| | (c) | Our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our discount rate for such leases to determine the present value of lease payments at the lease commencement date. |
(d) The weighted average remaining lease term and weighted average discount rate used in calculating our lease liabilities were 6.1 years and 5.8%, respectively, at September 30, 2019.
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