XML 96 R26.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Property and Equipment, net At December 31, 2019 and 2018, property and equipment, net consisted of the following (in thousands):
 At December 31,
 20192018
Computer and office equipment$57,162  $50,197  
Model home furnishings and capitalized sales office costs86,047  87,768  
Gross property and equipment143,209  137,965  
Accumulated depreciation(92,603) (83,369) 
Total $50,606  $54,596  
Schedule of Accrued Liabilities Accrued liabilities at December 31, 2019 and 2018 consisted of the following (in thousands):
 At December 31,
 20192018
Accruals related to real estate development and construction activities$74,448  $54,589  
Payroll and other benefits67,734  60,209  
Accrued interest8,758  13,296  
Accrued taxes8,459  7,548  
Warranty reserves22,015  24,552  
Lease liability (1)
34,231  —  
Other accruals10,363  17,668  
Total$226,008  $177,862  
Schedule of Surety Bond and Letter of Credit Obligations The table below outlines our surety bond and letter of credit obligations (in thousands):
At December 31,
 20192018
 OutstandingEstimated work
remaining to
complete (unaudited)
OutstandingEstimated work
remaining to
complete (unaudited)
Sureties:
Sureties related to owned projects and lots under contract405,017  186,986  339,221  133,662  
Total Sureties$405,017  $186,986  $339,221  $133,662  
Letters of Credit (“LOCs”):
LOCs for land development57,192  N/A70,287  N/A
LOCs for general corporate operations3,750  N/A3,750  N/A
Total LOCs$60,942  N/A$74,037  N/A
Summary of Changes in Warranty Reserves
A summary of changes in our warranty reserves follows (in thousands):
 Years Ended December 31,
 20192018
Balance, beginning of year$24,552  $23,328  
Additions to reserve from new home deliveries15,841  15,906  
Warranty claims(18,378) (14,682) 
Adjustments to pre-existing reserves—  —  
Balance, end of year$22,015  $24,552