ORGANIZATION AND BASIS OF PRESENTATION (Tables)
|
6 Months Ended |
Jun. 30, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Lease, Cost |
The table below outlines our ROU assets and lease liabilities (in thousands): | | | | | | | | | | | | | | | | | As of | | | | | June 30, 2020 | | December 31, 2019 | ROU assets | | $ | 23,936 | | | $ | 26,332 | | Lease liabilities | | 31,182 | | | 34,231 | |
|
Schedule of Surety Bond and Letter of Credit Obligations |
The table below outlines our surety bond and letter of credit obligations (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | As of | | | | | | | | June 30, 2020 | | | | December 31, 2019 | | | | Outstanding | | Estimated work remaining to complete | | Outstanding | | Estimated work remaining to complete | Sureties: | | | | | | | | | | | | | | | | Sureties related to owned projects and lots under contract | $ | 437,963 | | | $ | 176,195 | | | $ | 405,017 | | | $ | 186,986 | | Total Sureties | $ | 437,963 | | | $ | 176,195 | | | $ | 405,017 | | | $ | 186,986 | | Letters of Credit (“LOCs”): | | | | | | | | | | | | | | | | LOCs for land development | 66,715 | | | N/A | | 57,192 | | | N/A | LOCs for general corporate operations | 3,750 | | | N/A | | 3,750 | | | N/A | Total LOCs | $ | 70,465 | | | N/A | | $ | 60,942 | | | N/A |
|
Schedule of Accrued Liabilities |
Accrued liabilities at June 30, 2020 and December 31, 2019 consisted of the following (in thousands): | | | | | | | | | | | | | | | | | As of | | | | | June 30, 2020 | | December 31, 2019 | Accruals related to real estate development and construction activities | | $ | 78,210 | | | $ | 74,448 | | Payroll and other benefits | | 50,874 | | | 67,734 | | Accrued interest | | 8,610 | | | 8,758 | | Accrued taxes | | 38,766 | | | 8,459 | | Warranty reserves | | 21,578 | | | 22,015 | | Lease liabilities | | 31,182 | | | 34,231 | | Other accruals | | 19,988 | | | 10,363 | | Total | | $ | 249,208 | | | $ | 226,008 | |
|
Summary of Changes in Warranty Reserves |
A summary of changes in our warranty reserves follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | | | Six Months Ended June 30, | | | | 2020 | | 2019 | | 2020 | | 2019 | Balance, beginning of period | $ | 22,090 | | | $ | 23,213 | | | $ | 22,015 | | | $ | 24,552 | | Additions to reserve from new home deliveries | 4,218 | | | 3,888 | | | 8,028 | | | 7,275 | | Warranty claims | (4,730) | | | (6,174) | | | (8,465) | | | (10,900) | | Adjustments to pre-existing reserves | — | | | — | | | — | | | — | | Balance, end of period | $ | 21,578 | | | $ | 20,927 | | | $ | 21,578 | | | $ | 20,927 | |
|