BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

At December 31, 2023 and 2022, property and equipment, net consisted of the following (in thousands):


	At December 31,
	2023		2022
Computer and office equipment	$	62,682	$	66,027
Model home furnishings and capitalized sales office costs	60,043		57,229
Gross property and equipment	122,725		123,256
Accumulated depreciation	(73,772)		(84,621)
Total	$	48,953	$	38,635

Accrued liabilities at December 31, 2023 and 2022 consisted of the following (in thousands):


	At December 31,
	2023		2022
Accruals related to real estate development and construction activities	$	137,489	$	139,447
Payroll and other benefits	140,734		110,338
Accrued interest	6,331		7,026
Accrued taxes	25,569		25,182
Warranty reserves	37,360		35,575

Lease liabilities (1)	54,040		22,782
Other accruals	23,241		20,265
Total	$	424,764	$	360,615

(1)Refer to Note 4 for additional information related to our leases.

The table below outlines our surety bond and letter of credit obligations (in thousands):


	At December 31,
	2023				2022
	Outstanding		Estimated work remaining to complete (unaudited)		Outstanding		Estimated work remaining to complete (unaudited)
Sureties:

Sureties related to owned projects and lots under contract	975,979		712,421		926,928		616,028
Total Sureties	$	975,979	$	712,421	$	926,928	$	616,028
Letters of Credit (“LOCs”):

LOCs for land development	56,251		N/A		49,442		N/A
LOCs for general corporate operations	5,000		N/A		5,000		N/A
Total LOCs	$	61,251	N/A		$	54,442	N/A

A summary of changes in our warranty reserves follows (in thousands):


	Years Ended December 31,
	2023		2022
Balance, beginning of year	$	35,575	$	26,264
Additions to reserve from new home deliveries	22,713		22,198
Warranty claims	(20,928)		(23,803)		(1)
Adjustments to pre-existing reserves	—		10,916
Balance, end of year	$	37,360	$	35,575