XML 39 R25.htm IDEA: XBRL DOCUMENT v3.8.0.1
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Property and Equipment, net
At December 31, 2017 and 2016, property and equipment, net consisted of the following (in thousands):
 
 
At December 31,
 
 
2017
 
2016
Computer and office equipment
 
$
40,731

 
$
35,288

Model home furnishings
 
50,063

 
45,767

Gross property and equipment
 
90,794

 
81,055

Accumulated depreciation
 
(57,163
)
 
(47,853
)
Total
 
$
33,631

 
$
33,202
Schedule of Accrued Liabilities
Accrued liabilities at December 31, 2017 and 2016 consisted of the following (in thousands):
 
 
At December 31,
 
 
2017
 
2016
Accruals related to real estate development and construction activities
 
$
53,522

 
$
53,778

Payroll and other benefits
 
58,186

 
52,941

Accrued interest
 
15,369

 
15,017

Accrued taxes
 
14,067

 
9,637

Warranty reserves
 
23,328

 
22,660

Other accruals
 
16,604

 
16,819

Total
 
$
181,076

 
$
170,852
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,
 
 
2017
 
2016
 
 
Outstanding
 
Estimated work
remaining to
complete (unaudited)
 
Outstanding
 
Estimated work
remaining to
complete (unaudited)
Sureties:
 
 
 
 
 
 
 
 
Sureties related to owned projects and lots under contract
 
296,387

 
120,320

 
239,246

 
85,706

Total Sureties
 
$
296,387

 
$
120,320

 
$
239,246

 
$
85,706

Letters of Credit (“LOCs”):
 
 
 
 
 
 
 
 
LOCs in lieu of deposits for contracted lots
 
$
—

 
N/A

 
$
250

 
N/A

LOCs for land development
 
70,922

 
N/A

 
39,839

 
N/A

LOCs for general corporate operations
 
3,750

 
N/A

 
3,750

 
N/A

Total LOCs
 
$
74,672

 
N/A

 
$
43,839

 
N/A
Summary of Changes in Warranty Reserves
A summary of changes in our warranty reserves follows (in thousands):
 
 
Years Ended December 31,
 
 
2017
 
2016
Balance, beginning of year
 
$
22,660

 
$
21,615

Additions to reserve from new home deliveries
 
17,161

 
16,776

Warranty claims
 
(14,854
)
 
(14,719
)
Adjustments to pre-existing reserves
 
(1,639
)
 
(1,012
)
Balance, end of year
 
$
23,328

 
$
22,660