XML 35 R24.htm IDEA: XBRL DOCUMENT v3.24.2
ORGANIZATION AND BASIS OF PRESENTATION (Tables)
 6 Months Ended
Jun. 30, 2024
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, 2024December 31, 2023
ROU assets$52,460 $51,275 
Lease liabilities55,059 54,040 
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, 2024December 31, 2023
 OutstandingEstimated work
remaining to
complete		OutstandingEstimated work
remaining to
complete
Sureties:
Sureties related to owned projects and lots under contract$1,019,779 $779,287 $975,979 $712,421 
Total Sureties$1,019,779 $779,287 $975,979 $712,421 
Letters of Credit (“LOCs”):
LOCs for land development109,708 N/A56,251 N/A
LOCs for general corporate operations5,000 N/A5,000 N/A
Total LOCs$114,708 N/A$61,251 N/A
Schedule of Accrued Liabilities Accrued liabilities at June 30, 2024 and December 31, 2023 consisted of the following (in thousands):
As of
 June 30, 2024December 31, 2023
Accruals related to real estate development and construction activities$169,482 $137,489 
Payroll and other benefits84,121 140,734 
Accrued interest6,546 6,331 
Accrued taxes20,103 25,569 
Warranty reserves34,769 37,360 
Lease liabilities55,059 54,040 
Other accruals18,895 23,241 
Total$388,975 $424,764 
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,
 2024202320242023
Balance, beginning of period$36,364 $37,063 $37,360 $35,575 
Additions to reserve from new home deliveries5,809 5,982 10,642 10,388 
Warranty claims, net of recoveries(7,404)(6,830)(13,233)(9,748)
Adjustments to pre-existing reserves— — — — 
Balance, end of period$34,769 $36,215 $34,769 $36,215