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Payables and Accruals | 9 Months Ended
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Sep. 30, 2024
Payables and Accruals [Abstract] |
Accounts Payable and Accrued Liabilities Disclosure | A summary of the Company’s accrued expenses is as follows (in thousands):
|  | September 30, 2024 |  | December 31, 2023
Federal income tax payable(1) |  | $ | 39,328 |  |  | $ | — |
Real estate development reserve to complete(2) |  | 35,349 |  |  | 26,063 |
Warranty reserve |  | 29,031 |  |  | 23,474 |
Accrued compensation |  | 21,660 |  |  | 14,960 |
Accrued property tax payable |  | 15,944 |  |  | 5,003 |
Other accrued expenses |  | 24,588 |  |  | 26,957 |
Total accrued expenses |  | $ | 165,900 |  |  | $ | 96,457 |
(1)On May 28, 2024, the Internal Revenue Service (IRS) announced tax relief for individuals and businesses in certain Texas counties that were affected by severe weather on April 26, 2024. For the affected taxpayers, the IRS extended the due date to November 1, 2024 for any estimated income tax payments due on or after April 26, 2024. (2)The Company’s real estate development reserve to complete consists of estimated future costs to complete the development of its communities. Warranties Warranty accruals are included within accrued expenses on the condensed consolidated balance sheets. Warranty activity during the three and nine months ended September 30, 2024 and 2023 consisted of the following (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Warranty accrual, beginning of period | $ | 27,139 |  |  | $ | 20,824 |  |  | $ | 23,474 |  |  | $ | 17,945 |
Warranties issued | 3,082 |  |  | 2,568 |  |  | 9,208 |  |  | 7,489 |
Changes in liability for existing warranties | 264 |  |  | 57 |  |  | 515 |  |  | 608 |
Payments made | (1,454) |  |  | (1,440) |  |  | (4,166) |  |  | (4,033) |
Warranty accrual, end of period | $ | 29,031 |  |  | $ | 22,009 |  |  | $ | 29,031 |  |  | $ | 22,009 |

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