ORGANIZATION AND BASIS OF PRESENTATION (Tables)

3 Months Ended

Mar. 31, 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
	March 31, 2020		December 31, 2019
ROU assets	$	25,102	$	26,332
Lease liabilities	32,740		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
	March 31, 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	$	402,203	$	173,494	$	405,017	$	186,986
Total Sureties	$	402,203	$	173,494	$	405,017	$	186,986
Letters of Credit (“LOCs”):
LOCs for land development	64,889		N/A		57,192		N/A
LOCs for general corporate operations	3,750		N/A		3,750		N/A
Total LOCs	$	68,639	N/A		$	60,942	N/A

Schedule of Accrued Liabilities

Accrued liabilities at March 31, 2020 and December 31, 2019 consisted of the following (in thousands):

	As of
	March 31, 2020		December 31, 2019
Accruals related to real estate development and construction activities	$	76,330	$	74,448
Payroll and other benefits	34,241		67,734
Accrued interest	24,315		8,758
Accrued taxes	13,686		8,459
Warranty reserves	22,090		22,015
Lease liabilities	32,740		34,231
Other accruals	12,932		10,363
Total	$	216,334	$	226,008

Summary of Changes in Warranty Reserves

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

	Three Months Ended March 31,
	2020		2019
Balance, beginning of period	$	22,015	$	24,552
Additions to reserve from new home deliveries	3,810		3,387
Warranty claims	(3,735)		(4,726)
Adjustments to pre-existing reserves	—		—
Balance, end of period	$	22,090	$	23,213