ORGANIZATION AND BASIS OF PRESENTATION (Tables)

9 Months Ended

Sep. 30, 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
	September 30, 2020		December 31, 2019
ROU assets	$	22,881	$	26,332
Lease liabilities	29,739		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
	September 30, 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	$	428,912	$	160,639	$	405,017	$	186,986
Total Sureties	$	428,912	$	160,639	$	405,017	$	186,986
Letters of Credit (“LOCs”):
LOCs for land development	70,860		N/A		57,192		N/A
LOCs for general corporate operations	3,750		N/A		3,750		N/A
Total LOCs	$	74,610	N/A		$	60,942	N/A

Schedule of Accrued Liabilities

Accrued liabilities at September 30, 2020 and December 31, 2019 consisted of the following (in thousands):

	As of
	September 30, 2020		December 31, 2019
Accruals related to real estate development and construction activities	$	97,028	$	74,448
Payroll and other benefits	64,331		67,734
Accrued interest	23,979		8,758
Accrued taxes	17,311		8,459
Warranty reserves	23,259		22,015
Lease liabilities	29,739		34,231
Other accruals	18,724		10,363
Total	$	274,371	$	226,008

Summary of Changes in Warranty Reserves

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Balance, beginning of period	$	21,578	$	20,927	$	22,015	$	24,552
Additions to reserve from new home deliveries	4,592		4,150		12,620		11,425
Warranty claims	(2,911)		(3,766)		(11,376)		(14,666)
Adjustments to pre-existing reserves	—		—		—		—
Balance, end of period	$	23,259	$	21,311	$	23,259	$	21,311