Annual report pursuant to Section 13 and 15(d)

Accrued Expenses and Other Liabilities (Tables)

v3.22.4
Accrued Expenses and Other Liabilities (Tables)
 12 Months Ended
Dec. 31, 2022
Payables and Accruals [Abstract]  
Schedule of Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities consist of the following:
December 31,
2022 2021
(dollars in thousands)
Land development and home construction accrual $ 39,716  $ 22,082 
Warranty reserve and general liability 46,657  15,692 
Accrued compensation and benefits 18,920  14,913 
Lease liabilities 16,428  13,190 
Sales tax payable 1,448  2,885 
Income tax payable 3,420  12,079 
Interest payable 4,351  2,494 
Deferred revenue —  3,969 
Homebuyer deposits 15,046  7,825 
Other deposits and liabilities 3,440  2,595 
Total accrued expenses and other liabilities $ 149,426  $ 97,724 
Schedule of Product Warranty Liability Changes in the Company’s warranty reserve and general liability are detailed in the table below:
December 31,
2022 2021
(dollars in thousands)
Beginning warranty reserve and general liability $ 15,692  $ 11,730 
Adjustments (1)
18,018  — 
Provision (2)
16,114  6,013 
Payments (3,167) (2,051)
Ending warranty reserve and general liability $ 46,657  $ 15,692 
(1)    In accordance with ASC 210, Balance Sheet, the Company presented warranty reserve and general liability on a gross basis within the consolidated balance sheet as of December 31, 2022, and presented anticipated insurance recoveries within other assets. Previously, the Company presented the warranty reserve and general liability within accrued expenses and other liabilities, net of anticipated insurance recoveries. This resulted in an adjustment of $18.0 million to beginning warranty reserve and general liability on January 1, 2022 with a corresponding increase in warranty and general liability insurance receivables.
(2)    The provision amount for the year ended December 31, 2022 includes $3.8 million associated with Hanover, which we acquired on January 18, 2022.