Commitments and Contingencies (Tables)
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9 Months Ended |
Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
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Schedule of Warranty Reserves |
Warranty reserve activity consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | Warranty reserves, beginning of period | $ | 99,243 | | | $ | 103,454 | | | $ | 104,375 | | | $ | 103,976 | | Warranty reserves accrued | 6,337 | | | 7,065 | | | 18,523 | | | 18,666 | | | | | | | | | | Warranty expenditures | (10,471) | | | (6,802) | | | (27,789) | | | (18,925) | | Warranty reserves, end of period | $ | 95,109 | | | $ | 103,717 | | | $ | 95,109 | | | $ | 103,717 | |
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Schedule of Lease Costs and Other Information |
See below for additional information on leases (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2023 | | Three Months Ended September 30, 2022 | | Nine Months Ended September 30, 2023 | | Nine Months Ended September 30, 2022 | Lease Cost | | | | | | | | Operating lease cost (included in SG&A expense) | $ | 2,555 | | | $ | 2,336 | | | $ | 7,808 | | | $ | 7,315 | | Ground lease cost (included in other operations expense) | 724 | | | 663 | | | 2,170 | | | 1,990 | | Sublease income, operating leases | — | | | — | | | — | | | — | | Sublease income, ground leases (included in other operations revenue) | (734) | | | (674) | | | (2,202) | | | (2,020) | | Net lease cost | $ | 2,545 | | | $ | 2,325 | | | $ | 7,776 | | | $ | 7,285 | | | | | | | | | | Other information | | | | | | | | Cash paid for amounts included in the measurement of lease liabilities: | | | | | | | | Operating lease cash flows (included in operating cash flows) | $ | 2,407 | | | $ | 1,682 | | | $ | 7,279 | | | $ | 6,106 | | Ground lease cash flows (included in operating cash flows) | $ | 663 | | | $ | 663 | | | $ | 1,990 | | | $ | 1,990 | | Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 1,804 | | | $ | 125 | | | $ | 3,820 | | | $ | 1,517 | |
| | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | Weighted-average discount rate: | | | | Operating leases | 4.8 | % | | 4.7 | % | Ground leases | 10.2 | % | | 10.2 | % | Weighted-average remaining lease term (in years): | | | | Operating leases | 6.4 | | 7.0 | Ground leases | 44.6 | | 45.3 |
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Schedule of Future Minimum Lease Payments |
The future minimum lease payments under our operating leases are as follows (in thousands): | | | | | | | | | | | | | Property, Equipment and Other Leases | | Ground Leases (1) | Remaining in 2023 | $ | 2,355 | | | $ | 809 | | 2024 | 9,703 | | | 3,237 | | 2025 | 9,214 | | | 3,237 | | 2026 | 7,909 | | | 3,237 | | 2027 | 7,098 | | | 3,237 | | Thereafter | 18,723 | | | 78,641 | | Total lease payments | $ | 55,002 | | | $ | 92,398 | | Less: Interest | 7,721 | | | 64,292 | | Present value of operating lease liabilities | $ | 47,281 | | | $ | 28,106 | |
__________ (1) Ground leases are fully subleased through 2041, representing $58.6 million of the $92.4 million future ground lease obligations.
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