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Leases
 3 Months Ended
Mar. 31, 2020
Leases [Abstract]  
Leases Leases
We have operating leases for our corporate and division offices, production facilities, model homes, and certain office and production equipment. Additionally, we have finance leases for production equipment which are recorded in homebuilding "Property, plant and equipment, net" and "Accrued expenses and other liabilities" on the accompanying condensed consolidated balance sheets. Our leases have remaining lease terms of up to 10 years, some of which include options to extend the leases for up to 10 years, and some of which include options to terminate the lease.
We recognize operating lease expense on a straight-line basis over the lease term. We have elected to use the portfolio approach for certain equipment leases which have similar lease terms and payment schedules. Additionally, for certain equipment we account for the lease and non-lease components as a single lease component. Our sublease income is de minimis.
We have certain leases, primarily the leases of model homes, which have initial lease terms of twelve months or less ("Short-term leases"). We elected to exclude these leases from the recognition requirements under Topic 842, and these leases have not been included in our recognized ROU assets and lease liabilities.
The components of lease expense were as follows:
Three Months Ended March 31,
20202019
Lease expense
Operating lease expense$7,911  $7,560  
Finance lease expense:
Amortization of ROU assets266  —  
Interest on lease liabilities49  —  
Short-term lease expense6,426  5,605  
Total lease expense$14,652  $13,165  
Other information related to leases was as follows:
Three Months Ended March 31,
20202019
Supplemental Cash Flows Information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$6,718  $6,563  
Operating cash flows from finance leases49  —  
Financing cash flows from finance leases200  —  
ROU assets obtained in exchange for lease obligations:
Operating leases$3,784  $5,980  
Finance leases$440  $535  
March 31, 2020December 31, 2019
Weighted-average remaining lease term (in years):
Operating leases5.05.1
Finance leases6.56.7
Weighted-average discount rate:
Operating leases3.6 %3.6 %
Finance leases2.8 %2.8 %
Leases Leases
We have operating leases for our corporate and division offices, production facilities, model homes, and certain office and production equipment. Additionally, we have finance leases for production equipment which are recorded in homebuilding "Property, plant and equipment, net" and "Accrued expenses and other liabilities" on the accompanying condensed consolidated balance sheets. Our leases have remaining lease terms of up to 10 years, some of which include options to extend the leases for up to 10 years, and some of which include options to terminate the lease.
We recognize operating lease expense on a straight-line basis over the lease term. We have elected to use the portfolio approach for certain equipment leases which have similar lease terms and payment schedules. Additionally, for certain equipment we account for the lease and non-lease components as a single lease component. Our sublease income is de minimis.
We have certain leases, primarily the leases of model homes, which have initial lease terms of twelve months or less ("Short-term leases"). We elected to exclude these leases from the recognition requirements under Topic 842, and these leases have not been included in our recognized ROU assets and lease liabilities.
The components of lease expense were as follows:
Three Months Ended March 31,
20202019
Lease expense
Operating lease expense$7,911  $7,560  
Finance lease expense:
Amortization of ROU assets266  —  
Interest on lease liabilities49  —  
Short-term lease expense6,426  5,605  
Total lease expense$14,652  $13,165  
Other information related to leases was as follows:
Three Months Ended March 31,
20202019
Supplemental Cash Flows Information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$6,718  $6,563  
Operating cash flows from finance leases49  —  
Financing cash flows from finance leases200  —  
ROU assets obtained in exchange for lease obligations:
Operating leases$3,784  $5,980  
Finance leases$440  $535  
March 31, 2020December 31, 2019
Weighted-average remaining lease term (in years):
Operating leases5.05.1
Finance leases6.56.7
Weighted-average discount rate:
Operating leases3.6 %3.6 %
Finance leases2.8 %2.8 %