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Leases
 3 Months Ended
Mar. 31, 2022
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 certain plant equipment and one of our production facilities which are recorded in homebuilding "Property, plant and equipment, net" and "Accrued expenses and other liabilities" on the accompanying condensed consolidated balance sheets. Our finance lease ROU assets and finance lease liabilities were $14,386 and $15,329, respectively, as of March 31, 2022, and $14,578 and $15,413, respectively, as of December 31, 2021. Our leases have remaining lease terms of up to 18.4 years, some of which include options to extend the lease for up to 20 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,
20222021
Lease expense
Operating lease expense$8,101 $7,577 
Finance lease expense:
Amortization of ROU assets464 443 
Interest on lease liabilities104 110 
Short-term lease expense6,332 5,890 
Total lease expense$15,001 $14,020 
Other information related to leases was as follows:
Three Months Ended March 31,
20222021
Supplemental Cash Flows Information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$7,169 $6,810 
Operating cash flows from finance leases104 110 
Financing cash flows from finance leases356 329 
ROU assets obtained in exchange for lease obligations:
Operating leases$5,813 $3,013 
Finance leases$272 $89 
March 31, 2022December 31, 2021
Weighted-average remaining lease term (in years):
Operating leases6.26.3
Finance leases11.411.7
Weighted-average discount rate:
Operating leases3.0 %3.0 %
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 certain plant equipment and one of our production facilities which are recorded in homebuilding "Property, plant and equipment, net" and "Accrued expenses and other liabilities" on the accompanying condensed consolidated balance sheets. Our finance lease ROU assets and finance lease liabilities were $14,386 and $15,329, respectively, as of March 31, 2022, and $14,578 and $15,413, respectively, as of December 31, 2021. Our leases have remaining lease terms of up to 18.4 years, some of which include options to extend the lease for up to 20 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,
20222021
Lease expense
Operating lease expense$8,101 $7,577 
Finance lease expense:
Amortization of ROU assets464 443 
Interest on lease liabilities104 110 
Short-term lease expense6,332 5,890 
Total lease expense$15,001 $14,020 
Other information related to leases was as follows:
Three Months Ended March 31,
20222021
Supplemental Cash Flows Information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$7,169 $6,810 
Operating cash flows from finance leases104 110 
Financing cash flows from finance leases356 329 
ROU assets obtained in exchange for lease obligations:
Operating leases$5,813 $3,013 
Finance leases$272 $89 
March 31, 2022December 31, 2021
Weighted-average remaining lease term (in years):
Operating leases6.26.3
Finance leases11.411.7
Weighted-average discount rate:
Operating leases3.0 %3.0 %
Finance leases2.8 %2.8 %