Leases, Codification Topic 842

12 Months Ended

Dec. 31, 2023

We have operating leases for our corporate and division offices, production facilities, model homes, and certain office and production equipment. Additionally, we have entered into finance leases for one of our production facilities and certain plant equipment. Our leases have remaining lease terms of up to 16.7 years, some of which include options to extend the leases for up to 20 years, and some of which include options to terminate the lease. See Note 1 herein for additional information regarding leases.

The components of lease expense were as follows:


	Year Ended December 31,
	2023		2022		2021
Lease expense
Operating lease expense	$	37,262	$	34,467	$	31,923
Finance lease expense:
Amortization of ROU assets	2,059		1,916		1,798
Interest on lease liabilities	421		417		429
Short-term lease expense	30,607		27,584		24,012

Total lease expense	$	70,349	$	64,384	$	58,162

Other information related to leases was as follows:


	Year Ended December 31,
	2023			2022
Supplemental Cash Flows Information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	29,044		$	28,837
Operating cash flows from finance leases	$	421		$	417
Financing cash flows from finance leases	$	1,661		$	1,495

ROU assets obtained in exchange for lease obligations:
Operating leases	$	34,100		$	44,782
Finance leases	$	1,624		$	1,083

Weighted-average remaining lease term (in years):
Operating leases	5.8			6.0
Finance leases	9.9			10.8

Weighted-average discount rate:
Operating leases	4.2		%	3.6		%
Finance leases	3.1		%	2.9		%

We are committed under multiple non-cancelable operating and finance leases involving office space, model homes, production facilities, automobiles and equipment. Future lease payments under these operating and finance leases as of December 31, 2023 are as follows:


Year Ending December 31,	Operating Leases		Finance Leases
2024	$	36,636	$	2,303
2025	22,974		2,308
2026	17,354		3,256
2027	13,069		1,683
2028	10,076		1,010
Thereafter	22,449		6,975
Total lease payments	122,558		17,535
Less:
Imputed interest	13,039		2,570
Short-term lease payments	8,247		—
Total lease liability	$	101,272	$	14,965

Leases

The components of lease expense were as follows:


	Year Ended December 31,
	2023		2022		2021
Lease expense
Operating lease expense	$	37,262	$	34,467	$	31,923
Finance lease expense:
Amortization of ROU assets	2,059		1,916		1,798
Interest on lease liabilities	421		417		429
Short-term lease expense	30,607		27,584		24,012

Total lease expense	$	70,349	$	64,384	$	58,162

Other information related to leases was as follows:


	Year Ended December 31,
	2023			2022
Supplemental Cash Flows Information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	29,044		$	28,837
Operating cash flows from finance leases	$	421		$	417
Financing cash flows from finance leases	$	1,661		$	1,495

ROU assets obtained in exchange for lease obligations:
Operating leases	$	34,100		$	44,782
Finance leases	$	1,624		$	1,083

Weighted-average remaining lease term (in years):
Operating leases	5.8			6.0
Finance leases	9.9			10.8

Weighted-average discount rate:
Operating leases	4.2		%	3.6		%
Finance leases	3.1		%	2.9		%


Year Ending December 31,	Operating Leases		Finance Leases
2024	$	36,636	$	2,303
2025	22,974		2,308
2026	17,354		3,256
2027	13,069		1,683
2028	10,076		1,010
Thereafter	22,449		6,975
Total lease payments	122,558		17,535
Less:
Imputed interest	13,039		2,570
Short-term lease payments	8,247		—
Total lease liability	$	101,272	$	14,965