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Leases
 6 Months Ended
Jun. 30, 2024
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 production equipment and 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 Right-of-use ("ROU") assets and finance lease liabilities were $29,838 and $31,767, respectively, as of June 30, 2024, and $13,310 and $14,965, respectively, as of December 31, 2023. Our leases have remaining lease terms of up to 16.2 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 June 30,Six Months Ended June 30,
2024202320242023
Lease expense
Operating lease expense$9,514 $9,475 $18,861 $18,615 
Finance lease expense:
Amortization of ROU assets767 511 1,329 1,013 
Interest on lease liabilities239 105 352 211 
Short-term lease expense8,179 7,531 16,079 15,023 
Total lease expense$18,699 $17,622 $36,621 $34,862 
Other information related to leases was as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Supplemental Cash Flows Information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$7,802 $7,420 $15,313 $14,736 
Operating cash flows from finance leases239 105 352 211 
Financing cash flows from finance leases593 411 1,055 811 
ROU assets obtained in exchange for lease obligations:
Operating leases$12,101 $10,090 $13,491 $23,337 
Finance leases$16,011 $250 $17,857 $499 
June 30, 2024December 31, 2023
Weighted-average remaining lease term (in years):
Operating leases6.15.8
Finance leases10.79.9
Weighted-average discount rate:
Operating leases4.4 %4.2 %
Finance leases4.6 %3.1 %
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 production equipment and 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 Right-of-use ("ROU") assets and finance lease liabilities were $29,838 and $31,767, respectively, as of June 30, 2024, and $13,310 and $14,965, respectively, as of December 31, 2023. Our leases have remaining lease terms of up to 16.2 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 June 30,Six Months Ended June 30,
2024202320242023
Lease expense
Operating lease expense$9,514 $9,475 $18,861 $18,615 
Finance lease expense:
Amortization of ROU assets767 511 1,329 1,013 
Interest on lease liabilities239 105 352 211 
Short-term lease expense8,179 7,531 16,079 15,023 
Total lease expense$18,699 $17,622 $36,621 $34,862 
Other information related to leases was as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Supplemental Cash Flows Information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$7,802 $7,420 $15,313 $14,736 
Operating cash flows from finance leases239 105 352 211 
Financing cash flows from finance leases593 411 1,055 811 
ROU assets obtained in exchange for lease obligations:
Operating leases$12,101 $10,090 $13,491 $23,337 
Finance leases$16,011 $250 $17,857 $499 
June 30, 2024December 31, 2023
Weighted-average remaining lease term (in years):
Operating leases6.15.8
Finance leases10.79.9
Weighted-average discount rate:
Operating leases4.4 %4.2 %
Finance leases4.6 %3.1 %