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Leases | 3 Months Ended
--- | ---
Mar. 31, 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 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 $14,594 and $16,349, respectively, as of March 31, 2024, and $13,310 and $14,965, respectively, as of December 31, 2023. Our leases have remaining lease terms of up to 16.4 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,
|  | 2024 |  | 2023
Lease expense |  |  |  |
Operating lease expense |  | $ | 9,347 |  |  | $ | 9,140 |
Finance lease expense: |  |  |  |
Amortization of ROU assets |  | 562 |  |  | 502 |
Interest on lease liabilities |  | 113 |  |  | 105 |
Short-term lease expense |  | 7,900 |  |  | 7,492 |
Total lease expense |  | $ | 17,922 |  |  | $ | 17,239 |
Other information related to leases was as follows:
|  | Three Months Ended March 31,
|  | 2024 |  | 2023
Supplemental Cash Flows Information: |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 7,511 |  |  | $ | 7,316 |
Operating cash flows from finance leases |  | 113 |  |  | 105 |
Financing cash flows from finance leases |  | 462 |  |  | 400 |
ROU assets obtained in exchange for lease obligations: |  |  |  |
Operating leases |  | $ | 1,390 |  |  | $ | 13,247 |
Finance leases |  | $ | 1,846 |  |  | $ | 249 |
|  | March 31, 2024 |  | December 31, 2023
Weighted-average remaining lease term (in years): |  |  |  |
Operating leases |  | 5.8 |  | 5.8
Finance leases |  | 9.5 |  | 9.9
Weighted-average discount rate: |  |  |  |
Operating leases |  | 4.2 | % |  | 4.2 | %
Finance leases |  | 3.4 | % |  | 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 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 $14,594 and $16,349, respectively, as of March 31, 2024, and $13,310 and $14,965, respectively, as of December 31, 2023. Our leases have remaining lease terms of up to 16.4 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,
|  | 2024 |  | 2023
Lease expense |  |  |  |
Operating lease expense |  | $ | 9,347 |  |  | $ | 9,140 |
Finance lease expense: |  |  |  |
Amortization of ROU assets |  | 562 |  |  | 502 |
Interest on lease liabilities |  | 113 |  |  | 105 |
Short-term lease expense |  | 7,900 |  |  | 7,492 |
Total lease expense |  | $ | 17,922 |  |  | $ | 17,239 |
Other information related to leases was as follows:
|  | Three Months Ended March 31,
|  | 2024 |  | 2023
Supplemental Cash Flows Information: |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 7,511 |  |  | $ | 7,316 |
Operating cash flows from finance leases |  | 113 |  |  | 105 |
Financing cash flows from finance leases |  | 462 |  |  | 400 |
ROU assets obtained in exchange for lease obligations: |  |  |  |
Operating leases |  | $ | 1,390 |  |  | $ | 13,247 |
Finance leases |  | $ | 1,846 |  |  | $ | 249 |
|  | March 31, 2024 |  | December 31, 2023
Weighted-average remaining lease term (in years): |  |  |  |
Operating leases |  | 5.8 |  | 5.8
Finance leases |  | 9.5 |  | 9.9
Weighted-average discount rate: |  |  |  |
Operating leases |  | 4.2 | % |  | 4.2 | %
Finance leases |  | 3.4 | % |  | 3.1 | %

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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