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Leases, Codification Topic 842 | 12 Months Ended
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Dec. 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 entered into finance leases for two of our production facilities and certain plant equipment. Our leases have remaining lease terms of up to 15.7 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. Operating leases are reported in "Operating lease right-of-use assets" and "Operating lease liabilities" and finance leases are recorded in homebuilding "Property, plant and equipment, net" and "Accrued expenses and other liabilities" on the accompanying consolidated balance sheets. Our finance lease ROU assets and liabilities were $37,638 and $40,036, respectively as of December 31, 2024 and $13,310 and $14,965, respectively as of December 31, 2023. See Note 1 herein for additional information regarding leases. The components of lease expense were as follows:
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Lease expense |  |  |  |  |  |
Operating lease expense |  | $ | 39,245 |  |  | $ | 37,262 |  |  | $ | 34,467 |
Finance lease expense: |  |  |  |  |  |
Amortization of ROU assets |  | 3,377 |  |  | 2,059 |  |  | 1,916 |
Interest on lease liabilities |  | 1,071 |  |  | 421 |  |  | 417 |
Short-term lease expense |  | 33,108 |  |  | 30,607 |  |  | 27,584 |
Total lease expense |  | $ | 76,801 |  |  | $ | 70,349 |  |  | $ | 64,384 |
Other information related to leases was as follows:
|  | Year Ended December 31,
|  | 2024 |  | 2023
Supplemental Cash Flows Information: |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 31,373 |  |  | $ | 29,044 |
Operating cash flows from finance leases |  | $ | 1,071 |  |  | $ | 421 |
Financing cash flows from finance leases |  | $ | 2,634 |  |  | $ | 1,661 |
ROU assets obtained in exchange for lease obligations: |  |  |  |
Operating leases |  | $ | 35,993 |  |  | $ | 34,100 |
Finance leases |  | $ | 27,705 |  |  | $ | 1,624 |
Weighted-average remaining lease term (in years): |  |  |  |
Operating leases |  | 6.0 |  | 5.8
Finance leases |  | 9.6 |  | 9.9
Weighted-average discount rate: |  |  |  |
Operating leases |  | 4.5 | % |  | 4.2 | %
Finance leases |  | 4.7 | % |  | 3.1 | %
We are committed under multiple non-cancellable operating and finance leases involving office space, model homes, production facilities, automobiles and production equipment. Future lease payments under these operating and finance leases as of December 31, 2024 are as follows:
Year Ending December 31, |  | Operating Leases |  | Finance Leases
2025 |  | $ | 37,984 |  |  | $ | 6,084 |
2026 |  | 24,727 |  |  | 7,050 |
2027 |  | 19,169 |  |  | 5,496 |
2028 |  | 15,196 |  |  | 4,843 |
2029 |  | 12,951 |  |  | 4,753 |
Thereafter |  | 24,506 |  |  | 21,939 |
Total lease payments |  | 134,533 |  |  | 50,165 |
Less: |  |  |  |
Imputed interest |  | 15,447 |  |  | 10,129 |
Short-term lease payments |  | 9,719 |  |  | — |
Total lease liability |  | $ | 109,367 |  |  | $ | 40,036 |
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 entered into finance leases for two of our production facilities and certain plant equipment. Our leases have remaining lease terms of up to 15.7 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. Operating leases are reported in "Operating lease right-of-use assets" and "Operating lease liabilities" and finance leases are recorded in homebuilding "Property, plant and equipment, net" and "Accrued expenses and other liabilities" on the accompanying consolidated balance sheets. Our finance lease ROU assets and liabilities were $37,638 and $40,036, respectively as of December 31, 2024 and $13,310 and $14,965, respectively as of December 31, 2023. See Note 1 herein for additional information regarding leases. The components of lease expense were as follows:
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Lease expense |  |  |  |  |  |
Operating lease expense |  | $ | 39,245 |  |  | $ | 37,262 |  |  | $ | 34,467 |
Finance lease expense: |  |  |  |  |  |
Amortization of ROU assets |  | 3,377 |  |  | 2,059 |  |  | 1,916 |
Interest on lease liabilities |  | 1,071 |  |  | 421 |  |  | 417 |
Short-term lease expense |  | 33,108 |  |  | 30,607 |  |  | 27,584 |
Total lease expense |  | $ | 76,801 |  |  | $ | 70,349 |  |  | $ | 64,384 |
Other information related to leases was as follows:
|  | Year Ended December 31,
|  | 2024 |  | 2023
Supplemental Cash Flows Information: |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 31,373 |  |  | $ | 29,044 |
Operating cash flows from finance leases |  | $ | 1,071 |  |  | $ | 421 |
Financing cash flows from finance leases |  | $ | 2,634 |  |  | $ | 1,661 |
ROU assets obtained in exchange for lease obligations: |  |  |  |
Operating leases |  | $ | 35,993 |  |  | $ | 34,100 |
Finance leases |  | $ | 27,705 |  |  | $ | 1,624 |
Weighted-average remaining lease term (in years): |  |  |  |
Operating leases |  | 6.0 |  | 5.8
Finance leases |  | 9.6 |  | 9.9
Weighted-average discount rate: |  |  |  |
Operating leases |  | 4.5 | % |  | 4.2 | %
Finance leases |  | 4.7 | % |  | 3.1 | %
We are committed under multiple non-cancellable operating and finance leases involving office space, model homes, production facilities, automobiles and production equipment. Future lease payments under these operating and finance leases as of December 31, 2024 are as follows:
Year Ending December 31, |  | Operating Leases |  | Finance Leases
2025 |  | $ | 37,984 |  |  | $ | 6,084 |
2026 |  | 24,727 |  |  | 7,050 |
2027 |  | 19,169 |  |  | 5,496 |
2028 |  | 15,196 |  |  | 4,843 |
2029 |  | 12,951 |  |  | 4,753 |
Thereafter |  | 24,506 |  |  | 21,939 |
Total lease payments |  | 134,533 |  |  | 50,165 |
Less: |  |  |  |
Imputed interest |  | 15,447 |  |  | 10,129 |
Short-term lease payments |  | 9,719 |  |  | — |
Total lease liability |  | $ | 109,367 |  |  | $ | 40,036 |

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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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