v3.25.2
Leases
 6 Months Ended
Jun. 30, 2025
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 $37,314 and $40,244, respectively, as of June 30, 2025, and $37,638 and $40,036, respectively, as of December 31, 2024. Our leases have remaining lease terms of up to 15.2 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,
2025202420252024
Lease expense
Operating lease expense$10,547 $9,514 $20,864 $18,861 
Finance lease expense:
Amortization of ROU assets1,418 767 2,750 1,329 
Interest on lease liabilities469 239 921 352 
Short-term lease expense8,380 8,179 16,687 16,079 
Total lease expense$20,814 $18,699 $41,222 $36,621 
Other information related to leases was as follows:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Supplemental Cash Flows Information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$8,087 $7,802 $16,317 $15,313 
Operating cash flows from finance leases469 239 921 352 
Financing cash flows from finance leases1,153 593 2,219 1,055 
ROU assets obtained in exchange for lease obligations:
Operating leases$10,347 $12,101 $23,418 $13,491 
Finance leases$— $16,011 $2,427 $17,857 
June 30, 2025December 31, 2024
Weighted-average remaining lease term (in years):
Operating leases5.86.0
Finance leases9.19.6
Weighted-average discount rate:
Operating leases4.6 %4.5 %
Finance leases4.8 %4.7 %
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 $37,314 and $40,244, respectively, as of June 30, 2025, and $37,638 and $40,036, respectively, as of December 31, 2024. Our leases have remaining lease terms of up to 15.2 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,
2025202420252024
Lease expense
Operating lease expense$10,547 $9,514 $20,864 $18,861 
Finance lease expense:
Amortization of ROU assets1,418 767 2,750 1,329 
Interest on lease liabilities469 239 921 352 
Short-term lease expense8,380 8,179 16,687 16,079 
Total lease expense$20,814 $18,699 $41,222 $36,621 
Other information related to leases was as follows:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Supplemental Cash Flows Information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$8,087 $7,802 $16,317 $15,313 
Operating cash flows from finance leases469 239 921 352 
Financing cash flows from finance leases1,153 593 2,219 1,055 
ROU assets obtained in exchange for lease obligations:
Operating leases$10,347 $12,101 $23,418 $13,491 
Finance leases$— $16,011 $2,427 $17,857 
June 30, 2025December 31, 2024
Weighted-average remaining lease term (in years):
Operating leases5.86.0
Finance leases9.19.6
Weighted-average discount rate:
Operating leases4.6 %4.5 %
Finance leases4.8 %4.7 %