v3.25.4
Leases, Codification Topic 842
 12 Months Ended
Dec. 31, 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 entered into finance leases for two of our production facilities and certain plant equipment. Our leases have remaining lease terms of up to 15 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 $39,080 and $42,474, respectively, as of December 31, 2025 and $37,638 and $40,036, respectively, as of December 31, 2024. See Note 1 herein for additional information regarding leases.
The components of lease expense were as follows:
Year Ended December 31,
202520242023
Lease expense
Operating lease expense$43,099 $39,245 $37,262 
Finance lease expense:
Amortization of ROU assets5,727 3,377 2,059 
Interest on lease liabilities1,866 1,071 421 
Short-term lease expense33,035 33,108 30,607 
Total lease expense$83,727 $76,801 $70,349 
Other information related to leases was as follows:
Year Ended December 31,
20252024
Supplemental Cash Flows Information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$32,930 $31,373 
Operating cash flows from finance leases$1,866 $1,071 
Financing cash flows from finance leases$4,728 $2,634 
ROU assets obtained in exchange for lease obligations:
Operating leases$61,901 $35,993 
Finance leases$7,167 $27,705 
Weighted-average remaining lease term (in years):
Operating leases7.26.0
Finance leases8.69.6
Weighted-average discount rate:
Operating leases4.8 %4.5 %
Finance leases4.8 %4.7 %
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, 2025 are as follows:
Year Ending December 31,Operating LeasesFinance Leases
2026$42,811 $8,246 
202730,001 6,692 
202824,561 6,038 
202920,412 5,949 
203014,829 5,807 
Thereafter47,852 19,210 
Total lease payments180,466 51,942 
Less:
Imputed interest28,008 9,468 
Short-term lease payments8,725 — 
Total lease liability$143,733 $42,474 
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 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 $39,080 and $42,474, respectively, as of December 31, 2025 and $37,638 and $40,036, respectively, as of December 31, 2024. See Note 1 herein for additional information regarding leases.
The components of lease expense were as follows:
Year Ended December 31,
202520242023
Lease expense
Operating lease expense$43,099 $39,245 $37,262 
Finance lease expense:
Amortization of ROU assets5,727 3,377 2,059 
Interest on lease liabilities1,866 1,071 421 
Short-term lease expense33,035 33,108 30,607 
Total lease expense$83,727 $76,801 $70,349 
Other information related to leases was as follows:
Year Ended December 31,
20252024
Supplemental Cash Flows Information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$32,930 $31,373 
Operating cash flows from finance leases$1,866 $1,071 
Financing cash flows from finance leases$4,728 $2,634 
ROU assets obtained in exchange for lease obligations:
Operating leases$61,901 $35,993 
Finance leases$7,167 $27,705 
Weighted-average remaining lease term (in years):
Operating leases7.26.0
Finance leases8.69.6
Weighted-average discount rate:
Operating leases4.8 %4.5 %
Finance leases4.8 %4.7 %
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, 2025 are as follows:
Year Ending December 31,Operating LeasesFinance Leases
2026$42,811 $8,246 
202730,001 6,692 
202824,561 6,038 
202920,412 5,949 
203014,829 5,807 
Thereafter47,852 19,210 
Total lease payments180,466 51,942 
Less:
Imputed interest28,008 9,468 
Short-term lease payments8,725 — 
Total lease liability$143,733 $42,474