Commitments and Contingencies (Tables)
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6 Months Ended |
Jun. 30, 2024 |
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| Commitments and Contingencies Disclosure [Abstract] |
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| Schedule of Warranty Reserves |
Warranty reserve activity consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Warranty reserves, beginning of period | $ | 106,602 | | | $ | 101,527 | | | $ | 106,993 | | | $ | 104,375 | | | Warranty reserves accrued | 9,834 | | | 6,284 | | | 17,734 | | | 12,186 | | | | | | | | | | | Warranty expenditures | (9,240) | | | (8,568) | | | (17,531) | | | (17,318) | | | Warranty reserves, end of period | $ | 107,196 | | | $ | 99,243 | | | $ | 107,196 | | | $ | 99,243 | |
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| Schedule of Lease Costs and Other Information |
See below for additional information on leases (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2024 | | Three Months Ended June 30, 2023 | | Six Months Ended June 30, 2024 | | Six Months Ended June 30, 2023 | | Lease Cost | | | | | | | | | Operating lease cost (included in SG&A expense) | $ | 3,050 | | | $ | 2,408 | | | $ | 5,904 | | | $ | 5,253 | | | Ground lease cost (included in other operations expense) | 765 | | | 783 | | | 1,530 | | | 1,446 | | | Sublease income, operating leases | — | | | — | | | — | | | — | | | Sublease income, ground leases (included in other operations revenue) | (777) | | | (795) | | | (1,553) | | | (1,468) | | | Net lease cost | $ | 3,038 | | | $ | 2,396 | | | $ | 5,881 | | | $ | 5,231 | | | | | | | | | | | Other information | | | | | | | | | Cash paid for amounts included in the measurement of lease liabilities: | | | | | | | | | Operating lease cash flows (included in operating cash flows) | $ | 3,410 | | | $ | 2,443 | | | $ | 5,912 | | | $ | 4,872 | | | Ground lease cash flows (included in operating cash flows) | $ | 664 | | | $ | 664 | | | $ | 1,327 | | | $ | 1,327 | | | Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 3,374 | | | $ | 89 | | | $ | 5,264 | | | $ | 2,016 | |
| | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | Weighted-average discount rate: | | | | | Operating leases | 4.9 | % | | 4.9 | % | | Ground leases | 10.2 | % | | 10.2 | % | | Weighted-average remaining lease term (in years): | | | | | Operating leases | 5.9 | | 6.3 | | Ground leases | 43.9 | | 44.4 |
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| Schedule of Future Minimum Lease Payments |
The future minimum lease payments under our operating leases are as follows (in thousands): | | | | | | | | | | | | | Property, Equipment and Other Leases | | Ground Leases (1) | | Remaining in 2024 | $ | 5,697 | | | $ | 1,619 | | | 2025 | 11,104 | | | 3,237 | | | 2026 | 10,096 | | | 3,237 | | | 2027 | 8,834 | | | 3,237 | | | 2028 | 8,477 | | | 3,237 | | | Thereafter | 15,676 | | | 75,403 | | | Total lease payments | $ | 59,884 | | | $ | 89,970 | | | Less: Interest | 8,509 | | | 62,130 | | | Present value of operating lease liabilities | $ | 51,375 | | | $ | 27,840 | |
__________ (1) Ground leases are fully subleased through 2041, representing $56.1 million of the $90.0 million future ground lease obligations.
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