Meritage Homes Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

LEASES (Tables)

9 Months Ended

Sep. 30, 2019

Lease cost included in our consolidated income statements in General and administrative expenses and Commissions and other sales costs is in the table below (in thousands). Our short-term lease costs and sublease income are de minimis.



	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Operating lease expense	$	1,851	$	5,114
Non-cash lease expense	$	1,437	$	3,958
Cash payments on lease liabilities	$	1,928	$	5,734
ROU assets obtained in exchange for new operating lease obligations	$	495	$	8,717

ROU assets are classified within Prepaids, other assets and goodwill on our consolidated balance sheet, while lease liabilities are classified within Accrued liabilities on our consolidated balance sheet. The following table contains additional information about our leases (dollars in thousands):



	At September 30, 2019
ROU assets	$	25,038
Lease liabilities	$	33,148
Weighted-average remaining lease term	4.9 years
Weighted-average discount rate (incremental borrowing rate)	5.06		%

Lessee, Operating Lease, Liability, Maturity

Maturities of our operating lease liabilities as of September 30, 2019 are as follows (in thousands):



Year ended December 31,
2019 (excluding the nine months ended September 30, 2019)	$	2,174
2020	8,377
2021	7,569
2022	6,859
2023	6,021
Thereafter	6,663
Total payments	37,663
Less: imputed interest	(4,515		)
Present value of lease liabilities	$	33,148