Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Debt

Debt

Our notes payable are summarized as follows ($000’s omitted):

	December 31,
	2024		2023
5.500% unsecured senior notes due March 2026 (a)	$	251,867	$	455,424
5.000% unsecured senior notes due January 2027 (a)	337,277		443,875
7.875% unsecured senior notes due June 2032 (a)	300,000		300,000
6.375% unsecured senior notes due May 2033 (a)	400,000		400,000
6.000% unsecured senior notes due February 2035 (a)	300,000		300,000
Net premiums, discounts, and issuance costs (b)	(6,324)		(8,047)
Total senior notes	$	1,582,820	$	1,891,252
Other notes payable	35,766		70,966
Notes payable	$	1,618,586	$	1,962,218
Estimated fair value	$	1,701,270	$	2,080,187

(a)Redeemable prior to maturity; guaranteed on a senior basis by certain wholly-owned subsidiaries.

(b)The carrying value of senior notes reflects the impact of premiums, discounts, and issuance costs that are amortized to interest cost over the respective terms of the senior notes.

The indentures governing the senior notes impose certain restrictions on the incurrence of additional debt along with other limitations. At December 31, 2024, we were in compliance with all of the covenants and requirements under the senior notes.

We retired outstanding debt totaling $355.8 million, $123.3 million, and $4.9 million during 2024, 2023, and 2022, respectively. The retirements in 2024 included open market repurchases of $193.4 million and $106.6 million of our unsecured senior notes scheduled to mature in 2026 and 2027, respectively. Our total repurchases during the twelve months ended 2024, including open market repurchases, were $310.2 million.

Other notes payable

Other notes payable include non-recourse and limited recourse collateralized notes with third parties that totaled $35.8 million and $71.0 million at December 31, 2024 and 2023, respectively. These notes have maturities ranging up to five years, are secured by the applicable land positions to which they relate, and generally have no recourse to any other assets. The stated interest rates on these notes range up to 5%. We recorded inventory through seller financing of $54.9 million, $46.7 million, and $39.1 million in 2024, 2023, and 2022, respectively.

Revolving credit facility

We maintain a revolving credit facility ("Revolving Credit Facility") maturing in June 2027 that has a maximum borrowing capacity of $1.3 billion and contains an uncommitted accordion feature that could increase the capacity to $1.8 billion, subject to certain conditions and availability of additional bank commitments. The Revolving Credit Facility also provides for the issuance of letters of credit that reduce the available borrowing capacity under the Revolving Credit Facility, up to the maximum borrowing capacity. The interest rate on borrowings under the Revolving Credit Facility may be based on either the Secured Overnight Financing Rate or a base rate plus an applicable margin, as defined therein. The Revolving Credit Facility contains financial covenants that require us to maintain a minimum Tangible Net Worth and a maximum Debt-to-Capitalization Ratio (as each term is defined in the Revolving Credit Facility). As of December 31, 2024, we were in compliance with all covenants and requirements. Outstanding balances under the Revolving Credit Facility are guaranteed by certain of our wholly-owned subsidiaries.

At December 31, 2024, we had no borrowings outstanding, $321.1 million of letters of credit issued, and $928.9 million of remaining capacity under the Revolving Credit Facility. At December 31, 2023, we had no borrowings outstanding, $312.7 million of letters of credit issued, and $937.3 million of remaining capacity under the Revolving Credit Facility.

Financial Services debt