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LEASES

9 Months Ended

Sep. 30, 2022

NOTE 10 — LEASES

The table below summarizes the right-of-use assets and lease liabilities in the Company’s Condensed Consolidated Balance sheets:


Operating Leases	Balance Sheet Classification	September 30, 2022		December 31, 2021
Right-of-use assets	Other assets	$	45,222	$	47,966

Current liabilities	Other current liabilities	$	9,963	$	10,218
Noncurrent liabilities	Other liabilities		36,636		38,960
Total lease liabilities		$	46,599	$	49,178

Total lease expense, which is included in Cost of goods sold and Selling, general & administrative expenses in the Company’s Consolidated Statements of Income, was $5,109 and $15,415 in the three and nine months ended September 30, 2022, respectively, and $5,619 and $16,279 in the three and nine months ended September 30, 2021, respectively. Cash paid for amounts included in the measurement of lease liabilities for the three and nine months ended September 30, 2022 were $2,930 and $9,101, respectively, and are included in Net cash provided by operating activities in the Company’s Consolidated Statements of Cash Flows. Cash paid for amounts included in the measurement of lease liabilities for the three and nine months ended September 30, 2021 were $5,896 and $12,548, respectively, and are included in Net cash provided by operating activities in the Company’s Consolidated Statements of Cash Flows. Right-of-use assets obtained in exchange for operating lease liabilities were $4,739 and $8,217 during the three and nine months ended September 30, 2022, respectively, and $3,218 and $12,912 for the three and nine months ended September 30, 2021, respectively.

The total future minimum lease payments for noncancelable operating leases were as follows:


	September 30, 2022
2022	$	2,868
2023		10,794
2024		9,313
2025		6,307
2026		5,124
After 2026		17,915
Total lease payments	$	52,321
Less: Imputed interest		5,722
Operating lease liabilities	$	46,599

As of September 30, 2022, the weighted average remaining lease term is 7.9 years and the weighted average discount rate used to determine the operating lease liability is 3.0%.