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LEASES

9 Months Ended

Sep. 30, 2023

NOTE 9 — 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, 2023		December 31, 2022
Right-of-use assets	Other assets	$	52,736	$	44,810

Current liabilities	Other current liabilities	$	12,480	$	10,378
Noncurrent liabilities	Other liabilities		41,752		35,945
Total lease liabilities		$	54,232	$	46,323

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 $5,322 and $11,173 in the three and nine months ended September 30, 2023 and $5,109 and $15,415 in the three and nine months ended September 30, 2022, respectively. Cash paid for

amounts included in the measurement of lease liabilities for the three and nine months ended September 30, 2023, respectively, were $3,494 and $9,716 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, 2022, respectively, were $2,930 and $9,101 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 $1,077 and $6,410 during the three and nine months ended September 30, 2023 and $4,739 and $8,217 for the three and nine months ended September 30, 2022, respectively.

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


	September 30, 2023
2023	$	4,716
2024		13,631
2025		10,853
2026		8,276
2027		6,113
After 2027		18,475
Total lease payments	$	62,064
Less: Imputed interest		7,832
Operating lease liabilities	$	54,232

As of September 30, 2023, the weighted average remaining lease term is 7.1 years and the weighted average discount rate used to determine the operating lease liability is 3.4%.