LEASES

3 Months Ended

Mar. 31, 2025

LEASES

LEASES

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	March 31, 2025		December 31, 2024
Right-of-use assets	Other assets	$	51,324	$	54,276
Current liabilities	Other current liabilities	$	12,833	$	13,110
Noncurrent liabilities	Other liabilities		39,445		42,124
Total lease liabilities		$	52,278	$	55,234

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 $5,890 and $6,161 in the three months ended March 31, 2025 and 2024, respectively. Cash paid for amounts included in the measurement of lease liabilities for the three months ended March 31, 2025 and 2024, was $2,552 and $4,049, respectively, 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 during the three months ended March 31, 2025 and 2024 were $254 and $3,546, respectively.

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

	March 31, 2025
2025	$	12,241
2026		12,499
2027		9,909
2028		8,125
2029		5,411
After 2029		11,576
Total lease payments	$	59,761
Less: Imputed interest		7,483
Operating lease liabilities	$	52,278

As of March 31, 2025 the weighted average remaining lease term is 6.3 years and the weighted average discount rate used to determine the operating lease liability is 3.7%.