The Company leases certain manufacturing facilities, warehouses and office space, computer equipment, and vehicles accounted for as operating leases. Lease terms typically range from one year to fifteen years. As of July 31, 2020, the Company did not have any finance leases.

The Company evaluates right-of-use assets for impairment in the same manner as long-lived assets. Refer to Note 3, "Other Intangible and Long-Lived Assets" for information regarding impairment charges recognized during the fiscal year ended July 31, 2020.

Short-term lease expense, variable lease expenses, and sublease income were immaterial to the Consolidated Statements of Income for the for the fiscal year ended July 31, 2020.

The following table summarizes lease expense recognized for the fiscal year ended July 31, 2020:


	Consolidated Statements of Income Location	2020
Operating lease cost	Cost of goods sold	$	9,197
Operating lease cost	Selling, general, and administrative expenses	8,974

Lease expense of $19,984 and $15,938 was recognized in operating expenses for the years ended July 31, 2019 and 2018, respectively.

The following table summarizes the maturity of the Company's lease liabilities as of July 31, 2020:


Years ended July 31,	Operating Leases
2021	$	16,684
2022	14,703
2023	9,819
2024	5,677
2025	2,413
Thereafter	955
Total lease payments	$	50,251
Less: interest	(2,965)
Present value of lease liabilities	$	47,286

The weighted average remaining lease terms and discount rates for the Company's operating leases as of July 31, 2020 were as follows:


	July 31, 2020
Weighted average remaining lease term (in years)	3.5
Weighted average discount rate	3.5	%

Supplemental cash flow information related to the Company's operating leases for the twelve months ended July 31, 2020, was as follows:


	Twelve months ended
	July 31, 2020
Operating cash outflows from operating leases	$	17,123
Operating lease assets obtained in exchange for new operating lease liabilities	12,641

Operating lease assets obtained in exchange for new operating lease liabilities include $9,769 of operating lease assets related to leases that commenced on August 1, 2019, which were included in the adoption impact of the new lease accounting standard.

The following table summarizes future minimum lease payments under operating leases as of July 31, 2019:


Years ended July 31,	Operating Leases
2020	$	18,450
2021	16,132
2022	13,439
2023	10,065
2024	5,656
Thereafter	3,502
Total future minimum lease payments	$	67,244