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 ten years. As of July 31, 2021 and 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 fiscal year ended July 31, 2021.

The following table summarizes lease expense recognized for the fiscal years ended July 31, 2021 and 2020:


	Consolidated Statements of Income Location	July 31, 2021		July 31, 2020
Operating lease cost	Cost of goods sold	$	8,268	$	9,197
Operating lease cost	Selling, general, and administrative expenses	8,625		8,974

Lease expense of $19,984 was recognized in operating expenses for the year ended July 31, 2019.

The following table summarizes the maturity of the Company's lease liabilities as of July 31, 2021:


Years ending July 31,	Operating Leases
2022	$	18,865
2023	15,286
2024	8,445
2025	3,750
2026	1,602
Thereafter	225
Total lease payments	$	48,173
Less: interest	(2,159)
Present value of lease liabilities	$	46,014

The weighted average remaining lease terms and discount rates for the Company's operating leases as of July 31, 2021 and 2020 were as follows:


	July 31, 2021		July 31, 2020
Weighted average remaining lease term (in years)	3.0		3.5
Weighted average discount rate	3.3	%	3.5	%

Supplemental cash flow information related to the Company's operating leases for the fiscal years July 31, 2021 and 2020, were as follows:


	Twelve months ended July 31,
	2021		2020
Operating cash outflows from operating leases	$	18,334	$	17,123
Operating lease assets obtained in exchange for new operating lease liabilities	16,522		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 Company evaluates right-of-use assets for impairment in the same manner as long-lived assets. No impairment charges were recorded during the year ended July 31, 2021. Refer to Note 3, "Other Intangible and Long-Lived Assets" for information regarding impairment charges recognized during the year ended July 31, 2020.