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, 2023 and 2022, the Company did not have any finance leases.

Short-term lease expense, variable lease expenses, and sublease income were immaterial to the Consolidated Statements of Income for the year ended July 31, 2023.

The following table summarizes lease expense recognized during the years ended July 31, 2023, 2022 and 2021:


	Consolidated Statements of Income Location	July 31, 2023		July 31, 2022		July 31, 2021
Operating lease cost	Cost of goods sold	$	6,589	$	7,893	$	8,268
Operating lease cost	Selling, general, and administrative expenses	9,424		9,822		8,625

The following table summarizes the maturity of the Company's lease liabilities as of July 31, 2023:


Years ending July 31,	Operating Leases
2024	$	15,696
2025	10,503
2026	4,627
2027	885
2028	211
Thereafter	789
Total lease payments	$	32,711
Less: interest	(1,768)
Present value of lease liabilities	$	30,943

The weighted average remaining lease terms and discount rates for the Company's operating leases as of July 31, 2023 and 2022 were as follows:


	July 31, 2023		July 31, 2022
Weighted average remaining lease term (in years)	2.6		2.7
Weighted average discount rate	4.3	%	3.9	%

Supplemental cash flow information related to the Company's operating leases during the years ended July 31, 2023 and 2022 were as follows:


	2023		2022
Operating cash outflows from operating leases	$	17,739	$	19,005
Operating lease assets obtained in exchange for new operating lease liabilities (1)	12,583		7,607

(1) Includes new leases and remeasurements or modifications of existing leases.

The Company evaluates right-of-use assets for impairment in the same manner as long-lived assets. No impairment charges were recorded during the years ended July 31, 2023, 2022 or 2021.