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, 2025 and 2024, 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, 2025.

The following table summarizes lease expense recognized during the years ended July 31, 2025, 2024 and 2023:


	Consolidated Statements of Income Location	July 31, 2025		July 31, 2024		July 31, 2023
Operating lease cost	Cost of goods sold	$	7,856	$	6,257	$	6,589
Operating lease cost	Selling, general, and administrative expenses	11,289		9,220		9,424

The following table summarizes the maturity of the Company's lease liabilities as of July 31, 2025:


Years ending July 31,	Operating Leases
2026	$	17,854
2027	13,935
2028	8,161
2029	6,187
2030	4,195
Thereafter	19,061
Total lease payments	$	69,393
Less: interest	(10,594)
Present value of lease liabilities	$	58,799

The weighted average remaining lease terms and discount rates for the Company's operating leases as of July 31, 2025 and 2024 were as follows:


	July 31, 2025		July 31, 2024
Weighted average remaining lease term (in years)	6.2		3.8
Weighted average discount rate	5.0	%	5.1	%

Supplemental cash flow information related to the Company's operating leases during the years ended July 31, 2025 and 2024 were as follows:


	2025		2024
Operating cash outflows from operating leases	$	18,816	$	16,496
Operating lease assets obtained in exchange for new operating lease liabilities (1)	35,846		23,438

(1)Includes new leases, leases from acquired companies, 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, 2025, 2024 or 2023.