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Leases

3 Months Ended

Mar. 31, 2022

LEASES

As of March 31, 2022, the Company had railcar leases, valued at approximately $79,000, that had not commenced. These leases will commence in the second quarter of 2022 with lease terms of three years.

Lease cost is recognized in both the Cost of Sales and Operating Expenses sections of the Condensed Consolidated Statements of Income.

(In thousands)	March 31, 2022
Lease Cost
Operating lease cost	$	4,108
Short-term lease cost		1,338
Variable lease cost		202
Total lease cost	$	5,648
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow from operating leases	$	4,075
Right-of-use assets obtained in exchange for new operating lease liabilities		2,819

The following table outlines the maturities of lease liabilities as of March 31, 2022.

(In thousands)
Undiscounted Cash Flows:
2022 (excluding the three months ended March 31, 2022)	$	11,676
2023		13,308
2024		8,422
2025		6,087
2026		4,536
Subsequent to 2026		36,350
Total Undiscounted Cash Flows	$	80,379
Less: Imputed interest		(12,023	)
Present value	$	68,356
Current operating lease liabilities ⁽¹⁾		13,720
Non-current operating lease liabilities		54,636
Total lease liabilities	$	68,356

(1)

This item is included in the Accrued liabilities line on the Company’s Condensed Consolidated Balance Sheet.

Weighted-average remaining lease term-operating leases		10 years
Weighted-average discount rate-operating leases			2.9	%