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LEASES

3 Months Ended

Mar. 31, 2022

NOTE 10 — LEASES

The table below summarizes the right-of-use assets and lease liabilities in the Company’s Condensed Consolidated Balance sheets:


Operating Leases	Balance Sheet Classification	March 31, 2022		December 31, 2021
Right-of-use assets	Other assets	$	49,372	$	47,966

Current liabilities	Other current liabilities	$	10,397	$	10,218
Noncurrent liabilities	Other liabilities		40,418		38,960
Total lease liabilities		$	50,815	$	49,178

Total lease expense, which is included in Cost of goods sold and Selling, general and administrative expenses in the Company’s Consolidated Statements of Income, was $5,198 and $5,051 in the three months ended March 31, 2022 and 2021, respectively. Cash paid for amounts included in the measurement of lease liabilities at March 31, 2022 and 2021, respectively, were $3,187 and $3,389 and are included in Net cash provided by operating activities in the Company’s Consolidated Statements of Cash Flows. Right-of-use assets obtained in exchange for operating lease liabilities during the three months ended March 31, 2022 and 2021 were $2,737 and $0, respectively.

The total future minimum lease payments for noncancelable operating leases were as follows:


	March 31, 2022
2022	$	8,861
2023		10,633
2024		9,140
2025		6,115
2026		4,846
After 2026		17,743
Total lease payments	$	57,338
Less: Imputed interest		6,523
Operating lease liabilities	$	50,815

As of March 31, 2022, the weighted average remaining lease term is 8.3 years and the weighted average discount rate used to determine the operating lease liability is 3.03%.