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LEASES

12 Months Ended

Dec. 31, 2022

NOTE 17 – LEASES

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


Operating Leases	Balance Sheet Classification	December 31, 2022		December 31, 2021
Right-of-use assets	Other assets	$	44,810	$	47,966

Current liabilities	Other current liabilities	$	10,378	$	10,218
Noncurrent liabilities	Other liabilities		35,945		38,960
Total lease liabilities		$	46,323	$	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 $20,548, $21,630 and $23,499 in the years ended December 31, 2022, 2021 and 2020, respectively. Cash paid for amounts included in the measurement of lease liabilities for the years ended December 31, 2022 and 2021 was $12,036 and $15,723, respectively, 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 years ended December 31, 2022 and 2021 were $9,332 and $12,257, respectively.

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


	December 31, 2022
2023	$	11,342
2024		9,911
2025		6,677
2026		5,417
2027		3,893
After 2027		14,558
Total lease payments	$	51,798
Less: Imputed interest		5,475
Operating lease liabilities	$	46,323

As of December 31, 2022 and 2021, the weighted average remaining lease term was 7.8 years and 8.6 years, respectively. As of December 31, 2022 and 2021, the weighted average discount rate used to determine the operating lease liability was 2.96% and 3.1%, respectively.