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LEASES

3 Months Ended

Mar. 31, 2023

NOTE 9 — 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, 2023		December 31, 2022
Right-of-use assets	Other assets	$	46,549	$	44,810

Current liabilities	Other current liabilities	$	11,167	$	10,378
Noncurrent liabilities	Other liabilities		36,615		35,945
Total lease liabilities		$	47,782	$	46,323

Total lease expense, which is included in Cost of goods sold and Selling, general & administrative expenses in the Company’s Consolidated Statements of Income, was $5,851 and $5,198 in the three months ended March 31, 2023 and 2022, respectively. Cash paid for amounts included in the measurement of lease liabilities for the three months ended March 31, 2023 and 2022, respectively, were $3,145 and $3,187 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 were $3,896 and $2,737 during the three months ended March 31, 2023 and 2022, respectively.

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


	March 31, 2023
2023	$	9,178
2024		10,910
2025		7,656
2026		6,287
2027		4,747
After 2027		14,510
Total lease payments	$	53,288
Less: Imputed interest		5,506
Operating lease liabilities	$	47,782

As of March 31, 2023, the weighted average remaining lease term is 7.6 years and the weighted average discount rate used to determine the operating lease liability is 3.0%.