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LEASES

3 Months Ended

Mar. 31, 2024

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, 2024		December 31, 2023
Right-of-use assets	Other assets	$	52,615	$	53,284

Current liabilities	Other current liabilities	$	13,191	$	13,104
Noncurrent liabilities	Other liabilities		40,747		41,576
Total lease liabilities		$	53,938	$	54,680

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 $6,161 and $5,851 in the three months ended March 31, 2024 and 2023, respectively. Cash paid for amounts included in the measurement of lease liabilities for the three months ended March 31, 2024 and 2023, respectively, were $4,049 and $3,145 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 $3,546 and $3,896 during the three months ended March 31, 2024 and 2023, respectively.

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


	March 31, 2024
2024	$	11,281
2025		12,540
2026		9,807
2027		7,148
2028		5,191
After 2028		14,394
Total lease payments	$	60,361
Less: Imputed interest		6,423
Operating lease liabilities	$	53,938

As of March 31, 2024, the weighted average remaining lease term is 6.8 years and the weighted average discount rate used to determine the operating lease liability is 3.6%.