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Leases | 3 Months Ended
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Mar. 31, 2022
Leases [Abstract] |
Leases | Note 8. Leases Quantitative Lease Disclosures We have operating and finance leases for our manufacturing facilities, warehouses, office space, automobiles, and certain equipment. Our leases have remaining lease terms of up to ten years, some of which may include one or more five-year renewal options. We have included the five-year renewal option for one of our leases in our operating lease payments as we concluded that it is reasonably certain that we will exercise the option. Leases with an initial term of twelve months or less are not recorded on the balance sheet. Operating lease expense is recognized on a straight-line basis over the lease term. Finance leases are not material. The following tables provide quantitative disclosures related to our operating leases and includes all operating leases acquired in the Stabil and Trombetta acquisitions from the date of acquisition (in thousands):
Balance Sheet Information |  | March 31, 2022 |  |  | December 31, 2021 |
Assets |  |  |  |  |  |
Operating lease right-of-use assets |  | $ | 42,116 |  |  | $ | 40,469 |
Liabilities |  |  |  |  |  |  |  |
Sundry payables and accrued expenses |  | $ | 11,140 |  |  | $ | 10,544 |
Noncurrent operating lease liabilities |  |  | 32,281 |  |  |  | 31,206 |
Total operating lease liabilities |  | $ | 43,421 |  |  | $ | 41,750 |
Balance Sheet Information |  |  | March 31, 2022 |  |  |  | December 31, 2021 |
Weighted Average Remaining Lease Term |  |  |  |  |  |  |  |
Operating leases |  | 5.1 Years |  |  | 5.3 Years |
Weighted Average Discount Rate |  |  |  |  |  |  |  |
Operating leases |  |  | 3.1 | % |  |  | 3 | %
Expense and Cash Flow Information |  | Three Months Ended March 31, |
|  | 2022 |  |  | 2021 |
Lease Expense |  |  |  |  |  |
Operating lease expense (a) |  | $ | 2,830 |  |  | $ | 2,336 |
Supplemental Cash Flow Information |  |  |  |  |  |  |  |
Cash paid for the amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 2,760 |  |  | $ | 2,302 |
Right-of-use assets obtained in exchange for new lease obligations: |  |  |  |  |  |  |  |
Operating leases |  | $ | 3,866 |  |  | $ | 3,603 |
| (a) | Excludes expenses of approximately $0.4 million and $0.7 million for the three months ended March 31, 2022 and 2021, respectively, related to non-lease components such as maintenance, property taxes, etc., and operating lease expense for leases with an initial term of 12 months or less, which is not material.
Minimum Lease Payments At March 31, 2022, we are obligated to make minimum lease payments through 2031, under operating leases, which are as follows (in thousands):
2022 |  | $ | 8,403 |
2023 |  |  | 10,076 |
2024 |  |  | 7,789 |
2025 |  |  | 6,529 |
2026 |  |  | 5,810 |
Thereafter |  |  | 6,988 |
Total lease payments |  | $ | 45,595 |
Less: Interest |  |  | (2,174 | )
Present value of lease liabilities |  | $ | 43,421 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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