Leases

3 Months Ended

Mar. 31, 2021

2. Leases — The Company has operating leases for warehouses, manufacturing facilities, offices, cars, railcars and certain equipment. The lease term includes the non-cancellable period of the lease plus any additional periods covered by either an option to extend (or not terminate) that the Company is reasonably certain to exercise. The Company has leases with a lease term ranging from one year to 20 years.

Finance leases are immaterial to the accompanying condensed consolidated financial statements. There were no lease transactions with related parties as of and for the three-month periods presented in the table below.

The operating lease expense for the three months ended March 31, 2021 and 2020 was $1,454 and $1,395, respectively. Lease expenses related to variable lease payments and short-term leases were immaterial. Other information related to operating leases follows:

	Three months ended March 31, 2021			Three months ended March 31, 2020
Cash paid for amounts included in the measurement of lease liabilities	$	1,465		$	1,396
ROU assets obtained in exchange for new liabilities	$	376		$	825

Weighted-average remaining lease term (in years)		4.53			3.15
Weighted-average discount rate		3.83	%		3.67	%

Future minimum lease payments under non-cancellable operating leases as of March 31, 2021 were as follows:

	March 31, 2021
2021 (excluding three months ended March 31, 2021)	$	3,166
2022		2,970
2023		2,008
2024		1,256
2025		1,025
Thereafter		2,019
Total lease payments	$	12,444
Less: imputed interest		1,088
Total	$	11,356

Amounts recognized in the condensed consolidated balance sheet:
Operating lease liabilities, current	$	3,664
Operating lease liabilities, long term	$	7,692