Leases

3 Months Ended

Mar. 31, 2023

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, 2023 and 2022 was $1,637 and $1,604, 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, 2023		Three months ended March 31, 2022
Cash paid for amounts included in the measurement of lease liabilities	$	1,644	$	1,674
Right-of-use assets obtained in exchange for new liabilities	$	1,884	$	926

The weighted-average remaining lease term and discount rate related to the operating leases as of March 31, 2023 were as follows:


Weighted-average remaining lease term (in years)	5.68
Weighted-average discount rate	4.12	%

Future minimum lease payments under non-cancellable operating leases as of March 31, 2023 were as follows:


2023 (excluding three months ended March 31, 2023)	$	4,625
2024		5,657
2025		5,143
2026		3,926
2027		2,662
Thereafter		6,200
Total lease payments	$	28,213
Less: imputed interest		(3,232	)
Total	$	24,981

Amounts recognized in the condensed consolidated balance sheet:
Operating lease liabilities, current	$	5,367
Operating lease liabilities, long term	$	19,614