Leases

6 Months Ended

Jun. 30, 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- and six-month periods presented in the table below.

The operating lease expense for the three months ended June 30, 2023 and 2022, was $1,674 and $1,619, respectively, and $3,310 and $3,223 for the six months ended June 30, 2023 and 2022, respectively. Lease expenses related to variable lease payments and short-term leases were immaterial. Additional information related to operating leases are as follows:


	Three Months Ended June 30,		Three Months Ended June 30,		Six Months Ended June 30,		Six Months Ended June 30,
	2023		2022		2023		2022
Cash paid for amounts included in the measurement of lease liabilities	$	1,544	$	1,559	$	3,187	$	3,233
ROU assets obtained in exchange for new liabilities	$	693	$	898	$	2,576	$	1,825

The weighted-average remaining lease term and discount rate related to the operating leases as of June 30, 2023 were as follows:


Weighted-average remaining lease term (in years)	5.48
Weighted-average discount rate	4.17	%

Future minimum lease payments under non-cancellable operating leases as of June 30, 2023 were as follows:


2023 (excluding six months ended June 30, 2023)	$	3,235
2024		5,880
2025		5,330
2026		4,077
2027		2,700
Thereafter		6,200
Total lease payments		27,422
Less: imputed interest		(3,045	)
Total	$	24,377

Amounts recognized in the condensed consolidated balance sheets at June 30, 2023:


Operating lease liabilities, current	$	5,493
Operating lease liabilities, long-term	$	18,884