Leases

3 Months Ended

Mar. 31, 2024

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 approximately 20 years.

The operating lease expense for the three months ended March 31, 2024 and 2023 was $1,936 and $1,637, 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, 2024		Three months ended March 31, 2023
Cash paid for amounts included in the measurement of lease liabilities	$	2,032	$	1,644
Right-of-use assets obtained in exchange for new liabilities	$	2,382	$	1,884

The weighted-average remaining lease term and discount rate related to the operating leases as of March 31, 2024 were as follows:


Weighted-average remaining lease term (in years)	4.90
Weighted-average discount rate	4.83	%

Future minimum lease payments under non-cancellable operating leases as of March 31, 2024 were as follows:


2024 (excluding three months ended March 31, 2024)	$	5,433
2025		6,353
2026		4,733
2027		3,219
2028		2,236
Thereafter		4,677
Total lease payments	$	26,651
Less: imputed interest		(2,886	)
Total	$	23,765
Amounts recognized in the condensed consolidated balance sheet:
Operating lease liabilities, current	$	6,358
Operating lease liabilities, long term	$	17,407