Leases

9 Months Ended

Sep. 30, 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 September 30, 2024 and 2023, was $1,972 and $1,701, respectively, and $5,863 and $5,012 for the nine months ended September 30, 2024 and 2023, respectively. Lease expenses related to variable lease payments and short-term leases were immaterial. Other information related to operating leases follows:


	Three Months Ended September 30,		Three Months Ended September 30,		Nine Months Ended September 30,		Nine Months Ended September 30,
	2024		2023		2024		2023
Cash paid for amounts included in the measurement of lease liabilities	$	1,956	$	1,601	$	5,909	$	4,788
ROU assets obtained in exchange for new liabilities	$	541	$	643	$	4,211	$	3,220

The weighted-average remaining lease term and discount rate related to the operating leases as of September 30, 2024 were as follows:


Weighted-average remaining lease term (in years)	4.55
Weighted-average discount rate	4.94	%

Future minimum lease payments under non-cancellable operating leases as of September 30, 2024 were as follows:


2024 (excluding nine months ended September 30, 2024)	$	1,950
2025		7,078
2026		5,202
2027		3,451
2028		2,339
Thereafter		4,676
Total lease payments		24,696
Less: imputed interest		(2,518	)
Total	$	22,178

Amounts recognized in the condensed consolidated balance sheets at September 30, 2024:


Operating lease liabilities, current	$	6,604
Operating lease liabilities, long-term	$	15,574