LEASES

12 Months Ended

Dec. 31, 2023

LEASES

LEASES

NOTE 17 – LEASES

The table below summarizes the right-of-use assets and lease liabilities in the Company’s Consolidated Balance sheets:

Operating Leases	Balance Sheet Classification	December 31, 2023		December 31, 2022
Right-of-use assets	Other assets	$	53,284	$	44,810
Current liabilities	Other current liabilities	$	13,104	$	10,378
Noncurrent liabilities	Other liabilities		41,576		35,945
Total lease liabilities		$	54,680	$	46,323

Total lease expense, which is included in Cost of goods sold and Selling, general and administrative expenses in the Company’s Consolidated Statements of Income, was $24,408, $20,548 and $21,630 in the years ended December 31, 2023, 2022 and 2021, respectively. Cash paid for amounts included in the measurement of lease liabilities for the years ended December 31, 2023 and 2022 was $13,450 and $12,036, respectively, are included in Net cash provided by operating activities in the Company’s Consolidated Statements of Cash Flows. Right-of-use assets obtained in exchange for operating lease liabilities during the years ended December 31, 2023 and 2022 were $9,249 and $9,332, respectively.

The total future minimum lease payments for noncancelable operating leases were as follows:

	December 31, 2023
2024	$	14,574
2025		11,786
2026		9,022
2027		6,574
2028		4,626
After 2028		14,647
Total lease payments	$	61,229
Less: Imputed interest		6,549
Operating lease liabilities	$	54,680

As of December 31, 2023 and 2022, the weighted average remaining lease term was 7.0 years and 7.8 years, respectively. As of December 31, 2023 and 2022, the weighted average discount rate used to determine the operating lease liability was 3.50% and 2.96%, respectively.