LEASES

12 Months Ended

Dec. 31, 2022

LEASESWe lease certain facilities, trailers, forklifts and other assets. Leases with an initial term of 12 months or less are not recorded on the balance sheet and expense related to these short-term leases was immaterial for the years ended December 31, 2022, 2021 and 2020. Variable lease expense, principally related to trucks, forklifts, and index-related facility rent escalators, was immaterial for the years ended December 31, 2022, 2021 and 2020. Leases have remaining lease terms of one to seventeen years. Certain leases include options to renew for an additional term. Where there is reasonable certainty to utilize a renewal option, we include the renewal option in the lease term used to calculate operating lease right-of-use assets and lease liabilities.

Lease expense, supplemental cash flow information, and other information related to leases for the years ended December 31, 2022, 2021 and 2020 were as follows:


(thousands)	2022		2021		2020
Operating lease cost	$	50,674	$	42,081	$	34,243

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	49,938	$	41,061	$	33,599

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	50,719	$	78,225	$	56,526

Balance sheet information related to leases as of December 31, 2022 and 2021 was as follows:


(thousands, except lease term and discount rate)	2022		2021
Assets
Operating lease right-of-use assets	$	163,674	$	158,183
Liabilities
Operating lease liabilities, current portion	$	44,235	$	40,301
Long-term operating lease liabilities	122,471		120,161
Total lease liabilities	$	166,706	$	160,462


Weighted average remaining lease term, operating leases (in years)	5.1		5.1
Weighted average discount rate, operating leases	4.4	%	3.8	%

Maturities of operating lease liabilities were as follows at December 31, 2022 (in thousands):


2023	$	50,166
2024	42,155
2025	32,913
2026	23,227
2027	12,350
Thereafter	27,457
Total lease payments	188,268
Less imputed interest	(21,562)
Total	$	166,706

The Company has additional operating leases that have not yet commenced as of December 31, 2022, and therefore, approximately $11.3 million in operating lease right-of-use assets and corresponding operating lease liabilities were not included in our consolidated balance sheet at December 31, 2022. These leases will commence through the first quarter of fiscal 2023 with lease terms of 5 to 7 years.