Leased Properties

12 Months Ended

Dec. 31, 2018

The Company primarily leases certain retail stores, branches, distribution centers, office space, land, vehicles, information technology and equipment.

Most leases include one or more options to renew, with renewal terms that can extend the lease term from one to 20 years or more. The exercise of lease renewal options is at the Company's discretion. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Certain of the lease agreements include rental payments adjusted periodically for inflation. Lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Future minimum payments, by year and in the aggregate, under the noncancelable operating leases with initial or remaining terms of one year or more were approximately the following at December 31, 2018:



2019	$	305,257
2020	239,629
2021	173,119
2022	121,918
2023	82,940
Thereafter	192,862
Total minimum lease payments	$	1,115,725

Rental expense for operating leases was approximately $366,000, $306,000, and $278,000 for 2018, 2017, and 2016, respectively.