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Leased Properties
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Leased Properties Leased Properties
The Company primarily leases real estate for certain retail stores, distribution centers, office space and land. The Company also leases equipment (primarily vehicles).
Most real estate leases include one or more options to renew, with renewal terms that generally 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 Company evaluates renewal options at lease inception and on an ongoing basis, and includes renewal options that it is reasonably certain to exercise in its expected lease terms when classifying leases and measuring lease liabilities. Lease agreements generally do not require material variable lease payments, residual value guarantees or restrictive covenants.
The table below presents the locations of the operating lease assets and liabilities on the consolidated balance sheets:
Balance Sheet Line ItemDecember 31, 2020December 31, 2019
Operating lease assets
Operating lease assets$1,038,877 $995,667 
Operating lease liabilities:
Current operating lease liabilities
Other current liabilities
$270,739 $255,207 
Noncurrent operating lease liabilities
Operating lease liabilities
789,294 756,519 
Total operating lease liabilities
$1,060,033 $1,011,726 
The depreciable lives of operating lease assets and leasehold improvements are limited by the expected lease term.
The Company's leases generally do not provide an implicit rate, and therefore the Company uses its incremental borrowing rate as the discount rate when measuring operating lease liabilities. The incremental borrowing rate represents an estimate of the interest rate the Company would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of a lease within a particular currency environment. The Company used incremental borrowing rates as of January 1, 2019 for operating leases that commenced prior to that date.
The Company's weighted average remaining lease term and weighted average discount rate for operating leases are:
December 31, 2020December 31, 2019
Weighted average remaining lease term (in years)5.355.50
Weighted average discount rate2.47 %2.82 %
The table below reconciles the undiscounted future minimum lease payments (displayed by year and in the aggregate) under noncancelable operating leases with terms of more than one year to the total operating lease liabilities recognized on the consolidated balance sheets as of December 31, 2020:
2021$295,841 
2022252,303 
2023188,357 
2024128,278 
202581,625 
Thereafter
186,135 
Total undiscounted future minimum lease payments
1,132,539 
Less: Difference between undiscounted lease payments and discounted operating lease liabilities
72,506 
Total operating lease liabilities
$1,060,033 
Future minimum lease payments include $60,198 related to options to extend lease terms that are reasonably certain of being exercised.
The table below presents operating lease costs and supplemental cash flow information related to leases:
20202019
Operating lease costs$313,315 $310,028 
Cash paid for amounts included in the measurement of operating lease liabilities $323,336 $311,170 
Operating lease assets obtained in exchange for new operating lease liabilities$302,114 $330,103 

Operating lease costs (as defined under ASU 2016-02) are included within selling, administrative and other expenses on the consolidated statements of income. Short-term lease costs, variable lease costs and sublease income were not material for the periods presented.

Rental expense for operating leases (as defined prior to the adoption of ASU 2016-02) was approximately $334,000 for the year ended December 31, 2018.
Cash paid for amounts included in the measurement of operating lease liabilities is included in operating activities in the condensed consolidated statements of cash flows.