Leases

The Company enters into lease agreements primarily for office and warehouse space in all districts where it conducts business. As of March 31, 2019, all of the Company's leases are operating leases.

Lease cost for the quarter ended March 31, 2019 were all recorded under rent and occupancy expenses on the condensed consolidated statement of earnings and comprised of the following:



Operating lease cost	$	19,955
Variable lease cost	6,394
Total lease cost	$	26,349

Variable lease cost includes shorter-term lease expenses, which are insignificant.

Maturities of lease liabilities as of March 31, 2019 are as follows:



2019	$	55,196
2020	67,926
2021	58,219
2022	52,367
2023	43,512
Thereafter	142,322
Total minimum lease payments	419,542
Less imputed interest	71,356
Lease liability	$	348,186

At December 31, 2018, the last balance sheet presented before the adoption of the new accounting standard Topic 842 Leases, future minimum annual lease payments under all noncancelable leases were as follows:



2019	$	75,227
2020	62,974
2021	47,552
2022	38,352
2023	26,580
Thereafter	67,140
	$	317,825

Other information related to the Company's operating leases as of and for the period ended March 31, 2019 are as follows:



Right-of-use assets obtained in exchange for new operating lease liabilities	$	18,636
Cash paid for amounts included in the measurement of lease liabilities	$	19,246
Weighted-average remaining lease term (in years)	7.51
Weighted-average discount rate	4.99		%