Leases

9 Months Ended

Sep. 30, 2019

Lessee Disclosure [Abstract]

Lessee, Operating Leases

Note 2. Leases

The Company enters into lease agreements primarily for office and warehouse space in all districts where it conducts business. As of September 30, 2019, all of the Company's leases are operating leases.

Lease cost for the three and nine months ended September 30, 2019 are all recorded under rent and occupancy expenses on the condensed consolidated statement of earnings and are comprised of the following:

	Three months ended September 30, 2019		Nine months ended September 30, 2019
Operating lease cost	$	20,784	$	60,832
Variable lease cost		6,990		19,867
Total lease cost	$	27,774	$	80,699

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

Maturities of lease liabilities as of September 30, 2019 are as follows:

2019	$	19,112
2020		77,416
2021		67,505
2022		61,044
2023		52,427
Thereafter		174,492
Total minimum lease payments		451,996
Less imputed interest		76,574
Lease liability	$	375,422

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

The weighted-average remaining lease term and weighted-average discount rate as of September 30, 2019 are as follows:

Weighted-average remaining lease term (in years)	7.47
Weighted-average discount rate	4.94	%

Other information related to the Company's operating leases are as follows:

	Three months ended September 30, 2019		Nine months ended September 30, 2019
Right-of-use assets obtained in exchange for    new operating lease liabilities	$	14,630	$	76,664
Cash paid for amounts included in the    measurement of lease liabilities	$	19,642	$	58,934