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Leases (Tables)
9 Months Ended
Sep. 30, 2019
Lessee Disclosure [Abstract]  
Lease, Cost

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

 

 

Lessee, Operating Lease, Liability, Maturity

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

 

 

Schedule of Future Minimum Rental Payments for Operating Leases

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

 

 

Schedule of Weighted-average Remaining Lease Term and Weighted-average Discount Rate

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 leases

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