The Company enters into lease agreements primarily for office and warehouse space in all districts where it conducts business. As of December 31, 2019, all of the Company's leases are operating leases. Lease terms are either on a month-to-month basis or terminate at various times through 2032. The Company also has two long-term operating lease arrangements to use land, for which the usage rights were entirely prepaid. Usage rights for those arrangements are recognized in rent expense over the lease terms up to 2057.

Lease cost for the year ended December 31, 2019 is recorded under rent and occupancy expenses in the consolidated statements of earnings and is comprised of the following:

	2019
Operating lease cost	$	81,912
Variable lease cost		25,843
Total lease cost	$	107,755

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

2020	$	81,713
2021		72,881
2022		66,099
2023		56,570
2024		44,302
Thereafter		145,661
Total minimum lease payments		467,226
Less imputed interest		75,512
Lease liability	$	391,714

The weighted-average remaining lease term and weighted-average discount rate as of December 31, 2019 are as follows:

	Weighted-average remaining lease term (in years)			7.37
	Weighted-average discount rate			4.78	%

	2019
Right-of-use assets obtained in exchange for new operating lease liabilities	$	103,788
Cash paid for amounts included in the measurement of lease liabilities	$	79,040

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 operating 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 Company recorded rent expense under operating leases of $89,377 and $68,920 for the years ended December 31, 2018 and December 31, 2017, respectively.