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Leases (Tables)
12 Months Ended
Dec. 31, 2019
Lessee Disclosure [Abstract]  
Lease, Cost

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

 

Lessee, Operating Lease, Liability, Maturity

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

 

 

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

 

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 December 31, 2019 are as follows:

 

 

Weighted-average remaining lease term (in years)

 

 

7.37

 

 

Weighted-average discount rate

 

 

4.78

%

Other Information Related to Leases

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

 

 

 

 

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

 

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 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