Leases

12 Months Ended

Dec. 31, 2020

Lessee Disclosure [Abstract]

Lessee, Operating Leases

NOTE 4. LEASES

The Company enters into lease agreements primarily for office and warehouse space in all districts where it conducts business. As of December 31, 2020, 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 2040. 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 years ended December 31, 2020 and 2019 is recorded under rent and occupancy expenses in the consolidated statements of earnings and is comprised of the following:

	2020		2019
Operating lease cost	$	91,436	$	81,912
Variable lease cost		26,857		25,843
Total lease cost	$	118,293	$	107,755

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

Maturities of lease liabilities as of December 31, 2020 are as follows:

2021	$	89,317
2022		82,920
2023		70,654
2024		55,981
2025		50,006
Thereafter		157,576
Total minimum lease payments		506,454
Less imputed interest		68,265
Lease liability	$	438,189

The weighted-average remaining lease term and weighted-average discount rate are as follows:

	2020			2019
Weighted-average remaining lease term (in years)		7.86			7.37
Weighted-average discount rate		4.08	%		4.78	%

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

	2020		2019
Right-of-use assets obtained in exchange for new operating lease liabilities	$	109,515	$	103,788
Cash paid for amounts included in the measurement of lease liabilities	$	90,101	$	79,040

Supplemental Information for Comparative Periods

The Company recorded rent expense under operating leases of $89,377 for the year ended December 31, 2018.