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Leases | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Leases | 10. Leases Related to the adoption of Topic 842, and for leases executed subsequent to the adoption of Topic 842 our policy elections are as follows:
Separation of lease and non-lease components |  | We elected this expedient to account for lease and non-lease components as a single component for our entire population of operating lease assets.
Short-term policy |  | We have elected the short-term lease recognition exemption for all applicable classes of underlying assets. Short-term disclosures include only those leases with a term greater than one month and 12 months or less, and expense is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less, that do not include an option to purchase the underlying asset that we are reasonably certain to exercise, are not recorded on the consolidated balance sheets.
The weighted average remaining lease term and discount rate were as follows:
| December 31, |  | December 31,
| 2020 |  | 2019
Weighted average remaining lease term (years) |  | 13.4 |  |  | 13.4
Weighted average discount rate |  | 4.92% |  |  | 5.19%
The components of lease cost were as follows:
|  | Year ended
|  | December 31,
| Classification | 2020 |  | 2019
Operating lease cost | Occupancy, Other operating costs, General and administrative expenses and Pre-opening costs | $ | 333,878 |  | $ | 308,586
Short-term lease cost | Other operating costs |  | 36 |  |  | 3,238
Variable lease cost | Occupancy |  | 37,860 |  |  | 36,828
Sublease income | General and administrative expenses |  | (3,588) |  |  | (3,385)
Total lease cost |  | $ | 368,186 |  | $ | 345,267
As previously disclosed in our 2018 Annual Report on Form 10-K and under the previous lease accounting, rental expense for the year ended December 31, 2018 was $297,568. Supplemental disclosures of cash flow information related to leases were as follows:
| Year ended
| December 31,
| 2020 |  | 2019
Cash paid for operating lease liabilities | $ | 316,249 |  | $ | 295,113
Operating lease assets obtained in exchange for operating lease liabilities(1) | $ | 484,888 |  | $ | 2,702,778
Derecognition of operating lease assets due to terminations or impairment | $ | 20,242 |  | $ | 17,740
(1) Amounts for the year ended December 31, 2019, include the transition adjustment for the adoption of Topic 842 discussed in Note 1. “Description of Business and Summary of Significant Accounting Policies” on Annual Report on Form 10-K for the year ended December 31, 2019.
Maturities of lease liabilities were as follows as of December 31, 2020: |  |
| Operating Leases
2021 | $ | 318,990
2022 |  | 344,902
2023 |  | 340,328
2024 |  | 329,819
2025 |  | 321,444
Thereafter |  | 2,660,361
Total lease payments |  | 4,315,844
Less: imputed interest |  | 1,158,792
Present value of lease liabilities | $ | 3,157,052
As of December 31, 2020, the total lease payments include $2,117,481 related to options to extend lease terms that are reasonably certain of being exercised, and exclude approximately $184,358 of legally binding minimum lease payments for leases signed but not yet commenced and $14,735 of future sublease income. In April 2020, the FASB issued guidance allowing entities to make a policy election whether to account for lease concessions related to the COVID-19 pandemic as lease modifications. The election applies to any lessor-provided lease concession related to the impact of the COVID-19 pandemic, provided the concession does not result in a substantial increase in the rights of the lessor or in the obligations of the lessee. During the year ended December 31, 2020, we have received non-substantial concessions from certain landlords in the form of rent deferrals and abatements. We have elected to not account for these rent concessions as lease modifications. The recognition of rent concessions did not have a material impact on our consolidated financial statements as of December 31, 2020. We have six sale and leaseback transactions, which do not qualify for sale leaseback accounting due to fixed price renewal options prohibiting sale accounting. These transactions are accounted for under the financing method. Under the financing method, the assets remain on the consolidated balance sheets and the proceeds from the transactions are recorded as a financing liability. A portion of lease payments are applied as payments of deemed principal and imputed interest. The deemed landlord financing liability was $1,845 and $2,131 as of December 31, 2020, and 2019, respectively, with the current portion of the liability included in accrued liabilities, and the remaining portion included in other liabilities on the consolidated balance sheets.

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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