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Leases | 9 Months Ended
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Sep. 30, 2019
Lessee Disclosure [Abstract] |
Lessee, Operating Leases | Note 2. Leases The Company enters into lease agreements primarily for office and warehouse space in all districts where it conducts business. As of September 30, 2019, all of the Company's leases are operating leases. 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 |
Variable lease cost includes short-term lease expenses, which are insignificant. 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 |
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 |
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 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 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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