XML 26 R13.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Leases | 12 Months Ended
--- | ---
Dec. 31, 2019
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, 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. 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 |
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 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 |
Supplemental Information for Comparative Periods 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.

X
- References No definition available. + Details
Name: | us-gaap_LesseeDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration