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Leases | 12 Months Ended
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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.

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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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