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Leases | 12 Months Ended
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Dec. 31, 2023
Lessee Disclosure [Abstract] |
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, 2022, 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 is recorded under rent and occupancy expenses in the consolidated statements of earnings and is comprised of the following for the year-ended December 31:
|  | 2023 |  |  | 2022 |  |  | 2021 |
Operating lease cost |  | $ | 123,411 |  |  | $ | 107,858 |  |  | $ | 98,219 |
Variable lease cost |  |  | 50,508 |  |  |  | 47,553 |  |  |  | 39,607 |
Total lease cost |  | $ | 173,919 |  |  | $ | 155,411 |  |  | $ | 137,826 |
Variable lease cost includes short-term lease expenses, which are insignificant. Maturities of lease liabilities as of December 31, 2023 are as follows:
2024 |  | $ | 119,565 |
2025 |  |  | 112,117 |
2026 |  |  | 93,952 |
2027 |  |  | 73,521 |
2028 |  |  | 55,430 |
Thereafter |  |  | 150,445 |
Total minimum lease payments |  |  | 605,030 |
Less imputed interest |  |  | 77,297 |
Lease liability |  | $ | 527,733 |
As of December 31, 2023, the Company had $90 million in operating lease obligations with maturities through 2034 for several office and warehouse locations not included in the lease liabilities, as the lease had not yet commenced. The weighted-average remaining lease term and weighted-average discount rate are as follows:
|  | 2023 |  |  | 2022 |
Weighted-average remaining lease term (in years) |  |  | 6.68 |  |  |  | 7.10 |
Weighted-average discount rate |  |  | 4.34 | % |  |  | 3.63 | %
Other information related to the Company's operating leases are as follows:
|  | 2023 |  |  | 2022 |  |  | 2021 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  | $ | 105,888 |  |  | $ | 151,654 |  |  | $ | 117,409 |
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 120,793 |  |  | $ | 106,772 |  |  | $ | 95,804 |

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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