LEASES

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

LEASES

LEASES

Leasing Guidance

The Company recognizes the assets and liabilities that arise from leases on the commencement date of the lease. The Company recognizes the liability to make lease payments as a lease liability as well as a right-of-use ("ROU") asset representing the right to use the underlying asset for the lease term, on the condensed consolidated balance sheet.

Leasing Transactions

The Company’s leased assets primarily include real estate, broadcasting towers and equipment. The Company’s leases have remaining lease terms of less than 1 year up to 30 years, some of which include one or more options to extend the leases, with renewal terms up to fifteen years and some of which include options to terminate the leases within the next year. Many of the Company’s leases include options to extend the terms of the agreements. Generally, renewal options are excluded when calculating the lease liabilities, as the Company does not consider the exercise of such options to be reasonably certain. Unless a renewal option is considered reasonably assured, the optional terms and related payments are not included within the lease liability. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The Company’s operating leases are reflected on the Company’s balance sheet within the Operating lease right-of-use assets line item and the related current and non-current liabilities are included within the Operating lease liabilities and Operating lease liabilities, net of current portion line items, respectively. ROU assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from leases. Operating lease ROU assets and liabilities are recognized at commencement date based upon the present value of lease payments over the respective lease term. Lease expense is recognized on a straight-line basis over the lease term.

As the rate implicit in the lease is not readily determinable for the Company’s operating leases, the Company generally uses an incremental borrowing rate based upon information available at the commencement date to determine the present value of future lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. In order to measure the operating lease liability and determine the present value of lease payments, the Company estimated what the incremental borrowing rate was for each lease using an applicable treasury rate compatible to the remaining life of the lease and the applicable margin for the Company’s Revolver.

In determining whether a contract is or contains a lease at inception of a contract, the Company considers all relevant facts and circumstances, including whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. This consideration involves judgment with respect to whether the Company has the right to obtain substantially all of the economic benefits from the use of the identified asset and whether the Company has the right to direct the use of the identified asset.

Lease Expense

The components of lease expense were as follows:

	Lease Cost
	For the Years Ended December 31,
	2022		2021		2020
	(amounts in thousands)
Operating lease cost	$	50,379	$	48,999	$	49,061
Variable lease cost	11,101		11,517		10,575
Short-term lease cost	—		—		—
Total lease cost	$	61,480	$	60,516	$	59,636

Supplemental Cash Flow

Supplemental cash flow information related to leases was as follows:

	For the Years Ended December 31,
Description	2022		2021		2020
	(amounts in thousands)
Cash paid for amounts included in measurement of lease liabilities	$	54,487	$	53,838	$	53,237
Lease liabilities arising from obtaining right-of-use assets	$	33,185	$	28,608	$	11,851

Supplemental balance sheet information related to leases was as follows:

Description	December 31, 2022		December 31, 2021
	(amounts in thousands)
Operating Leases
Operating leases right-of-use assets	$	211,022	$	229,607
Operating lease liabilities (current)	40,815		39,598
Operating lease liabilities (noncurrent)	196,654		217,281
Total operating lease liabilities	$	237,469	$	256,879

	December 31, 2022		December 31, 2021
Weighted Average Remaining Lease Term
Operating leases	7 years		7 years
Weighted Average Discount Rate
Operating leases	4.7	%	4.7	%

Maturities

The aggregate maturities of the Company’s lease liabilities as of December 31, 2022, are as follows:

	Lease Maturities
	Operating Leases
	(amounts in thousands)
Years ending Years ending December 31:
2023	$	53,136
2024	48,365
2025	42,303
2026	35,919
2027	29,135
Thereafter	71,134
Total lease payments	279,992
Less: imputed interest	(42,523)
Total	$	237,469