Leases

12 Months Ended

Dec. 31, 2023

7. LEASES

The Company’s leases are considered operating leases and primarily consist of real estate such as office space, broadcasting towers, land and land easements. The operating leases are reflected within the consolidated balance sheet as Operating leases right of use asset with the related liability presented as Operating lease liabilities and Long-term operating lease liabilities. Lease expense is recognized on a straight-line basis over the lease term. Generally, lease terms include options to renew or extend the lease. Unless the renewal option is considered reasonably certain, the exercise of any such options has been excluded from the calculation of lease liabilities.

The following table summarizes the expected future payments related to lease liabilities as of December 31, 2023:


(in thousands)
2024	$	10,346
2025		9,789
2026		8,162
2027		6,471
2028		5,703
Thereafter		29,370
Total minimum payments	$	69,841
Less amounts representing interest		(16,496	)
Less amounts representing tenant improvement allowance		(398	)
Present value of minimum lease payments		52,947
Less current operating lease liabilities		(7,282	)
Long-term operating lease liabilities	$	45,665

The Company’s existing leases have remaining terms of less than one year up to 27 years. The weighted average remaining lease term and the weighted average discount rate used to calculate the Company’s lease liabilities as of December 31, 2023 were 8.8 years and 6.2%, respectively. The weighted average remaining lease term and the weighted average discount rate used to calculate the Company’s lease liabilities as of December 31, 2022 were 8.8 years and 6.2%, respectively.

The following table summarizes lease payments and supplemental non-cash disclosures:


	Year Ended December 31,
(in thousands)	2023		2022		2021
Cash paid for amounts included in lease liabilities:

Operating cash flows from operating leases	$	8,483	$	9,680	$	10,265
Non-cash additions to operating lease assets	$	6,762	$	31,125	$	6,950

The following table summarizes the components of lease expense:


	Year Ended December 31,
(in thousands)	2023		2022		2021
Operating lease cost	$	9,832	$	9,203	$	8,299
Variable lease cost		1,026		1,143		1,469
Short-term lease cost		3,878		2,705		1,710
Total lease cost	$	14,736	$	13,051	$	11,478

For the year ended December 31, 2023, lease cost of $5.7 million, $7.8 million and $1.2 million, were recorded to direct operating expenses, selling, general and administrative expenses and corporate expenses, respectively. For the year ended December 31, 2022, lease cost of $6.0 million, $6.2 million and $0.9 million, were recorded to direct operating expenses, selling, general and administrative expenses and corporate expenses, respectively. For the year ended December 31, 2021, lease cost of $6.1 million, $4.8 million and $0.6 million, were recorded to direct operating expenses, selling, general and administrative expenses and corporate expenses, respectively.