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Leases
12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Leases

 


Note 10:  Leases

The Company as a Lessee

 

The Company has operating and finance leases for office space, vehicles, tower facilities, antenna sites, studios and other real estate properties and equipment. The Company’s leases have remaining lease terms of one month to 94 years, some of which may include options to extend the leases from 2 to 99 years, and some of which may include options to terminate the leases within one year. The depreciable lives of assets and leasehold improvements are limited by the expected lease term unless there is a transfer of title or purchase option reasonably certain of exercise. Lease contracts that the Company has executed but which have not yet commenced as of December 31, 2020 and 2019 are not material and are excluded.

 

 

 

Balance Sheet Classification

 

December 31, 2020

 

 

December 31, 2019

 

Operating leases

 

 

 

 

 

 

 

 

 

 

Operating lease right-of-use assets, net

 

Other noncurrent assets, net

 

$

282,834

 

 

$

235,285

 

   Current lease liabilities

 

Other current liabilities

 

$

35,850

 

 

$

35,043

 

   Noncurrent lease liabilities

 

Other noncurrent liabilities

 

$

234,208

 

 

$

185,722

 

 

 

 

 

 

 

 

 

 

 

 

Finance leases

 

 

 

 

 

 

 

 

 

 

Finance lease right-of-use assets, net of accumulated depreciation of $3,349 as of December 31, 2020 and $2,526 as of December 31, 2019

 

Property, plant and equipment, net

 

$

7,641

 

 

$

8,138

 

   Current lease liabilities

 

Other current liabilities

 

$

1,003

 

 

$

900

 

   Noncurrent lease liabilities

 

Other noncurrent liabilities

 

$

14,172

 

 

$

15,177

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Remaining Lease Term

 

 

 

 

 

 

 

 

 

 

Operating leases

 

 

 

8.7 years

 

 

7.4 years

 

Finance leases

 

 

 

10.7 years

 

 

11.6 years

 

Weighted Average Discount Rate

 

 

 

 

 

 

 

 

 

 

Operating leases

 

 

 

 

5.4

%

 

 

5.3

%

Finance leases

 

 

 

 

5.7

%

 

 

5.7

%

 

In 2020, the increases in operating lease ROU assets and lease liabilities were attributable to the acquisition of television stations (see Note 3) and various extension of existing leases.

 

Operating lease expenses for the year ended December 31, 2020 were $47.3 million, of which $24.4 million and $22.9 million were included in Direct operating and Selling, general and administrative expenses, respectively, excluding depreciation and amortization, in the accompanying Consolidated Statements of Operations and Comprehensive Income.

 

Operating lease expenses for the year ended December 31, 2019 were $28.5 million, of which $15.4 million and $13.1 million were included in Direct operating and Selling, general and administrative expenses, respectively, excluding depreciation and amortization, in the accompanying Consolidated Statements of Operations and Comprehensive Income.

 

During the year ended December 31, 2018, operating lease expenses in the Company’s Consolidated Statements of Operations and Comprehensive Income were $22.8 million.

Supplemental cash flow information related to leases was as follows (in thousands):

 

 

 

Years Ended December 31,

 

 

 

2020

 

 

2019

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

 

 

   Operating cash flows from operating leases

 

$

47,002

 

 

$

16,754

 

   Operating cash flows from finance leases

 

 

895

 

 

 

712

 

   Financing cash flows from finance leases

 

 

900

 

 

 

610

 

Future minimum lease payments under non-cancellable leases as of December 31, 2020 were as follows (in thousands):

 

 

 

Operating Leases

 

 

Finance Leases

 

2021

 

$

47,181

 

 

$

1,843

 

2022

 

 

48,160

 

 

 

1,803

 

2023

 

 

44,907

 

 

 

1,818

 

2024

 

 

41,781

 

 

 

1,833

 

2025

 

 

29,097

 

 

 

1,879

 

Thereafter

 

 

139,338

 

 

 

11,484

 

   Total future minimum lease payments

 

 

350,464

 

 

 

20,660

 

Less: imputed interest

 

 

(80,406

)

 

 

(5,485

)

Total

 

$

270,058

 

 

$

15,175

 

The Company as a Lessor

The Company has various arrangements under which it is the lessor for the use of its tower space. These leases meet the criteria for operating lease classification, but the associated lease income is not material. As such, the accounting for lease and non-lease components is combined on its lessor arrangements.