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