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Leases | 9 Months Ended
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Sep. 30, 2020
Leases [Abstract] |
Leases | 3. Leases During the three months ended September 30, 2020 and 2019, we had operating lease costs of $76,739 and $78,261, respectively, and variable lease costs of $13,494 and $19,030, respectively. During the nine months ended September 30, 2020 and 2019, we had operating lease costs of $235,473 and $233,427, respectively, and variable lease costs of $41,238 and $55,047, respectively. These operating lease costs are recorded in direct advertising expenses (exclusive of depreciation and amortization). Also, for the three months ended September 30, 2020 and 2019, we recorded a gain of $76 and a loss $36, respectively, in (gain) loss of disposition of assets related to the amendment and termination of lease agreements. For the nine months ended September 30, 2020 and 2019, we recorded a loss of $241 and a gain of $3,875, respectively, in (gain) loss of disposition of assets related to the amendment and termination of lease agreements. Cash payments of $234,400 and $262,327 were made reducing our operating lease liabilities for the nine months ended September 30, 2020 and 2019, respectively, and are included in cash flows provided by operating activities in the Condensed Consolidated Statements of Cash Flows. We elected the short-term lease exemption which applies to certain of our vehicle agreements. This election allows the Company to not recognize lease right of use assets (ROU assets) or lease liabilities for agreements with a term of twelve months or less. We recorded $1,172 and $1,131 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the three months ended September 30, 2020 and 2019, respectively. We recorded $3,679 and $3,357 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the nine months ended September 30, 2020 and 2019, respectively. Our operating leases have a weighted-average remaining lease term of 12.0 years. The weighted-average discount rate of our operating leases is 4.5%. Also, during the periods ended September 30, 2020 and 2019, we obtained $25,250 and $31,620, respectively, of leased assets in exchange for new operating lease liabilities, which includes liabilities obtained through acquisitions. The following is a summary of the maturities of our operating lease liabilities as of September 30, 2020:
2020 |  | $ | 57,705 |
2021 |  |  | 209,158 |
2022 |  |  | 180,743 |
2023 |  |  | 160,872 |
2024 |  |  | 144,349 |
Thereafter |  |  | 867,268 |
Total undiscounted operating lease payments |  |  | 1,620,095 |
Less: Imputed interest |  |  | (411,412 | )
Total operating lease liabilities |  | $ | 1,208,683 |

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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