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Leases
 3 Months Ended
Mar. 31, 2023
Leases [Abstract]  
Leases Leases
During the three months ended March 31, 2023 and 2022, we had operating lease costs of $79,446 and $75,820, respectively, and variable lease costs of $12,374 and $12,204, respectively. These operating lease costs are recorded in direct advertising expenses (exclusive of depreciation and amortization). For the three months ended March 31, 2023 and 2022, we recorded a loss (gain) of $145 and $(40), respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. Cash payments of $117,332 and $106,014 were made reducing our operating lease liabilities for the three months ended March 31, 2023 and 2022, 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 $2,411 and $1,738 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the three months ended March 31, 2023 and 2022, respectively.
Our operating leases have a weighted-average remaining lease term of 12.5 years. The weighted-average discount rate of our operating leases is 4.8%. Also, during the periods ended March 31, 2023 and 2022, we obtained $4,942 and $8,246, 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 March 31, 2023:
2023$157,635 
2024198,772 
2025169,453 
2026144,328 
2027121,617 
Thereafter869,057 
Total undiscounted operating lease payments1,660,862 
Less: Imputed interest(452,073)
Total operating lease liabilities$1,208,789 
During the three months ended March 31, 2023 and 2022, $713 of amortization expense for each period and $130 and $140 of interest expense relating to our financing lease liabilities were recorded in depreciation and amortization and interest expense, respectively, in the Condensed Consolidated Statements of Income and Comprehensive Income. Cash payments of $333 were made reducing our financing lease liabilities for each of the three months ended March 31, 2023 and 2022 and are included in cash flows used in financing activities in the Condensed Consolidated Statements of Cash Flows. Our financing leases have a weighted-average remaining lease term of 4.7 years and a weighted-average discount rate of 3.1%.
Due to our election not to reassess conclusions about lease identification as part of the adoption of ASC 842, Leases, our transit agreements were accounted for as leases on January 1, 2019. As we enter into new or renew current transit agreements, those agreements do not meet the criteria of a lease under ASC 842, therefore they are no longer accounted for as a lease. For the three months ended March 31, 2023 and 2022, non-lease variable transit payments were $20,318 and $17,278, respectively. These transit expenses are recorded in direct advertising expenses (exclusive of depreciation and amortization) on the Condensed Consolidated Statements of Income and Comprehensive Income.
Leases Leases
During the three months ended March 31, 2023 and 2022, we had operating lease costs of $79,446 and $75,820, respectively, and variable lease costs of $12,374 and $12,204, respectively. These operating lease costs are recorded in direct advertising expenses (exclusive of depreciation and amortization). For the three months ended March 31, 2023 and 2022, we recorded a loss (gain) of $145 and $(40), respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. Cash payments of $117,332 and $106,014 were made reducing our operating lease liabilities for the three months ended March 31, 2023 and 2022, 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 $2,411 and $1,738 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the three months ended March 31, 2023 and 2022, respectively.
Our operating leases have a weighted-average remaining lease term of 12.5 years. The weighted-average discount rate of our operating leases is 4.8%. Also, during the periods ended March 31, 2023 and 2022, we obtained $4,942 and $8,246, 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 March 31, 2023:
2023$157,635 
2024198,772 
2025169,453 
2026144,328 
2027121,617 
Thereafter869,057 
Total undiscounted operating lease payments1,660,862 
Less: Imputed interest(452,073)
Total operating lease liabilities$1,208,789 
During the three months ended March 31, 2023 and 2022, $713 of amortization expense for each period and $130 and $140 of interest expense relating to our financing lease liabilities were recorded in depreciation and amortization and interest expense, respectively, in the Condensed Consolidated Statements of Income and Comprehensive Income. Cash payments of $333 were made reducing our financing lease liabilities for each of the three months ended March 31, 2023 and 2022 and are included in cash flows used in financing activities in the Condensed Consolidated Statements of Cash Flows. Our financing leases have a weighted-average remaining lease term of 4.7 years and a weighted-average discount rate of 3.1%.
Due to our election not to reassess conclusions about lease identification as part of the adoption of ASC 842, Leases, our transit agreements were accounted for as leases on January 1, 2019. As we enter into new or renew current transit agreements, those agreements do not meet the criteria of a lease under ASC 842, therefore they are no longer accounted for as a lease. For the three months ended March 31, 2023 and 2022, non-lease variable transit payments were $20,318 and $17,278, respectively. These transit expenses are recorded in direct advertising expenses (exclusive of depreciation and amortization) on the Condensed Consolidated Statements of Income and Comprehensive Income.