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Leases
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Leases Leases
During the three months ended June 30, 2024 and 2023, we had operating lease costs of $79,519 and $79,640, respectively, and variable lease costs of $16,868 and $16,153, respectively. During the six months ended June 30, 2024 and 2023, we had operating lease costs of $158,770 and $159,086, respectively, and variable lease costs of $30,310 and $28,528, respectively. These operating lease costs are recorded in direct advertising expenses (exclusive of depreciation and amortization). For the three months ended June 30, 2024 and 2023, we recorded a gain of $260 and $337, respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. For the six months ended June 30, 2024 and 2023, we recorded a gain of $268 and $192, respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. Cash payments of $221,401 and $202,129 were made reducing our operating lease liabilities for the six months ended June 30, 2024 and 2023, 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 $2,647 and $2,598 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the three months ended June 30, 2024 and 2023, respectively. We recorded $5,174 and $5,008 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the six months ended June 30, 2024 and 2023, respectively.
Our operating leases have a weighted-average remaining lease term of 12.3 years. The weighted-average discount rate of our operating leases is 5.1%. Also, during the periods ended June 30, 2024 and 2023, we obtained $5,169 and $9,910, 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 June 30, 2024:
2024$105,156 
2025217,513 
2026185,869 
2027162,358 
2028139,767 
Thereafter966,077 
Total undiscounted operating lease payments1,776,740 
Less: Imputed interest(497,136)
Total operating lease liabilities$1,279,604 
During the three months ended June 30, 2024 and 2023, $713 of amortization expense for each period and $117 and $127 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. During the six months ended June 30, 2024 and 2023, $1,427 of amortization expense for each period and $237 and $257 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 $666 were made reducing our financing lease liabilities for each of the six months ended June 30, 2024 and 2023, 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 3.4 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 June 30, 2024 and 2023, non-lease variable transit costs were $23,429 and $20,320, respectively. For the six months ended June 30, 2024 and 2023, non-lease variable transit costs were $46,992 and $40,638, 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 June 30, 2024 and 2023, we had operating lease costs of $79,519 and $79,640, respectively, and variable lease costs of $16,868 and $16,153, respectively. During the six months ended June 30, 2024 and 2023, we had operating lease costs of $158,770 and $159,086, respectively, and variable lease costs of $30,310 and $28,528, respectively. These operating lease costs are recorded in direct advertising expenses (exclusive of depreciation and amortization). For the three months ended June 30, 2024 and 2023, we recorded a gain of $260 and $337, respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. For the six months ended June 30, 2024 and 2023, we recorded a gain of $268 and $192, respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. Cash payments of $221,401 and $202,129 were made reducing our operating lease liabilities for the six months ended June 30, 2024 and 2023, 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 $2,647 and $2,598 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the three months ended June 30, 2024 and 2023, respectively. We recorded $5,174 and $5,008 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the six months ended June 30, 2024 and 2023, respectively.
Our operating leases have a weighted-average remaining lease term of 12.3 years. The weighted-average discount rate of our operating leases is 5.1%. Also, during the periods ended June 30, 2024 and 2023, we obtained $5,169 and $9,910, 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 June 30, 2024:
2024$105,156 
2025217,513 
2026185,869 
2027162,358 
2028139,767 
Thereafter966,077 
Total undiscounted operating lease payments1,776,740 
Less: Imputed interest(497,136)
Total operating lease liabilities$1,279,604 
During the three months ended June 30, 2024 and 2023, $713 of amortization expense for each period and $117 and $127 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. During the six months ended June 30, 2024 and 2023, $1,427 of amortization expense for each period and $237 and $257 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 $666 were made reducing our financing lease liabilities for each of the six months ended June 30, 2024 and 2023, 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 3.4 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 June 30, 2024 and 2023, non-lease variable transit costs were $23,429 and $20,320, respectively. For the six months ended June 30, 2024 and 2023, non-lease variable transit costs were $46,992 and $40,638, 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.