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Leases
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases Leases
During the three months ended March 31, 2025 and 2024, we had operating lease costs of $82,131 and $79,252, respectively, and variable lease costs of $13,932 and $13,442, respectively. These operating lease costs are recorded in direct advertising expenses (exclusive of depreciation and amortization). For the three months ended March 31, 2025 and 2024, we recorded a loss of $21 and $8, respectively, in (gain) loss on disposition of assets and investments related to the amendment and termination of lease agreements. Cash payments of $112,596 and $115,690 were made reducing our operating lease liabilities for the three months ended March 31, 2025 and 2024, 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 $2,634 and $2,527 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the three months ended March 31, 2025 and 2024, respectively.
Our operating leases have a weighted-average remaining lease term of 12.6 years. The weighted-average discount rate of our operating leases is 5.1%. Also, during the three months ended March 31, 2025 and 2024, we obtained $4,326 and $2,424, 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, 2025:

2025$167,022 
2026218,100 
2027192,354 
2028163,107 
2029142,208 
Thereafter1,002,715 
Total undiscounted operating lease payments1,885,506 
Less: Imputed interest(536,975)
Total operating lease liabilities$1,348,531 
During the three months ended March 31, 2025 and 2024, $713 of amortization expense for each period and $110 and $120 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, 2025 and 2024, 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 2.7 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, 2025 and 2024, non-lease transit costs were $23,448 and $23,563, 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, 2025 and 2024, we had operating lease costs of $82,131 and $79,252, respectively, and variable lease costs of $13,932 and $13,442, respectively. These operating lease costs are recorded in direct advertising expenses (exclusive of depreciation and amortization). For the three months ended March 31, 2025 and 2024, we recorded a loss of $21 and $8, respectively, in (gain) loss on disposition of assets and investments related to the amendment and termination of lease agreements. Cash payments of $112,596 and $115,690 were made reducing our operating lease liabilities for the three months ended March 31, 2025 and 2024, 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 $2,634 and $2,527 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the three months ended March 31, 2025 and 2024, respectively.
Our operating leases have a weighted-average remaining lease term of 12.6 years. The weighted-average discount rate of our operating leases is 5.1%. Also, during the three months ended March 31, 2025 and 2024, we obtained $4,326 and $2,424, 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, 2025:

2025$167,022 
2026218,100 
2027192,354 
2028163,107 
2029142,208 
Thereafter1,002,715 
Total undiscounted operating lease payments1,885,506 
Less: Imputed interest(536,975)
Total operating lease liabilities$1,348,531 
During the three months ended March 31, 2025 and 2024, $713 of amortization expense for each period and $110 and $120 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, 2025 and 2024, 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 2.7 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, 2025 and 2024, non-lease transit costs were $23,448 and $23,563, 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.