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Leases | 3 Months Ended
--- | ---
Mar. 31, 2024
Leases [Abstract] |
Leases | Leases Lessee The following table presents our operating lease assets and liabilities:
|  | As of
(in millions, except years and percentages) |  | March 31, 2024 |  | December 31, 2023
Operating lease assets |  | $ | 1,577.6 |  |  | $ | 1,591.9 |
Short-term operating lease liabilities |  | 185.6 |  |  | 180.9 |
Non-current operating lease liabilities |  | 1,400.8 |  |  | 1,417.4 |
Weighted-average remaining lease term |  | 10.9 years |  | 10.9 years
Weighted-average discount rate |  | 6.3 | % |  | 6.2 | %
The components of our lease expenses were as follows:
|  |  |  | Three Months Ended
|  |  |  | March 31,
(in millions) |  |  |  |  |  | 2024 |  | 2023
Operating expenses(a) |  |  |  |  |  | $ | 121.2 |  |  | $ | 120.9 |
Selling, general and administrative expenses |  |  |  |  |  | 3.9 |  |  | 3.1 |
Variable costs(a) |  |  |  |  |  | 28.6 |  |  | 32.5 |
Cash paid for operating leases(b) |  |  |  |  |  | 142.5 |  |  | 137.7 |
Leased assets obtained in exchange for new operating lease liabilities |  |  |  |  |  | 60.5 |  |  | 172.1 |
(a)Includes an out-of-period adjustment of $5.2 million recorded in the first quarter of 2023 related to variable billboard property lease expenses (see Note 1. Description of Business and Basis of Presentation). (b)Includes amounts related to Canada. (See Note 11. Acquisitions and Dispositions: Dispositions: Canadian Business.) For each of the three months ended March 31, 2024 and 2023, sublease income related to office properties was immaterial. Lessor We recorded rental income of $304.1 million for the three months ended March 31, 2024, and $298.4 million for the three months ended March 31, 2023, in Revenues on our Consolidated Statement of Operations.

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