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Leases

6 Months Ended

Jun. 30, 2024

Lessee

The following table presents our operating lease assets and liabilities:


	As of
(in millions, except years and percentages)	June 30, 2024			December 31, 2023
Operating lease assets	$	1,550.9		$	1,591.9
Short-term operating lease liabilities	181.7			180.9
Non-current operating lease liabilities	1,382.9			1,417.4

Weighted-average remaining lease term	10.8 years			10.9 years
Weighted-average discount rate	6.3		%	6.2		%

The components of our lease expenses were as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2024		2023		2024		2023
Operating expenses(a)	$	121.8	$	128.1	$	243.0	$	249.0
Selling, general and administrative expenses	4.0		3.2		7.9		6.3
Variable costs(a)	30.3		38.1		58.9		70.6

Cash paid for operating leases(b)	113.5		113.2		256.0		250.9
Leased assets obtained in exchange for new operating lease liabilities	45.1		83.9		105.6		256.0

(a)Includes an out-of-period adjustment of $5.2 million recorded in the first quarter of 2023 related to variable billboard property lease costs (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 and six months ended June 30, 2024 and 2023, sublease income related to office properties was immaterial.

Lessor

We recorded rental income of $345.8 million for the three months ended June 30, 2024, $349.3 million for the three months ended June 30, 2023, $649.9 million for the six months ended June 30, 2024, and $647.7 million for the six months ended June 30, 2023, in Revenues on our Consolidated Statement of Operations.