LEASES

12 Months Ended

Dec. 31, 2023

In September 2023, the Company completed the sale of 122 of our broadcast tower sites and related assets for $45.3 million and entered into operating leases for the use of space on 121 of the broadcast tower sites and related assets sold. The Company realized a net loss of $3.2 million on the sale, which was recorded in Other operating expense, net in the statement of comprehensive loss. The leases are for an initial term of ten years and include four optional five-year renewal periods. In connection with the transaction, the Company recorded ROU assets and lease liabilities with aggregate values of $26.3 million related to these leases.

The following tables provide the components of lease expense included within the consolidated statement of comprehensive loss for the years ended December 31, 2023, 2022, and 2021:


	Year Ended December 31,
(In thousands)	2023		2022		2021
Operating lease expense	$	132,059	$	144,592	$	153,042
Variable lease expense	25,114		32,398		31,516
Non-cash impairment of ROU assets(1)	6,058		8,683		44,311

(1)In addition to non-cash impairment of ROU assets, the Company recorded an additional $0.7 million, and $13.4 million of non-cash impairments related to leasehold improvements in 2022 and 2021, respectively. In 2023 there were no non-cash impairment charges related to leasehold improvements.

The following table provides the weighted average remaining lease term and the weighted average discount rate for the Company's leases as of December 31, 2023:


	Year Ended December 31,
(In thousands)	2023		2022
Operating lease weighted average remaining lease term (in years)	12.8		13.3
Operating lease weighted average discount rate	9.1	%	6.7	%

As of December 31, 2023, the Company’s future maturities of operating lease liabilities were as follows:


(In thousands)
2024	$	140,152
2025	134,855
2026	123,780
2027	111,633
2028	104,551
Thereafter	902,308
Total lease payments	$	1,517,279
Less: Effect of discounting	680,626
Total operating lease liability	$	836,653

The following table provides supplemental cash flow information related to leases:


	Year Ended December 31,
(In thousands)	2023		2022		2021
Cash paid for amounts included in measurement of operating lease liabilities	$	141,869	$	141,340	$	136,780
Lease liabilities arising from obtaining right-of-use assets(1)	47,430		173,235		74,745

(1) Lease liabilities from obtaining right-of-use assets includes new leases entered into during the years ended December 31, 2023, 2022, and 2021.

The Company reflects changes in the lease liability and changes in the ROU asset on a net basis in the Statements of Cash Flows. The non-cash operating lease expense was $67.1 million, $87.2 million, and $114.5 million for the years ended December 31, 2023, 2022, and 2021, respectively.