The Company’s leases are considered operating leases and primarily consist of real estate such as office space, broadcasting towers, land and land easements. The operating leases are reflected within the consolidated balance sheet as Operating leases right of use asset with the related liability presented as Operating lease liabilities and Long-term operating lease liabilities. Lease expense is recognized on a straight-line basis over the lease term. Generally, lease terms include options to renew or extend the lease. Unless the renewal option is considered reasonably certain, the exercise of any such options has been excluded from the calculation of lease liabilities.

The following table summarizes the expected future payments related to lease liabilities as of June 30, 2024:


(in thousands)
Remainder of 2024	$	5,169
2025		10,380
2026		8,785
2027		6,984
2028		6,247
2029 and thereafter		30,095
Total minimum payments	$	67,660
Less amounts representing interest		(15,397	)
Less amounts representing tenant improvement allowance		(400	)
Present value of minimum lease payments		51,863
Less current operating lease liabilities		(7,736	)
Long-term operating lease liabilities	$	44,127

The Company’s existing leases have remaining terms of less than one year up to 26 years. The weighted average remaining lease term and the weighted average discount rate used to calculate the Company’s lease liabilities as of June 30, 2024 were 8.6 years and 6.3%, respectively. The weighted average remaining lease term and the weighted average discount rate used to calculate the Company’s lease liabilities as of June 30, 2023 were 9.1 years and 6.2%, respectively.

The following table summarizes lease payments and supplemental non-cash disclosures:


	Six-Month Period Ended June 30,
(in thousands)	2024		2023
Cash paid for amounts included in lease liabilities:

Operating cash flows from operating leases	$	5,647	$	4,107
Non-cash additions to operating lease assets	$	3,625	$	4,657

The following table summarizes the components of lease expense:


	Three-Month Period				Six-Month Period
	Ended June 30,				Ended June 30,
(in thousands)	2024		2023		2024		2023
Operating lease cost	$	2,325	$	2,286	$	4,708	$	4,573
Variable lease cost		404		322		683		590
Short-term lease cost		251		1,030		484		2,318
Total lease cost	$	2,980	$	3,638	$	5,875	$	7,481

For the three-month period ended June 30, 2024, lease cost of $1.4 million, $1.3 million and $0.3 million, were recorded to direct operating expenses, selling, general and administrative expenses and corporate expenses, respectively. For the six-month period ended June 30, 2024, lease cost of $2.8 million, $2.6 million and $0.5 million, were recorded to direct operating expenses, selling, general and administrative expenses and corporate expenses, respectively.

For the three-month period ended June 30, 2023, lease cost of $1.5 million, $1.8 million and $0.3 million, were recorded to direct operating expenses, selling, general and administrative expenses and corporate expenses, respectively. For the six-month period ended June 30, 2023, lease cost of $2.9 million, $3.9 million and $0.7 million, were recorded to direct operating expenses, selling, general and administrative expenses and corporate expenses, respectively.