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Leases | 9 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
Leases | 4. LEASES 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 September 30, 2024:
(in thousands) |  |  |
Remainder of 2024 |  | $ | 2,564 |
2025 |  |  | 10,466 |
2026 |  |  | 8,927 |
2027 |  |  | 7,121 |
2028 |  |  | 6,389 |
2029 and thereafter |  |  | 30,278 |
Total minimum payments |  | $ | 65,745 |
Less amounts representing interest |  |  | (14,779 | )
Less amounts representing tenant improvement allowance |  |  | (55 | )
Present value of minimum lease payments |  |  | 50,911 |
Less current operating lease liabilities |  |  | (7,740 | )
Long-term operating lease liabilities |  | $ | 43,171 |
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 September 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 September 30, 2023 were 8.9 years and 6.2%, respectively. The following table summarizes lease payments and supplemental non-cash disclosures:
|  | Nine-Month Period Ended September 30,
(in thousands) |  | 2024 |  |  | 2023
Cash paid for amounts included in lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 7,939 |  |  | $ | 6,027
Non-cash additions to operating lease assets |  | $ | 4,192 |  |  | $ | 6,550
The following table summarizes the components of lease expense:
|  | Three-Month Period |  |  | Nine-Month Period |
|  | Ended September 30, |  |  | Ended September 30, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Operating lease cost |  | $ | 2,526 |  |  | $ | 2,269 |  |  | $ | 7,234 |  |  | $ | 6,863 |
Variable lease cost |  |  | 195 |  |  |  | 387 |  |  |  | 878 |  |  |  | 955 |
Short-term lease cost |  |  | 313 |  |  |  | 244 |  |  |  | 797 |  |  |  | 2,562 |
Total lease cost |  | $ | 3,034 |  |  | $ | 2,900 |  |  | $ | 8,909 |  |  | $ | 10,380 |
For the three-month period ended September 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 nine-month period ended September 30, 2024, lease cost of $4.2 million, $3.9 million and $0.8 million, were recorded to direct operating expenses, selling, general and administrative expenses and corporate expenses, respectively. For the three-month period ended September 30, 2023, lease cost of $1.4 million, $1.2 million and $0.3 million, were recorded to direct operating expenses, selling, general and administrative expenses and corporate expenses, respectively. For the nine-month period ended September 30, 2023, lease cost of $4.3 million, $5.1 million and $1.0 million, were recorded to direct operating expenses, selling, general and administrative expenses and corporate expenses, respectively.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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