Leases |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Leases During the three months ended June 30, 2026 and 2025, we had operating lease costs of $85,303 and $82,812, respectively, and variable lease costs of $20,362 and $17,278, respectively. During the six months ended June 30, 2026 and 2025, we had operating lease costs of $171,367 and $164,943, respectively, and variable lease costs of $35,265 and $31,210, respectively. These operating lease costs are recorded in direct advertising expenses (exclusive of depreciation and amortization). For the three months ended June 30, 2026 and 2025, we recorded a gain of $189 and $62, respectively, and for the six months ended June 30, 2026 and 2025, we recorded a gain of $519 and $41, respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. Cash payments of $200,867 and $191,085 were made reducing our operating lease liabilities for the six months ended June 30, 2026 and 2025, respectively, and are included in cash flows provided by operating activities in the Condensed Consolidated Statements of Cash Flows. We elected the short-term lease exemption which applies to certain of our vehicle agreements. This election allows the Company to not recognize lease right of use assets ("ROU assets") or lease liabilities for agreements with a term of twelve months or less. We recorded $3,400 and $2,525 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the three months ended June 30, 2026 and 2025, respectively. We recorded $6,203 and $5,159 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the six months ended June 30, 2026 and 2025, respectively. Our operating leases have a weighted-average remaining lease term of 13.0 years. The weighted-average discount rate of our operating leases is 5.3%. Also, during the six months ended June 30, 2026 and 2025, we obtained $20,947 and $31,588, respectively, of leased assets in exchange for new operating lease liabilities, which includes liabilities obtained through acquisitions. The following is a summary of the maturities of our operating lease liabilities as of June 30, 2026:
During the three months ended June 30, 2026 and 2025, $713 of amortization expense for each period and $97 and $107, respectively, of interest expense relating to our financing lease liabilities were recorded in depreciation and amortization and interest expense, respectively, in the Condensed Consolidated Statements of Income and Comprehensive Income. During the six months ended June 30, 2026 and 2025, $1,426 of amortization expense for both periods, and $196 and $217, respectively, of interest expense relating to our financing lease liabilities were recorded in depreciation and amortization and interest expense, respectively, in the Condensed Consolidated Statements of Income and Comprehensive Income. Cash payments of $666 were made reducing our financing lease liabilities for each of the six months ended June 30, 2026 and 2025, and are included in cash flows used in financing activities in the Condensed Consolidated Statements of Cash Flows. Our financing leases have a weighted-average remaining lease term of 1.4 years and a weighted-average discount rate of 3.1%. Due to our election not to reassess conclusions about lease identification as part of the adoption of ASC 842, Leases, our transit agreements were accounted for as leases on January 1, 2019. As we enter into new or renew current transit agreements, those agreements do not meet the criteria of a lease under ASC 842, therefore, they are no longer accounted for as a lease. For the three months ended June 30, 2026 and 2025, non-lease variable transit costs were $22,748 and $25,182, respectively. For the six months ended June 30, 2026 and 2025, non-lease variable transit costs were $43,085 and $48,630, respectively.
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| Leases | Leases During the three months ended June 30, 2026 and 2025, we had operating lease costs of $85,303 and $82,812, respectively, and variable lease costs of $20,362 and $17,278, respectively. During the six months ended June 30, 2026 and 2025, we had operating lease costs of $171,367 and $164,943, respectively, and variable lease costs of $35,265 and $31,210, respectively. These operating lease costs are recorded in direct advertising expenses (exclusive of depreciation and amortization). For the three months ended June 30, 2026 and 2025, we recorded a gain of $189 and $62, respectively, and for the six months ended June 30, 2026 and 2025, we recorded a gain of $519 and $41, respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. Cash payments of $200,867 and $191,085 were made reducing our operating lease liabilities for the six months ended June 30, 2026 and 2025, respectively, and are included in cash flows provided by operating activities in the Condensed Consolidated Statements of Cash Flows. We elected the short-term lease exemption which applies to certain of our vehicle agreements. This election allows the Company to not recognize lease right of use assets ("ROU assets") or lease liabilities for agreements with a term of twelve months or less. We recorded $3,400 and $2,525 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the three months ended June 30, 2026 and 2025, respectively. We recorded $6,203 and $5,159 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the six months ended June 30, 2026 and 2025, respectively. Our operating leases have a weighted-average remaining lease term of 13.0 years. The weighted-average discount rate of our operating leases is 5.3%. Also, during the six months ended June 30, 2026 and 2025, we obtained $20,947 and $31,588, respectively, of leased assets in exchange for new operating lease liabilities, which includes liabilities obtained through acquisitions. The following is a summary of the maturities of our operating lease liabilities as of June 30, 2026:
During the three months ended June 30, 2026 and 2025, $713 of amortization expense for each period and $97 and $107, respectively, of interest expense relating to our financing lease liabilities were recorded in depreciation and amortization and interest expense, respectively, in the Condensed Consolidated Statements of Income and Comprehensive Income. During the six months ended June 30, 2026 and 2025, $1,426 of amortization expense for both periods, and $196 and $217, respectively, of interest expense relating to our financing lease liabilities were recorded in depreciation and amortization and interest expense, respectively, in the Condensed Consolidated Statements of Income and Comprehensive Income. Cash payments of $666 were made reducing our financing lease liabilities for each of the six months ended June 30, 2026 and 2025, and are included in cash flows used in financing activities in the Condensed Consolidated Statements of Cash Flows. Our financing leases have a weighted-average remaining lease term of 1.4 years and a weighted-average discount rate of 3.1%. Due to our election not to reassess conclusions about lease identification as part of the adoption of ASC 842, Leases, our transit agreements were accounted for as leases on January 1, 2019. As we enter into new or renew current transit agreements, those agreements do not meet the criteria of a lease under ASC 842, therefore, they are no longer accounted for as a lease. For the three months ended June 30, 2026 and 2025, non-lease variable transit costs were $22,748 and $25,182, respectively. For the six months ended June 30, 2026 and 2025, non-lease variable transit costs were $43,085 and $48,630, respectively.
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