Salem Media Group, Inc. Annual report pursuant to Section 13 and 15(d)

Operating and Finance Lease Right-of-Use Assets (Tables)

12 Months Ended

Dec. 31, 2019

Supplemental balance sheet information related to leases was as follows:


	December 31, 2019
	(Dollars in thousands)
Operating Leases	Related Party		Other		Total
Operating leases ROU assets	$	7,964	$	46,586	$	54,550
Operating lease liabilities (current)	$	971	$	7,514	$	8,485
Operating lease liabilities (non-current)		7,210		46,840		54,050

Total operating lease liabilities	$	8,181	$	54,354	$	62,535


Weighted Average Remaining Lease Term
Operating leases	8.6 years
Finance leases	3.4 years
Weighted Average Discount Rate
Operating leases	8.21	%
Finance leases	4.61	%

The components of lease expense were as follows:


	Twelve Months Ended December 31, 2019
	(Dollars in thousands)
Amortization of finance lease ROU Assets	$	96
Interest on finance lease liabilities		9

Finance lease expense		105
Operating lease expense		13,845
Variable lease expense		922
Short-term lease expense		822

Total lease expense	$	15,694

Supplemental cash flow information related to leases was as follows:


	Twelve Months Ended December 31, 2019
	(Dollars in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	14,279
Operating cash flows from finance leases		8
Financing cash flows from finance leases		83

Leased assets obtained in exchange for new operating lease liabilities	$	1,882
Leased assets obtained in exchange for new finance lease liabilities		24

Future minimum lease payments under leases that had initial or remaining

non-cancelable

lease terms in excess of one year as of December 31, 2019, are as follows:


	Operating Leases
	Related Party			Other			Total			Finance Leases			Total
	(Dollars in thousands)
2020	$	1,601		$	12,637		$	14,238		$	75		$	14,313
2021		1,619			11,481			13,100			55			13,155
2022		1,613			9,935			11,548			46			11,594
2023		1,169			8,858			10,027			25			10,052
2024		1,015			6,497			7,512			7			7,519
Thereafter		5,097			30,863			35,960			—			35,960

Undiscounted Cash Flows	$	12,114		$	80,271		$	92,385		$	208		$	92,593

Less: imputed interest		(3,933	)		(25,917	)		(29,850	)		(15	)		(29,865	)

Total	$	8,181		$	54,354		$	62,535		$	193		$	62,728

Reconciliation to lease liabilities:
Lease liabilities—current	$	971		$	7,514		$	8,485		$	69		$	8,554
Lease liabilities—long-term		7,210			46,840			54,050			124			54,174

Total Lease Liabilities	$	8,181		$	54,354		$	62,535		$	193		$	62,728

Future minimum lease payments under leases that had initial or remaining

non-cancelable

lease terms in excess of one year as of December 31, 2018, based on the former accounting guidance for leases, were as follows: