Quarterly report pursuant to Section 13 or 15(d)

LEASES

v3.22.1
LEASES
3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
LEASES LEASES
The significant components of operating lease expense are as follows:
Three Months Ended
March 31,
2022 2021
(in thousands)
Operating lease cost $ 63,761  $ 55,299 
Variable and short-term lease cost 18,032  9,453 
Sublease income (970) (2,282)
Net lease cost $ 80,823  $ 62,470 
Many of our leases contain contingent rent obligations based on revenue, tickets sold or other variables, while others include periodic adjustments to rent obligations based on the prevailing inflationary index or market rental rates. Contingent rent obligations are not included in the initial measurement of the lease asset or liability and are recorded as rent expense in the period that the contingency is resolved.
Supplemental cash flow information for our operating leases is as follows:
Three Months Ended
March 31,
2022 2021
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities $ 66,232  $ 58,914 
Lease assets obtained in exchange for lease obligations, net of terminations $ 157,244  $ 6,771 
Future maturities of our operating lease liabilities at March 31, 2022 are as follows:
(in thousands)
April 1 - December 31, 2022 $ 166,639 
2023 247,013 
2024 232,688 
2025 216,901 
2026 205,071 
Thereafter 1,689,663 
Total lease payments 2,757,975 
Less: Interest 910,315 
Present value of lease liabilities $ 1,847,660 

The weighted average remaining lease term and weighted average discount rate for our operating leases are as follows:
March 31, 2022 December 31, 2021
Weighted average remaining lease term (in years) 13.8 13.2
Weighted average discount rate 5.94  % 6.10  %
As of March 31, 2022, we have additional operating leases that have not yet commenced, with total lease payments of $184.2 million. These operating leases, which are not included on our consolidated balance sheets, have commencement dates ranging from April 2022 to June 2030, with lease terms ranging from 2 to 27 years.