Annual report pursuant to Section 13 and 15(d)

LEASES

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LEASES
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Lessee, Operating Leases LEASES
The significant components of operating lease expense are as follows:
Year Ended December 31,
2024 2023
(in thousands)
Operating lease cost $ 264,339  $ 274,731 
Variable and short-term lease cost 182,372  205,768 
Sublease income (6,006) (7,687)
Net lease cost $ 440,705  $ 472,812 
Many of our leases contain contingent rent obligations based on revenue, tickets sold or other variables. Contingent rent obligations, including those related to subsequent changes in the prevailing index or market rate after lease inception, 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:
Year Ended December 31,
2024 2023
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities $ 249,052  $ 259,664 
Lease assets obtained in exchange for lease obligations, net of terminations $ 249,501  $ 181,729 

Future maturities of our operating lease liabilities at December 31, 2024 are as follows:
(in thousands)
2025 $ 258,840 
2026 225,767 
2027 251,785 
2028 234,272 
2029 213,955 
Thereafter 1,943,700 
Total lease payments 3,128,319 
Less: Interest 1,294,647 
Present value of lease liabilities $ 1,833,672 

The weighted average remaining lease term and weighted average discount rate for our operating leases are as follows:
Year Ended December 31,
2024 2023
Weighted average remaining lease term (in years) 14.5 13.0
Weighted average discount rate 6.24  % 6.16  %
As of December 31, 2024, we have additional operating leases that have not yet commenced with total lease payments of $201.1 million. These operating leases, which are not included on our consolidated balance sheets, have commencement dates ranging from January 2025 to June 2030 with lease terms ranging from 3 to 28 years.