Quarterly report [Sections 13 or 15(d)]

LEASES

v3.25.3
LEASES
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
LEASES LEASES
The significant components of operating lease expense are as follows:
Three Months Ended
September 30,		 Nine Months Ended
September 30,
2025 2024 2025 2024
(in thousands)
Operating lease expense $ 73,558  $ 64,543  $ 220,743  $ 197,051 
Variable and short-term lease expense 83,003  74,936  157,943  148,848 
Sublease income (1,972) (1,447) (5,319) (4,560)
Net lease expense $ 154,589  $ 138,032  $ 373,367  $ 341,339 
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:
Nine Months Ended
September 30,
2025 2024
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities $ 176,531  $ 212,983 
Lease assets obtained in exchange for lease obligations, net of terminations $ 234,390  $ 200,039 
As of September 30, 2025, we have additional operating leases that have not yet commenced, with total lease payments of $1.3 billion. These operating leases, which are not included on our consolidated balance sheets, have commencement dates ranging from October 2025 to June 2030, with lease terms ranging from 5 to 49 years.