Annual report pursuant to Section 13 and 15(d)

LEASES

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LEASES
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Lessee, Operating Leases LEASES
The significant components of operating lease expense are as follows:
Year Ended December 31,
2023 2022
(in thousands)
Operating lease cost $ 274,731  $ 258,115 
Variable and short-term lease cost 205,768  164,613 
Sublease income (7,687) (5,678)
Net lease cost $ 472,812  $ 417,050 
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,
2023 2022
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities $ 259,664  $ 229,669 
Lease assets obtained in exchange for lease obligations, net of terminations $ 181,729  $ 251,576 

Future maturities of our operating lease liabilities at December 31, 2023 are as follows:
(in thousands)
2024 $ 261,361 
2025 253,738 
2026 239,181 
2027 227,297 
2028 206,731 
Thereafter 1,529,939 
Total lease payments 2,718,247 
Less: Interest 873,735 
Present value of lease liabilities $ 1,844,512 

The weighted average remaining lease term and weighted average discount rate for our operating leases are as follows:
Year Ended December 31,
2023 2022
Weighted average remaining lease term (in years) 13.0 13.6
Weighted average discount rate 6.16  % 6.00  %
As of December 31, 2023, we have additional operating leases that have not yet commenced with total lease payments of $113.3 million. These operating leases, which are not included on our consolidated balance sheets, have commencement dates ranging from January 2024 to June 2030 with lease terms ranging from 2 to 30 years.