Quarterly report pursuant to Section 13 or 15(d)

LEASES

v3.20.1
LEASES
 3 Months Ended
Mar. 31, 2020
Leases [Abstract]  
LEASES LEASES
The significant components of operating lease expense are as follows:
Three Months Ended March 31,
2020 2019
(in thousands)
Operating lease cost $ 62,128    $ 46,729   
Variable and short-term lease cost 12,522    13,765   
Sublease income (4,151)   (3,741)  
Net lease cost $ 70,499    $ 56,753   

Supplemental cash flow information for our operating leases is as follows:
Three Months Ended March 31,
2020 2019
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities $ 58,908    $ 48,940   
Lease assets obtained in exchange for lease obligations, net of terminations $ 55,042    $ 27,872   
Future maturities of our operating lease liabilities at March 31, 2020 are as follows:
(in thousands)
April 1 - December 31, 2020 $ 138,661   
2021 189,415   
2022 184,770   
2023 181,046   
2024 163,811   
Thereafter 1,430,324   
Total lease payments 2,288,027   
Less: Interest 785,852   
Present value of lease liabilities $ 1,502,175   

The weighted average remaining lease term and weighted average discount rate for our operating leases are as follows:
March 31,
2020 2019
Weighted average remaining lease term (in years) 13.9 13.5
Weighted average discount rate 5.94  % 5.76  %

As of March 31, 2020, we have additional operating leases that have not yet commenced with total lease payments of $233.0 million. These operating leases, which are not included on our consolidated balance sheets, have commencement dates ranging from April 2020 to June 2030 with lease terms ranging from 1 to 21 years.
In response to the impacts we are experiencing from the global COVID-19 pandemic, we have begun negotiations with certain of our landlords for deferral or abatement of fixed rent payments. These lease concessions are not expected to substantially increase our obligations under the respective lease agreements. Therefore, we have elected to account for these lease concessions as though enforceable rights and obligations for those concessions existed in our lease agreements rather than applying the lease modification guidance as clarified by the FASB.