Quarterly report pursuant to Section 13 or 15(d)

LEASES

v3.21.1
LEASES
 3 Months Ended
Mar. 31, 2021
Leases [Abstract]  
LEASES LEASES
The significant components of operating lease expense are as follows:
Three Months Ended
March 31,
2021 2020
(in thousands)
Operating lease cost $ 55,299  $ 62,128 
Variable and short-term lease cost 9,453  12,522 
Sublease income (2,282) (4,151)
Net lease cost $ 62,470  $ 70,499 

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,
2021 2020
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities $ 58,914  $ 58,908 
Lease assets obtained in exchange for lease obligations, net of terminations $ 6,771  $ 55,042 

Future maturities of our operating lease liabilities at March 31, 2021 are as follows:
(in thousands)
April 1 - December 31, 2021 $ 135,266 
2022 199,696 
2023 199,743 
2024 182,932 
2025 171,636 
Thereafter 1,464,421 
Total lease payments 2,353,694 
Less: Interest 834,029 
Present value of lease liabilities $ 1,519,665 

The weighted average remaining lease term and weighted average discount rate for our operating leases are as follows:
March 31, 2021 December 31, 2020
Weighted average remaining lease term (in years) 13.8 13.9
Weighted average discount rate 6.43  % 6.31  %

As of March 31, 2021, we have additional operating leases that have not yet commenced, with total lease payments of $217.4 million. These operating leases, which are not included on our consolidated balance sheets, have commencement dates ranging from April 2021 to June 2030, with lease terms ranging from 1 to 20 years.
In response to the impacts we are experiencing from the global COVID-19 pandemic, we have amended certain of our lease agreements and are continuing 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 as clarified by the FASB rather than applying the lease modification guidance.