Quarterly report pursuant to Section 13 or 15(d)

LEASES

v3.22.2.2
LEASES
 9 Months Ended
Sep. 30, 2022
Leases [Abstract]  
LEASES LEASES
The significant components of operating lease expense are as follows:
Three Months Ended
September 30,		 Nine Months Ended
September 30,
2022 2021 2022 2021
(in thousands)
Operating lease expense $ 60,003  $ 56,662  $ 195,514  $ 168,538 
Variable and short-term lease expense 64,548  44,552  117,441  57,548 
Sublease income (1,627) (1,346) (3,901) (4,864)
Net lease expense $ 122,924  $ 99,868  $ 309,054  $ 221,222 
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:
Nine Months Ended
September 30,
2022 2021
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities $ 177,847  $ 142,243 
Lease assets obtained in exchange for lease obligations, net of terminations $ 289,977  $ 79,703 
Future maturities of our operating lease liabilities at September 30, 2022 are as follows:
(in thousands)
Remainder of 2022 $ 56,656 
2023 244,468 
2024 234,451 
2025 222,720 
2026 212,689 
Thereafter 1,747,809 
Total lease payments 2,718,793 
Less: Interest 887,785 
Present value of lease liabilities $ 1,831,008 

The weighted average remaining lease term and weighted average discount rate for our operating leases are as follows:
September 30, 2022 December 31, 2021
Weighted average remaining lease term (in years) 13.6 13.2
Weighted average discount rate 5.96  % 6.10  %
As of September 30, 2022, we have additional operating leases that have not yet commenced, with total lease payments of $201.8 million. These operating leases, which are not included on our consolidated balance sheets, have commencement dates ranging from October 2022 to June 2030, with lease terms ranging from 2 to 40 years.