Quarterly report pursuant to Section 13 or 15(d)

LEASES

v3.23.1
LEASES
3 Months Ended
Mar. 31, 2023
Leases [Abstract]  
LEASES
The significant components of operating lease expense are as follows:
Three Months Ended
March 31,
2023 2022
(in thousands)
Operating lease expense $ 65,329  $ 63,761 
Variable and short-term lease expense 31,342  18,032 
Sublease income (2,188) (970)
Net lease expense $ 94,483  $ 80,823 
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,
2023 2022
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities $ 73,489  $ 66,232 
Lease assets obtained in exchange for lease obligations, net of terminations $ 43,636  $ 157,244 
As of March 31, 2023, we have additional operating leases that have not yet commenced, with total lease payments of $174.5 million. These operating leases, which are not included on our consolidated balance sheets, have commencement dates ranging from April 2023 to June 2030 due to certain offices and venues under construction with lease terms ranging from 2 to 30 years.