Annual report pursuant to Section 13 and 15(d)

Leases

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Leases
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Leases
The components of lease cost consisted of the following:

Year Ended December 31,
(in thousands) 2021 2020 2019
Operating lease cost $ 71,996  $ 104,906  $ 78,609 
Variable lease cost 67,745  58,391  60,085 
Short term lease cost 5,612  9,600  9,013 
$ 145,353  $ 172,897  $ 147,707 

For the year ended December 31, 2021, operating lease costs included $0.5 million of ROU impairment charges related to underperforming retail locations, as well as a gain of $8.6 million from the completion of lease termination negotiations and settlements related to certain prior year retail store closures. For the year ended December 31, 2020, operating lease cost included $16.5 million of accelerated amortization for retail locations that permanently closed during 2020 for which the related lease liabilities had not been extinguished as of December 31, 2020 due to ongoing negotiations with the landlords. In addition, for the year ended December 31, 2020, operating lease cost included $7.0 million of ROU asset impairment charges related to underperforming retail locations primarily in the U.S. segment for the year ended December 31, 2020. There was no impairment recorded for the year ended December 31, 2019.

In the periods presented, lease concessions reducing variable lease expense were not material.

The following table presents supplemental cash flow information:

Year Ended December 31,
(in thousands) 2021 2020 2019
Cash paid for amounts included in the measurement of operating lease liabilities $ 83,827  $ 82,083  $ 77,350 
Operating lease liabilities arising from obtaining ROU assets(1)(2)
$ 53,168  $ 22,416  $ 471,396 
Reductions to ROU assets resulting from reductions to operating lease liabilities $ 118  $ 6,400  $ 783 
(1) The year ended December 31, 2019 reflects the impact from amount initially capitalized in conjunction with the adoption of ASC 842.
(2) Includes amounts added to the carrying amount of lease liabilities resulting from lease modifications and reassessments.

The following table presents supplemental balance sheet information related to leases:

December 31,
2021 2020
Weighted average remaining lease term 5.72 years 6.16 years
Weighted average discount rate 3.25  % 3.72  %
The following table presents the future maturities of lease liabilities as of December 31, 2021:

(in thousands)
2022 $ 78,228 
2023 72,487 
2024 65,678 
2025 55,817 
2026 49,095 
Thereafter 106,326 
Total lease payments 427,631 
Less: imputed interest (42,536)
Total lease liabilities 385,095 
Less: current obligations (67,429)
Long-term lease obligations $ 317,666 
As of December 31, 2021, the Company has additional operating lease commitments that have not yet commenced of $16.2 million. These leases will commence in 2022 with lease terms of approximately one to 10 years.