The Company received rent concessions provided by the lessors that aided in mitigating the economic effects of COVID-19 during the pandemic. These concessions primarily consisted of rent abatements and the deferral of rent payments. In instances where there were no substantive changes to the lease terms, i.e., modifications that resulted in total payments of the modified lease being substantially the same or less than the total payments of the existing lease, the Company elected the relief as provided by the FASB staff related to the accounting for certain lease concessions. The Company elected not to account for these concessions as a lease modification, and therefore the Company has remeasured the related lease liability and right-of-use asset but did not reassess the lease classification or change the discount rate to the current rate in effect upon the remeasurement. The deferred payment amounts have been recorded in the Company’s lease liabilities to reflect the change in the timing of payments. The deferred payment amounts included in current maturities of operating lease liabilities and long-term operating lease liabilities are reflected in the consolidated statements of cash flows as part of the change in accrued expenses and other liabilities. Those leases that did not meet the criteria for treatment under the FASB relief were evaluated as lease modifications. The deferred payment amounts included in accounts payable for contractual rent amounts due and not paid are reflected in accounts payable on the consolidated balance sheets and in the consolidated statements of cash flows as part of the change in accounts payable. In addition, the Company included deferred lease payments in operating lease right-of-use assets as a result of lease remeasurements.

A summary of deferred payment amounts related to rent obligations for which payments were deferred to 2022 and future years are provided below:

(1)

During the year ended December 31, 2021, the decrease in fixed operating lease deferred amounts includes $152.6 million of decreases in the deferred balances as of December 31, 2020 related to payments and abatements.

(2)

During the year ended December 31, 2021, decreases in variable lease deferred amounts were primarily due to resolution of contingencies, therefore, variable amounts became fixed and were reclassified to fixed operating lease deferred amounts.

The following table reflects the lease costs for the years indicated below:


		Year Ended
		December 31,		December 31,		December 31,
(In millions)	Consolidated Statements of Operations	2021		2020		2019
Operating lease cost
Theatre properties	Rent	$	775.4	$	813.7	$	876.0
Theatre properties	Operating expense		1.1		2.8		9.1
Equipment	Operating expense		10.7		14.6		14.4
Office and other	General and administrative: other		5.4		5.4		5.5
Finance lease cost
Amortization of finance lease assets	Depreciation and amortization		4.6		6.7		9.2
Interest expense on lease liabilities	Finance lease obligations		5.2		5.9		7.6
Variable lease cost
Theatre properties	Rent		52.6		70.4		91.8
Equipment	Operating expense		43.4		6.4		56.3
Total lease cost		$	898.4	$	925.9	$	1,069.9

The following table represents the weighted-average remaining lease term and discount rate as of December 31, 2021:


	As of December 31, 2021
	Weighted Average		Weighted Average
	Remaining		Discount
Lease Term and Discount Rate	Lease Term (years)		Rate
Operating leases		10.0		9.9%
Finance leases		13.8		6.5%

Cash flow and supplemental information is presented below:


	Year Ended
	December 31,		December 31,		December 31,
(In millions)	2021		2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in finance leases	$	(2.9)	$	(3.2)	$	(7.6)
Operating cash flows used in operating leases		(883.2)		(446.5)		(941.6)
Financing cash flows used in finance leases		(9.0)		(6.2)		(10.9)

Landlord contributions:
Operating cashflows provided by operating leases		22.0		43.6		106.5
Supplemental disclosure of noncash leasing activities:
Right-of-use assets obtained in exchange for new operating lease liabilities (1)		196.6		201.5		463.2

(1)

Includes lease extensions and option exercises.

Minimum annual payments required under existing operating and finance leases and the net present value thereof as of December 31, 2021 are as follows:


	Operating Lease		Financing Lease
(In millions)	Payments (2)		Payments (2)
2022 (1)	$	1,039.5	$	13.9
2023		947.8		9.8
2024		823.3		8.7
2025		775.6		8.0
2026		711.3		7.8
Thereafter		3,881.9		63.6
Total lease payments		8,179.4		111.8
Less imputed interest		(2,929.0)		(39.1)
Total operating and finance lease liabilities, respectively	$	5,250.4	$	72.7

(1)

The minimum annual payments table above does not include contractual cash rent amounts that were due and not paid, which are recorded in accounts payable as shown below, including estimated repayment dates:


	Accounts Payable
(In millions)	Lease Payments
Three months ended March 31, 2022	$	33.6
Three months ended June 30, 2022		0.9
Three months ended September 30, 2022		0.8
Three months ended December 31, 2022		6.5
Total deferred lease amounts recorded in AP	$	41.8

(2)

The minimum annual payments table above includes deferred undiscounted cash rent amounts that were due and not paid related to operating and finance leases, as shown below:


	Operating Lease		Financing Lease
(In millions)	Payments		Payments
Three months ended March 31, 2022	$	40.0	$	0.6
Three months ended June 30, 2022		36.2		0.4
Three months ended September 30, 2022		32.3		0.2
Three months ended December 31, 2022		31.4		0.2
2023		82.3		0.5
2024		15.2		—
2025		5.6		—
2026		4.1		—
Thereafter		24.3		—
Total deferred lease amounts	$	271.4	$	1.9

As of December 31, 2021, the Company had signed additional operating lease agreements for 7 theatres that have not yet commenced of approximately $165.2 million, which are expected to commence between 2022 and 2024, and carry lease terms of approximately 5 to 20 years. The timing of lease commencement is dependent on the landlord providing the Company with control and access to the related facility.