Leases

12 Months Ended

Dec. 31, 2023

9. Leases

The weighted-average remaining lease term and discount rate were as follows:



	December 31,		December 31,
	2023		2022
Weighted-average remaining lease term (years)		13.7		13.8
Weighted-average discount rate		5.10%		4.77%

The components of lease cost were as follows:



		Year ended December 31,
	Classification	2023		2022		2021
Operating lease cost	Occupancy, Other operating costs, General and administrative expenses and Pre-opening costs	$	436,313	$	397,112	$	364,314
Short-term lease cost	Other operating costs		519		633		256
Variable lease cost	Occupancy, Other operating costs, General and administrative expenses and Pre-opening costs		111,896		102,636		92,145
Sublease income	General and administrative expenses		(4,765)		(5,444)		(4,930)
Total lease cost		$	543,963	$	494,937	$	451,785

Supplemental disclosures of cash flow information related to leases were as follows:



	Year ended December 31,
	2023		2022		2021
Cash paid for operating lease liabilities	$	421,591	$	386,238	$	359,391
Operating lease assets obtained in exchange for operating lease liabilities	$	521,759	$	425,243	$	577,273
Derecognition of operating lease assets due to terminations or impairment	$	6,862	$	14,718	$	5,765

Maturities of lease liabilities were as follows as of December 31, 2023:



	Operating Leases
2024	$	413,064
2025		450,092
2026		443,845
2027		436,937
2028		422,776
Thereafter		3,576,738
Total lease payments		5,743,452
Less: imputed interest		1,691,827
Operating lease liabilities (Current and Long-Term)	$	4,051,625

As of December 31, 2023, the total lease payments include $2,515,107 related to options to extend lease terms that are reasonably certain of being exercised and exclude approximately $599,015 of legally binding lease payments for leases signed but not yet commenced and $12,737 of future sublease income.

We have six sale and leaseback transactions, which do not qualify for sale leaseback accounting due to fixed price renewal options prohibiting sale accounting. These transactions are accounted for under the financing method. Under the financing method, the assets remain on the consolidated balance sheets and the proceeds from the transactions are recorded as a financing liability. A portion of lease payments are applied as payments of deemed principal and imputed interest. The deemed landlord financing liability was $774 and $1,158 as of December 31, 2023, and 2022, respectively, with the current portion of the liability included in accrued liabilities, and the remaining portion included in other liabilities on the consolidated balance sheets.