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Leases

9 Months Ended

Sep. 30, 2019

NOTE 7 — LEASES

The Company leases the land underlying certain of its properties, real estate, and various equipment under operating and, to a lesser extent, finance lease arrangements. The Company’s master lease agreement with a subsidiary of MGP for certain real estate assets is eliminated in consolidation and, accordingly is not included within the disclosures below; refer to Note 12 for further discussion of the master lease.

Lease expense for the three and nine months ended September 30, 2019 includes operating lease cost of $26 million and $76 million, respectively. Other information related to the Company’s operating leases was as follows (in thousands, except for lease term and discount rate information):

	September 30, 2019
Supplemental balance sheet information	(In thousands)
Operating lease right-of-use assets	$	650,990
Operating lease obligation - short-term (recorded within “Other accrued liabilities”)	$	69,694
Operating lease obligation - long-term		518,365
Total operating lease liabilities	$	588,059

Weighted-average remaining lease term (years)	37
Weighted-average discount rate (%)	7

	Nine Months Ended
	September 30, 2019
Supplemental cash flows information	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities - operating cash outflows from operating leases	$	66,562

Maturities of operating lease liabilities were as follows:

Year ending December 31,	(In thousands)
2019 (excluding the nine months ended September 30, 2019)	$	25,542
2020		94,646
2021		74,759
2022		58,776
2023		56,261
Thereafter		1,442,944
Total future minimum lease payments		1,752,928
Less: Amount of lease payments representing interest		(1,164,869	)
Total	$	588,059