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LEASES

12 Months Ended

Dec. 31, 2020

LEASESThe following tables provide the components of lease expense included within the Consolidated Statement of Comprehensive Income (Loss) for the year ended December 31, 2020 (Successor), the period from May 2, 2019 through December 31, 2019 (Successor) and the period from January 1, 2019 through May 1, 2019 (Predecessor):


	Successor Company				Predecessor Company
	Year Ended December 31,		Period from May 2, 2019 through December 31,		Period from January 1, 2019 through May 1,
(In thousands)	2020		2019		2019
Operating lease expense	$	151,448	$	100,835	$	44,667
Variable lease expense	$	31,451	$	15,940	$	476

The following table provides the weighted average remaining lease term and the weighted average discount rate for the Company's leases as of December 31, 2020 (Successor):


	December 31, 2020
Operating lease weighted average remaining lease term (in years)	13.3
Operating lease weighted average discount rate	6.6	%

As of December 31, 2020 (Successor), the Company’s future maturities of operating lease liabilities were as follows:


(In thousands)
2021	$	126,732
2022	133,086
2023	120,125
2024	109,958
2025	97,272
Thereafter	706,472
Total lease payments	$	1,293,645
Less: Effect of discounting	452,651
Total operating lease liability	$	840,994

The following table provides supplemental cash flow information related to leases for the year ended December 31, 2020 (Successor), the period from May 2, 2019 through December 31, 2019 (Successor) and the period from January 1, 2019 through May 1, 2019 (Predecessor):


	Successor Company				Predecessor Company
	Year Ended December 31,		Period from May 2, 2019 through December 31,		Period from January 1, 2019 through May 1,
(In thousands)	2020		2019		2019
Cash paid for amounts included in measurement of operating lease liabilities	$	139,507	$	89,567	$	44,888
Lease liabilities arising from obtaining right-of-use assets(1)	$	56,243	$	29,498	$	913,598

(1) Lease liabilities from obtaining right-of-use assets include transition liabilities upon adoption of ASC 842, as well as new leases entered into during the year ended December 31, 2020 (Successor), the period from May 2, 2019 through December 31,

2019 (Successor) and the period from January 1, 2019 through May 1, 2019 (Predecessor). Upon adoption of fresh start accounting upon emergence from the Chapter 11 Cases, the Company increased its operating lease obligation by $459.0 million to reflect its operating lease obligation as estimated fair value (see Note 3, Fresh Start Accounting).The Company reflects changes in the lease liability and changes in the ROU asset on a net basis in the Statements of Cash Flows. The non-cash operating lease expense was $103.4 million, $61.6 million and $14.3 million for the year ended December 31, 2020 (Successor), the period from May 2, 2019 through December 31, 2019 (Successor) and the period from January 1, 2019 through May 1, 2019 (Predecessor), respectively.