In all leases, whether we are the lessor or lessee, we define lease term as the non-cancellable term of the lease plus any renewals covered by renewal options that are reasonably certain of exercise based on our assessment of economic factors relevant to the lessee. The non-cancellable term of the lease commences on the date the lessor makes the underlying property in the lease available to the lessee, irrespective of when lease payments begin under the contract.

We have operating leases for certain cinemas and corporate offices, and finance leases for certain equipment assets. Our leases have remaining lease terms of 1 to 20 years, with certain leases having options to extend to up to a further 45 years.

Contracts are analyzed in accordance with the criteria set out in ASC 842 to determine if there is a lease present. For contracts that contain an operating lease, we account for the lease component and the non-lease component together as a single component. For contracts that contain a finance lease we account for the lease component and the non-lease component separately in accordance with ASC 842.

In leases where we are the lessee, we recognize a right of use asset and lease liability at lease commencement, which is measured by discounting lease payments using an incremental borrowing rate applicable to the relevant country and term of the lease as the discount rate. Subsequent amortization of the right of use asset and accretion of the lease liability for an operating lease is recognized as a single lease cost, on a straight-line basis, over the term of the lease. Lease term includes option periods where we determine that we are reasonably certain to be exercising those options. A finance lease right-of-use asset is depreciated on a straight-line basis over the lesser of the useful life of the leased asset or the lease term. Interest on each finance lease liability is determined as the amount that results in a constant periodic discount rate on the remaining balance of the liability. Property taxes and other non-lease costs are accounted for on an accrual basis.

Lease payments for our cinema operating leases consist of fixed base rent, and for certain leases, variable lease payments consisting of contracted percentages of revenue, changes in the relevant CPI, and/or other contracted financial metrics.

As a result of the impacts of COVID-19, we have obtained certain concessions from our landlords. We have elected to account for these concessions as if there have been no changes to the underlying contracts, thereby recognizing abatements secured as variable lease expenses, and increasing payables for lease payment deferrals.


	December 31,
(Dollars in thousands)	2023		2022
Lease cost
Finance lease cost:
Amortization of right-of-use assets	$	25	$	38
Interest on lease liabilities		1		2
Operating lease cost		32,877		33,422
Variable lease cost		1,501		619
Total lease cost	$	34,404	$	34,081

Supplemental cash flow information related to leases is as follows:


	December 31,
(Dollars in thousands)	2023		2022
Cash flows relating to lease cost
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for finance leases	$	31	$	42
Operating cash flows for operating leases		33,611		34,685
Right-of-use assets obtained in exchange for new operating lease liabilities	$	3,094	$	6,710

Supplemental balance sheet information related to leases is as follows:


	December 31,
(Dollars in thousands)	2023		2022
Operating leases
Operating lease right-of-use assets	$	181,542	$	200,417
Operating lease liabilities - current portion		23,047		23,971
Operating lease liabilities - non-current portion		180,898		200,037
Total operating lease liabilities	$	203,945	$	224,008
Finance leases				—
Property plant and equipment, gross	$	232	$	363
Accumulated depreciation		(177)		(338)
Property plant and equipment, net	$	55	$	25
Other current liabilities		40		28
Other long-term liabilities		43		—
Total finance lease liabilities	$	83	$	28

Other information
Weighted-average remaining lease term - finance leases		2		1
Weighted-average remaining lease term - operating leases		11		11
Weighted-average discount rate - finance leases		7.07%		5.21%
Weighted-average discount rate - operating leases		4.62%		4.55%

The Maturities of our leases were as follows:


(Dollars in thousands)	Operating ‎leases		Finance ‎leases
2024	$	32,008	$	45
2025		29,885		44
2026		28,084		—
2027		25,738		—
2028		22,222		—
Thereafter		123,959		—
Total lease payments	$	261,896	$	89
Less imputed interest		(57,951)		(6)
Total	$	203,945	$	83

As of December 31, 2023, we have no commitments for leases that are yet to commence.

As Lessor

We have entered into various leases as a lessor for our owned real estate properties. These leases vary in length between 1 and 20 years, with certain leases containing options to extend at the behest of the applicable tenants. Lease components consist of fixed base rent, and for certain leases, variable lease payments consisting of contracted percentages of revenue, changes in the relevant CPI, and/or other contracted financial metrics. None of our leases grant any right to the tenant to purchase the underlying asset.

We recognize lease payments for operating leases as property revenue on a straight-line basis over the lease term. Lease incentive payments we make to lessees are amortized as a reduction in property revenue over the lease term.

As a result of the impacts of COVID-19, we have provided certain concessions to specific tenants. We have elected to account for these concessions as if there have been no changes to the underlying contracts, thereby recognizing abatements granted as variable lease payments through revenue and increasing receivables for lease payment deferrals.

The book value of underlying assets under operating leases from owned assets was as follows: