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LEASES
3 Months Ended
Mar. 31, 2023
Leases [Abstract]  
LEASES LEASES
The Company has operating leases for certain of its full service and back-up early education and child care centers, corporate offices, call centers, and to a lesser extent, various office equipment, in the United States, the United Kingdom, the Netherlands, and Australia. Most of the leases expire within 10 to 15 years and many contain renewal options and/or termination provisions. As of March 31, 2023 and December 31, 2022, there were no material finance leases.
Lease Expense
The components of lease expense were as follows:
Three months ended March 31,
20232022
(In thousands)
Operating lease expense (1)
$37,968 $32,528 
Variable lease expense (1)
11,175 9,944 
Total lease expense$49,143 $42,472 
(1) Excludes short-term lease expense and sublease income, which were immaterial for the periods presented.
Other Information
The weighted average remaining lease term and the weighted average discount rate were as follows:
March 31, 2023December 31, 2022
Weighted average remaining lease term (in years)1010
Weighted average discount rate6.8%6.7%
Maturity of Lease Liabilities
The following table summarizes the maturity of lease liabilities as of March 31, 2023:
Operating Leases
(In thousands)
Remainder of 2023$104,156 
2024149,215 
2025137,901 
2026130,215 
2027121,198 
Thereafter631,336 
Total lease payments1,274,021 
Less imputed interest(373,467)
Present value of lease liabilities900,554 
Less current portion of operating lease liabilities
(95,733)
Long-term operating lease liabilities$804,821 
As of March 31, 2023, the Company had entered into additional operating leases that have not yet commenced with total fixed payment obligations of $23.5 million. The leases are expected to commence in fiscal 2023 and have initial lease terms of approximately 12 to 15 years.