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Leases | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Leases | LEASES Our operating leases with terms greater than one year are primarily related to buildings and land. Our operating leases with terms less than one year are primarily related to equipment. Most of our building and land leases have terms of 2 to 10 years and include one or more options to renew, with renewal terms that can extend the lease term from 1 to 5 years or more. Certain of our lease agreements include lease payments based on a percentage of net gaming revenue and others include rental payment adjustments periodically for inflation. The estimated discount rate for each of our leases is determined based on adjustments made to our secured debt borrowing rate. The components of total lease cost were as follows:
| Years Ended December 31,
(in millions) | 2022 |  | 2021
Short-term lease cost (a) (b) | $ | 12.5 |  |  | $ | 11.1 |
Operating lease cost (b) | 8.1 |  |  | 7.8 |
Finance lease interest expense | 0.4 |  |  | 0.3 |
Finance lease amortization expense (b) | 0.7 |  |  | 0.5 |
Total lease cost | $ | 21.7 |  |  | $ | 19.7 |
(a)Includes leases with terms of one year or less. (b)Includes variable lease costs, which were not material. Supplemental cash flow information related to leases are as follows:
| Years Ended December 31,
(in millions) | 2022 |  | 2021
Cash paid for amounts included in the measurement of lease liabilities |  |  |
Operating cash flows from operating leases | $ | 6.5 |  |  | $ | 6.5 |
Operating cash flows from finance leases | $ | 0.5 |  |  | $ | 0.3 |
Financing cash flows from finance leases | $ | 0.4 |  |  | $ | 0.2 |
ROUAs obtained in exchange for lease obligations |  |  |
Operating leases | $ | 10.7 |  |  | $ | 9.8 |
Finance leases | $ | 6.2 |  |  | $ | 4.4 |
Other information related to operating leases was as follows:
| December 31,
Weighted Average Remaining Lease Term | 2022 |  | 2021
Operating leases | 6.5 years |  | 5.9 years
Finance leases | 14.9 years |  | 16.0 years
Weighted Average Discount Rate |  |  |
Operating leases | 4.1 | % |  | 3.5 | %
Finance leases | 4.1 | % |  | 3.3 | %
As of December 31, 2022, the future undiscounted cash flows associated with the Company's operating and financing lease liabilities were as follows:
(in millions) |  |  |
Years Ended December 31, | Operating Leases |  | Finance Leases
2023 | $ | 7.6 |  |  | $ | 1.3 |
2024 | 7.1 |  |  | 1.4 |
2025 | 6.6 |  |  | 1.4 |
2026 | 6.2 |  |  | 1.4 |
2027 | 3.0 |  |  | 1.4 |
Thereafter | 7.0 |  |  | 15.0 |
Total future minimum lease payments | 37.5 |  |  | 21.9 |
Less: Imputed interest | 4.5 |  |  | 5.8 |
Present value of lease liabilities | $ | 33.0 |  |  | $ | 16.1 |
Reported lease liabilities as of December 31, 2022 |  |  |
Accrued expense and other current liabilities (current maturities of leases) | $ | 7.0 |  |  | $ | 0.9 |
Other liabilities (non-current maturities of leases) | 26.0 |  |  | 15.2 |
Present value of lease liabilities | $ | 33.0 |  |  | $ | 16.1 |
Leases | LEASES Our operating leases with terms greater than one year are primarily related to buildings and land. Our operating leases with terms less than one year are primarily related to equipment. Most of our building and land leases have terms of 2 to 10 years and include one or more options to renew, with renewal terms that can extend the lease term from 1 to 5 years or more. Certain of our lease agreements include lease payments based on a percentage of net gaming revenue and others include rental payment adjustments periodically for inflation. The estimated discount rate for each of our leases is determined based on adjustments made to our secured debt borrowing rate. The components of total lease cost were as follows:
| Years Ended December 31,
(in millions) | 2022 |  | 2021
Short-term lease cost (a) (b) | $ | 12.5 |  |  | $ | 11.1 |
Operating lease cost (b) | 8.1 |  |  | 7.8 |
Finance lease interest expense | 0.4 |  |  | 0.3 |
Finance lease amortization expense (b) | 0.7 |  |  | 0.5 |
Total lease cost | $ | 21.7 |  |  | $ | 19.7 |
(a)Includes leases with terms of one year or less. (b)Includes variable lease costs, which were not material. Supplemental cash flow information related to leases are as follows:
| Years Ended December 31,
(in millions) | 2022 |  | 2021
Cash paid for amounts included in the measurement of lease liabilities |  |  |
Operating cash flows from operating leases | $ | 6.5 |  |  | $ | 6.5 |
Operating cash flows from finance leases | $ | 0.5 |  |  | $ | 0.3 |
Financing cash flows from finance leases | $ | 0.4 |  |  | $ | 0.2 |
ROUAs obtained in exchange for lease obligations |  |  |
Operating leases | $ | 10.7 |  |  | $ | 9.8 |
Finance leases | $ | 6.2 |  |  | $ | 4.4 |
Other information related to operating leases was as follows:
| December 31,
Weighted Average Remaining Lease Term | 2022 |  | 2021
Operating leases | 6.5 years |  | 5.9 years
Finance leases | 14.9 years |  | 16.0 years
Weighted Average Discount Rate |  |  |
Operating leases | 4.1 | % |  | 3.5 | %
Finance leases | 4.1 | % |  | 3.3 | %
As of December 31, 2022, the future undiscounted cash flows associated with the Company's operating and financing lease liabilities were as follows:
(in millions) |  |  |
Years Ended December 31, | Operating Leases |  | Finance Leases
2023 | $ | 7.6 |  |  | $ | 1.3 |
2024 | 7.1 |  |  | 1.4 |
2025 | 6.6 |  |  | 1.4 |
2026 | 6.2 |  |  | 1.4 |
2027 | 3.0 |  |  | 1.4 |
Thereafter | 7.0 |  |  | 15.0 |
Total future minimum lease payments | 37.5 |  |  | 21.9 |
Less: Imputed interest | 4.5 |  |  | 5.8 |
Present value of lease liabilities | $ | 33.0 |  |  | $ | 16.1 |
Reported lease liabilities as of December 31, 2022 |  |  |
Accrued expense and other current liabilities (current maturities of leases) | $ | 7.0 |  |  | $ | 0.9 |
Other liabilities (non-current maturities of leases) | 26.0 |  |  | 15.2 |
Present value of lease liabilities | $ | 33.0 |  |  | $ | 16.1 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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