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Leases | 3 Months Ended
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Mar. 31, 2023
Leases [Abstract] |
Leases | Leases Sales-Type Leases We enter into non-cancellable license agreements that provide software and hardware to driving ranges, hospitality venues, and entertainment venues. These license agreements are classified as sales-type leases. Leasing revenue from sales-type leases is included in service revenues within the condensed consolidated statements of operations. Leasing revenue from sales-type leases consists of the selling price and interest income as follows (in millions):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2023 |  | 2022
Sales-type lease selling price(1) |  |  |  |  | $ | 8.2 |  |  | $ | 7.1 |
Cost of underlying assets |  |  |  |  | (3.4) |  |  | (3.3) |
Operating profit |  |  |  |  | $ | 4.8 |  |  | $ | 3.8 |
Interest income |  |  |  |  | $ | 1.3 |  |  | $ | 0.9 |
Leasing revenue attributable to sales-type leases |  |  |  |  | $ | 9.5 |  |  | $ | 8.0 |
(1) Selling price is equal to the present value of lease payments over the non-cancellable term of the licensing agreement.
Leasing receivables related to our net investment in sales-type leases are as follows (in millions):
| Balance Sheet Location |  | March 31, 2023 |  | December 31, 2022
Leasing receivables, net—short-term | Other current assets |  | $ | 20.1 |  |  | $ | 17.5 |
Leasing receivables, net—long-term | Other assets |  | 59.8 |  |  | 57.5 |
Total Leasing receivables |  |  | $ | 79.9 |  |  | $ | 75.0 |
As of March 31, 2023, net maturities of sales-type lease receivables for the next five years and thereafter were as follows (in millions):
| Sales-type Leases
Remainder of 2023 | $ | 19.3 |
2024 | 24.5 |
2025 | 20.3 |
2026 | 13.6 |
2027 | 6.8 |
Thereafter | 4.2 |
Total future lease proceeds | 88.7 |
Less: imputed interest | 8.8 |
Total | $ | 79.9 |
Operating and Finance Leases As a lessee, we lease office spaces, manufacturing plants, warehouses, distribution centers, company-operated Topgolf venues, vehicles and equipment, as well as retail and outlet locations. Supplemental balance sheet information related to leases is as follows (in millions):
| Balance Sheet Location |  | March 31, 2023 |  | December 31, 2022
Operating Leases |  |  |  |  |
Right-of-use (“ROU”) assets, net | Operating lease ROU assets, net |  | $ | 1,411.3 |  |  | $ | 1,419.1 |
Lease liabilities, short-term | Operating lease liabilities, short-term |  | $ | 80.0 |  |  | $ | 76.4 |
Lease liabilities, long-term | Operating lease liabilities, long-term |  | $ | 1,430.9 |  |  | $ | 1,437.5 |
Finance Leases |  |  |  |  |
ROU assets, net | Other assets |  | $ | 231.9 |  |  | $ | 215.7 |
Lease liabilities, short-term | Accounts payable and accrued expenses |  | $ | 1.6 |  |  | $ | 1.7 |
Lease liabilities, long-term | Other long-term liabilities |  | $ | 245.3 |  |  | $ | 225.9 |
The components of lease expense are as follows (in millions):
|  |  | Three Months Ended March 31,
|  |  |  | 2023 |  | 2022
Operating lease costs |  |  |  |  | $ | 44.0 |  |  | $ | 37.4 |
Financing lease costs: |  |  |  |  |  |  |
Amortization of right-of-use assets |  |  |  |  | 1.9 |  |  | 0.6 |
Interest on lease liabilities |  |  |  |  | 3.6 |  |  | 2.1 |
Total financing lease costs |  |  |  |  | 5.5 |  |  | 2.7 |
Variable lease costs |  |  |  |  | 2.5 |  |  | 1.9 |
Total lease costs |  |  |  |  | $ | 52.0 |  |  | $ | 42.0 |
Other information related to leases (in millions):
|  | Three Months Ended March 31,
Supplemental Cash Flows Information |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 38.0 |  |  | $ | 39.8 |
Operating cash flows from finance leases |  | $ | 1.2 |  |  | $ | 2.1 |
Financing cash flows from finance leases |  | $ | 1.0 |  |  | $ | 0.1 |
Lease liabilities arising from new ROU assets: |  |  |  |
Operating leases |  | $ | 9.7 |  |  | $ | — |
Finance leases |  | $ | 17.6 |  |  | $ | 30.0 |
| March 31, 2023 |  | December 31, 2022
Weighted average remaining lease term (years): |  |  |
Operating leases | 16.4 |  | 16.6
Finance leases | 36.6 |  | 36.5
Weighted average discount rate: |  |  |
Operating leases | 5.6 | % |  | 5.6 | %
Finance leases | 6.1 | % |  | 6.1 | %
Future minimum lease obligations as of March 31, 2023 were as follows (in millions):
| Operating Leases |  | Finance Leases |  |
Remainder of 2023 | $ | 108.3 |  |  | $ | 8.0 |  |  |
2024 | 155.9 |  |  | 14.4 |  |  |
2025 | 151.0 |  |  | 14.9 |  |  |
2026 | 146.7 |  |  | 15.0 |  |  |
2027 | 145.6 |  |  | 15.2 |  |  |
Thereafter | 1,723.6 |  |  | 567.1 |  |  |
Total future lease payments | 2,431.1 |  |  | 634.6 |  |  |
Less: imputed interest | 920.2 |  |  | 387.7 |  |  |
Total | $ | 1,510.9 |  |  | $ | 246.9 |  |  |
Deemed Landlord Financing Obligations (“DLF” Obligations) We work with third-party developers or real estate financing partners to acquire rights to land and fund the construction associated with certain venues under build-to-suit arrangements. While we seek to use financing partners, in certain instances, we typically fund a portion of the construction ourselves, and in some cases, all of the construction costs. In certain build-to-suit arrangements, we are deemed to have control of the underlying assets under construction and are therefore considered the accounting owner of these assets. Upon the completion of construction, we determine whether control has transferred to the financing partner. If control has not been transferred to our financing partners, we reverse the construction advance accumulated during the construction phase and record a DLF obligation. When land is acquired directly or venue construction is self-financed, we may enter into arrangements to sell those assets and lease back from a financing partner. In these cases, if control is not transferred upon the closing of the transaction and the commencement of the subsequent leaseback, we will record a DLF obligation associated with the cash proceeds. The net book value of assets under DLF obligations included in property, plant and equipment, including the portion of the assets that we funded, was $852.9 million and $813.2 million, as of March 31, 2023 and December 31, 2022, respectively. Buildings capitalized in conjunction with these DLF obligations are depreciated, less their residual value, over the shorter period of 40 years or the lease term. Supplemental balance sheet information related to DLF obligations is as follows (in millions):
| Balance Sheet Location |  | March 31, 2023 |  | December 31, 2022 |  |  |  |
DLF obligations, short-term | Accounts payable and accrued expenses |  | $ | 0.9 |  |  | $ | 2.4 |  |  |  |  |
DLF obligations, long-term | Deemed landlord financing obligations, long-term |  | $ | 707.5 |  |  | $ | 658.0 |  |  |  |  |
The components of DLF obligation expenses are as follows (in millions):
|  |  | Three Months Ended March 31,
|  |  |  | 2023 |  | 2022
Amortization of DLF obligations |  |  |  |  | $ | 5.1 |  |  | $ | 3.2 |
Interest on DLF obligations |  |  |  |  | 15.2 |  |  | 10.1 |
Total DLF contract expenses |  |  |  |  | $ | 20.3 |  |  | $ | 13.3 |
Other information related to DLF obligations was as follows (in millions):
|  | Three Months Ended March 31, |  |
Supplemental Cash Flows Information |  | 2023 |  | 2022 |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from DLF obligations |  | $ | 8.6 |  |  | $ | 9.6 |  |  |
Financing cash flows from DLF obligations |  | $ | 4.4 |  |  | $ | — |  |  |
DLF obligations arising from new properties |  | $ | 45.7 |  |  | $ | 2.6 |  |  |
| March 31, 2023 |  | December 31, 2022 |  |
Weighted average remaining lease term (years) | 38.4 |  | 38.5 |  |
Weighted average discount rate | 8.9 | % |  | 8.8 | % |  |
Future minimum financing obligations related to DLF obligations as of March 31, 2023 were as follows (in millions):
Remainder of 2023 |  | $ | 36.6 |
2024 |  | 56.4 |
2025 |  | 56.8 |
2026 |  | 57.8 |
2027 |  | 59.0 |
Thereafter |  | 2,708.4 |
Total future lease payments |  | 2,975.0 |
Less: imputed interest |  | 2,266.6 |
Total |  | $ | 708.4 |
Leases Under Construction Our minimum capital commitment for leases under construction, net of amounts reimbursed by third-party real estate financing partners, was approximately $63.0 million as of March 31, 2023. As we are actively involved in the construction of these properties, we recorded $145.0 million in construction costs within property, plant and equipment as of March 31, 2023. Additionally, as of March 31, 2023, we recorded $51.2 million in construction advances from the landlords in connection with these properties. We will determine the lease classification for properties currently under construction at the end of the construction period. The initial base term upon the commencement of these leases is generally 20 years. In addition, as of March 31, 2023, we had $1,005.5 million of future lease obligations related to 10 venues subject to non-cancellable leases that have been signed but have not yet commenced.
Leases | Leases Sales-Type Leases We enter into non-cancellable license agreements that provide software and hardware to driving ranges, hospitality venues, and entertainment venues. These license agreements are classified as sales-type leases. Leasing revenue from sales-type leases is included in service revenues within the condensed consolidated statements of operations. Leasing revenue from sales-type leases consists of the selling price and interest income as follows (in millions):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2023 |  | 2022
Sales-type lease selling price(1) |  |  |  |  | $ | 8.2 |  |  | $ | 7.1 |
Cost of underlying assets |  |  |  |  | (3.4) |  |  | (3.3) |
Operating profit |  |  |  |  | $ | 4.8 |  |  | $ | 3.8 |
Interest income |  |  |  |  | $ | 1.3 |  |  | $ | 0.9 |
Leasing revenue attributable to sales-type leases |  |  |  |  | $ | 9.5 |  |  | $ | 8.0 |
(1) Selling price is equal to the present value of lease payments over the non-cancellable term of the licensing agreement.
Leasing receivables related to our net investment in sales-type leases are as follows (in millions):
| Balance Sheet Location |  | March 31, 2023 |  | December 31, 2022
Leasing receivables, net—short-term | Other current assets |  | $ | 20.1 |  |  | $ | 17.5 |
Leasing receivables, net—long-term | Other assets |  | 59.8 |  |  | 57.5 |
Total Leasing receivables |  |  | $ | 79.9 |  |  | $ | 75.0 |
As of March 31, 2023, net maturities of sales-type lease receivables for the next five years and thereafter were as follows (in millions):
| Sales-type Leases
Remainder of 2023 | $ | 19.3 |
2024 | 24.5 |
2025 | 20.3 |
2026 | 13.6 |
2027 | 6.8 |
Thereafter | 4.2 |
Total future lease proceeds | 88.7 |
Less: imputed interest | 8.8 |
Total | $ | 79.9 |
Operating and Finance Leases As a lessee, we lease office spaces, manufacturing plants, warehouses, distribution centers, company-operated Topgolf venues, vehicles and equipment, as well as retail and outlet locations. Supplemental balance sheet information related to leases is as follows (in millions):
| Balance Sheet Location |  | March 31, 2023 |  | December 31, 2022
Operating Leases |  |  |  |  |
Right-of-use (“ROU”) assets, net | Operating lease ROU assets, net |  | $ | 1,411.3 |  |  | $ | 1,419.1 |
Lease liabilities, short-term | Operating lease liabilities, short-term |  | $ | 80.0 |  |  | $ | 76.4 |
Lease liabilities, long-term | Operating lease liabilities, long-term |  | $ | 1,430.9 |  |  | $ | 1,437.5 |
Finance Leases |  |  |  |  |
ROU assets, net | Other assets |  | $ | 231.9 |  |  | $ | 215.7 |
Lease liabilities, short-term | Accounts payable and accrued expenses |  | $ | 1.6 |  |  | $ | 1.7 |
Lease liabilities, long-term | Other long-term liabilities |  | $ | 245.3 |  |  | $ | 225.9 |
The components of lease expense are as follows (in millions):
|  |  | Three Months Ended March 31,
|  |  |  | 2023 |  | 2022
Operating lease costs |  |  |  |  | $ | 44.0 |  |  | $ | 37.4 |
Financing lease costs: |  |  |  |  |  |  |
Amortization of right-of-use assets |  |  |  |  | 1.9 |  |  | 0.6 |
Interest on lease liabilities |  |  |  |  | 3.6 |  |  | 2.1 |
Total financing lease costs |  |  |  |  | 5.5 |  |  | 2.7 |
Variable lease costs |  |  |  |  | 2.5 |  |  | 1.9 |
Total lease costs |  |  |  |  | $ | 52.0 |  |  | $ | 42.0 |
Other information related to leases (in millions):
|  | Three Months Ended March 31,
Supplemental Cash Flows Information |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 38.0 |  |  | $ | 39.8 |
Operating cash flows from finance leases |  | $ | 1.2 |  |  | $ | 2.1 |
Financing cash flows from finance leases |  | $ | 1.0 |  |  | $ | 0.1 |
Lease liabilities arising from new ROU assets: |  |  |  |
Operating leases |  | $ | 9.7 |  |  | $ | — |
Finance leases |  | $ | 17.6 |  |  | $ | 30.0 |
| March 31, 2023 |  | December 31, 2022
Weighted average remaining lease term (years): |  |  |
Operating leases | 16.4 |  | 16.6
Finance leases | 36.6 |  | 36.5
Weighted average discount rate: |  |  |
Operating leases | 5.6 | % |  | 5.6 | %
Finance leases | 6.1 | % |  | 6.1 | %
Future minimum lease obligations as of March 31, 2023 were as follows (in millions):
| Operating Leases |  | Finance Leases |  |
Remainder of 2023 | $ | 108.3 |  |  | $ | 8.0 |  |  |
2024 | 155.9 |  |  | 14.4 |  |  |
2025 | 151.0 |  |  | 14.9 |  |  |
2026 | 146.7 |  |  | 15.0 |  |  |
2027 | 145.6 |  |  | 15.2 |  |  |
Thereafter | 1,723.6 |  |  | 567.1 |  |  |
Total future lease payments | 2,431.1 |  |  | 634.6 |  |  |
Less: imputed interest | 920.2 |  |  | 387.7 |  |  |
Total | $ | 1,510.9 |  |  | $ | 246.9 |  |  |
Deemed Landlord Financing Obligations (“DLF” Obligations) We work with third-party developers or real estate financing partners to acquire rights to land and fund the construction associated with certain venues under build-to-suit arrangements. While we seek to use financing partners, in certain instances, we typically fund a portion of the construction ourselves, and in some cases, all of the construction costs. In certain build-to-suit arrangements, we are deemed to have control of the underlying assets under construction and are therefore considered the accounting owner of these assets. Upon the completion of construction, we determine whether control has transferred to the financing partner. If control has not been transferred to our financing partners, we reverse the construction advance accumulated during the construction phase and record a DLF obligation. When land is acquired directly or venue construction is self-financed, we may enter into arrangements to sell those assets and lease back from a financing partner. In these cases, if control is not transferred upon the closing of the transaction and the commencement of the subsequent leaseback, we will record a DLF obligation associated with the cash proceeds. The net book value of assets under DLF obligations included in property, plant and equipment, including the portion of the assets that we funded, was $852.9 million and $813.2 million, as of March 31, 2023 and December 31, 2022, respectively. Buildings capitalized in conjunction with these DLF obligations are depreciated, less their residual value, over the shorter period of 40 years or the lease term. Supplemental balance sheet information related to DLF obligations is as follows (in millions):
| Balance Sheet Location |  | March 31, 2023 |  | December 31, 2022 |  |  |  |
DLF obligations, short-term | Accounts payable and accrued expenses |  | $ | 0.9 |  |  | $ | 2.4 |  |  |  |  |
DLF obligations, long-term | Deemed landlord financing obligations, long-term |  | $ | 707.5 |  |  | $ | 658.0 |  |  |  |  |
The components of DLF obligation expenses are as follows (in millions):
|  |  | Three Months Ended March 31,
|  |  |  | 2023 |  | 2022
Amortization of DLF obligations |  |  |  |  | $ | 5.1 |  |  | $ | 3.2 |
Interest on DLF obligations |  |  |  |  | 15.2 |  |  | 10.1 |
Total DLF contract expenses |  |  |  |  | $ | 20.3 |  |  | $ | 13.3 |
Other information related to DLF obligations was as follows (in millions):
|  | Three Months Ended March 31, |  |
Supplemental Cash Flows Information |  | 2023 |  | 2022 |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from DLF obligations |  | $ | 8.6 |  |  | $ | 9.6 |  |  |
Financing cash flows from DLF obligations |  | $ | 4.4 |  |  | $ | — |  |  |
DLF obligations arising from new properties |  | $ | 45.7 |  |  | $ | 2.6 |  |  |
| March 31, 2023 |  | December 31, 2022 |  |
Weighted average remaining lease term (years) | 38.4 |  | 38.5 |  |
Weighted average discount rate | 8.9 | % |  | 8.8 | % |  |
Future minimum financing obligations related to DLF obligations as of March 31, 2023 were as follows (in millions):
Remainder of 2023 |  | $ | 36.6 |
2024 |  | 56.4 |
2025 |  | 56.8 |
2026 |  | 57.8 |
2027 |  | 59.0 |
Thereafter |  | 2,708.4 |
Total future lease payments |  | 2,975.0 |
Less: imputed interest |  | 2,266.6 |
Total |  | $ | 708.4 |
Leases Under Construction Our minimum capital commitment for leases under construction, net of amounts reimbursed by third-party real estate financing partners, was approximately $63.0 million as of March 31, 2023. As we are actively involved in the construction of these properties, we recorded $145.0 million in construction costs within property, plant and equipment as of March 31, 2023. Additionally, as of March 31, 2023, we recorded $51.2 million in construction advances from the landlords in connection with these properties. We will determine the lease classification for properties currently under construction at the end of the construction period. The initial base term upon the commencement of these leases is generally 20 years. In addition, as of March 31, 2023, we had $1,005.5 million of future lease obligations related to 10 venues subject to non-cancellable leases that have been signed but have not yet commenced.
Leases | Leases Sales-Type Leases We enter into non-cancellable license agreements that provide software and hardware to driving ranges, hospitality venues, and entertainment venues. These license agreements are classified as sales-type leases. Leasing revenue from sales-type leases is included in service revenues within the condensed consolidated statements of operations. Leasing revenue from sales-type leases consists of the selling price and interest income as follows (in millions):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2023 |  | 2022
Sales-type lease selling price(1) |  |  |  |  | $ | 8.2 |  |  | $ | 7.1 |
Cost of underlying assets |  |  |  |  | (3.4) |  |  | (3.3) |
Operating profit |  |  |  |  | $ | 4.8 |  |  | $ | 3.8 |
Interest income |  |  |  |  | $ | 1.3 |  |  | $ | 0.9 |
Leasing revenue attributable to sales-type leases |  |  |  |  | $ | 9.5 |  |  | $ | 8.0 |
(1) Selling price is equal to the present value of lease payments over the non-cancellable term of the licensing agreement.
Leasing receivables related to our net investment in sales-type leases are as follows (in millions):
| Balance Sheet Location |  | March 31, 2023 |  | December 31, 2022
Leasing receivables, net—short-term | Other current assets |  | $ | 20.1 |  |  | $ | 17.5 |
Leasing receivables, net—long-term | Other assets |  | 59.8 |  |  | 57.5 |
Total Leasing receivables |  |  | $ | 79.9 |  |  | $ | 75.0 |
As of March 31, 2023, net maturities of sales-type lease receivables for the next five years and thereafter were as follows (in millions):
| Sales-type Leases
Remainder of 2023 | $ | 19.3 |
2024 | 24.5 |
2025 | 20.3 |
2026 | 13.6 |
2027 | 6.8 |
Thereafter | 4.2 |
Total future lease proceeds | 88.7 |
Less: imputed interest | 8.8 |
Total | $ | 79.9 |
Operating and Finance Leases As a lessee, we lease office spaces, manufacturing plants, warehouses, distribution centers, company-operated Topgolf venues, vehicles and equipment, as well as retail and outlet locations. Supplemental balance sheet information related to leases is as follows (in millions):
| Balance Sheet Location |  | March 31, 2023 |  | December 31, 2022
Operating Leases |  |  |  |  |
Right-of-use (“ROU”) assets, net | Operating lease ROU assets, net |  | $ | 1,411.3 |  |  | $ | 1,419.1 |
Lease liabilities, short-term | Operating lease liabilities, short-term |  | $ | 80.0 |  |  | $ | 76.4 |
Lease liabilities, long-term | Operating lease liabilities, long-term |  | $ | 1,430.9 |  |  | $ | 1,437.5 |
Finance Leases |  |  |  |  |
ROU assets, net | Other assets |  | $ | 231.9 |  |  | $ | 215.7 |
Lease liabilities, short-term | Accounts payable and accrued expenses |  | $ | 1.6 |  |  | $ | 1.7 |
Lease liabilities, long-term | Other long-term liabilities |  | $ | 245.3 |  |  | $ | 225.9 |
The components of lease expense are as follows (in millions):
|  |  | Three Months Ended March 31,
|  |  |  | 2023 |  | 2022
Operating lease costs |  |  |  |  | $ | 44.0 |  |  | $ | 37.4 |
Financing lease costs: |  |  |  |  |  |  |
Amortization of right-of-use assets |  |  |  |  | 1.9 |  |  | 0.6 |
Interest on lease liabilities |  |  |  |  | 3.6 |  |  | 2.1 |
Total financing lease costs |  |  |  |  | 5.5 |  |  | 2.7 |
Variable lease costs |  |  |  |  | 2.5 |  |  | 1.9 |
Total lease costs |  |  |  |  | $ | 52.0 |  |  | $ | 42.0 |
Other information related to leases (in millions):
|  | Three Months Ended March 31,
Supplemental Cash Flows Information |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 38.0 |  |  | $ | 39.8 |
Operating cash flows from finance leases |  | $ | 1.2 |  |  | $ | 2.1 |
Financing cash flows from finance leases |  | $ | 1.0 |  |  | $ | 0.1 |
Lease liabilities arising from new ROU assets: |  |  |  |
Operating leases |  | $ | 9.7 |  |  | $ | — |
Finance leases |  | $ | 17.6 |  |  | $ | 30.0 |
| March 31, 2023 |  | December 31, 2022
Weighted average remaining lease term (years): |  |  |
Operating leases | 16.4 |  | 16.6
Finance leases | 36.6 |  | 36.5
Weighted average discount rate: |  |  |
Operating leases | 5.6 | % |  | 5.6 | %
Finance leases | 6.1 | % |  | 6.1 | %
Future minimum lease obligations as of March 31, 2023 were as follows (in millions):
| Operating Leases |  | Finance Leases |  |
Remainder of 2023 | $ | 108.3 |  |  | $ | 8.0 |  |  |
2024 | 155.9 |  |  | 14.4 |  |  |
2025 | 151.0 |  |  | 14.9 |  |  |
2026 | 146.7 |  |  | 15.0 |  |  |
2027 | 145.6 |  |  | 15.2 |  |  |
Thereafter | 1,723.6 |  |  | 567.1 |  |  |
Total future lease payments | 2,431.1 |  |  | 634.6 |  |  |
Less: imputed interest | 920.2 |  |  | 387.7 |  |  |
Total | $ | 1,510.9 |  |  | $ | 246.9 |  |  |
Deemed Landlord Financing Obligations (“DLF” Obligations) We work with third-party developers or real estate financing partners to acquire rights to land and fund the construction associated with certain venues under build-to-suit arrangements. While we seek to use financing partners, in certain instances, we typically fund a portion of the construction ourselves, and in some cases, all of the construction costs. In certain build-to-suit arrangements, we are deemed to have control of the underlying assets under construction and are therefore considered the accounting owner of these assets. Upon the completion of construction, we determine whether control has transferred to the financing partner. If control has not been transferred to our financing partners, we reverse the construction advance accumulated during the construction phase and record a DLF obligation. When land is acquired directly or venue construction is self-financed, we may enter into arrangements to sell those assets and lease back from a financing partner. In these cases, if control is not transferred upon the closing of the transaction and the commencement of the subsequent leaseback, we will record a DLF obligation associated with the cash proceeds. The net book value of assets under DLF obligations included in property, plant and equipment, including the portion of the assets that we funded, was $852.9 million and $813.2 million, as of March 31, 2023 and December 31, 2022, respectively. Buildings capitalized in conjunction with these DLF obligations are depreciated, less their residual value, over the shorter period of 40 years or the lease term. Supplemental balance sheet information related to DLF obligations is as follows (in millions):
| Balance Sheet Location |  | March 31, 2023 |  | December 31, 2022 |  |  |  |
DLF obligations, short-term | Accounts payable and accrued expenses |  | $ | 0.9 |  |  | $ | 2.4 |  |  |  |  |
DLF obligations, long-term | Deemed landlord financing obligations, long-term |  | $ | 707.5 |  |  | $ | 658.0 |  |  |  |  |
The components of DLF obligation expenses are as follows (in millions):
|  |  | Three Months Ended March 31,
|  |  |  | 2023 |  | 2022
Amortization of DLF obligations |  |  |  |  | $ | 5.1 |  |  | $ | 3.2 |
Interest on DLF obligations |  |  |  |  | 15.2 |  |  | 10.1 |
Total DLF contract expenses |  |  |  |  | $ | 20.3 |  |  | $ | 13.3 |
Other information related to DLF obligations was as follows (in millions):
|  | Three Months Ended March 31, |  |
Supplemental Cash Flows Information |  | 2023 |  | 2022 |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from DLF obligations |  | $ | 8.6 |  |  | $ | 9.6 |  |  |
Financing cash flows from DLF obligations |  | $ | 4.4 |  |  | $ | — |  |  |
DLF obligations arising from new properties |  | $ | 45.7 |  |  | $ | 2.6 |  |  |
| March 31, 2023 |  | December 31, 2022 |  |
Weighted average remaining lease term (years) | 38.4 |  | 38.5 |  |
Weighted average discount rate | 8.9 | % |  | 8.8 | % |  |
Future minimum financing obligations related to DLF obligations as of March 31, 2023 were as follows (in millions):
Remainder of 2023 |  | $ | 36.6 |
2024 |  | 56.4 |
2025 |  | 56.8 |
2026 |  | 57.8 |
2027 |  | 59.0 |
Thereafter |  | 2,708.4 |
Total future lease payments |  | 2,975.0 |
Less: imputed interest |  | 2,266.6 |
Total |  | $ | 708.4 |
Leases Under Construction Our minimum capital commitment for leases under construction, net of amounts reimbursed by third-party real estate financing partners, was approximately $63.0 million as of March 31, 2023. As we are actively involved in the construction of these properties, we recorded $145.0 million in construction costs within property, plant and equipment as of March 31, 2023. Additionally, as of March 31, 2023, we recorded $51.2 million in construction advances from the landlords in connection with these properties. We will determine the lease classification for properties currently under construction at the end of the construction period. The initial base term upon the commencement of these leases is generally 20 years. In addition, as of March 31, 2023, we had $1,005.5 million of future lease obligations related to 10 venues subject to non-cancellable leases that have been signed but have not yet commenced.

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