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Leases (Tables) | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Sales-Type Lease, Revenue | Revenue from sales-type leases (see Note 2) is included in services revenues within our consolidated statements of operations is as follows (in millions):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Sales-type lease selling price(1) | $ | 30.3 |  |  | $ | 36.3 |  |  | $ | 29.8 |
Cost of underlying assets | (13.8) |  |  | (17.6) |  |  | (11.9) |
Operating profit | $ | 16.5 |  |  | $ | 18.7 |  |  | $ | 17.9 |
Interest income | $ | 6.1 |  |  | $ | 4.5 |  |  | $ | 4.3 |
Leasing revenue attributable to sales-type leases | $ | 36.4 |  |  | $ | 40.8 |  |  | $ | 34.1 |
(1) Selling price is equal to the present value of lease payments over the non-cancelable term of the licensing agreement.
Supplemental Balance Sheet Information Related to Leases | Leasing receivables related to our net investment in sales-type leases are as follows (in millions):
|  |  | December 31,
| Balance Sheet Location |  | 2023 |  | 2022
Leasing receivables, net—short-term | Other current assets |  | $ | 26.9 |  |  | $ | 17.5 |
Leasing receivables, net—long-term | Other assets, net |  | 65.1 |  |  | 57.5 |
Total leasing receivables |  |  | $ | 92.0 |  |  | $ | 75.0 |
Supplemental balance sheet information related to our operating and financing ROU assets and lease liabilities and DLF assets and obligations is as follows (in millions):
|  |  | December 31, |
| Balance Sheet Location |  | 2023 |  | 2022 |
Assets |  |  |  |  |  |
Operating lease ROU assets, net | Operating lease ROU assets, net |  | $ | 1,410.1 |  |  | $ | 1,419.1 |  |
Financing lease ROU assets, net | Other assets |  | $ | 257.4 |  |  | $ | 215.7 |  |
DLF assets, net | Property, plant & equipment, net |  | $ | 917.3 |  |  | $ | 813.2 |  |
Liabilities |  |  |  |  |  |
Current |  |  |  |  |  |
Operating lease liabilities, short-term | Operating lease liabilities, short-term |  | $ | 86.4 |  |  | $ | 76.4 |  |
Financing lease liabilities, short-term | Accounts payable and accrued expenses |  | $ | 1.4 |  |  | $ | 1.7 |  |
DLF obligations, short-term | Accounts payable and accrued expenses |  | $ | 0.1 |  |  | $ | 2.4 |  |
Non-current |  |  |  |  |  |
Operating lease liabilities, long-term | Operating lease liabilities, long-term |  | $ | 1,433.4 |  |  | $ | 1,437.5 |  |
Financing lease liabilities, long-term | Other long-term liabilities |  | $ | 287.9 |  |  | $ | 225.9 |  |
DLF obligations, long-term | Deemed landlord financing obligations |  | $ | 980.0 |  |  | $ | 658.0 |  |
Sales-Type Lease, Lease Receivable, Maturity | Net maturities of sales-type lease receivables for the next five years and thereafter as of December 31, 2023, are as follows (in millions):
| Sales-Type Leases
2024 | $ | 33.5 |
2025 | 28.2 |
2026 | 21.0 |
2027 | 12.4 |
2028 | 5.7 |
Thereafter | 2.8 |
Total future lease payments | 103.6 |
Less: imputed interest | 11.6 |
Total | $ | 92.0 |
Components of Lease Expense and Other Information Related to Leases | The components of lease expense included in our consolidated statements of operations for the periods presented below are as follows (in millions):
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Operating lease costs: |  |  |  |  |  |
Amortization of ROU assets |  | $ | 176.1 |  |  | $ | 172.7 |  |  | $ | 146.3 |
Total operating lease costs |  | 176.1 |  |  | 172.7 |  |  | 146.3 |
Financing lease costs: |  |  |  |  |  |
Amortization of ROU assets |  | 7.8 |  |  | 6.4 |  |  | 3.2 |
Interest on lease liabilities |  | 15.4 |  |  | 9.3 |  |  | 4.5 |
Total financing lease costs |  | 23.2 |  |  | 15.7 |  |  | 7.7 |
DLF obligation costs: |  |  |  |  |  |
Depreciation of DLF assets |  | 25.8 |  |  | 14.5 |  |  | 5.7 |
Interest on DLF obligations |  | 70.0 |  |  | 46.7 |  |  | 28.0 |
Total DLF obligation costs |  | 95.8 |  |  | 61.2 |  |  | 33.7 |
Variable lease costs |  | 11.8 |  |  | 10.2 |  |  | 6.5 |
Total lease costs |  | $ | 306.9 |  |  | $ | 259.8 |  |  | $ | 194.2 |
Other information related to leases (in millions):
|  | December 31,
Supplemental Cash Flows Information |  | 2023 |  | 2022 |  | 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 156.4 |  |  | $ | 157.0 |  |  | $ | 123.6 |
Operating cash flows from finance leases |  | $ | 8.5 |  |  | $ | 5.2 |  |  | $ | 2.8 |
Operating cash flows from DLF obligations |  | $ | 54.6 |  |  | $ | 36.9 |  |  | $ | 17.7 |
Financing cash flows from finance leases |  | $ | 2.8 |  |  | $ | 2.7 |  |  | $ | 0.8 |
Financing cash flows from DLF obligations |  | $ | 6.9 |  |  | $ | 4.8 |  |  | $ | — |
Lease liabilities arising from new ROU assets: |  |  |  |  |  |
Operating leases |  | $ | 83.5 |  |  | $ | 51.9 |  |  | $ | 19.6 |
Finance leases |  | $ | 27.0 |  |  | $ | 92.0 |  |  | $ | 52.7 |
DLF obligations(1) |  | $ | 311.3 |  |  | $ | 193.8 |  |  | $ | 171.4 |
(1) During the course of the construction of our venues, certain financing partners remit funds directly to our construction vendors on our behalf rather than providing the construction advances directly to us. These funds are presented as non-cash investing and financing activities within our consolidated statement of cash flows. For the year ended December 31, 2023, the amount contributed by these financing partners, in addition to accrued capitalized interest for these contributions was $60.6 million. For the years ended December 31, 2022 and December 31, 2021, the amount contributed by these financing partners, in addition to accrued capitalized interest for these contributions was $30.6 million and $37.7 million, respectively, which were corrected from $163.2 million and $107.1 million, respectively, as previously reported.
| December 31,
| 2023 |  | 2022
Weighted average remaining lease term (years): |  |  |
Operating leases | 15.9 |  | 16.6
Finance leases | 36.8 |  | 36.5
DLF obligations | 38.1 |  | 38.5
Weighted average discount rate: |  |  |
Operating leases | 5.8 | % |  | 5.6 | %
Finance leases | 6.3 | % |  | 6.1 | %
DLF obligations | 10.0 | % |  | 8.8 | %
Future Minimum Lease Obligations | As of December 31, 2023, our future minimum lease obligations were as follows (in millions):
| Operating Leases |  | Finance Leases |  | DLF Obligations(1) |  | Total
2024 | $ | 155.6 |  |  | $ | 14.9 |  |  | $ | 72.9 |  |  | $ | 243.4 |
2025 | 162.1 |  |  | 17.1 |  |  | 80.7 |  |  | 259.9 |
2026 | 156.9 |  |  | 17.4 |  |  | 84.2 |  |  | 258.5 |
2027 | 154.3 |  |  | 17.4 |  |  | 85.5 |  |  | 257.2 |
2028 | 150.0 |  |  | 15.3 |  |  | 87.7 |  |  | 253.0 |
Thereafter | 1,677.5 |  |  | 739.7 |  |  | 3,978.8 |  |  | 6,396.0 |
Total future lease payments | 2,456.4 |  |  | 821.8 |  |  | 4,389.8 |  |  | 7,668.0 |
Less: imputed interest | 936.6 |  |  | 532.5 |  |  | 3,409.7 |  |  | 4,878.8 |
Total | $ | 1,519.8 |  |  | $ | 289.3 |  |  | $ | 980.1 |  |  | $ | 2,789.2 |
(1) Future lease payments for DLF Obligations include approximately $44.9 million of reimbursements which we expect to receive from third-party financing partners that were not yet received as of December 31, 2023. Imputed interest includes approximately $175.6 million related to these unfunded DLF Obligations as of December 31, 2023.
Future Minimum Lease Obligations | As of December 31, 2023, our future minimum lease obligations were as follows (in millions):
| Operating Leases |  | Finance Leases |  | DLF Obligations(1) |  | Total
2024 | $ | 155.6 |  |  | $ | 14.9 |  |  | $ | 72.9 |  |  | $ | 243.4 |
2025 | 162.1 |  |  | 17.1 |  |  | 80.7 |  |  | 259.9 |
2026 | 156.9 |  |  | 17.4 |  |  | 84.2 |  |  | 258.5 |
2027 | 154.3 |  |  | 17.4 |  |  | 85.5 |  |  | 257.2 |
2028 | 150.0 |  |  | 15.3 |  |  | 87.7 |  |  | 253.0 |
Thereafter | 1,677.5 |  |  | 739.7 |  |  | 3,978.8 |  |  | 6,396.0 |
Total future lease payments | 2,456.4 |  |  | 821.8 |  |  | 4,389.8 |  |  | 7,668.0 |
Less: imputed interest | 936.6 |  |  | 532.5 |  |  | 3,409.7 |  |  | 4,878.8 |
Total | $ | 1,519.8 |  |  | $ | 289.3 |  |  | $ | 980.1 |  |  | $ | 2,789.2 |
(1) Future lease payments for DLF Obligations include approximately $44.9 million of reimbursements which we expect to receive from third-party financing partners that were not yet received as of December 31, 2023. Imputed interest includes approximately $175.6 million related to these unfunded DLF Obligations as of December 31, 2023.

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4 + Details
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