XML 31 R15.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Leases | 12 Months Ended
--- | ---
Dec. 31, 2024
Leases [Abstract] |
Leases | Leases Sales-Type Leases We enter into non-cancelable licensing agreements primarily related to Toptracer and Swing Suite of which certain of these agreements are classified as sales-type leases. 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,
| 2024 |  | 2023 |  | 2022
Sales-type lease selling price(1) | $ | 42.0 |  |  | $ | 30.3 |  |  | $ | 36.3 |
Cost of underlying assets | (16.0) |  |  | (13.8) |  |  | (17.6) |
Operating profit | $ | 26.0 |  |  | $ | 16.5 |  |  | $ | 18.7 |
Interest income | $ | 7.4 |  |  | $ | 6.1 |  |  | $ | 4.5 |
Leasing revenue attributable to sales-type leases | $ | 49.4 |  |  | $ | 36.4 |  |  | $ | 40.8 |
(1) Selling price is equal to the present value of lease payments over the non-cancelable term of the licensing agreement.
Leasing receivables related to our net investment in sales-type leases are as follows (in millions):
|  |  | December 31,
| Balance Sheet Location |  | 2024 |  | 2023
Leasing receivables, net—short-term | Other current assets |  | $ | 33.9 |  |  | $ | 26.9 |
Leasing receivables, net—long-term | Other assets, net |  | 71.2 |  |  | 65.1 |
Total leasing receivables |  |  | $ | 105.1 |  |  | $ | 92.0 |
Net maturities of sales-type lease receivables for the next five years and thereafter as of December 31, 2024, are as follows (in millions):
| Sales-Type Leases
2025 | $ | 41.2 |
2026 | 29.3 |
2027 | 22.7 |
2028 | 15.6 |
2029 | 8.3 |
Thereafter | 2.8 |
Total future lease payments | 119.9 |
Less: imputed interest | 14.8 |
Total | $ | 105.1 |
Operating Leases, Financing Leases and DLF Obligations Supplemental balance sheet information related to our operating and financing ROU assets and lease liabilities and DLF obligations is as follows (in millions):
|  |  | December 31, |
| Balance Sheet Location |  | 2024 |  | 2023 |
Assets |  |  |  |  |  |
Operating lease ROU assets, net | Operating lease ROU assets, net |  | $ | 1,339.2 |  |  | $ | 1,410.1 |  |
Financing lease ROU assets, net | Other assets, net |  | $ | 261.4 |  |  | $ | 257.4 |  |
Liabilities |  |  |  |  |  |
Current |  |  |  |  |  |
Operating lease liabilities, short-term | Operating lease liabilities, short-term |  | $ | 89.3 |  |  | $ | 86.4 |  |
Financing lease liabilities, short-term | Accounts payable and accrued expenses |  | $ | 1.4 |  |  | $ | 1.4 |  |
DLF obligations, short-term | Accounts payable and accrued expenses |  | $ | 1.0 |  |  | $ | 0.1 |  |
Non-current |  |  |  |  |  |
Operating lease liabilities, long-term | Operating lease liabilities, long-term |  | $ | 1,377.1 |  |  | $ | 1,433.4 |  |
Financing lease liabilities, long-term | Other long-term liabilities |  | $ | 301.9 |  |  | $ | 287.9 |  |
DLF obligations, long-term | Deemed landlord financing obligations |  | $ | 1,194.8 |  |  | $ | 980.0 |  |
Leases Under Construction Our minimum capital commitment for leases under construction, net of reimbursements from third-party real estate financing partners, was approximately $110.8 million as of December 31, 2024. As we are actively involved in the construction of these properties, we recorded $36.5 million in construction costs within property, plant and equipment and $6.0 million in construction advances from the landlords in connection with these properties as of December 31, 2024. We determine the lease classification for these properties at the end of the construction period. Upon lease commencement, the initial base term of these leases is generally 20 years, with most having options to extend for additional terms of up to 20 years. As of December 31, 2024, we had $838.9 million of future lease obligations related to seven venues subject to non-cancellable leases that have been signed but have not yet commenced. 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,
|  | 2024 |  | 2023 |  | 2022
Operating lease costs: |  | $ | 180.0 |  |  | $ | 176.1 |  |  | $ | 172.7 |
Financing lease costs: |  |  |  |  |  |
Amortization of ROU assets |  | 7.4 |  |  | 7.8 |  |  | 6.4 |
Interest on lease liabilities |  | 17.6 |  |  | 15.4 |  |  | 9.3 |
Total financing lease costs |  | 25.0 |  |  | 23.2 |  |  | 15.7 |
DLF obligation costs: |  |  |  |  |  |
Depreciation of DLF assets |  | 38.6 |  |  | 25.8 |  |  | 14.5 |
Interest on DLF obligations |  | 101.6 |  |  | 70.0 |  |  | 46.7 |
Total DLF obligation costs |  | 140.2 |  |  | 95.8 |  |  | 61.2 |
Variable lease costs |  | 12.5 |  |  | 11.8 |  |  | 10.2 |
Total lease costs |  | $ | 357.7 |  |  | $ | 306.9 |  |  | $ | 259.8 |
Other information related to leases (in millions):
|  | Year Ended December 31,
Supplemental Cash Flows Information |  | 2024 |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 167.0 |  |  | $ | 156.4 |  |  | $ | 157.0 |
Operating cash flows from finance leases |  | $ | 12.5 |  |  | $ | 8.5 |  |  | $ | 5.2 |
Operating cash flows from DLF obligations |  | $ | 77.0 |  |  | $ | 54.6 |  |  | $ | 36.9 |
Financing cash flows from finance leases |  | $ | 3.2 |  |  | $ | 2.8 |  |  | $ | 2.7 |
Financing cash flows from DLF obligations |  | $ | 7.6 |  |  | $ | 6.9 |  |  | $ | 4.8 |
Lease liabilities arising from new ROU assets: |  |  |  |  |  |
Operating leases |  | $ | 40.6 |  |  | $ | 83.5 |  |  | $ | 51.9 |
Finance leases |  | $ | 22.1 |  |  | $ | 27.0 |  |  | $ | 92.0 |
DLF obligations |  | $ | 195.7 |  |  | $ | 311.3 |  |  | $ | 193.8 |
| December 31,
| 2024 |  | 2023
Weighted-average remaining lease term (years): |  |  |
Operating leases | 15.2 |  | 15.9
Finance leases | 36.2 |  | 36.8
DLF obligations | 36.8 |  | 38.1
Weighted-average discount rate: |  |  |
Operating leases | 5.8 | % |  | 5.8 | %
Finance leases | 6.5 | % |  | 6.3 | %
DLF obligations | 9.4 | % |  | 10.0 | %
As of December 31, 2024, our future minimum lease obligations were as follows (in millions):
| Operating Leases |  | Finance Leases |  | DLF Obligations(1) |  | Total
2025 | $ | 157.2 |  |  | $ | 15.3 |  |  | $ | 86.9 |  |  | $ | 259.4 |
2026 | 163.1 |  |  | 18.0 |  |  | 99.0 |  |  | 280.1 |
2027 | 160.0 |  |  | 18.1 |  |  | 100.4 |  |  | 278.5 |
2028 | 156.5 |  |  | 18.6 |  |  | 102.6 |  |  | 277.7 |
2029 | 153.3 |  |  | 19.1 |  |  | 105.0 |  |  | 277.4 |
Thereafter | 1,543.6 |  |  | 802.1 |  |  | 4,471.8 |  |  | 6,817.5 |
Total future lease payments | 2,333.7 |  |  | 891.2 |  |  | 4,965.7 |  |  | 8,190.6 |
Less: imputed interest | 867.3 |  |  | 587.9 |  |  | 3,769.9 |  |  | 5,225.1 |
Total | $ | 1,466.4 |  |  | $ | 303.3 |  |  | $ | 1,195.8 |  |  | $ | 2,965.5 |
(1) Future lease payments for DLF Obligations include approximately $24.1 million of reimbursements which we expect to receive from third-party financing partners that were not yet received as of December 31, 2024. Imputed interest includes approximately $114.3 million related to these unfunded DLF Obligations as of December 31, 2024.
Leases | Leases Sales-Type Leases We enter into non-cancelable licensing agreements primarily related to Toptracer and Swing Suite of which certain of these agreements are classified as sales-type leases. 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,
| 2024 |  | 2023 |  | 2022
Sales-type lease selling price(1) | $ | 42.0 |  |  | $ | 30.3 |  |  | $ | 36.3 |
Cost of underlying assets | (16.0) |  |  | (13.8) |  |  | (17.6) |
Operating profit | $ | 26.0 |  |  | $ | 16.5 |  |  | $ | 18.7 |
Interest income | $ | 7.4 |  |  | $ | 6.1 |  |  | $ | 4.5 |
Leasing revenue attributable to sales-type leases | $ | 49.4 |  |  | $ | 36.4 |  |  | $ | 40.8 |
(1) Selling price is equal to the present value of lease payments over the non-cancelable term of the licensing agreement.
Leasing receivables related to our net investment in sales-type leases are as follows (in millions):
|  |  | December 31,
| Balance Sheet Location |  | 2024 |  | 2023
Leasing receivables, net—short-term | Other current assets |  | $ | 33.9 |  |  | $ | 26.9 |
Leasing receivables, net—long-term | Other assets, net |  | 71.2 |  |  | 65.1 |
Total leasing receivables |  |  | $ | 105.1 |  |  | $ | 92.0 |
Net maturities of sales-type lease receivables for the next five years and thereafter as of December 31, 2024, are as follows (in millions):
| Sales-Type Leases
2025 | $ | 41.2 |
2026 | 29.3 |
2027 | 22.7 |
2028 | 15.6 |
2029 | 8.3 |
Thereafter | 2.8 |
Total future lease payments | 119.9 |
Less: imputed interest | 14.8 |
Total | $ | 105.1 |
Operating Leases, Financing Leases and DLF Obligations Supplemental balance sheet information related to our operating and financing ROU assets and lease liabilities and DLF obligations is as follows (in millions):
|  |  | December 31, |
| Balance Sheet Location |  | 2024 |  | 2023 |
Assets |  |  |  |  |  |
Operating lease ROU assets, net | Operating lease ROU assets, net |  | $ | 1,339.2 |  |  | $ | 1,410.1 |  |
Financing lease ROU assets, net | Other assets, net |  | $ | 261.4 |  |  | $ | 257.4 |  |
Liabilities |  |  |  |  |  |
Current |  |  |  |  |  |
Operating lease liabilities, short-term | Operating lease liabilities, short-term |  | $ | 89.3 |  |  | $ | 86.4 |  |
Financing lease liabilities, short-term | Accounts payable and accrued expenses |  | $ | 1.4 |  |  | $ | 1.4 |  |
DLF obligations, short-term | Accounts payable and accrued expenses |  | $ | 1.0 |  |  | $ | 0.1 |  |
Non-current |  |  |  |  |  |
Operating lease liabilities, long-term | Operating lease liabilities, long-term |  | $ | 1,377.1 |  |  | $ | 1,433.4 |  |
Financing lease liabilities, long-term | Other long-term liabilities |  | $ | 301.9 |  |  | $ | 287.9 |  |
DLF obligations, long-term | Deemed landlord financing obligations |  | $ | 1,194.8 |  |  | $ | 980.0 |  |
Leases Under Construction Our minimum capital commitment for leases under construction, net of reimbursements from third-party real estate financing partners, was approximately $110.8 million as of December 31, 2024. As we are actively involved in the construction of these properties, we recorded $36.5 million in construction costs within property, plant and equipment and $6.0 million in construction advances from the landlords in connection with these properties as of December 31, 2024. We determine the lease classification for these properties at the end of the construction period. Upon lease commencement, the initial base term of these leases is generally 20 years, with most having options to extend for additional terms of up to 20 years. As of December 31, 2024, we had $838.9 million of future lease obligations related to seven venues subject to non-cancellable leases that have been signed but have not yet commenced. 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,
|  | 2024 |  | 2023 |  | 2022
Operating lease costs: |  | $ | 180.0 |  |  | $ | 176.1 |  |  | $ | 172.7 |
Financing lease costs: |  |  |  |  |  |
Amortization of ROU assets |  | 7.4 |  |  | 7.8 |  |  | 6.4 |
Interest on lease liabilities |  | 17.6 |  |  | 15.4 |  |  | 9.3 |
Total financing lease costs |  | 25.0 |  |  | 23.2 |  |  | 15.7 |
DLF obligation costs: |  |  |  |  |  |
Depreciation of DLF assets |  | 38.6 |  |  | 25.8 |  |  | 14.5 |
Interest on DLF obligations |  | 101.6 |  |  | 70.0 |  |  | 46.7 |
Total DLF obligation costs |  | 140.2 |  |  | 95.8 |  |  | 61.2 |
Variable lease costs |  | 12.5 |  |  | 11.8 |  |  | 10.2 |
Total lease costs |  | $ | 357.7 |  |  | $ | 306.9 |  |  | $ | 259.8 |
Other information related to leases (in millions):
|  | Year Ended December 31,
Supplemental Cash Flows Information |  | 2024 |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 167.0 |  |  | $ | 156.4 |  |  | $ | 157.0 |
Operating cash flows from finance leases |  | $ | 12.5 |  |  | $ | 8.5 |  |  | $ | 5.2 |
Operating cash flows from DLF obligations |  | $ | 77.0 |  |  | $ | 54.6 |  |  | $ | 36.9 |
Financing cash flows from finance leases |  | $ | 3.2 |  |  | $ | 2.8 |  |  | $ | 2.7 |
Financing cash flows from DLF obligations |  | $ | 7.6 |  |  | $ | 6.9 |  |  | $ | 4.8 |
Lease liabilities arising from new ROU assets: |  |  |  |  |  |
Operating leases |  | $ | 40.6 |  |  | $ | 83.5 |  |  | $ | 51.9 |
Finance leases |  | $ | 22.1 |  |  | $ | 27.0 |  |  | $ | 92.0 |
DLF obligations |  | $ | 195.7 |  |  | $ | 311.3 |  |  | $ | 193.8 |
| December 31,
| 2024 |  | 2023
Weighted-average remaining lease term (years): |  |  |
Operating leases | 15.2 |  | 15.9
Finance leases | 36.2 |  | 36.8
DLF obligations | 36.8 |  | 38.1
Weighted-average discount rate: |  |  |
Operating leases | 5.8 | % |  | 5.8 | %
Finance leases | 6.5 | % |  | 6.3 | %
DLF obligations | 9.4 | % |  | 10.0 | %
As of December 31, 2024, our future minimum lease obligations were as follows (in millions):
| Operating Leases |  | Finance Leases |  | DLF Obligations(1) |  | Total
2025 | $ | 157.2 |  |  | $ | 15.3 |  |  | $ | 86.9 |  |  | $ | 259.4 |
2026 | 163.1 |  |  | 18.0 |  |  | 99.0 |  |  | 280.1 |
2027 | 160.0 |  |  | 18.1 |  |  | 100.4 |  |  | 278.5 |
2028 | 156.5 |  |  | 18.6 |  |  | 102.6 |  |  | 277.7 |
2029 | 153.3 |  |  | 19.1 |  |  | 105.0 |  |  | 277.4 |
Thereafter | 1,543.6 |  |  | 802.1 |  |  | 4,471.8 |  |  | 6,817.5 |
Total future lease payments | 2,333.7 |  |  | 891.2 |  |  | 4,965.7 |  |  | 8,190.6 |
Less: imputed interest | 867.3 |  |  | 587.9 |  |  | 3,769.9 |  |  | 5,225.1 |
Total | $ | 1,466.4 |  |  | $ | 303.3 |  |  | $ | 1,195.8 |  |  | $ | 2,965.5 |
(1) Future lease payments for DLF Obligations include approximately $24.1 million of reimbursements which we expect to receive from third-party financing partners that were not yet received as of December 31, 2024. Imputed interest includes approximately $114.3 million related to these unfunded DLF Obligations as of December 31, 2024.

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
Name: | us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration