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Leases and Other | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Leases and Other | Note 20. Leases and Other The balance sheet presentation of our operating and finance leases is as follows:
|  |  |  | December 31, |
(in thousands) |  | Classification on the Consolidated Balance Sheet |  | 2020 |  |  | 2019 |
Assets: |  |  |  |  |  |  |  |  |  |
Operating lease assets |  | Operating lease right-of-use assets |  | $ | 82,739 |  |  | $ | 103,314 |
Finance lease assets |  | Property and equipment, net |  |  | 23,366 |  |  |  | 25,350 |
Total lease assets |  |  |  | $ | 106,105 |  |  | $ | 128,664 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |  |
Operating lease obligations |  | Operating lease obligations |  | $ | 15,697 |  |  | $ | 22,180 |
Finance lease obligations |  | Current portion of debt and finance lease obligations |  |  | 2,514 |  |  |  | 3,386 |
Noncurrent: |  |  |  |  |  |  |  |  |  |
Operating lease obligations |  | Long-term operating lease obligations |  |  | 70,150 |  |  |  | 82,851 |
Finance lease obligations |  | Long-term debt and finance lease obligations |  |  | 20,627 |  |  |  | 21,871 |
Total lease liabilities |  |  |  | $ | 108,988 |  |  | $ | 130,288 |
The components of lease expense consisted of the following:
|  | Year Ended December 31, |
(in thousands) |  | 2020 |  |  | 2019 |
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 3,662 |  |  | $ | 2,780 |
Interest on lease liabilities |  |  | 1,668 |  |  |  | 924 |
Operating lease cost |  |  | 27,259 |  |  |  | 26,511 |
Short-term lease cost |  |  | 701 |  |  |  | 1,932 |
Variable lease cost |  |  | 5,672 |  |  |  | 6,271 |
Total lease cost, net |  | $ | 38,962 |  |  | $ | 38,418 |
Other information related to operating and finance leases are as follows:
|  | Year Ended December 31, |
(in thousands) |  | 2020 |  |  | 2019 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 26,250 |  |  | $ | 28,146 |
Operating cash flows from finance leases |  | $ | 1,948 |  |  | $ | 502 |
Financing cash flows from finance leases |  | $ | 3,543 |  |  | $ | 2,698 |
ROU assets obtained in exchange for lease obligations: |  |  |  |  |  |  |  |
Operating leases |  | $ | 659 |  |  | $ | 125,755 |
Finance leases |  | $ | 2,141 |  |  | $ | 18,822 |
|  | December 31, |
|  | 2020 |  |  | 2019 |
Weighted-average remaining lease term (years): |  |  |  |  |  |  |  |
Operating leases |  |  | 8.39 |  |  |  | 8.17 |
Finance leases |  |  | 13.97 |  |  |  | 14.01 |
Weighted-average discount rate: |  |  |  |  |  |  |  |
Operating leases |  |  | 6.93 | % |  |  | 5.77 | %
Finance leases |  |  | 7.99 | % |  |  | 7.73 | %
As of December 31, 2020, the estimated future minimum lease payments under non-cancellable leases, excluding variable leases and variable non-lease components, are as follows:
(in thousands) |  | Operating Leases |  |  | Finance Leases |  |  | Total |
2021 |  | $ | 22,046 |  |  | $ | 4,405 |  |  | $ | 26,451 |
2022 |  |  | 16,567 |  |  |  | 3,917 |  |  |  | 20,484 |
2023 |  |  | 13,489 |  |  |  | 3,397 |  |  |  | 16,886 |
2024 |  |  | 10,314 |  |  |  | 2,724 |  |  |  | 13,038 |
2025 |  |  | 8,994 |  |  |  | 2,193 |  |  |  | 11,187 |
Thereafter |  |  | 45,101 |  |  |  | 22,973 |  |  |  | 68,074 |
Total future lease payments |  |  | 116,511 |  |  |  | 39,609 |  |  |  | 156,120 |
Less: Amount representing interest |  |  | (30,664 | ) |  |  | (16,468 | ) |  |  | (47,132 | )
Present value of minimum lease payments |  |  | 85,847 |  |  |  | 23,141 |  |  |  | 108,988 |
Current portion |  |  | 15,697 |  |  |  | 2,514 |  |  |  | 18,211 |
Long-term portion |  | $ | 70,150 |  |  | $ | 20,627 |  |  | $ | 90,777 |
As of December 31, 2020, the estimated future minimum rentals under non-cancellable leases, which includes rental income from facilities that we own, are as follows:
(in thousands) |  |  |  |
2021 |  | $ | 1,612 |
2022 |  |  | 1,089 |
2023 |  |  | 869 |
2024 |  |  | 646 |
2025 |  |  | 493 |
Thereafter |  |  | 1,332 |
Total minimum sublease rents |  | $ | 6,041 |
Leases Not Yet Commenced As of December 31, 2020, we had executed certain facility and land leases for which we did not have control of the underlying assets. Accordingly, we did not record the lease liabilities and ROU assets on our Consolidated Balance Sheets. These leases include future planned attractions for Pursuit that are currently in the planning or development phase and that we expect the lease commencement dates to begin between fiscal years 2021 and 2023 with lease terms of 23 to 47 years.

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- Definition Tabular disclosure for lessee's operating leases. Includes, but is not limited to, description of lessee's operating lease, existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph (Note 1,3) -URI http://asc.fasb.org/extlink&oid=121580752&loc=d3e38371-112697 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121573735&loc=d3e41499-112717 Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121555522&loc=d3e12069-110248 Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121573735&loc=d3e41502-112717 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121549808&loc=d3e36991-112694 + Details
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