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Leases and Other (Tables) | 3 Months Ended
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Mar. 31, 2021
Leases [Abstract] |
Summary of Balance Sheet Presentation of Operating and Finance Leases | The balance sheet presentation of our operating and finance leases is as follows:
|  |  |  | March 31, |  |  | December 31, |
(in thousands) |  | Classification on the Condensed Consolidated Balance Sheet |  | 2021 |  |  | 2020 |
Assets: |  |  |  |  |  |  |  |  |  |
Operating lease assets |  | Operating lease ROU assets |  | $ | 81,488 |  |  | $ | 82,739 |
Finance lease assets (1) |  | Property and equipment, net |  |  | 63,934 |  |  |  | 23,366 |
Total lease assets |  |  |  | $ | 145,422 |  |  | $ | 106,105 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |  |
Operating lease obligations |  | Operating lease obligations |  | $ | 14,684 |  |  | $ | 15,697 |
Finance lease obligations |  | Current portion of debt and finance lease obligations |  |  | 2,519 |  |  |  | 2,514 |
Noncurrent: |  |  |  |  |  |  |  |  |  |
Operating lease obligations |  | Long-term operating lease obligations |  |  | 72,878 |  |  |  | 70,150 |
Finance lease obligations (1) |  | Long-term debt and finance lease obligations |  |  | 62,681 |  |  |  | 20,627 |
Total lease liabilities |  |  |  | $ | 152,762 |  |  | $ | 108,988 |
(1) | The increase in finance lease assets and obligations is primarily due to the commencement of Pursuit’s new Sky Lagoon attraction in Iceland during the first quarter of 2021, which has a 46-year lease term.
Components of Lease Expense | The components of lease expense consisted of the following:
|  | Three Months Ended |
|  | March 31, |
(in thousands) |  | 2021 |  |  | 2020 |
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of ROU assets |  | $ | 1,070 |  |  | $ | 918 |
Interest on lease liabilities |  |  | 1,315 |  |  |  | 417 |
Operating lease cost |  |  | 6,270 |  |  |  | 6,727 |
Short-term lease cost |  |  | 261 |  |  |  | 310 |
Variable lease cost |  |  | 942 |  |  |  | 1,699 |
Total lease cost, net |  | $ | 9,858 |  |  | $ | 10,071 |
Schedule of Other Information Related to Operating and Finance Leases | Other information related to operating and finance leases are as follows:
|  | Three Months Ended |
|  | March 31, |
(in thousands) |  | 2021 |  |  | 2020 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 6,153 |  |  | $ | 6,529 |
Operating cash flows from finance leases |  | $ | 274 |  |  | $ | 160 |
Financing cash flows from finance leases |  | $ | 710 |  |  | $ | 777 |
ROU assets obtained in exchange for lease obligations: |  |  |  |  |  |  |  |
Operating leases |  | $ | 6,299 |  |  | $ | 779 |
Finance leases |  |  | 42,907 |  |  | $ | 730 |
|  | March 31, |  |  | December 31, |
|  | 2021 |  |  | 2020 |
Weighted-average remaining lease term (years): |  |  |  |  |  |  |  |
Operating leases |  |  | 8.21 |  |  |  | 8.39 |
Finance leases |  |  | 35.44 |  |  |  | 13.97 |
Weighted-average discount rate: |  |  |  |  |  |  |  |
Operating leases |  |  | 7.02 | % |  |  | 6.93 | %
Finance leases |  |  | 9.04 | % |  |  | 7.99 | %
Schedule of Estimated Future Minimum Lease Payments Under Non-cancellable Leases Excluding Variable Leases and Variable Non-lease Components | As of March 31, 2021, 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 |
Remainder of 2021 |  | $ | 16,616 |  |  | $ | 5,948 |  |  | $ | 22,564 |
2022 |  |  | 16,932 |  |  |  | 7,927 |  |  |  | 24,859 |
2023 |  |  | 13,847 |  |  |  | 7,407 |  |  |  | 21,254 |
2024 |  |  | 11,982 |  |  |  | 6,735 |  |  |  | 18,717 |
2025 |  |  | 10,689 |  |  |  | 6,204 |  |  |  | 16,893 |
Thereafter |  |  | 52,037 |  |  |  | 189,245 |  |  |  | 241,282 |
Total future lease payments |  |  | 122,103 |  |  |  | 223,466 |  |  |  | 345,569 |
Less: Amount representing interest |  |  | (34,541 | ) |  |  | (158,266 | ) |  |  | (192,807 | )
Present value of minimum lease payments |  |  | 87,562 |  |  |  | 65,200 |  |  |  | 152,762 |
Current portion |  |  | 14,684 |  |  |  | 2,519 |  |  |  | 17,203 |
Long-term portion |  | $ | 72,878 |  |  | $ | 62,681 |  |  | $ | 135,559 |
Schedule of Estimated Future Minimum Rentals Under Non-cancellable Leases | As of March 31, 2021, the estimated future minimum rental income under non-cancellable leases, which includes rental income from facilities that we own, are as follows:
(in thousands) |  |  |  |
Remainder of 2021 |  | $ | 1,180 |
2022 |  |  | 1,088 |
2023 |  |  | 869 |
2024 |  |  | 646 |
2025 |  |  | 493 |
Thereafter |  |  | 1,333 |
Total minimum rents |  | $ | 5,609 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121576215&loc=SL77919396-209981 + Details
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