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Leases and Other (Tables) | 6 Months Ended
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Jun. 30, 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:
|  |  |  | June 30, |  |  | December 31, |
(in thousands) |  | Classification on the Condensed Consolidated Balance Sheet |  | 2021 |  |  | 2020 |
Assets: |  |  |  |  |  |  |  |  |  |
Operating lease assets |  | Operating lease ROU assets |  | $ | 84,175 |  |  | $ | 82,739 |
Finance lease assets (1) |  | Property and equipment, net |  |  | 64,197 |  |  |  | 23,366 |
Total lease assets |  |  |  | $ | 148,372 |  |  | $ | 106,105 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |  |
Operating lease obligations |  | Operating lease obligations |  | $ | 11,422 |  |  | $ | 15,697 |
Finance lease obligations |  | Current portion of debt and finance lease obligations |  |  | 2,502 |  |  |  | 2,514 |
Noncurrent: |  |  |  |  |  |  |  |  |  |
Operating lease obligations |  | Long-term operating lease obligations |  |  | 81,727 |  |  |  | 70,150 |
Finance lease obligations (1) |  | Long-term debt and finance lease obligations |  |  | 63,733 |  |  |  | 20,627 |
Total lease liabilities |  |  |  | $ | 159,384 |  |  | $ | 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 |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
(in thousands) |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of ROU assets |  | $ | 1,068 |  |  | $ | 923 |  |  | $ | 2,138 |  |  | $ | 1,841 |
Interest on lease liabilities |  |  | 1,473 |  |  |  | 412 |  |  |  | 2,788 |  |  |  | 829 |
Operating lease cost |  |  | 5,893 |  |  |  | 6,912 |  |  |  | 12,163 |  |  |  | 13,639 |
Short-term lease cost |  |  | 198 |  |  |  | 32 |  |  |  | 459 |  |  |  | 342 |
Variable lease cost |  |  | 1,092 |  |  |  | 1,359 |  |  |  | 2,034 |  |  |  | 3,058 |
Total lease cost, net |  | $ | 9,724 |  |  | $ | 9,638 |  |  | $ | 19,582 |  |  | $ | 19,709 |
Schedule of Other Information Related to Operating and Finance Leases | Other information related to operating and finance leases are as follows:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
(in thousands) |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 6,460 |  |  | $ | 6,095 |  |  | $ | 12,613 |  |  | $ | 12,624 |
Operating cash flows from finance leases |  | $ | 933 |  |  | $ | 706 |  |  | $ | 1,207 |  |  | $ | 866 |
Financing cash flows from finance leases |  | $ | 684 |  |  | $ | 793 |  |  | $ | 1,394 |  |  | $ | 1,570 |
ROU assets obtained in exchange for lease obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating leases |  | $ | 12,636 |  |  | $ | 3,298 |  |  | $ | 18,935 |  |  | $ | 4,077 |
Finance leases |  | $ | — |  |  | $ | 1,038 |  |  | $ | 41,709 |  |  | $ | 1,768 |
|  |  |  |  |  |  |  |  |  | June 30, |  |  | December 31, |
|  |  |  |  |  |  |  |  |  | 2021 |  |  | 2020 |
Weighted-average remaining lease term (years): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating leases |  |  |  |  |  |  |  |  |  |  | 8.79 |  |  |  | 8.39 |
Finance leases |  |  |  |  |  |  |  |  |  |  | 35.21 |  |  |  | 13.97 |
Weighted-average discount rate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating leases |  |  |  |  |  |  |  |  |  |  | 7.22 | % |  |  | 6.93 | %
Finance leases |  |  |  |  |  |  |  |  |  |  | 9.05 | % |  |  | 7.99 | %
Schedule of Estimated Future Minimum Lease Payments Under Non-cancellable Leases Excluding Variable Leases and Variable Non-lease Components | As of June 30, 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 |  | $ | 9,658 |  |  | $ | 4,231 |  |  | $ | 13,889 |
2022 |  |  | 17,683 |  |  |  | 7,987 |  |  |  | 25,670 |
2023 |  |  | 15,618 |  |  |  | 7,468 |  |  |  | 23,086 |
2024 |  |  | 13,806 |  |  |  | 6,789 |  |  |  | 20,595 |
2025 |  |  | 12,550 |  |  |  | 6,252 |  |  |  | 18,802 |
Thereafter |  |  | 63,932 |  |  |  | 191,984 |  |  |  | 255,916 |
Total future lease payments |  |  | 133,247 |  |  |  | 224,711 |  |  |  | 357,958 |
Less: Amount representing interest |  |  | (40,098 | ) |  |  | (158,476 | ) |  |  | (198,574 | )
Present value of minimum lease payments |  |  | 93,149 |  |  |  | 66,235 |  |  |  | 159,384 |
Current portion |  |  | 11,422 |  |  |  | 2,502 |  |  |  | 13,924 |
Long-term portion |  | $ | 81,727 |  |  | $ | 63,733 |  |  | $ | 145,460 |
Schedule of Estimated Future Minimum Rentals Under Non-cancellable Leases | As of June 30, 2021, the estimated future minimum rental income under non-cancellable leases, which includes rental income from facilities that we own, is as follows:
(in thousands) |  |  |  |
Remainder of 2021 |  | $ | 761 |
2022 |  |  | 1,115 |
2023 |  |  | 890 |
2024 |  |  | 662 |
2025 |  |  | 506 |
Thereafter |  |  | 1,369 |
Total minimum rents |  | $ | 5,303 |

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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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- Definition Schedule of maturities of operating and finance leases liabilities. + References No definition available. + Details
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- Definition Schedule of operating and finance leases. + References No definition available. + Details
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- Definition Schedule of other information related to operating and finance leases. + References No definition available. + Details
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