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Leases and Other | 6 Months Ended
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Jun. 30, 2021
Leases [Abstract] |
Leases and Other | Note 20. Leases and Other 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.
During the first quarter of 2021, we recorded a write down of certain ROU assets as a result of vacating certain facilities prior to the lease term. 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 |
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 | %
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 |
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 |
Lease Not Yet Commenced As of June 30, 2021, we had executed a facility lease for which we did not have control of the underlying assets. Accordingly, we did not record the lease liability and ROU asset on our Condensed Consolidated Balance Sheets. This lease is for the new FlyOver attraction, FlyOver Canada Toronto. We expect the lease commencement date to begin in fiscal year 2022 with a lease term of 20 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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