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Leases and Other (Tables)

3 Months Ended

Mar. 31, 2022

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		2022				2021
Assets:
Operating lease assets		Operating lease ROU assets		$	104,057			$	95,915
Finance lease assets		Property and equipment, net			63,696				61,022
Total lease assets				$	167,753			$	156,937

Liabilities:
Current:
Operating lease obligations		Operating lease obligations		$	13,602			$	12,451
Finance lease obligations		Current portion of debt and finance obligations			2,902				2,928
Noncurrent:
Operating lease obligations		Long-term operating lease obligations			101,325				93,406
Finance lease obligations		Long-term debt and finance obligations			63,512				60,473
Total lease liabilities				$	181,341			$	169,258

Components of Lease Expense

The components of lease expense consisted of the following:


		Three Months Ended
		March 31,
(in thousands)		2022				2021
Finance lease cost:
Amortization of ROU assets		$	1,051			$	1,070
Interest on lease liabilities			1,435				1,315
Operating lease cost			5,822				6,270
Short-term lease cost			364				261
Variable lease cost			1,014				942
Total lease cost, net		$	9,686			$	9,858

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)		2022				2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	5,798			$	6,153
Operating cash flows from finance leases		$	1,467			$	274
Financing cash flows from finance leases		$	724			$	710
ROU assets obtained in exchange for lease obligations:
Operating leases		$	5,560			$	6,299
Finance leases		$	3,107			$	42,907

		March 31,				December 31,
		2022				2021
Weighted-average remaining lease term (years):
Operating leases			8.62				8.54
Finance leases			34.11				34.95
Weighted-average discount rate:
Operating leases			6.97	%			6.86	%
Finance leases			9.08	%			9.06	%

Schedule of Estimated Future Minimum Lease Payments Under Non-cancellable Leases Excluding Variable Leases and Variable Non-lease Components

As of March 31, 2022, 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 2022		$	16,842			$	6,700			$	23,542
2023			20,952				8,383				29,335
2024			19,060				7,299				26,359
2025			17,697				6,620				24,317
2026			17,319				6,411				23,730
Thereafter			68,801				187,778				256,579
Total future lease payments			160,671				223,191				383,862
Less: Amount representing interest			(45,744	)			(156,777	)			(202,521	)
Present value of minimum lease payments			114,927				66,414				181,341
Current portion			13,602				2,902				16,504
Long-term portion		$	101,325			$	63,512			$	164,837

Schedule of Estimated Future Minimum Rentals Under Non-cancellable Leases

As of March 31, 2022, 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 2022		$	1,056
2023			1,162
2024			941
2025			784
2026			625
Thereafter			920
Total minimum rents		$	5,488

Leases Not Yet Commenced

As of March 31, 2022, 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.