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v3.23.1

Leases and Other (Tables) | 3 Months Ended
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Mar. 31, 2023
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 |  | 2023 |  |  | 2022 |
Assets: |  |  |  |  |  |  |  |
Operating lease assets |  | Operating lease ROU assets |  | $ | 101,699 |  |  | $ | 102,777 |
Finance lease assets |  | Property and equipment, net |  |  | 57,915 |  |  |  | 57,534 |
Total lease assets |  |  |  | $ | 159,614 |  |  | $ | 160,311 |
Liabilities: |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |
Operating lease obligations |  | Operating lease obligations |  | $ | 14,723 |  |  | $ | 13,463 |
Finance lease obligations |  | Current portion of debt and finance obligations |  |  | 3,052 |  |  |  | 2,978 |
Noncurrent: |  |  |  |  |  |  |  |
Operating lease obligations |  | Long-term operating lease obligations |  |  | 98,981 |  |  |  | 101,297 |
Finance lease obligations |  | Long-term debt and finance obligations |  |  | 61,486 |  |  |  | 61,751 |
Total lease liabilities |  |  |  | $ | 178,242 |  |  | $ | 179,489 |
Components of Lease Expense | The components of lease expense consisted of the following:
|  | Three Months Ended |
|  | March 31, |
(in thousands) |  | 2023 |  |  | 2022 |
Finance lease cost: |  |  |  |  |  |
Amortization of ROU assets |  | $ | 1,056 |  |  | $ | 1,051 |
Interest on lease liabilities |  |  | 1,410 |  |  |  | 1,435 |
Operating lease cost |  |  | 6,207 |  |  |  | 5,822 |
Short-term lease cost |  |  | 435 |  |  |  | 364 |
Variable lease cost |  |  | 1,228 |  |  |  | 1,014 |
Total lease cost, net |  | $ | 10,336 |  |  | $ | 9,686 |
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) |  | 2023 |  |  | 2022 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 6,652 |  |  | $ | 5,798 |
Operating cash flows from finance leases |  | $ | 1,517 |  |  | $ | 1,467 |
Financing cash flows from finance leases |  | $ | 605 |  |  | $ | 724 |
ROU assets obtained in exchange for lease obligations: |  |  |  |  |  |
Operating leases |  | $ | 3,016 |  |  | $ | 9,331 |
Finance leases(1) |  | $ | (13 | ) |  | $ | 3,107 |
(1) Includes terminations of equipment finance leases.
|  | March 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Weighted-average remaining lease term (years): |  |  |  |  |  |
Operating leases |  |  | 8.35 |  |  |  | 8.51 |
Finance leases |  |  | 34.02 |  |  |  | 34.07 |
Weighted-average discount rate: |  |  |  |  |  |
Operating leases |  |  | 7.32 | % |  |  | 7.25 | %
Finance leases |  |  | 9.13 | % |  |  | 9.12 | %
Schedule of Estimated Future Minimum Lease Payments Under Non-cancellable Leases Excluding Variable Leases and Variable Non-lease Components | As of March 31, 2023, 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 2023 |  | $ | 16,543 |  |  | $ | 6,615 |  |  | $ | 23,158 |
2024 |  |  | 22,308 |  |  |  | 7,751 |  |  |  | 30,059 |
2025 |  |  | 20,190 |  |  |  | 6,927 |  |  |  | 27,117 |
2026 |  |  | 19,353 |  |  |  | 6,418 |  |  |  | 25,771 |
2027 |  |  | 15,836 |  |  |  | 6,255 |  |  |  | 22,091 |
Thereafter |  |  | 64,052 |  |  |  | 180,776 |  |  |  | 244,828 |
Total future lease payments |  |  | 158,282 |  |  |  | 214,742 |  |  |  | 373,024 |
Less: Amount representing interest |  |  | (44,578 | ) |  |  | (150,204 | ) |  |  | (194,782 | )
Present value of minimum lease payments |  |  | 113,704 |  |  |  | 64,538 |  |  |  | 178,242 |
Current portion |  |  | (14,723 | ) |  |  | (3,052 | ) |  |  | (17,775 | )
Long-term portion |  | $ | 98,981 |  |  | $ | 61,486 |  |  | $ | 160,467 |
Schedule of Estimated Future Minimum Rentals Under Non-cancellable Leases | As of March 31, 2023, 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 2023 |  | $ | 1,326 |
2024 |  |  | 1,548 |
2025 |  |  | 1,342 |
2026 |  |  | 1,105 |
2027 |  |  | 465 |
Thereafter |  |  | 593 |
Total minimum rents |  | $ | 6,379 |
Lease Not Yet Commenced As of March 31, 2023, 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 a new FlyOver attraction, FlyOver Canada Toronto. The lease commencement date was originally planned for 2023, however, it has been postponed due to permitting and other related delays. Upon commencement date, it will have a lease term of 20 years.

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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 https://asc.fasb.org/extlink&oid=128292326&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 https://asc.fasb.org/extlink&oid=124258985&loc=SL77919396-209981 + 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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