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Leases and Other (Tables)

6 Months Ended

Jun. 30, 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:


				June 30,				December 31,
(in thousands)		Classification on the Condensed Consolidated Balance Sheet		2023				2022
Assets:
Operating lease ROU assets		Operating lease ROU assets		$	112,263			$	102,777
Finance lease ROU assets		Property and equipment, net			57,732				57,534
Total lease ROU assets				$	169,995			$	160,311

Liabilities:
Current:
Operating lease obligations		Operating lease obligations		$	15,087			$	13,463
Finance lease obligations		Current portion of debt and finance obligations			2,650				2,978
Noncurrent:
Operating lease obligations		Long-term operating lease obligations			109,143				101,297
Finance lease obligations		Long-term debt and finance obligations			61,311				61,751
Total lease liabilities				$	188,191			$	179,489

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)		2023				2022				2023				2022
Finance lease cost:
Amortization of ROU assets		$	1,048			$	1,045			$	2,104			$	2,096
Interest on lease liabilities			1,427				1,467				2,837				2,902
Operating lease cost			6,586				6,204				12,793				12,026
Short-term lease cost			950				749				1,385				1,113
Variable lease cost			1,510				1,532				2,738				2,546
Total lease cost, net		$	11,521			$	10,997			$	21,857			$	20,683

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)		2023				2022				2023				2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	6,669			$	6,069			$	13,321			$	11,867
Operating cash flows from finance leases		$	1,535			$	1,499			$	3,052			$	2,966
Financing cash flows from finance leases		$	572			$	873			$	1,177			$	1,597
ROU assets obtained in exchange for lease obligations:
Operating leases		$	14,571			$	1,380			$	17,587			$	10,711
Finance leases(1)		$	376			$	1,217			$	363			$	4,324

(1)

Includes terminations of equipment finance leases that occurred during the first quarter of 2023.


						June 30,				December 31,
						2023				2022
Weighted-average remaining lease term (years):
Operating leases							7.98				8.51
Finance leases							33.83				34.07
Weighted-average discount rate:
Operating leases							7.78	%			7.25	%
Finance leases							9.14	%			9.12	%

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

As of June 30, 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		$	10,511			$	4,163			$	14,674
2024			25,910				7,919				33,829
2025			23,878				7,090				30,968
2026			22,931				6,487				29,418
2027			19,367				6,277				25,644
Thereafter			69,059				180,986				250,045
Total future lease payments			171,656				212,922				384,578
Less: Amount representing interest			(47,426	)			(148,961	)			(196,387	)
Present value of minimum lease payments			124,230				63,961				188,191
Current portion			(15,087	)			(2,650	)			(17,737	)
Long-term portion		$	109,143			$	61,311			$	170,454

Schedule of Estimated Future Minimum Rentals Under Non-cancellable Leases

As of June 30, 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		$	923
2024			1,591
2025			1,381
2026			1,136
2027			478
Thereafter			611
Total minimum rents		$	6,120

Lease Not Yet Commenced

As of June 30, 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.