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Leases and Other | 6 Months Ended
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Jun. 30, 2024
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 |  | 2024 |  |  | 2023 |
Assets: |  |  |  |  |  |  |  |
Operating lease ROU assets |  | Operating lease ROU assets |  | $ | 102,997 |  |  | $ | 109,774 |
Finance lease ROU assets |  | Property and equipment, net |  |  | 53,800 |  |  |  | 57,120 |
Total lease ROU assets |  |  |  | $ | 156,797 |  |  | $ | 166,894 |
Liabilities: |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |
Operating lease obligations |  | Operating lease obligations |  | $ | 17,326 |  |  | $ | 17,334 |
Finance lease obligations |  | Current portion of debt and finance obligations |  |  | 2,590 |  |  |  | 2,742 |
Noncurrent: |  |  |  |  |  |  |  |
Operating lease obligations |  | Long-term operating lease obligations |  |  | 99,456 |  |  |  | 106,109 |
Finance lease obligations |  | Long-term debt and finance obligations |  |  | 60,680 |  |  |  | 61,187 |
Total lease liabilities |  |  |  | $ | 180,052 |  |  | $ | 187,372 |
The components of lease expense consisted of the following:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |
Amortization of ROU assets |  | $ | 1,103 |  |  | $ | 1,048 |  |  | $ | 2,216 |  |  | $ | 2,104 |
Interest on lease liabilities |  |  | 1,424 |  |  |  | 1,427 |  |  |  | 2,860 |  |  |  | 2,837 |
Operating lease cost |  |  | 6,824 |  |  |  | 6,586 |  |  |  | 13,687 |  |  |  | 12,793 |
Short-term lease cost |  |  | 996 |  |  |  | 950 |  |  |  | 1,639 |  |  |  | 1,385 |
Variable lease cost |  |  | 1,296 |  |  |  | 1,510 |  |  |  | 2,536 |  |  |  | 2,738 |
Total lease cost, net |  | $ | 11,643 |  |  | $ | 11,521 |  |  | $ | 22,938 |  |  | $ | 21,857 |
Other information related to operating and finance leases are as follows:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 7,634 |  |  | $ | 6,669 |  |  | $ | 14,395 |  |  | $ | 13,321 |
Operating cash flows from finance leases |  | $ | 1,601 |  |  | $ | 1,535 |  |  | $ | 3,167 |  |  | $ | 3,052 |
Financing cash flows from finance leases |  | $ | 747 |  |  | $ | 572 |  |  | $ | 1,565 |  |  | $ | 1,177 |
ROU assets obtained in exchange for lease obligations: |  |  |  |  |  |  |  |  |  |  |  |
Operating leases |  | $ | 383 |  |  | $ | 14,571 |  |  | $ | 3,628 |  |  | $ | 17,587 |
Finance leases(1) |  | $ | 500 |  |  | $ | 376 |  |  | $ | 1,242 |  |  | $ | 363 |
(1) Includes terminations of equipment finance leases during 2023.
|  |  |  |  |  | June 30, |  |  | December 31, |
|  |  |  |  |  | 2024 |  |  | 2023 |
Weighted-average remaining lease term (years): |  |  |  |  |  |  |  |  |  |
Operating leases |  |  |  |  |  |  | 7.35 |  |  |  | 7.64 |
Finance leases |  |  |  |  |  |  | 33.15 |  |  |  | 33.47 |
Weighted-average discount rate: |  |  |  |  |  |  |  |  |  |
Operating leases |  |  |  |  |  |  | 7.93 | % |  |  | 7.88 | %
Finance leases |  |  |  |  |  |  | 9.19 | % |  |  | 9.17 | %
As of June 30, 2024, 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 2024 |  | $ | 12,226 |  |  | $ | 4,048 |  |  | $ | 16,274 |
2025 |  |  | 26,203 |  |  |  | 7,827 |  |  |  | 34,030 |
2026 |  |  | 25,081 |  |  |  | 7,131 |  |  |  | 32,212 |
2027 |  |  | 21,480 |  |  |  | 6,693 |  |  |  | 28,173 |
2028 |  |  | 15,636 |  |  |  | 6,353 |  |  |  | 21,989 |
Thereafter |  |  | 56,576 |  |  |  | 174,868 |  |  |  | 231,444 |
Total future lease payments |  |  | 157,202 |  |  |  | 206,920 |  |  |  | 364,122 |
Less: Amount representing interest |  |  | (40,420 | ) |  |  | (143,650 | ) |  |  | (184,070 | )
Present value of minimum lease payments |  |  | 116,782 |  |  |  | 63,270 |  |  |  | 180,052 |
Current portion |  |  | (17,326 | ) |  |  | (2,590 | ) |  |  | (19,916 | )
Long-term portion |  | $ | 99,456 |  |  | $ | 60,680 |  |  | $ | 160,136 |
As of June 30, 2024, 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 2024 |  | $ | 1,045 |
2025 |  |  | 1,879 |
2026 |  |  | 1,630 |
2027 |  |  | 947 |
2028 |  |  | 775 |
Thereafter |  |  | 2,078 |
Total minimum rents |  | $ | 8,354 |
Lease Not Yet Commenced As of June 30, 2024, 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 was for a new FlyOver attraction, FlyOver Canada Toronto. Effective August 6, 2024, this facility lease was terminated. Refer to Note 24 – Subsequent Events for additional information.

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