Leases and Other (Tables)

6 Months Ended

Jun. 30, 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:

		June 30,		December 31,
(in thousands)	Classification on the Condensed Consolidated Balance Sheet	2022		2021
Assets:
Operating lease assets	Operating lease ROU assets	$	99,644	$	95,915
Finance lease assets	Property and equipment, net		62,101		61,022
Total lease assets		$	161,745	$	156,937
Liabilities:
Current:
Operating lease obligations	Operating lease obligations	$	13,285	$	12,451
Finance lease obligations	Current portion of debt and finance obligations		2,899		2,928
Noncurrent:
Operating lease obligations	Long-term operating lease obligations		97,277		93,406
Finance lease obligations	Long-term debt and finance obligations		61,996		60,473
Total lease liabilities		$	175,457	$	169,258

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)	2022		2021		2022		2021
Finance lease cost:
Amortization of ROU assets	$	1,045	$	1,068	$	2,096	$	2,138
Interest on lease liabilities		1,467		1,473		2,902		2,788
Operating lease cost		6,204		5,893		12,026		12,163
Short-term lease cost		749		198		1,113		459
Variable lease cost		1,532		1,092		2,546		2,034
Total lease cost, net	$	10,997	$	9,724	$	20,683	$	19,582

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)	2022		2021		2022			2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	6,069	$	6,460	$	11,867		$	12,613
Operating cash flows from finance leases	$	1,499	$	933	$	2,966		$	1,207
Financing cash flows from finance leases	$	873	$	684	$	1,597		$	1,394
ROU assets obtained in exchange for lease obligations:
Operating leases	$	1,380	$	12,636	$	10,711		$	18,935
Finance leases		1,217		—	$	4,324		$	41,709
					June 30,			December 31,
					2022			2021
Weighted-average remaining lease term (years):
Operating leases						8.60			8.54
Finance leases						33.76			34.95
Weighted-average discount rate:
Operating leases						7.00	%		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 June 30, 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	$	11,029		$	4,759		$	15,788
2023		20,921			8,630			29,551
2024		18,894			7,554			26,448
2025		17,636			6,785			24,421
2026		17,266			6,527			23,793
Thereafter		69,123			185,673			254,796
Total future lease payments		154,869			219,928			374,797
Less: Amount representing interest		(44,307	)		(155,033	)		(199,340	)
Present value of minimum lease payments		110,562			64,895			175,457
Current portion		13,285			2,899			16,184
Long-term portion	$	97,277		$	61,996		$	159,273

Schedule of Estimated Future Minimum Rentals Under Non-cancellable Leases

As of June 30, 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	$	748
2023		1,229
2024		990
2025		836
2026		682
Thereafter		936
Total minimum rents	$	5,421

Lease Not Yet Commenced

As of June 30, 2022, we had executed three facility leases for which we did not have control of the underlying assets. Accordingly, we did not record the lease liabilities and ROU assets on our Condensed Consolidated Balance Sheets. One of these leases is for the new FlyOver attraction, FlyOver Canada Toronto. We expect the lease commencement date for FlyOver Canada Toronto to begin in early 2023 with a lease term of 20 years.