Leases and Other (Tables)

9 Months Ended

Sep. 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:

		September 30,		December 31,
(in thousands)	Classification on the Condensed Consolidated Balance Sheet	2022		2021
Assets:
Operating lease assets	Operating lease ROU assets	$	107,442	$	95,915
Finance lease assets	Property and equipment, net		57,216		61,022
Total lease assets		$	164,658	$	156,937
Liabilities:
Current:
Operating lease obligations	Operating lease obligations	$	13,958	$	12,451
Finance lease obligations	Current portion of debt and finance obligations		3,206		2,928
Noncurrent:
Operating lease obligations	Long-term operating lease obligations		105,740		93,406
Finance lease obligations	Long-term debt and finance obligations		62,170		60,473
Total lease liabilities		$	185,074	$	169,258

Components of Lease Expense

The components of lease expense consisted of the following:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in thousands)	2022		2021		2022		2021
Finance lease cost:
Amortization of ROU assets	$	1,060	$	1,093	$	3,156	$	3,231
Interest on lease liabilities		1,478		1,405		4,380		4,193
Operating lease cost		6,426		5,165		18,452		17,328
Short-term lease cost		968		394		2,081		853
Variable lease cost		1,420		1,059		3,966		3,093
Total lease cost, net	$	11,352	$	9,116	$	32,035	$	28,698

Schedule of Other Information Related to Operating and Finance Leases

Other information related to operating and finance leases are as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in thousands)	2022		2021		2022			2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5,480	$	5,140	$	17,347		$	17,753
Operating cash flows from finance leases	$	1,551	$	4,748	$	4,517		$	5,955
Financing cash flows from finance leases	$	854	$	656	$	2,451		$	2,050
ROU assets obtained in exchange for lease obligations:
Operating leases	$	8,095	$	8,033	$	18,806		$	26,968
Finance leases	$	805	$	1,073	$	5,129		$	42,782
					September 30,			December 31,
					2022			2021
Weighted-average remaining lease term (years):
Operating leases						8.61			8.54
Finance leases						34.04			34.95
Weighted-average discount rate:
Operating leases						7.11	%		6.86	%
Finance leases						9.10	%		9.06	%

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

As of September 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	$	6,232		$	2,283		$	8,515
2023		23,507			8,684			32,191
2024		20,973			7,627			28,600
2025		19,792			6,802			26,594
2026		19,369			6,400			25,769
Thereafter		77,373			185,976			263,349
Total future lease payments		167,246			217,772			385,018
Less: Amount representing interest		(47,548	)		(152,396	)		(199,944	)
Present value of minimum lease payments		119,698			65,376			185,074
Current portion		13,958			3,206			17,164
Long-term portion	$	105,740		$	62,170		$	167,910

Schedule of Estimated Future Minimum Rentals Under Non-cancellable Leases

As of September 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	$	472
2023		1,455
2024		1,206
2025		984
2026		737
Thereafter		995
Total minimum rents	$	5,849

Lease Not Yet Commenced

As of September 30, 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 early 2023 with a lease term of 20 years.