Leases and Other

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases and Other

Note 20. Leases and Other

The balance sheet presentation of our operating and finance leases is as follows:

		December 31,
(in thousands)	Classification on the Consolidated Balance Sheet	2022		2021
Assets:
Operating lease assets	Operating lease ROU assets	$	102,777	$	95,915
Finance lease assets	Property and equipment, net		57,534		61,022
Total lease assets		$	160,311	$	156,937
Liabilities:
Current:
Operating lease obligations	Operating lease obligations	$	13,463	$	12,451
Finance lease obligations	Current portion of debt and finance obligations		2,978		2,928
Noncurrent:
Operating lease obligations	Long-term operating lease obligations		101,297		93,406
Finance lease obligations	Long-term debt and finance obligations		61,751		60,473
Total lease liabilities		$	179,489	$	169,258

The components of lease expense consisted of the following:

	Year Ended December 31,
(in thousands)	2022		2021
Finance lease cost:
Amortization of ROU assets	$	4,264	$	4,280
Interest on lease liabilities		5,817		5,580
Operating lease cost		24,850		23,129
Short-term lease cost		2,545		1,444
Variable lease cost		5,566		4,372
Total lease cost, net	$	43,042	$	38,805

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

	Year Ended December 31,
(in thousands)	2022			2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	23,024		$	23,320
Operating cash flows from finance leases	$	6,089		$	3,926
Financing cash flows from finance leases	$	3,845		$	3,223
ROU assets obtained in exchange for lease obligations:
Operating leases	$	24,050		$	38,838
Finance leases	$	5,139		$	43,241
	December 31,
	2022			2021
Weighted-average remaining lease term (years):
Operating leases		8.51			8.54
Finance leases		34.07			34.95
Weighted-average discount rate:
Operating leases		7.25	%		6.86	%
Finance leases		9.12	%		9.06	%

As of December 31, 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
2023	$	23,267		$	8,743		$	32,010
2024		21,560			7,692			29,252
2025		20,055			6,869			26,924
2026		19,126			6,367			25,493
2027		15,886			6,205			22,091
Thereafter		60,268			180,055			240,323
Total future lease payments		160,162			215,931			376,093
Less: Amount representing interest		(45,402	)		(151,202	)		(196,604	)
Present value of minimum lease payments		114,760			64,729			179,489
Current portion		13,463			2,978			16,441
Long-term portion	$	101,297		$	61,751		$	163,048

As of December 31, 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)
2023	$	1,815
2024		1,569
2025		1,354
2026		1,111
2027		455
Thereafter		579
Total minimum rents	$	6,883

Lease Not Yet Commenced

As of December 31, 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 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.