Leases and Other

12 Months Ended

Dec. 31, 2020

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	2020		2019
Assets:
Operating lease assets	Operating lease right-of-use assets	$	82,739	$	103,314
Finance lease assets	Property and equipment, net		23,366		25,350
Total lease assets		$	106,105	$	128,664
Liabilities:
Current:
Operating lease obligations	Operating lease obligations	$	15,697	$	22,180
Finance lease obligations	Current portion of debt and finance lease obligations		2,514		3,386
Noncurrent:
Operating lease obligations	Long-term operating lease obligations		70,150		82,851
Finance lease obligations	Long-term debt and finance lease obligations		20,627		21,871
Total lease liabilities		$	108,988	$	130,288

The components of lease expense consisted of the following:

	Year Ended December 31,
(in thousands)	2020		2019
Finance lease cost:
Amortization of right-of-use assets	$	3,662	$	2,780
Interest on lease liabilities		1,668		924
Operating lease cost		27,259		26,511
Short-term lease cost		701		1,932
Variable lease cost		5,672		6,271
Total lease cost, net	$	38,962	$	38,418

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

	Year Ended December 31,
(in thousands)	2020			2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	26,250		$	28,146
Operating cash flows from finance leases	$	1,948		$	502
Financing cash flows from finance leases	$	3,543		$	2,698
ROU assets obtained in exchange for lease obligations:
Operating leases	$	659		$	125,755
Finance leases	$	2,141		$	18,822
	December 31,
	2020			2019
Weighted-average remaining lease term (years):
Operating leases		8.39			8.17
Finance leases		13.97			14.01
Weighted-average discount rate:
Operating leases		6.93	%		5.77	%
Finance leases		7.99	%		7.73	%

As of December 31, 2020, 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
2021	$	22,046		$	4,405		$	26,451
2022		16,567			3,917			20,484
2023		13,489			3,397			16,886
2024		10,314			2,724			13,038
2025		8,994			2,193			11,187
Thereafter		45,101			22,973			68,074
Total future lease payments		116,511			39,609			156,120
Less: Amount representing interest		(30,664	)		(16,468	)		(47,132	)
Present value of minimum lease payments		85,847			23,141			108,988
Current portion		15,697			2,514			18,211
Long-term portion	$	70,150		$	20,627		$	90,777

As of December 31, 2020, the estimated future minimum rentals under non-cancellable leases, which includes rental income from facilities that we own, are as follows:

(in thousands)
2021	$	1,612
2022		1,089
2023		869
2024		646
2025		493
Thereafter		1,332
Total minimum sublease rents	$	6,041

Leases Not Yet Commenced

As of December 31, 2020, we had executed certain facility and land 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 Consolidated Balance Sheets. These leases include future planned attractions for Pursuit that are currently in the planning or development phase and that we expect the lease commencement dates to begin between fiscal years 2021 and 2023 with lease terms of 23 to 47 years.