Leases

3 Months Ended

Mar. 31, 2020

Leases

Leases

7.  Leases

We have operating leases for amusement parks, land, vehicles, machinery and certain equipment. Our leases have remaining lease terms of less than one year to 45 years, some of which include options to extend leases up to 20 years, and some of which include options to terminate the lease within one year. For our noncancelable operating leases with options to extend, because we may determine it is not reasonably certain we will exercise the option, the options are not considered in determining the lease term, and associated potential option payments are excluded from lease payments. Our leases generally do not include restrictive financial or other covenants. Payments due under the lease contracts include fixed payments and, for certain of our leases, variable payments.

The components of lease cost for the three months ended March 31, 2020 and 2019 are as follows:

	Three Months Ended
(Amounts in thousands)	March 31, 2020		March 31, 2019
Operating lease cost	$	6,263	$	6,127
Short-term lease cost		1,602		1,237
Variable lease cost		1,466		1,625
Total lease cost	$	9,331	$	8,989

Other information related to leases for the three months ended March 31, 2020 and 2019 is as follows:

	Three Months Ended
(Amounts in thousands, except for lease term and discount rate)	March 31, 2020			March 31, 2019
Cash paid for amounts included in the measurement of lease liability operating cash flows	$	1,587		$	1,560
ROU assets obtained in exchange for lease liabilities		329			585
Weighted-average remaining lease term (in years)		19.33			20.0
Weighted-average discount rate		6.90	%		6.91	%

Maturities of noncancelable operating lease liabilities under Topic 842 as of March 31, 2020 are summarized in the table below.

(Amounts in thousands)	As of March 31, 2020
Remaining in 2020	$	22,312
2021		22,747
2022		21,729
2023		21,489
2024		19,349
Thereafter		268,271
Total	$	375,897
Less: present value discount		(179,345)
Lease liability	$	196,552