Leases

6 Months Ended

Jun. 30, 2020

Leases

Leases

7.  Leases

We have operating and finance 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. Additionally, as of June 30, 2020, we have signed non-cancelable lease agreements with total estimated future lease payments of approximately $3.3 million that had not yet commenced and, therefore, are not included in the measurement of the right-of-use asset and lease liability.

The components of lease cost for the three and six months ended June 30, 2020 and June 30, 2019 are as follows:

	Three Months Ended				Six Months Ended
(Amounts in thousands)	June 30, 2020		June 30, 2019		June 30, 2020		June 30, 2019
Finance lease expense
Amortization of ROU assets	$	9	$	—	$	9	$	—
Interest on lease liabilities		1		—		1		—
Operating lease cost		6,285		6,270		12,548		12,397
Short-term lease cost		1,021		2,298		2,623		3,535
Variable lease cost		1,115		1,452		2,581		3,077
Total lease cost	$	8,431	$	10,020	$	17,762	$	19,009

Other information related to leases for the three and six months ended June 30, 2020 and June 30, 2019 is as follows:

	Three Months Ended				Six Months Ended
(Amounts in thousands, except for lease term and discount rate)	June 30, 2020		June 30, 2019		June 30, 2020		June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	5,895	$	6,892	$	7,482	$	8,452
Operating cash flows from finance leases		184		—		184		—
Financing cash flows from finance leases		1		—		1		—
Operating Leases
ROU assets obtained in exchange for lease liabilities		7,143		3,772		7,472		4,357
Finance Leases
ROU assets obtained in exchange for lease liabilities		857		—		857		—

Additional information related to our operating leases for the period ended June 30, 2020 is as follows:

Weighted-average remaining lease term (in years)	19.10
Weighted-average discount rate	6.89	%

Additional information related to our finance leases for the period ended June 30, 2020 is as follows:

Weighted-average remaining lease term (in years)	3.96
Weighted-average discount rate	4.21	%

The following tables set forth supplemental balance sheet information related to operating and finance leases as of June 30, 2020 and December 31, 2019:

	As of
(Amounts in thousands)	June 30, 2020		December 31, 2019
Operating Leases
Right of Use Assets, net	$	199,877	$	201,128
Short-term lease liabilities		11,244		10,709
Long-term lease liabilities		191,212		188,149
Total operating lease obligation	$	202,456	$	198,858
Finance Leases
Property and equipment, at cost	$	857	$	—
Accumulated depreciation		(9)		—
Total property and equipment, net		848		—
Short-term lease liabilities	$	28	$	—
Long-term lease liabilities		645		—
Total finance lease obligation	$	673	$	—

Maturities of noncancelable operating and finance lease liabilities under Topic 842 as of June 30, 2020 are summarized in the table below.

(Amounts in thousands)	As of June 30, 2020
	Finance Leases		Operating Leases
Remaining in 2020	$	—	$	12,568
2021		172		27,312
2022		232		22,144
2023		232		22,006
2024		106		20,182
Thereafter		—		277,994
Total	$	742	$	382,206
Less: present value discount		(69)		(179,750)
Lease liability	$	673	$	202,456