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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