Leases

9 Months Ended

Sep. 30, 2020

Operating 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 September 30, 2020, we have signed non-cancelable lease agreements with total estimated future lease payments of approximately $2.2 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 nine months ended September 30, 2020 and September 30, 2019 are as follows:

	Three Months Ended				Nine Months Ended
(Amounts in thousands)	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Finance lease expense
Amortization of ROU assets	$	98	$	—	$	107	$	—
Interest on lease liabilities		13		—		14		—
Operating lease cost		6,379		6,127		18,927		18,524
Short-term lease cost		974		1,754		3,597		5,289
Variable lease cost		1,192		1,224		3,773		4,301
Total lease cost	$	8,656	$	9,105	$	26,418	$	28,114

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

	Three Months Ended				Nine Months Ended
(Amounts in thousands)	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	6,777	$	14,011	$	14,259	$	22,464
Operating cash flows from finance leases		396		—		580		—
Financing cash flows from finance leases		14		—		15		—
Operating Leases
ROU assets obtained in exchange for lease liabilities		287		253		7,759		4,610
Finance Leases
ROU assets obtained in exchange for lease liabilities		1,904		—		2,761		—

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

Weighted-average remaining lease term (in years)	18.90
Weighted-average discount rate	6.89	%

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

Weighted-average remaining lease term (in years)	3.77
Weighted-average discount rate	3.99	%

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

	As of
(Amounts in thousands)	September 30, 2020		December 31, 2019
Operating Leases
Right of Use Assets, net	$	198,061	$	201,128
Short-term lease liabilities		18,644		10,709
Long-term lease liabilities		181,716		188,149
Total operating lease obligation	$	200,360	$	198,858
Finance Leases
Property and equipment, at cost	$	1,904	$	—
Accumulated depreciation		(107)		—
Total property and equipment, net		1,797		—
Short-term lease liabilities	$	159	$	—
Long-term lease liabilities		1,349		—
Total finance lease obligation	$	1,508	$	—

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

(Amounts in thousands)	As of September 30, 2020
	Finance Leases		Operating Leases
Remaining in 2020	$	—	$	5,830
2021		346		27,364
2022		513		22,200
2023		513		22,062
2024		269		20,238
Thereafter		—		278,059
Total	$	1,641	$	375,753
Less: present value discount		(133)		(175,393)
Lease liability	$	1,508	$	200,360