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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