Quarterly report pursuant to Section 13 or 15(d)

LEASES

v3.21.1
LEASES
 3 Months Ended
Mar. 31, 2021
Leases [Abstract]  
LEASES LEASES
The Company's commitments under lease arrangements are primarily ground leases for Entertainment Golf venues and Traditional Golf properties and related facilities, office leases and leases for golf carts and equipment. The majority of lease terms for our Entertainment Golf venues and Traditional Golf properties and related facilities initially range from 10 to 20 years, and include up to eight 5-year renewal options (see Note 13 for additional detail). Equipment and golf cart leases initially range between 24 to 66 months and typically contain renewal options which may be on a month-to-month basis. An option to renew a lease is included in the determination of the ROU asset and lease liability when it is reasonably certain that the renewal option will be exercised.
Lease related costs recognized in the Consolidated Statements of Operations for the three months ended March 31, 2021, and March 31, 2020, are as follows:
Three Months Ended March 31,
2021 2020
Finance lease cost
Amortization of right-of-use assets $ 1,467  1,532 
Interest on lease liabilities 325  341 
Total finance lease cost 1,792  1,873 
Operating lease cost
Operating lease cost 8,904  9,267 
Short-term lease cost 340  428 
Variable lease cost 4,008  2,788 
Total operating lease cost 13,252  12,483 
Total lease cost $ 15,044  14,356 
Other information related to leases included on the Consolidated Balance Sheet as of and for the three months ended March 31, 2021 are as follows:
Operating Leases Financing Leases
Right-of-use assets 195,280  17,741 
Lease liabilities 192,590  17,633 
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows 8,954  325 
Financing cash flows —  1,685 
Right-of-use assets obtained in exchange for lease liabilities 9,765  298 
Weighted average remaining lease term 14.0 years 3.7 years
Weighted average discount rate 8.2  % 6.4  %

Future minimum lease payments under non-cancellable leases as of March 31, 2021 are as follows:
Operating Leases Financing Leases
April 1, 2021 - December 31, 2021 26,156  5,241 
2022 30,662  5,721 
2023 30,514  4,665 
2024 24,536  2,481 
2025 21,555  1,240 
Thereafter 183,074  318 
Total minimum lease payments 316,497  19,666 
Less: imputed interest 123,907  2,033 
Total lease liabilities $ 192,590  $ 17,633 
LEASES LEASES
The Company's commitments under lease arrangements are primarily ground leases for Entertainment Golf venues and Traditional Golf properties and related facilities, office leases and leases for golf carts and equipment. The majority of lease terms for our Entertainment Golf venues and Traditional Golf properties and related facilities initially range from 10 to 20 years, and include up to eight 5-year renewal options (see Note 13 for additional detail). Equipment and golf cart leases initially range between 24 to 66 months and typically contain renewal options which may be on a month-to-month basis. An option to renew a lease is included in the determination of the ROU asset and lease liability when it is reasonably certain that the renewal option will be exercised.
Lease related costs recognized in the Consolidated Statements of Operations for the three months ended March 31, 2021, and March 31, 2020, are as follows:
Three Months Ended March 31,
2021 2020
Finance lease cost
Amortization of right-of-use assets $ 1,467  1,532 
Interest on lease liabilities 325  341 
Total finance lease cost 1,792  1,873 
Operating lease cost
Operating lease cost 8,904  9,267 
Short-term lease cost 340  428 
Variable lease cost 4,008  2,788 
Total operating lease cost 13,252  12,483 
Total lease cost $ 15,044  14,356 
Other information related to leases included on the Consolidated Balance Sheet as of and for the three months ended March 31, 2021 are as follows:
Operating Leases Financing Leases
Right-of-use assets 195,280  17,741 
Lease liabilities 192,590  17,633 
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows 8,954  325 
Financing cash flows —  1,685 
Right-of-use assets obtained in exchange for lease liabilities 9,765  298 
Weighted average remaining lease term 14.0 years 3.7 years
Weighted average discount rate 8.2  % 6.4  %

Future minimum lease payments under non-cancellable leases as of March 31, 2021 are as follows:
Operating Leases Financing Leases
April 1, 2021 - December 31, 2021 26,156  5,241 
2022 30,662  5,721 
2023 30,514  4,665 
2024 24,536  2,481 
2025 21,555  1,240 
Thereafter 183,074  318 
Total minimum lease payments 316,497  19,666 
Less: imputed interest 123,907  2,033 
Total lease liabilities $ 192,590  $ 17,633