Quarterly report pursuant to Section 13 or 15(d)

LEASES

v3.20.2
LEASES
 6 Months Ended
Jun. 30, 2020
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 and six months ended June 30, 2020, and June 30, 2019, are as follows:
Three Months Ended June 30, Six Months Ended June 30,
2020 2019 2020 2019
Finance lease cost
Amortization of right-of-use assets $ 1,485    1,529    $ 3,016    3,046   
Interest on lease liabilities 246    373    587    619   
Total finance lease cost 1,731    1,902    3,603    3,665   
Operating lease cost
Operating lease cost 9,002    9,588    18,269    18,598   
Short-term lease cost 421    711    848    1,462   
Variable lease cost 1,541    4,401    4,331    7,173   
Total operating lease cost 10,964    14,700    23,448    27,233   
Total lease cost $ 12,695    16,602    $ 27,051    30,898   
Other information related to leases included on the Consolidated Balance Sheet as of and for the six months ended June 30, 2020 are as follows:
Operating Leases Financing Leases
Right-of-use assets 203,359    17,539   
Lease liabilities 195,524    17,721   
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows 10,937    587   
Financing cash flows N/A 2,066   
Right-of-use assets obtained in exchange for lease liabilities 659    1,028   
Weighted average remaining lease term 12.7 years 3.2 years
Weighted average discount rate 8.3  % 7.4  %

Future minimum lease payments under non-cancellable leases as of June 30, 2020 are as follows:
Operating Leases Financing Leases
July 1, 2020 - December 31, 2020 19,598    5,308   
2021 30,186    5,957   
2022 29,102    4,316   
2023 28,941    3,277   
2024 22,788    1,134   
Thereafter 197,851    24   
Total minimum lease payments 328,466    20,016   
Less: imputed interest 132,942    2,295   
Total lease liabilities $ 195,524    $ 17,721   
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 and six months ended June 30, 2020, and June 30, 2019, are as follows:
Three Months Ended June 30, Six Months Ended June 30,
2020 2019 2020 2019
Finance lease cost
Amortization of right-of-use assets $ 1,485    1,529    $ 3,016    3,046   
Interest on lease liabilities 246    373    587    619   
Total finance lease cost 1,731    1,902    3,603    3,665   
Operating lease cost
Operating lease cost 9,002    9,588    18,269    18,598   
Short-term lease cost 421    711    848    1,462   
Variable lease cost 1,541    4,401    4,331    7,173   
Total operating lease cost 10,964    14,700    23,448    27,233   
Total lease cost $ 12,695    16,602    $ 27,051    30,898   
Other information related to leases included on the Consolidated Balance Sheet as of and for the six months ended June 30, 2020 are as follows:
Operating Leases Financing Leases
Right-of-use assets 203,359    17,539   
Lease liabilities 195,524    17,721   
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows 10,937    587   
Financing cash flows N/A 2,066   
Right-of-use assets obtained in exchange for lease liabilities 659    1,028   
Weighted average remaining lease term 12.7 years 3.2 years
Weighted average discount rate 8.3  % 7.4  %

Future minimum lease payments under non-cancellable leases as of June 30, 2020 are as follows:
Operating Leases Financing Leases
July 1, 2020 - December 31, 2020 19,598    5,308   
2021 30,186    5,957   
2022 29,102    4,316   
2023 28,941    3,277   
2024 22,788    1,134   
Thereafter 197,851    24   
Total minimum lease payments 328,466    20,016   
Less: imputed interest 132,942    2,295   
Total lease liabilities $ 195,524    $ 17,721