Quarterly report pursuant to Section 13 or 15(d)

LEASES

v3.20.2
LEASES
 9 Months Ended
Sep. 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 nine months ended September 30, 2020, and September 30, 2019, are as follows:
Three Months Ended September 30, Nine Months Ended September 30,
2020 2019 2020 2019
Finance lease cost
Amortization of right-of-use assets $ 1,480  1,690  $ 4,496  4,736 
Interest on lease liabilities 217  353  803  972 
Total finance lease cost 1,697  2,043  5,299  5,708 
Operating lease cost
Operating lease cost 8,881  9,798  27,146  28,276 
Short-term lease cost 432  420  1,282  1,882 
Variable lease cost 5,044  5,544  9,375  12,696 
Total operating lease cost 14,357  15,762  37,803  42,854 
Total lease cost $ 16,054  17,805  $ 43,102  48,562 
Other information related to leases included on the Consolidated Balance Sheet as of and for the nine months ended September 30, 2020 are as follows:
Operating Leases Financing Leases
Right-of-use assets 198,458  18,807 
Lease liabilities 191,928  18,818 
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows 17,086  803 
Financing cash flows N/A 3,849 
Right-of-use assets obtained in exchange for lease liabilities 679  4,030 
Weighted average remaining lease term 12.6 years 3.5 years
Weighted average discount rate 8.4  % 7.0  %

Future minimum lease payments under non-cancellable leases as of September 30, 2020 are as follows:
Operating Leases Financing Leases
October 1, 2020 - December 31, 2020 12,047  1,915 
2021 30,186  6,903 
2022 29,102  5,267 
2023 28,941  4,195 
2024 22,789  1,993 
Thereafter 197,827  934 
Total minimum lease payments 320,892  21,207 
Less: imputed interest 128,964  2,389 
Total lease liabilities $ 191,928  $ 18,818 
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 nine months ended September 30, 2020, and September 30, 2019, are as follows:
Three Months Ended September 30, Nine Months Ended September 30,
2020 2019 2020 2019
Finance lease cost
Amortization of right-of-use assets $ 1,480  1,690  $ 4,496  4,736 
Interest on lease liabilities 217  353  803  972 
Total finance lease cost 1,697  2,043  5,299  5,708 
Operating lease cost
Operating lease cost 8,881  9,798  27,146  28,276 
Short-term lease cost 432  420  1,282  1,882 
Variable lease cost 5,044  5,544  9,375  12,696 
Total operating lease cost 14,357  15,762  37,803  42,854 
Total lease cost $ 16,054  17,805  $ 43,102  48,562 
Other information related to leases included on the Consolidated Balance Sheet as of and for the nine months ended September 30, 2020 are as follows:
Operating Leases Financing Leases
Right-of-use assets 198,458  18,807 
Lease liabilities 191,928  18,818 
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows 17,086  803 
Financing cash flows N/A 3,849 
Right-of-use assets obtained in exchange for lease liabilities 679  4,030 
Weighted average remaining lease term 12.6 years 3.5 years
Weighted average discount rate 8.4  % 7.0  %

Future minimum lease payments under non-cancellable leases as of September 30, 2020 are as follows:
Operating Leases Financing Leases
October 1, 2020 - December 31, 2020 12,047  1,915 
2021 30,186  6,903 
2022 29,102  5,267 
2023 28,941  4,195 
2024 22,789  1,993 
Thereafter 197,827  934 
Total minimum lease payments 320,892  21,207 
Less: imputed interest 128,964  2,389 
Total lease liabilities $ 191,928  $ 18,818