Quarterly report pursuant to Section 13 or 15(d)

LEASES

v3.19.2
LEASES
6 Months Ended
Jun. 30, 2019
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 2 to 6 years 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, 2019 are as follows:
 
 
Three Months Ended June 30, 2019
 
Six Months Ended June 30, 2019
Finance lease cost
 
 
 
 
Amortization of right-of-use assets
 
$
1,529

 
$
3,046

Interest on lease liabilities
 
373

 
619

Total finance lease cost
 
1,902

 
3,665

 
 
 
 
 
Operating lease cost
 
 
 
 
Operating lease cost
 
9,588

 
18,598

Short-term lease cost
 
711

 
1,462

Variable lease cost
 
4,401

 
7,173

Total operating lease cost
 
14,700

 
27,233

 
 
 
 
 
Total lease cost
 
$
16,602

 
$
30,898



Other information related to leases included on the Consolidated Balance Sheet as of and for the six months ended June 30, 2019 are as follows:
 
 
Operating Leases
 
Financing Leases
Right-of-use assets
 
225,666

 
22,502

Lease liabilities
 
211,182

 
22,908

 
 
 
 
 
Cash paid for amounts included in the measurement of lease liabilities
 
 
 
 
Operating cash flows
 
15,062

 
420

Financing cash flows
 
N/A

 
2,692

 
 
 
 
 
Right-of-use assets obtained in exchange for lease liabilities
 
11,387

 
10,613

 
 
 
 
 
Weighted average remaining lease term
 
12.7 years

 
3.7 years

Weighted average discount rate
 
8.8
%
 
7.2
%


Future minimum lease payments under non-cancellable leases as of June 30, 2019 are as follows:
 
 
Operating Leases
 
Financing Leases
July 1, 2019 - December 31, 2019
 
15,179

 
5,549

2020
 
33,736

 
6,854

2021
 
32,509

 
5,409

2022
 
31,134

 
3,829

2023
 
30,962

 
2,821

Thereafter
 
229,332

 
910

Total minimum lease payments
 
372,852

 
25,372

Less: imputed interest
 
161,670

 
2,464

Total lease liabilities
 
$
211,182

 
$
22,908

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 2 to 6 years 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, 2019 are as follows:
 
 
Three Months Ended June 30, 2019
 
Six Months Ended June 30, 2019
Finance lease cost
 
 
 
 
Amortization of right-of-use assets
 
$
1,529

 
$
3,046

Interest on lease liabilities
 
373

 
619

Total finance lease cost
 
1,902

 
3,665

 
 
 
 
 
Operating lease cost
 
 
 
 
Operating lease cost
 
9,588

 
18,598

Short-term lease cost
 
711

 
1,462

Variable lease cost
 
4,401

 
7,173

Total operating lease cost
 
14,700

 
27,233

 
 
 
 
 
Total lease cost
 
$
16,602

 
$
30,898



Other information related to leases included on the Consolidated Balance Sheet as of and for the six months ended June 30, 2019 are as follows:
 
 
Operating Leases
 
Financing Leases
Right-of-use assets
 
225,666

 
22,502

Lease liabilities
 
211,182

 
22,908

 
 
 
 
 
Cash paid for amounts included in the measurement of lease liabilities
 
 
 
 
Operating cash flows
 
15,062

 
420

Financing cash flows
 
N/A

 
2,692

 
 
 
 
 
Right-of-use assets obtained in exchange for lease liabilities
 
11,387

 
10,613

 
 
 
 
 
Weighted average remaining lease term
 
12.7 years

 
3.7 years

Weighted average discount rate
 
8.8
%
 
7.2
%


Future minimum lease payments under non-cancellable leases as of June 30, 2019 are as follows:
 
 
Operating Leases
 
Financing Leases
July 1, 2019 - December 31, 2019
 
15,179

 
5,549

2020
 
33,736

 
6,854

2021
 
32,509

 
5,409

2022
 
31,134

 
3,829

2023
 
30,962

 
2,821

Thereafter
 
229,332

 
910

Total minimum lease payments
 
372,852

 
25,372

Less: imputed interest
 
161,670

 
2,464

Total lease liabilities
 
$
211,182

 
$
22,908