Leases (Tables)
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9 Months Ended |
Sep. 30, 2023 |
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| Leases [Abstract] |
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| Schedule of Lease Assets and Lease Liabilities |
At September 30, 2023 and December 31, 2022, the Company’s lease assets and lease liabilities, primarily for its studios and corporate offices, were as follows:
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September 30, 2023 |
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December 31, 2022 |
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Assets: |
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Operating leases |
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$ |
55,414 |
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$ |
75,696 |
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Finance leases |
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10 |
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54 |
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Total lease assets |
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$ |
55,424 |
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$ |
75,750 |
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Liabilities: |
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Current |
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Operating leases |
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$ |
9,804 |
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$ |
17,955 |
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Finance leases |
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9 |
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31 |
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Noncurrent |
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Operating leases |
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56,643 |
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68,099 |
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Finance leases |
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0 |
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7 |
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Total lease liabilities |
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$ |
66,456 |
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$ |
86,092 |
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| Schedule of Components of Lease Expense |
For the three and nine months ended September 30, 2023 and October 1, 2022, the components of the Company’s lease expense were as follows:
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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October 1, |
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September 30, |
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October 1, |
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2023 |
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2022 |
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2023 |
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2022 |
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Operating lease cost: |
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Fixed lease cost |
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$ |
4,312 |
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$ |
9,071 |
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$ |
17,423 |
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$ |
24,974 |
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Lease termination (benefit) cost |
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(538 |
) |
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(189 |
) |
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11,512 |
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1,912 |
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Variable lease cost |
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15 |
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7 |
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46 |
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20 |
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Total operating lease cost |
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$ |
3,789 |
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$ |
8,889 |
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$ |
28,981 |
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$ |
26,906 |
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Finance lease cost: |
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Amortization of leased assets |
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5 |
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25 |
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$ |
43 |
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$ |
86 |
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Interest on lease liabilities |
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0 |
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4 |
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1 |
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6 |
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Total finance lease cost |
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$ |
5 |
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$ |
29 |
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$ |
44 |
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$ |
92 |
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Total lease cost |
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$ |
3,794 |
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$ |
8,918 |
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$ |
29,025 |
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$ |
26,998 |
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| Summary of Weighted Average Remaining Lease Term and Weighted Average Discount Rates |
At September 30, 2023 and December 31, 2022, the Company’s weighted average remaining lease term and weighted average discount rates were as follows:
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September 30, 2023 |
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December 31, 2022 |
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Weighted Average Remaining Lease Term (years) |
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Operating leases |
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7.42 |
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6.90 |
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Finance leases |
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0.62 |
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1.00 |
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Weighted Average Discount Rate |
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Operating leases |
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7.48 |
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7.03 |
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Finance leases |
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3.91 |
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3.52 |
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| Schedule of Maturity of Lease Liabilities |
At September 30, 2023, the maturity of the Company’s lease liabilities in each of the next five fiscal years and thereafter were as follows:
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Operating
Leases |
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Finance
Leases |
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Total |
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Remainder of fiscal 2023 |
$ |
2,778 |
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$ |
2 |
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$ |
2,780 |
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Fiscal 2024 |
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15,307 |
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7 |
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15,314 |
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Fiscal 2025 |
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13,054 |
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— |
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13,054 |
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Fiscal 2026 |
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10,056 |
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— |
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10,056 |
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Fiscal 2027 |
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9,590 |
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— |
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9,590 |
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Fiscal 2028 |
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9,277 |
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— |
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9,277 |
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Thereafter |
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26,919 |
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— |
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26,919 |
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Total lease payments |
$ |
86,981 |
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$ |
9 |
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$ |
86,990 |
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Less imputed interest |
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20,534 |
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0 |
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20,534 |
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Present value of lease liabilities |
$ |
66,447 |
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$ |
9 |
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$ |
66,456 |
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| Summary of Supplemental Cash Flow Information Related to Leases |
Supplemental cash flow information related to leases for the nine months ended September 30, 2023 and October 1, 2022 were as follows:
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Nine Months Ended |
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September 30, |
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October 1, |
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2023 |
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2022 |
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Cash paid for amounts included in the measurement of lease liabilities |
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Operating cash flows from operating leases |
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$ |
17,826 |
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$ |
24,244 |
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Operating cash flows from finance leases |
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$ |
1 |
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$ |
6 |
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Financing cash flows from finance leases |
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$ |
43 |
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$ |
86 |
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Lease assets (modified) obtained in exchange for (modified) new operating lease liabilities |
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$ |
(6,683 |
) |
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$ |
11,160 |
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Lease assets obtained in exchange for new finance lease liabilities |
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$ |
— |
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$ |
44 |
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