INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Condensed Financial Information of Non-consolidated Equity Method Investments


	December 31, 2019
(In millions)	DCIP		Other		Total
Current assets	$	51.4	$	287.9	$	339.3
Noncurrent assets		568.0		275.3		843.3
Total assets		619.4		563.2		1,182.6
Current liabilities		64.6		157.8		222.4
Noncurrent liabilities		10.4		250.1		260.5
Total liabilities		75.0		407.9		482.9
Stockholders’ equity		544.4		155.3		699.7
Liabilities and stockholders’ equity		619.4		563.2		1,182.6
The Company’s recorded investment (1)	$	151.0	$	88.1	$	239.1


	December 31, 2018
(In millions)	DCIP		Other		Total
Current assets	$	57.9	$	170.4	$	228.3
Noncurrent assets		684.3		201.0		885.3
Total assets		742.2		371.4		1,113.6
Current liabilities		60.7		99.4		160.1
Noncurrent liabilities		132.1		207.7		339.8
Total liabilities		192.8		307.1		499.9
Stockholders’ equity		549.5		64.3		613.8
Liabilities and stockholders’ equity		742.2		371.4		1,113.6
The Company’s recorded investment (1)	$	152.5	$	79.9	$	232.4

(1)

Certain differences in the Company’s recorded investments, and its proportional ownership share resulting from the acquisition of Holdings by Wanda on August 30, 2012, where the investments were recorded at fair value, are amortized to equity in (earnings) losses of non-consolidated entities over the estimated useful lives of the underlying assets and liabilities. Other non-amortizing differences are considered to represent goodwill and are evaluated for impairment annually.

Condensed financial information of the Company’s significant non-consolidated equity method investments is shown below and amounts are presented under U.S. GAAP for the periods of ownership by the Company:


	Year Ended December 31, 2019
(In millions)	DCIP		Other		Total
Revenues	$	172.2	$	522.3	$	694.5
Operating costs and expenses		94.3		489.4		583.7
Net earnings	$	77.9	$	32.9	$	110.8


	Year Ended December 31, 2018
(In millions)	NCM (1)		DCIP		Other		Total
Revenues	$	193.9	$	176.7	$	532.2	$	902.8
Operating costs and expenses		171.9		81.9		489.2		743.0
Net earnings	$	22.0	$	94.8	$	43.0	$	159.8

(1)

The NCM condensed financial information represents the period January 1, 2018 through the date the sale closed July 5, 2018.


	Year Ended December 31, 2017
(In millions)	NCM		DCIP		Other		Total
Revenues	$	426.1	$	177.4	$	581.9	$	1,185.4
Operating costs and expenses		324.2		84.3		550.9		959.4
Net earnings	$	101.9	$	93.1	$	31.0	$	226.0

Schedule of Components of Recorded Equity in Earnings (Losses) of Non-consolidated Entities


	Year Ended		Year Ended		Year Ended
(In millions)	December 31, 2019		December 31, 2018		December 31, 2017
National CineMedia(1)	$	—	$	17.9	$	(216.3)
Digital Cinema Implementation Partners, LLC		25.4		29.1		28.6
Other		5.2		39.7		2.5
The Company’s recorded equity in earnings (losses)	$	30.6	$	86.7	$	(185.2)

(1)

Includes both NCM, LLC and NCM, Inc.

Schedule of Changes in the Carrying Amount of Investment and Equity in Losses


					Accumulated						G&A:
			Exhibitor		Other				Equity in		Mergers and
	Investment		Services		Comprehensive		Cash		(Earnings)		Acquisitions		Advertising
(In millions)	in NCM		Agreement(1)		(Income)/Loss		Received		Losses		Expense		(Revenue)
Ending balance at December 31, 2016	$	323.9	$	(359.2)	$	(4.0)
Receipt of common units		235.2		(235.2)		—	$	—	$	—	$	—	$	—
Receipt of excess cash distributions		(28.6)		—		—		28.6		—		—		—
Surrender of common units for transferred theatres		(36.4)		35.7		—		—		0.7		—		—
Surrender of common units for make whole agreement		(23.1)		—		—		—		0.5		22.6		—
Other-than-temporary impairment loss - held for sale		(206.3)		—		—		—		206.3		—		—
Units exchanged for NCM, Inc. common shares		(116.5)		—		—		—		—		—		—
Equity in earnings		15.3		—		1.5		—		(16.8)		—		—
Equity in loss from amortization of basis difference		(2.4)		—		—		—		2.4		—		—
Amortization of ESA		—		27.8		—		—		—		—		(27.8)
Ending balance at December 31, 2017	$	161.1	$	(530.9)	$	(2.5)	$	28.6	$	193.1	$	22.6	$	(27.8)
ASC 606 revenue recognition change in amortization method		—		(52.9)		—		—		—		—		—
Surrender of common units for common unit adjustment		(6.3)		5.2		—		—		1.1		—		—
Receipt of excess cash distributions		(15.3)		—		—		15.3		—		—		—
Impairment loss - held for sale		(14.4)		—		—		—		14.4		—		—
Expenses on sale of NCM common units		—		—		—		(1.4)		1.4		—		—
Sale of NCM common units		(128.3)		—		2.4		156.8		(30.9)		—		—
Equity in earnings		3.2		—		0.1		—		(3.3)		—		—
Amortization of ESA		—		14.6		—		—		—		—		(14.6)
Ending balance at December 31, 2018	$	—	$	(564.0)	$	—	$	170.7	$	(17.3)	$	—	$	(14.6)
Receipt of NCM shares		—		(1.4)		—		—		—		—		—
Amortization of ESA		—		15.7		—		—		—		—		(15.7)
Ending balance at December 31, 2019	$	—	$	(549.7)	$	—	$	—	$	—	$	—	$	(15.7)

(1)

Represents the unamortized portion of the ESA with NCM. Such amounts are being amortized to other theatre revenues over the remainder of the 30-year term of the ESA ending in 2037. See Note 1—The Company and Significant Accounting Policies and Note 2—Revenue Recognition for information on the effects of adopting ASC 606.

Schedule of Transactions


	As of		As of
(In millions)	December 31, 2019		December 31, 2018
Due from DCM for on-screen advertising revenue	$	4.2	$	2.8
Loan receivable from DCM		0.7		0.6
Due from DCIP for warranty expenditures		3.5		3.4
Deferred rent liability for digital projectors related to DCIP		—		(7.8)
Due to AC JV for Fathom Events programming		(0.8)		(2.5)
Due from Screenvision for on-screen advertising revenue		3.4		2.7
Due from Nordic JVs		2.5		2.6
Due to Nordic JVs for management services		(1.6)		(1.7)
Due from SCC related to the joint venture		8.3		—
Due to U.S. theatre partnerships		(1.0)		(0.9)


		Year Ended
(In millions)	Condensed Consolidated Statement of Operations	December 31, 2019		December 31, 2018		December 31, 2017
DCM screen advertising revenues	Other revenues	$	22.4	$	20.1	$	23.3
DCIP equipment rental expense	Operating expense		3.6		6.5		5.7
Gross exhibition cost on AC JV Fathom Events programming	Film exhibition costs		13.6		12.9		12.5
Screenvision screen advertising revenues	Other revenues		15.6		15.1		14.0