CORPORATE BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2019

Summary of the carrying value of corporate borrowings and capital and financing lease obligations


(In millions)	December 31, 2019		December 31, 2018
Senior Secured Credit Facility-Term Loan due 2022	$	—	$	854.2
Senior Secured Credit Facility-Term Loan due 2023		—		491.2
Senior Secured Credit Facility-Term Loan due 2026 (5.23% as of December 31, 2019)		1,985.0		—
Odeon Revolving Credit Facility Due 2022		—	$	11.9
6.0% Senior Secured Notes due 2023		—		230.0
2.95% Senior Unsecured Convertible Notes due 2024		600.0		600.0
5.875% Senior Subordinated Notes due 2022		—		375.0
6.375% Senior Subordinated Notes due 2024 (£500 million par value)		655.8		634.1
5.75% Senior Subordinated Notes due 2025		600.0		600.0
5.875% Senior Subordinated Notes due 2026		595.0		595.0
6.125% Senior Subordinated Notes due 2027		475.0		475.0
5.0% Promissory Note payable to NCM due 2019		—		1.3
	$	4,910.8	$	4,867.7
Finance lease obligations(1)		99.9		560.2
Debt issuance costs		(88.8)		(104.3)
Net discounts		(69.1)		(64.4)
Derivative liability		0.5		24.0
	$	4,853.3	$	5,283.2
Less:
Current maturities corporate borrowings		(20.0)		(15.2)
Current maturities finance lease obligations		(10.3)		—
Current maturities capital and financing lease obligations		—		(67.0)
	$	4,823.0	$	5,201.0

(1)

See Note 3—Leases for information about the derecognition of existing liabilities for certain sale leaseback transactions for the cumulative effect adjustment to accumulated deficit as of January 1, 2019, as required by ASC 842.

Schedule of minimum annual payments required under existing capital and financing lease obligations (net present value thereof) and maturities of corporate borrowings


	Principal
	Amount of
	Corporate
(In millions)	Borrowings
2020	$	20.0
2021		20.0
2022		20.0
2023		20.0
2024		1,275.8
Thereafter		3,555.0
Total	$	4,910.8

2.95% Senior Unsecured Convertible Notes due 2024

Summary of the carrying value of corporate borrowings and capital and financing lease obligations

The carrying value of the Senior Unsecured Convertible Notes due 2024 is as follows:


	Carrying Value		Additional		Increase		Carrying Value		Increase		Carrying Value
	at Issuance on		Deferred		to Expense		as of		to Expense		as of
(In millions)	September 14, 2018		Charges		(Income)		December 31, 2018		(Income)		December 31, 2019
Principal balance	$	600.0	$	—	$	—	$	600.0	$	—	$	600.0
Discount		(90.4)		—		3.7		(86.7)		13.0		(73.7)
Debt issuance costs		(12.5)		(1.1)		0.6		(13.0)		1.8		(11.2)
Derivative liability		90.4		—		(66.4)		24.0		(23.5)		0.5
Carrying Value	$	587.5	$	(1.1)	$	(62.1)	$	524.3	$	(8.7)	$	515.6

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details