INVESTMENTS

3 Months Ended

Mar. 31, 2020

INVESTMENTS

NOTE 5—INVESTMENTS

Investments in non-consolidated affiliates and certain other investments accounted for under the equity method generally include all entities in which the Company or its subsidiaries have significant influence, but not more than 50% voting control, and are recorded in the condensed consolidated balance sheets in other long-term assets. Investments in non-consolidated affiliates as of March 31, 2020 include interests in Digital Cinema Implementation Partners, LLC (“DCIP”) of 29.0%, Digital Cinema Distribution Coalition, LLC (“DCDC”) of 14.6%, AC JV, LLC (“AC JV”) owner of Fathom Events, of 32.0%, SV Holdco LLC (“SV Holdco”), owner of Screenvision, 18.2%, Digital Cinema Media Ltd. (“DCM”) of 50.0%, and Saudi Cinema Company LLC (“SCC”) of 10.0%. The Company also has partnership interests in four U.S. motion picture theatres (“Theatre Partnerships”) and approximately 50.0% interest in 55 theatres in Europe. Indebtedness held by equity method investees is non-recourse to the Company.

Equity in Earnings of Non-Consolidated Entities

Aggregated condensed financial information of the Company’s significant non-consolidated equity method investment (DCIP) is shown below:


		Three Months Ended
(In millions)		March 31, 2020			March 31, 2019
Revenues		$	26.1		$	37.7
Operating costs and expenses			37.2			19.2
Net earnings (loss)		$	(11.1)		$	18.5

The components of the Company’s recorded equity in earnings (loss) of non-consolidated entities are as follows:


		Three Months Ended
(In millions)		March 31, 2020			March 31, 2019
DCIP		$	(1.9)		$	5.6
Other			(1.0)			0.9
The Company’s recorded equity in earnings (loss)		$	(2.9)		$	6.5

Related Party Transactions

The Company recorded the following related party transactions with equity method investees:


		As of			As of
(In millions)		March 31, 2020			December 31, 2019
Due from DCM for on-screen advertising revenue		$	0.9		$	4.2
Loan receivable from DCM			0.6			0.7
Due from DCIP for warranty expenditures			—			3.5
Due to AC JV for Fathom Events programming			(1.0)			(0.8)
Due from Screenvision for on-screen advertising revenue			0.7			3.4
Due from Nordic JVs			2.3			2.5
Due to Nordic JVs for management services			(2.2)			(1.6)
Due from SCC related to the joint venture			9.3			8.3
Due to U.S. theatre partnerships			(0.8)			(1.0)


				Three Months Ended
(In millions)		Condensed Consolidated Statement of Operations		March 31, 2020			March 31, 2019
DCM screen advertising revenues		Other revenues		$	3.6		$	3.9
DCIP equipment rental expense		Operating expense			1.3			1.1
Gross exhibition cost on AC JV Fathom Events programming		Film exhibition costs			2.4			7.3
Screenvision screen advertising revenues		Other revenues			2.1			3.5