INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2020

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


(In millions)	December 31, 2020		December 31, 2019
Current assets	$	267.6	$	339.3
Noncurrent assets		347.4		843.3
Total assets		615.0		1,182.6
Current liabilities		181.0		222.4
Noncurrent liabilities		213.5		260.5
Total liabilities		394.5		482.9
Stockholders’ equity		220.5		699.7
Liabilities and stockholders’ equity		615.0		1,182.6
The Company’s recorded investment (1)		80.9		239.1

(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,		December 31,		December 31,
(In millions)	2020		2019		2018
Revenues	$	162.7	$	694.5	$	902.8
Operating costs and expenses		347.9		583.7		743.0
Net earnings (loss)	$	(185.2)	$	110.8	$	159.8

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


	Year Ended
(In millions)	December 31, 2020		December 31, 2019		December 31, 2018
The Company’s recorded equity in earnings (loss)	$	(30.9)	$	30.6	$	86.7

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, 2017	$	161.1	$	(530.9)	$	(2.5)
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)
Receipt of NCM shares		—		(4.8)		—		—		—		—		—
Amortization of ESA		—		16.9		—		—		—		—		(16.9)
Ending balance at December 31, 2020	$	—	$	(537.6)	$	—	$	—	$	—	$	—	$	(16.9)

(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.


	As of		As of
(In millions)	December 31, 2020		December 31, 2019
Due from DCM for on-screen advertising revenue	$	—	$	4.2
Loan receivable from DCM		0.7		0.7
Due from DCIP for warranty expenditures		5.7		3.5
Due to AC JV for Fathom Events programming		(0.9)		(0.8)
Due from Screenvision for on-screen advertising revenue		0.4		3.4
Due from Nordic JVs		1.2		2.5
Due to Nordic JVs for management services		(0.5)		(1.6)
Due from SCC related to the joint venture		0.7		8.3
Due to U.S. theatre partnerships		(0.4)		(1.0)


		Year Ended
(In millions)	Consolidated Statements of Operations	December 31, 2020		December 31, 2019		December 31, 2018
DCM screen advertising revenues	Other revenues	$	3.8	$	22.4	$	20.1
DCIP equipment rental expense	Operating expense		1.0		3.6		6.5
Gross exhibition cost on AC JV Fathom Events programming	Film exhibition costs		3.9		13.6		12.9
Screenvision screen advertising revenues	Other revenues		2.6		15.6		15.1