THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES |
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| Schedule of debt repurchases transactions |
| | | | | | | | | | | | | | | Aggregate Principal | | Reacquisition | | Gain on | | Accrued Interest | (In millions) | | Repurchased | | Cost | | Extinguishment | | Paid | Related party transactions: | | | | | | | | | | | | | Second Lien Notes due 2026 | | $ | 75.9 | | $ | 48.5 | | $ | 40.9 | | $ | 1.1 | 5.875% Senior Subordinated Notes due 2026 | | | 4.1 | | | 1.7 | | | 2.3 | | | 0.1 | Total related party transactions | | | 80.0 | | | 50.2 | | | 43.2 | | | 1.2 | Non-related party transactions: | | | | | | | | | | | | | Second Lien Notes due 2026 | | | 139.7 | | | 91.4 | | | 71.3 | | | 4.5 | Total non-related party transactions | | | 139.7 | | | 91.4 | | | 71.3 | | | 4.5 | Total debt repurchases | | $ | 219.7 | | $ | 141.6 | | $ | 114.5 | | $ | 5.7 |
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| Schedule of share issuance upon exchange of debt |
| | | | | | | | | | | | | | | | | | Shares of | | | | | | | | | Aggregate Principal | | Common Stock | | Gain on | | Accrued Interest | (In millions, except for share data) | | Exchanged | | Exchanged | | Extinguishment | | Exchanged | Second Lien Notes due 2026 | | $ | 105.3 | | | 14,186,651 | | $ | 28.3 | | $ | 1.2 |
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| Schedule of consolidated statement of cash flows |
| | | | | | | | | | | | Year Ended | (In millions) | | December 31, 2023 | | December 31, 2022 | | December 31, 2021 | Cash and cash equivalents | | $ | 884.3 | | $ | 631.5 | | $ | 1,592.5 | Restricted cash | | | 27.1 | | | 22.9 | | | 27.8 | Total cash and cash equivalents and restricted cash in the statement of cash flows | | $ | 911.4 | | $ | 654.4 | | $ | 1,620.3 |
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| Schedule of impairment of assets |
| | | | | | | | | | | | Year Ended | | | December 31, | | December 31, | | December 31, | (In millions) | | 2023 | | 2022 | | 2021 | Impairment of long-lived assets | | $ | 106.9 | | $ | 133.1 | | $ | 77.2 | Impairment of other assets recorded in investment expense (income) | | | 1.0 | | | — | | | — | Total impairment loss | | $ | 107.9 | | $ | 133.1 | | $ | 77.2 |
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| Schedule of benefit obligations and plan assets and the accrued liability |
| | | | | | | | | | | | | | | U.S. Pension Benefits | | International Pension Benefits | | | Year Ended | | Year Ended | (In millions) | | December 31, 2023 | | December 31, 2022 | | December 31, 2023 | | December 31, 2022 | Aggregated projected benefit obligation at end of period (1) | | $ | (79.3) | | $ | (79.7) | | $ | (71.9) | | $ | (66.8) | Aggregated fair value of plan assets at end of period | | | 58.3 | | | 59.2 | | | 76.7 | | | 73.1 | Net (liability) asset - funded status | | $ | (21.0) | | $ | (20.5) | | $ | 4.8 | | $ | 6.3 |
| (1) | At December 31, 2023 and December 31, 2022, U.S. aggregated accumulated benefit obligations were $79.3 million and $79.7 million, respectively, and International aggregated accumulated benefit obligations were $71.9 million and $66.8 million, respectively. |
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| Schedule of weighted-average assumptions used to determine benefit obligations |
The weighted-average assumptions used to determine benefit obligations are as follows: | | | | | | | | | | | U.S. Pension Benefits | | International Pension Benefits | | | December 31, 2023 | | December 31, 2022 | | December 31, 2023 | | December 31, 2022 | Discount rate | | 4.76% | | 4.97% | | 4.53% | | 4.82% | Rate of compensation increase | | N/A | | N/A | | 2.07% | | 2.19% |
The weighted-average assumptions used to determine net periodic benefit cost are as follows: | | | | | | | | | | | | | | | U.S. Pension Benefits | | International Pension Benefits | | | Year Ended | | Year Ended | | | December 31, | | December 31, | | December 31, | | December 31, | | December 31, | | December 31, | | | 2023 | | 2022 | | 2021 | | 2023 | | 2022 | | 2021 | Discount rate | | 4.97% | | 2.66% | | 2.26% | | 4.82% | | 1.79% | | 1.78% | Weighted average expected long-term return on plan assets | | 6.56% | | 6.56% | | 6.57% | | 4.32% | | 1.57% | | 1.28% | Rate of compensation increase | | N/A | | N/A | | N/A | | 2.19% | | 2.28% | | 2.29% |
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| Schedule of expected benefit payments |
| | | | | | | (In millions) | | U.S. Pension Benefits | | International Pension Benefits | 2024 | | $ | 4.5 | | $ | 3.4 | 2025 | | | 4.8 | | | 3.5 | 2026 | | | 5.0 | | | 3.6 | 2027 | | | 5.1 | | | 3.8 | 2028 | | | 5.4 | | | 3.9 | Years 2029 - 2032 | | | 28.3 | | | 22.1 |
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| Schedule components of other expense (income) |
| | | | | | | | | | | | Year Ended | | | December 31, | | December 31, | | December 31, | (In millions) | | 2023 | | 2022 | | 2021 | Credit income related to contingent lease guarantees | | $ | — | | $ | (0.2) | | $ | (5.7) | Governmental assistance - International markets | | | (3.8) | | | (23.0) | | | (81.5) | Governmental assistance - U.S. markets | | | (1.0) | | | (2.8) | | | (5.6) | Foreign currency transaction gains | | | (17.8) | | | (12.3) | | | (9.8) | Non-operating components of net periodic benefit cost (income) | | | 1.4 | | | (0.6) | | | (0.7) | Loss on extinguishment - First Lien Notes due 2025 | | | — | | | 47.7 | | | — | Loss on extinguishment - First Lien Notes due 2026 | | | — | | | 54.4 | | | — | Loss on extinguishment - First Lien Toggle Notes due 2026 | | | — | | | 32.9 | | | 14.4 | Gain on extinguishment - Second Lien Notes due 2026 | | | (140.5) | | | (75.0) | | | — | Gain on extinguishment - Senior Subordinated Notes due 2026 | | | (2.3) | | | — | | | — | Gain on extinguishment - Senior Subordinated Notes due 2027 | | | — | | | (3.7) | | | — | Loss on extinguishment - Odeon Term Loan Facility | | | — | | | 36.5 | | | — | Financing fees related to modification of debt | | | — | | | — | | | 1.0 | Derivative stockholder settlement | | | (14.0) | | | — | | | — | Shareholder litigation | | | 110.2 | | | — | | | — | Business interruption insurance recoveries | | | (1.3) | | | (0.3) | | | — | Other expense (income) | | $ | (69.1) | | $ | 53.6 | | $ | (87.9) |
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