LEASES (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of deferred payment amounts related to rent obligations for which payments have been deferred

A summary of deferred payment amounts related to rent obligations for which payments were deferred to future periods is provided below:


	As of				As of
	December 31,		Decrease		December 31,
(In millions)	2022		in deferred amounts		2023
Fixed operating lease deferred amounts (1)	$	150.3	$	(97.1)	$	53.2
Finance lease deferred amounts		0.9		(0.9)		-
Variable lease deferred amounts		6.0		(2.9)		3.1
Total deferred lease amounts	$	157.2	$	(100.9)	$	56.3

(1)

During the year ended December 31, 2023, the decrease in fixed operating lease deferred amounts includes $14.3 million of rent payments that are included in change in accounts payable and $82.8 million included in deferred rent and other non-cash rent in the consolidated statements of cash flows.

Schedule of components of lease costs


		Year Ended
		December 31,		December 31,		December 31,
(In millions)	Consolidated Statements of Operations	2023		2022		2021
Operating lease cost
Theatre properties	Rent	$	788.1	$	812.0	$	775.4
Theatre properties	Operating expense		2.0		5.4		1.1
Equipment	Operating expense		17.5		8.6		10.7
Office and other	General and administrative: other		5.4		5.3		5.4
Finance lease cost
Amortization of finance lease assets	Depreciation and amortization		2.0		2.6		4.6
Interest expense on lease liabilities	Finance lease obligations		3.7		4.1		5.2
Variable lease cost
Theatre properties	Rent		85.4		74.2		52.6
Equipment	Operating expense		63.3		60.0		43.4
Total lease cost		$	967.4	$	972.2	$	898.4

Schedule of cash flow and supplemental information


	Year Ended
	December 31,		December 31,		December 31,
(In millions)	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in finance leases	$	(3.7)	$	(3.8)	$	(2.9)
Operating cash flows used in operating leases		(986.4)		(1,032.4)		(883.2)
Financing cash flows used in finance leases		(5.6)		(9.4)		(9.0)

Landlord contributions:
Operating cashflows provided by operating leases		23.9		19.9		22.0
Supplemental disclosure of noncash leasing activities:
Right-of-use assets obtained in exchange for new operating lease liabilities (1)		214.1		277.3		196.6

(1)

Includes lease extensions and option exercises.

Schedule of weighted average remaining lease term and discount rate


	As of December 31, 2023
	Weighted Average		Weighted Average
	Remaining		Discount
Lease Term and Discount Rate	Lease Term (years)		Rate
Operating leases		8.7		10.5%
Finance leases		13.3		6.4%

Schedule of minimum annual payments required under existing leases


	Operating Lease		Finance Lease
(In millions)	Payments (2)		Payments (2)
2024 (1)		920.3		8.4
2025		884.3		7.8
2026		819.6		7.6
2027		754.6		7.6
2028		669.2		7.2
Thereafter		2,802.3		46.2
Total lease payments		6,850.3		84.8
Less imputed interest		(2,340.8)		(29.4)
Total operating and finance lease liabilities, respectively	$	4,509.5	$	55.4

(1)

The minimum annual payments table above does not include contractual cash rent amounts that were due and not paid, which are recorded in accounts payable as shown below, including estimated repayment dates:


	Accounts Payable
(In millions)	Lease Payments
2024		4.4
2025		0.8
2026		0.7
2027		0.3
2028		0.1
Thereafter		0.1
Total deferred lease amounts recorded in accounts payable	$	6.4

(2)

The minimum annual payments table above includes deferred undiscounted cash rent amounts that were due and not paid related to operating leases, as shown below:


	Operating Lease
(In millions)	Payments
2024		15.7
2025		5.7
2026		4.2
2027		3.4
2028		3.2
Thereafter		17.7
Total deferred lease amounts	$	49.9

Schedule of contractual rent amounts due and not paid included in accounts payable


	Accounts Payable
(In millions)	Lease Payments
2024		4.4
2025		0.8
2026		0.7
2027		0.3
2028		0.1
Thereafter		0.1
Total deferred lease amounts recorded in accounts payable	$	6.4

Schedule of deferred lease payments included in the minimum annual payments also included in a separate commitment


	Operating Lease
(In millions)	Payments
2024		15.7
2025		5.7
2026		4.2
2027		3.4
2028		3.2
Thereafter		17.7
Total deferred lease amounts	$	49.9