REVENUE RECOGNITION (Tables)
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3 Months Ended |
Mar. 31, 2025 |
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| Disaggregation of Revenue [Line Items] |
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| Schedule of disaggregated revenue |
| | | | | | | | | Three Months Ended | (In millions) | | March 31, 2025 | | March 31, 2024 | Major revenue types | | | | | Admissions | | $ | 473.5 | | $ | 530.5 | Food and beverage | | | 283.4 | | | 321.2 | Other theatre: | | | | | | | Screen advertising | | | 30.6 | | | 30.3 | Other | | | 75.0 | | | 69.4 | Other theatre | | | 105.6 | | | 99.7 | Total revenues | | $ | 862.5 | | $ | 951.4 |
| | | | | | | | | Three Months Ended | (In millions) | | March 31, 2025 | | March 31, 2024 | Timing of revenue recognition | | | | | Products and services transferred at a point in time | | $ | 759.3 | | $ | 858.5 | Products and services transferred over time (1) | | | 103.2 | | | 92.9 | Total revenues | | $ | 862.5 | | $ | 951.4 |
| (1) | Amounts primarily include subscription and advertising revenues. |
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| Schedule of receivables and deferred revenue income |
| | | | | | | (In millions) | | March 31, 2025 | | December 31, 2024 | Current assets | | | | | | | Receivables related to contracts with customers | | $ | 33.5 | | $ | 86.0 | Miscellaneous receivables | | | 59.1 | | | 82.1 | Receivables, net | | $ | 92.6 | | $ | 168.1 |
| | | | | | | (In millions) | | March 31, 2025 | | December 31, 2024 | Current liabilities | | | | | | | Deferred revenues related to contracts with customers | | $ | 405.5 | | $ | 425.6 | Miscellaneous deferred income | | | 6.5 | | | 6.8 | Deferred revenues and income | | $ | 412.0 | | $ | 432.4 |
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| Sales Channel, Directly to Consumer |
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| Disaggregation of Revenue [Line Items] |
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| Schedule of changes in contract liabilities |
| | | | | | Deferred Revenues | | | Related to Contracts | (In millions) | | with Customers | Balance December 31, 2024 | | $ | 425.6 | Cash received in advance (1) | | | 86.5 | Customer loyalty rewards accumulated, net of expirations: | | | | Admission revenues (2) | | | 4.8 | Food and beverage (2) | | | 8.6 | Other theatre (2) | | | (0.3) | Reclassification to revenue as the result of performance obligations satisfied: | | | | Admission revenues (3) | | | (78.5) | Food and beverage (3) | | | (18.1) | Other theatre (4) | | | (25.6) | Foreign currency translation adjustment | | | 2.5 | Balance March 31, 2025 | | $ | 405.5 |
| (1) | Includes movie tickets, food and beverage, gift cards, exchange tickets, subscription membership fees, and other loyalty membership fees. |
| (2) | Amount of rewards accumulated, net of expirations, that are attributed to loyalty programs. |
| (3) | Amount of rewards redeemed that are attributed to gift cards, exchange tickets, movie tickets, and loyalty programs. |
| (4) | Amounts relate to income from non-redeemed or partially redeemed gift cards, non-redeemed exchange tickets, subscription membership fees, and loyalty program membership fees. |
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| Sales Channel, Through Intermediary |
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| Disaggregation of Revenue [Line Items] |
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| Schedule of changes in contract liabilities |
| | | | | | Exhibitor Services | (In millions) | | Agreement (1) | Balance December 31, 2024 | | $ | 464.0 | Reclassification of the beginning balance to other theatre revenue, as the result of performance obligations satisfied | | | (6.0) | Balance March 31, 2025 | | $ | 458.0 |
| (1) | Represents the carrying amount of the National CineMedia, LLC (“NCM”) common units that were previously received under the annual Common Unit Adjustment (“CUA”) and subsequent adjustments related to the NCM bankruptcy. On April 17, 2025, NCM entered into the Second Amended and Restated Exhibitor Services Agreement (the “Amended ESA”) with the Company. The term of the Amended ESA has been extended by five years through February 13, 2042, which will change how the deferred revenue is amortized in future periods. |
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