CORPORATE BORROWINGS AND FINANCE LEASE LIABILITIES (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Summary of the carrying value of corporate borrowings and capital and financing lease liabilities |
| | | | | | | (In millions) | | December 31, 2025 | | December 31, 2024 | Secured Debt: | | | | | | | Credit Agreement-Term Loans due 2029 (10.731% as of December 31, 2025 and 11.356% as of December 31, 2024) | | $ | 1,994.2 | | $ | 2,014.2 | 12.75% Odeon Senior Secured Notes due 2027 | | | 400.0 | | | 400.0 | Senior Secured Exchangeable Notes due 2030 (1.5% cash interest) | | | 155.8 | | | — | Senior Secured Notes due 2029 (9.0% cash interest & 6.0% PIK interest as of December 31, 2025) | | | 877.1 | | | — | 6.00%/8.00% Cash/PIK Toggle Senior Secured Exchangeable Notes due 2030 | | | 111.6 | | | 427.6 | 7.5% First Lien Notes due 2029 | | | 360.0 | | | 950.0 | Unsecured/Retired Debt: | | | | | | | 10%/12% Cash/PIK Toggle Second Lien Subordinated Notes due 2026 | | | — | | | 131.2 | 5.75% Senior Subordinated Notes due 2025 | | | — | | | 44.1 | 5.875% Senior Subordinated Notes due 2026 | | | — | | | 41.9 | 6.125% Senior Subordinated Notes due 2027 | | | 125.5 | | | 125.5 | Total principal amount of corporate borrowings | | $ | 4,024.2 | | $ | 4,134.5 | Finance lease liabilities | | | 52.5 | | | 49.3 | Accrued paid-in-kind interest | | | 2.7 | | | 1.5 | Deferred financing costs | | | (64.4) | | | (47.2) | Net discount (1) | | | (68.5) | | | (171.3) | Bifurcated embedded derivative – Senior Secured Exchangeable Notes due 2030 | | | 131.9 | | | — | Bifurcated embedded derivative – 6.00%/8.00% Cash/PIK Toggle Senior Secured Exchangeable Notes due 2030 | | | 12.6 | | | 157.6 | Total carrying value of corporate borrowings and finance lease liabilities | | $ | 4,091.0 | | $ | 4,124.4 | Less: | | | | | | | Current maturities of corporate borrowings | | | (19.9) | | | (64.2) | Current maturities of finance lease liabilities | | | (5.8) | | | (4.4) | Total noncurrent carrying value of corporate borrowings and finance lease liabilities | | $ | 4,065.3 | | $ | 4,055.8 |
| (1) | The following table provides the net discount amounts of corporate borrowings: |
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| Summary of net discount of corporate borrowings |
| | | | | | | | | December 31, | | December 31, | (In millions) | | 2025 | | 2024 | 10%/12% Cash/PIK Toggle Second Lien Subordinated Notes due 2026 | | $ | — | | $ | 10.9 | 12.75% Odeon Senior Secured Notes due 2027 | | | (14.6) | | | (20.9) | Senior Secured Notes due 2029 | | | 62.5 | | | — | Senior Secured Exchangeable Notes due 2030 | | | (57.4) | | | — | Credit Agreement-Term Loans due 2029 | | | (32.6) | | | (43.4) | 6.00%/8.00% Cash/PIK/Toggle Senior Secured Exchangeable Notes due 2030 | | | (26.4) | | | (117.9) | Net discount | | $ | (68.5) | | $ | (171.3) |
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| Schedule of principal payments required and maturities of corporate borrowings |
| | | | | | Principal | | | Amount of | | | Corporate | (In millions) | | Borrowings | 2026 | | $ | 19.9 | 2027 | | | 545.2 | 2028 | | | 19.5 | 2029 | | | 3,172.2 | 2030 | | | 267.4 | Total | | $ | 4,024.2 |
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| Schedule of Debt Repurchases and Exchanges |
| | | | | | | | | | | | | | | Aggregate Principal | | Reacquisition | | (Gain)/Loss on | | Accrued Interest | (In millions) | | Repurchased | | Cost | | Extinguishment | | Paid | 5.75% Senior Subordinated Notes due 2025 | | $ | 1.3 | | $ | 1.3 | | $ | — | | $ | — |
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| Schedule of debt for equity exchange |
| | | | | | | | | | | | | | | | | | | | | Shares of | | | | | | | | | | | | Aggregate Principal | | Common Stock | | Reacquisition | | (Gain)/Loss on | | Accrued Interest | (In millions, except for share data) | | Repurchased/Exchanged | | Exchanged | | Cost | | Extinguishment | | Paid/Exchanged | Cash debt repurchase transactions: | | | | | | | | | | | | | | | | 5.75% Senior Subordinated Notes due 2025 | | $ | 8.9 | | | — | | $ | 8.6 | | $ | (0.3) | | $ | 0.1 | Second Lien Notes due 2026 | | | 50.0 | | | — | | | 50.5 | | | (4.4) | | | 1.4 | Total cash debt repurchase transactions | | | 58.9 | | | — | | | 59.1 | | | (4.7) | | | 1.5 | Debt for equity exchange transactions: | | | | | | | | | | | | | | | | 5.75% Senior Subordinated Notes due 2025 | | | 36.7 | | | 9,017,297 | | | 39.8 | | | 3.2 | | | 0.8 | Second Lien Notes due 2026 | | | 224.1 | | | 35,062,835 | | | 157.2 | | | (93.1) | | | 8.3 | Total debt for equity exchange transactions | | | 260.8 | | | 44,080,132 | | | 197.0 | | | (89.9) | | | 9.1 | Cash and debt for equity exchange transactions: | | | | | | | | | | | | | | | | 5.75% Senior Subordinated Notes due 2025 | | | 8.6 | | | 447,829 | | | 8.4 | | | (0.2) | | | 0.1 | 5.875% Senior Subordinated Notes due 2026 | | | 9.6 | | | 432,777 | | | 8.1 | | | (1.3) | | | 0.2 | Second Lien Notes due 2026 | | | 45.0 | | | 2,693,717 | | | 45.5 | | | (4.0) | | | 1.2 | Total cash and debt for equity exchange transactions | | | 63.2 | | | 3,574,323 | | | 62.0 | | | (5.5) | | | 1.5 | Total debt repurchases and exchanges | | $ | 382.9 | | | 47,654,455 | | $ | 318.1 | | $ | (100.1) | | $ | 12.1 |
| | | | | | | | | | | | | | | | | | | | | Shares of | | | | | | | | | | | | Aggregate Principal | | Common Stock | | Reacquisition | | (Gain) on | | Accrued Interest | (In millions, except for share data) | | Repurchased/Exchanged | | Exchanged | | Cost | | Extinguishment | | Paid/Exchanged | Cash debt repurchase transactions: | | | | | | | | | | | | | | | | 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 cash debt repurchase transactions | | $ | 219.7 | | | — | | $ | 141.6 | | $ | (114.5) | | $ | 5.7 | Debt for equity exchange transactions: | | | | | | | | | | | | | | | | Second Lien Notes due 2026 | | | 105.3 | | | 14,186,651 | | | 91.7 | | | (28.3) | | | 1.2 | Total debt repurchases and exchanges | | $ | 325.0 | | | 14,186,651 | | $ | 233.3 | | $ | (142.8) | | $ | 6.9 |
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| 6.00%/8.00% Cash/PIK Toggle Senior Secured Exchangeable Notes due 2030 |
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| Summary of debt validly tendered and accepted |
| | | | | | | | | | | | | | | Carrying Value | | | | | | Carrying Value | | | as of | | (Increase) Decrease to | | Debt | | as of | (In millions) | | December 31, 2024 | | Net Earnings (Loss) | | Extinguishment (1) | | December 31, 2025 | Principal balance | | $ | 427.6 | | $ | 21.4 | | $ | (337.4) | | $ | 111.6 | Discount | | | (117.9) | | | 5.0 | | | 86.5 | | | (26.4) | Debt issuance costs | | | (23.3) | | | 1.0 | | | 17.1 | | | (5.2) | Accrued paid-in-kind interest | | | 1.5 | | | 0.1 | | | (1.2) | | | 0.4 | Bifurcated embedded derivative | | | 157.6 | | | (56.7) | | | (88.3) | | | 12.6 | Carrying value | | $ | 445.5 | | $ | (29.2) | | $ | (323.3) | | $ | 93.0 |
| (1) | For more information on the loss on extinguishment see the 2025 Refinancing Transactions section below. |
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| Schedule of extinguishment of debt |
| | | | (In millions) | | Amount | Fair value of New Exchangeable Notes | | $ | 159.0 | Fair value of bifurcated embedded derivatives New Exchangeable Notes | | | 41.7 | Fair value of Common Stock issued | | | 225.0 | Total consideration | | | 425.7 | | | | | Principal Existing Exchangeable Notes | | | 337.4 | Discount Existing Exchangeable Notes | | | (86.5) | Debt issuance costs Existing Exchangeable Notes | | | (17.1) | Gain on cash paid for PIK interest | | | 0.3 | Bifurcated embedded derivatives Existing Exchangeable Notes | | | 88.3 | Carrying value Existing Exchangeable Notes | | | 322.4 | | | | | Loss on extinguishment of Existing Exchangeable Notes | | $ | 103.3 |
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| First Lien Notes due 2029 |
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| Schedule of extinguishment of debt |
The exchanges of the Existing 7.5% Notes for New 2029 Notes were accounted for as extinguishments and resulted in a loss on extinguishment as follows: | | | | (In millions) | | Amount | Fair value of New 2029 Notes (1) | | $ | 925.4 | Gross proceeds | | | (244.4) | Cash fee paid to Existing 7.5% Notes lenders | | | 2.4 | Total consideration | | | 683.4 | | | | | Principal Existing 7.5% Notes | | | 590.0 | Debt issuance costs Existing 7.5% Notes | | | (5.6) | Carrying value Existing 7.5% Notes | | | 584.4 | | | | | Loss on extinguishment of Existing 7.5% Notes | | $ | 99.0 |
| (1) | Fair value of the New 2029 Notes was estimated on July 24, 2025 using observed prices for transactions of the New 2029 Notes shortly after issuance. The market for the New 2029 Notes is considered an inactive market and the observed prices are considered a Level 2 input in the fair value hierarchy. |
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| Second Lien Subordinated Notes due 2026 |
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| Schedule of extinguishment of debt |
The debt repurchases and exchanges for the Second Lien Notes were accounted for as extinguishments and resulted in a loss on extinguishment as follows: | | | | (In millions) | | Amount | Fair value of Exchangeable Notes due 2030 | | $ | 293.6 | Fair value of Conversion Option | | | 233.4 | Fair value of New Term Loans due 2029 | | | 104.2 | PIK fee paid to Second Lien Lenders | | | 2.3 | Cash fee paid to Second Lien Lenders | | | 2.3 | Second Lien Notes consideration | | | 635.8 | | | | | Principal Second Lien Notes | | | 518.6 | Premium Second Lien Notes | | | 56.0 | Carrying value Second Lien Notes | | | 574.6 | | | | | Loss on extinguishment of Second Lien Notes | | $ | 61.2 |
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| Senior Secured Exchangeable Notes due 2030 |
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| Summary of debt validly tendered and accepted |
| | | | | | | | | | | | | | | | | | Carrying Value | | | | Principal Cancellation | | Additional | | Carrying Value | | | as of | | (Increase) Decrease to | | & Interest Adjustment | | Deferred | | as of | (In millions) | | July 1, 2025 | | Net Earnings (Loss) | | Features | | Charges | | December 31, 2025 | Principal balance | | $ | 194.4 | | $ | 1.3 | | $ | (39.9) | | $ | — | | $ | 155.8 | Discount | | | (35.4) | | | 2.7 | | | (24.7) | | | — | | | (57.4) | Debt issuance costs | | | (6.4) | | | 0.5 | | | — | | | (8.9) | | | (14.8) | Bifurcated embedded derivative | | | 41.7 | | | 19.3 | | | 64.6 | | | 6.3 | | | 131.9 | Carrying value | | $ | 194.3 | | $ | 23.8 | | $ | — | | $ | (2.6) | | $ | 215.5 |
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