LEASES (Tables)
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12 Months Ended |
Dec. 31, 2021 |
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| LEASES |
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| 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 2022 and future years are provided below: | | | | | | | | | | | | As of | | | | As of | | | December 31, | | Decrease | | December 31, | (In millions) | | 2020 | | in deferred amounts | | 2021 | Fixed operating lease deferred amounts (1) (2) | | $ | 383.9 | | $ | (84.6) | | $ | 299.3 | Finance lease deferred amounts | | | 12.8 | | | (10.4) | | | 2.4 | Variable lease deferred amounts (2) | | | 53.3 | | | (39.9) | | | 13.4 | Total deferred lease amounts | | $ | 450.0 | | $ | (134.9) | | $ | 315.1 |
| (1) | During the year ended December 31, 2021, the decrease in fixed operating lease deferred amounts includes $152.6 million of decreases in the deferred balances as of December 31, 2020 related to payments and abatements. |
| (2) | During the year ended December 31, 2021, decreases in variable lease deferred amounts were primarily due to resolution of contingencies, therefore, variable amounts became fixed and were reclassified to fixed operating lease deferred amounts. |
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| Schedule of components of lease costs |
| | | | | | | | | | | | | | | | Year Ended | | | | | December 31, | | December 31, | | December 31, | (In millions) | | Consolidated Statements of Operations | | 2021 | | 2020 | | 2019 | Operating lease cost | | | | | | | | | | | | Theatre properties | | Rent | | $ | 775.4 | | $ | 813.7 | | $ | 876.0 | Theatre properties | | Operating expense | | | 1.1 | | | 2.8 | | | 9.1 | Equipment | | Operating expense | | | 10.7 | | | 14.6 | | | 14.4 | Office and other | | General and administrative: other | | | 5.4 | | | 5.4 | | | 5.5 | Finance lease cost | | | | | | | | | | | | Amortization of finance lease assets | | Depreciation and amortization | | | 4.6 | | | 6.7 | | | 9.2 | Interest expense on lease liabilities | | Finance lease obligations | | | 5.2 | | | 5.9 | | | 7.6 | Variable lease cost | | | | | | | | | | | | Theatre properties | | Rent | | | 52.6 | | | 70.4 | | | 91.8 | Equipment | | Operating expense | | | 43.4 | | | 6.4 | | | 56.3 | Total lease cost | | | | $ | 898.4 | | $ | 925.9 | | $ | 1,069.9 |
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| Schedule of cash flow and supplemental information |
| | | | | | | | | | | | Year Ended | | | December 31, | | December 31, | | December 31, | (In millions) | | 2021 | | 2020 | | 2019 | Cash paid for amounts included in the measurement of lease liabilities: | | | | | | | | | | Operating cash flows used in finance leases | | $ | (2.9) | | $ | (3.2) | | $ | (7.6) | Operating cash flows used in operating leases | | | (883.2) | | | (446.5) | | | (941.6) | Financing cash flows used in finance leases | | | (9.0) | | | (6.2) | | | (10.9) | | | | | | | | | | | Landlord contributions: | | | | | | | | | | Operating cashflows provided by operating leases | | | 22.0 | | | 43.6 | | | 106.5 | Supplemental disclosure of noncash leasing activities: | | | | | | | | | | Right-of-use assets obtained in exchange for new operating lease liabilities (1) | | | 196.6 | | | 201.5 | | | 463.2 |
| (1) | Includes lease extensions and option exercises. |
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| Schedule of weighted average remaining lease term and discount rate |
| | | | | | | | | As of December 31, 2021 | | | Weighted Average | | Weighted Average | | | Remaining | | Discount | Lease Term and Discount Rate | | Lease Term (years) | | Rate | Operating leases | | | 10.0 | | | 9.9% | Finance leases | | | 13.8 | | | 6.5% |
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| Schedule of minimum annual payments required under existing leases |
| | | | | | | | | Operating Lease | | Financing Lease | (In millions) | | Payments (2) | | Payments (2) | 2022 (1) | | $ | 1,039.5 | | $ | 13.9 | 2023 | | | 947.8 | | | 9.8 | 2024 | | | 823.3 | | | 8.7 | 2025 | | | 775.6 | | | 8.0 | 2026 | | | 711.3 | | | 7.8 | Thereafter | | | 3,881.9 | | | 63.6 | Total lease payments | | | 8,179.4 | | | 111.8 | Less imputed interest | | | (2,929.0) | | | (39.1) | Total operating and finance lease liabilities, respectively | | $ | 5,250.4 | | $ | 72.7 |
| (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 | Three months ended March 31, 2022 | | $ | 33.6 | Three months ended June 30, 2022 | | | 0.9 | Three months ended September 30, 2022 | | | 0.8 | Three months ended December 31, 2022 | | | 6.5 | Total deferred lease amounts recorded in AP | | $ | 41.8 |
| (2) | The minimum annual payments table above includes deferred undiscounted cash rent amounts that were due and not paid related to operating and finance leases, as shown below: |
| | | | | | | | | Operating Lease | | Financing Lease | (In millions) | | Payments | | Payments | Three months ended March 31, 2022 | | $ | 40.0 | | $ | 0.6 | Three months ended June 30, 2022 | | | 36.2 | | | 0.4 | Three months ended September 30, 2022 | | | 32.3 | | | 0.2 | Three months ended December 31, 2022 | | | 31.4 | | | 0.2 | 2023 | | | 82.3 | | | 0.5 | 2024 | | | 15.2 | | | — | 2025 | | | 5.6 | | | — | 2026 | | | 4.1 | | | — | Thereafter | | | 24.3 | | | — | Total deferred lease amounts | | $ | 271.4 | | $ | 1.9 |
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| Schedule of contractual rent amounts due and not paid included in accounts payable |
| | | | | | Accounts Payable | (In millions) | | Lease Payments | Three months ended March 31, 2022 | | $ | 33.6 | Three months ended June 30, 2022 | | | 0.9 | Three months ended September 30, 2022 | | | 0.8 | Three months ended December 31, 2022 | | | 6.5 | Total deferred lease amounts recorded in AP | | $ | 41.8 |
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| Schedule of deferred lease payments included in the minimum annual payments also included in a separate commitment |
| | | | | | | | | Operating Lease | | Financing Lease | (In millions) | | Payments | | Payments | Three months ended March 31, 2022 | | $ | 40.0 | | $ | 0.6 | Three months ended June 30, 2022 | | | 36.2 | | | 0.4 | Three months ended September 30, 2022 | | | 32.3 | | | 0.2 | Three months ended December 31, 2022 | | | 31.4 | | | 0.2 | 2023 | | | 82.3 | | | 0.5 | 2024 | | | 15.2 | | | — | 2025 | | | 5.6 | | | — | 2026 | | | 4.1 | | | — | Thereafter | | | 24.3 | | | — | Total deferred lease amounts | | $ | 271.4 | | $ | 1.9 |
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