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Adoption of ASC Topic 842 - Lease Accounting (Tables) | 6 Months Ended
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Jun. 30, 2019
Leases [Abstract] |
Schedule of Operating and Finance Right-of-Use Assets and Lease Liabilities | The following table represents the operating and finance right-of-use assets and lease liabilities as of June 30, 2019.
|  |  | As of |
Leases | Classification |  | June 30, 2019 |
Assets (1) |  |  |  |  |
Operating lease assets | Operating lease assets |  | $ | 1,429,451 |
Finance lease assets | Theatre properties and equipment, net of accumulated depreciation and amortization (2) |  |  | 122,759 |
Total lease assets |  |  | $ | 1,552,210 |
Liabilities (1) |  |  |  |  |
Current |  |  |  |  |
Operating | Current portion of operating lease obligations |  | $ | 215,060 |
Finance | Current portion of finance lease obligations |  |  | 15,233 |
Noncurrent |  |  |  |  |
Operating | Operating lease obligations, less current portion |  |  | 1,274,599 |
Finance | Finance lease obligations, less current portion |  |  | 130,311 |
Total lease liabilities |  |  | $ | 1,635,203 |
(1) | The operating lease right-of-use assets and liabilities recorded on the Company’s condensed consolidated balance sheet generally do not include renewal options that have not yet been exercised. The Company does not consider a lease renewal as reasonably certain until immediately before the necessary notification is provided to the landlord.
(2) | Finance lease assets are net of accumulated amortization of $54,243 as of June 30, 2019.
Schedule of Aggregate Lease Costs by Lease Classification | The following table represents the Company’s aggregate lease costs, by lease classification, for the three and six months ended June 30, 2019.
|  | Three Months Ended |  |  | Six Months Ended |
Lease Cost | Classification | June 30, 2019 |  |  | June 30, 2019 |
Operating lease costs |  |  |  |  |  |  |  |
Equipment (1) | Utilities and other | $ | 1,861 |  |  | $ | 3,604 |
Theatres (2)(3) | Facility lease expense |  | 89,849 |  |  |  | 174,634 |
Total operating lease costs |  | $ | 91,710 |  |  | $ | 178,238 |
Finance lease costs |  |  |  |  |  |  |  |
Amortization of leased assets | Depreciation and amortization | $ | 3,739 |  |  | $ | 7,479 |
Interest on lease liabilities | Interest expense |  | 1,984 |  |  |  | 4,005 |
Total finance lease costs |  | $ | 5,723 |  |  | $ | 11,484 |
(1) | Includes approximately $736 and $1,356 of short-term lease payments for the three and six months ended June 30, 2019, respectively.
(2) | Includes approximately $20,344 and $35,618 of variable lease payments based on a change in index, such as CPI or inflation, variable payments based on revenues or attendance and variable common area maintenance costs for the three and six months ended June 30, 2019
(3) | Approximately $382 and $784 of lease payments are included in general and administrative expenses primarily related to office leases for the three and six months ended June 30, 2019, respectively.
Schedule of Maturity of Lease Liabilities by Lease Classification | The following table represents the maturity of lease liabilities, by lease classification, as of June 30, 2019.
|  | Operating |  | Finance |  |  |  |
Years Ending |  | Leases |  | Leases |  | Total |
2019 |  | $ | 141,043 |  | $ | 11,150 |  | $ | 152,193 |
2020 |  |  | 275,089 |  |  | 22,373 |  |  | 297,462 |
2021 |  |  | 257,560 |  |  | 18,661 |  |  | 276,221 |
2022 |  |  | 227,987 |  |  | 17,925 |  |  | 245,912 |
2023 |  |  | 196,942 |  |  | 17,236 |  |  | 214,178 |
After 2023 |  |  | 697,076 |  |  | 101,109 |  |  | 798,185 |
Total lease payments |  | $ | 1,795,697 |  | $ | 188,454 |  | $ | 1,984,151 |
Less: Interest |  |  | 306,038 |  |  | 42,910 |  |  | 348,948 |
Present value of lease liabilities |  | $ | 1,489,659 |  | $ | 145,544 |  | $ | 1,635,203 |
Estimated Future Minimum Lease Payments Under Operating Leases | The following table represents future minimum lease payments under noncancelable operating and capital leases at December 31, 2018 as presented in the Company’s Annual Report on Form 10-K filed February 28, 2019:
|  | Operating |  |  | Capital |
Years Ending |  | Leases |  |  | Leases |
2019 |  | $ | 253,323 |  |  | $ | 42,434 |
2020 |  |  | 242,336 |  |  |  | 41,502 |
2021 |  |  | 230,396 |  |  |  | 34,589 |
2022 |  |  | 204,628 |  |  |  | 32,462 |
2023 |  |  | 176,802 |  |  |  | 28,534 |
Thereafter |  |  | 677,091 |  |  |  | 166,375 |
Total |  | $ | 1,784,576 |  |  |  | 345,896 |
Amounts representing interest payments |  |  |  |  |  |  | (86,364 | )
Present value of future minimum payments |  |  |  |  |  |  | 259,532 |
Current portion of finance and capital lease obligations |  |  |  |  |  |  | (27,065 | )
Capital lease obligations, less current portion |  |  |  |  |  | $ | 232,467 |
Estimated Future Minimum Lease Payments Under Capital Leases | The following table represents future minimum lease payments under noncancelable operating and capital leases at December 31, 2018 as presented in the Company’s Annual Report on Form 10-K filed February 28, 2019:
|  | Operating |  |  | Capital |
Years Ending |  | Leases |  |  | Leases |
2019 |  | $ | 253,323 |  |  | $ | 42,434 |
2020 |  |  | 242,336 |  |  |  | 41,502 |
2021 |  |  | 230,396 |  |  |  | 34,589 |
2022 |  |  | 204,628 |  |  |  | 32,462 |
2023 |  |  | 176,802 |  |  |  | 28,534 |
Thereafter |  |  | 677,091 |  |  |  | 166,375 |
Total |  | $ | 1,784,576 |  |  |  | 345,896 |
Amounts representing interest payments |  |  |  |  |  |  | (86,364 | )
Present value of future minimum payments |  |  |  |  |  |  | 259,532 |
Current portion of finance and capital lease obligations |  |  |  |  |  |  | (27,065 | )
Capital lease obligations, less current portion |  |  |  |  |  | $ | 232,467 |
Schedule of Weighted-Average Remaining Lease Term and Discount Rate | The following table represents the weighted-average remaining lease term and discount rate, disaggregated by lease classification, as of June 30, 2019.
|  | As of |
Lease Term and Discount Rate |  | June 30, 2019 |
Weighted-average remaining lease term (years) (1) |  |  |  |
Operating leases - equipment |  |  | 4.4 |
Operating leases - theatres |  |  | 8.1 |
Finance leases - equipment |  |  | 6.1 |
Finance leases - theatres |  |  | 10.7 |
Weighted-average discount rate (2) |  |  |  |
Operating leases - equipment |  |  | 4.3 | %
Operating leases - theatres |  |  | 4.8 | %
Finance leases - equipment |  |  | 5.5 | %
Finance leases - theatres |  |  | 5.3 | %
| (1) | The lease right-of-use assets and liabilities recorded on the Company’s condensed consolidated balance sheet generally do not include renewal options that have not yet been executed. The Company does not consider a lease renewal exercise as reasonably certain until immediately before the necessary notification is provided to the landlord. |
| (2) | The discount rate for each lease represents the incremental borrowing rate that the Company would incur to borrow on a collateralized basis over a similar term and amount equal to lease payments in a similar economic environment. |
Schedule of Minimum Cash Lease Payments | The following table represents the minimum cash lease payments included in the measurement of lease liabilities and the non-cash addition of right-of-use assets for the six months ended June 30, 2019.
|  | Six Months Ended |
Other Information |  | June 30, 2019 |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |
Cash outflows for operating leases |  | $ | 141,264 |
Cash outflows for finance leases - operating activities |  | $ | 3,893 |
Cash outflows for finance leases - financing activities |  | $ | 7,131 |
Non-cash amount of leased assets obtained in exchange for: |  |  |  |
Operating lease liabilities - theatres |  | $ | 37,582 |
Operating lease liabilities - equipment |  | $ | 339 |
Finance lease liabilities |  | $ | — |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of future minimum lease payments as of the date of the latest balance sheet presented, in aggregate and for each of the five years succeeding fiscal years, with separate deductions from the total for the amount representing executor costs, including any profit thereon, included in the minimum lease payments and for the amount of the imputed interest necessary to reduce the net minimum lease payments to present value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84164817&loc=d3e45280-112737 + Details
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- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=77902758&loc=d3e41502-112717 + Details
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