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Lease Accounting (Tables) | 12 Months Ended
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Dec. 31, 2021
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 the periods indicated.
|  |  | As of |  |  | As of |
Leases | Classification |  | December 31, 2020 |  |  | December 31, 2021 |
Assets (1) |  |  |  |  |  |  |
Operating lease assets | Operating lease assets |  | $ | 1,278,191 |  |  | $ | 1,230,790 |
Finance lease assets | Theatre properties and equipment, net of accumulated depreciation (2) |  |  | 99,195 |  |  |  | 80,513 |
Total lease assets |  |  | $ | 1,377,386 |  |  | $ | 1,311,303 |
Liabilities (1) |  |  |  |  |  |  |
Current |  |  |  |  |  |  |
Operating | Current portion of operating lease obligations |  | $ | 208,593 |  |  | $ | 217,092 |
Finance | Current portion of finance lease obligations |  |  | 16,407 |  |  |  | 14,605 |
Noncurrent |  |  |  |  |  |  |
Operating | Operating lease obligations, less current portion |  |  | 1,138,142 |  |  |  | 1,078,260 |
Finance | Finance lease obligations, less current portion |  |  | 124,609 |  |  |  | 102,571 |
Total lease liabilities |  |  | $ | 1,487,751 |  |  | $ | 1,412,528 |
(1) The operating lease right-of-use assets and liabilities recorded on the Company’s consolidated balance sheets generally do not include renewal options that have not yet been exercised. The Company does not consider a lease renewal exercise as reasonably certain until immediately before the necessary notification is provided to the landlord after consideration of market conditions and performance of the theatre. (2) Finance lease assets are net of accumulated amortization of $47,961 and $57,778 as of December 31, 2020 and 2021, respectively.
Schedule of Aggregate Lease Costs by Lease Classification | The following table represents the Company’s aggregate lease costs, by lease classification, for the periods indicated.
|  | Year Ended |  | Year Ended |  | Year Ended |
Lease Cost | Classification | December 31, 2019 |  | December 31, 2020 |  | December 31, 2021 |
Operating lease costs |  |  |  |  |  |  |
Equipment (1) | Utilities and other | $ | 9,172 |  | $ | 3,324 |  | $ | 2,342 |
Real Estate (2)(3) | Facility lease expense |  | 346,222 |  |  | 275,056 |  |  | 280,968 |
Total operating lease costs |  | $ | 355,394 |  | $ | 278,380 |  | $ | 283,310 |
Finance lease costs |  |  |  |  |  |  |
Depreciation of leased assets | Depreciation and amortization | $ | 14,734 |  | $ | 14,662 |  | $ | 12,634 |
Interest on lease liabilities | Interest expense |  | 7,786 |  |  | 7,014 |  |  | 5,916 |
Total finance lease costs |  | $ | 22,520 |  | $ | 21,676 |  | $ | 18,550 |
(1) Includes approximately $4,700, $(465) and $1,842 of short-term lease payments for the years ended December 31, 2019, 2020 and 2021, respectively. The amount for the year ended December 31, 2020 was impacted by i) a decrease in short term lease payments while theatres were closed and ii) rent abatements on leases that were not recalculated in accordance with the FASB guidance discussed above, which resulted in variable rent credits in the amount of the rent abatements. (2) Includes approximately $68,799, $7,058 and $11,791 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 years ended December 31, 2019, 2020 and 2021, respectively. The amount for the year ended December 31, 2020 was impacted by rent abatements on leases that were not recalculated in accordance with the FASB guidance discussed above, which resulted in variable rent credits in the amount of the rent abatements. Approximately $1,614, $1,445 and $1,304 of lease payments are included in general and administrative expenses primarily related to office leases for the years ended December 31, 2019, 2020 and 2021, respectively.
Schedule of Maturity of Lease Liabilities by Lease Classification | The following table represents the maturity of lease liabilities, by lease classification, as of December 31, 2021.
|  | Operating |  | Finance |  |  |
Years Ending |  | Leases |  | Leases |  | Total |
2022 (1) |  | $ | 274,005 |  | $ | 19,820 |  | $ | 293,825 |
2023 |  |  | 252,772 |  |  | 19,131 |  |  | 271,903 |
2024 |  |  | 220,455 |  |  | 18,050 |  |  | 238,505 |
2025 |  |  | 193,375 |  |  | 16,453 |  |  | 209,828 |
2026 |  |  | 156,573 |  |  | 11,984 |  |  | 168,557 |
After 2026 |  |  | 447,815 |  |  | 58,694 |  |  | 506,509 |
Total lease payments |  | $ | 1,544,995 |  | $ | 144,132 |  | $ | 1,689,127 |
Less: Interest |  |  | 249,643 |  |  | 26,956 |  |  | 276,599 |
Present value of lease liabilities |  | $ | 1,295,352 |  | $ | 117,176 |  | $ | 1,412,528 |
(1) Amounts do not include rent payments deferred under amendments as discussed at Lease Deferrals and Abatements above.
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 December 31, 2021.
|  | As of |
Lease Term and Discount Rate |  | December 31, 2021 |
Weighted-average remaining lease term (years) (1) |  |  |
Operating leases - equipment |  |  | 2.9 |
Operating leases - real estate |  |  | 7.3 |
Finance leases - equipment |  |  | 3.4 |
Finance leases - real estate |  |  | 8.9 |
Weighted-average discount rate (2) |  |  |
Operating leases - equipment |  |  | 3.8 | %
Operating leases - real estate |  |  | 4.9 | %
Finance leases - equipment |  |  | 4.7 | %
Finance leases - real estate |  |  | 4.9 | %
(1) The lease assets and liabilities recorded on the Company’s consolidated balance sheets 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 after consideration of market conditions and performance of the theatre. (2) The discount rate for each lease represents the incremental borrowing rate at which the Company would borrow, on a collateralized basis, over a similar term and at an amount equal to the 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 periods presented.
|  | Year Ended |  |  | Year Ended |  |  | Year Ended |
Other Information |  | December 31, 2019 |  |  | December 31, 2020 |  |  | December 31, 2021 |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |  |
Cash outflows for operating leases |  | $ | 281,895 |  |  | $ | 271,787 |  |  | $ | 269,677 |
Cash outflows for finance leases - operating activities |  | $ | 7,576 |  |  | $ | 6,985 |  |  | $ | 5,910 |
Cash outflows for finance leases - financing activities |  | $ | 14,600 |  |  | $ | 15,432 |  |  | $ | 14,689 |
Non-cash amount of leased assets obtained in exchange for: |  |  |  |  |  |  |  |  |
Operating lease liabilities |  | $ | 114,113 |  |  | $ | 132,717 |  |  | $ | 180,055 |
Finance lease liabilities |  | $ | 21,535 |  |  | $ | — |  |  | $ | 725 |

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