THEATRE PROPERTIES AND EQUIPMENT

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment, Net [Abstract]

Properties and equipment consisted of the following as of the periods presented:



	December 31,
	2021			2022
Theatre properties and equipment
Land	$	102.6		$	99.7
Buildings		537.0			528.9
Property under finance lease		138.3			130.3
Theatre furniture and equipment		1,402.7			1,429.5
Leasehold interests and improvements		1,188.2			1,206.9
Total		3,368.8			3,395.3
Less: accumulated depreciation and amortization (1)		(1,985.9	)		(2,163.2	)
Theatre properties and equipment, net	$	1,382.9		$	1,232.1

(1)

Amortization of finance lease assets is included in depreciation and amortization expense on the consolidated statements of loss. Accumulated amortization of finance lease assets as of December 31, 2021 and 2022 was $57.8 and $62.5, respectively.

Theatre Assets Held for Sale

During December 2022, the Company entered into a purchase and sale agreement for the sale of the stock of its Ecuador subsidiary. The transaction is expected to close during 2023, pending customary antitrust and regulatory approvals. At December 31, 2022, the assets and liabilities of the Ecuador subsidiary qualified as held for sale upon satisfaction of the criteria set forth for in ASC 360-10-45-9 (205-20-45-1E), Property, Plant, and Equipment. The sale of the Ecuador subsidiary does not qualify as discontinued operations since it does not represent a strategic shift in the Company’s operations that will have a major effect on its results and operations. At December 31, 2022, the carrying value of Ecuador’s assets were approximately $15.3, primarily including theatre property and equipment, net of $5.4, operating lease right of use assets, net of $2.9, and goodwill of $4.2. The carrying value of its total liabilities was approximately $8.5, resulting in net assets of $6.8. Total revenue and operating loss of the Ecuador subsidiary were $13.3 and $1.2, respectively, for the year ended December 31, 2022.