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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes [Line Items]

Provision for Federal and Foreign Income Tax Expense for Continuing Operations

The provision for federal and foreign income tax expense for continuing operations of Holdings consisted of the following:

		Year Ended December 31,
		2020				2021				2022
(Loss) income before income taxes:
U.S.		$	(784.2	)		$	(389.2	)		$	(286.9	)
Foreign			(143.1	)			(49.8	)			21.9
Total		$	(927.3	)		$	(439.0	)		$	(265.0	)

Current and Deferred Income Taxes

Current and deferred income taxes for Holdings were as follows:

		Year Ended December 31,
		2020				2021				2022
Current:
Federal		$	(271.2	)		$	4.0			$	1.9
Foreign			0.4				0.8				9.2
State			0.3				1.0				1.2
Total current expense			(270.5	)			5.8				12.3
Deferred:
Federal		$	(50.5	)		$	(20.2	)		$	(2.7	)
Foreign			13.3				0.4				(2.4	)
State			(1.7	)			(2.8	)			(4.2	)
Total deferred taxes			(38.9	)			(22.6	)			(9.3	)
Income taxes		$	(309.4	)		$	(16.8	)		$	3.0

Reconciliation Between Income Tax Expense and Taxes Computed

A reconciliation between Holdings’ income tax expense and taxes computed by applying the applicable statutory federal income tax rate to income before income taxes is as follows:

		Year Ended December 31,
		2020				2021				2022
Computed statutory tax expense		$	(194.7	)		$	(92.2	)		$	(55.7	)
State and local income taxes, net of federal income tax impact			(1.2	)			(1.4	)			(2.2	)
Changes in valuation allowance			46.7				76.3				60.6
Foreign tax rate differential			(6.6	)			(4.5	)			1.3
Foreign tax credits			—				—				(4.0	)
Impacts related to COVID-19 pandemic (1)			(187.5	)			—				—
Changes in uncertain tax positions			24.9				7.5				1.6
Other, net			9.0				(2.5	)			1.4
Income taxes		$	(309.4	)		$	(16.8	)		$	3.0

(1)The amount for the year ended December 31, 2020 includes benefits of a rate differential on earnings of $123.0, tax losses with respect to investments in foreign subsidiaries and a write down of certain intercompany receivables associated with the Company’s foreign subsidiaries of $135.6, offset by a tax charge for the remeasurement of deferred taxes and tax attributes of $49.9 and dislodged foreign tax credits not benefited of $21.2.

Tax Effects of Significant Temporary Differences and Tax Loss and Tax Credit Carryforwards

The tax effects of significant temporary differences and tax loss and tax credit carryforwards comprising the net long-term deferred income tax liabilities for Holdings as of the periods presented consisted of the following:

		December 31,
		2021				2022
Deferred liabilities:
Theatre properties and equipment		$	100.5			$	76.9
Finance lease assets			19.6				16.0
Operating lease right-of-use assets			288.2				274.3
Intangible asset – other			45.6				49.6
Intangible asset – tradenames			71.9				68.9
Investment in partnerships			16.1				—
Total deferred liabilities			541.9				485.7
Deferred assets:
Deferred revenue – NCM and Other			87.7				82.6
Prepaid rent			3.4				4.1
Gift Cards			8.3				8.8
Investment in partnerships			—				5.2
Operating lease obligations			304.5				296.1
Finance lease obligations			25.6				21.6
Tax impact of items in accumulated other comprehensive income and additional paid-in-capital			33.0				16.4
Restricted stock			5.5				5.1
Accrued expenses			4.3				3.7
Other tax loss carryforwards			124.6				126.1
Other tax credit and attribute carryforwards			155.0				193.5
Other expenses, not currently deductible for tax purposes			14.3				14.9
Total deferred assets			766.2				778.1
Net deferred income tax (asset) liability before valuation allowance			(224.3	)			(292.4	)
Valuation allowance against deferred assets – non-current			264.1				326.1
Net deferred income tax liability		$	39.8			$	33.7
Net deferred tax (asset) liability – Foreign		$	6.7			$	4.7
Net deferred tax liability – U.S.			33.1				29.0
Total		$	39.8			$	33.7

Reconciliation of Total Amounts of Unrecognized Tax Benefits Excluding Interest and Penalties

The following is a reconciliation of the total amounts of unrecognized tax benefits excluding interest and penalties for Holdings for the periods presented:

		Year Ended December 31,
		2020				2021				2022
Balance at January 1,		$	10.2			$	46.5			$	55.9
Gross increases - tax positions in prior periods			32.4				7.7				—
Gross decreases - tax positions in prior periods			(0.1	)			(1.6	)			(0.2	)
Gross increases - current period tax positions			4.0				3.4				0.1
Settlements			—				(0.1	)			—
Balance at December 31,		$	46.5			$	55.9			$	55.8

CUSA

Income Taxes [Line Items]

Provision for Federal and Foreign Income Tax Expense for Continuing Operations

The provision for federal and foreign income tax expense for continuing operations of CUSA consisted of the following:

		Year Ended December 31,
		2020				2021				2022
(Loss) income before income taxes:
U.S.		$	(767.8	)		$	(362.6	)		$	(263.7	)
Foreign			(143.1	)			(49.8	)			21.9
Total		$	(910.9	)		$	(412.4	)		$	(241.8	)

Current and Deferred Income Taxes

Current and deferred income taxes for CUSA were as follows:

		Year Ended December 31,
		2020				2021				2022
Current:
Federal			(264.9	)			4.0				1.9
Foreign			0.4				0.8				9.2
State			0.3				1.0				1.2
Total current expense			(264.2	)			5.8				12.3
Deferred:
Federal			(50.9	)			(36.7	)			(16.2	)
Foreign			13.2				0.4				(2.4	)
State			(1.7	)			(1.8	)			(6.8	)
Total deferred taxes			(39.4	)			(38.1	)			(25.4	)
Income taxes			(303.6	)			(32.3	)			(13.1	)

Reconciliation Between Income Tax Expense and Taxes Computed

A reconciliation between CUSA’s income tax expense and taxes computed by applying the applicable statutory federal income tax rate to income before income taxes is as follows:

		Year Ended December 31,
		2020				2021				2022
Computed statutory tax expense		$	(191.3	)		$	(86.6	)		$	(50.8	)
State and local income taxes, net of federal income tax impact			(1.2	)			(0.7	)			(4.2	)
Changes in valuation allowance			46.7				54.3				41.8
Foreign tax rate differential			(6.6	)			(4.5	)			1.3
Foreign tax credits		—					—				(4.0	)
Impacts related to COVID-19 pandemic (1)			(185.1	)			—				-
Changes in uncertain tax positions			24.9				5.7				1.6
Other, net			9.0				(0.5	)			1.2
Income taxes		$	(303.6	)		$	(32.3	)		$	(13.1	)

1)The amount for the year ended December 31, 2020 includes benefits of a rate differential on earnings of $120.7, tax losses with respect to investments in foreign subsidiaries and a write down of certain intercompany receivables associated with the Company’s foreign subsidiaries of $135.6, offset by a tax charge for the remeasurement of deferred taxes and tax attributes of $49.9 and dislodged foreign tax credits not benefited of $21.2.

Tax Effects of Significant Temporary Differences and Tax Loss and Tax Credit Carryforwards

The tax effects of significant temporary differences and tax loss and tax credit carryforwards comprising the net long-term deferred income tax liabilities for CUSA as of the periods presented consisted of the following:

		December 31,
		2021				2022
Deferred liabilities:
Theatre properties and equipment		$	100.5			$	76.7
Finance lease assets			19.6				15.9
Operating lease right-of-use assets			288.2				273.9
Intangible asset – other			45.6				49.5
Intangible asset – tradenames			71.9				68.8
Investment in partnerships			16.1				—
Tax impact of items in accumulated other comprehensive income and additional paid-in-capital			—				5.3
Total deferred liabilities			541.9				490.1
Deferred assets:
Deferred revenue – NCM and Other			87.7				82.4
Prepaid rent			3.4				4.1
Gift Cards			8.3				8.8
Investment in partnerships			—				5.2
Operating lease obligations			304.5				295.6
Finance lease obligations			25.6				21.6
Tax impact of items in accumulated other comprehensive income and additional paid-in-capital			4.4				—
Restricted stock			5.4				4.9
Accrued expenses			4.3				3.7
Other tax loss carryforwards			121.6				122.0
Other tax credit and attribute carryforwards			145.5				174.1
Other expenses, not currently deductible for tax purposes			14.3				14.8
Total deferred assets			725.0				737.2
Net deferred income tax (asset) liability before valuation allowance			(183.1	)			(247.1	)
Valuation allowance against deferred assets – non-current			240.9				283.2
Net deferred income tax liability		$	57.8			$	36.1
Net deferred tax (asset) liability – Foreign		$	6.8			$	4.7
Net deferred tax liability – U.S.			51.0				31.4
Total		$	57.8			$	36.1

Reconciliation of Total Amounts of Unrecognized Tax Benefits Excluding Interest and Penalties

The following is a reconciliation of the total amounts of unrecognized tax benefits excluding interest and penalties for CUSA for the periods presented:

		Year Ended December 31,
		2020				2021				2022
Balance at January 1,		$	10.2			$	46.5			$	54.0
Gross increases - tax positions in prior periods			32.4				5.8				—
Gross decreases - tax positions in prior periods			(0.1	)			(1.6	)			(0.2	)
Gross increases - current period tax positions			4.0				3.4				0.1
Settlements			—				(0.1	)			—
Balance at December 31,		$	46.5			$	54.0			$	53.9

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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