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LEASE ACCOUNTING (Tables) | 12 Months Ended
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Dec. 31, 2023
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 |
Leases | Classification |  | December 31, 2022 |  |  | December 31, 2023 |
Assets (1) |  |  |  |  |  |  |
Operating lease assets | Operating lease right-of-use assets |  | $ | 1,102.7 |  |  | $ | 986.4 |
Finance lease assets | Theatre properties and equipment, net of accumulated depreciation (2) |  |  | 67.8 |  |  |  | 55.7 |
Total lease assets |  |  | $ | 1,170.5 |  |  | $ | 1,042.1 |
Liabilities (1) |  |  |  |  |  |  |
Current |  |  |  |  |  |  |
Operating | Current portion of operating lease obligations |  | $ | 219.3 |  |  | $ | 212.5 |
Finance | Current portion of finance lease obligations |  |  | 14.4 |  |  |  | 14.0 |
Noncurrent |  |  |  |  |  |  |
Operating | Operating lease obligations, less current portion |  |  | 970.6 |  |  |  | 853.3 |
Finance | Finance lease obligations, less current portion |  |  | 88.0 |  |  |  | 73.8 |
Total lease liabilities |  |  | $ | 1,292.3 |  |  | $ | 1,153.6 |
(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 $62.5 and $73.9 as of December 31, 2022 and 2023, 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 December 31, |
Lease Cost | Classification | 2021 |  | 2022 |  | 2023 |
Operating lease costs |  |  |  |  |  |  |
Equipment (1) | Utilities and other | $ | 2.3 |  | $ | 4.4 |  | $ | 4.1 |
Real Estate (1) | Facility lease expense |  | 281.0 |  |  | 315.7 |  |  | 348.6 |
Total operating lease costs |  | $ | 283.3 |  | $ | 320.1 |  | $ | 352.7 |
Finance lease costs |  |  |  |  |  |  |
Depreciation of leased assets | Depreciation and amortization | $ | 12.6 |  | $ | 12.4 |  | $ | 12.0 |
Interest on lease liabilities | Interest expense |  | 5.9 |  |  | 5.3 |  |  | 4.9 |
Total finance lease costs |  | $ | 18.5 |  | $ | 17.7 |  | $ | 16.9 |
(1) Includes short-term lease payments, variable lease payments and office lease payments reflected in general and administrative expense as set forth in the following table for the periods presented:
|  | Year Ended December 31, |
Lease Cost | Classification | 2021 |  | 2022 |  | 2023 |
Operating lease costs |  |  |  |  |  |  |
Equipment - Short-term and variable lease payments | Utilities and other | $ | 1.8 |  | $ | 3.9 |  | $ | 3.6 |
Real Estate - Variable lease payments (1) | Facility lease expense | $ | 11.8 |  | $ | 36.4 |  | $ | 68.3 |
Real Estate - Office leases | General and administrative | $ | 1.3 |  | $ | 1.3 |  | $ | 1.4 |
(1) Represents lease payments that are based on a change in index, such as CPI or inflation, variable payments based on revenue or attendance and variable common area maintenance costs.
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, 2023.
|  | Operating |  | Finance |
Years Ending |  | Leases |  | Leases |
2024 |  | $ | 267.2 |  | $ | 18.0 |
2025 |  |  | 237.4 |  |  | 16.4 |
2026 |  |  | 199.6 |  |  | 12.0 |
2027 |  |  | 158.5 |  |  | 11.9 |
2028 |  |  | 121.9 |  |  | 11.6 |
Thereafter |  |  | 295.4 |  |  | 35.1 |
Total lease payments |  | $ | 1,280.0 |  | $ | 105.0 |
Less: Interest |  |  | 214.2 |  |  | 17.2 |
Present value of lease liabilities |  | $ | 1,065.8 |  | $ | 87.8 |
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, 2023.
|  | As of |
Lease Term and Discount Rate |  | December 31, 2023 |
Weighted-average remaining lease term (years) (1) |  |  |
Operating leases - equipment |  |  | 3.3 |
Operating leases - real estate |  |  | 6.4 |
Finance leases - equipment |  |  | 2.6 |
Finance leases - real estate |  |  | 7.6 |
Weighted-average discount rate (2) |  |  |
Operating leases - equipment |  |  | 6.3 | %
Operating leases - real estate |  |  | 11.5 | %
Finance leases - equipment |  |  | 3.6 | %
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 funds, 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 December 31, |
Other Information |  | 2021 |  |  | 2022 |  |  | 2023 |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |  |
Cash outflows for operating leases |  | $ | 269.7 |  |  | $ | 279.8 |  |  | $ | 280.8 |
Cash outflows for finance leases - operating activities |  | $ | 5.9 |  |  | $ | 5.3 |  |  | $ | 4.9 |
Cash outflows for finance leases - financing activities |  | $ | 14.7 |  |  | $ | 14.3 |  |  | $ | 14.4 |
Non-cash amount of leased assets obtained in exchange for: |  |  |  |  |  |  |  |  |
Operating lease liabilities |  | $ | 180.1 |  |  | $ | 114.1 |  |  | $ | 87.0 |
Finance lease liabilities |  | $ | 0.7 |  |  | $ | — |  |  | $ | — |

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