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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
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, |
|  | 2021 |  |  | 2022 |  |  | 2023 |
(Loss) income before income taxes: |  |  |  |  |  |  |  |  |
U.S. |  | $ | (389.2 | ) |  | $ | (286.9 | ) |  | $ | 151.4 |
Foreign |  |  | (49.8 | ) |  |  | 21.9 |  |  |  | 70.0 |
Total |  | $ | (439.0 | ) |  | $ | (265.0 | ) |  | $ | 221.4 |
Current and Deferred Income Taxes | Current and deferred income taxes for Holdings were as follows:
|  | Year Ended December 31, |
|  | 2021 |  |  | 2022 |  |  | 2023 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 4.0 |  |  | $ | 1.9 |  |  | $ | 2.2 |
Foreign |  |  | 0.8 |  |  |  | 9.2 |  |  |  | 14.2 |
State |  |  | 1.0 |  |  |  | 1.2 |  |  |  | 2.9 |
Total current expense |  |  | 5.8 |  |  |  | 12.3 |  |  |  | 19.3 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  | $ | (20.2 | ) |  | $ | (2.7 | ) |  | $ | 15.8 |
Foreign |  |  | 0.4 |  |  |  | (2.4 | ) |  |  | (5.7 | )
State |  |  | (2.8 | ) |  |  | (4.2 | ) |  |  | 0.5 |
Total deferred taxes |  |  | (22.6 | ) |  |  | (9.3 | ) |  |  | 10.6 |
Income taxes |  | $ | (16.8 | ) |  | $ | 3.0 |  |  | $ | 29.9 |
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, |
|  | 2021 |  |  | 2022 |  |  | 2023 |
Computed statutory tax expense |  | $ | (92.2 | ) |  | $ | (55.7 | ) |  | $ | 46.5 |
State and local income taxes, net of federal income tax impact |  |  | (1.4 | ) |  |  | (2.2 | ) |  |  | 5.4 |
Changes in valuation allowance |  |  | 76.3 |  |  |  | 60.6 |  |  |  | (63.9 | )
Foreign tax rate differential |  |  | (4.5 | ) |  |  | 1.3 |  |  |  | 1.4 |
Foreign tax credits |  |  | — |  |  |  | (4.0 | ) |  |  | (13.0 | )
Changes in uncertain tax positions |  |  | 7.5 |  |  |  | 1.6 |  |  |  | (0.9 | )
U.S. tax impact of foreign operations |  |  | 0.8 |  |  |  | (1.6 | ) |  |  | 10.3 |
Return to provision |  |  | (5.1 | ) |  |  | 1.4 |  |  |  | (3.3 | )
Expiration of attribute carryforwards |  |  | 0.6 |  |  |  | — |  |  |  | 37.1 |
Permanent differences |  |  | 5.4 |  |  |  | 4.6 |  |  |  | 8.6 |
Other, net |  |  | (4.2 | ) |  |  | (3.0 | ) |  |  | 1.7 |
Income taxes |  | $ | (16.8 | ) |  | $ | 3.0 |  |  | $ | 29.9 |
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, |
|  | 2022 |  |  | 2023 |
Deferred liabilities: |  |  |  |  |  |
Theatre properties and equipment |  | $ | 76.9 |  |  | $ | 68.4 |
Finance lease assets |  |  | 16.0 |  |  |  | 13.3 |
Operating lease right-of-use assets |  |  | 274.3 |  |  |  | 248.8 |
Intangible asset – other |  |  | 49.6 |  |  |  | 55.8 |
Intangible asset – tradenames |  |  | 68.9 |  |  |  | 69.5 |
Total deferred liabilities |  |  | 485.7 |  |  |  | 455.8 |
Deferred assets: |  |  |  |  |  |
Deferred revenue – NCM and Other |  |  | 82.6 |  |  |  | 82.2 |
Prepaid rent |  |  | 4.1 |  |  |  | 2.7 |
Gift cards |  |  | 8.8 |  |  |  | 9.7 |
Investment in partnerships |  |  | 5.2 |  |  |  | 1.4 |
Operating lease obligations |  |  | 296.1 |  |  |  | 269.0 |
Finance lease obligations |  |  | 21.6 |  |  |  | 18.6 |
Tax impact of items in accumulated other comprehensive income and additional paid-in-capital |  |  | 16.4 |  |  |  | 13.4 |
Restricted stock |  |  | 5.1 |  |  |  | 4.5 |
Accrued expenses |  |  | 3.7 |  |  |  | 2.9 |
Other tax loss carryforwards |  |  | 126.1 |  |  |  | 82.7 |
Other tax credit and attribute carryforwards |  |  | 193.5 |  |  |  | 179.3 |
Other expenses, not currently deductible for tax purposes |  |  | 14.9 |  |  |  | 11.7 |
Total deferred assets |  |  | 778.1 |  |  |  | 678.1 |
Net deferred income tax (asset) liability before valuation allowance |  |  | (292.4 | ) |  |  | (222.3 | )
Valuation allowance against deferred assets – non-current |  |  | 326.1 |  |  |  | 266.3 |
Net deferred income tax liability |  | $ | 33.7 |  |  | $ | 44.0 |
Net deferred tax (asset) liability – Foreign |  | $ | 4.7 |  |  | $ | (0.1 | )
Net deferred tax liability – U.S. |  |  | 29.0 |  |  |  | 44.1 |
Total |  | $ | 33.7 |  |  | $ | 44.0 |
Valuation Allowance For Deferred Tax Assets | Holdings’ valuation allowance for deferred tax assets, which includes CUSA’s valuation allowance for deferred tax assets, and CUSA’s valuation for deferred tax assets, for the periods presented were as follows:
|  | Valuation Allowance for Deferred Taxes |
|  | Holdings |  | CUSA |
Balance at January 1, 2021 |  | $ | 203.6 |  | $ | 203.6 |
Additions |  |  | 69.1 |  |  | 52.5 |
Deductions |  |  | (4.3 | ) |  | (10.9 | )
Currency translation |  |  | (4.3 | ) |  | (4.3 | )
Balance at December 31, 2021 |  | $ | 264.1 |  | $ | 240.9 |
Additions |  |  | 67.0 |  |  | 47.0 |
Deductions |  |  | (5.3 | ) |  | (4.9 | )
Currency translation |  |  | 0.3 |  |  | 0.2 |
Balance at December 31, 2022 |  | $ | 326.1 |  | $ | 283.2 |
Additions |  |  | 16.6 |  |  | 5.9 |
Deductions |  |  | (83.0 | ) |  | (77.2 | )
Currency translation |  |  | 6.6 |  |  | 6.6 |
Balance at December 31, 2023 |  | $ | 266.3 |  | $ | 218.5 |
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, |
|  | 2021 |  |  | 2022 |  |  | 2023 |
Balance at January 1, |  | $ | 46.5 |  |  | $ | 55.9 |  |  | $ | 55.8 |
Gross increases - tax positions in prior periods |  |  | 7.7 |  |  |  | — |  |  |  | 2.2 |
Gross decreases - tax positions in prior periods |  |  | (1.6 | ) |  |  | (0.2 | ) |  |  | (5.1 | )
Gross increases - current period tax positions |  |  | 3.4 |  |  |  | 0.1 |  |  |  | 0.2 |
Statute of limitations expiration |  |  | (0.1 | ) |  |  | — |  |  |  | (0.2 | )
Balance at December 31, |  | $ | 55.9 |  |  | $ | 55.8 |  |  | $ | 52.9 |
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, |
|  | 2021 |  |  | 2022 |  |  | 2023 |
(Loss) income before income taxes: |  |  |  |  |  |  |  |  |
U.S. |  | $ | (362.6 | ) |  | $ | (263.7 | ) |  | $ | 167.0 |
Foreign |  |  | (49.8 | ) |  |  | 21.9 |  |  |  | 70.0 |
Total |  | $ | (412.4 | ) |  | $ | (241.8 | ) |  | $ | 237.0 |
Current and Deferred Income Taxes | Current and deferred income taxes for CUSA were as follows:
|  | Year Ended December 31, |
|  | 2021 |  |  | 2022 |  |  | 2023 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 4.0 |  |  | $ | 1.9 |  |  | $ | 2.8 |
Foreign |  |  | 0.8 |  |  |  | 9.2 |  |  |  | 14.2 |
State |  |  | 1.0 |  |  |  | 1.2 |  |  |  | 2.9 |
Total current expense |  |  | 5.8 |  |  |  | 12.3 |  |  |  | 19.9 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  | $ | (36.7 | ) |  | $ | (16.2 | ) |  | $ | 13.8 |
Foreign |  |  | 0.4 |  |  |  | (2.4 | ) |  |  | (5.7 | )
State |  |  | (1.8 | ) |  |  | (6.8 | ) |  |  | 0.4 |
Total deferred taxes |  |  | (38.1 | ) |  |  | (25.4 | ) |  |  | 8.5 |
Income taxes |  | $ | (32.3 | ) |  | $ | (13.1 | ) |  | $ | 28.4 |
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, |
|  | 2021 |  |  | 2022 |  |  | 2023 |
Computed statutory tax expense |  | $ | (86.6 | ) |  | $ | (50.8 | ) |  | $ | 49.8 |
State and local income taxes, net of federal income tax impact |  |  | (0.7 | ) |  |  | (4.2 | ) |  |  | 5.9 |
Changes in valuation allowance |  |  | 54.3 |  |  |  | 41.8 |  |  |  | (68.6 | )
Foreign tax rate differential |  |  | (4.5 | ) |  |  | 1.3 |  |  |  | 1.4 |
Foreign tax credits |  |  | — |  |  |  | (4.0 | ) |  |  | (12.9 | )
Changes in uncertain tax positions |  |  | 5.7 |  |  |  | 1.6 |  |  |  | (0.9 | )
U.S. tax impact of foreign operations |  |  | 0.8 |  |  |  | (1.6 | ) |  |  | 10.4 |
Return to provision |  |  | (3.2 | ) |  |  | 1.2 |  |  |  | (3.3 | )
Expiration of attribute carryforwards |  |  | 0.6 |  |  |  | — |  |  |  | 36.4 |
Permanent differences |  |  | 5.5 |  |  |  | 4.5 |  |  |  | 8.6 |
Other, net |  |  | (4.2 | ) |  |  | (2.9 | ) |  |  | 1.6 |
Income taxes |  | $ | (32.3 | ) |  | $ | (13.1 | ) |  | $ | 28.4 |
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, |
|  | 2022 |  |  | 2023 |
Deferred liabilities: |  |  |  |  |  |
Theatre properties and equipment |  | $ | 76.7 |  |  | $ | 68.2 |
Finance lease assets |  |  | 15.9 |  |  |  | 13.2 |
Operating lease right-of-use assets |  |  | 273.9 |  |  |  | 248.1 |
Intangible asset – other |  |  | 49.5 |  |  |  | 55.7 |
Intangible asset – tradenames |  |  | 68.8 |  |  |  | 69.3 |
Tax impact of items in accumulated other comprehensive income and additional paid-in-capital |  |  | 5.3 |  |  |  | 1.4 |
Total deferred liabilities |  |  | 490.1 |  |  |  | 455.9 |
Deferred assets: |  |  |  |  |  |
Deferred revenue – NCM and Other |  |  | 82.4 |  |  |  | 82.0 |
Prepaid rent |  |  | 4.1 |  |  |  | 2.7 |
Gift Cards |  |  | 8.8 |  |  |  | 9.7 |
Investment in partnerships |  |  | 5.2 |  |  |  | 1.4 |
Operating lease obligations |  |  | 295.6 |  |  |  | 268.3 |
Finance lease obligations |  |  | 21.6 |  |  |  | 18.6 |
Restricted stock |  |  | 4.9 |  |  |  | 4.3 |
Accrued expenses |  |  | 3.7 |  |  |  | 2.9 |
Other tax loss carryforwards |  |  | 122.0 |  |  |  | 80.0 |
Other tax credit and attribute carryforwards |  |  | 174.1 |  |  |  | 149.0 |
Other expenses, not currently deductible for tax purposes |  |  | 14.8 |  |  |  | 11.5 |
Total deferred assets |  |  | 737.2 |  |  |  | 630.4 |
Net deferred income tax (asset) liability before valuation allowance |  |  | (247.1 | ) |  |  | (174.5 | )
Valuation allowance against deferred assets – non-current |  |  | 283.2 |  |  |  | 218.5 |
Net deferred income tax liability |  | $ | 36.1 |  |  | $ | 44.0 |
Net deferred tax (asset) liability – Foreign |  | $ | 4.7 |  |  | $ | (0.1 | )
Net deferred tax liability – U.S. |  |  | 31.4 |  |  |  | 44.1 |
Total |  | $ | 36.1 |  |  | $ | 44.0 |
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, |
|  | 2021 |  |  | 2022 |  |  | 2023 |
Balance at January 1, |  | $ | 46.5 |  |  | $ | 54.0 |  |  | $ | 53.9 |
Gross increases - tax positions in prior periods |  |  | 5.8 |  |  |  | — |  |  |  | 2.2 |
Gross decreases - tax positions in prior periods |  |  | (1.6 | ) |  |  | (0.2 | ) |  |  | (5.1 | )
Gross increases - current period tax positions |  |  | 3.4 |  |  |  | 0.1 |  |  |  | 0.2 |
Statute of limitations expiration |  |  | (0.1 | ) |  |  | — |  |  |  | (0.2 | )
Balance at December 31, |  | $ | 54.0 |  |  | $ | 53.9 |  |  | $ | 51.0 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 19 -SubTopic 10 -Topic 740 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-19 + Details
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