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Lease Accounting | 9 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
Lease Accounting | 3. Lease Accounting The following table represents the Company’s aggregate lease costs, by lease classification, for the periods presented.
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
Lease Cost | Classification | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Operating lease costs |  |  |  |  |  |  |  |  |  |  |  |
Equipment (1) | Utilities and other, General and administrative | $ | 1.2 |  |  | $ | 0.7 |  |  | $ | 2.8 |  |  | $ | 3.4 |
Real Estate (1) | Facility lease expense |  | 87.9 |  |  |  | 88.5 |  |  |  | 252.5 |  |  |  | 261.4 |
Total operating lease costs |  | $ | 89.1 |  |  | $ | 89.2 |  |  | $ | 255.3 |  |  | $ | 264.8 |
Finance lease costs |  |  |  |  |  |  |  |  |  |  |  |
Amortization of leased assets | Depreciation and amortization | $ | 3.5 |  |  | $ | 3.0 |  |  | $ | 10.0 |  |  | $ | 9.0 |
Interest on lease liabilities | Interest expense |  | 1.3 |  |  |  | 1.2 |  |  |  | 4.2 |  |  |  | 3.7 |
Total finance lease costs |  | $ | 4.8 |  |  | $ | 4.2 |  |  | $ | 14.2 |  |  | $ | 12.7 |
(1) Includes short-term lease payments, variable lease payments and office and equipment lease payments reflected in general and administrative expense as set forth in the following table for the periods presented:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
Lease Cost | Classification | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Operating lease costs |  |  |  |  |  |  |  |  |  |  |  |
Equipment - Short-term and variable lease payments | Utilities and other | $ | 1.1 |  |  | $ | 0.5 |  |  | $ | 2.5 |  |  | $ | 3.0 |
Real Estate - Variable lease payments (1) | Facility lease expense | $ | 20.4 |  |  | $ | 18.2 |  |  | $ | 49.1 |  |  | $ | 51.0 |
Office and equipment leases | General and administrative | $ | 0.5 |  |  | $ | 0.4 |  |  | $ | 1.1 |  |  | $ | 1.0 |
(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. The following table represents the minimum cash lease payments as included in the measurement of lease liabilities and the non-cash addition of lease right-of-use assets for the periods presented.
|  | Nine Months Ended |
|  | September 30, |
Other Information |  | 2024 |  |  | 2023 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Cash outflows for operating leases |  | $ | 203.7 |  |  | $ | 210.7 |
Cash outflows for finance leases - operating activities |  | $ | 4.2 |  |  | $ | 3.7 |
Cash outflows for finance leases - financing activities |  | $ | 11.4 |  |  | $ | 10.7 |
Non-cash amount of right-of-use assets obtained in exchange for: |  |  |  |  |  |
Operating lease liability additions, net |  | $ | 135.6 |  |  | $ | 73.3 |
Finance lease liability additions, net |  | $ | 34.2 |  |  | $ | — |
As of September 30, 2024, the Company had signed lease agreements with total non-cancelable lease payments of approximately $21.6 related to theatre leases that had not yet commenced. The timing of lease commencement is dependent on the completion of construction of the related theatre facility. Additionally, these amounts are based on estimated square footage and costs to construct each facility and may be subject to adjustment upon final completion of each construction project. In accordance with ASC Topic 842, Leases, fixed minimum lease payments related to these theatres are not included in the right-of-use assets and lease liabilities as of September 30, 2024.

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