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v3.23.3

Leases (Tables) | 9 Months Ended
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Sep. 30, 2023
Leases [Abstract] |
Schedule of Lease Assets and Lease Liabilities | At September 30, 2023 and December 31, 2022, the Company’s lease assets and lease liabilities, primarily for its studios and corporate offices, were as follows:
|  | September 30, 2023 |  |  | December 31, 2022 |
Assets: |  |  |  |  |  |
Operating leases |  | $ | 55,414 |  |  | $ | 75,696 |
Finance leases |  |  | 10 |  |  |  | 54 |
Total lease assets |  | $ | 55,424 |  |  | $ | 75,750 |
Liabilities: |  |  |  |  |  |
Current |  |  |  |  |  |
Operating leases |  | $ | 9,804 |  |  | $ | 17,955 |
Finance leases |  |  | 9 |  |  |  | 31 |
Noncurrent |  |  |  |  |  |
Operating leases |  |  | 56,643 |  |  |  | 68,099 |
Finance leases |  |  | 0 |  |  |  | 7 |
Total lease liabilities |  | $ | 66,456 |  |  | $ | 86,092 |
Schedule of Components of Lease Expense | For the three and nine months ended September 30, 2023 and October 1, 2022, the components of the Company’s lease expense were as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | October 1, |  |  | September 30, |  |  | October 1, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Operating lease cost: |  |  |  |  |  |  |  |  |  |  |  |
Fixed lease cost |  | $ | 4,312 |  |  | $ | 9,071 |  |  | $ | 17,423 |  |  | $ | 24,974 |
Lease termination (benefit) cost |  |  | (538 | ) |  |  | (189 | ) |  |  | 11,512 |  |  |  | 1,912 |
Variable lease cost |  |  | 15 |  |  |  | 7 |  |  |  | 46 |  |  |  | 20 |
Total operating lease cost |  | $ | 3,789 |  |  | $ | 8,889 |  |  | $ | 28,981 |  |  | $ | 26,906 |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |
Amortization of leased assets |  |  | 5 |  |  |  | 25 |  |  | $ | 43 |  |  | $ | 86 |
Interest on lease liabilities |  |  | 0 |  |  |  | 4 |  |  |  | 1 |  |  |  | 6 |
Total finance lease cost |  | $ | 5 |  |  | $ | 29 |  |  | $ | 44 |  |  | $ | 92 |
Total lease cost |  | $ | 3,794 |  |  | $ | 8,918 |  |  | $ | 29,025 |  |  | $ | 26,998 |
Summary of Weighted Average Remaining Lease Term and Weighted Average Discount Rates | At September 30, 2023 and December 31, 2022, the Company’s weighted average remaining lease term and weighted average discount rates were as follows:
|  | September 30, 2023 |  |  | December 31, 2022 |
Weighted Average Remaining Lease Term (years) |  |  |  |  |  |
Operating leases |  |  | 7.42 |  |  |  | 6.90 |
Finance leases |  |  | 0.62 |  |  |  | 1.00 |
Weighted Average Discount Rate |  |  |  |  |  |
Operating leases |  |  | 7.48 |  |  |  | 7.03 |
Finance leases |  |  | 3.91 |  |  |  | 3.52 |
Schedule of Maturity of Lease Liabilities | At September 30, 2023, the maturity of the Company’s lease liabilities in each of the next five fiscal years and thereafter were as follows:
| Operating Leases |  |  | Finance Leases |  |  | Total |
Remainder of fiscal 2023 | $ | 2,778 |  |  | $ | 2 |  |  | $ | 2,780 |
Fiscal 2024 |  | 15,307 |  |  |  | 7 |  |  |  | 15,314 |
Fiscal 2025 |  | 13,054 |  |  |  | — |  |  |  | 13,054 |
Fiscal 2026 |  | 10,056 |  |  |  | — |  |  |  | 10,056 |
Fiscal 2027 |  | 9,590 |  |  |  | — |  |  |  | 9,590 |
Fiscal 2028 |  | 9,277 |  |  |  | — |  |  |  | 9,277 |
Thereafter |  | 26,919 |  |  |  | — |  |  |  | 26,919 |
Total lease payments | $ | 86,981 |  |  | $ | 9 |  |  | $ | 86,990 |
Less imputed interest |  | 20,534 |  |  |  | 0 |  |  |  | 20,534 |
Present value of lease liabilities | $ | 66,447 |  |  | $ | 9 |  |  | $ | 66,456 |
Summary of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases for the nine months ended September 30, 2023 and October 1, 2022 were as follows:
|  | Nine Months Ended |
|  | September 30, |  |  | October 1, |
|  | 2023 |  |  | 2022 |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 17,826 |  |  | $ | 24,244 |
Operating cash flows from finance leases |  | $ | 1 |  |  | $ | 6 |
Financing cash flows from finance leases |  | $ | 43 |  |  | $ | 86 |
Lease assets (modified) obtained in exchange for (modified) new operating lease liabilities |  | $ | (6,683 | ) |  | $ | 11,160 |
Lease assets obtained in exchange for new finance lease liabilities |  | $ | — |  |  | $ | 44 |

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