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Leases | 3 Months Ended
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Mar. 31, 2020
Leases [Abstract] |
Leases | Note 17 - Leases ﻿ In all leases, whether we are the lessor or lessee, we define lease term as the non-cancellable term of the lease plus any renewals covered by renewal options that are reasonably certain of exercise based on our assessment of economic factors relevant to the lessee. The non-cancellable term of the lease commences on the date the lessor makes the underlying property in the lease available to the lessee, irrespective of when lease payments begin under the contract. ﻿ As Lessee ﻿ We have operating leases for certain cinemas and corporate offices, and finance leases for certain equipment assets. Our leases have remaining lease terms of 1 to 20 years, with certain leases having options to extend to up to a further 20 years. ﻿ Contracts are analyzed in accordance with the criteria set out in ASC 842 to determine if there is a lease present. For contracts that contain an operating lease, we account for the lease component and the non-lease component together as a single component. For contracts that contain a finance lease we account for the lease component and the non-lease component separately in accordance with ASC 842. ﻿ In leases where we are the lessee, we recognize a right of use asset and lease liability at lease commencement, which is measured by discounting lease payments using an incremental borrowing rate applicable to the relevant country and lease term of the lease as the discount rate. Subsequent amortization of the right of use asset and accretion of the lease liability for an operating lease is recognized as a single lease cost, on a straight-line basis, over the term of the lease. A finance lease right-of-use asset is depreciated on a straight-line basis over the lesser of the useful life of the leased asset or the lease term. Interest on each finance lease liability is determined as the amount that results in a constant periodic discount rate on the remaining balance of the liability. Property taxes and other non-lease costs are accounted for on an accrual basis. ﻿ Lease payments for our cinema operating leases consist of fixed base rent, and for certain leases, variable lease payments consisting of contracted percentages of revenue, changes in the relevant CPI, and/or other contracted financial metrics. ﻿ The components of lease expense are as follows: ﻿ ﻿
﻿ |  |  |  |  |  |
﻿ |  | Three Months Ended
﻿ |  | March 31,
﻿(Dollars in thousands) |  | 2020 |  | 2019
﻿Lease cost |  |  |  |  |  |
﻿Finance lease cost: |  |  |  |  |  |
﻿Amortization of right-of-use assets |  | $ | 39 |  | $ | 41
﻿Interest on lease liabilities |  |  | 2 |  |  | 3
﻿Operating lease cost |  |  | 7,719 |  |  | 7,921
﻿Variable lease cost |  |  | 48 |  |  | 105
﻿Total lease cost |  | $ | 7,808 |  | $ | 8,070
﻿ Supplemental cash flow information related to leases is as follows: ﻿ ﻿
﻿ |  |  |  |  |  |
﻿ |  | Three Months Ended
﻿ |  | March 31,
﻿(Dollars in thousands) |  | 2020 |  | 2019
﻿Cash flows relating to lease cost |  |  |  |  |  |
﻿Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
﻿Operating cash flows for finance leases |  | $ | 41 |  | $ | 44
﻿Operating cash flows for operating leases |  |  | 7,528 |  |  | 7,780
﻿Right-of-use assets obtained in exchange for new finance lease liabilities |  |  | — |  |  | —
﻿Right-of-use assets obtained in exchange for new operating lease liabilities |  |  | — |  |  | 2,181
﻿ Supplemental balance sheet information related to leases is as follows: ﻿ ﻿
﻿ |  |  |  |  |  |
﻿ |  | March 31, |  | December 31,
﻿(Dollars in thousands) |  | 2020 |  | 2019
﻿Operating leases |  |  |  |  |  |
﻿Operating lease right-of-use assets |  | $ | 213,907 |  | $ | 229,879
﻿Operating lease liabilities - current portion |  |  | 19,717 |  |  | 20,379
﻿Operating lease liabilities - non-current portion |  |  | 207,697 |  |  | 223,164
﻿Total operating lease liabilities |  | $ | 227,414 |  | $ | 243,543
﻿Finance leases |  |  |  |  |  |
﻿Property plant and equipment, gross |  |  | 351 |  |  | 370
﻿Accumulated depreciation |  |  | (194) |  |  | (165)
﻿Property plant and equipment, net |  | $ | 157 |  | $ | 205
﻿Other current liabilities |  |  | 60 |  |  | 93
﻿Other long-term liabilities |  |  | 102 |  |  | 116
﻿Total finance lease liabilities |  | $ | 162 |  | $ | 209
﻿ |  |  |  |  |  |
﻿Other information |  |  |  |  |  |
﻿Weighted-average remaining lease term - finance leases |  |  | 3 |  |  | 3
﻿Weighted-average remaining lease term - operating leases |  |  | 11 |  |  | 11
﻿Weighted-average discount rate - finance leases |  |  | 5.19% |  |  | 5.13%
﻿Weighted-average discount rate - operating leases |  |  | 4.89% |  |  | 4.86%
﻿ The maturities of our leases were as follows: ﻿ ﻿
﻿ |  |  |  |  |  |
﻿(Dollars in thousands) |  | Operating leases |  | Finance leases
﻿2020 |  | $ | 22,780 |  | $ | 54
﻿2021 |  |  | 30,780 |  |  | 51
﻿2022 |  |  | 30,806 |  |  | 42
﻿2023 |  |  | 30,145 |  |  | 28
﻿2024 |  |  | 28,357 |  |  | —
﻿Thereafter |  |  | 153,958 |  |  | —
﻿Total lease payments |  | $ | 296,826 |  | $ | 175
﻿Less imputed interest |  |  | (69,412) |  |  | (13)
﻿Total |  | $ | 227,414 |  | $ | 162
﻿ As of March 31, 2020, we have additional operating leases, primarily for cinemas, that have not yet commenced operations of approximately $36.0 million. It is anticipated that these operating leases will commence between fiscal year 2020 and fiscal year 2021 with lease terms of 15 to 20 years. ﻿ As Lessor ﻿ We have entered into various leases as a lessor for our owned real estate properties. These leases vary in length between 1 and 20 years, with certain leases containing options to extend at the behest of the applicable tenants. Lease components consist of fixed base rent, and for certain leases, variable lease payments consisting of contracted percentages of revenue, changes in the relevant CPI, and/or other contracted financial metrics. None of our leases grant any right to the tenant to purchase the underlying asset. ﻿ We recognize lease payments for operating leases as property revenue on a straight-line basis over the lease term. Lease incentive payments we make to lessees are amortized as a reduction in property revenue over the lease term. Lease income relating to operating lease payments was as follows: ﻿ ﻿
﻿ |  |  |  |  |  |
﻿ |  | Three Months Ended
﻿ |  | March 31,
﻿(Dollars in thousands) |  | 2020 |  | 2019
﻿Components of lease income |  |  |  |  |  |
﻿Lease payments |  | $ | 2,237 |  | $ | 2,229
﻿Variable lease payments |  |  | 263 |  |  | 265
﻿Total lease income |  | $ | 2,500 |  | $ | 2,494
﻿ The book value of underlying assets under operating leases from owned assets was as follows: ﻿ ﻿
﻿ |  |  |  |  |  |
﻿ |  | March 31, |  | December 31,
﻿(Dollars in thousands) |  | 2020 |  | 2019
﻿Building and improvements |  |  |  |  |  |
﻿Gross balance |  | $ | 59,694 |  | $ | 67,766
﻿Accumulated depreciation |  |  | (18,306) |  |  | (20,220)
﻿Net Book Value |  | $ | 41,388 |  | $ | 47,546
﻿ The Maturity of our leases were as follows: ﻿ ﻿
﻿ |  |  |  |  |  |
﻿(Dollars in thousands) |  |  |  |  | Operating leases
﻿2020 |  |  |  |  | $ | 6,197
﻿2021 |  |  |  |  |  | 6,183
﻿2022 |  |  |  |  |  | 5,474
﻿2023 |  |  |  |  |  | 4,793
﻿2024 |  |  |  |  |  | 3,846
﻿Thereafter |  |  |  |  |  | 5,351
﻿Total |  |  |  |  | $ | 31,844

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