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Leases | 9 Months Ended
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Sep. 30, 2021
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 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. As a result of the impacts of COVID-19, we have obtained certain concessions from our landlords. We have elected to account for these concessions as if there have been no changes to the underlying contracts, thereby recognizing abatements secured as variable lease expenses, and increasing payables for lease payment deferrals. The components of lease expense were as follows: Quarter Ended Nine Months Ended September 30, September 30,(Dollars in thousands) 2021 2020 2021 2020Lease cost Finance lease cost: Amortization of right-of-use assets $ 12 15 $ 37 $ 79Interest on lease liabilities 1 2 4 6Operating lease cost 8,591 8,136 25,151 24,447Variable lease cost (2,064) (1,747) (4,751) (2,427)Total lease cost $ 6,540 $ 6,406 $ 20,441 $ 22,105 Supplemental cash flow information related to leases is as follows: Nine Months Ended September 30,(Dollars in thousands) 2021 2020Cash flows relating to lease cost Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for finance leases $ 40 $ 86Operating cash flows for operating leases 16,666 10,190Right-of-use assets obtained in exchange for new operating lease liabilities 32,956 179 Supplemental balance sheet information related to leases is as follows: September 30, December 31,(Dollars in thousands) 2021 2020Operating leases Operating lease right-of-use assets $ 226,855 $ 220,503Operating lease liabilities - current portion 22,976 22,699Operating lease liabilities - non-current portion 222,918 212,806Total operating lease liabilities $ 245,894 $ 235,505Finance leases Property plant and equipment, gross 374 383Accumulated depreciation (299) (271)Property plant and equipment, net $ 75 $ 112Other current liabilities 45 49Other long-term liabilities 36 69Total finance lease liabilities $ 81 $ 118 Other information Weighted-average remaining lease term - finance leases 2 3Weighted-average remaining lease term - operating leases 11 11Weighted-average discount rate - finance leases 5.25% 5.27%Weighted-average discount rate - operating leases 4.48% 4.71% The maturities of our leases were as follows: (Dollars in thousands) Operating ‎leases Finance ‎leases2021 $ 8,015 $ 132022 34,005 432023 33,830 282024 32,054 —2025 29,891 —Thereafter 181,475 —Total lease payments $ 319,270 $ 84Less imputed interest (73,376) (3)Total $ 245,894 $ 81 As of September 30, 2021, we have additional operating leases, primarily for cinemas, that have not yet commenced operations of approximately $12.0 million. It is anticipated that these operating leases will commence in 2022 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. As a result of the impacts of COVID-19, we have provided certain concessions to specific tenants. We have elected to account for these concessions as if there have been no changes to the underlying contracts, thereby recognizing abatements granted as variable lease payments through revenue and increasing receivables for lease payment deferrals. Lease income relating to operating lease payments was as follows: Quarter Ended Nine Months Ended September 30, September 30,(Dollars in thousands) 2021 2020 2021 2020Components of lease income Lease payments $ 2,230 2,400 $ 7,601 $ 6,972Variable lease payments 273 97 642 (114)Total lease income $ 2,503 $ 2,497 $ 8,243 $ 6,858 The book value of underlying assets under operating leases from owned assets was as follows: September 30, December 31,(Dollars in thousands) 2021 2020Building and improvements Gross balance $ 139,493 $ 153,643Accumulated depreciation (22,815) (26,107)Net Book Value $ 116,678 $ 127,536 The Maturity of our leases were as follows: jj(Dollars in thousands) Operating ‎leases2021 $ 1,8632022 7,0882023 6,5272024 5,7792025 4,774Thereafter 5,093Total $ 31,124

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