XML 26 R13.htm IDEA: XBRL DOCUMENT
v3.23.3

Leases | 9 Months Ended
--- | ---
Sep. 30, 2023
Leases [Abstract] |
Leases | Note 7 – 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 25 years, with certain leases having options to extend to up to a further 20 years. 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 were as follows:
|  | Quarter Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
(Dollars in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Lease cost |  |  |  |  |  |  |  |  |  |  |  |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 8 |  | $ | 8 |  | $ | 23 |  | $ | 30
Interest on lease liabilities |  |  | — |  |  | 1 |  |  | 1 |  |  | 2
Operating lease cost |  |  | 8,076 |  |  | 8,160 |  |  | 24,287 |  |  | 24,475
Variable lease cost |  |  | 722 |  |  | 181 |  |  | 1,377 |  |  | 270
Total lease cost |  | $ | 8,806 |  | $ | 8,350 |  | $ | 25,688 |  | $ | 24,777
Supplemental cash flow information related to leases is as follows:
|  | Nine Months Ended
|  | September 30,
(Dollars in thousands) |  | 2023 |  | 2022
Cash flows relating to lease cost |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows for finance leases |  | $ | 26 |  | $ | 33
Operating cash flows for operating leases |  |  | 24,944 |  |  | 26,034
Right-of-use assets obtained in exchange for new operating lease liabilities |  |  | 1,578 |  |  | 6,720
Supplemental balance sheet information related to leases is as follows:
|  | September 30, |  | December 31,
(Dollars in thousands) |  | 2023 |  | 2022
Operating leases |  |  |  |  |  |
Operating lease right-of-use assets |  | $ | 180,718 |  | $ | 200,417
Operating lease liabilities - current portion |  |  | 22,977 |  |  | 23,971
Operating lease liabilities - non-current portion |  |  | 180,002 |  |  | 200,037
Total operating lease liabilities |  | $ | 202,979 |  | $ | 224,008
Finance leases |  |  |  |  |  |
Property plant and equipment, gross |  |  | 356 |  |  | 363
Accumulated depreciation |  |  | (353) |  |  | (338)
Property plant and equipment, net |  | $ | 3 |  | $ | 25
Other current liabilities |  |  | 3 |  |  | 28
Total finance lease liabilities |  | $ | 3 |  | $ | 28
Other information |  |  |  |  |  |
Weighted-average remaining lease term - finance leases |  |  | 0 |  |  | 1
Weighted-average remaining lease term - operating leases |  |  | 11 |  |  | 11
Weighted-average discount rate - finance leases |  |  | 5.21% |  |  | 5.21%
Weighted-average discount rate - operating leases |  |  | 4.56% |  |  | 4.55%
The maturities of our leases were as follows:
(Dollars in thousands) |  | Operating ‎leases |  | Finance ‎leases
2023 |  | $ | 8,149 |  | $ | 3
2024 |  |  | 31,198 |  |  | —
2025 |  |  | 29,159 |  |  | —
2026 |  |  | 27,283 |  |  | —
2027 |  |  | 24,977 |  |  | —
Thereafter |  |  | 139,619 |  |  | —
Total lease payments |  | $ | 260,385 |  | $ | 3
Less imputed interest |  |  | (57,406) |  |  | —
Total |  | $ | 202,979 |  | $ | 3
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. Lease income relating to operating lease payments was as follows:
|  | Quarter Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
(Dollars in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Components of lease income |  |  |  |  |  |  |  |  |  |  |  |
Lease payments |  | $ | 2,834 |  |  | 2,046 |  | $ | 8,271 |  | $ | 6,065
Variable lease payments |  |  | 288 |  |  | 333 |  |  | 618 |  |  | 598
Total lease income |  | $ | 3,122 |  | $ | 2,379 |  | $ | 8,889 |  | $ | 6,663
The book value of underlying assets under operating leases from owned assets was as follows:
|  |  |  |  |  |  |  | September 30, |  | December 31,
(Dollars in thousands) |  |  |  |  |  |  |  | 2023 |  | 2022
Building and improvements |  |  |  |  |  |  |  |  |  |  |  |
Gross balance |  |  |  |  |  |  |  | $ | 132,000 |  | $ | 136,749
Accumulated depreciation |  |  |  |  |  |  |  |  | (27,234) |  |  | (26,148)
Net Book Value |  |  |  |  |  |  |  | $ | 104,766 |  | $ | 110,601
The Maturity of our leases were as follows:
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  | Operating ‎leases
2023 |  |  |  |  |  |  |  |  |  |  | $ | 2,345
2024 |  |  |  |  |  |  |  |  |  |  |  | 9,083
2025 |  |  |  |  |  |  |  |  |  |  |  | 8,696
2026 |  |  |  |  |  |  |  |  |  |  |  | 7,225
2027 |  |  |  |  |  |  |  |  |  |  |  | 6,541
Thereafter |  |  |  |  |  |  |  |  |  |  |  | 28,045
Total |  |  |  |  |  |  |  |  |  |  | $ | 61,935

X
- Definition Operating Leases [Text Block] + References No definition available. + Details
Name: | rdi_OperatingLeasesTextBlock
Namespace Prefix: | rdi_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration