v3.3.1.900

LEASES

12 Months Ended

Dec. 31, 2015

LEASES

LEASES

NOTE 10—LEASES

        The following table sets forth the future minimum rental payments, by calendar year, required under existing operating leases and digital projector equipment leases payable to DCIP that have initial or remaining non-cancelable terms in excess of one year as of December 31, 2015:

(In thousands)		Minimum operating lease payments
2016		$	451,830
2017			451,787
2018			418,384
2019			382,343
2020			350,342
Thereafter			1,822,552
​	​	​	​	​
Total minimum payments required		$	3,877,238
​	​	​	​	​
​	​	​	​	​

        As of December 31, 2015, the Company has lease agreements for six theatres with 68 screens which are under construction or development and are expected to open in 2016 and 2017.

        Included in other long-term liabilities as of December 31, 2015 and December 31, 2014 was $206,265,000 and $120,184,000, respectively, of deferred rent representing future minimum rental payments for leases with scheduled rent increases and landlord contributions, and $140,440,000 and $165,073,000, respectively, for unfavorable lease liabilities.

        Rent expense is summarized as follows:

(In thousands)		12 Months Ended December 31, 2015			12 Months Ended December 31, 2014			12 Months Ended December 31, 2013
Minimum rentals		$	405,455		$	395,795		$	394,937
Common area expenses			47,950			48,159			44,198
Percentage rentals based on revenues			14,417			11,285			12,693
​	​	​	​	​	​	​	​	​	​	​
Rent			467,822			455,239			451,828
General and administrative and other			7,224			7,763			13,393
​	​	​	​	​	​	​	​	​	​	​
Total		$	475,046		$	463,002		$	465,221
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​

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The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

+ References

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