LEASES (Tables)

3 Months Ended

Mar. 31, 2021

LEASES

Schedule of deferred payment amounts related to rent obligations for which payments have been deferred

	As of				As of
	December 31,		Increase (decrease)		March 31,
(In millions)	2020		in deferred amounts		2021
Fixed operating lease deferred amounts (1) (2)	$	383.9	$	53.5	$	437.4
Finance lease deferred amounts		12.8		(4.6)		8.2
Variable lease deferred amounts (2)		53.3		(25.9)		27.4
Total deferred lease amounts	$	450.0	$	23.0	$	473.0

(1) During the three months ended March 31, 2021, the increase in fixed operating lease deferred amounts is net of $19.1 million of decreases in the deferred balances as of December 31, 2020 related to payments and abatements.

(2) During the three months ended March 31, 2021, decreases in variable lease deferred amounts were primarily due to resolution of contingencies, therefore, variable amounts became fixed and were reclassified to fixed operating lease deferred amounts.

Schedule of components of lease costs

		Three Months Ended
	Consolidated Statement	March 31,		March 31,
(In millions)	of Operations	2021		2020
Operating lease cost
Theatre properties	Rent	$	175.5	$	216.9
Theatre properties	Operating expense		0.8		2.2
Equipment	Operating expense		2.3		3.9
Office and other	General and administrative: other		1.4		1.3
Finance lease cost
Amortization of finance lease assets	Depreciation and amortization		1.3		1.9
Interest expense on lease liabilities	Finance lease obligations		1.4		1.6
Variable lease cost
Theatre properties	Rent		16.6		20.9
Equipment	Operating expense		0.2		7.0
Total lease cost		$	199.5	$	255.7

Schedule of cash flow and supplemental information

	Three Months Ended
	March 31,		March 31,
(In millions)	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in finance leases	$	(1.0)	$	(1.6)
Operating cash flows used in operating leases		(136.7)		(240.3)
Financing cash flows used in finance leases		(1.9)		(2.3)
Landlord contributions:
Operating cashflows provided by operating leases		3.7		16.1
Supplemental disclosure of noncash leasing activities:
Right-of-use assets obtained in exchange for new operating lease liabilities (1)		23.5		69.7

(1) Includes lease extensions and option exercises.

Schedule of weighted average remaining lease term and discount rate

	As of March 31, 2021
	Weighted Average		Weighted Average
	Remaining		Discount
Lease Term and Discount Rate	Lease Term (years)		Rate
Operating leases		10.2		9.9%
Finance leases		13.1		6.4%

Schedule of minimum annual payments required under existing leases

	Operating Lease		Financing Lease
(In millions)	Payments		Payments
Nine months ending December 31, 2021 (1)	$	799.5	$	13.6
2022 (1)		999.0		15.0
2023		895.9		11.6
2024		792.0		9.8
2025		756.5		9.2
2026		691.1		9.0
Thereafter		3,719.8		66.5
Total lease payments		8,653.8		134.7
Less imputed interest		(3,153.8)		(44.4)
Total	$	5,500.0	$	90.3

(1) Does not include amounts recorded in accounts payable for deferred rent.