LEASES (Tables)

9 Months Ended

Sep. 30, 2023

LEASES

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

	As of				As of
	December 31,		Decrease		September 30,
(In millions)	2022		in deferred amounts		2023
Fixed operating lease deferred amounts (1)	$	150.3	$	(80.0)	$	70.3
Finance lease deferred amounts		0.9		(0.7)		0.2
Variable lease deferred amounts		6.0		(2.3)		3.7
Total deferred lease amounts	$	157.2	$	(83.0)	$	74.2

(1) During the nine months ended September 30, 2023, the decrease in fixed operating lease deferred amounts includes $13.3 million of rent payments that are included in change in accounts payable and $66.7 million included in deferred rent and other non-cash rent in the condensed consolidated statement of cash flows.

Schedule of components of lease costs

		Three Months Ended				Nine Months Ended
		September 30,		September 30,		September 30,		September 30,
(In millions)	Consolidated Statements of Operations	2023		2022		2023		2022
Operating lease cost
Theatre properties	Rent	$	201.3	$	202.0	$	587.5	$	608.9
Theatre properties	Operating expense		0.6		1.5		1.2		4.1
Equipment	Operating expense		4.8		2.7		11.8		7.4
Office and other	General and administrative: other		1.3		1.3		4.0		4.0
Finance lease cost
Amortization of finance lease assets	Depreciation and amortization		0.5		0.6		1.5		2.0
Interest expense on lease liabilities	Finance lease obligations		0.9		0.9		2.8		3.1
Variable lease cost
Theatre properties	Rent		23.0		21.2		63.3		59.9
Equipment	Operating expense		17.9		13.4		51.6		44.8
Total lease cost		$	250.3	$	243.6	$	723.7	$	734.2

Schedule of cash flow and supplemental information

	Nine Months Ended
	September 30,		September 30,
(In millions)	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in finance leases	$	(2.3)	$	(2.9)
Operating cash flows used in operating leases		(742.5)		(775.9)
Financing cash flows used in finance leases		(4.6)		(7.9)
Landlord contributions:
Operating cashflows provided by operating leases		16.0		16.2
Supplemental disclosure of noncash leasing activities:
Right-of-use assets obtained in exchange for new operating lease liabilities (1)		111.4		220.8

(1) Includes lease extensions and option exercises.

Schedule of weighted average remaining lease term and discount rate

	As of September 30, 2023
	Weighted Average		Weighted Average
	Remaining		Discount
Lease Term and Discount Rate	Lease Term (years)		Rate
Operating leases		8.9		10.4%
Finance leases		13.4		6.4%

Schedule of minimum annual payments required under existing leases

	Operating Lease		Finance Lease
(In millions)	Payments (2)		Payments (2)
Three months ending December 31, 2023 (1)	$	241.7		2.2
2024		891.2		8.1
2025		847.1		7.4
2026		781.7		7.3
2027		717.1		7.3
2028		633.5		6.9
Thereafter		2,736.9		44.4
Total lease payments		6,849.2		83.6
Less imputed interest		(2,357.2)		(29.1)
Total operating and finance lease liabilities, respectively	$	4,492.0	$	54.5

(1) The minimum annual payments table above does not include contractual cash rent amounts that were due and not paid, which are recorded in accounts payable as shown below, including estimated repayment dates:

	Accounts Payable
(In millions)	Lease Payments
Three months ended December 31, 2023	$	5.7
2024		1.0
2025		0.8
2026		0.7
2027		0.3
2028		0.1
Thereafter		0.1
Total deferred lease amounts recorded in accounts payable	$	8.7

(2) The minimum annual payments table above includes deferred undiscounted cash rent amounts that were due and not paid related to operating and finance leases, as shown below:

	Operating Lease		Finance Lease
(In millions)	Payments		Payments
Three months ended December 31, 2023	$	15.6	$	0.1
2024		15.6		—
2025		5.7		—
2026		4.2		—
2027		3.4		—
2028		3.2		—
Thereafter		17.7		—
Total deferred lease amounts	$	65.4	$	0.1

Schedule of contractual rent amounts due and not paid included in accounts payable

	Accounts Payable
(In millions)	Lease Payments
Three months ended December 31, 2023	$	5.7
2024		1.0
2025		0.8
2026		0.7
2027		0.3
2028		0.1
Thereafter		0.1
Total deferred lease amounts recorded in accounts payable	$	8.7

Schedule of deferred lease payments included in the minimum annual payments also included in a separate commitment

	Operating Lease		Finance Lease
(In millions)	Payments		Payments
Three months ended December 31, 2023	$	15.6	$	0.1
2024		15.6		—
2025		5.7		—
2026		4.2		—
2027		3.4		—
2028		3.2		—
Thereafter		17.7		—
Total deferred lease amounts	$	65.4	$	0.1