LEASE ACCOUNTING (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Operating and Finance Right-of-Use Assets and Lease Liabilities

The following table represents the operating and finance right-of-use assets and lease liabilities as of the periods indicated.

		As of
Leases	Classification	December 31, 2023		December 31, 2024
Assets (1)
Operating lease assets	Operating lease right-of-use assets	$	986.4	$	930.4
Finance lease assets	Theater properties and equipment, net of accumulated depreciation (2)		55.7		93.8
Total lease assets		$	1,042.1	$	1,024.2
Liabilities (1)
Current
Operating	Current portion of operating lease obligations	$	212.5	$	212.1
Finance	Current portion of finance lease obligations		14.0		15.4
Noncurrent
Operating	Operating lease obligations, less current portion		853.3		784.0
Finance	Finance lease obligations, less current portion		73.8		109.9
Total lease liabilities		$	1,153.6	$	1,121.4

(1)The operating lease right-of-use assets and liabilities recorded on the Company’s consolidated balance sheets generally do not include renewal options that have not yet been exercised. The Company does not consider a lease renewal as reasonably certain until immediately before the necessary notification is provided to the landlord after consideration of market conditions and performance of the theater.

(2)Finance lease assets are net of accumulated amortization of $73.9 and $58.4 as of December 31, 2023 and 2024, respectively.

Schedule of Aggregate Lease Costs by Lease Classification

The following table represents the Company’s aggregate lease costs, by lease classification, for the periods indicated.

		Year Ended December 31,
Lease Cost	Classification	2022		2023		2024
Operating lease costs
Equipment (1)	Utilities and other, General and administrative	$	4.4	$	4.1	$	3.8
Real Estate (1)	Facility lease expense		315.7		348.6		334.5
Total operating lease costs		$	320.1	$	352.7	$	338.3
Finance lease costs
Amortization of leased assets	Depreciation and amortization	$	12.4	$	12.0	$	13.5
Interest on lease liabilities	Interest expense		5.3		4.9		5.8
Total finance lease costs		$	17.7	$	16.9	$	19.3

(1)Includes short-term lease payments, variable lease payments and office lease payments reflected in general and administrative expense as set forth in the following table for the periods presented:

		Year Ended December 31,
Lease Cost	Classification	2022		2023		2024
Operating lease costs
Equipment - Short-term and variable lease payments	Utilities and other	$	3.9	$	3.6	$	3.4
Real Estate - Variable lease payments (1)	Facility lease expense	$	36.4	$	68.3	$	64.4
Office and equipment leases	General and administrative	$	1.3	$	1.4	$	1.4

(1) Represents lease payments that are based on a change in index, such as CPI or inflation, variable payments based on revenue or attendance and variable common area maintenance costs.

Schedule of Maturity of Lease Liabilities by Lease Classification

The following table represents the maturity of lease liabilities, by lease classification, as of December 31, 2024.

	Operating		Finance
Years Ending	Leases		Leases
2025	$	266.0	$	21.9
2026		231.9		22.1
2027		191.0		21.9
2028		152.8		21.5
2029		115.5		20.2
Thereafter		238.5		45.3
Total lease payments	$	1,195.7	$	152.9
Less: Interest		199.6		27.6
Present value of lease liabilities	$	996.1	$	125.3

Schedule of Weighted-Average Remaining Lease Term and Discount Rate

The following table represents the weighted-average remaining lease term and discount rate, disaggregated by lease classification, as of December 31, 2024.

	As of
Lease Term and Discount Rate	December 31, 2024
Weighted-average remaining lease term (years) (1)
Operating leases - equipment		3.2
Operating leases - real estate		6.3
Finance leases - equipment		3.1
Finance leases - real estate		7.5
Weighted-average discount rate (2)
Operating leases - equipment		6.6	%
Operating leases - real estate		11.6	%
Finance leases - equipment		7.2	%
Finance leases - real estate		5.6	%

(1)The lease assets and liabilities recorded on the Company’s consolidated balance sheets generally do not include renewal options that have not yet been executed. The Company does not consider a lease renewal exercise as reasonably certain until immediately before the necessary notification is provided to the landlord after consideration of market conditions and performance of the theater.

(2)The discount rate for each lease represents the incremental borrowing rate at which the Company would borrow funds, on a collateralized basis, over a similar term and at an amount equal to the lease payments in a similar economic environment.

Schedule of Minimum Cash Lease Payments

The following table represents the minimum cash lease payments included in the measurement of lease liabilities and the non-cash addition of right-of-use assets for the periods presented.

	Year Ended December 31,
Other Information	2022		2023		2024
Cash paid for amounts included in the measurement of lease liabilities
Cash outflows for operating leases	$	279.8	$	280.8	$	270.5
Cash outflows for finance leases - operating activities	$	5.3	$	4.9	$	5.7
Cash outflows for finance leases - financing activities	$	14.3	$	14.4	$	15.3
Non-cash amount of leased assets obtained in exchange for:
Operating lease liability additions, net	$	114.1	$	87.0	$	154.6
Finance lease liability additions, net	$	—	$	—	$	52.9