LEASES (Tables)

6 Months Ended

Jun. 30, 2022

LEASES

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

	As of				As of
	December 31,		Decrease		June 30,
(In millions)	2021		in deferred amounts		2022
Fixed operating lease deferred amounts (1)	$	299.3	$	(90.5)	$	208.8
Finance lease deferred amounts		2.4		(1.2)		1.2
Variable lease deferred amounts		13.4		(4.5)		8.9
Total deferred lease amounts	$	315.1	$	(96.2)	$	218.9

(1) During the six months ended June 30, 2022, the decrease in fixed operating lease deferred amounts includes $79.4 million of decreases in the deferred balances as of December 31, 2021 related to payments and abatements.

Schedule of components of lease costs

		Three Months Ended				Six Months Ended
		June 30,		June 30,		June 30,		June 30,
(In millions)	Consolidated Statements of Operations	2022		2021		2022		2021
Operating lease cost
Theatre properties	Rent	$	204.4	$	190.7	$	406.9	$	366.2
Theatre properties	Operating expense (income)		1.4		(0.7)		2.6		0.1
Equipment	Operating expense		1.9		2.3		4.7		4.6
Office and other	General and administrative: other		1.3		1.3		2.7		2.7
Finance lease cost
Amortization of finance lease assets	Depreciation and amortization		0.7		1.3		1.4		2.6
Interest expense on lease liabilities	Finance lease obligations		1.0		1.4		2.2		2.8
Variable lease cost
Theatre properties	Rent		18.0		14.8		38.7		31.4
Equipment	Operating expense		18.8		4.8		31.4		5.0
Total lease cost		$	247.5	$	215.9	$	490.6	$	415.4

Schedule of cash flow and supplemental information

	Six Months Ended
	June 30,		June 30,
(In millions)	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in finance leases	$	(2.0)	$	(1.2)
Operating cash flows used in operating leases		(532.7)		(360.4)
Financing cash flows used in finance leases		(5.4)		(3.9)
Landlord contributions:
Operating cashflows provided by operating leases		5.2		11.1
Supplemental disclosure of noncash leasing activities:
Right-of-use assets obtained in exchange for new operating lease liabilities (1)		193.2		60.7

(1) Includes lease extensions and option exercises.

Schedule of weighted average remaining lease term and discount rate

	As of June 30, 2022
	Weighted Average		Weighted Average
	Remaining		Discount
Lease Term and Discount Rate	Lease Term (years)		Rate
Operating leases		9.7		9.8%
Finance leases		13.7		6.5%

Schedule of minimum annual payments required under existing leases

	Operating Lease		Financing Lease
(In millions)	Payments (2)		Payments (2)
Six months ending December 31, 2022 (1)	$	509.6	$	5.8
2023 (1)		954.3		9.0
2024		833.5		8.0
2025		786.3		7.4
2026		723.6		7.2
2027		664.8		7.2
Thereafter		3,278.6		50.8
Total lease payments		7,750.7		95.4
Less imputed interest		(2,734.8)		(33.5)
Total operating and finance lease liabilities, respectively	$	5,015.9	$	61.9

(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 September 30, 2022	$	15.7
Three months ended December 31, 2022		0.8
Three months ended March 31, 2023		5.6
Total deferred lease amounts recorded in AP	$	22.1

(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		Financing Lease
(In millions)	Payments		Payments
Three months ended September 30, 2022	$	31.6	$	0.5
Three months ended December 31, 2022		31.0		0.3
2023		83.0		0.4
2024		15.8		—
2025		5.7		—
2026		4.2		—
2027		3.4		—
Thereafter		20.9		—
Total deferred lease amounts	$	195.6	$	1.2

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

	Accounts Payable
(In millions)	Lease Payments
Three months ended September 30, 2022	$	15.7
Three months ended December 31, 2022		0.8
Three months ended March 31, 2023		5.6
Total deferred lease amounts recorded in AP	$	22.1

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

	Operating Lease		Financing Lease
(In millions)	Payments		Payments
Three months ended September 30, 2022	$	31.6	$	0.5
Three months ended December 31, 2022		31.0		0.3
2023		83.0		0.4
2024		15.8		—
2025		5.7		—
2026		4.2		—
2027		3.4		—
Thereafter		20.9		—
Total deferred lease amounts	$	195.6	$	1.2