Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 22, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 001-33892 | ||
Entity Registrant Name | AMC ENTERTAINMENT HOLDINGS, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 26-0303916 | ||
Entity Address, Address Line One | One AMC Way | ||
Entity Address, Address Line Two | 11500 Ash Street | ||
Entity Address, City or Town | Leawood | ||
Entity Address, State or Province | KS | ||
Entity Address, Postal Zip Code | 66211 | ||
City Area Code | 913 | ||
Local Phone Number | 213-2000 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Public Float | $ 7,002,919,062 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Firm ID | 42 | ||
Auditor Location | Kansas City, Missouri | ||
Entity Central Index Key | 0001411579 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Class A common stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Class A common stock | ||
Trading Symbol | AMC | ||
Security Exchange Name | NYSE | ||
Entity Common Stock, Shares Outstanding | 517,580,416 | ||
AMC Preferred Equity Units | |||
Document Information [Line Items] | |||
Title of 12(b) Security | AMC Preferred Equity Units, each constituting a depositary share representing a 1/100th | ||
Trading Symbol | APE | ||
Security Exchange Name | NYSE | ||
Entity Common Stock, Shares Outstanding | 929,849,612 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | |||
Total revenues | $ 3,911.4 | $ 2,527.9 | $ 1,242.4 |
Operating costs and expenses | |||
Operating expense, excluding depreciation and amortization below | 1,528.4 | 1,141.8 | 856 |
Rent | 886.2 | 828 | 884.1 |
General and administrative: | |||
Merger, acquisition and other costs | 2.1 | 13.7 | 24.6 |
Other, excluding depreciation and amortization below | 207.6 | 226.6 | 156.7 |
Depreciation and amortization | 396 | 425 | 498.3 |
Impairment of long-lived assets, definite and indefinite-lived intangible assets and goodwill | 133.1 | 77.2 | 2,513.9 |
Operating costs and expenses | 4,433.7 | 3,457.9 | 5,345.1 |
Operating loss | (522.3) | (930) | (4,102.7) |
Other expense, net: | |||
Other expense (income) | 53.6 | (87.9) | 28.9 |
Interest expense: | |||
Corporate borrowings | 336.4 | 414.9 | 311 |
Finance lease obligations | 4.1 | 5.2 | 5.9 |
Non-cash NCM exhibitor services agreement | 38.2 | 38 | 40 |
Equity in (earnings) loss of non-consolidated entities | 1.6 | (11) | 30.9 |
Investment expense (income) | 14.9 | (9.2) | 10.1 |
Total other expense, net | 448.8 | 350 | 426.8 |
Net loss before income taxes | (971.1) | (1,280) | (4,529.5) |
Income tax provision (benefit) | 2.5 | (10.2) | 59.9 |
Net loss | (973.6) | (1,269.8) | (4,589.4) |
Less: Net loss attributable to noncontrolling interests | (0.7) | (0.3) | |
Net loss attributable to AMC Entertainment Holdings, Inc. | $ (973.6) | $ (1,269.1) | $ (4,589.1) |
Net loss per share attributable to AMC Entertainment Holdings, Inc.'s common stockholders: | |||
Basic | $ (0.93) | $ (1.33) | $ (19.58) |
Diluted | $ (0.93) | $ (1.33) | $ (19.58) |
Average shares outstanding: | |||
Basic (in thousands) | 1,047,689 | 954,820 | 234,424 |
Diluted (in thousands) | 1,047,689 | 954,820 | 234,424 |
Admissions | |||
Revenues | |||
Total revenues | $ 2,201.4 | $ 1,394.2 | $ 712.1 |
Operating costs and expenses | |||
Operating costs and expenses | 1,051.7 | 607.7 | 322.7 |
Food and beverage | |||
Revenues | |||
Total revenues | 1,313.7 | 857.3 | 362.4 |
Operating costs and expenses | |||
Operating costs and expenses | 228.6 | 137.9 | 88.8 |
Other theatre. | |||
Revenues | |||
Total revenues | $ 396.3 | $ 276.4 | $ 167.9 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | |||
Net loss | $ (973.6) | $ (1,269.8) | $ (4,589.4) |
Other comprehensive income (loss): | |||
Unrealized foreign currency translation adjustments | (59.8) | (78.9) | 67 |
Realized loss on foreign currency transactions reclassified into investment expense (income), net of tax | (0.4) | 1.9 | |
Pension adjustments: | |||
Net gain (loss) arising during the period | 10.6 | 12.3 | (4.1) |
Other comprehensive income (loss): | (49.2) | (67) | 64.8 |
Total comprehensive loss | (1,022.8) | (1,336.8) | (4,524.6) |
Comprehensive loss attributable to noncontrolling interests | (0.9) | (0.1) | |
Comprehensive loss attributable to AMC Entertainment Holdings, Inc. | $ (1,022.8) | $ (1,335.9) | $ (4,524.5) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 631.5 | $ 1,592.5 |
Restricted cash | 22.9 | 27.8 |
Receivables, net | 166.6 | 168.5 |
Other current assets | 81.1 | 81.5 |
Total current assets | 902.1 | 1,870.3 |
Property, net | 1,719.2 | 1,962.5 |
Operating lease right-of-use assets, net | 3,802.9 | 4,155.9 |
Intangible assets, net | 147.3 | 153.4 |
Goodwill | 2,342 | 2,429.8 |
Deferred tax asset, net | 0.6 | |
Other long-term assets | 222.1 | 249 |
Total assets | 9,135.6 | 10,821.5 |
Current liabilities: | ||
Accounts payable | 330.5 | 377.1 |
Accrued expenses and other liabilities | 364.3 | 367.5 |
Deferred revenues and income | 402.7 | 408.6 |
Current maturities of corporate borrowings | 20 | 20 |
Current maturities of finance lease liabilities | 5.5 | 9.5 |
Current maturities of operating lease liabilities | 567.3 | 605.2 |
Total current liabilities | 1,690.3 | 1,787.9 |
Corporate borrowings | 5,120.8 | 5,408 |
Finance lease liabilities | 53.3 | 63.2 |
Operating lease liabilities | 4,252.7 | 4,645.2 |
Exhibitor services agreement | 505.8 | 510.4 |
Deferred tax liability, net | 32.1 | 31.3 |
Other long-term liabilities | 105.1 | 165 |
Total liabilities | 11,760.1 | 12,611 |
Commitments and contingencies | ||
Stockholders' deficit: | ||
Preferred stock | 0.1 | 0.1 |
Class A common stock ($.01 par value, 524,173,073 shares authorized; 516,838,912 shares issued and outstanding as of December 31, 2022; 513,979,100 shares issued and outstanding as of December 31, 2021) | 5.2 | 5.1 |
Additional paid-in capital | 5,045.1 | 4,857.4 |
Accumulated other comprehensive loss | (77.3) | (28.1) |
Accumulated deficit | (7,597.6) | (6,624) |
Total stockholders' deficit | (2,624.5) | (1,789.5) |
Total liabilities and stockholders' deficit | $ 9,135.6 | $ 10,821.5 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, share authorized (in shares) | 50,000,000 | 50,000,000 |
Class A common stock | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, share authorized (in shares) | 524,173,073 | 524,173,073 |
Common stock, shares issued (in shares) | 516,838,912 | 513,979,100 |
Common stock, shares outstanding (in shares) | 516,838,912 | 513,979,100 |
AMC Preferred Equity Units | ||
Preferred stock, share authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 7,245,872 | 5,139,791 |
Preferred stock, shares outstanding ( in shares) | 7,245,872 | 5,139,791 |
Series A Convertible Participating Preferred Stock | ||
Preferred stock, share authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Preferred stock, shares issued (in shares) | 724,587,058 | 513,979,100 |
Preferred stock, shares outstanding ( in shares) | 724,587,058 | 513,979,100 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Cash flows from operating activities: | ||||
Net loss | $ (973.6) | $ (1,269.8) | $ (4,589.4) | |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization | 396 | 425 | 498.3 | |
(Gain) loss on extinguishment of debt | 92.8 | 14.1 | (93.6) | |
Deferred income taxes | 1.7 | (7.6) | 64 | |
Impairment of long-lived assets, definite and indefinite-lived intangible assets and goodwill | 133.1 | 77.2 | 2,513.9 | |
Gain on dispositions of Baltics | (5.5) | |||
Unrealized loss on investments Hycroft | 6.3 | |||
(Gain) loss on sale of NCM investments | 13.5 | (1.2) | ||
Amortization of net premium on corporate borrowings to interest expense | (65.4) | (3.9) | (22) | |
Amortization of deferred financing costs to interest expense | 12.6 | 23.3 | 14.2 | |
PIK interest expense | 116.2 | 73.4 | ||
Non-cash portion of stock-based compensation | 22.5 | 43.1 | 25.4 | |
Gain on disposition of assets | 1.1 | 0.3 | (17.4) | |
Loss on derivative asset and derivative liability | 109 | |||
Equity in loss from non-consolidated entities, net of distributions | 7.6 | 1.3 | 45.4 | |
Landlord contributions | 19.9 | 22 | 43.6 | |
Other non-cash rent benefit | (26.6) | (24.9) | (4.9) | |
Deferred rent | (170.1) | (133.7) | 3.4 | |
Net periodic benefit cost (income) | (0.6) | (0.9) | 1.8 | |
Change in assets and liabilities: | ||||
Receivables | 4 | (82.7) | 159.3 | |
Other assets | 2.3 | (5.8) | 76.8 | |
Accounts payable | (40.4) | 63.8 | (176.4) | |
Accrued expenses and other liabilities | (39.2) | 164.3 | 102.5 | |
Other, net | (26) | (28.7) | 43.2 | |
Net cash used in operating activities | $ (33.3) | (628.5) | (614.1) | (1,129.5) |
Cash flows from investing activities: | ||||
Capital expenditures | (72.3) | (202) | (92.4) | (173.8) |
Proceeds from disposition of Baltics, net of cash and transaction costs | 34.2 | 6.2 | ||
Acquisition of theatre assets | (17.8) | (8.2) | ||
Proceeds from disposition of long-term assets | 0.5 | 11.3 | 7.9 | 19.8 |
Proceeds from sale of securities | 13 | |||
Investments in non-consolidated entities, net | (27.9) | (9.3) | (9.3) | |
Other, net | (0.6) | (0.4) | 2.5 | |
Net cash used in investing activities | (70.3) | (224) | (68.2) | (154.6) |
Cash flows from financing activities: | ||||
Proceeds from issuance of Notes | 368 | |||
Repayments under revolving credit facilities | (335) | 321.8 | ||
Principal and premium payments | (529.5) | |||
Net proceeds from Class A common stock issuance | 1,570.7 | 264.7 | ||
Net proceeds from Class A common stock issuance to Mudrick | 230.4 | |||
Net proceeds from AMC Preferred Equity Units issuance | 212.6 | 220.4 | ||
Payments related to sale of noncontrolling interest | (0.4) | 37 | ||
Principal payments under finance lease obligations | (9.4) | (9) | (6.2) | |
Cash used to pay for deferred financing costs | (6.9) | (26.1) | (19.9) | (15.4) |
Cash used to pay dividends | (0.7) | (6.5) | ||
Taxes paid for restricted unit withholdings | (52.3) | (19.1) | (5.1) | |
Net cash provided by (used in) financing activities | 44.2 | (91.3) | 1,990.7 | 1,330.3 |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | 8 | (22.1) | (9.5) | (0.3) |
Net increase (decrease) in cash and cash equivalents and restricted cash | (51.4) | (965.9) | 1,298.9 | 45.9 |
Cash and cash equivalents and restricted cash at beginning of period | 705.8 | 1,620.3 | 321.4 | 275.5 |
Cash and cash equivalents and restricted cash at end of period | 654.4 | 654.4 | 1,620.3 | 321.4 |
Cash paid during the period for: | ||||
Interest (including amounts capitalized of $0.1 million, $0.2 and $1.1 million, respectively) | 379 | 274.7 | 237.5 | |
Income taxes paid (received), net | 0.8 | (7.4) | (10.5) | |
Schedule of non-cash activities: | ||||
Investment in NCM | 15 | 5.2 | ||
Construction payables at period end | $ 36.3 | 36.3 | 40.4 | 18.2 |
AMC Preferred Equity Units issuance costs payable at year end | 2.8 | |||
Convertible Notes due 2026 conversion, see Note 8-Corporate Borrowings and Finance Lease Liabilities | 600 | |||
Mudrick transaction, see Note 8-Corporate Borrowings and Finance Lease Liabilities | 70.2 | |||
DCIP digital projectors transaction, see Note 6-Investments | 125.2 | |||
Senior Secured Credit Facility Term-Loan Due 2026 | ||||
Cash flows from financing activities: | ||||
Scheduled principal payments under Term Loan due 2026 | (20) | (20) | (20) | |
6.125% Senior Subordinated Notes due 2027 | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
(Gain) loss on extinguishment of debt | (3.7) | |||
Cash flows from financing activities: | ||||
Repurchase of Senior Subordinated Debt | (1.6) | |||
Second Lien Notes due 2026 | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
(Gain) loss on extinguishment of debt | (75) | |||
Cash flows from financing activities: | ||||
Principal payments under Second Lien Notes due 2026 | (1) | |||
Repurchase of Senior Subordinated Debt | (68.3) | |||
First Lien Notes due 2029 | ||||
Cash flows from financing activities: | ||||
Proceeds from issuance of Notes | 950 | |||
Odeon Term Loan Facility due 2023 | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Amortization of deferred financing costs to interest expense | 1 | |||
Cash flows from financing activities: | ||||
Premium paid to extinguish notes | (26.5) | |||
Principal and premium payments | (476.6) | |||
Odeon Senior Secured Note 2027 | ||||
Cash flows from financing activities: | ||||
Proceeds from issuance of Odeon Term Loan | 368 | |||
First Lien Toggle Notes due 2026 | ||||
Cash flows from financing activities: | ||||
Proceeds from issuance of Notes | 100 | |||
Payment of principal | (73.5) | (35) | ||
Premium paid to extinguish notes | (14.6) | (5.3) | ||
First Lien Notes due 2025 | ||||
Cash flows from financing activities: | ||||
Proceeds from issuance of Notes | 490 | |||
Payment of principal | (500) | |||
Premium paid to extinguish notes | (34.5) | |||
First Lien Notes due 2026 | ||||
Cash flows from financing activities: | ||||
Proceeds from issuance of Notes | $ 270 | |||
Payment of principal | (300) | |||
Premium paid to extinguish notes | $ (25.6) | |||
Odeon | ||||
Cash flows from financing activities: | ||||
Proceeds from issuance of Odeon Term Loan | $ 534.3 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
Interest, capitalized | $ 0.1 | $ 0.2 | $ 1.1 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (DEFICIT) - USD ($) | Class A common stock Dividend declared Accumulated Earnings (Deficit) | Class A common stock Dividend declared Total AMC Stockholders' Equity (Deficit) | Class A common stock Dividend declared | Class B common stock Dividend declared Accumulated Earnings (Deficit) | Class B common stock Dividend declared Total AMC Stockholders' Equity (Deficit) | Class B common stock Dividend declared | Class A and Class B Common Stock Common Stock Mudrick Capital Management LP | Class A and Class B Common Stock Common Stock | Series A Convertible Participating Preferred Stock Preferred Stock Mudrick Capital Management LP | Series A Convertible Participating Preferred Stock Preferred Stock | Depository Shares of AMC Preferred Equity Preferred Stock Mudrick Capital Management LP | Depository Shares of AMC Preferred Equity Preferred Stock | Additional Paid-in Capital Mudrick Capital Management LP | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Accumulated Earnings (Deficit) | Total AMC Stockholders' Equity (Deficit) Mudrick Capital Management LP | Total AMC Stockholders' Equity (Deficit) | Noncontrolling Interests | Mudrick Capital Management LP | Total |
Balance at the beginning of the period at Dec. 31, 2019 | $ 1,000,000 | $ 100,000 | $ 2,001,800,000 | $ (56,400,000) | $ (26,100,000) | $ (706,200,000) | $ 1,214,200,000 | $ 1,214,200,000 | ||||||||||||||
Balance (in shares) at Dec. 31, 2019 | 103,849,861 | 1,038,499 | 103,849,861 | 7,465,250 | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||||||||
Cumulative effect adjustment for the adoption of new accounting principle | (16,900,000) | (16,900,000) | (16,900,000) | |||||||||||||||||||
Net loss | (4,589,100,000) | (4,589,100,000) | $ (300,000) | (4,589,100,000) | ||||||||||||||||||
Other comprehensive income (loss) | 64,600,000 | 64,600,000 | 200,000 | 64,800,000 | ||||||||||||||||||
Baltics noncontrolling capital contribution | (200,000) | 200,000 | 27,000,000 | 27,000,000 | ||||||||||||||||||
Class A common stock, accrued dividend equivalent adjustment | $ (1,600,000) | $ (1,600,000) | $ (1,600,000) | $ (1,600,000) | $ (1,600,000) | $ (1,600,000) | ||||||||||||||||
AMC preferred equity units | (1,600,000) | (1,600,000) | (1,600,000) | |||||||||||||||||||
Number of stock issued | $ 900,000 | 263,800,000 | 264,700,000 | 264,700,000 | ||||||||||||||||||
Number of stock issued (In shares) | 90,955,685 | 909,557 | 90,955,685 | |||||||||||||||||||
Exchange Offer Class A common stock issuance | $ 100,000 | 20,100,000 | 20,200,000 | 20,200,000 | ||||||||||||||||||
Exchange Offer Class A common stock issuance (in shares) | 5,000,000 | 50,000 | 5,000,000 | |||||||||||||||||||
Convertible Notes due 2026 stock conversion | $ 300,000 | 69,800,000 | 70,100,000 | 70,100,000 | ||||||||||||||||||
Convertible Notes due 2026 stock conversion (in shares) | 21,978,022 | 219,780 | 21,978,022 | |||||||||||||||||||
Derivative asset valuation allowance adjustment | (2,400,000) | (2,400,000) | (2,400,000) | |||||||||||||||||||
Reclassification of derivative liability and derivative asset for Conversion Price Reset of Convertible Notes due 2026 | 89,900,000 | (15,900,000) | 74,000,000 | 74,000,000 | ||||||||||||||||||
Taxes paid for restricted unit withholdings | (5,100,000) | (5,100,000) | (5,100,000) | |||||||||||||||||||
Stock-based compensation | $ 25,494 | $ 2,549,465 | 25,400,000 | 25,400,000 | 25,400,000 | |||||||||||||||||
Stock-based compensation (in shares) | 2,549,465 | |||||||||||||||||||||
Balance at the end of the period at Dec. 31, 2020 | $ 2,300,000 | $ 100,000 | 2,465,500,000 | $ (56,400,000) | 38,700,000 | (5,335,300,000) | (2,885,100,000) | 26,900,000 | (2,858,200,000) | |||||||||||||
Balance (in shares) at Dec. 31, 2020 | 224,333,033 | 2,243,330 | 224,333,033 | 7,465,250 | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||||||||
Net loss | (1,269,100,000) | (1,269,100,000) | (700,000) | (1,269,100,000) | ||||||||||||||||||
Other comprehensive income (loss) | (65,900,000) | (65,900,000) | (200,000) | (66,100,000) | ||||||||||||||||||
Baltics noncontrolling capital contribution | 200,000 | 200,000 | (4,000,000) | (3,800,000) | ||||||||||||||||||
100% liquidation of Baltics | (900,000) | (900,000) | $ (22,000,000) | (22,900,000) | ||||||||||||||||||
Class A common stock, accrued dividend equivalent adjustment | (300,000) | (300,000) | (300,000) | |||||||||||||||||||
Number of stock issued | $ 100,000 | $ 2,300,000 | $ 2,416,163 | $ 241,616,293 | $ 230,300,000 | 1,531,300,000 | $ 56,400,000 | (19,300,000) | $ 230,400,000 | 1,570,700,000 | $ 230,400,000 | 1,570,700,000 | ||||||||||
Number of stock issued (In shares) | 8,500,000 | 241,616,293 | 85,000 | 8,500,000 | (7,465,250) | |||||||||||||||||
Convertible Notes due 2026 stock conversion | $ 400,000 | 606,100,000 | 606,500,000 | 606,500,000 | ||||||||||||||||||
Convertible Notes due 2026 stock conversion (in shares) | 44,422,860 | 444,229 | 44,422,860 | |||||||||||||||||||
Taxes paid for restricted unit withholdings | (19,100,000) | (19,100,000) | (19,100,000) | |||||||||||||||||||
Stock-based compensation | $ 7,729 | $ 772,914 | 43,100,000 | 43,100,000 | 43,100,000 | |||||||||||||||||
Stock-based compensation (in shares) | 772,914 | |||||||||||||||||||||
Wanda forfeit and cancellation of Class B shares (in shares) | (5,666,000) | (56,660) | (5,666,000) | |||||||||||||||||||
Balance at the end of the period at Dec. 31, 2021 | $ 5,100,000 | $ 100,000 | 4,857,400,000 | (28,100,000) | (6,624,000,000) | (1,789,500,000) | (1,789,500,000) | |||||||||||||||
Balance (in shares) at Dec. 31, 2021 | 513,979,100 | 5,139,791 | 513,979,100 | |||||||||||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||||||||
Net loss | (973,600,000) | (973,600,000) | (973,600,000) | |||||||||||||||||||
Other comprehensive income (loss) | (49,200,000) | (49,200,000) | (49,200,000) | |||||||||||||||||||
Number of stock issued | $ 2,077,482 | $ 207,748,146 | 217,600,000 | 217,600,000 | 217,600,000 | |||||||||||||||||
Taxes paid for restricted unit withholdings | (52,300,000) | (52,300,000) | (52,300,000) | |||||||||||||||||||
Stock-based compensation | $ 100,000 | $ 28,599 | 2,859,812 | 22,400,000 | 22,500,000 | 22,500,000 | ||||||||||||||||
Stock-based compensation (in shares) | 2,859,812 | |||||||||||||||||||||
Balance at the end of the period at Dec. 31, 2022 | $ 5,200,000 | $ 100,000 | $ 5,045,100,000 | $ (77,300,000) | $ (7,597,600,000) | $ (2,624,500,000) | $ (2,624,500,000) | |||||||||||||||
Balance (in shares) at Dec. 31, 2022 | 516,838,912 | 7,245,872 | 724,587,058 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (DEFICIT) (Parenthetical) - $ / shares | 12 Months Ended | |
Feb. 26, 2020 | Dec. 31, 2020 | |
Cash dividend declared (in dollars per share) | $ 0.015 | |
Class A common stock | ||
Cash dividend declared (in dollars per share) | $ 0.015 | |
Class B common stock | ||
Cash dividend declared (in dollars per share) | 0.015 | |
Depository Shares of AMC Preferred Equity | ||
Price per share (in dollars per share) | $ 0.015 |
THE COMPANY AND SIGNIFICANT ACC
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | |
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | NOTE 1—THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES AMC Entertainment Holdings, Inc. (“Holdings”), through its direct and indirect subsidiaries, including American Multi-Cinema, Inc. and its subsidiaries, (collectively with Holdings, unless the context otherwise requires, the “Company” or “AMC”), is principally involved in the theatrical exhibition business and owns, operates or has interests in theatres located in the United States and Europe. Temporarily Suspended or Limited Operations. As of As of As of As of January 1, March 31, June 30, September 30, Theatre Operations: 2021 2021 2021 2021 Percentage of theatres operated - Domestic 66.8 % 99.2 % 99.8 % 99.8 % Percentage of theatres operated - International 30.3 % 27.3 % 94.9 % 99.2 % Percentage of theatres operated - Consolidated 52.9 % 72.2 % 98.0 % 99.6 % During the year ended December 31, 2022, the Company operated essentially 100% of all its U.S. and International theatres. As of December 31, 2022 and 2021, there were no restrictions on operations in any of the U.S. or International theatres. Liquidity. Additionally, the Company enhanced liquidity through debt refinancing that extended maturities, purchases of debt below par value, and equity sales. See Note 8 — — The table below summarizes net decrease in cash and cash equivalents and restricted cash by quarter for the year ended December 31, 2022: Three Months Ended Year Ended March 31, June 30, September 30, December 31, December 31 (In millions) 2022 2022 2022 2022 2022 Cash flows from operating activities: Net cash used in operating activities $ (295.0) $ (76.6) $ (223.6) $ (33.3) $ (628.5) Cash flows from investing activities: Net cash used in investing activities (54.9) (48.0) (50.8) (70.3) (224.0) Cash flows from financing activities: Net cash provided by (used in) financing activities (76.3) (59.7) 0.5 44.2 (91.3) Effect of exchange rate changes on cash and cash equivalents and restricted cash (5.5) (16.4) (8.2) 8.0 (22.1) Net decrease in cash and cash equivalents and restricted cash (431.7) (200.7) (282.1) (51.4) (965.9) Cash and cash equivalents and restricted cash at beginning of period 1,620.3 1,188.6 987.9 705.8 1,620.3 Cash and cash equivalents and restricted cash at end of period $ 1,188.6 $ 987.9 $ 705.8 $ 654.4 $ 654.4 The Company’s net cash provided by (used in) operating activities improved by $341.5 million during the three months ended March 31, 2022 compared to the three months ended December 31, 2021, $218.4 million during the three months ended June 30, 2022 compared to the three months ended March 31, 2022, deteriorated by $(147.0) million during the three months ended September 30, 2022 compared to the three months ended June 30, 2022, and improved by $190.3 million during the three months ended December 31, 2022 compared to September 30, 2022. The improvement is primarily attributable to working capital changes, partially offset by an increased net loss during the three months ended December 31, 2022. The Company has also continued to repay rent amounts that were deferred during the pandemic, which increases its cash outflows from operating activities. See Note 3 — The Company’s net cash provided by (used in )investing activities included: ● $34.8 million of capital expenditures and $27.9 million of investments in non-consolidated entities, partially offset by proceeds from the disposition of long-term assets of $7.2 million during the three months ended March 31, 2022; ● $40.4 million of capital expenditures, $17.8 million for the acquisition of theatres, partially offset by proceeds of $11.4 million from the sale of securities in conjunction with the liquidation of a non-qualified deferred compensation plan during the three months ended June 30, 2022; ● $54.5 million of capital expenditures, partially offset by proceeds from disposition of long-term assets $3.6 million during the three months ended September 30, 2022; and ● $72.3 million of capital expenditures, partially offset by $0.5 million of proceeds from disposition of long-term assets and $1.5 million of proceeds from the sale of NCM shares during the three months ended December 31, 2022. The Company’s net cash provided by (used in) financing activities included: ● $955.7 million of principal and premium payments, $52.2 million of taxes paid for restricted unit withholdings, and $17.7 million of cash used to pay for deferred financing costs, partially offset by proceeds from the Company’s debt issuances of $950.0 million during the three months ended March 31, 2022; ● $57.9 million of principal and premium payments, $1.8 million of cash used to pay for deferred financing costs and $0.7 million of AMC Preferred Equity Unit issuance during the three months ended June 30, 2022; ● $7.4 million principal payments and $0.5 million of cash used to pay deferred financing costs, partially offset by $8.5 million of net proceeds from AMC Preferred Equity Units issuance during the three months ended September 30, 2022; and ● $529.5 million of principal and premium payments and $6.9 million of cash used to pay for deferred financing costs, partially offset by proceeds from the Company’s debt issuance of $368.0 million and $212.6 million of net proceeds from AMC Preferred Equity Units issuance during the three months ended December 31, 2022. The table below summarizes net increase (decrease) in cash equivalents and restricted cash by quarter for the year ended December 31, 2021: Three Months Ended Year Ended March 31, June 30, September 30, December 31, December 31, (In millions) 2021 2021 2021 2021 2021 Cash flows from operating activities: Net cash provided by (used in) operating activities $ (312.9) $ (233.8) $ (113.9) $ 46.5 $ (614.1) Cash flows from investing activities: Net cash provided by (used in) investing activities (16.0) 13.5 (28.8) (36.9) (68.2) Cash flows from financing activities: Net cash provided by (used in) financing activities 854.7 1,212.2 (48.3) (27.9) 1,990.7 Effect of exchange rate changes on cash and cash equivalents and restricted cash (5.1) 5.6 (8.4) (1.6) (9.5) Net increase (decrease) in cash and cash equivalents and restricted cash 520.7 997.5 (199.4) (19.9) 1,298.9 Cash and cash equivalents and restricted cash at beginning of period 321.4 842.1 1,839.6 1,640.2 321.4 Cash and cash equivalents and restricted cash at end of period $ 842.1 $ 1,839.6 $ 1,640.2 $ 1,620.3 $ 1,620.3 The Company’s net cash used in operating activities improved by $79.1 million during the three months ended June 30, 2021 compared to the three months ended March 31, 2021, $119.9 million during the three months ended September 30, 2021 compared to the three months ended June 30, 2021, and $160.4 million during the three months ended December 31, 2021 compared to the three months ended September 30, 2021. This is primarily attributable to continued increases in attendance and industry box office revenues during the year ended December 31, 2021. The Company believes its existing cash and cash equivalents, together with cash generated from operations, will be sufficient to fund its operations, satisfy its obligations, including cash outflows to repay rent amounts that were deferred during the COVID-19 pandemic and planned capital expenditures, and comply with minimum liquidity and financial covenant requirements under its debt covenants related to borrowings pursuant to the Senior Secured Revolving Credit Facility for at least the next twelve months. In order to achieve net positive operating cash flows and long-term profitability, the Company believes that operating revenues and attendance levels will need to increase significantly from 2021 and 2022 levels to levels in line with pre-COVID-19 operating revenues. The Company believes the anticipated volume of titles available for theatrical release, and the anticipated broad appeal of many of those titles will support increased operating revenues and attendance levels. The Company believes that recent operating revenues attendance levels are positive signs of continued demand for the moviegoing experience. Total revenues for the years ended December 31, 2022, 2021, and 2020 were $3.9 billion, $2.5 billion, and $1.2 billion, respectively, compared to $5.5 billion for the year ended December 31, 2019. For the years ended December 31, 2022, 2021, and 2020 attendance was 201.0 million patrons, 128.5 million patrons, and 75.2 million patrons, respectively, compared to 356.4 million patrons for the year ended December 31, 2019. Moreover, it is difficult to predict future operating revenues and attendance levels and there remain significant risks that may negatively impact operating revenues and attendance, including movie studios release schedules, the production and theatrical release of fewer films compared to levels before the onset of the COVID-19 pandemic, and direct to streaming or other changing movie studio practices. The Company entered the Ninth Amendment pursuant to which the requisite revolving lenders party thereto agreed to extend the fixed date for the termination of the suspension period for the financial covenant (the secured leverage ratio) applicable to the Senior Secured Revolving Credit Facility from March 31, 2021 to March 31, 2022, which was further extended by the Eleventh Amendment and the Twelfth Amendment from March 31, 2022 to March 31, 2023, and then from March 31, 2023 to March 31, 2024, respectively, in each case, as described, and on the terms and conditions specified, therein. As of December 31, 2022, the Company was subject to a minimum liquidity requirement of $100 million as a condition to the Extended Covenant Suspension Period (as defined in Note 8—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Consolidated Financial Statements under Part II, Item 8 thereof). The current maturity date of the Senior Secured Revolving Credit Facility is April 22, 2024; since the financial covenant applicable to the Senior Secured Revolving Credit Facility is tested as of the last day of any fiscal quarter for which financial statements have been (or were required to have been) delivered, the financial covenant has been effectively suspended through maturity of the Senior Secured Revolving Credit Facility. The 11.25% Odeon Term Loan Facility due 2023 (“Odeon Term Loan Facility”) was to mature on August 19, 2023, during the third fiscal quarter of the Company’s next calendar year. On October 20, 2022, the Company completely repaid the Odeon Term Loan Facility using existing cash and $363.0 million net proceeds from the issuance of Odeon Notes due 2027. The Company may, at any time and from time to time, seek to retire or purchase debt through cash purchases and/or exchanges for equity (including AMC Preferred Equity Units) or debt, in open-market purchases, privately negotiated transactions or otherwise. Such repurchases or exchanges, if any, will be upon such terms and at such prices as it may determine, and will depend on prevailing market conditions, its liquidity requirements, contractual restrictions and other factors. The amounts involved may be material and to the extent equity is used, dilutive. During the year ended December 31, 2022, the Company repurchased $118.3 million aggregate principal of the Second Lien Notes due 2026 for $68.3 million and recorded a gain on extinguishment of $75.0 million in other expense (income). Additionally, during the year ended December 31, 2022, the Company repurchased $5.3 million aggregate principal of the Senior Subordinated Notes due 2027 for $1.6 million and recorded a gain on extinguishment of $3.7 million in other expense (income). Accrued interest of $4.5 million was paid in connection with the repurchases. See Note 8—Corporate Borrowings and Finance Lease Liabilities for more information. The Company received rent concessions provided by the lessors that aided in mitigating the economic effects of COVID-19 during the pandemic. These concessions primarily consisted of rent abatements and the deferral of rent payments. As a result, deferred lease amounts were approximately $157.2 million as of December 31, 2022. Including repayments of deferred lease amounts, the Company’s cash expenditures for rent increased significantly during the year ended December 31, 2022 compared to the year ended December 31, 2021. See Note 3 — It is very difficult to estimate the Company’s liquidity requirements, future cash burn rates, future operating revenues, and attendance levels. Depending on the Company’s assumptions regarding the timing and ability to achieve significantly increased levels of operating revenue, the estimates of amounts of required liquidity vary significantly. In order to achieve net positive operating cash flows and long-term profitability, the Company believes that operating revenues will need to increase significantly to levels in line with pre-COVID-19 operating revenues. The Company’s current cash burn rates are not sustainable. Further, the Company cannot accurately predict what future changes may occur to the supply or release date of movie titles available for theatrical exhibition once moviegoers are prepared to return in large numbers. Nor can the Company know with certainty the impact on consumer movie-going behavior of studios who release movies to theatrical exhibition and their streaming platforms on the same date, or the potential attendance impact of other studio decisions to accelerate in-home availability of their theatrical movies. Studio negotiations regarding evolving theatrical release models and film licensing terms are ongoing. There can be no assurance that the operating revenues, attendance levels, and other assumptions used to estimate our liquidity requirements and future cash burn rates will be correct, and our ability to be predictive is uncertain due to limited ability to predict studio film release dates and success of individual titles. Further, there can be no assurances that the Company will be successful in generating the additional liquidity necessary to meet the Company’s obligations beyond twelve months from the issuance of these financial statements on terms acceptable to the Company or at all. If the Company is unable to maintain or renegotiate our minimum liquidity covenant requirements, it could have a significant adverse effect on the Company’s business, financial condition and operating results. AMC Preferred Equity Units. Each AMC Preferred Equity Unit is a depositary share and represents an interest in one one-hundredth (1/100th) of a share of Series A Convertible Participating Preferred Stock evidenced by a depositary receipt pursuant to a deposit agreement. The Company has 50,000,000 Preferred Stock shares authorized, 10,000,000 of which have currently been allocated and 7,245,872 have been issued under the depositary agreement as Series A Convertible Participating Preferred Stock, leaving 40,000,000 unallocated Preferred Stock shares. Each AMC Preferred Equity Unit is designed to have the same economic and voting rights as a share of Class A common stock. Trading of the AMC Preferred Equity Units on the NYSE began on August 22, 2022 under the ticker symbol “APE”. Due to the characteristics of the AMC Preferred Equity Units, the special dividend had the effect of a stock split pursuant to ASC 505-20-25-4. Accordingly, all references made to share, per share or common share amounts in the accompanying consolidated financial statements and applicable disclosures have been retroactively adjusted to reflect the effects of the special stock dividend as a stock split. See Note 9–Stockholders’ Equity and Note 15–Loss Per Share. Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Principles of Consolidation. The consolidated financial statements include the accounts of Holdings and all subsidiaries, as discussed above. All significant intercompany balances and transactions have been eliminated in consolidation. Majority-owned subsidiaries that the Company has control of are consolidated in the Company’s consolidated subsidiaries; consequently, a portion of its stockholders’ equity, net earnings (loss) and total comprehensive income (loss) for the periods presented are attributable to noncontrolling interests. The Company manages its business under Noncontrolling Interests and Baltic Theatre Sale. The Company received $37.5 million (€31.53 million) cash consideration upon entering into the sale agreement on August 28, 2020 and paid $0.5 million in transaction costs during the year ended December 31, 2020. The Company transferred an equity interest of 49% in Forum Cinemas OU to the purchaser and recorded an initial noncontrolling interest of $34.9 million in total equity (deficit). Transaction costs of $1.4 million and net gain of $1.2 million related to the sale of 49% equity interest of Lithuania and Estonia and the 100% disposal of Latvia were recorded in additional paid-in capital during the year ended December 31, 2020 and were recorded in earnings during the year ended December 31, 2021 when the remaining 51% interests in Lithuania and Estonia were disposed. Also, during the year ended December 31, 2020, the Company received cash consideration of $6.2 million (€5.3 million), net of cash of $0.2 million for the remaining 51% equity interest in Latvia. At December 31, 2020, the carrying amounts of the major classes of assets and liabilities included as part of the disposal group that were previously included in the International markets reportable segment were; goodwill of $41.8 million, property, net, of $13.0 million, operating lease right-of-use assets, net of $15.7 million, and current and long-term operating lease liabilities of $2.4 million and $13.7 million, respectively. At December 31, 2020, the Company’s noncontrolling interest of 49% in Lithuania and Estonia was $26.9 million. During the year ended December 31, 2021, the Company received cash consideration of $34.2 million (€29.4 million), net of cash disposed of $0.4 million and transaction costs of $1.3 million, for the remaining 51% equity interest in Estonia, 51% equity interest in Lithuania and eliminated the Company’s noncontrolling interest in Forum Cinemas OU. The Company recorded the net gain from the sale of its equity interest in Forum Cinemas OU of $5.5 million (net of transaction costs of $2.6 million) in investment expense (income) Revenues. The Company recognizes income from non-redeemed or partially redeemed gift cards in proportion to the pattern of rights exercised by the customer (“proportional method”) where it applies an estimated non-redemption rate for its gift card sales channels, which range from 13% to 19% of the current month sales of gift cards, and the Company recognizes in other theatre revenues the total amount of expected income for non-redemption for that current month’s sales as income over the next 24 months in proportion to the pattern of actual redemptions. The Company has determined its non-redeemed rates and redemption patterns using more than 10 years of accumulated data. The Company also recognizes income from non-redeemed or partially redeemed exchange tickets using the proportional method. In the International markets, certain exchange tickets are subject to expiration dates, which triggers recognition of non-redemption in other revenues. The Company recognizes ticket fee revenues based on a gross transaction price. The Company is a principal (as opposed to agent) in the arrangement with third-party internet ticketing companies in regard to the sale of online tickets because the Company controls the online tickets before they are transferred to the customer. The online ticket fee revenues and the third-party commission or service fees are recorded in the line items other theatre revenues and operating expense, respectively, in the consolidated statements of operations. Film Exhibition Costs. Film exhibition costs are accrued based on the applicable box office receipts and estimates of the final settlement to the film licensors. Film exhibition costs include certain advertising costs. As of December 31, 2022 and December 31, 2021, the Company recorded film payables of Food and Beverage Costs. The Company records rebate payments from vendors as a reduction of food and beverage costs when earned. Exhibitor Services Agreement. — Customer Engagement Programs. AMC Stubs ® TM Stubs ® TM The portion of the admissions and food and beverage revenues attributed to the rewards is deferred as a reduction of admissions and food and beverage revenues and is allocated between admissions and food and beverage revenues based on expected member redemptions. Upon redemption, deferred rewards are recognized as revenues along with associated cost of goods. The Company estimates point breakage in assigning value to the points at the time of sale based on historical trends. The program’s annual membership fee is allocated to the material rights for discounted or free products and services and is initially deferred, net of estimated refunds, and recognized as the rights are redeemed based on estimated utilization, over the one-year membership period in admissions, food and beverage, and other revenues. A portion of the revenues related to a material right are deferred as a virtual rewards performance obligation using the relative standalone selling price method and are recognized as the rights are redeemed or expire. AMC Stubs ® ® The Company suspended the recognition of deferred revenues related to certain loyalty programs, gift cards, and exchange tickets during the period in which its operations were temporarily suspended. As the Company re-opened theatres, A-List members had the option to reactivate their subscription, which restarted the monthly charge for the program. Starting in July of 2021, all A-List monthly subscriptions were automatically reactivated and the Company has resumed a more normal recognition pattern for deferred revenues related to certain loyalty programs, gift cards and exchange tickets. Advertising Costs. The Company expenses advertising costs as incurred and does not have any direct-response advertising recorded as assets. Advertising costs were Cash and Cash Equivalents. All highly liquid debt instruments and investments purchased with an original maturity of three months or less are classified as cash equivalents. At December 31, 2022, cash and cash equivalents for the U.S. markets and International markets were Restricted Cash. Restricted cash is cash held in the Company's bank accounts in International markets as a guarantee for certain landlords. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Consolidated Balance Sheet to the total of the amounts in the Consolidated Statements of Cash Flows. Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Cash and cash equivalents $ 631.5 $ 1,592.5 $ 308.3 Restricted cash 22.9 27.8 13.1 Total cash, cash equivalents and restricted cash in the statement of cash flows $ 654.4 $ 1,620.3 $ 321.4 Derivative Asset and Liability. ended December 31, 2022, December 31, 2021 and December 31, 2020, respectively, and other expense (income) related to derivative liability fair value adjustments of $0 million, $0 million, and $89.4 million, during the years ended December 31, 2022, December 31, 2021 and December 31, 2020, respectively. See Note 8 — — Intangible Assets. Intangible assets were recorded at fair value for intangible assets resulting from the acquisition of Holdings by Wanda on August 30, 2012 and other theatre acquisitions. Intangible assets are comprised of amounts assigned to management contracts, which are being amortized on a straight-line basis over the estimated remaining useful lives of the assets, and trademark and trade names. The Company evaluates definite-lived intangible assets whenever events or changes in circumstances indicate that the carrying amount of the asset group may not be fully recoverable. Trademark and trade names are considered either definite or indefinite-lived intangible assets. Indefinite-lived intangible assets are not amortized but rather evaluated for impairment annually or more frequently as specific events or circumstances dictate. The Company first assesses the qualitative factors to determine whether the existence of events and circumstances indicate that it is more likely than not the fair value of an indefinite-lived intangible asset is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative impairment test. During the year ended December 31, 2020, the Company recorded impairment losses related to definite-lived intangible assets of $14.4 million in the U.S. markets and indefinite-lived intangible assets of $15.2 million in the International markets. There were no intangible asset impairment charges incurred during the years ended December 31, 2022 and December 31, 2021. Investments. The Company accounts for its investments in non-consolidated entities using either the cost or equity methods of accounting as appropriate, and has recorded the investments within other long-term assets in its consolidated balance sheets. Equity earnings and losses are recorded when the Company’s ownership interest provides the Company with significant influence. The Company follows the guidance in ASC 323-30-35-3, investment in a limited liability company, which prescribes the use of the equity method for investments where the Company has significant influence. The Company classifies gains and losses on sales of investments or impairments accounted for using the cost method in investment expense (income). Gains and losses on cash sales are recorded using the weighted average cost of all interests in the investments. Gains and losses related to non-cash negative common unit adjustments are recorded using the weighted average cost of those units in NCM. See Note 6 — Goodwill. The Company’s recorded goodwill was In accordance with ASC 350-20-35-30, goodwill of a reporting unit shall be tested for impairment between annual tests by assessing the qualitative factors to determine if an event occurs or changes in circumstances that would warrant an interim ASC 350 impairment analysis. If an impairment analysis is needed, the Company performs a quantitative impairment test for goodwill, which involves estimating the fair value of the reporting unit and comparing that value to its carrying value. If the estimated fair value of the reporting unit is less than its carrying value, the difference is recorded as goodwill impairment charge, not to exceed the total amount of goodwill allocated to that reporting unit. Qualitative impairment tests Step 1 quantitative goodwill impairment tests performed during 2020. Based on sustained declines during the first quarter of 2020 in the Company’s enterprise market capitalization and the temporary suspension of operations at all the Company’s theatres on or before March 17, 2020 due to the COVID-19 pandemic, the Company performed a Step 1 quantitative goodwill impairment test of the Domestic and International reporting units as of March 31, 2020. The enterprise fair values of the Domestic Theatres and International Theatres reporting units were less than their carrying values and goodwill impairment charges of $1,124.9 million and $619.4 million, respectively, were recorded as of March 31, 2020 for the Company’s Domestic Theatres and International Theatres reporting units. Due to the suspension of operations during the second and third quarters of 2020 and the further delay or cancellation of film releases, the Company performed a Step 1 quantitative impairment test of the Domestic and International reporting units as of September 30, 2020. See Note 12 — Due to the further delay or cancellation of film releases and the further suspension of operations in the International markets, the Company performed a Step 1 quantitative impairment test of the Domestic and International reporting units as of December 31, 2020. See Note 12 — There is considerable management judgment with respect to cash flow estimates and discount rates to be used in determining fair value, which fall under Level 3 within the fair value measurement hierarchy. Given the nature of the Company’s business and its recent history, future impairments are possible based upon business conditions, movie release dates, and attendance levels. Other Long-term Assets. Other long-term assets are comprised principally of investments in partnerships and joint ventures and capitalized computer software, which is amortized over the estimated useful life of the software. See Note 7 — Accounts Payable. Under the Company’s cash management system, checks issued but not presented to banks frequently result in book overdraft balances for accounting purposes and are classified within accounts payable in the balance sheet. The change in book overdrafts are reported as a component of operating cash flows for accounts payable as they do not represent bank overdrafts. The amount of these checks included in accounts payable as of December 31, 2022 and December 31, 2021 was Leases. The Company typically does not believe that the exercise of the renewal options is reasonably assured at the inception of the lease agreements and, therefore, considers the initial base term as the lease term. Lease terms vary but generally, the leases provide for fixed and escalating rentals, contingent escalating rentals based on the Consumer Price Index and other indexes not to exceed certain specified amounts and variable rentals based on a percentage of revenues. The Company often receives contributions from landlords for renovations at existing locations. The Company records the amounts received from landlords as an adjustment to the right-of-use asset and amortizes the balance as a reduction to rent expense over the base term of the lease agreement. Operating lease right-of-use assets and lease liabilities were recorded at commencement date based on the present value of minimum lease payments over the remaining lease term. The minimum lease payments include base rent and other fixed payments, including fixed maintenance costs. The Company’s leases have remaining lease terms of approximately 1 year to 25 years, which may include the option to extend the lease when it is reasonably certain the Company will exercise that option. The present value of the lease payments is calculated using the incremental borrowing rate for operating leases, which was determined using a portfolio approach based on the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. Operating lease expense is recorded on a straight-line basis over the lease term. The Company elected the practical expedient to not separate lease and non-lease components and also elected the short-term practical expedient for all leases that qualify. As a result, the Company will not recognize right-of-use assets or liabilities for short-term leases that qualify for the short-term practical expedient, but instead will recognize the lease payments as lease cost on a straight-line basis over the lease term. The Company’s lease agreements do not contain residual value guarantees. Short-term leases and sublease arrangements are immaterial. Equipment leases primarily consist of food and beverage and digital equipment. Impairment of Long-lived Assets. The Company reviews long-lived assets, including definite-lived intangibles a |
REVENUE RECOGNITION
REVENUE RECOGNITION | 12 Months Ended |
Dec. 31, 2022 | |
REVENUE RECOGNITION | |
REVENUE RECOGNITION | NOTE 2—REVENUE RECOGNITION Disaggregation of Revenue. Year Ended (In millions) December 31, 2022 December 31, 2021 December 31, 2020 Major revenue types Admissions $ 2,201.4 $ 1,394.2 $ 712.1 Food and beverage 1,313.7 857.3 362.4 Other theatre: Advertising 122.7 95.3 80.5 Other theatre 273.6 181.1 87.4 Other theatre 396.3 276.4 167.9 Total revenues $ 3,911.4 $ 2,527.9 $ 1,242.4 Year Ended (In millions) December 31, 2022 December 31, 2021 December 31, 2020 Timing of revenue recognition Products and services transferred at a point in time $ 3,579.9 $ 2,325.5 $ 1,086.0 Products and services transferred over time 331.5 202.4 156.4 Total revenues $ 3,911.4 $ 2,527.9 $ 1,242.4 (1) Amounts primarily include subscription and advertising revenues. The following tables provide the balances of receivables and deferred revenue income: (In millions) December 31, 2022 December 31, 2021 Current assets Receivables related to contracts with customers $ 92.3 $ 85.4 Miscellaneous receivables 74.3 83.1 Receivables, net $ 166.6 $ 168.5 (In millions) December 31, 2022 December 31, 2021 Current liabilities Deferred revenue related to contracts with customers $ 398.8 $ 405.1 Miscellaneous deferred income 3.9 3.5 Deferred revenue and income $ 402.7 $ 408.6 The significant changes in contract liabilities with customers included in deferred revenues and income are as follows: Deferred Revenues Related to Contracts (In millions) with Customers Balance December 31, 2020 $ 400.6 Cash received in advance 186.1 Customer loyalty rewards accumulated, net of expirations: Admission revenues 11.0 Food and beverage revenues 20.3 Other theatre revenues (0.2) Reclassification to revenue as the result of performance obligations satisfied: Admission revenues (127.4) Food and beverage revenues (39.3) Other theatre revenues (42.1) Foreign currency translation adjustment (3.9) Balance December 31, 2021 $ 405.1 Cash received in advance 292.0 Customer loyalty rewards accumulated, net of expirations: Admission revenues 14.9 Food and beverage revenues 22.7 Other theatre revenues (0.4) Reclassification to revenue as the result of performance obligations satisfied: Admission revenues (205.2) Food and beverage revenues (57.5) Other theatre revenues (66.7) Foreign currency translation adjustment (6.1) Balance December 31, 2022 $ 398.8 (1) Includes movie tickets, food and beverage, gift cards, exchange tickets, and AMC Stubs ® and other loyalty membership fees. (2) Amount of rewards accumulated, net of expirations, that are attributed to AMC Stubs ® and other loyalty programs. (3) Amount of rewards redeemed that are attributed to gift cards, exchange tickets, movie tickets, AMC Stubs ® loyalty programs and other loyalty programs. (4) Amounts relate to income from non-redeemed or partially redeemed gift cards, non-redeemed exchange tickets, AMC Stubs ® loyalty membership fees and other loyalty programs. The significant changes to contract liabilities included in the ESA in the consolidated balance sheets, are as follows: Exhibitor Services (In millions) Agreement (1) Balance December 31, 2020 $ 537.6 Negative Common Unit Adjustment–reduction of common units (9.2) Reclassification of the beginning balance to other theatre revenue, as the result of performance obligations satisfied (18.0) Balance December 31, 2021 $ 510.4 Common Unit Adjustment–additions of common units 15.0 Reclassification of portion of the beginning balance to other theatre revenue, as the result of performance obligations satisfied (19.6) Balance December 31, 2022 $ 505.8 (1) Represents the carrying amount of the NCM common units that were previously received under the annual Common Unit Adjustment. The deferred revenues are being amortized to other theatre revenues over the remainder of the 30 -year term of the ESA ending in February 2037. Transaction Price Allocated to the Remaining Performance Obligations. (In millions) Exhibitor Services Agreement Year ended 2023 $ 21.1 Year ended 2024 22.6 Year ended 2025 24.4 Year ended 2026 26.2 Year ended 2027 28.2 Years ended 2028 through February 2037 383.3 Total $ 505.8 Gift Cards and Exchange Tickets. Loyalty Programs. TM The Company applies the practical expedient in ASC 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2022 | |
LEASES | |
LEASES | NOTE 3—LEASES The Company leases theatres and equipment under operating and finance leases. The Company typically does not believe that exercise of the renewal options is reasonably certain at the lease commencement and, therefore, considers the initial base term as the lease term. Lease terms vary but generally the leases provide for fixed and escalating rentals, contingent escalating rentals based on the Consumer Price Index and other indexes not to exceed certain specified amounts and variable rentals based on a percentage of revenues. The Company often receives contributions from landlords for renovations at existing locations. The Company records the amounts received from landlords as an adjustment to the right-of-use asset and amortizes the balance as a reduction to rent expense over the base term of the lease agreement. Equipment leases primarily consist of food and beverage equipment. The Company received rent concessions provided by the lessors that aided in mitigating the economic effects of COVID-19 during the pandemic. These concessions primarily consisted of rent abatements and the deferral of rent payments. In instances where there were no substantive changes to the lease terms, i.e., modifications that resulted in total payments of the modified lease being substantially the same or less than the total payments of the existing lease, the Company elected the relief as provided by the FASB staff related to the accounting for certain lease concessions. The Company elected not to account for these concessions as a lease modification, and therefore the Company has remeasured the related lease liability and right-of-use asset but did not reassess the lease classification or change the discount rate to the current rate in effect upon the remeasurement. The deferred payment amounts have been recorded in the Company’s lease liabilities to reflect the change in the timing of payments. The deferred payment amounts included in current maturities of operating lease liabilities and long-term operating lease liabilities are reflected in the consolidated statements of cash flows as part of the change in accrued expenses and other liabilities. Those leases that did not meet the criteria for treatment under the FASB relief were evaluated as lease modifications. The deferred payment amounts included in accounts payable for contractual rent amounts due and not paid are reflected in accounts payable on the consolidated balance sheets and in the consolidated statements of cash flows as part of the change in accounts payable. In addition, the Company included deferred lease payments in operating lease right-of-use assets as a result of lease remeasurements. A summary of deferred payment amounts related to rent obligations for which payments were deferred to 2023 and future years are provided below: As of As of December 31, Decrease December 31, (In millions) 2021 in deferred amounts 2022 Fixed operating lease deferred amounts $ 299.3 $ (149.0) $ 150.3 Finance lease deferred amounts 2.4 (1.5) 0.9 Variable lease deferred amounts 13.4 (7.4) 6.0 Total deferred lease amounts $ 315.1 $ (157.9) $ 157.2 (1) During the year ended December 31, 2022, the decrease in fixed operating lease deferred amounts includes $144.6 million of decreases in the deferred balances as of December 31, 2021 related to payments and abatements. The following table reflects the lease costs for the years indicated below: Year Ended December 31, December 31, December 31, (In millions) Consolidated Statements of Operations 2022 2021 2020 Operating lease cost Theatre properties Rent $ 812.0 $ 775.4 $ 813.7 Theatre properties Operating expense 5.4 1.1 2.8 Equipment Operating expense 8.6 10.7 14.6 Office and other General and administrative: other 5.3 5.4 5.4 Finance lease cost Amortization of finance lease assets Depreciation and amortization 2.6 4.6 6.7 Interest expense on lease liabilities Finance lease obligations 4.1 5.2 5.9 Variable lease cost Theatre properties Rent 74.2 52.6 70.4 Equipment Operating expense 60.0 43.4 6.4 Total lease cost $ 972.2 $ 898.4 $ 925.9 As of December 31, 2022 Weighted Average Weighted Average Remaining Discount Lease Term and Discount Rate Lease Term (years) Rate Operating leases 9.4 10.0% Finance leases 13.6 6.4% Year Ended December 31, December 31, December 31, (In millions) 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in finance leases $ (3.8) $ (2.9) $ (3.2) Operating cash flows used in operating leases (1,032.4) (883.2) (446.5) Financing cash flows used in finance leases (9.4) (9.0) (6.2) Landlord contributions: Operating cashflows provided by operating leases 19.9 22.0 43.6 Supplemental disclosure of noncash leasing activities: Right-of-use assets obtained in exchange for new operating lease liabilities 277.3 196.6 201.5 (1) Includes lease extensions and option exercises. Minimum annual payments required under existing operating and finance leases and the net present value thereof as of December 31, 2022 are as follows: Operating Lease Financing Lease (In millions) Payments (2) Payments (2) 2023 $ 973.2 9.1 2024 862.1 8.2 2025 812.7 7.5 2026 748.0 7.3 2027 684.9 7.4 Thereafter 3,318.6 51.1 Total lease payments 7,399.5 90.6 Less imputed interest (2,579.5) (31.8) Total operating and finance lease liabilities, respectively $ 4,820.0 $ 58.8 (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 Twelve months ended December 31, 2023 $ 24.9 (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 2023 $ 81.7 $ 0.6 2024 15.9 — 2025 5.7 — 2026 4.2 — 2027 3.4 — Thereafter 20.8 — Total deferred lease amounts $ 131.7 $ 0.6 As of December 31, 2022, the Company had signed additional operating lease agreements for three theatres that have not yet commenced of approximately $78.9 million, which are expected to commence between 2023 and 2024, and carry lease terms of approximately 10 to 20 years. The timing of lease commencement is dependent on the landlord providing the Company with control and access to the related facility. |
PROPERTY
PROPERTY | 12 Months Ended |
Dec. 31, 2022 | |
PROPERTY | |
PROPERTY | NOTE 4— PROPERTY A summary of property is as follows: (In millions) December 31, 2022 December 31, 2021 Property owned: Land $ 73.7 $ 83.2 Buildings and improvements 209.4 215.1 Leasehold improvements 1,880.8 1,852.4 Furniture, fixtures and equipment 2,354.3 2,334.8 4,518.2 4,485.5 Less: accumulated depreciation 2,838.4 2,572.0 1,679.8 1,913.5 Property leased under finance leases: Building and improvements 54.8 60.4 Less: accumulated depreciation and amortization 15.4 11.4 39.4 49.0 $ 1,719.2 $ 1,962.5 Property is recorded at cost or fair value, in the case of property resulting from acquisitions. The Company uses the straight-line method in computing depreciation and amortization for financial reporting purposes. The estimated useful lives for leasehold improvements and buildings subject to a ground lease reflect the shorter of the expected useful lives of the assets or the base terms of the corresponding lease agreements for these leases for assets placed in service subsequent to the lease inception. The estimated useful lives are as follows: Buildings and improvements 1 to 40 years Leasehold improvements 1 to 20 years Furniture, fixtures and equipment 1 to 15 years Expenditures for additions (including interest during construction) and betterments are capitalized, and expenditures for maintenance and repairs are charged to expense as incurred. The cost of assets retired or otherwise disposed of and the related accumulated depreciation and amortization are eliminated from the accounts in the year of disposal. Gains or losses resulting from property disposals are included in operating expense in the accompanying consolidated statements of operations. Depreciation expense was $359.0 million, $382.0 million, and $453.2 million for the years ended December 31, 2022, December 31, 2021 and December 31, 2020, respectively. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2022 | |
GOODWILL AND INTANGIBLE ASSETS | |
GOODWILL AND INTANGIBLE ASSETS | NOTE 5—GOODWILL AND INTANGIBLE ASSETS The following table summarizes the changes in goodwill by reporting unit: U.S. Markets International Markets Consolidated Goodwill (In millions) Gross Carrying Amount Accumulated Impairment Losses Net Carrying Amount Gross Carrying Amount Accumulated Impairment Losses Net Carrying Amount Gross Carrying Amount Accumulated Impairment Losses Net Carrying Amount Balance December 31, 2020 $ 3,072.6 $ (1,276.1) $ 1,796.5 $ 1,850.1 $ (1,099.3) $ 750.8 $ 4,922.7 $ (2,375.4) $ 2,547.3 Currency translation adjustment — — — (86.2) 10.0 (76.2) (86.2) 10.0 (76.2) Baltics disposition-Estonia (1) — — — (3.7) — (3.7) (3.7) — (3.7) Baltics disposition-Lithuania (1) — — — (37.6) — (37.6) (37.6) — (37.6) Balance December 31, 2021 3,072.6 (1,276.1) 1,796.5 1,722.6 (1,089.3) 633.3 4,795.2 (2,365.4) 2,429.8 Currency translation adjustment — — — (200.8) 113.0 (87.8) (200.8) 113.0 (87.8) Balance December 31, 2022 $ 3,072.6 $ (1,276.1) $ 1,796.5 $ 1,521.8 $ (976.3) $ 545.5 $ 4,594.4 $ (2,252.4) $ 2,342.0 (1) See Note 1 — The Company and Significant Accounting Policies for further information regarding the Baltic theatre sale. Detail of other intangible assets is presented below: December 31, 2022 December 31, 2021 Gross Gross Remaining Carrying Accumulated Carrying Accumulated (In millions) Useful Life Amount Amortization Amount Amortization Amortizable Intangible Assets: Management contracts and franchise rights 1 to 4 years $ 9.3 $ (9.2) $ 10.4 $ (9.8) Starplex trade name 4 years 7.9 (5.0) 7.9 (4.1) Carmike trade name 1 year 9.3 (8.0) 9.3 (6.7) Total, amortizable $ 26.5 $ (22.2) $ 27.6 $ (20.6) Non-amortizing Intangible Assets: AMC trademark $ 104.4 $ 104.4 Odeon trade names 35.8 38.9 Nordic trade names 2.8 3.1 Total, unamortizable $ 143.0 $ 146.4 — Amortization expense associated with the intangible assets noted above is as follows: Year Ended (In millions) December 31, 2022 December 31, 2021 December 31, 2020 Recorded amortization $ 2.6 $ 3.5 $ 4.5 Estimated annual amortization for the next five calendar years for intangible assets is projected below: (In millions) 2023 2024 2025 2026 Projected annual amortization $ 2.1 $ 0.8 $ 0.8 $ 0.6 |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Dec. 31, 2022 | |
INVESTMENTS | |
INVESTMENTS | NOTE 6—INVESTMENTS Investments in non-consolidated affiliates and certain other investments accounted for under the equity method generally include all entities in which the Company or its subsidiaries have significant influence, but not more than 50% voting control, and are recorded in the consolidated balance sheets in other long-term assets. Investments in non-consolidated affiliates as of December 31, 2022, include interests in DCDC of 14.6%, AC JV, owner of Fathom Events, of 32.0%, SV Holdco, owner of Screenvision, of 18.3%, DCM of 50.0%, and SCC of 10.0%. The Company also has partnership interests in three U.S. motion picture theatres and approximately 50.0% interest in 57 theatres in Europe. Indebtedness held by equity method investees is non-recourse to the Company. Investment in Hycroft 5-year NCM Transactions Pursuant to the Company’s Common Unit Adjustment Agreement, from time to time common units of NCM held by the Founding Members will be adjusted up or down through a formula (“Common Unit Adjustment” or “CUA”), primarily based on increases or decreases in the number of theatre screens operated and theatre attendance generated by each Founding Member. The CUA is computed annually, except that an earlier CUA will occur for a Founding Member if its acquisition or disposition of theatres, in a single transaction or cumulatively since the most recent CUA, will cause a change of 2% or more in the total annual attendance of all of the Founding Members. In the event that a CUA is determined to be a negative number, the Founding Member shall cause, at its election, either (a) the transfer and surrender to NCM of a number of common units equal to all or part of such Founding Member’s CUA or (b) pay to NCM an amount equal to such Founding Member’s CUA calculated in accordance with the CUA Agreement. In March 2020, the NCM CUA resulted in a positive adjustment of 1,390,566 common units for the Company. The Company received the units and recorded the common units as an addition to deferred revenues for the ESA at fair value of $4.8 million, based upon a price per share of National CineMedia, Inc. (“NCM, Inc.”) of $3.46 on March 12, 2020. In March 2021, the NCM CUA resulted in a negative adjustment of 3,012,738 common units for the Company, and therefore, the Company paid NCM cash of $9.2 million and recorded the amount as a reduction to deferred revenues for the ESA. During the year ended December 31, 2021, the Company sold its remaining approximately 1.4 million NCM shares and received net proceeds of $5.7 million, which were recorded in investment expense (income). In March 2022, the NCM CUA resulted in a positive adjustment of 5,954,646 common units for the Company. The Company received the units and recorded the common units as an addition to deferred revenues for the ESA at a fair value of $15.0 million, based upon a price per share of NCM, Inc. of $2.52 on March 30, 2022. During the year ended December 31, 2022, the Company sold its shares of NCM, Inc. for $1.5 million and recorded a realized loss in investment expense of $13.5 million. See Note 1 — — DCIP Transactions During the year ended December 31, 2021, the Company received cash distribution of $12.2 million from DCIP, which the Company recorded as a reduction to its investment in DCIP. The distribution reduced the Company’s recorded investment below $0 and therefore the Company recorded equity in earnings of $4.0 million to increase its investment to $0 as the Company has not guaranteed any of the liabilities of DCIP. During the year ended December 31, 2020, the Company received distributions from DCIP of digital projectors it had been leasing with an estimated fair value of $125.2 million, which the Company recorded as a reduction to its investment in DCIP. DCIP ceased operations during the year ended December 31, 2022. The Company received a liquidation distribution of $3.4 million from DCIP, which the Company recorded as equity in earnings. The Company will record any future liquidation distributions to equity in earnings. AC JV Transactions On December 26, 2013, the Company amended and restated its existing ESA with NCM in connection with the spin-off by NCM of its Fathom Events business to AC JV, a newly-formed company owned 32% by each of the Founding Members and 4% by NCM. AC JV distributes alternative content to theatre exhibitors. As of December 31, 2019, Cinemark and Regal also amended and restated their respective ESAs with NCM in connection with the spin-off. The ESAs were modified to remove those provisions addressing the rights and obligations related to digital programing services of the Fathom Events business. Those provisions are now contained in the Amended and Restated Digital Programming Exhibitor Services Agreements (the “Digital ESAs”) that were entered into on December 26, 2013 by NCM and each of the Founding Members. These Digital ESAs were then assigned by NCM to AC JV as part of the Fathom spin-off. Summary Financial Information Investments in non-consolidated affiliates accounted for under the equity method as of December 31, 2022, include interests in Hycroft, SV Holdco, DCM, AC JV, DCDC, SCC, 57 theatres in Europe, three U.S. motion picture theatres, and other immaterial investments. Condensed financial information of the Company’s non-consolidated equity method investments is shown below with amounts presented under U.S. GAAP: (In millions) December 31, 2022 December 31, 2021 Current assets $ 411.5 $ 265.6 Noncurrent assets 431.9 348.5 Total assets 843.4 614.1 Current liabilities 152.8 218.4 Noncurrent liabilities 452.9 208.7 Total liabilities 605.7 427.1 Stockholders’ equity 237.7 187.0 Liabilities and stockholders’ equity 843.4 614.1 The Company’s recorded investment 69.6 85.6 Condensed financial information of the Company’s non-consolidated equity method investments is shown below and amounts are presented under U.S. GAAP for the periods of ownership by the Company: Year Ended December 31, December 31, December 31, (In millions) 2022 2021 2020 Revenues $ 412.8 $ 285.1 $ 162.7 Operating costs and expenses 498.2 287.6 347.9 Net loss $ (85.4) $ (2.5) $ (185.2) The components of the Company’s recorded equity in earnings (loss) of non-consolidated entities are as follows: Year Ended (In millions) December 31, 2022 December 31, 2021 December 31, 2020 The Company’s recorded equity in earnings (loss) $ (1.6) $ 11.0 $ (30.9) Related Party Transactions As of As of (In millions) December 31, 2022 December 31, 2021 Due from DCM for on-screen advertising revenue $ 2.2 $ 2.2 Loan receivable from DCM 0.6 0.7 Due to AC JV for Fathom Events programming (2.0) (3.7) Due from Screenvision for on-screen advertising revenue — 2.3 Due from Nordic JVs 1.3 0.9 Due to Nordic JVs for management services (1.1) (1.1) Due from SCC related to the joint venture 1.4 1.3 Due to U.S. theatre partnerships (0.7) — Year Ended (In millions) Consolidated Statements of Operations December 31, 2022 December 31, 2021 December 31, 2020 DCM screen advertising revenues Other revenues $ 17.0 $ 7.8 $ 3.8 DCIP equipment rental expense Operating expense - 0.2 1.0 Gross exhibition cost on AC JV Fathom Events programming Film exhibition costs 11.6 10.4 3.9 Screenvision screen advertising revenues Other revenues 6.9 4.6 2.6 |
SUPPLEMENTAL BALANCE SHEET INFO
SUPPLEMENTAL BALANCE SHEET INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
SUPPLEMENTAL BALANCE SHEET INFORMATION | |
SUPPLEMENTAL BALANCE SHEET INFORMATION | NOTE 7—SUPPLEMENTAL BALANCE SHEET INFORMATION Other assets and liabilities consist of the following: (In millions) December 31, 2022 December 31, 2021 Other current assets: Income taxes receivable $ 1.0 $ 1.9 Prepaids 28.8 35.4 Merchandise inventory 36.4 31.3 Other 14.9 12.9 $ 81.1 $ 81.5 Other long-term assets: Investments in real estate $ 6.5 $ 9.7 Deferred financing costs revolving credit facility 3.1 5.5 Investments in equity method investees 69.6 85.6 Computer software 74.2 83.7 Investment in common stock 11.3 11.4 Pension asset 16.6 21.1 Investment in Hycroft common stock 12.5 — Investment in Hycroft warrants 9.2 — Other 19.1 32.0 $ 222.1 $ 249.0 Accrued expenses and other liabilities: Taxes other than income $ 77.6 $ 105.8 Interest 53.0 37.4 Payroll and vacation 45.8 44.4 Current portion of casualty claims and premiums 11.9 12.0 Accrued bonus 57.6 54.5 Accrued licensing and variable rent 23.7 23.5 Current portion of pension 0.7 0.8 Group insurance reserve 4.2 3.0 Accrued tax payable 4.9 4.7 Other 84.9 81.4 $ 364.3 $ 367.5 Other long-term liabilities: Pension $ 30.1 $ 46.5 Casualty claims and premiums 19.8 24.4 Contingent lease liabilities — 0.3 Other 55.2 93.8 $ 105.1 $ 165.0 (1) The equity method investment in Hycroft and related warrants are measured at fair value. See Note 6—Investments and Note 12—Fair Value Measurements for further information regarding the investment in Hycroft. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2022 | |
STOCKHOLDERS' EQUITY | |
STOCKHOLDERS' EQUITY | NOTE 9—STOCKHOLDERS’ EQUITY Share Rights and Privileges Holders of Holdings’ Common Stock and AMC Preferred Equity Units are entitled to one vote per each share and holders of AMC Preferred Equity Units are entitled to one vote per unit. Holders of Common Stock and AMC Preferred Equity Units share ratably (based on the number of shares of Common Stock and/or AMC Preferred Equity Units held) in any dividend declared by its board of directors. AMC Preferred Equity Units are convertible into shares of Common Stock upon stockholder approval to authorize sufficient additional Common Stock to do so, otherwise the Common Stock and AMC Preferred Equity Units are not convertible into any other shares of Holdings’ capital stock. Share Issuances During the years ended December 31, 2022, December 31, 2021 and December 31, 2020, the Company entered into various equity distribution agreement with sales agents to sell shares of the Company’s Common Stock and AMC Preferred Equity Units, from time to time, through “at-the-market” offering programs. Subject to the terms and conditions of the equity distribution agreements, the sales agents will use reasonable efforts consistent with their normal trading and sales practices, applicable law and regulations, and the rules of the NYSE to sell the Common Stock and AMC Preferred Equity Units from time to time based upon the Company’s instructions for the sales, including any price, time or size limits specified by the Company. The Company intends to use the net proceeds, from the sale of Common Stock and AMC Preferred Equity Units pursuant to the equity distribution agreements to repay, refinance, redeem or repurchase the Company’s existing indebtedness (including expenses, accrued interest and premium, if any), capital expenditures and otherwise for general corporate purposes. On December 22, 2022, the Company entered into a forward purchase agreement (the “Forward Purchase Agreement”) with Antara pursuant to which the Company will (i) sell Antara 106,595,106 APEs for an aggregate purchase price of $75.1 million and (ii) simultaneously purchase from Antara $100 million aggregate principal amount of the Company's 10%/12% Cash/PIK Toggle Second Lien Notes due 2026 in exchange for 91,026,191 APEs. Immediately prior to entry into the Forward Purchase Agreement, Antara purchased 60,000,000 APEs (the “Initial APEs”) under the Company’s at-the-market program for $34.9 million. The Forward Purchase Agreement and Initial APEs were determined to be equity investments and the related $34.9 million is recorded into Additional Paid-in Capital at December 31, 2022. During the years ended December 31, 2022, December 31, 2021 and December 31, 2020, the Company paid fees to the sales agents of approximately $5.7 million, $40.3 million, $8.1 million, respectively. During the year ended December 31, 2021, the Company paid other fees of $0.8 million. The gross proceeds raised from the “at-the-market” sale of Common Stock and AMC Preferred Equity Units during the years ended December 31, 2022, December 31, 2021 and December 31, 2020, are summarized in the table below: "At-the-market" Equity Distribution Agreement Dates Sales Agents Number of Class A common stock shares sold (in millions) Number of AMC Preferred Equity Units sold (in millions) Gross Proceeds (in millions) September 24, 2020 Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC 15.0 15.0 $ 56.1 October 20, 2020 Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC 15.0 15.0 41.6 November 10, 2020 Goldman Sachs & Co. LLC and B. Riley Securities, Inc. 20.0 20.0 61.4 December 11, 2020 Goldman Sachs & Co. LLC and B. Riley Securities, Inc. (1) 40.93 40.93 113.7 Total year ended December 31, 2020 90.93 90.93 $ 272.8 December 11, 2020 Goldman Sachs & Co. LLC and B. Riley Securities, Inc. 137.07 137.07 352.6 January 25, 2021 Goldman Sachs & Co. LLC and B. Riley Securities, Inc. 50.0 50.0 244.3 April 27, 2021 Goldman Sachs & Co. LLC, B. Riley Securities, Inc. and Citigroup Global Markets Inc. 43.0 43.0 427.5 June 3, 2021 B. Riley Securities, Inc. and Citigroup Global Markets Inc. 11.55 11.55 587.4 Total year ended December 31, 2021 241.62 241.62 $ 1,611.8 September 26, 2022 Citigroup Global Markets Inc. - 207.75 228.8 Total year ended December 31, 2022 - 207.75 $ 228.8 (1) On December 11, 2020, the Company entered into an equity distribution agreement with Goldman Sachs & Co. LLC and B. Riley Securities, Inc., as sales agents to sell up to 178.0 million shares of the Company’s Common Stock and 178.0 million AMC Preferred Equity Units, of which approximately 40.93 million shares of Common Stock and 40.93 million shares of AMC Preferred Equity Units were sold and settled during December 2020 and approximately 137.07 million shares of Common Stock and 137.0 million shares of AMC Preferred Equity Units were sold and settled during the year ended December 31, 2021. (2) Included in the Common Stock shares and AMC Preferred Equity Unit shares sold of 43.0 million each was the reissuance of treasury stock shares of approximately 3.7 million shares. Upon the sales of treasury stock, the Company reclassified amounts recorded in treasury stock to additional paid-in capital of $37.1 million and loss of $19.3 million to retained earnings during the year ended December 31, 2021. Transaction Related to Exchange Offers Certain backstop purchasers of the First Lien Notes due 2026 that participated in the Exchange Offer received five million common shares and five million AMC Preferred Equity Units. See Note 8 — Transactions with Mudrick On June 1, 2021, the Company issued to Mudrick 8.5 million shares of the Company’s Common Stock, 8.5 million of AMC Preferred Equity Units and raised gross proceeds of $230.5 million and paid fees of approximately $0.1 million related to this transaction. The Company issued the shares in reliance on an exemption from registration provided by section 4(a)(2) of the Securities Act of 1933. The Company intends to use the proceeds from the share sale primarily for the pursuit of value creating acquisitions of theatre assets and leases, as well as investments to enhance the consumer appeal of its theatres. In addition, with these funds, the Company intends to continue exploring deleveraging opportunities. On December 14, 2020, Mudrick received a total of 21,978,022 shares of the Company’s Common Stock and 21,978,022 of AMC Preferred Equity Units; of which 16,483,516 shares and units relates to consideration received for a commitment fee and 27,472,528 shares and units as consideration received for (i) the commitment provided with respect to the First Lien Toggle Notes due 2026 and (ii) the Second Lien Exchange. See Note 8 — Class B Common Stock On January 27, 2021, pursuant to the Stock Repurchase and Cancellation Agreement with Wanda dated as of September 14, 2018, and in connection with the Conversion of the Convertible Notes due 2026 into shares of the Company’s Common Stock by Silver Lake and certain co-investors, 5,666,000 shares of the Company’s Class B common stock and 5,666,000 AMC Preferred Equity Units held by Wanda were forfeited and cancelled. On February 1, 2021, Wanda exercised their right to convert all outstanding Class B common stock of 46,103,784 and 46,103,784 of AMC Preferred Equity Units to Common Stock thereby reducing the number of outstanding Class B common stock to zero, which resulted in the retirement of Class B common stock. The Third Amended and Restated Certificate of Incorporation of the Corporation provides that Class B common stock may not be reissued by the Company. Dividends Since April 24, 2020, the Company has been prohibited from making dividend payments in accordance with the covenant suspension conditions in its Credit Agreement (for further information see Note 8 — Amount per Amount per Total Amount Share of Share of AMC Declared Declaration Date Record Date Date Paid Common Stock Preferred Equity Units (In millions) February 26, 2020 March 9, 2020 March 23, 2020 $ 0.015 $ 0.015 $ 3.2 During the year ended December 31, 2020, the Company paid dividends and dividend equivalents of $6.5 million and accrued $0.4 million for the remaining unpaid dividends at December 31, 2020. The aggregate dividends paid for Common Stock, AMC Preferred Equity Units, Class B common stock, and dividend equivalents were approximately $0.8 million, $0.8 million, $1.6 million, and $3.3 million, respectively. Related Party Transactions On September 14, 2018, the Company entered into the Investment Agreement with Silver Lake, relating to the issuance to Silver Lake (or its designated affiliates) of $600.0 million principal amount of the Convertible Notes due 2024 and entered into an amended and restated investment agreement with Silver Lake, relating to the issuance of the Convertible Notes due 2026 on August 31, 2020. See Note 8 — information regarding the conversion of the During the year ended December 31, 2022, the Company repurchased $15.0 million aggregate principal of the Second Lien Notes due 2026 from Antara, which subsequently became a related party on February 7, 2023, for $5.9 million and recorded a gain on extinguishment of $12.0 million. See Note 16—Subsequent Events for more information on transactions with Antara. Treasury Stock On February 27, 2020, the Company announced that its Board of Directors authorized a share repurchase program for an aggregate purchase of up to $200.0 million shares of Common Stock and up to $200.0 million shares of AMC Preferred Equity Units. As of April 24, 2020, the Company is prohibited from making purchases under its authorized stock repurchase program in accordance with the covenant suspension conditions in its Credit Agreement. As of December 31, 2022, $200.0 million remained available for repurchase under this plan. A three-year time limit had been set for the completion of this program, expiring February 26, 2023. Special Dividend On August 4, 2022 the Company announced that its Board of Directors declared a special dividend for one AMC Preferred Equity Unit for each share of Class A common stock outstanding at the close of business August 15, 2022, the record date. The dividend was paid at the close of business August 19, 2022 to investors who held Class A common shares as of August 22, 2022, the ex-dividend date. Each AMC Preferred Equity Unit is a depositary share and represents an interest in one one-hundredth (1/100th) of a share of Series A Convertible Participating Preferred Stock evidenced by a depositary receipt pursuant to a deposit agreement. The Company has 50,000,000 Preferred Stock shares authorized, 10,000,000 of which have currently have been allocated and 7,245,872 have been issued under the depositary agreement as a Series A Convertible Participating Preferred Stock, leaving 40,000,000 unallocated Preferred Stock shares. Each AMC Preferred Equity Unit is designed to have the same economic and voting rights as a share of Class A common stock. Trading of the AMC Preferred Equity Units on the NYSE began on August 22, 2022 under the ticker symbol “APE”. Due to the characteristics of the AMC Preferred Equity Units, the special dividend had the effect of a stock split pursuant to ASC 505-20-25-4. Accordingly, all references made to share, per share, or common share amounts in the accompanying consolidated financial statements and applicable disclosures include Class A common stock and AMC Preferred Equity Units and have been retroactively adjusted to reflect the effects of the special stock dividend as a stock split. Stock-Based Compensation 2013 Equity Incentive Plan The 2013 Equity Incentive Plan, as amended (“EIP”), provides for grants of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock awards, restricted stock units (“RSUs”), performance stock units (“PSUs), stock awards, and cash performance awards. The maximum number of equity interests in Holdings available for delivery pursuant to awards granted under the EIP is 15 million shares of Common Stock and 7,306,354 AMC Preferred Equity Units. At December 31, 2022, the aggregate number of equity interests in Holdings available for grant was 4,293,562 shares and 4,293,562 units, respectively. The following table presents the stock-based compensation expense recorded within general and administrative: other: Year Ended December 31, December 31, December 31, (In millions) 2022 2021 2020 Board of director stock award expense $ 0.8 $ 0.9 $ 0.5 Restricted stock unit expense 13.3 12.6 9.7 Performance stock unit expense 8.4 24.5 1.2 Special performance stock unit expense — 5.1 14.0 Total stock-based compensation expense $ 22.5 $ 43.1 $ 25.4 As of December 31, 2022, the estimated remaining unrecognized compensation cost related to stock-based compensation arrangements was approximately $15.1 million. The weighted average period over which this remaining compensation expense will be recognized is approximately 1.3 years. The Company accounts for forfeitures when they occur. Plan Amendment due to stock split share of Common Stock for each RSU or PSU that vests. The Company determined that this modification was a Type 1 (probable-to-probable) modification that did not increase the fair value of the award and therefore did not require additional stock-based compensation expense to be recognized. References made to share, per share, or common share amounts have been retroactively adjusted to reflect the effects of the stock split. Awards Granted in 2022, 2021, and 2020 and Other Activity AMC’s Board of Directors approved awards of stock, RSUs, and PSUs to certain of the Company’s employees and directors under the 2013 Equity Incentive Plan. During years 2022, 2021, and 2020, the grant date fair value of these awards was based on the closing price of AMC’s stock on the date of grant, which ranged from $1.18 to $9.84 per share. A dividend equivalent for restricted stock units and performance stock units equal to the amount paid in respect of one share of Common Stock and one AMC Preferred Equity Unit underlying the unit began to accrue with respect to the unit on the date of grant. Such accrued dividend equivalents are paid to the holder upon vesting of the units. Each unit represents the right to receive one share of Common Stock and one AMC Preferred Equity Unit at a future date. The award agreements generally had the following features: ● Board of Director Stock Award Agreement: The Company granted fully vested shares of Common Stock and AMC Preferred Equity Units to its independent members of AMC’s Board of Directors during the years ended December 31, 2022, Decembers 31, 2021, and December 31, 2020 as follows: Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Common Stock 41,650 124,054 77,090 AMC Preferred Equity Units 41,650 124,054 77,090 ● Restricted Stock Unit Award Agreement: The Company granted RSU awards of 1,394,270 , 5,375,626 , 3,022,594 to certain members of management during the years ended December 31, 2022, December 31, 2021, and December 31, 2020, respectively. The Company records stock-based compensation expense on a straight-line recognition method over the requisite vesting period. The RSUs granted during 2022, 2021, and 2020 vest over three years with 1/3 vesting in each year. These RSUs will be settled within 30 days of vesting. ● Restricted Stock Unit Award Executive Agreement: During the year ended December 31, 2019, the Company granted RSU awards of 400,000 to an executive officer (“2019 RSU executive”) of the Company with one-half vesting on the first anniversary of employment on December 2, 2020 and the remaining one-half vesting ratably over a three year period ending on December 2, 2022. All unvested RSUs shall be forfeited upon termination of services. These RSUs will be settled within 30 days of vesting. ● Performance Stock Unit Award Agreement: 2022 PSU Awards. During 2022, 1,394,270 total PSUs were awarded (“2022 PSU award”) to certain members of management and executive officers, with the total PSUs divided into three separate year tranches, with each tranche allocated to a fiscal year within the performance period (“Tranche Year”). The PSUs within each Tranche Year are further divided between two performance targets; the Adjusted EBITDA performance target and free cash flow performance target. The 2022 PSU awards will vest based on achieving 80% to 120% of the performance targets, with the corresponding vested unit amount ranging from 50% to 200% . If the performance targets are met at 100%, the 2022 PSU awards will vest at 1,394,270 units in the aggregate. No PSUs will vest for each Tranche Year if the Company does not achieve 80% of the Tranche Year’s Adjusted EBITDA and free cash flow targets. The Compensation Committee establishes the annual performance targets at the beginning of each year. Therefore, the grant date (and fair value measurement date) for each Tranche Year is the date at the beginning of each year when a mutual understanding of the key terms and conditions are reached per ASC 718, Compensation - Stock Compensation. The 2022 PSU award grant date fair value for the 2022 Tranche Year award was approximately $4.5 million and the 2021 PSU award grant date fair value for the 2022 Tranche Year award of 1,757,080 units was approximately $17.3 million, measured using performance targets at 100%. The 2020 PSU Award for the 2022 Tranche Year was previously granted in 2020, and was subsequently modified on October 30, 2020 where the grant date fair value was not determined until February 16, 2022 when the performance targets were established. As a result, the 2020 PSU award grant date for the 2022 Tranche Year award of 859,366 units was approximately $8.5 million, measured using performance targets at 100%. At December 31, 2022, the 2022 Tranche Year target performance conditions for both the annual Adjusted EBITDA and free cash flow were achieved at 0% and 79%, respectively. 2021 PSU Awards. November 3, 2021 modification. 2020 PSU Awards: 2019 PSU Awards: 2018 PSU Awards: October 30, 2020 modification. exchange of the original award, that was not expected to vest, for a new award. The Company measured the fair value of the new award on the modification date, October 30, 2020, because the Company determined that achieving performance thresholds were probable for certain tranche awards. ● Special Performance Stock Unit Executive Award Agreement: During the year ended December 31, 2019, a PSU market condition award of 600,000 was granted to an executive officer of the Company that would vest based upon achieving target prices for the Company’s Common Stock. This award was subsequently cancelled and replaced with the PSU market condition award granted on February 26, 2020. On February 26, 2020 and March 5, 2020, special performance stock unit awards (“SPSUs”), totaling 7,140,000 units were granted to certain executive officers that will vest based upon achieving target prices for the Company’s Class Common Stock. The SPSUs are eligible to vest in tranches contingent upon (i) the attainment of certain 20 trading day volume weighted average closing prices and (ii) fulfillment of the three-year service requirement from the date of grant. The vested SPSUs will be settled within 30 days of vesting. Any unvested SPSUs remaining after 10 years will be forfeited. If service is terminated prior to the three year anniversary from the date of grant, unvested SPSUs shall be forfeited. The target prices and vesting tranches are set forth in the table below: Tranche Target Stock Price SPSUs Vesting 1 $12.00 1,190,006 2 $16.00 1,190,006 3 $20.00 1,190,006 4 $24.00 1,190,006 5 $28.00 1,189,988 6 $32.00 1,189,988 The Company used the Monte Carlo simulation model to estimate the fair value of the SPSUs. This model utilizes multiple input variables to estimate the probability that the market conditions will be achieved. The Company used the following assumptions in determining the fair value of the SPSUs: Assumptions Expected stock price volatility 45.0% Expected dividend yield 2.02% and 2.44% Risk-free interest rate 1.33% and 0.92% Grant-date stock price $5.93 and $4.92 The expected stock price volatility was based on the historical volatility of the Company’s stock for a period equivalent to the derived service period. The expected dividend yield is based on annual expected dividend payments. The risk-free interest rate was based on the treasury yield rates as of the date of grant for a period equivalent to the performance measurement period. The fair value of each SPSU is amortized over the requisite or derived service period, which is up to 6.4 years. The SPSUs granted on February 26, 2020 and March 5, 2020 have a grant date fair value of approximately $12.2 million. On October 30, 2020, based upon the recommendation of the Compensation Committee, the Board of Directors of the Company approved a modification to the SPSUs for the awards. Each SPSU award agreement was amended as follows: ● The stock price thresholds (ranging from $12 to $24 ) and service requirement for tranches 1 through 4 of the SPSUs were eliminated and such SPSUs vested on October 30, 2020; ● Participants shall be prohibited from selling the shares of Common Stock issued upon the foregoing vesting until October 30, 2021; ● The stock price threshold for tranche 5 of the SPSUs was changed to $4 from $28 and the stock price threshold for tranche 6 of the SPSUs was changed to $8 from $32 ; and ● The service requirement for tranches 5 and 6 was shortened to end on October 30, 2021. As a result of the SPSU modification of market conditions, the incremental fair value amount assigned to the grant date fair value was approximately $7.3 million in accordance with ASC 718-20, Compensation-Stock Compensation. In January 2021, the market condition requirement for SPSUs was met as a result of exceeding the 20-day trailing volume weighted average stock price threshold target for tranche 5 and tranche 6 of $4 and $8, respectively. The stock-based compensation costs for SPSUs were recorded on a straight-line basis through October 30, 2021, which was the end of the service requirement period. The following table represents the nonvested RSU and PSU activity for the years ended December 31, 2022, December 31, 2021 and December 31, 2020: Weighted Average Shares of RSU Grant Date and PSU Fair Value Beginning balance at January 1, 2020 6,540,186 $ 7.94 Granted 13,035,188 2.33 Vested (4,944,750) 4.31 Forfeited (2,040,244) 8.49 Cancelled (4,271,858) 3.61 Beginning balance at January 1, 2021 8,318,522 $ 2.76 Granted 10,178,468 3.85 Vested (1,297,720) 1.41 Forfeited (433,546) 5.37 Cancelled (1,082,258) 1.41 Nonvested at January 1, 2022 15,683,466 $ 3.96 Granted 1,674,802 9.75 Vested (5,636,324) 3.59 Forfeited (716,872) 5.86 Cancelled (4,746,590) 3.59 Nonvested at December 31, 2022 6,258,482 $ 5.91 Tranche Years 2023 and 2024 awarded under the 2022 PSU award and Tranche Year 2023 awarded under the 2021 PSU award with grant date fair values to be determined in years 2023 and 2024, respectively 2,523,692 Total Nonvested at December 31, 2022 8,782,174 (1) Represents vested RSUs, PSUs, and SPSUs surrendered in lieu of taxes and cancelled awards returned to the 2013 Equity Incentive Plan. (2) Includes awards modified during 2020 where grant date fair value was not determined until 2021. (3) The number of PSU shares granted under the Tranche Year 2022 is based on attainment of performance targets at 0% for the Adjusted EBITDA target and 79% for the free cash flow target. (4) See Note 16 —Subsequent Events for information regarding vesting modifications to the 2022 PSUs. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2022 | |
INCOME TAXES | |
INCOME TAXES | NOTE 10—INCOME TAXES Current income tax expense represents the amounts expected to be reported on the Company’s income tax returns, and deferred tax expense or benefit represents the change in net deferred tax assets and liabilities. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities as measured by the enacted tax rates that will be in effect when these differences reverse. Valuation allowances are recorded as appropriate to reduce deferred tax assets to the amount considered likely to be realized. The Company evaluates its deferred tax assets each period to determine if a valuation allowance is required based on whether it is “more likely than not” that some portion of the deferred tax assets would not be realized. The ultimate realization of these deferred tax assets is dependent upon the generation of sufficient taxable income during future periods on a federal, state and foreign jurisdiction basis. The Company conducts its evaluation by considering all available positive and negative evidence, including historical operating results, forecasts of future profitability, the duration of statutory carryforward periods, and the outlooks for the U.S. motion picture and broader economy, among others. A significant piece of objective negative evidence evaluated was the cumulative loss incurred over the three-year period ended December 31, 2022 for each taxing jurisdiction. Such objective evidence limits the ability to consider other subjective evidence, such as the Company’s projections of future taxable income. For the year ended December 31, 2022, the Company remained in a cumulative loss over the past three-year period for the U.S. and international jurisdictions except for Finland. The Company maintains a valuation allowance against U.S. deferred tax assets as well as international jurisdictions in which it operates, with the exception of Finland. During the first quarter of 2020, the severe impact of COVID-19 on operations in Germany and Spain caused the Company to conclude the realizability of deferred tax assets held in those jurisdictions does not meet the more likely than not standard. As such, a charge of $33.1 million and $40.1 million was recorded for Germany and Spain, respectively. On July 31, 2020, the Company consummated previously announced private offers to exchange its Existing Subordinated Notes for newly issued Second Lien Notes due 2026. See Note 8 — billion of CODI for tax purposes for the year ended December 31, 2020. IRS §108 provides relief from recognizing CODI as current taxable income to the extent that the tax paying legal entity is insolvent as defined by the US Tax Code. The Company determined that the level of its insolvency at July 31, 2020 exceeded the indicated amount of CODI resulting from the debt exchange. To the extent that an entity is insolvent, rather than recognize current taxable income, the entity may reduce its tax attributes including net operating losses, capital losses, tax credits, depreciable assets, investment in subsidiaries and other investments in the amount of the excluded CODI. The Company determined that $1.2 billion of its federal net operating losses would be eliminated as a result of the tax attribute reduction. The actual effective rate for the year ended December 31, 2022 was (0.3)%. The Company’s consolidated tax rate for the year ended December 31, 2022 differs from the U.S. statutory tax rate primarily due to the valuation allowances in U.S. and foreign jurisdictions, foreign tax rate differences, and federal and state tax credits, partially offset by permanent differences related to interest, compensation, and other discrete items. Additionally, the Company recorded an immaterial error correction resulting in a $152.5 million net increase in deferred tax assets which were fully reserved with a valuation allowance during the year ended December 31, 2022. The adjustment related to deferred tax assets associated with the cancellation of debt transactions which occurred during the period ended December 31, 2020. No tax impact was recorded on the $2,306.4 million goodwill impairment charge incurred during the year ended December 31, 2020, as the portion impaired was permanently non-deductible. At December 31, 2022 and December 31, 2021, the Company has recorded net deferred tax liabilities of $32.1 million and of $30.7 million, respectively. The income tax provision (benefit) reflected in the consolidated statements of operations consists of the following components: Year Ended (In millions) December 31, 2022 December 31, 2021 December 31, 2020 Current: Federal $ — $ — $ 0.1 Foreign 0.9 1.3 (0.1) State (0.1) (3.9) (4.1) Total current 0.8 (2.6) (4.1) Deferred: Federal 0.3 (3.8) 2.7 Foreign 0.7 (2.1) 57.6 State 0.7 (1.7) 3.7 Total deferred 1.7 (7.6) 64.0 Total provision (benefit) $ 2.5 $ (10.2) $ 59.9 Pre-tax losses consisted of the following: Year Ended (In millions) December 31, 2022 December 31, 2021 December 31, 2020 Domestic $ (685.8) $ (1,029.5) $ (3,036.4) Foreign (285.3) (250.5) (1,493.1) Total $ (971.1) $ (1,280.0) $ (4,529.5) The difference between the effective tax rate on net loss from continuing operations before income taxes and the U.S. federal income tax statutory rate is as follows: Year Ended (In millions) December 31, 2022 December 31, 2021 December 31, 2020 Income tax expense (benefit) at the federal statutory rate $ (203.9) $ (268.8) $ (951.2) Effect of: State income taxes (30.9) (46.9) (89.5) Increase in reserve for uncertain tax positions — (3.3) (1.9) Federal and state credits (2.5) (2.3) (3.6) Permanent items - goodwill impairment — — 456.3 Permanent items - other 5.2 (3.1) 13.2 Foreign rate differential (11.0) 4.3 19.7 Original issue discount (152.5) — — Other (14.2) (5.0) 1.7 Impact of UK tax rate change — (34.3) — Valuation allowance 412.3 349.2 615.2 Income tax expense (benefit) $ 2.5 $ (10.2) $ 59.9 Effective income tax rate (0.3) % 0.8 % (1.3) % The significant components of deferred income tax assets and liabilities as of December 31, 2022 and December 31, 2021 are as follows: December 31, 2022 December 31, 2021 Deferred Income Tax Deferred Income Tax (In millions) Assets Liabilities Assets Liabilities Tangible assets $ — $ (111.7) $ — $ (131.7) Right-of-use assets — (935.3) — (1,023.4) Accrued liabilities 13.6 — 17.1 — Intangible assets — (113.9) — (111.9) Receivables 18.2 — 7.8 — Investments 45.9 — 51.8 — Capital loss carryforwards 2.0 — 1.6 — Pension and deferred compensation 18.3 — 23.3 — Corporate borrowings 121.9 — 35.2 — Disallowed interest 337.1 — 170.6 — Deferred revenue 172.6 — 180.6 — Lease liabilities 1,208.0 — 1,304.9 — Finance lease obligations 0.4 — 1.2 — Other credit carryovers 27.7 — 25.4 — Net operating loss carryforwards 676.1 — 530.9 — Total $ 2,641.8 $ (1,160.9) $ 2,350.4 $ (1,267.0) Less: Valuation allowance (1,513.0) — (1,114.1) — Net deferred income taxes $ 1,128.8 $ (1,160.9) $ 1,236.3 $ (1,267.0) A rollforward of the Company’s valuation allowance for deferred tax assets is as follows: Additions Charged Balance at Charged (Credited) Beginning of to to Other Balance at (In millions) Period Expenses(1) Accounts(2) End of Period Calendar Year 2022 Valuation allowance-deferred income tax assets $ 1,114.1 412.3 (13.4) $ 1,513.0 Calendar Year 2021 Valuation allowance-deferred income tax assets $ 764.9 349.2 — $ 1,114.1 Calendar Year 2020 Valuation allowance-deferred income tax assets $ 312.8 615.2 (163.1) $ 764.9 (1) The 2022 valuation allowance primarily relates to the Company’s increase in the current year’s federal, state, international net operating losses and the $152.5 million immaterial error correction, for which no benefit has been recognized. (2) Primarily relates to amounts resulting from the Company’s changes in deferred tax assets and associated valuation allowance that are not related to income statement activity as well as amounts charged to other comprehensive income. The Company has federal income tax net operating loss carryforwards of $1,712.5 million. Approximately $320.6 million will expire between 2023 and 2036 and will be limited annually due to certain change in ownership provisions of the Internal Revenue Code. Approximately $1,391.9 million can be used indefinitely. The Company’s foreign net operating losses of $878.5 million can be used indefinitely except for approximately $10.6 million, which will expire in various amounts between years 2023 and 2033. The Company also has state income tax loss carryforwards of $2,293.2 million. Approximately $1,651.7 million may be used over various periods ranging from 1 to 20 years. Approximately $641.5 million can be used indefinitely. A reconciliation of the change in the amount of unrecognized tax benefits was as follows: Year Ended (In millions) December 31, 2022 December 31, 2021 December 31, 2020 Balance at beginning of period $ 8.3 $ 33.5 $ 31.0 Gross increases—current period tax positions — — 4.8 Gross decreases—prior period tax positions — (22.5) (1.3) Gross decreases—settlements with authorities — (2.2) — Gross decreases—expiration of statute of limitations (0.9) (0.5) (1.0) Balance at end of period $ 7.4 $ 8.3 $ 33.5 The Company recognizes income tax-related interest expense and penalties as income tax expense and general and administrative expense, respectively. No interest expense or penalties related to federal uncertain tax positions have been recognized for the years ended December 31, 2022, December 31, 2021, and December 31, 2020. The Company analyzed and reviewed state uncertain tax positions to determine the necessity of accruing interest and penalties. For the year ended December 31, 2022, the Company recognized no interest expense or penalties. For the year ended December 31, 2021, the Company recognized $0.6 million of interest expense and $0.4 million of penalties. The Company has no accrued interest and penalties for state uncertain tax positions at December 31, 2022 and December 31, 2021. The total amount of net unrecognized tax benefits at December 31, 2022 and December 31, 2021 that would impact the effective tax rate, if recognized, would be $0.2 million and $0.3 million, respectively. The Company believes that it is reasonably possible that none of its unrecognized tax positions related to state taxes will be recognized by the end of 2023 as a result of settlements or the expiration of statute of limitations. The Company, or one of its subsidiaries, files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. An IRS examination of the tax year March 29, 2012 was settled in 2021 resulting in additional federal and state net operating losses (“NOLs”). Generally, tax years beginning after December 31, 2002 are still open to examination by various taxing authorities. Additionally, as discussed above, the Company has NOL carryforwards for tax years ended December 31, 2003 through December 31, 2022, in the U.S. and various state jurisdictions which have carryforwards of varying lengths of time. These NOLs are subject to adjustment based on the statute of limitations applicable to the return in which they are utilized, not the year in which they are generated. Various state, local and foreign income tax returns are also under examination by taxing authorities. The Company does not believe that the outcome of any examination will have a material impact on its consolidated financial statements. Utilization of the Company’s net operating loss carryforwards, disallowed business interest carryforward and other tax attributes became subject to the Section 382 ownership change limitation due to changes in our stock ownership on January 29, 2021. Management believes the Company’s ability to utilize these tax attributes has not been significantly limited by this event. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2022 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | NOTE 11—COMMITMENTS AND CONTINGENCIES The Company, in the normal course of business, is a party to various ordinary course claims from vendors (including food and beverage suppliers and film distributors), landlords, competitors, and other legal proceedings. If management believes that a loss arising from these actions is probable and can reasonably be estimated, the Company records the amount of the loss, or the minimum estimated liability when the loss is estimated using a range and no point is more probable than another. As additional information becomes available, any potential liability related to these actions is assessed and the estimates are revised, if necessary. Management believes that the ultimate outcome of such matters discussed below, individually and in the aggregate, will not have a material adverse effect on the Company’s financial position or overall trends in results of operations. However, litigation and claims are subject to inherent uncertainties and unfavorable outcomes can occur. An unfavorable outcome might include monetary damages. If an unfavorable outcome were to occur, there exists the possibility of a material adverse impact on the results of operations in the period in which the outcome occurs or in future periods. On January 12, 2018 and January 19, 2018, two putative federal securities class actions, captioned Hawaii Structural Ironworkers Pension Trust Fund v. AMC Entertainment Holdings, Inc., et al. Nichols v. AMC Entertainment Holdings, Inc., et al. On May 21, 2018, a stockholder derivative complaint, captioned Gantulga v. Aron, et al. Gantulga v. Aron, et al. AJN. The parties filed a joint stipulation to stay the action, which the court granted on December 17, 2018. The stay was lifted as of February 9, 2022. On October 2, 2019, a stockholder derivative complaint, captioned Kenna v. Aron On March 20, 2020, a stockholder derivative complaint, captioned Manuel v. Aron, et al On April 7, 2020, a stockholder derivative complaint, captioned Dinkevich v. Aron, et al On September 23, 2021, a stockholder derivative complaint, captioned Lyon v. Aron, et al. On December 31, 2019, the Company received a stockholder litigation demand, requesting that the Board investigate the allegations in the Actions and pursue claims on the Company’s behalf based on those allegations. On May 5, 2020, the Board determined not to pursue the claims sought in the demand at this time. On July 15, 2020, the Company received a second stockholder litigation demand requesting substantially the same action as the stockholder demand it received on December 31, 2019. On September 23, 2020, the Board determined not to pursue the claims sought in the demand at this time. On April 22, 2019, a putative stockholder class and derivative complaint, captioned Lao v. Dalian Wanda Group Co., Ltd. Settlement Amount. The remainder of the Settlement Amount was paid to the Company on January 6, 2023. See Note 16—Subsequent Events for further information. On December 27, 2022, the Company received a letter from a purported stockholder, demanding to inspect certain of the Company’s books and records pursuant to 8 Del. C. special meeting of the holders of the Company’s Common Stock and APEs to be held on March 14, 2023 for the purpose of voting on amendments to the Company’s Certificate of Incorporation that, together and if approved, will enable the APEs to convert into shares of the Company’s Common Stock: and (v) the independence of (the “December 27, 2022 Demand”). On January 4, 2023, the Company rejected the December 27, 2022 Demand. On February 7, 2023, December 27, 2022 Demand December 27, 2022 Demand December 27, 2022 Demand. On February 6, 2023, the Del. C. Demand December 27, 2022 Demand to inspect. On February 20, 2023, two putative stockholder class actions were filed in the Delaware Court of Chancery, captioned Allegheny County Employees’ Retirement System v. AMC Entertainment Holdings, Inc., et al. Allegheny Munoz v. Adam M. Aron, et al. Munoz Allegheny Del. C. Munoz Allegheny Allegheny Del. C. Action seeks to enjoin the APEs from being voted on the Charter Amendment Proposals. On February 27, 2023, the Delaware Court of Chancery entered a status quo order that (i) will allow the March 14, 2023 vote on the Charter Amendment Proposals to proceed, but precludes the Company from implementing the Charter Amendment Proposals pending a ruling by the court on the plaintiffs’ to-be-filed preliminary injunction motion, and (ii) scheduled a hearing on the plaintiffs’ to-be-filed preliminary injunction motion for April 27, 2023. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2022 | |
FAIR VALUE MEASUREMENTS | |
FAIR VALUE MEASUREMENTS | NOTE 12—FAIR VALUE MEASUREMENTS Fair value refers to the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the market in which the entity transacts business. The inputs used to develop these fair value measurements are established in a hierarchy, which ranks the quality and reliability of the information used to determine the fair values. The fair value classification is based on levels of inputs. Assets and liabilities that are carried at fair value are classified and disclosed in one of the following categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. Recurring Fair Value Measurements. Fair Value Measurements at December 31, 2022 Using Significant Total Carrying Quoted prices in Significant other unobservable Value at active market observable inputs inputs (In millions) December 31, 2022 (Level 1) (Level 2) (Level 3) Other long-term assets: Investment in Hycroft Mining Holding Corporation warrants $ 9.2 $ — $ — $ 9.2 Marketable equity securities: Investment in Hycroft Mining Holding Corporation 12.5 12.5 — — Total assets at fair value $ 21.7 $ 12.5 $ — $ 9.2 Fair Value Measurements at December 31, 2021 Using Significant Total Carrying Quoted prices in Significant other unobservable Value at active market observable inputs inputs (In millions) December 31, 2021 (Level 1) (Level 2) (Level 3) Other long-term assets: Money market mutual funds $ 0.5 $ 0.5 $ — $ — Investments measured at net asset value 12.4 — — — Total assets at fair value $ 12.9 $ 0.5 $ — $ — (1) The investments relate to non-qualified deferred compensation arrangements on behalf of certain members of management. The Company has an equivalent liability for this related-party transaction recorded in other long-term liabilities for the deferred compensation obligation. The plan was terminated on May 3, 2021 and liquidated in 2022. Valuation Techniques. To estimate the fair value of the Company’s investment in Hycroft warrants, the Company valued the warrants using the Black Scholes pricing model. Such judgments and estimates included estimates of volatility of 123.3% and discount rate of 4.1%. The discount rate is based on the treasury yield that matches the term as of the measurement date. Other inputs included the term of 4.2 years, exercise price of $1.068 and Hycroft’s stock price at the date of measurement. There is considerable management judgment with respect to the inputs used in determining fair value, and, accordingly, actual results could vary significantly from such estimates, which fall under Level 3 within the fair value measurement hierarchy. See Note 6—Investments for further information regarding the investments in Hycroft. Nonrecurring Fair Value Measurements. Fair Value Measurements at December 31, 2022 Using Significant other Significant Total Carrying Quoted prices in observable unobservable Value at active market inputs inputs Total Impairment (In millions) December 31, 2022 (Level 1) (Level 2) (Level 3) Losses Property, net: Property net $ 57.3 $ — $ — $ 57.3 $ 27.8 Operating lease right-of-use assets Operating lease right-of-use assets 138.4 — — 138.4 105.3 Total $ 195.7 $ — $ — $ 195.7 $ 133.1 Fair Value Measurements at December 31, 2021 Using Significant other Significant Total Carrying Quoted prices in observable unobservable Value at active market inputs inputs Total Impairment (In millions) December 31, 2021 (Level 1) (Level 2) (Level 3) Losses Property, net: Property net $ 22.8 $ — $ — $ 22.8 $ 21.8 Operating lease right-of-use assets, net Operating lease right-of-use assets, et 99.2 — — 99.2 53.4 Other long-term assets Property owned, net 2.0 — — 2.0 2.0 Total $ 124.0 $ — $ — $ 124.0 $ 77.2 Valuation Techniques. Other Fair Value Measurement Disclosures. Fair Value Measurements at December 31, 2022 Using Significant other Significant Total Carrying Quoted prices in observable unobservable Value at active market inputs inputs (In millions) December 31, 2022 (Level 1) (Level 2) (Level 3) Current maturities of corporate borrowings $ 20.0 $ — $ 10.8 $ — Corporate borrowings 5,120.8 — 2,516.2 — Fair Value Measurements at December 31, 2021 Using Significant other Significant Total Carrying Quoted prices in observable unobservable Value at active market inputs inputs (In millions) December 31, 2021 (Level 1) (Level 2) (Level 3) Current maturities of corporate borrowings $ 20.0 $ — $ 18.1 $ — Corporate borrowings 5,408.0 — 4,263.5 681.4 Valuation Technique. — The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximate fair value because of the short maturity of these instruments. |
OPERATING SEGMENTS
OPERATING SEGMENTS | 12 Months Ended |
Dec. 31, 2022 | |
OPERATING SEGMENTS. | |
OPERATING SEGMENTS | NOTE 13—OPERATING SEGMENTS — — ® Below is a breakdown of select financial information by reportable operating segment: Year Ended Revenues (In millions) December 31, 2022 December 31, 2021 December 31, 2020 U.S. markets $ 2,961.7 $ 1,875.8 $ 826.7 International markets 949.7 652.1 415.7 Total revenues $ 3,911.4 $ 2,527.9 $ 1,242.4 Year Ended Adjusted EBITDA (In millions) December 31, 2022 December 31, 2021 December 31, 2020 U.S. markets $ 59.6 $ (250.6) $ (768.2) International markets (13.0) (41.1) (231.0) Total Adjusted EBITDA $ 46.6 $ (291.7) $ (999.2) (1) The Company presents Adjusted EBITDA as a supplemental measure of its performance. The Company defines Adjusted EBITDA as net earnings (loss) plus (i) income tax provision (benefit), (ii) interest expense and (iii) depreciation and amortization, as further adjusted to eliminate the impact of certain items that the Company does not consider indicative of the Company’s ongoing operating performance and to include attributable EBITDA from equity investments in theatre operations in International markets and any cash distributions of earnings from its other equity method investees. The measure of segment profit and loss the Company uses to evaluate performance and allocate its resources is Adjusted EBITDA, which is broadly consistent with how Adjusted EBITDA is defined in the Company’s debt indentures. Year Ended Capital Expenditures (In millions) December 31, 2022 December 31, 2021 December 31, 2020 U.S. markets $ 138.4 $ 63.9 $ 109.9 International markets 63.6 28.5 63.9 Total capital expenditures $ 202.0 $ 92.4 $ 173.8 Year Ended Revenues (In millions) December 31, 2022 December 31, 2021 December 31, 2020 United States $ 2,961.7 $ 1,875.8 $ 826.7 United Kingdom 379.3 283.6 127.9 Spain 114.6 81.8 52.1 Sweden 125.0 82.3 63.2 Italy 90.4 57.5 47.5 Germany 96.2 54.4 38.2 Finland 73.9 49.1 43.4 Ireland 27.3 16.9 9.3 Other foreign countries 43.0 26.5 34.1 Total $ 3,911.4 $ 2,527.9 $ 1,242.4 As of As of Long-term assets, net (In millions) December 31, 2022 December 31, 2021 U.S. markets $ 6,135.9 $ 6,434.5 International markets 2,097.6 2,516.7 Total long-term assets $ 8,233.5 $ 8,951.2 (1) Long-term assets are comprised of property, operating lease right-of-use assets, intangible assets, goodwill, deferred tax asset, net and other long-term assets. The following table sets forth a reconciliation of net loss to Adjusted EBITDA: Year Ended (In millions) December 31, 2022 December 31, 2021 December 31, 2020 Net loss $ (973.6) $ (1,269.8) $ (4,589.4) Plus: Income tax provision (benefit) 2.5 (10.2) 59.9 Interest expense 378.7 458.1 356.9 Depreciation and amortization 396.0 425.0 498.3 Impairment of long-lived assets, definite and indefinite-lived intangible assets and goodwill 133.1 77.2 2,513.9 Certain operating expense (income) 8.0 0.2 (9.4) Equity in (earnings) loss of non-consolidated entities 1.6 (11.0) 30.9 Cash distributions from non-consolidated entities 6.6 12.5 17.4 Attributable EBITDA 0.4 3.7 0.2 Investment expense (income) 14.9 (9.2) 10.1 Other expense (income) 80.4 (0.1) 66.9 Other non-cash rent benefit (26.6) (24.9) (4.9) General and administrative — unallocated: Merger, acquisition and other costs 2.1 13.7 24.6 Stock-based compensation expense 22.5 43.1 25.4 Adjusted EBITDA $ 46.6 $ (291.7) $ (999.2) (1) For information regarding the income tax provision (benefit), see Note 10 — Income Taxes. (2) During the year ended December 31, 2022, the Company recorded non-cash impairment charges related to its long-lived assets of $73.4 million on 68 theatres in the U.S. markets with 817 screens which were related to property, net and operating lease right-of-use assets, net and $59.7 million on 53 theatres in the International markets with 456 screens which were related to property, net and operating lease right-of-use assets, net. During the year ended December 31, 2021, the Company recorded non-cash impairment charges related to its long-lived assets of $61.3 million on 77 theatres in the U.S. markets with 805 screens which were related to property, net, operating lease right-of-use assets, net and other long-term assets and $15.9 million on 14 theatres in the International markets with 118 screens which were related to property, net and operating lease right-of-use assets, net. During the year ended December 31, 2020, the Company recorded goodwill non-cash impairment charges of $1,276.1 million and $1,030.3 million related to the enterprise fair values of the Domestic Theatres and International Theatres reporting units, respectively. During the year ended December 31, 2020, the Company recorded non-cash impairment of long-lived assets of $152.5 million on 101 theatres in the U.S. markets with 1,139 screens which were related to property, net, operating lease right-of-use assets, net and other long-term assets and $25.4 million on 37 theatres in the International markets with 340 screens which were related to property, net and operating lease right-of-use assets, net. The Company recorded non-cash impairment charges related to indefinite-lived intangible assets of $12.5 million and $2.7 million related to the Odeon and Nordic trade names, respectively, in the International Theatres reporting unit during the year ended December 31, 2020. The Company also recorded non-cash impairment charges of $14.4 million related to its definite-lived intangible assets in the Domestic Theatres reporting unit during the year ended December 31, 2020. (3) Amounts represent preopening expense related to temporarily closed screens under renovation, theatre and other closure expense for the permanent closure of screens, including the related accretion of interest, non-cash deferred digital equipment rent expense, and disposition of assets and other non-operating gains or losses included in operating expenses. The Company has excluded these items as they are non-cash in nature or are non-operating in nature. (4) Equity in (earnings) loss of non-consolidated entities primarily consisted of equity in loss from Saudi Cinema Company, LLC of $7.6 million, partially offset by equity in (earnings) from DCIP of $3.4 million during the year ended December 31, 2022. Equity in (earnings) loss of non-consolidated entities primarily consisted of equity in earnings (loss) from DCIP of $12.2 million and $(14.5) million, during the year ended December 31, 2021, and December 31, 2020, respectively. In addition, the Company recorded impairment losses in the International markets during the year ended December 31, 2020 related to equity method investments of $8.6 million in equity in (earnings) loss of non-consolidated entities. (5) Includes U.S. non-theatre distributions from equity method investments and International non- theatre distributions from equity method investments to the extent received. The Company believes including cash distributions is an appropriate reflection of the contribution of these investments to the Company’s operations. (6) Attributable EBITDA includes the EBITDA from equity investments in theatre operators in certain International markets. See below for a reconciliation of the Company’s equity in (earnings) loss of non-consolidated entities to attributable EBITDA. Because these equity investments are in theatre operators in regions where the Company holds a significant market share, the Company believes attributable EBITDA is more indicative of the performance of these equity investments and management uses this measure to monitor and evaluate these equity investments. The Company also provides services to these theatre operators including information technology systems, certain on-screen advertising services and the Company’s gift card and package ticket program. Year Ended (In millions) December 31, 2022 December 31, 2021 December 31, 2020 Equity in (earnings) loss of non-consolidated entities $ 1.6 $ (11.0) $ 30.9 Less: Equity in (earnings) loss of non-consolidated entities excluding International theatre joint ventures (5.4) (13.5) 27.4 Equity in loss of International theatre joint ventures (7.0) (2.5) (3.5) Income tax provision 0.1 0.3 0.1 Investment expense (income) 0.2 (0.1) (0.4) Interest expense 0.1 0.2 0.1 Impairment of long-lived assets 4.2 — — Depreciation and amortization 2.8 5.6 3.2 Other expense — 0.2 0.7 Attributable EBITDA $ 0.4 $ 3.7 $ 0.2 (7) Other expense (income) during the year ended December 31, 2022, primarily consisted of a loss on debt extinguishment of $92.8 million, partially offset by income related to the foreign currency transaction gains of $(12.3) million and contingent lease guarantees of $(0.2) million. Other expense (income) for the year ended December 31, 2021, primarily consisted of a loss on debt extinguishment of $14.4 million and financing fees of $1.0 million, partially offset by income related to the foreign currency transaction gains of $(9.8) million and contingent lease guarantees of $(5.7) million. During the year ended December 31, 2020 included a loss of $109.0 million related to the fair value adjustments of the Company’s derivative liability and derivative asset for the Convertible Notes, financing fees related to the Exchange Offer of $39.3 million, and credit losses related to contingent lease guarantees of $15.0 million, partially offset due to a gain on extinguishment of the Second Lien Notes due 2026 of $(93.6) million. (8) Reflects amortization of certain intangible assets reclassified from depreciation and amortization to rent expense due to the adoption of ASC 842, Leases and deferred rent benefit related to the impairment of right-of-use operating lease assets. (9) Merger, acquisition and other costs are excluded as they are non-operating in nature. (10) Non-cash or non-recurring expense included in general and administrative: other. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended |
Dec. 31, 2022 | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS). | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | NOTE 14—ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table presents the change in accumulated other comprehensive income (loss) by component: Foreign (In millions) Currency Pension Benefits Total Balance December 31, 2020 $ 60.1 $ (21.4) $ 38.7 Other comprehensive income (loss) (78.7) 12.3 (66.4) Realized loss on foreign currency transactions reclassified into investment expense (income) (0.4) — (0.4) Balance December 31, 2021 $ (19.0) $ (9.1) $ (28.1) Other comprehensive income (loss) (59.8) 10.6 (49.2) Balance December 31, 2022 $ (78.8) $ 1.5 $ (77.3) The tax effects allocated to each component of other comprehensive income (loss) is as follows: Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Tax Tax Tax Pre-Tax (Expense) Net-of-Tax Pre-Tax (Expense) Net-of-Tax Pre-Tax (Expense) Net-of-Tax (In millions) Amount Benefit Amount Amount Benefit Amount Amount Benefit Amount Unrealized foreign currency translation adjustment $ (59.8) $ — $ (59.8) $ (78.9) $ — $ (78.9) $ 66.8 $ 0.2 $ 67.0 Realized gain (loss) on foreign currency transactions, net of tax — — — (0.9) 0.5 (0.4) 1.9 — 1.9 Pension and other benefit adjustments: Net gain (loss) arising during the period, net of tax 10.6 — 10.6 13.0 (0.7) 12.3 (4.1) — (4.1) Other comprehensive income (loss) $ (49.2) $ — $ (49.2) $ (66.8) $ (0.2) $ (67.0) $ 64.6 $ 0.2 $ 64.8 |
LOSS PER SHARE
LOSS PER SHARE | 12 Months Ended |
Dec. 31, 2022 | |
LOSS PER SHARE | |
LOSS PER SHARE | NOTE 15—LOSS PER SHARE On August 4, 2022, the Company announced that its Board of Directors declared a special dividend of one AMC Preferred Equity Unit for each share of Common Stock outstanding at the close of business on August 15, 2022, the record date. The dividend was paid at the close of business on August 19, 2022 to investors who held shares of Common Stock as of August 22, 2022, the ex-dividend date. Each AMC Preferred Equity Unit is a depositary share and represents an interest in one Basic loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding. Diluted loss per share includes the effects of unvested RSUs with a service condition only and unvested contingently issuable RSUs and PSUs that have service and performance conditions, if dilutive. Diluted loss per share for the year ended December 31, 2020 also includes potential dilutive shares from the conversion feature of the Convertible Notes due 2026, if dilutive. The following table sets forth the computation of basic and diluted loss per common share: Year Ended Year Ended Year Ended (In millions) December 31, 2022 December 31, 2021 December 31, 2020 Numerator: Net loss for basic loss per share attributable to AMC Entertainment Holdings, Inc. $ (973.6) $ (1,269.1) $ (4,589.1) Net loss for diluted loss per share attributable to AMC Entertainment Holdings, Inc. $ (973.6) $ (1,269.1) $ (4,589.1) Denominator Weighted average shares for basic loss per common share 1,047,689 954,820 234,424 Weighted average shares for diluted loss per common share 1,047,689 954,820 234,424 Basic loss per common share: $ (0.93) $ (1.33) $ (19.58) Diluted loss per common share: $ (0.93) $ (1.33) $ (19.58) Vested RSUs, PSUs, and SPSUs have dividend rights identical to the Company’s Common Stock and AMC Preferred Equity Units and are treated as outstanding shares for purposes of computing basic and diluted earnings per share. For the year ended December 31, 2022, December 31, 2021, and December 31, 2020, unvested RSUs of 2,523,364, 4,495,250, and 2,262,666, respectively, were not included in the computation of diluted earnings (loss) per share because they would be anti-dilutive. Unvested PSUs and SPSUs are subject to performance and market conditions, respectively, and are included in diluted earnings per share, if dilutive, based on the number of shares, if any, that would be issuable under the terms of the Company’s 2013 Equity Incentive Plan if the end of the reporting period were the end of the contingency period. Unvested PSUs of 0, 0 and 1,298,418 for the years ended December 31, 2022, December 31, 2021, and December 31, 2020, respectively, and unvested SPSUs of 1,156,656 at the minimum market condition for the year ended December 31, 2020, were not included in the computation of diluted loss per share because they would not be issuable if the end of the reporting period were the end of the contingency period or they would be anti-dilutive. On January 29, 2021, the $600.0 million principal amount of the Company’s Convertible Notes due 2026 were converted into the Company’s Common Stock at a conversion price of $6.76 per share and resulted in the issuance of 44,422,860 shares and 44,422,860 AMC Preferred Equity Units. For the year ended December 31, 2020, the Company used the if-converted method for calculating any potential dilutive effect of the Convertible Notes that were issued on September 14, 2018. The Company has not adjusted net loss for the year ended December 31, 2020 to eliminate the interest expense of $31.8 million and the loss for the derivative liability related to the Convertible Notes of $89.4 million in the computation of diluted loss per share because the effects would be anti-dilutive. The Company has not included in diluted weighted average shares approximately 71.0 million shares issuable upon conversion for the year ended December 31, 2020 as the effects would be anti-dilutive. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2022 | |
SUBSEQUENT EVENT | |
SUBSEQUENT EVENTS | NOTE 16— SUBSEQUENT EVENTS Equity Distribution Agreement. Stock-Based Compensation. (improbable-to-probable) which requires the Company to recognize additional stock compensation expense based on the modification date fair values of the Common Stock PSUs and AMC Preferred Equity Unit PSUs of $6.23 and $2.22, respectively. The Company will recognize $20.2 million of additional stock compensation expense in its financial statements during the three months ended March 31, 2023. See Item 9B. Other Information of this form 10-K for further information. Additional Share Issuances Antara. Senior Secured Credit Facility. Derivative Stockholder Complaint Saudi Cinema Company. Debt Repurchases. Aggregate Principal Reacquisition Gain on Accrued Interest (In millions) Repurchased Cost Extinguishment Paid Related party transactions: Second Lien Notes due 2026 $ 41.9 $ 24.4 $ 25.3 $ 0.7 5.875% Senior Subordinated Notes due 2026 4.1 1.7 2.3 0.1 Total related party transactions 46.0 26.1 27.6 0.8 Non-related party transactions: Second Lien Notes due 2026 24.2 12.0 16.7 0.2 Total non-related party transactions 24.2 12.0 16.7 0.2 Total debt repurchases $ 70.2 $ 38.1 $ 44.3 $ 1.0 Special Meeting of Stockholders. Subsequent to the fiscal year ended December 31, 2022, the Board called a special meeting of the Company’s stockholders for March 14, 2023 (the “Special Meeting”). At the Special Meeting, the Company’s stockholders will consider the following proposals: 1. Proposal No. 1: To approve an amendment to our Third Amended and Restated Certificate of Incorporation (our “Certificate of Incorporation”) to increase the total number of authorized shares of Common Stock from 524,173,073 shares of Common Stock to 550,000,000 shares of Common Stock (the “Share Increase Proposal”); 2. Proposal No. 2: To approve an amendment to our Certificate of Incorporation to effectuate a reverse stock split at a ratio of one share of Common Stock for every ten shares of Common Stock, which together with the Share Increase Proposal, shall permit the full conversion of all outstanding shares of Series A Preferred Stock into shares of Common Stock (the “Reverse Split Proposal” and collectively with the Authorized Share Increase Proposal, the “Charter Amendment Proposals”). See Note 11—Commitments and Contingencies for further information; and 3. Proposal No. 3: To approve one or more adjournments of the Special Meeting, if necessary, to permit further solicitation of proxies if there are not sufficient votes at the time of the Special Meeting to approve and adopt the Charter Amendment Proposals (the “Adjournment Proposal”). Each of the Share Increase Proposal and the Reverse Split Proposal is cross-conditioned on the approval of the other, such that approval of both proposals is required for each of them to take effect. If the Charter Amendment Proposals are approved, the number of our outstanding shares of Common Stock as of February 8, 2023, the record date for the Special Meeting, would decrease from 517,580,416 to approximately 51,758,042 shares of Common Stock. Further, 9,298,497 shares of Series A Preferred Stock (represented by 929,849,612 APEs), as of the record date, will convert into 92,984,970 shares of Common Stock and the Series A Preferred Stock (and APEs) will cease to exist. Ultimately, based upon the outstanding equity interests as of the record date, approval of the Charter Amendment Proposals will result in a total of approximately authorized shares. The amount of Preferred Stock authorized in the Certificate of Incorporation will be unaffected by the Charter Amendment Proposals. For additional information on the Special Meeting and the proposals under consideration, see the Company’s definitive proxy statement on Schedule 14A filed on February 14, 2023. |
THE COMPANY AND SIGNIFICANT A_2
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | |
Temporarily suspended or limited operations | Temporarily Suspended or Limited Operations. As of As of As of As of January 1, March 31, June 30, September 30, Theatre Operations: 2021 2021 2021 2021 Percentage of theatres operated - Domestic 66.8 % 99.2 % 99.8 % 99.8 % Percentage of theatres operated - International 30.3 % 27.3 % 94.9 % 99.2 % Percentage of theatres operated - Consolidated 52.9 % 72.2 % 98.0 % 99.6 % During the year ended December 31, 2022, the Company operated essentially 100% of all its U.S. and International theatres. As of December 31, 2022 and 2021, there were no restrictions on operations in any of the U.S. or International theatres. |
Liquidity | Liquidity. Additionally, the Company enhanced liquidity through debt refinancing that extended maturities, purchases of debt below par value, and equity sales. See Note 8 — — The table below summarizes net decrease in cash and cash equivalents and restricted cash by quarter for the year ended December 31, 2022: Three Months Ended Year Ended March 31, June 30, September 30, December 31, December 31 (In millions) 2022 2022 2022 2022 2022 Cash flows from operating activities: Net cash used in operating activities $ (295.0) $ (76.6) $ (223.6) $ (33.3) $ (628.5) Cash flows from investing activities: Net cash used in investing activities (54.9) (48.0) (50.8) (70.3) (224.0) Cash flows from financing activities: Net cash provided by (used in) financing activities (76.3) (59.7) 0.5 44.2 (91.3) Effect of exchange rate changes on cash and cash equivalents and restricted cash (5.5) (16.4) (8.2) 8.0 (22.1) Net decrease in cash and cash equivalents and restricted cash (431.7) (200.7) (282.1) (51.4) (965.9) Cash and cash equivalents and restricted cash at beginning of period 1,620.3 1,188.6 987.9 705.8 1,620.3 Cash and cash equivalents and restricted cash at end of period $ 1,188.6 $ 987.9 $ 705.8 $ 654.4 $ 654.4 The Company’s net cash provided by (used in) operating activities improved by $341.5 million during the three months ended March 31, 2022 compared to the three months ended December 31, 2021, $218.4 million during the three months ended June 30, 2022 compared to the three months ended March 31, 2022, deteriorated by $(147.0) million during the three months ended September 30, 2022 compared to the three months ended June 30, 2022, and improved by $190.3 million during the three months ended December 31, 2022 compared to September 30, 2022. The improvement is primarily attributable to working capital changes, partially offset by an increased net loss during the three months ended December 31, 2022. The Company has also continued to repay rent amounts that were deferred during the pandemic, which increases its cash outflows from operating activities. See Note 3 — The Company’s net cash provided by (used in )investing activities included: ● $34.8 million of capital expenditures and $27.9 million of investments in non-consolidated entities, partially offset by proceeds from the disposition of long-term assets of $7.2 million during the three months ended March 31, 2022; ● $40.4 million of capital expenditures, $17.8 million for the acquisition of theatres, partially offset by proceeds of $11.4 million from the sale of securities in conjunction with the liquidation of a non-qualified deferred compensation plan during the three months ended June 30, 2022; ● $54.5 million of capital expenditures, partially offset by proceeds from disposition of long-term assets $3.6 million during the three months ended September 30, 2022; and ● $72.3 million of capital expenditures, partially offset by $0.5 million of proceeds from disposition of long-term assets and $1.5 million of proceeds from the sale of NCM shares during the three months ended December 31, 2022. The Company’s net cash provided by (used in) financing activities included: ● $955.7 million of principal and premium payments, $52.2 million of taxes paid for restricted unit withholdings, and $17.7 million of cash used to pay for deferred financing costs, partially offset by proceeds from the Company’s debt issuances of $950.0 million during the three months ended March 31, 2022; ● $57.9 million of principal and premium payments, $1.8 million of cash used to pay for deferred financing costs and $0.7 million of AMC Preferred Equity Unit issuance during the three months ended June 30, 2022; ● $7.4 million principal payments and $0.5 million of cash used to pay deferred financing costs, partially offset by $8.5 million of net proceeds from AMC Preferred Equity Units issuance during the three months ended September 30, 2022; and ● $529.5 million of principal and premium payments and $6.9 million of cash used to pay for deferred financing costs, partially offset by proceeds from the Company’s debt issuance of $368.0 million and $212.6 million of net proceeds from AMC Preferred Equity Units issuance during the three months ended December 31, 2022. The table below summarizes net increase (decrease) in cash equivalents and restricted cash by quarter for the year ended December 31, 2021: Three Months Ended Year Ended March 31, June 30, September 30, December 31, December 31, (In millions) 2021 2021 2021 2021 2021 Cash flows from operating activities: Net cash provided by (used in) operating activities $ (312.9) $ (233.8) $ (113.9) $ 46.5 $ (614.1) Cash flows from investing activities: Net cash provided by (used in) investing activities (16.0) 13.5 (28.8) (36.9) (68.2) Cash flows from financing activities: Net cash provided by (used in) financing activities 854.7 1,212.2 (48.3) (27.9) 1,990.7 Effect of exchange rate changes on cash and cash equivalents and restricted cash (5.1) 5.6 (8.4) (1.6) (9.5) Net increase (decrease) in cash and cash equivalents and restricted cash 520.7 997.5 (199.4) (19.9) 1,298.9 Cash and cash equivalents and restricted cash at beginning of period 321.4 842.1 1,839.6 1,640.2 321.4 Cash and cash equivalents and restricted cash at end of period $ 842.1 $ 1,839.6 $ 1,640.2 $ 1,620.3 $ 1,620.3 The Company’s net cash used in operating activities improved by $79.1 million during the three months ended June 30, 2021 compared to the three months ended March 31, 2021, $119.9 million during the three months ended September 30, 2021 compared to the three months ended June 30, 2021, and $160.4 million during the three months ended December 31, 2021 compared to the three months ended September 30, 2021. This is primarily attributable to continued increases in attendance and industry box office revenues during the year ended December 31, 2021. The Company believes its existing cash and cash equivalents, together with cash generated from operations, will be sufficient to fund its operations, satisfy its obligations, including cash outflows to repay rent amounts that were deferred during the COVID-19 pandemic and planned capital expenditures, and comply with minimum liquidity and financial covenant requirements under its debt covenants related to borrowings pursuant to the Senior Secured Revolving Credit Facility for at least the next twelve months. In order to achieve net positive operating cash flows and long-term profitability, the Company believes that operating revenues and attendance levels will need to increase significantly from 2021 and 2022 levels to levels in line with pre-COVID-19 operating revenues. The Company believes the anticipated volume of titles available for theatrical release, and the anticipated broad appeal of many of those titles will support increased operating revenues and attendance levels. The Company believes that recent operating revenues attendance levels are positive signs of continued demand for the moviegoing experience. Total revenues for the years ended December 31, 2022, 2021, and 2020 were $3.9 billion, $2.5 billion, and $1.2 billion, respectively, compared to $5.5 billion for the year ended December 31, 2019. For the years ended December 31, 2022, 2021, and 2020 attendance was 201.0 million patrons, 128.5 million patrons, and 75.2 million patrons, respectively, compared to 356.4 million patrons for the year ended December 31, 2019. Moreover, it is difficult to predict future operating revenues and attendance levels and there remain significant risks that may negatively impact operating revenues and attendance, including movie studios release schedules, the production and theatrical release of fewer films compared to levels before the onset of the COVID-19 pandemic, and direct to streaming or other changing movie studio practices. The Company entered the Ninth Amendment pursuant to which the requisite revolving lenders party thereto agreed to extend the fixed date for the termination of the suspension period for the financial covenant (the secured leverage ratio) applicable to the Senior Secured Revolving Credit Facility from March 31, 2021 to March 31, 2022, which was further extended by the Eleventh Amendment and the Twelfth Amendment from March 31, 2022 to March 31, 2023, and then from March 31, 2023 to March 31, 2024, respectively, in each case, as described, and on the terms and conditions specified, therein. As of December 31, 2022, the Company was subject to a minimum liquidity requirement of $100 million as a condition to the Extended Covenant Suspension Period (as defined in Note 8—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Consolidated Financial Statements under Part II, Item 8 thereof). The current maturity date of the Senior Secured Revolving Credit Facility is April 22, 2024; since the financial covenant applicable to the Senior Secured Revolving Credit Facility is tested as of the last day of any fiscal quarter for which financial statements have been (or were required to have been) delivered, the financial covenant has been effectively suspended through maturity of the Senior Secured Revolving Credit Facility. The 11.25% Odeon Term Loan Facility due 2023 (“Odeon Term Loan Facility”) was to mature on August 19, 2023, during the third fiscal quarter of the Company’s next calendar year. On October 20, 2022, the Company completely repaid the Odeon Term Loan Facility using existing cash and $363.0 million net proceeds from the issuance of Odeon Notes due 2027. The Company may, at any time and from time to time, seek to retire or purchase debt through cash purchases and/or exchanges for equity (including AMC Preferred Equity Units) or debt, in open-market purchases, privately negotiated transactions or otherwise. Such repurchases or exchanges, if any, will be upon such terms and at such prices as it may determine, and will depend on prevailing market conditions, its liquidity requirements, contractual restrictions and other factors. The amounts involved may be material and to the extent equity is used, dilutive. During the year ended December 31, 2022, the Company repurchased $118.3 million aggregate principal of the Second Lien Notes due 2026 for $68.3 million and recorded a gain on extinguishment of $75.0 million in other expense (income). Additionally, during the year ended December 31, 2022, the Company repurchased $5.3 million aggregate principal of the Senior Subordinated Notes due 2027 for $1.6 million and recorded a gain on extinguishment of $3.7 million in other expense (income). Accrued interest of $4.5 million was paid in connection with the repurchases. See Note 8—Corporate Borrowings and Finance Lease Liabilities for more information. The Company received rent concessions provided by the lessors that aided in mitigating the economic effects of COVID-19 during the pandemic. These concessions primarily consisted of rent abatements and the deferral of rent payments. As a result, deferred lease amounts were approximately $157.2 million as of December 31, 2022. Including repayments of deferred lease amounts, the Company’s cash expenditures for rent increased significantly during the year ended December 31, 2022 compared to the year ended December 31, 2021. See Note 3 — It is very difficult to estimate the Company’s liquidity requirements, future cash burn rates, future operating revenues, and attendance levels. Depending on the Company’s assumptions regarding the timing and ability to achieve significantly increased levels of operating revenue, the estimates of amounts of required liquidity vary significantly. In order to achieve net positive operating cash flows and long-term profitability, the Company believes that operating revenues will need to increase significantly to levels in line with pre-COVID-19 operating revenues. The Company’s current cash burn rates are not sustainable. Further, the Company cannot accurately predict what future changes may occur to the supply or release date of movie titles available for theatrical exhibition once moviegoers are prepared to return in large numbers. Nor can the Company know with certainty the impact on consumer movie-going behavior of studios who release movies to theatrical exhibition and their streaming platforms on the same date, or the potential attendance impact of other studio decisions to accelerate in-home availability of their theatrical movies. Studio negotiations regarding evolving theatrical release models and film licensing terms are ongoing. There can be no assurance that the operating revenues, attendance levels, and other assumptions used to estimate our liquidity requirements and future cash burn rates will be correct, and our ability to be predictive is uncertain due to limited ability to predict studio film release dates and success of individual titles. Further, there can be no assurances that the Company will be successful in generating the additional liquidity necessary to meet the Company’s obligations beyond twelve months from the issuance of these financial statements on terms acceptable to the Company or at all. If the Company is unable to maintain or renegotiate our minimum liquidity covenant requirements, it could have a significant adverse effect on the Company’s business, financial condition and operating results. |
AMC Preferred Equity Units | AMC Preferred Equity Units. Each AMC Preferred Equity Unit is a depositary share and represents an interest in one one-hundredth (1/100th) of a share of Series A Convertible Participating Preferred Stock evidenced by a depositary receipt pursuant to a deposit agreement. The Company has 50,000,000 Preferred Stock shares authorized, 10,000,000 of which have currently been allocated and 7,245,872 have been issued under the depositary agreement as Series A Convertible Participating Preferred Stock, leaving 40,000,000 unallocated Preferred Stock shares. Each AMC Preferred Equity Unit is designed to have the same economic and voting rights as a share of Class A common stock. Trading of the AMC Preferred Equity Units on the NYSE began on August 22, 2022 under the ticker symbol “APE”. Due to the characteristics of the AMC Preferred Equity Units, the special dividend had the effect of a stock split pursuant to ASC 505-20-25-4. Accordingly, all references made to share, per share or common share amounts in the accompanying consolidated financial statements and applicable disclosures have been retroactively adjusted to reflect the effects of the special stock dividend as a stock split. See Note 9–Stockholders’ Equity and Note 15–Loss Per Share. |
Use of estimates | Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Principles of consolidation | Principles of Consolidation. The consolidated financial statements include the accounts of Holdings and all subsidiaries, as discussed above. All significant intercompany balances and transactions have been eliminated in consolidation. Majority-owned subsidiaries that the Company has control of are consolidated in the Company’s consolidated subsidiaries; consequently, a portion of its stockholders’ equity, net earnings (loss) and total comprehensive income (loss) for the periods presented are attributable to noncontrolling interests. The Company manages its business under |
Noncontrolling Interests | Noncontrolling Interests and Baltic Theatre Sale. The Company received $37.5 million (€31.53 million) cash consideration upon entering into the sale agreement on August 28, 2020 and paid $0.5 million in transaction costs during the year ended December 31, 2020. The Company transferred an equity interest of 49% in Forum Cinemas OU to the purchaser and recorded an initial noncontrolling interest of $34.9 million in total equity (deficit). Transaction costs of $1.4 million and net gain of $1.2 million related to the sale of 49% equity interest of Lithuania and Estonia and the 100% disposal of Latvia were recorded in additional paid-in capital during the year ended December 31, 2020 and were recorded in earnings during the year ended December 31, 2021 when the remaining 51% interests in Lithuania and Estonia were disposed. Also, during the year ended December 31, 2020, the Company received cash consideration of $6.2 million (€5.3 million), net of cash of $0.2 million for the remaining 51% equity interest in Latvia. At December 31, 2020, the carrying amounts of the major classes of assets and liabilities included as part of the disposal group that were previously included in the International markets reportable segment were; goodwill of $41.8 million, property, net, of $13.0 million, operating lease right-of-use assets, net of $15.7 million, and current and long-term operating lease liabilities of $2.4 million and $13.7 million, respectively. At December 31, 2020, the Company’s noncontrolling interest of 49% in Lithuania and Estonia was $26.9 million. During the year ended December 31, 2021, the Company received cash consideration of $34.2 million (€29.4 million), net of cash disposed of $0.4 million and transaction costs of $1.3 million, for the remaining 51% equity interest in Estonia, 51% equity interest in Lithuania and eliminated the Company’s noncontrolling interest in Forum Cinemas OU. The Company recorded the net gain from the sale of its equity interest in Forum Cinemas OU of $5.5 million (net of transaction costs of $2.6 million) in investment expense (income) |
Revenues | Revenues. The Company recognizes income from non-redeemed or partially redeemed gift cards in proportion to the pattern of rights exercised by the customer (“proportional method”) where it applies an estimated non-redemption rate for its gift card sales channels, which range from 13% to 19% of the current month sales of gift cards, and the Company recognizes in other theatre revenues the total amount of expected income for non-redemption for that current month’s sales as income over the next 24 months in proportion to the pattern of actual redemptions. The Company has determined its non-redeemed rates and redemption patterns using more than 10 years of accumulated data. The Company also recognizes income from non-redeemed or partially redeemed exchange tickets using the proportional method. In the International markets, certain exchange tickets are subject to expiration dates, which triggers recognition of non-redemption in other revenues. The Company recognizes ticket fee revenues based on a gross transaction price. The Company is a principal (as opposed to agent) in the arrangement with third-party internet ticketing companies in regard to the sale of online tickets because the Company controls the online tickets before they are transferred to the customer. The online ticket fee revenues and the third-party commission or service fees are recorded in the line items other theatre revenues and operating expense, respectively, in the consolidated statements of operations. |
Film Exhibition Costs | Film Exhibition Costs. Film exhibition costs are accrued based on the applicable box office receipts and estimates of the final settlement to the film licensors. Film exhibition costs include certain advertising costs. As of December 31, 2022 and December 31, 2021, the Company recorded film payables of |
Food and Beverage Costs | Food and Beverage Costs. The Company records rebate payments from vendors as a reduction of food and beverage costs when earned. |
Exhibitor Services Agreement | Exhibitor Services Agreement. — |
Customer Engagement Programs | Customer Engagement Programs. AMC Stubs ® TM Stubs ® TM The portion of the admissions and food and beverage revenues attributed to the rewards is deferred as a reduction of admissions and food and beverage revenues and is allocated between admissions and food and beverage revenues based on expected member redemptions. Upon redemption, deferred rewards are recognized as revenues along with associated cost of goods. The Company estimates point breakage in assigning value to the points at the time of sale based on historical trends. The program’s annual membership fee is allocated to the material rights for discounted or free products and services and is initially deferred, net of estimated refunds, and recognized as the rights are redeemed based on estimated utilization, over the one-year membership period in admissions, food and beverage, and other revenues. A portion of the revenues related to a material right are deferred as a virtual rewards performance obligation using the relative standalone selling price method and are recognized as the rights are redeemed or expire. AMC Stubs ® ® The Company suspended the recognition of deferred revenues related to certain loyalty programs, gift cards, and exchange tickets during the period in which its operations were temporarily suspended. As the Company re-opened theatres, A-List members had the option to reactivate their subscription, which restarted the monthly charge for the program. Starting in July of 2021, all A-List monthly subscriptions were automatically reactivated and the Company has resumed a more normal recognition pattern for deferred revenues related to certain loyalty programs, gift cards and exchange tickets. |
Advertising Costs | Advertising Costs. The Company expenses advertising costs as incurred and does not have any direct-response advertising recorded as assets. Advertising costs were |
Cash and Cash Equivalents | Cash and Cash Equivalents. All highly liquid debt instruments and investments purchased with an original maturity of three months or less are classified as cash equivalents. At December 31, 2022, cash and cash equivalents for the U.S. markets and International markets were |
Restricted cash | Restricted Cash. Restricted cash is cash held in the Company's bank accounts in International markets as a guarantee for certain landlords. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Consolidated Balance Sheet to the total of the amounts in the Consolidated Statements of Cash Flows. Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Cash and cash equivalents $ 631.5 $ 1,592.5 $ 308.3 Restricted cash 22.9 27.8 13.1 Total cash, cash equivalents and restricted cash in the statement of cash flows $ 654.4 $ 1,620.3 $ 321.4 |
Derivative Asset and Liability | Derivative Asset and Liability. ended December 31, 2022, December 31, 2021 and December 31, 2020, respectively, and other expense (income) related to derivative liability fair value adjustments of $0 million, $0 million, and $89.4 million, during the years ended December 31, 2022, December 31, 2021 and December 31, 2020, respectively. See Note 8 — — |
Intangible Assets | Intangible Assets. Intangible assets were recorded at fair value for intangible assets resulting from the acquisition of Holdings by Wanda on August 30, 2012 and other theatre acquisitions. Intangible assets are comprised of amounts assigned to management contracts, which are being amortized on a straight-line basis over the estimated remaining useful lives of the assets, and trademark and trade names. The Company evaluates definite-lived intangible assets whenever events or changes in circumstances indicate that the carrying amount of the asset group may not be fully recoverable. Trademark and trade names are considered either definite or indefinite-lived intangible assets. Indefinite-lived intangible assets are not amortized but rather evaluated for impairment annually or more frequently as specific events or circumstances dictate. The Company first assesses the qualitative factors to determine whether the existence of events and circumstances indicate that it is more likely than not the fair value of an indefinite-lived intangible asset is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative impairment test. During the year ended December 31, 2020, the Company recorded impairment losses related to definite-lived intangible assets of $14.4 million in the U.S. markets and indefinite-lived intangible assets of $15.2 million in the International markets. There were no intangible asset impairment charges incurred during the years ended December 31, 2022 and December 31, 2021. |
Investments | Investments. The Company accounts for its investments in non-consolidated entities using either the cost or equity methods of accounting as appropriate, and has recorded the investments within other long-term assets in its consolidated balance sheets. Equity earnings and losses are recorded when the Company’s ownership interest provides the Company with significant influence. The Company follows the guidance in ASC 323-30-35-3, investment in a limited liability company, which prescribes the use of the equity method for investments where the Company has significant influence. The Company classifies gains and losses on sales of investments or impairments accounted for using the cost method in investment expense (income). Gains and losses on cash sales are recorded using the weighted average cost of all interests in the investments. Gains and losses related to non-cash negative common unit adjustments are recorded using the weighted average cost of those units in NCM. See Note 6 — |
Goodwill | Goodwill. The Company’s recorded goodwill was In accordance with ASC 350-20-35-30, goodwill of a reporting unit shall be tested for impairment between annual tests by assessing the qualitative factors to determine if an event occurs or changes in circumstances that would warrant an interim ASC 350 impairment analysis. If an impairment analysis is needed, the Company performs a quantitative impairment test for goodwill, which involves estimating the fair value of the reporting unit and comparing that value to its carrying value. If the estimated fair value of the reporting unit is less than its carrying value, the difference is recorded as goodwill impairment charge, not to exceed the total amount of goodwill allocated to that reporting unit. Qualitative impairment tests Step 1 quantitative goodwill impairment tests performed during 2020. Based on sustained declines during the first quarter of 2020 in the Company’s enterprise market capitalization and the temporary suspension of operations at all the Company’s theatres on or before March 17, 2020 due to the COVID-19 pandemic, the Company performed a Step 1 quantitative goodwill impairment test of the Domestic and International reporting units as of March 31, 2020. The enterprise fair values of the Domestic Theatres and International Theatres reporting units were less than their carrying values and goodwill impairment charges of $1,124.9 million and $619.4 million, respectively, were recorded as of March 31, 2020 for the Company’s Domestic Theatres and International Theatres reporting units. Due to the suspension of operations during the second and third quarters of 2020 and the further delay or cancellation of film releases, the Company performed a Step 1 quantitative impairment test of the Domestic and International reporting units as of September 30, 2020. See Note 12 — Due to the further delay or cancellation of film releases and the further suspension of operations in the International markets, the Company performed a Step 1 quantitative impairment test of the Domestic and International reporting units as of December 31, 2020. See Note 12 — There is considerable management judgment with respect to cash flow estimates and discount rates to be used in determining fair value, which fall under Level 3 within the fair value measurement hierarchy. Given the nature of the Company’s business and its recent history, future impairments are possible based upon business conditions, movie release dates, and attendance levels. |
Other Long-term Assets | Other Long-term Assets. Other long-term assets are comprised principally of investments in partnerships and joint ventures and capitalized computer software, which is amortized over the estimated useful life of the software. See Note 7 — |
Accounts Payable | Accounts Payable. Under the Company’s cash management system, checks issued but not presented to banks frequently result in book overdraft balances for accounting purposes and are classified within accounts payable in the balance sheet. The change in book overdrafts are reported as a component of operating cash flows for accounts payable as they do not represent bank overdrafts. The amount of these checks included in accounts payable as of December 31, 2022 and December 31, 2021 was |
Leases | Leases. The Company typically does not believe that the exercise of the renewal options is reasonably assured at the inception of the lease agreements and, therefore, considers the initial base term as the lease term. Lease terms vary but generally, the leases provide for fixed and escalating rentals, contingent escalating rentals based on the Consumer Price Index and other indexes not to exceed certain specified amounts and variable rentals based on a percentage of revenues. The Company often receives contributions from landlords for renovations at existing locations. The Company records the amounts received from landlords as an adjustment to the right-of-use asset and amortizes the balance as a reduction to rent expense over the base term of the lease agreement. Operating lease right-of-use assets and lease liabilities were recorded at commencement date based on the present value of minimum lease payments over the remaining lease term. The minimum lease payments include base rent and other fixed payments, including fixed maintenance costs. The Company’s leases have remaining lease terms of approximately 1 year to 25 years, which may include the option to extend the lease when it is reasonably certain the Company will exercise that option. The present value of the lease payments is calculated using the incremental borrowing rate for operating leases, which was determined using a portfolio approach based on the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. Operating lease expense is recorded on a straight-line basis over the lease term. The Company elected the practical expedient to not separate lease and non-lease components and also elected the short-term practical expedient for all leases that qualify. As a result, the Company will not recognize right-of-use assets or liabilities for short-term leases that qualify for the short-term practical expedient, but instead will recognize the lease payments as lease cost on a straight-line basis over the lease term. The Company’s lease agreements do not contain residual value guarantees. Short-term leases and sublease arrangements are immaterial. Equipment leases primarily consist of food and beverage and digital equipment. |
Impairment of Long-lived Assets | Impairment of Long-lived Assets. The Company reviews long-lived assets, including definite-lived intangibles and theatre assets (including operating lease right-of-use assets) whenever events or changes in circumstances indicate that the carrying amount of the asset group may not be fully recoverable. The Company identifies impairments related to internal use software when management determines that the remaining carrying value of the software will not be realized through future use. The Company evaluates events or circumstances, including competition in the markets where it operates, that would indicate the carrying value of the asset groups may not be fully recoverable. If an event or circumstance is identified indicating carrying value may not be recoverable, the sum of future undiscounted cash flows is compared to the carrying value. If the carrying value exceeds the future undiscounted cash flows, the asset group may be impaired. If the asset group is determined to be impaired, the carrying value of the asset group is reduced to fair value as estimated by a discounted cash flow model, with the difference recorded as an impairment charge. Asset groups are evaluated for impairment on an individual theatre basis, which management believes is the lowest level for which there are identifiable cash flows. The Company evaluates theatres using historical and projected data of theatre level cash flow as its primary indicator of potential impairment and considers the seasonality of its business when making these evaluations. The fair value of assets is determined as either the expected selling price less selling costs (where appropriate) or the present value of the estimated future cash flows, adjusted as necessary for market participant factors. There is considerable management judgment necessary to determine the estimated future cash flows and fair values of the Company’s theatres and other long-lived assets, and, accordingly, actual results could vary significantly from such estimates, which fall under Level 3 within the fair value measurement hierarchy, see Note 12 — The following table summarizes the Company’s assets that were impaired: Year Ended December 31, December 31, December 31, (In millions) 2022 2021 2020 Impairment of long-lived assets $ 133.1 $ 77.2 $ 177.9 Impairment of definite-lived intangible assets — — 14.4 Impairment of indefinite-lived intangible assets — — 15.2 Impairment of goodwill — — 2,306.4 Impairment of long-lived assets, definite and indefinite-lived intangible assets and goodwill 133.1 77.2 2,513.9 Impairment of equity method investments recorded in equity in (earnings) loss of non-consolidated entities — — 8.6 Impairment of other assets recorded in investment expense (income) — — 15.9 Total impairment loss $ 133.1 $ 77.2 $ 2,538.4 (1) See Note 5—Goodwill and Intangible Assets for information regarding goodwill impairment. During the year ended December 31, 2022, the Company recorded non-cash impairment of long-lived assets of $73.4 million on 68 theatres in the U.S. markets with 817 screens (in Alabama, Arkansas, Arizona, California, Connecticut, District of Columbia, Florida, Georgia, Iowa, Illinois, Indiana, Kentucky, Louisiana, Massachusetts, Maryland, Michigan, Minnesota, Missouri, North Carolina, North Dakota, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Tennessee, Texas, Utah, West Virginia, and Wisconsin) and $59.7 million on 53 theatres in the International markets with 456 screens (in Germany, Italy, Spain, Sweden, and the UK), which were related to property, net and operating lease right-of-use assets, net. During the year ended December 31, 2021, the Company recorded non-cash impairment of long-lived assets of $61.3 million on 77 theatres in the U.S. markets with 805 screens and $15.9 million on 14 theatres in the International markets with 118 screens, which were related to property, net and operating lease right-of-use assets, net. During the year ended December 31, 2020, the Company recorded non-cash impairment of long-lived assets of $152.2 million on 101 theatres in the U.S. markets with 1,139 screens and $25.4 million on 37 theatres with 340 screens, which were related to property, net and operating lease right-of-use assets, net. During the year ended December 31, 2020, the Company recorded impairment losses related to definite-lived intangible assets of $14.4 million in the U.S. markets. For indefinite-lived intangible asset, the Company recorded impairment charges related to the Odeon trade name of $12.5 million and Nordic trade names of $2.7 million during the year ended December 31, 2020. During the year ended December 31, 2020, the Company recorded impairment losses in the International markets related to equity method investments of $8.6 million in equity in (earnings) loss of non-consolidated entities. In addition, during the year ended December 31, 2020, the Company recorded impairment losses of $15.9 million within investment expense (income), related to equity interest investments without a readily determinable fair value accounted for under the cost method in the U.S. markets. |
Foreign Currency Translation | Foreign Currency Translation. Operations outside the United States are generally measured using the local currency as the functional currency. Assets and liabilities are translated at the rates of exchange at the balance sheet date. Income and expense items are translated at average rates of exchange. The resultant translation adjustments are included in foreign currency translation adjustment, a separate component of accumulated other comprehensive income (loss). Gains and losses from foreign currency transactions are included in net earnings (loss), except those intercompany transactions of a long-term investment nature. If the Company substantially liquidates its investment in a foreign entity, any gain or loss on currency translation or transaction balance recorded in accumulated other comprehensive loss is recorded as part of a gain or loss on disposition. |
Employee Benefit Plans | Employee Benefit Plans. The Company sponsors frozen non-contributory qualified and non-qualified defined benefit pension plans in the U.S. and frozen defined benefit pension plans in the U.K. and Sweden. The Company also sponsors a postretirement deferred compensation plan, which was terminated on May 3, 2021 and liquidated during 2022, and also various defined contribution plans. U.S. Pension Benefits International Pension Benefits Year Ended Year Ended (In millions) December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Aggregated projected benefit obligation at end of period (1) $ (79.7) $ (111.5) $ (66.8) $ (125.0) Aggregated fair value of plan assets at end of period 59.2 84.3 73.1 126.0 Net (liability) asset for benefit cost - funded status $ (20.5) $ (27.2) $ 6.3 $ 1.0 (1) At December 31, 2022 and December 31, 2021, U.S. aggregated accumulated benefit obligations were $79.7 million and $111.5 million, respectively, and International aggregated accumulated benefit obligations were $66.8 million and $125.0 million, respectively. The Company does not expect to make a material contribution to the U.S. pension plans during the year ended December 31, 2022. The Company intends to make future cash contributions to the plans in an amount necessary to meet minimum funding requirements according to applicable benefit plan regulations. The weighted-average assumptions used to determine benefit obligations are as follows: U.S. Pension Benefits International Pension Benefits December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Discount rate 4.97% 2.66% 4.82% 1.79% Rate of compensation increase N/A N/A 2.19% 2.28% The weighted-average assumptions used to determine net periodic benefit cost are as follows: U.S. Pension Benefits International Pension Benefits Year Ended Year Ended December 31, December 31, December 31, December 31, December 31, December 31, 2022 2021 2020 2022 2021 2020 Discount rate 2.66% 2.26% 3.07% 1.79% 1.78% 1.97% Weighted average expected long-term return on plan assets 6.56% 6.57% 6.70% 1.57% 1.28% 2.15% Rate of compensation increase N/A N/A N/A 2.28% 2.29% 2.27% The offset to the pension liability is recorded in equity as a component of accumulated other comprehensive (income) loss. For further information, see Note 14—Accumulated Other Comprehensive Income (Loss) for pension amounts and activity recorded in accumulated other comprehensive income. For the years ended December 31, 2022, December 31, 2021, and December 31, 2020, net periodic benefit costs (credits) were $(0.6) million, $(0.9) million, and $1.8 million, respectively. The non-operating component of net periodic benefit costs is recorded in other expense (income) in the consolidated statements of operations. During the year ended December 31, 2020, before the Sweden pension benefit plan was frozen, the service cost component of net periodic benefit cost was recorded in general and administrative other. The following table provides the benefits expected to be paid in each of the next five years, and in the aggregate for the five years thereafter: (In millions) U.S. Pension Benefits International Pension Benefits 2023 $ 4.6 $ 3.0 2024 4.5 3.1 2025 4.7 3.1 2026 4.9 3.2 2027 5.0 3.3 Years 2028 - 2031 26.9 17.8 Under the defined contribution plan, the Company sponsors a voluntary 401(k) savings plan covering certain U.S. employees age 21 or older and who are not covered by a collective bargaining agreement. Under the Company’s 401(k) Savings Plan, except during the 2020 furlough period, the Company matched 100% of each eligible employee’s elective contributions up to 3% and 50% of contributions up to 5% of the employee’s eligible compensation. |
Income and Operating Taxes | Income and Operating Taxes. The Company accounts for income taxes in accordance with ASC 740-10. Under ASC 740-10, deferred income tax effects of transactions reported in different periods for financial reporting and income tax return purposes are recorded by the asset and liability method. This method gives consideration to the future tax consequences of deferred income or expense items and recognizes changes in income tax laws in the period of enactment. Holdings and its domestic subsidiaries file a consolidated U.S. federal income tax return and combined income tax returns in certain state jurisdictions. Foreign subsidiaries file income tax returns in foreign jurisdictions. Income taxes are determined based on separate Company computations of income or loss. Tax sharing arrangements are in place and utilized when tax benefits from affiliates in the consolidated group are used to offset what would otherwise be taxable income generated by Holdings or another affiliate. |
Casualty Insurance | Casualty Insurance. The Company is self-insured for general liability up to |
Government Assistance | Government Assistance. The Company recognizes government assistance when the conditions of the grant have been met and there is reasonable assurance that the assistance will be received. Grants relating to specific costs are treated as a reduction of that cost in the consolidated statement of operations. General grants are recorded within other expense (income). Grants related to the construction of long-lived assets are treated as reductions to the cost of the associated assets. During the year ended December 31, 2022 the Company recognized government assistance in other income |
Other expense (income) | Other Expense (Income): The following table sets forth the components of other expense (income): Year Ended December 31, December 31, December 31, (In millions) 2022 2021 2020 Derivative liability fair value adjustment for embedded conversion feature in the Convertible Notes $ — $ — $ 89.4 Derivative asset fair value adjustment for contingent call option related to the Class B common stock purchase and cancellation agreement — — 19.6 Credit losses (income) related to contingent lease guarantees (0.2) (5.7) 15.0 Governmental assistance due to COVID-19 - International markets (23.0) (81.5) (38.6) Governmental assistance due to COVID-19 - U.S. markets (2.8) (5.6) — Foreign currency transaction gains (12.3) (9.8) (2.8) Non-operating components of net periodic benefit cost (income) (0.6) (0.7) 1.1 Loss on extinguishment - First Lien Notes due 2025 47.7 — — Loss on extinguishment - First Lien Notes due 2026 54.4 — — Loss on extinguishment - First Lien Toggle Notes due 2026 32.9 14.4 — Gain on extinguishment - Second Lien Notes due 2026 (75.0) — (93.6) Gain on extinguishment - Senior Subordinated Notes due 2027 (3.7) — — Loss on debt extinguishment - Odeon Term Loan Facility 36.5 — — Financing fees related to modification of debt — 1.0 39.3 Business interruption insurance recoveries (0.3) — (0.5) Other expense (income) $ 53.6 $ (87.9) $ 28.9 |
Accounting Pronouncements Recently Adopted | Accounting Pronouncements Recently Adopted Government Assistance. In November 2021, the FASB issued Accounting Standards Update (“ASU”) No. 2021-10, Government Assistance (Topic 832) Disclosures by Business Entities about Government Assistance (“ASU 2021-10”). The amendments in ASU 2021-10 require annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy, including (1) information about the nature of the transactions and the related accounting policy used to account for the transactions, (2) the line items on the balance sheet and income statement that are affected by the transactions and the amounts applicable to each financial statement line item, and (3) significant terms and conditions of the transactions, including commitments and contingencies. On January 1, 2022, the Company adopted ASU 2021-10. See Note 1 for further information regarding government assistance. Accounting Pronouncements Issued Not Yet Adopted None. |
THE COMPANY AND SIGNIFICANT A_3
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of theatre operations | As of As of As of As of January 1, March 31, June 30, September 30, Theatre Operations: 2021 2021 2021 2021 Percentage of theatres operated - Domestic 66.8 % 99.2 % 99.8 % 99.8 % Percentage of theatres operated - International 30.3 % 27.3 % 94.9 % 99.2 % Percentage of theatres operated - Consolidated 52.9 % 72.2 % 98.0 % 99.6 % |
Schedule of increase (decrease) in cash equivalents and restricted | Three Months Ended Year Ended March 31, June 30, September 30, December 31, December 31 (In millions) 2022 2022 2022 2022 2022 Cash flows from operating activities: Net cash used in operating activities $ (295.0) $ (76.6) $ (223.6) $ (33.3) $ (628.5) Cash flows from investing activities: Net cash used in investing activities (54.9) (48.0) (50.8) (70.3) (224.0) Cash flows from financing activities: Net cash provided by (used in) financing activities (76.3) (59.7) 0.5 44.2 (91.3) Effect of exchange rate changes on cash and cash equivalents and restricted cash (5.5) (16.4) (8.2) 8.0 (22.1) Net decrease in cash and cash equivalents and restricted cash (431.7) (200.7) (282.1) (51.4) (965.9) Cash and cash equivalents and restricted cash at beginning of period 1,620.3 1,188.6 987.9 705.8 1,620.3 Cash and cash equivalents and restricted cash at end of period $ 1,188.6 $ 987.9 $ 705.8 $ 654.4 $ 654.4 Three Months Ended Year Ended March 31, June 30, September 30, December 31, December 31, (In millions) 2021 2021 2021 2021 2021 Cash flows from operating activities: Net cash provided by (used in) operating activities $ (312.9) $ (233.8) $ (113.9) $ 46.5 $ (614.1) Cash flows from investing activities: Net cash provided by (used in) investing activities (16.0) 13.5 (28.8) (36.9) (68.2) Cash flows from financing activities: Net cash provided by (used in) financing activities 854.7 1,212.2 (48.3) (27.9) 1,990.7 Effect of exchange rate changes on cash and cash equivalents and restricted cash (5.1) 5.6 (8.4) (1.6) (9.5) Net increase (decrease) in cash and cash equivalents and restricted cash 520.7 997.5 (199.4) (19.9) 1,298.9 Cash and cash equivalents and restricted cash at beginning of period 321.4 842.1 1,839.6 1,640.2 321.4 Cash and cash equivalents and restricted cash at end of period $ 842.1 $ 1,839.6 $ 1,640.2 $ 1,620.3 $ 1,620.3 |
Schedule of Condensed Statements of Cash Flows | |
Schedule of consolidated statement of cash flows | Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Cash and cash equivalents $ 631.5 $ 1,592.5 $ 308.3 Restricted cash 22.9 27.8 13.1 Total cash, cash equivalents and restricted cash in the statement of cash flows $ 654.4 $ 1,620.3 $ 321.4 |
Schedule of impairment of assets | Year Ended December 31, December 31, December 31, (In millions) 2022 2021 2020 Impairment of long-lived assets $ 133.1 $ 77.2 $ 177.9 Impairment of definite-lived intangible assets — — 14.4 Impairment of indefinite-lived intangible assets — — 15.2 Impairment of goodwill — — 2,306.4 Impairment of long-lived assets, definite and indefinite-lived intangible assets and goodwill 133.1 77.2 2,513.9 Impairment of equity method investments recorded in equity in (earnings) loss of non-consolidated entities — — 8.6 Impairment of other assets recorded in investment expense (income) — — 15.9 Total impairment loss $ 133.1 $ 77.2 $ 2,538.4 (1) See Note 5—Goodwill and Intangible Assets for information regarding goodwill impairment. During the year ended December 31, 2022, the Company recorded non-cash impairment of long-lived assets of $73.4 million on 68 theatres in the U.S. markets with 817 screens (in Alabama, Arkansas, Arizona, California, Connecticut, District of Columbia, Florida, Georgia, Iowa, Illinois, Indiana, Kentucky, Louisiana, Massachusetts, Maryland, Michigan, Minnesota, Missouri, North Carolina, North Dakota, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Tennessee, Texas, Utah, West Virginia, and Wisconsin) and $59.7 million on 53 theatres in the International markets with 456 screens (in Germany, Italy, Spain, Sweden, and the UK), which were related to property, net and operating lease right-of-use assets, net. |
Schedule of benefit obligations and plan assets and the accrued liability | U.S. Pension Benefits International Pension Benefits Year Ended Year Ended (In millions) December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Aggregated projected benefit obligation at end of period (1) $ (79.7) $ (111.5) $ (66.8) $ (125.0) Aggregated fair value of plan assets at end of period 59.2 84.3 73.1 126.0 Net (liability) asset for benefit cost - funded status $ (20.5) $ (27.2) $ 6.3 $ 1.0 (1) At December 31, 2022 and December 31, 2021, U.S. aggregated accumulated benefit obligations were $79.7 million and $111.5 million, respectively, and International aggregated accumulated benefit obligations were $66.8 million and $125.0 million, respectively. |
Schedule of weighted-average assumptions used to determine benefit obligations | The weighted-average assumptions used to determine benefit obligations are as follows: U.S. Pension Benefits International Pension Benefits December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Discount rate 4.97% 2.66% 4.82% 1.79% Rate of compensation increase N/A N/A 2.19% 2.28% The weighted-average assumptions used to determine net periodic benefit cost are as follows: U.S. Pension Benefits International Pension Benefits Year Ended Year Ended December 31, December 31, December 31, December 31, December 31, December 31, 2022 2021 2020 2022 2021 2020 Discount rate 2.66% 2.26% 3.07% 1.79% 1.78% 1.97% Weighted average expected long-term return on plan assets 6.56% 6.57% 6.70% 1.57% 1.28% 2.15% Rate of compensation increase N/A N/A N/A 2.28% 2.29% 2.27% |
Schedule of expected benefit payments | (In millions) U.S. Pension Benefits International Pension Benefits 2023 $ 4.6 $ 3.0 2024 4.5 3.1 2025 4.7 3.1 2026 4.9 3.2 2027 5.0 3.3 Years 2028 - 2031 26.9 17.8 |
Schedule components of other expense (income) | Year Ended December 31, December 31, December 31, (In millions) 2022 2021 2020 Derivative liability fair value adjustment for embedded conversion feature in the Convertible Notes $ — $ — $ 89.4 Derivative asset fair value adjustment for contingent call option related to the Class B common stock purchase and cancellation agreement — — 19.6 Credit losses (income) related to contingent lease guarantees (0.2) (5.7) 15.0 Governmental assistance due to COVID-19 - International markets (23.0) (81.5) (38.6) Governmental assistance due to COVID-19 - U.S. markets (2.8) (5.6) — Foreign currency transaction gains (12.3) (9.8) (2.8) Non-operating components of net periodic benefit cost (income) (0.6) (0.7) 1.1 Loss on extinguishment - First Lien Notes due 2025 47.7 — — Loss on extinguishment - First Lien Notes due 2026 54.4 — — Loss on extinguishment - First Lien Toggle Notes due 2026 32.9 14.4 — Gain on extinguishment - Second Lien Notes due 2026 (75.0) — (93.6) Gain on extinguishment - Senior Subordinated Notes due 2027 (3.7) — — Loss on debt extinguishment - Odeon Term Loan Facility 36.5 — — Financing fees related to modification of debt — 1.0 39.3 Business interruption insurance recoveries (0.3) — (0.5) Other expense (income) $ 53.6 $ (87.9) $ 28.9 |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disaggregation of Revenue [Line Items] | |
Schedule of disaggregated revenue | Year Ended (In millions) December 31, 2022 December 31, 2021 December 31, 2020 Major revenue types Admissions $ 2,201.4 $ 1,394.2 $ 712.1 Food and beverage 1,313.7 857.3 362.4 Other theatre: Advertising 122.7 95.3 80.5 Other theatre 273.6 181.1 87.4 Other theatre 396.3 276.4 167.9 Total revenues $ 3,911.4 $ 2,527.9 $ 1,242.4 Year Ended (In millions) December 31, 2022 December 31, 2021 December 31, 2020 Timing of revenue recognition Products and services transferred at a point in time $ 3,579.9 $ 2,325.5 $ 1,086.0 Products and services transferred over time 331.5 202.4 156.4 Total revenues $ 3,911.4 $ 2,527.9 $ 1,242.4 (1) Amounts primarily include subscription and advertising revenues. |
Schedule of receivables and deferred revenue income | (In millions) December 31, 2022 December 31, 2021 Current assets Receivables related to contracts with customers $ 92.3 $ 85.4 Miscellaneous receivables 74.3 83.1 Receivables, net $ 166.6 $ 168.5 (In millions) December 31, 2022 December 31, 2021 Current liabilities Deferred revenue related to contracts with customers $ 398.8 $ 405.1 Miscellaneous deferred income 3.9 3.5 Deferred revenue and income $ 402.7 $ 408.6 |
Schedule of components of liabilities included in the exhibitor services agreement | (In millions) Exhibitor Services Agreement Year ended 2023 $ 21.1 Year ended 2024 22.6 Year ended 2025 24.4 Year ended 2026 26.2 Year ended 2027 28.2 Years ended 2028 through February 2037 383.3 Total $ 505.8 |
Customers included in deferred revenues and income | |
Disaggregation of Revenue [Line Items] | |
Schedule of changes in contract liabilities | Deferred Revenues Related to Contracts (In millions) with Customers Balance December 31, 2020 $ 400.6 Cash received in advance 186.1 Customer loyalty rewards accumulated, net of expirations: Admission revenues 11.0 Food and beverage revenues 20.3 Other theatre revenues (0.2) Reclassification to revenue as the result of performance obligations satisfied: Admission revenues (127.4) Food and beverage revenues (39.3) Other theatre revenues (42.1) Foreign currency translation adjustment (3.9) Balance December 31, 2021 $ 405.1 Cash received in advance 292.0 Customer loyalty rewards accumulated, net of expirations: Admission revenues 14.9 Food and beverage revenues 22.7 Other theatre revenues (0.4) Reclassification to revenue as the result of performance obligations satisfied: Admission revenues (205.2) Food and beverage revenues (57.5) Other theatre revenues (66.7) Foreign currency translation adjustment (6.1) Balance December 31, 2022 $ 398.8 (1) Includes movie tickets, food and beverage, gift cards, exchange tickets, and AMC Stubs ® and other loyalty membership fees. (2) Amount of rewards accumulated, net of expirations, that are attributed to AMC Stubs ® and other loyalty programs. (3) Amount of rewards redeemed that are attributed to gift cards, exchange tickets, movie tickets, AMC Stubs ® loyalty programs and other loyalty programs. (4) Amounts relate to income from non-redeemed or partially redeemed gift cards, non-redeemed exchange tickets, AMC Stubs ® loyalty membership fees and other loyalty programs. |
Exhibitor services agreement | |
Disaggregation of Revenue [Line Items] | |
Schedule of changes in contract liabilities | Exhibitor Services (In millions) Agreement (1) Balance December 31, 2020 $ 537.6 Negative Common Unit Adjustment–reduction of common units (9.2) Reclassification of the beginning balance to other theatre revenue, as the result of performance obligations satisfied (18.0) Balance December 31, 2021 $ 510.4 Common Unit Adjustment–additions of common units 15.0 Reclassification of portion of the beginning balance to other theatre revenue, as the result of performance obligations satisfied (19.6) Balance December 31, 2022 $ 505.8 (1) Represents the carrying amount of the NCM common units that were previously received under the annual Common Unit Adjustment. The deferred revenues are being amortized to other theatre revenues over the remainder of the 30 -year term of the ESA ending in February 2037. |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
LEASES | |
Schedule of deferred payment amounts related to rent obligations for which payments have been deferred | A summary of deferred payment amounts related to rent obligations for which payments were deferred to 2023 and future years are provided below: As of As of December 31, Decrease December 31, (In millions) 2021 in deferred amounts 2022 Fixed operating lease deferred amounts $ 299.3 $ (149.0) $ 150.3 Finance lease deferred amounts 2.4 (1.5) 0.9 Variable lease deferred amounts 13.4 (7.4) 6.0 Total deferred lease amounts $ 315.1 $ (157.9) $ 157.2 (1) During the year ended December 31, 2022, the decrease in fixed operating lease deferred amounts includes $144.6 million of decreases in the deferred balances as of December 31, 2021 related to payments and abatements. |
Schedule of components of lease costs | Year Ended December 31, December 31, December 31, (In millions) Consolidated Statements of Operations 2022 2021 2020 Operating lease cost Theatre properties Rent $ 812.0 $ 775.4 $ 813.7 Theatre properties Operating expense 5.4 1.1 2.8 Equipment Operating expense 8.6 10.7 14.6 Office and other General and administrative: other 5.3 5.4 5.4 Finance lease cost Amortization of finance lease assets Depreciation and amortization 2.6 4.6 6.7 Interest expense on lease liabilities Finance lease obligations 4.1 5.2 5.9 Variable lease cost Theatre properties Rent 74.2 52.6 70.4 Equipment Operating expense 60.0 43.4 6.4 Total lease cost $ 972.2 $ 898.4 $ 925.9 |
Schedule of weighted average remaining lease term and discount rate | As of December 31, 2022 Weighted Average Weighted Average Remaining Discount Lease Term and Discount Rate Lease Term (years) Rate Operating leases 9.4 10.0% Finance leases 13.6 6.4% |
Schedule of cash flow and supplemental information | Year Ended December 31, December 31, December 31, (In millions) 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in finance leases $ (3.8) $ (2.9) $ (3.2) Operating cash flows used in operating leases (1,032.4) (883.2) (446.5) Financing cash flows used in finance leases (9.4) (9.0) (6.2) Landlord contributions: Operating cashflows provided by operating leases 19.9 22.0 43.6 Supplemental disclosure of noncash leasing activities: Right-of-use assets obtained in exchange for new operating lease liabilities 277.3 196.6 201.5 (1) Includes lease extensions and option exercises. |
Schedule of minimum annual payments required under existing leases | Operating Lease Financing Lease (In millions) Payments (2) Payments (2) 2023 $ 973.2 9.1 2024 862.1 8.2 2025 812.7 7.5 2026 748.0 7.3 2027 684.9 7.4 Thereafter 3,318.6 51.1 Total lease payments 7,399.5 90.6 Less imputed interest (2,579.5) (31.8) Total operating and finance lease liabilities, respectively $ 4,820.0 $ 58.8 (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 Twelve months ended December 31, 2023 $ 24.9 (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 2023 $ 81.7 $ 0.6 2024 15.9 — 2025 5.7 — 2026 4.2 — 2027 3.4 — Thereafter 20.8 — Total deferred lease amounts $ 131.7 $ 0.6 |
Schedule of contractual rent amounts due and not paid included in accounts payable | Accounts Payable (In millions) Lease Payments Twelve months ended December 31, 2023 $ 24.9 (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: |
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 2023 $ 81.7 $ 0.6 2024 15.9 — 2025 5.7 — 2026 4.2 — 2027 3.4 — Thereafter 20.8 — Total deferred lease amounts $ 131.7 $ 0.6 |
PROPERTY (Tables)
PROPERTY (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
PROPERTY | |
Summary of property | (In millions) December 31, 2022 December 31, 2021 Property owned: Land $ 73.7 $ 83.2 Buildings and improvements 209.4 215.1 Leasehold improvements 1,880.8 1,852.4 Furniture, fixtures and equipment 2,354.3 2,334.8 4,518.2 4,485.5 Less: accumulated depreciation 2,838.4 2,572.0 1,679.8 1,913.5 Property leased under finance leases: Building and improvements 54.8 60.4 Less: accumulated depreciation and amortization 15.4 11.4 39.4 49.0 $ 1,719.2 $ 1,962.5 |
Schedule of estimated useful lives | Buildings and improvements 1 to 40 years Leasehold improvements 1 to 20 years Furniture, fixtures and equipment 1 to 15 years |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
GOODWILL AND INTANGIBLE ASSETS | |
Summary of the changes in goodwill by reporting unit | U.S. Markets International Markets Consolidated Goodwill (In millions) Gross Carrying Amount Accumulated Impairment Losses Net Carrying Amount Gross Carrying Amount Accumulated Impairment Losses Net Carrying Amount Gross Carrying Amount Accumulated Impairment Losses Net Carrying Amount Balance December 31, 2020 $ 3,072.6 $ (1,276.1) $ 1,796.5 $ 1,850.1 $ (1,099.3) $ 750.8 $ 4,922.7 $ (2,375.4) $ 2,547.3 Currency translation adjustment — — — (86.2) 10.0 (76.2) (86.2) 10.0 (76.2) Baltics disposition-Estonia (1) — — — (3.7) — (3.7) (3.7) — (3.7) Baltics disposition-Lithuania (1) — — — (37.6) — (37.6) (37.6) — (37.6) Balance December 31, 2021 3,072.6 (1,276.1) 1,796.5 1,722.6 (1,089.3) 633.3 4,795.2 (2,365.4) 2,429.8 Currency translation adjustment — — — (200.8) 113.0 (87.8) (200.8) 113.0 (87.8) Balance December 31, 2022 $ 3,072.6 $ (1,276.1) $ 1,796.5 $ 1,521.8 $ (976.3) $ 545.5 $ 4,594.4 $ (2,252.4) $ 2,342.0 (1) See Note 1 — The Company and Significant Accounting Policies for further information regarding the Baltic theatre sale. |
Schedule of detail of other intangible assets | December 31, 2022 December 31, 2021 Gross Gross Remaining Carrying Accumulated Carrying Accumulated (In millions) Useful Life Amount Amortization Amount Amortization Amortizable Intangible Assets: Management contracts and franchise rights 1 to 4 years $ 9.3 $ (9.2) $ 10.4 $ (9.8) Starplex trade name 4 years 7.9 (5.0) 7.9 (4.1) Carmike trade name 1 year 9.3 (8.0) 9.3 (6.7) Total, amortizable $ 26.5 $ (22.2) $ 27.6 $ (20.6) Non-amortizing Intangible Assets: AMC trademark $ 104.4 $ 104.4 Odeon trade names 35.8 38.9 Nordic trade names 2.8 3.1 Total, unamortizable $ 143.0 $ 146.4 |
Schedule of amortization expense associated with the intangible assets | Year Ended (In millions) December 31, 2022 December 31, 2021 December 31, 2020 Recorded amortization $ 2.6 $ 3.5 $ 4.5 |
Schedule of estimated annual amortization for the next five calendar years for intangible assets | (In millions) 2023 2024 2025 2026 Projected annual amortization $ 2.1 $ 0.8 $ 0.8 $ 0.6 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
INVESTMENTS | |
Schedule of Condensed Financial Information of Non-consolidated Equity Method Investments | (In millions) December 31, 2022 December 31, 2021 Current assets $ 411.5 $ 265.6 Noncurrent assets 431.9 348.5 Total assets 843.4 614.1 Current liabilities 152.8 218.4 Noncurrent liabilities 452.9 208.7 Total liabilities 605.7 427.1 Stockholders’ equity 237.7 187.0 Liabilities and stockholders’ equity 843.4 614.1 The Company’s recorded investment 69.6 85.6 Condensed financial information of the Company’s non-consolidated equity method investments is shown below and amounts are presented under U.S. GAAP for the periods of ownership by the Company: Year Ended December 31, December 31, December 31, (In millions) 2022 2021 2020 Revenues $ 412.8 $ 285.1 $ 162.7 Operating costs and expenses 498.2 287.6 347.9 Net loss $ (85.4) $ (2.5) $ (185.2) |
Schedule of Components of Recorded Equity in Earnings (Losses) of Non-consolidated Entities | Year Ended (In millions) December 31, 2022 December 31, 2021 December 31, 2020 The Company’s recorded equity in earnings (loss) $ (1.6) $ 11.0 $ (30.9) |
Schedule of Related Party Transactions with Equity Method Investees | As of As of (In millions) December 31, 2022 December 31, 2021 Due from DCM for on-screen advertising revenue $ 2.2 $ 2.2 Loan receivable from DCM 0.6 0.7 Due to AC JV for Fathom Events programming (2.0) (3.7) Due from Screenvision for on-screen advertising revenue — 2.3 Due from Nordic JVs 1.3 0.9 Due to Nordic JVs for management services (1.1) (1.1) Due from SCC related to the joint venture 1.4 1.3 Due to U.S. theatre partnerships (0.7) — Year Ended (In millions) Consolidated Statements of Operations December 31, 2022 December 31, 2021 December 31, 2020 DCM screen advertising revenues Other revenues $ 17.0 $ 7.8 $ 3.8 DCIP equipment rental expense Operating expense - 0.2 1.0 Gross exhibition cost on AC JV Fathom Events programming Film exhibition costs 11.6 10.4 3.9 Screenvision screen advertising revenues Other revenues 6.9 4.6 2.6 |
SUPPLEMENTAL BALANCE SHEET IN_2
SUPPLEMENTAL BALANCE SHEET INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
SUPPLEMENTAL BALANCE SHEET INFORMATION | |
Schedule of other current assets and other long-term assets | (In millions) December 31, 2022 December 31, 2021 Other current assets: Income taxes receivable $ 1.0 $ 1.9 Prepaids 28.8 35.4 Merchandise inventory 36.4 31.3 Other 14.9 12.9 $ 81.1 $ 81.5 Other long-term assets: Investments in real estate $ 6.5 $ 9.7 Deferred financing costs revolving credit facility 3.1 5.5 Investments in equity method investees 69.6 85.6 Computer software 74.2 83.7 Investment in common stock 11.3 11.4 Pension asset 16.6 21.1 Investment in Hycroft common stock 12.5 — Investment in Hycroft warrants 9.2 — Other 19.1 32.0 $ 222.1 $ 249.0 Accrued expenses and other liabilities: Taxes other than income $ 77.6 $ 105.8 Interest 53.0 37.4 Payroll and vacation 45.8 44.4 Current portion of casualty claims and premiums 11.9 12.0 Accrued bonus 57.6 54.5 Accrued licensing and variable rent 23.7 23.5 Current portion of pension 0.7 0.8 Group insurance reserve 4.2 3.0 Accrued tax payable 4.9 4.7 Other 84.9 81.4 $ 364.3 $ 367.5 Other long-term liabilities: Pension $ 30.1 $ 46.5 Casualty claims and premiums 19.8 24.4 Contingent lease liabilities — 0.3 Other 55.2 93.8 $ 105.1 $ 165.0 (1) The equity method investment in Hycroft and related warrants are measured at fair value. See Note 6—Investments and Note 12—Fair Value Measurements for further information regarding the investment in Hycroft. |
CORPORATE BORROWINGS AND FINANC
CORPORATE BORROWINGS AND FINANCE LEASE LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of the carrying value of corporate borrowings and capital and financing lease obligations | (In millions) December 31, 2022 December 31, 2021 First Lien Secured Debt: Senior Secured Credit Facility-Term Loan due 2026 (7.274% as of December 31, 2022) $ 1,925.0 $ 1,945.0 10.75% in Year 1, 11.25% thereafter Cash/PIK Odeon Term Loan Facility due 2023 (£147.6 million and €312.2 million par value as of December 31, 2021) — 552.6 12.75% Odeon Senior Secured Notes due 2027 400.0 — 7.5% First Lien Notes due 2029 950.0 — 10.5% First Lien Notes due 2025 — 500.0 10.5% First Lien Notes due 2026 — 300.0 15%/17% Cash/PIK Toggle First Lien Secured Notes due 2026 — 73.5 Second Lien Secured Debt: 10%/12% Cash/PIK/Toggle Second Lien Subordinated Notes due 2026 1,389.8 1,508.0 Subordinated Debt: 6.375% Senior Subordinated Notes due 2024 (£4.0 million par value as of December 31, 2022) 4.8 5.4 5.75% Senior Subordinated Notes due 2025 98.3 98.3 5.875% Senior Subordinated Notes due 2026 55.6 55.6 6.125% Senior Subordinated Notes due 2027 125.5 130.7 Total principal amount of corporate borrowings $ 4,949.0 $ 5,169.1 Finance lease liabilities 58.8 72.7 Deferred financing costs (37.9) (39.1) Net premium 229.7 298.0 Total carrying value of corporate borrowings and finance lease liabilities $ 5,199.6 $ 5,500.7 Less: Current maturities corporate borrowings (20.0) (20.0) Current maturities finance lease obligations (5.5) (9.5) Total noncurrent carrying value of corporate borrowings and finance lease liabilities $ 5,174.1 $ 5,471.2 |
Summary of net premium (discount) amounts of corporate borrowings | December 31, December 31, (In millions) 2022 2021 10%/12% Cash/PIK/Toggle Second Lien Subordinated Notes due 2026 $ 265.5 $ 364.6 15%/17% Cash/PIK Toggle First Lien Secured Notes due 2026 — (16.8) 10.5% First Lien Notes due 2026 — (24.5) 10.5% First Lien Notes due 2025 — (7.2) Senior Secured Credit Facility-Term Loan due 2026 (4.8) (6.1) 10.75% in Year 1, 11.25% thereafter Cash/PIK Odeon Term Loan Facility due 2023 — (12.1) 12.75% Odeon Senior Secured Notes due 2027 (31.1) — 6.375% Senior Subordinated Notes due 2024 0.1 0.1 $ 229.7 $ 298.0 |
Schedule of minimum annual payments required under existing capital and financing lease obligations (net present value thereof) and maturities of corporate borrowings | Principal Amount of Corporate (In millions) Borrowings 2023 $ 20.0 2024 24.8 2025 118.3 2026 3,310.4 2027 525.5 Thereafter 950.0 Total $ 4,949.0 |
Summary of debt validly tendered and accepted | (In thousands) Total Aggregate Principal Amount Validly Tendered Percentage of Outstanding Existing Subordinated Notes Validly Tendered 6.375% Senior Subordinated Notes due 2024 ( $ 632,145 99.20 % 5.75% Senior Subordinated Notes due 2025 $ 501,679 83.61 % 5.875% Senior Subordinated Notes due 2026 $ 539,393 90.65 % 6.125% Senior Subordinated Notes due 2027 $ 344,279 72.48 % |
Convertible Notes | |
Summary of the carrying value of corporate borrowings and capital and financing lease obligations | Carrying Value Reclassification Carrying Value Conversion Carrying Value as of Increase to Additional as of on as of (In millions) December 31, 2019 to Expense Paid-in Capital December 31, 2020 January 29, 2021 January 29, 2021 Principal balance $ 600.0 $ — $ — $ 600.0 $ (600.0) $ — Discount (73.7) 12.2 — (61.5) 61.5 — Deferred financing costs (11.2) 1.7 — (9.5) 9.5 — Derivative liability 0.5 89.4 (89.9) — — — Carrying value $ 515.6 $ 103.3 $ (89.9) $ 529.0 $ (529.0) $ — |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Schedule of gross proceeds from equity | "At-the-market" Equity Distribution Agreement Dates Sales Agents Number of Class A common stock shares sold (in millions) Number of AMC Preferred Equity Units sold (in millions) Gross Proceeds (in millions) September 24, 2020 Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC 15.0 15.0 $ 56.1 October 20, 2020 Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC 15.0 15.0 41.6 November 10, 2020 Goldman Sachs & Co. LLC and B. Riley Securities, Inc. 20.0 20.0 61.4 December 11, 2020 Goldman Sachs & Co. LLC and B. Riley Securities, Inc. (1) 40.93 40.93 113.7 Total year ended December 31, 2020 90.93 90.93 $ 272.8 December 11, 2020 Goldman Sachs & Co. LLC and B. Riley Securities, Inc. 137.07 137.07 352.6 January 25, 2021 Goldman Sachs & Co. LLC and B. Riley Securities, Inc. 50.0 50.0 244.3 April 27, 2021 Goldman Sachs & Co. LLC, B. Riley Securities, Inc. and Citigroup Global Markets Inc. 43.0 43.0 427.5 June 3, 2021 B. Riley Securities, Inc. and Citigroup Global Markets Inc. 11.55 11.55 587.4 Total year ended December 31, 2021 241.62 241.62 $ 1,611.8 September 26, 2022 Citigroup Global Markets Inc. - 207.75 228.8 Total year ended December 31, 2022 - 207.75 $ 228.8 (1) On December 11, 2020, the Company entered into an equity distribution agreement with Goldman Sachs & Co. LLC and B. Riley Securities, Inc., as sales agents to sell up to 178.0 million shares of the Company’s Common Stock and 178.0 million AMC Preferred Equity Units, of which approximately 40.93 million shares of Common Stock and 40.93 million shares of AMC Preferred Equity Units were sold and settled during December 2020 and approximately 137.07 million shares of Common Stock and 137.0 million shares of AMC Preferred Equity Units were sold and settled during the year ended December 31, 2021. (2) Included in the Common Stock shares and AMC Preferred Equity Unit shares sold of 43.0 million each was the reissuance of treasury stock shares of approximately 3.7 million shares. Upon the sales of treasury stock, the Company reclassified amounts recorded in treasury stock to additional paid-in capital of $37.1 million and loss of $19.3 million to retained earnings during the year ended December 31, 2021. |
Schedule of the Dividends and Dividend Equivalents Paid | Amount per Amount per Total Amount Share of Share of AMC Declared Declaration Date Record Date Date Paid Common Stock Preferred Equity Units (In millions) February 26, 2020 March 9, 2020 March 23, 2020 $ 0.015 $ 0.015 $ 3.2 |
Summary of stock based compensation | Year Ended December 31, December 31, December 31, (In millions) 2022 2021 2020 Board of director stock award expense $ 0.8 $ 0.9 $ 0.5 Restricted stock unit expense 13.3 12.6 9.7 Performance stock unit expense 8.4 24.5 1.2 Special performance stock unit expense — 5.1 14.0 Total stock-based compensation expense $ 22.5 $ 43.1 $ 25.4 |
Schedule of stock award granted | Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Common Stock 41,650 124,054 77,090 AMC Preferred Equity Units 41,650 124,054 77,090 ● Restricted Stock Unit Award Agreement: The Company granted RSU awards of 1,394,270 , 5,375,626 , 3,022,594 to certain members of management during the years ended December 31, 2022, December 31, 2021, and December 31, 2020, respectively. The Company records stock-based compensation expense on a straight-line recognition method over the requisite vesting period. The RSUs granted during 2022, 2021, and 2020 vest over three years with 1/3 vesting in each year. These RSUs will be settled within 30 days of vesting. ● Restricted Stock Unit Award Executive Agreement: During the year ended December 31, 2019, the Company granted RSU awards of 400,000 to an executive officer (“2019 RSU executive”) of the Company with one-half vesting on the first anniversary of employment on December 2, 2020 and the remaining one-half vesting ratably over a three year period ending on December 2, 2022. All unvested RSUs shall be forfeited upon termination of services. These RSUs will be settled within 30 days of vesting. |
Schedule of Nonvested RSU, PSU and SPSU Activity | Weighted Average Shares of RSU Grant Date and PSU Fair Value Beginning balance at January 1, 2020 6,540,186 $ 7.94 Granted 13,035,188 2.33 Vested (4,944,750) 4.31 Forfeited (2,040,244) 8.49 Cancelled (4,271,858) 3.61 Beginning balance at January 1, 2021 8,318,522 $ 2.76 Granted 10,178,468 3.85 Vested (1,297,720) 1.41 Forfeited (433,546) 5.37 Cancelled (1,082,258) 1.41 Nonvested at January 1, 2022 15,683,466 $ 3.96 Granted 1,674,802 9.75 Vested (5,636,324) 3.59 Forfeited (716,872) 5.86 Cancelled (4,746,590) 3.59 Nonvested at December 31, 2022 6,258,482 $ 5.91 Tranche Years 2023 and 2024 awarded under the 2022 PSU award and Tranche Year 2023 awarded under the 2021 PSU award with grant date fair values to be determined in years 2023 and 2024, respectively 2,523,692 Total Nonvested at December 31, 2022 8,782,174 (1) Represents vested RSUs, PSUs, and SPSUs surrendered in lieu of taxes and cancelled awards returned to the 2013 Equity Incentive Plan. (2) Includes awards modified during 2020 where grant date fair value was not determined until 2021. (3) The number of PSU shares granted under the Tranche Year 2022 is based on attainment of performance targets at 0% for the Adjusted EBITDA target and 79% for the free cash flow target. (4) See Note 16 —Subsequent Events for information regarding vesting modifications to the 2022 PSUs. |
Special Performance Stock Unit | |
Schedule of target prices and vesting tranches | Tranche Target Stock Price SPSUs Vesting 1 $12.00 1,190,006 2 $16.00 1,190,006 3 $20.00 1,190,006 4 $24.00 1,190,006 5 $28.00 1,189,988 6 $32.00 1,189,988 |
Schedule of assumptions in determining the fair value of the SPSUs | Assumptions Expected stock price volatility 45.0% Expected dividend yield 2.02% and 2.44% Risk-free interest rate 1.33% and 0.92% Grant-date stock price $5.93 and $4.92 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
INCOME TAXES | |
Schedule of component of income tax provision reflected in the consolidated statements of operations | Year Ended (In millions) December 31, 2022 December 31, 2021 December 31, 2020 Current: Federal $ — $ — $ 0.1 Foreign 0.9 1.3 (0.1) State (0.1) (3.9) (4.1) Total current 0.8 (2.6) (4.1) Deferred: Federal 0.3 (3.8) 2.7 Foreign 0.7 (2.1) 57.6 State 0.7 (1.7) 3.7 Total deferred 1.7 (7.6) 64.0 Total provision (benefit) $ 2.5 $ (10.2) $ 59.9 |
Schedule of pre-tax income (losses) | Year Ended (In millions) December 31, 2022 December 31, 2021 December 31, 2020 Domestic $ (685.8) $ (1,029.5) $ (3,036.4) Foreign (285.3) (250.5) (1,493.1) Total $ (971.1) $ (1,280.0) $ (4,529.5) |
Schedule of the difference between the effective tax rate on earnings (loss) from continuing operations before income taxes and the U.S. federal income tax statutory rate | Year Ended (In millions) December 31, 2022 December 31, 2021 December 31, 2020 Income tax expense (benefit) at the federal statutory rate $ (203.9) $ (268.8) $ (951.2) Effect of: State income taxes (30.9) (46.9) (89.5) Increase in reserve for uncertain tax positions — (3.3) (1.9) Federal and state credits (2.5) (2.3) (3.6) Permanent items - goodwill impairment — — 456.3 Permanent items - other 5.2 (3.1) 13.2 Foreign rate differential (11.0) 4.3 19.7 Original issue discount (152.5) — — Other (14.2) (5.0) 1.7 Impact of UK tax rate change — (34.3) — Valuation allowance 412.3 349.2 615.2 Income tax expense (benefit) $ 2.5 $ (10.2) $ 59.9 Effective income tax rate (0.3) % 0.8 % (1.3) % |
Schedule of significant components of deferred income tax assets and liabilities | December 31, 2022 December 31, 2021 Deferred Income Tax Deferred Income Tax (In millions) Assets Liabilities Assets Liabilities Tangible assets $ — $ (111.7) $ — $ (131.7) Right-of-use assets — (935.3) — (1,023.4) Accrued liabilities 13.6 — 17.1 — Intangible assets — (113.9) — (111.9) Receivables 18.2 — 7.8 — Investments 45.9 — 51.8 — Capital loss carryforwards 2.0 — 1.6 — Pension and deferred compensation 18.3 — 23.3 — Corporate borrowings 121.9 — 35.2 — Disallowed interest 337.1 — 170.6 — Deferred revenue 172.6 — 180.6 — Lease liabilities 1,208.0 — 1,304.9 — Finance lease obligations 0.4 — 1.2 — Other credit carryovers 27.7 — 25.4 — Net operating loss carryforwards 676.1 — 530.9 — Total $ 2,641.8 $ (1,160.9) $ 2,350.4 $ (1,267.0) Less: Valuation allowance (1,513.0) — (1,114.1) — Net deferred income taxes $ 1,128.8 $ (1,160.9) $ 1,236.3 $ (1,267.0) |
Schedule of rollforward of the Company's valuation allowance for deferred tax assets | Additions Charged Balance at Charged (Credited) Beginning of to to Other Balance at (In millions) Period Expenses(1) Accounts(2) End of Period Calendar Year 2022 Valuation allowance-deferred income tax assets $ 1,114.1 412.3 (13.4) $ 1,513.0 Calendar Year 2021 Valuation allowance-deferred income tax assets $ 764.9 349.2 — $ 1,114.1 Calendar Year 2020 Valuation allowance-deferred income tax assets $ 312.8 615.2 (163.1) $ 764.9 (1) The 2022 valuation allowance primarily relates to the Company’s increase in the current year’s federal, state, international net operating losses and the $152.5 million immaterial error correction, for which no benefit has been recognized. (2) Primarily relates to amounts resulting from the Company’s changes in deferred tax assets and associated valuation allowance that are not related to income statement activity as well as amounts charged to other comprehensive income. |
Schedule of reconciliation of the change in the amount of unrecognized tax benefits | Year Ended (In millions) December 31, 2022 December 31, 2021 December 31, 2020 Balance at beginning of period $ 8.3 $ 33.5 $ 31.0 Gross increases—current period tax positions — — 4.8 Gross decreases—prior period tax positions — (22.5) (1.3) Gross decreases—settlements with authorities — (2.2) — Gross decreases—expiration of statute of limitations (0.9) (0.5) (1.0) Balance at end of period $ 7.4 $ 8.3 $ 33.5 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
FAIR VALUE MEASUREMENTS | |
Schedule of fair value hierarchy of financial assets carried at fair value on a recurring basis | Fair Value Measurements at December 31, 2022 Using Significant Total Carrying Quoted prices in Significant other unobservable Value at active market observable inputs inputs (In millions) December 31, 2022 (Level 1) (Level 2) (Level 3) Other long-term assets: Investment in Hycroft Mining Holding Corporation warrants $ 9.2 $ — $ — $ 9.2 Marketable equity securities: Investment in Hycroft Mining Holding Corporation 12.5 12.5 — — Total assets at fair value $ 21.7 $ 12.5 $ — $ 9.2 Fair Value Measurements at December 31, 2021 Using Significant Total Carrying Quoted prices in Significant other unobservable Value at active market observable inputs inputs (In millions) December 31, 2021 (Level 1) (Level 2) (Level 3) Other long-term assets: Money market mutual funds $ 0.5 $ 0.5 $ — $ — Investments measured at net asset value 12.4 — — — Total assets at fair value $ 12.9 $ 0.5 $ — $ — (1) The investments relate to non-qualified deferred compensation arrangements on behalf of certain members of management. The Company has an equivalent liability for this related-party transaction recorded in other long-term liabilities for the deferred compensation obligation. The plan was terminated on May 3, 2021 and liquidated in 2022. |
Summary of fair value hierarchy of the Company's assets that were measured at fair value on a nonrecurring basis | Fair Value Measurements at December 31, 2022 Using Significant other Significant Total Carrying Quoted prices in observable unobservable Value at active market inputs inputs Total Impairment (In millions) December 31, 2022 (Level 1) (Level 2) (Level 3) Losses Property, net: Property net $ 57.3 $ — $ — $ 57.3 $ 27.8 Operating lease right-of-use assets Operating lease right-of-use assets 138.4 — — 138.4 105.3 Total $ 195.7 $ — $ — $ 195.7 $ 133.1 Fair Value Measurements at December 31, 2021 Using Significant other Significant Total Carrying Quoted prices in observable unobservable Value at active market inputs inputs Total Impairment (In millions) December 31, 2021 (Level 1) (Level 2) (Level 3) Losses Property, net: Property net $ 22.8 $ — $ — $ 22.8 $ 21.8 Operating lease right-of-use assets, net Operating lease right-of-use assets, et 99.2 — — 99.2 53.4 Other long-term assets Property owned, net 2.0 — — 2.0 2.0 Total $ 124.0 $ — $ — $ 124.0 $ 77.2 |
Schedule of fair value of financial instruments not recognized at fair value for which it is practicable to estimate fair value | Fair Value Measurements at December 31, 2022 Using Significant other Significant Total Carrying Quoted prices in observable unobservable Value at active market inputs inputs (In millions) December 31, 2022 (Level 1) (Level 2) (Level 3) Current maturities of corporate borrowings $ 20.0 $ — $ 10.8 $ — Corporate borrowings 5,120.8 — 2,516.2 — Fair Value Measurements at December 31, 2021 Using Significant other Significant Total Carrying Quoted prices in observable unobservable Value at active market inputs inputs (In millions) December 31, 2021 (Level 1) (Level 2) (Level 3) Current maturities of corporate borrowings $ 20.0 $ — $ 18.1 $ — Corporate borrowings 5,408.0 — 4,263.5 681.4 |
OPERATING SEGMENTS (Tables)
OPERATING SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
OPERATING SEGMENTS. | |
Schedule of financial information by reportable operating segment | Year Ended Revenues (In millions) December 31, 2022 December 31, 2021 December 31, 2020 U.S. markets $ 2,961.7 $ 1,875.8 $ 826.7 International markets 949.7 652.1 415.7 Total revenues $ 3,911.4 $ 2,527.9 $ 1,242.4 Year Ended Adjusted EBITDA (In millions) December 31, 2022 December 31, 2021 December 31, 2020 U.S. markets $ 59.6 $ (250.6) $ (768.2) International markets (13.0) (41.1) (231.0) Total Adjusted EBITDA $ 46.6 $ (291.7) $ (999.2) (1) The Company presents Adjusted EBITDA as a supplemental measure of its performance. The Company defines Adjusted EBITDA as net earnings (loss) plus (i) income tax provision (benefit), (ii) interest expense and (iii) depreciation and amortization, as further adjusted to eliminate the impact of certain items that the Company does not consider indicative of the Company’s ongoing operating performance and to include attributable EBITDA from equity investments in theatre operations in International markets and any cash distributions of earnings from its other equity method investees. The measure of segment profit and loss the Company uses to evaluate performance and allocate its resources is Adjusted EBITDA, which is broadly consistent with how Adjusted EBITDA is defined in the Company’s debt indentures. Year Ended Capital Expenditures (In millions) December 31, 2022 December 31, 2021 December 31, 2020 U.S. markets $ 138.4 $ 63.9 $ 109.9 International markets 63.6 28.5 63.9 Total capital expenditures $ 202.0 $ 92.4 $ 173.8 |
Schedule of information about the Company's revenues from continuing operations and assets by geographic area | Year Ended Revenues (In millions) December 31, 2022 December 31, 2021 December 31, 2020 United States $ 2,961.7 $ 1,875.8 $ 826.7 United Kingdom 379.3 283.6 127.9 Spain 114.6 81.8 52.1 Sweden 125.0 82.3 63.2 Italy 90.4 57.5 47.5 Germany 96.2 54.4 38.2 Finland 73.9 49.1 43.4 Ireland 27.3 16.9 9.3 Other foreign countries 43.0 26.5 34.1 Total $ 3,911.4 $ 2,527.9 $ 1,242.4 As of As of Long-term assets, net (In millions) December 31, 2022 December 31, 2021 U.S. markets $ 6,135.9 $ 6,434.5 International markets 2,097.6 2,516.7 Total long-term assets $ 8,233.5 $ 8,951.2 (1) Long-term assets are comprised of property, operating lease right-of-use assets, intangible assets, goodwill, deferred tax asset, net and other long-term assets. |
Schedule of reconciliation of net earnings to Adjusted EBITDA | The following table sets forth a reconciliation of net loss to Adjusted EBITDA: Year Ended (In millions) December 31, 2022 December 31, 2021 December 31, 2020 Net loss $ (973.6) $ (1,269.8) $ (4,589.4) Plus: Income tax provision (benefit) 2.5 (10.2) 59.9 Interest expense 378.7 458.1 356.9 Depreciation and amortization 396.0 425.0 498.3 Impairment of long-lived assets, definite and indefinite-lived intangible assets and goodwill 133.1 77.2 2,513.9 Certain operating expense (income) 8.0 0.2 (9.4) Equity in (earnings) loss of non-consolidated entities 1.6 (11.0) 30.9 Cash distributions from non-consolidated entities 6.6 12.5 17.4 Attributable EBITDA 0.4 3.7 0.2 Investment expense (income) 14.9 (9.2) 10.1 Other expense (income) 80.4 (0.1) 66.9 Other non-cash rent benefit (26.6) (24.9) (4.9) General and administrative — unallocated: Merger, acquisition and other costs 2.1 13.7 24.6 Stock-based compensation expense 22.5 43.1 25.4 Adjusted EBITDA $ 46.6 $ (291.7) $ (999.2) (1) For information regarding the income tax provision (benefit), see Note 10 — Income Taxes. (2) During the year ended December 31, 2022, the Company recorded non-cash impairment charges related to its long-lived assets of $73.4 million on 68 theatres in the U.S. markets with 817 screens which were related to property, net and operating lease right-of-use assets, net and $59.7 million on 53 theatres in the International markets with 456 screens which were related to property, net and operating lease right-of-use assets, net. During the year ended December 31, 2021, the Company recorded non-cash impairment charges related to its long-lived assets of $61.3 million on 77 theatres in the U.S. markets with 805 screens which were related to property, net, operating lease right-of-use assets, net and other long-term assets and $15.9 million on 14 theatres in the International markets with 118 screens which were related to property, net and operating lease right-of-use assets, net. During the year ended December 31, 2020, the Company recorded goodwill non-cash impairment charges of $1,276.1 million and $1,030.3 million related to the enterprise fair values of the Domestic Theatres and International Theatres reporting units, respectively. During the year ended December 31, 2020, the Company recorded non-cash impairment of long-lived assets of $152.5 million on 101 theatres in the U.S. markets with 1,139 screens which were related to property, net, operating lease right-of-use assets, net and other long-term assets and $25.4 million on 37 theatres in the International markets with 340 screens which were related to property, net and operating lease right-of-use assets, net. The Company recorded non-cash impairment charges related to indefinite-lived intangible assets of $12.5 million and $2.7 million related to the Odeon and Nordic trade names, respectively, in the International Theatres reporting unit during the year ended December 31, 2020. The Company also recorded non-cash impairment charges of $14.4 million related to its definite-lived intangible assets in the Domestic Theatres reporting unit during the year ended December 31, 2020. (3) Amounts represent preopening expense related to temporarily closed screens under renovation, theatre and other closure expense for the permanent closure of screens, including the related accretion of interest, non-cash deferred digital equipment rent expense, and disposition of assets and other non-operating gains or losses included in operating expenses. The Company has excluded these items as they are non-cash in nature or are non-operating in nature. (4) Equity in (earnings) loss of non-consolidated entities primarily consisted of equity in loss from Saudi Cinema Company, LLC of $7.6 million, partially offset by equity in (earnings) from DCIP of $3.4 million during the year ended December 31, 2022. Equity in (earnings) loss of non-consolidated entities primarily consisted of equity in earnings (loss) from DCIP of $12.2 million and $(14.5) million, during the year ended December 31, 2021, and December 31, 2020, respectively. In addition, the Company recorded impairment losses in the International markets during the year ended December 31, 2020 related to equity method investments of $8.6 million in equity in (earnings) loss of non-consolidated entities. (5) Includes U.S. non-theatre distributions from equity method investments and International non- theatre distributions from equity method investments to the extent received. The Company believes including cash distributions is an appropriate reflection of the contribution of these investments to the Company’s operations. (6) Attributable EBITDA includes the EBITDA from equity investments in theatre operators in certain International markets. See below for a reconciliation of the Company’s equity in (earnings) loss of non-consolidated entities to attributable EBITDA. Because these equity investments are in theatre operators in regions where the Company holds a significant market share, the Company believes attributable EBITDA is more indicative of the performance of these equity investments and management uses this measure to monitor and evaluate these equity investments. The Company also provides services to these theatre operators including information technology systems, certain on-screen advertising services and the Company’s gift card and package ticket program. Year Ended (In millions) December 31, 2022 December 31, 2021 December 31, 2020 Equity in (earnings) loss of non-consolidated entities $ 1.6 $ (11.0) $ 30.9 Less: Equity in (earnings) loss of non-consolidated entities excluding International theatre joint ventures (5.4) (13.5) 27.4 Equity in loss of International theatre joint ventures (7.0) (2.5) (3.5) Income tax provision 0.1 0.3 0.1 Investment expense (income) 0.2 (0.1) (0.4) Interest expense 0.1 0.2 0.1 Impairment of long-lived assets 4.2 — — Depreciation and amortization 2.8 5.6 3.2 Other expense — 0.2 0.7 Attributable EBITDA $ 0.4 $ 3.7 $ 0.2 (7) Other expense (income) during the year ended December 31, 2022, primarily consisted of a loss on debt extinguishment of $92.8 million, partially offset by income related to the foreign currency transaction gains of $(12.3) million and contingent lease guarantees of $(0.2) million. Other expense (income) for the year ended December 31, 2021, primarily consisted of a loss on debt extinguishment of $14.4 million and financing fees of $1.0 million, partially offset by income related to the foreign currency transaction gains of $(9.8) million and contingent lease guarantees of $(5.7) million. During the year ended December 31, 2020 included a loss of $109.0 million related to the fair value adjustments of the Company’s derivative liability and derivative asset for the Convertible Notes, financing fees related to the Exchange Offer of $39.3 million, and credit losses related to contingent lease guarantees of $15.0 million, partially offset due to a gain on extinguishment of the Second Lien Notes due 2026 of $(93.6) million. (8) Reflects amortization of certain intangible assets reclassified from depreciation and amortization to rent expense due to the adoption of ASC 842, Leases and deferred rent benefit related to the impairment of right-of-use operating lease assets. (9) Merger, acquisition and other costs are excluded as they are non-operating in nature. (10) Non-cash or non-recurring expense included in general and administrative: other. |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS). | |
Schedule of change in accumulated other comprehensive income (loss) | Foreign (In millions) Currency Pension Benefits Total Balance December 31, 2020 $ 60.1 $ (21.4) $ 38.7 Other comprehensive income (loss) (78.7) 12.3 (66.4) Realized loss on foreign currency transactions reclassified into investment expense (income) (0.4) — (0.4) Balance December 31, 2021 $ (19.0) $ (9.1) $ (28.1) Other comprehensive income (loss) (59.8) 10.6 (49.2) Balance December 31, 2022 $ (78.8) $ 1.5 $ (77.3) |
Schedule of tax effects allocated to each component of other comprehensive income (loss) | Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Tax Tax Tax Pre-Tax (Expense) Net-of-Tax Pre-Tax (Expense) Net-of-Tax Pre-Tax (Expense) Net-of-Tax (In millions) Amount Benefit Amount Amount Benefit Amount Amount Benefit Amount Unrealized foreign currency translation adjustment $ (59.8) $ — $ (59.8) $ (78.9) $ — $ (78.9) $ 66.8 $ 0.2 $ 67.0 Realized gain (loss) on foreign currency transactions, net of tax — — — (0.9) 0.5 (0.4) 1.9 — 1.9 Pension and other benefit adjustments: Net gain (loss) arising during the period, net of tax 10.6 — 10.6 13.0 (0.7) 12.3 (4.1) — (4.1) Other comprehensive income (loss) $ (49.2) $ — $ (49.2) $ (66.8) $ (0.2) $ (67.0) $ 64.6 $ 0.2 $ 64.8 |
LOSS PER SHARE (Tables)
LOSS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
LOSS PER SHARE | |
Schedule of computation of basic and diluted loss per common share | Year Ended Year Ended Year Ended (In millions) December 31, 2022 December 31, 2021 December 31, 2020 Numerator: Net loss for basic loss per share attributable to AMC Entertainment Holdings, Inc. $ (973.6) $ (1,269.1) $ (4,589.1) Net loss for diluted loss per share attributable to AMC Entertainment Holdings, Inc. $ (973.6) $ (1,269.1) $ (4,589.1) Denominator Weighted average shares for basic loss per common share 1,047,689 954,820 234,424 Weighted average shares for diluted loss per common share 1,047,689 954,820 234,424 Basic loss per common share: $ (0.93) $ (1.33) $ (19.58) Diluted loss per common share: $ (0.93) $ (1.33) $ (19.58) |
SUBSEQUENT EVENTS (Tables)
SUBSEQUENT EVENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
SUBSEQUENT EVENT | |
Schedule of debt repurchases transactions | Aggregate Principal Reacquisition Gain on Accrued Interest (In millions) Repurchased Cost Extinguishment Paid Related party transactions: Second Lien Notes due 2026 $ 41.9 $ 24.4 $ 25.3 $ 0.7 5.875% Senior Subordinated Notes due 2026 4.1 1.7 2.3 0.1 Total related party transactions 46.0 26.1 27.6 0.8 Non-related party transactions: Second Lien Notes due 2026 24.2 12.0 16.7 0.2 Total non-related party transactions 24.2 12.0 16.7 0.2 Total debt repurchases $ 70.2 $ 38.1 $ 44.3 $ 1.0 |
THE COMPANY AND SIGNIFICANT A_4
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES - Temporarily suspended or limited operations (Details) | Dec. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jan. 01, 2021 |
Unusual or Infrequent Item, or Both [Line Items] | |||||
Percentage of theatres | 100% | 99.60% | 98% | 72.20% | 52.90% |
International markets. | |||||
Unusual or Infrequent Item, or Both [Line Items] | |||||
Percentage of theatres | 99.20% | 94.90% | 27.30% | 30.30% | |
U.S. | |||||
Unusual or Infrequent Item, or Both [Line Items] | |||||
Percentage of theatres | 99.80% | 99.80% | 99.20% | 66.80% |
THE COMPANY AND SIGNIFICANT A_5
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES - Liquidity (Details) item in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Feb. 07, 2023 USD ($) | Oct. 20, 2022 USD ($) | Aug. 04, 2022 shares | Dec. 31, 2022 USD ($) shares | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) shares | Sep. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) item shares | Dec. 31, 2021 USD ($) item shares | Dec. 31, 2020 USD ($) item | Dec. 31, 2019 USD ($) item | Apr. 06, 2023 shares | Mar. 31, 2023 USD ($) | Mar. 08, 2021 USD ($) | Jul. 31, 2020 USD ($) | Mar. 17, 2017 USD ($) | |
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||||||
Cash and cash equivalents | $ 631.5 | $ 1,592.5 | $ 631.5 | $ 1,592.5 | $ 308.3 | |||||||||||||||
Total revenues | $ 3,911.4 | $ 2,527.9 | $ 1,242.4 | $ 5,500 | ||||||||||||||||
Number of patrons | item | 201 | 128.5 | 75.2 | 356.4 | ||||||||||||||||
Net cash used in operating activities | (33.3) | $ (223.6) | $ (76.6) | $ (295) | 46.5 | $ (113.9) | $ (233.8) | $ (312.9) | $ (628.5) | $ (614.1) | $ (1,129.5) | |||||||||
Increase (decrease) in net cash used in operating activities | 190.3 | (147) | 218.4 | 341.5 | 160.4 | 119.9 | 79.1 | |||||||||||||
Deferred lease amounts | 157.2 | 315.1 | 157.2 | 315.1 | ||||||||||||||||
Net cash provided by (used in) investing activities | (70.3) | (50.8) | (48) | (54.9) | (36.9) | (28.8) | 13.5 | (16) | (224) | (68.2) | (154.6) | |||||||||
Net cash provided by (used in) financing activities | 44.2 | 0.5 | (59.7) | (76.3) | $ (27.9) | $ (48.3) | $ 1,212.2 | $ 854.7 | (91.3) | 1,990.7 | 1,330.3 | |||||||||
Capital expenditures | 72.3 | 54.5 | 40.4 | 34.8 | 202 | 92.4 | 173.8 | |||||||||||||
Investments in non-consolidated entities, net | 27.9 | 27.9 | 9.3 | 9.3 | ||||||||||||||||
Proceeds from disposition of long-term assets | 0.5 | 3.6 | 7.2 | 11.3 | 7.9 | 19.8 | ||||||||||||||
Acquisition of theatre assets | 17.8 | (17.8) | (8.2) | |||||||||||||||||
Proceeds from sale of NCM shares | 1.5 | |||||||||||||||||||
Taxes paid for restricted unit withholdings | 52.2 | 52.3 | 19.1 | 5.1 | ||||||||||||||||
Cash used to pay for deferred financing costs | 6.9 | 0.5 | 1.8 | 17.7 | 26.1 | 19.9 | 15.4 | |||||||||||||
Net proceeds from AMC Preferred Equity Units issuance | 212.6 | 8.5 | 220.4 | |||||||||||||||||
Amount of minimum liquidity requirements | $ 100 | |||||||||||||||||||
Gain on Extinguishment | (92.8) | $ (14.1) | 93.6 | |||||||||||||||||
Accrued interest paid | $ 4.5 | |||||||||||||||||||
Proceeds from issuance of Notes | 368 | 950 | ||||||||||||||||||
Net proceeds from the Company's equity issuances | 11.4 | |||||||||||||||||||
Principal and premium repayments | $ 529.5 | $ 7.4 | 57.9 | $ 955.7 | ||||||||||||||||
Common stock dividend declared | shares | 1 | |||||||||||||||||||
Conversion ratio | 0.01 | 1 | 1 | |||||||||||||||||
Preferred stock authorized | shares | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | ||||||||||||||||
Preferred stock, unallocated authorized shares | shares | 40,000,000 | 40,000,000 | ||||||||||||||||||
Second Lien Notes due 2026 | ||||||||||||||||||||
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||||||
Aggregate principal amount | $ 173.2 | $ 173.2 | $ 1,289.1 | |||||||||||||||||
Repurchase amount | 68.3 | 68.3 | ||||||||||||||||||
Gain on Extinguishment | (75) | |||||||||||||||||||
Stated interest rate (as a percent) | 10% | |||||||||||||||||||
Aggregate Principal Repruchased | 118.3 | 118.3 | ||||||||||||||||||
Senior Subordinated Notes | ||||||||||||||||||||
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||||||
Aggregate principal amount | $ 235 | $ 235 | $ 1,782.5 | |||||||||||||||||
Senior Secured Credit Facility | ||||||||||||||||||||
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||||||
Amount of minimum liquidity requirements | $ 100 | |||||||||||||||||||
Odeon Term Loan Facility due 2023 | ||||||||||||||||||||
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||||||
Stated interest rate (as a percent) | 11.25% | 11.25% | ||||||||||||||||||
Principal and premium repayments | $ 363 | $ 476.6 | ||||||||||||||||||
Odeon Senior Secured Note 2027 | ||||||||||||||||||||
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||||||
Stated interest rate (as a percent) | 12.75% | 12.75% | 12.75% | 12.75% | ||||||||||||||||
Senior Secured Revolving Credit Facility | ||||||||||||||||||||
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||||||
Unused borrowing capacity, | $ 211.2 | $ 211.2 | ||||||||||||||||||
Aggregate principal amount | 225 | 225 | ||||||||||||||||||
Second Lien Notes due 2026 | ||||||||||||||||||||
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||||||
Aggregate principal amount | 118.3 | 118.3 | ||||||||||||||||||
Repurchase amount | 68.3 | 68.3 | ||||||||||||||||||
Gain on Extinguishment | 75 | |||||||||||||||||||
6.125% Senior Subordinated Notes due 2027 | ||||||||||||||||||||
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||||||
Aggregate principal amount | 5.3 | 5.3 | $ 475 | |||||||||||||||||
Repurchase amount | $ 1.6 | 1.6 | ||||||||||||||||||
Gain on Extinguishment | $ 3.7 | |||||||||||||||||||
Stated interest rate (as a percent) | 6.125% | 6.125% | 6.125% | 6.125% | 6.125% | |||||||||||||||
Class A common stock | Second Lien Notes due 2026 | ||||||||||||||||||||
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||||||
Gain on Extinguishment | $ 93.6 | |||||||||||||||||||
AMC Preferred Equity Units | ||||||||||||||||||||
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||||||
Cash used to pay for deferred financing costs | $ 0.7 | |||||||||||||||||||
Preferred stock authorized | shares | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | ||||||||||||||||
Preferred stock, shares issued (in shares) | shares | 7,245,872 | 5,139,791 | 7,245,872 | 5,139,791 | ||||||||||||||||
Preferred stock, unallocated authorized shares | shares | 40,000,000 | 40,000,000 | ||||||||||||||||||
Subsequent Events | ||||||||||||||||||||
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||||||
Gain on Extinguishment | $ 44.3 | |||||||||||||||||||
Accrued interest paid | 1 | |||||||||||||||||||
Aggregate Principal Repruchased | 70.2 | |||||||||||||||||||
Subsequent Events | Second Lien Notes due 2026 | ||||||||||||||||||||
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||||||
Proceeds from notes | 75.1 | |||||||||||||||||||
Subsequent Events | Second Lien Notes due 2026 | Antara Capital LP | ||||||||||||||||||||
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||||||
Repurchase amount | 5.9 | |||||||||||||||||||
Gain on Extinguishment | 12 | |||||||||||||||||||
Aggregate Principal Repruchased | 15 | |||||||||||||||||||
Subsequent Events | AMC Preferred Equity Units | ||||||||||||||||||||
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||||||
Net proceeds from AMC Preferred Equity Units issuance | $ 75.1 | |||||||||||||||||||
Preferred stock authorized | shares | 140,000,000 |
THE COMPANY AND SIGNIFICANT A_6
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES - Net increase (decrease) in cash equivalents and restricted (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||||||||||
Net cash used in operating activities | $ (33.3) | $ (223.6) | $ (76.6) | $ (295) | $ 46.5 | $ (113.9) | $ (233.8) | $ (312.9) | $ (628.5) | $ (614.1) | $ (1,129.5) |
Cash flows from investing activities: | |||||||||||
Net cash used in investing activities | (70.3) | (50.8) | (48) | (54.9) | (36.9) | (28.8) | 13.5 | (16) | (224) | (68.2) | (154.6) |
Cash flows from financing activities: | |||||||||||
Net cash provided by (used in) financing activities | 44.2 | 0.5 | (59.7) | (76.3) | (27.9) | (48.3) | 1,212.2 | 854.7 | (91.3) | 1,990.7 | 1,330.3 |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | 8 | (8.2) | (16.4) | (5.5) | (1.6) | (8.4) | 5.6 | (5.1) | (22.1) | (9.5) | (0.3) |
Net increase (decrease) in cash and cash equivalents and restricted cash | (51.4) | (282.1) | (200.7) | (431.7) | (19.9) | (199.4) | 997.5 | 520.7 | (965.9) | 1,298.9 | 45.9 |
Cash and cash equivalents and restricted cash at beginning of period | 705.8 | 987.9 | 1,188.6 | 1,620.3 | 1,640.2 | 1,839.6 | 842.1 | 321.4 | 1,620.3 | 321.4 | 275.5 |
Cash and cash equivalents and restricted cash at end of period | $ 654.4 | $ 705.8 | $ 987.9 | $ 1,188.6 | $ 1,620.3 | $ 1,640.2 | $ 1,839.6 | $ 842.1 | $ 654.4 | $ 1,620.3 | $ 321.4 |
THE COMPANY AND SIGNIFICANT A_7
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES - Noncontrolling Interests and Baltic Theatre Sale (Details) € in Thousands, $ in Millions | 12 Months Ended | ||||||||
Aug. 28, 2020 EUR (€) item | Dec. 31, 2022 item | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2021 EUR (€) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 EUR (€) | Dec. 31, 2020 USD ($) | Aug. 28, 2020 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Number of Theatres | item | 3 | ||||||||
Forum Cinemas OU | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Number of Theatres | item | 9 | ||||||||
Noncontrolling interests | $ 34.9 | ||||||||
Gross consideration | € | € 77,250 | ||||||||
Cash | 64,350 | 76.6 | |||||||
Net Consideration | € 31,530 | $ 37.5 | |||||||
Net cash | $ 0.4 | ||||||||
Transaction costs | $ 2.6 | $ 0.5 | |||||||
Net gain on disposal | $ 5.5 | ||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] | Investment Income, Net | ||||||||
Goodwill, net | $ 41.8 | ||||||||
Property net | 13 | ||||||||
Operating lease right-of-use assets, net | 15.7 | ||||||||
Operating lease liability, current | 2.4 | ||||||||
Long term lease liability | 13.7 | ||||||||
Forum Cinemas OU | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Lithuania and Estonia | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Noncontrolling interests | 26.9 | ||||||||
Net Consideration | € 29,400 | $ 34.2 | |||||||
Transaction costs | $ 1.3 | 1.4 | |||||||
Net gain on disposal | $ 1.2 | ||||||||
Noncontrolling interest, ownership percentage | 49 | ||||||||
Forum Cinemas OU | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Latvia | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Cash | 0.2 | ||||||||
Net Consideration | € 5,300 | $ 6.2 | |||||||
Percentage of disposed | 100% | ||||||||
Forum Cinemas OU | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Forum Cinemas OU | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Ownership percentage | 49% | 49% | |||||||
Forum Cinemas OU | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Forum Cinemas OU | Lithuania and Estonia | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Ownership percentage | 49% | 49% | |||||||
Forum Cinemas OU | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Forum Cinemas OU | Latvia | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Ownership percentage | 51% | 51% | |||||||
Forum Cinemas OU | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Forum Cinemas OU | Lithuania | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Ownership percentage | 51% | 51% | |||||||
Forum Cinemas OU | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Forum Cinemas OU | Estonia | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Ownership percentage | 51% | 51% | |||||||
Consolidated Subsidiaries | Forum Cinemas OU | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Forum Cinemas OU | Lithuania and Estonia | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Noncontrolling interests in consolidated subsidiaries (as a percent) | 51% | 51% |
THE COMPANY AND SIGNIFICANT A_8
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES - Other information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||
Percentage of revenue related to sales of gift cards and packaged tickets deferred | 100% | ||
Period over which total amount of breakage for that current month's sales in proportion to the pattern of actual redemptions is recognized | 24 months | ||
Film Exhibition Costs | |||
Film exhibition cost payable | $ 123,800,000 | $ 150,300,000 | |
Advertising Costs | |||
Advertising costs | 28,000,000 | 28,400,000 | $ 10,700,000 |
Cash and Equivalents | |||
Cash and cash equivalents | 631,500,000 | 1,592,500,000 | 308,300,000 |
Derivative Asset and Liability | |||
Derivative asset fair value adjustment for contingent call option related to the Class B common stock purchase and cancellation agreement | 0 | 0 | (19,600,000) |
Derivative liability fair value adjustment for embedded conversion feature in the Convertible Notes | 0 | 0 | $ 89,400,000 |
U.S. | |||
Cash and Equivalents | |||
Cash and cash equivalents | 508,000,000 | 1,311,400,000 | |
International markets. | |||
Cash and Equivalents | |||
Cash and cash equivalents | $ 123,500,000 | $ 281,100,000 | |
Minimum | |||
Schedule of Equity Method Investments [Line Items] | |||
Non-redemption rate | 13% | ||
Exhibitor Services Agreement | |||
Discount rate | 6.50% | ||
Customer Frequency Program | |||
A-List, monthly membership fee | $ 19.95 | ||
Maximum | |||
Schedule of Equity Method Investments [Line Items] | |||
Non-redemption rate | 19% | ||
Exhibitor Services Agreement | |||
Discount rate | 18.25% | ||
Customer Frequency Program | |||
A-List, monthly membership fee | $ 24.95 |
THE COMPANY AND SIGNIFICANT A_9
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | |||
Cash and cash equivalents | $ 631.5 | $ 1,592.5 | $ 308.3 |
Restricted cash | $ 22.9 | $ 27.8 | $ 13.1 |
THE COMPANY AND SIGNIFICANT _10
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES - Principles of Consolidation (Details) | 12 Months Ended |
Dec. 31, 2022 segment | |
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | |
Number of reportable segments | 2 |
THE COMPANY AND SIGNIFICANT _11
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES - Investments, Goodwill, Payables, Leases (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2020 USD ($) | Sep. 30, 2020 USD ($) | Mar. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Investments | ||||||
Impairment of definite-lived intangible assets | $ 14.4 | |||||
Impairment of indefinite-lived intangible assets | $ 0 | $ 0 | 15.2 | |||
Number of theatres | item | 3 | |||||
Number of reporting units | item | 2 | |||||
Goodwill | $ 2,547.3 | $ 2,342 | 2,429.8 | 2,547.3 | ||
Goodwill impairment | 2,306.4 | |||||
Accounts payable related to checks issued but not yet presented to bank | $ 2.2 | 3.6 | ||||
Optional renewal term, operating lease | 20 years | |||||
U.S. | ||||||
Investments | ||||||
Goodwill | 1,796.5 | $ 1,796.5 | 1,796.5 | 1,796.5 | ||
Goodwill impairment | $ 151.2 | $ 1,124.9 | ||||
International markets | ||||||
Investments | ||||||
Goodwill | 750.8 | $ 545.5 | $ 633.3 | $ 750.8 | ||
Goodwill impairment | $ 405.3 | $ 5.6 | $ 619.4 | |||
Nordic. | ||||||
Investments | ||||||
Number of theatres | item | 57 | |||||
Minimum | ||||||
Investments | ||||||
Initial base terms of operating leases | 12 years | |||||
Operating lease, remaining lease term | 1 year | |||||
Maximum | ||||||
Investments | ||||||
Initial base terms of operating leases | 15 years | |||||
Operating lease, remaining lease term | 25 years | |||||
SV Holdco | ||||||
Investments | ||||||
Ownership percentage | 18.30% | |||||
SV Holdco | Class C Units | ||||||
Investments | ||||||
Ownership percentage | 18.30% | |||||
DCM | ||||||
Investments | ||||||
Ownership percentage | 50% | |||||
AC JV, LLC | ||||||
Investments | ||||||
Ownership percentage | 32% | |||||
DCDC | ||||||
Investments | ||||||
Ownership percentage | 14.60% | |||||
SCC | ||||||
Investments | ||||||
Ownership percentage | 10% | |||||
U.S. theatres and IMAX screen | ||||||
Investments | ||||||
Ownership percentage | 50% | |||||
Number of theatres | item | 3 | |||||
57 Theatres | Nordic. | ||||||
Investments | ||||||
Ownership percentage | 50% |
THE COMPANY AND SIGNIFICANT _12
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES - Impairment of assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | |||
Impairment of long-lived assets | $ 133.1 | $ 77.2 | $ 177.9 |
Impairment of definite-lived intangible assets | 14.4 | ||
Impairment of indefinite-lived intangible assets | 0 | 0 | 15.2 |
Impairment of goodwill | 2,306.4 | ||
Impairment of long-lived assets, definite and indefinite-lived intangible assets and goodwill | 133.1 | 77.2 | 2,513.9 |
Impairment of equity method investments recorded in equity in earnings (loss) of non-consolidated entities | 8.6 | ||
Impairment of other assets recorded in investment expense (income) | 15.9 | ||
Total impairment loss | $ 133.1 | $ 77.2 | $ 2,538.4 |
THE COMPANY AND SIGNIFICANT _13
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES - Impairment narratives (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) item | Dec. 31, 2020 USD ($) item | |
Impairment losses | |||
Impairment of long-lived assets | $ 133.1 | $ 77.2 | $ 177.9 |
Impairment of definite-lived intangible assets | 14.4 | ||
Impairment of equity method investments recorded in equity in earnings (loss) of non-consolidated entities | 8.6 | ||
Impairment of other assets recorded in investment expense (income) | 15.9 | ||
Impairment of indefinite-lived intangible assets | 0 | 0 | 15.2 |
Domestic theatres | |||
Impairment losses | |||
Impairment of definite-lived intangible assets | 14.4 | ||
Oden trade name | |||
Impairment losses | |||
Impairment of indefinite-lived intangible assets | 12.5 | ||
Nordic trade names | |||
Impairment losses | |||
Impairment of indefinite-lived intangible assets | 2.7 | ||
U.S. | |||
Impairment losses | |||
Impairment of long-lived assets | $ 73.4 | $ 61.3 | $ 152.2 |
Tangible asset impairment, number of theatres | item | 68 | 77 | 101 |
Tangible asset impairment, number of screens | item | 817 | 805 | 1,139 |
International markets | |||
Impairment losses | |||
Impairment of long-lived assets | $ 59.7 | $ 15.9 | $ 25.4 |
Tangible asset impairment, number of theatres | item | 53 | 14 | 37 |
Tangible asset impairment, number of screens | item | 456 | 118 | 340 |
THE COMPANY AND SIGNIFICANT _14
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES - Employee benefit Plan (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net periodic benefit cost | |||
Net periodic benefit cost | $ (0.6) | $ (0.9) | $ 1.8 |
U.S. Pension Benefits | |||
Pension plans with accumulated benefit obligations and projected benefit obligations in excess of plan assets | |||
Aggregated projected benefit obligation at end of period | (79.7) | (111.5) | |
Aggregated fair value of plan assets at end of period | 59.2 | 84.3 | |
Net liability for benefit cost - funded status | (20.5) | (27.2) | |
Aggregated accumulated benefit obligation | $ 79.7 | $ 111.5 | |
Weighted-average assumptions used to determine net periodic benefit cost | |||
Discount rate (as a percent) | 2.66% | 2.26% | 3.07% |
Weighted average expected long-term return on plan assets (as a percent) | 6.56% | 6.57% | 6.70% |
Benefits expected to be paid | |||
2023 | $ 4.6 | ||
2024 | 4.5 | ||
2025 | 4.7 | ||
2026 | 4.9 | ||
2027 | 5 | ||
Years 2028 - 2031 | 26.9 | ||
Net periodic benefit cost | |||
Net periodic benefit cost | (0.6) | $ (0.9) | $ 1.8 |
International Pension Benefits | |||
Pension plans with accumulated benefit obligations and projected benefit obligations in excess of plan assets | |||
Aggregated projected benefit obligation at end of period | (66.8) | (125) | |
Aggregated fair value of plan assets at end of period | 73.1 | 126 | |
Net liability for benefit cost - funded status | 6.3 | 1 | |
Aggregated accumulated benefit obligation | $ 66.8 | $ 125 | |
Weighted-average assumptions used to determine benefit obligations | |||
Rate of compensation increase (as a percent) | 2.28% | 2.29% | 2.27% |
Weighted-average assumptions used to determine net periodic benefit cost | |||
Discount rate (as a percent) | 1.79% | 1.78% | 1.97% |
Weighted average expected long-term return on plan assets (as a percent) | 1.57% | 1.28% | 2.15% |
Rate of compensation increase (as a percent) | 2.28% | 2.29% | 2.27% |
Benefits expected to be paid | |||
2023 | $ 3 | ||
2024 | 3.1 | ||
2025 | 3.1 | ||
2026 | 3.2 | ||
2027 | 3.3 | ||
Years 2028 - 2031 | $ 17.8 | ||
Pension Benefits | U.S. Pension Benefits | |||
Weighted-average assumptions used to determine benefit obligations | |||
Discount rate (as a percent) | 4.97% | 2.66% | |
Pension Benefits | International Pension Benefits | |||
Weighted-average assumptions used to determine benefit obligations | |||
Discount rate (as a percent) | 4.82% | 1.79% | |
Rate of compensation increase (as a percent) | 2.19% | 2.28% | |
Weighted-average assumptions used to determine net periodic benefit cost | |||
Rate of compensation increase (as a percent) | 2.19% | 2.28% |
THE COMPANY AND SIGNIFICANT _15
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES - Pension plan (Details) | Dec. 31, 2022 |
Cash and Cash Equivalents | Quoted prices in active market (Level 1) | |
Employee benefit plan disclosures | |
Valuation percentage of plan assets | 1% |
Collective trust fund | Significant other observable inputs (Level 2) | |
Employee benefit plan disclosures | |
Valuation percentage of plan assets | 38% |
U.S. Pension Benefits | Significant other observable inputs (Level 2) | |
Employee benefit plan disclosures | |
Valuation percentage of plan assets | 10% |
U.S. Pension Benefits | Equity Securities - U.S. | |
Employee benefit plan disclosures | |
Target Allocation (as a percent) | 37% |
U.S. Pension Benefits | Bond market fund | |
Employee benefit plan disclosures | |
Target Allocation (as a percent) | 59% |
U.S. Pension Benefits | Private Real Estate | |
Employee benefit plan disclosures | |
Target Allocation (as a percent) | 4% |
U.S. Pension Benefits | Investments at net Asset value | |
Employee benefit plan disclosures | |
Valuation percentage of plan assets | 90% |
International Pension Benefits | Investments at net Asset value | |
Employee benefit plan disclosures | |
Valuation percentage of plan assets | 61% |
THE COMPANY AND SIGNIFICANT _16
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES - Employee benefit plans (Details) | 12 Months Ended |
Dec. 31, 2022 age | |
EMPLOYEE BENEFIT PLANS | |
Qualification age of employees for participation in the 401(k) savings plan | 21 |
Employer match of employee contributions of first 3% of eligible compensation (as a percent) | 100% |
Percentage of eligible compensation, matched 100% by employer | 3% |
Employer's match of employee's contributions of the next 5% of eligible compensation (as a percent) | 50% |
Percentage of eligible compensation, matched 50% by employer | 5% |
THE COMPANY AND SIGNIFICANT _17
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES - Casualty Insurance (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Casualty Insurance | |||
Self-insured amount for general liability per occurrence | $ 1 | ||
Deductible limit per occurrence for workers compensation claims | 0.5 | ||
Casualty insurance reserves, net of estimated insurance recoveries | 30.7 | $ 34.6 | |
Expenses related to general liability and workers compensation claims | $ 49.8 | $ 37.1 | $ 32.8 |
THE COMPANY AND SIGNIFICANT _18
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES - Government Assistance (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | |
Government Assistance Amount | $ 25.8 |
Government Assistance, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) |
Government assistance as reduction to property, net | $ 1.9 |
THE COMPANY AND SIGNIFICANT _19
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES - Other Expense (Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Expense (Income): | |||
Derivative liability fair value adjustment for embedded conversion feature in the Convertible Notes | $ 0 | $ 0 | $ 89.4 |
Derivative asset fair value adjustment for contingent call option related to the Class B common stock purchase and cancellation agreement | 0 | 0 | 19.6 |
(Gain) loss on extinguishment of debt | 92.8 | 14.1 | (93.6) |
Total other expense (income) | 53.6 | (87.9) | 28.9 |
6.125% Senior Subordinated Notes due 2027 | |||
Other Expense (Income): | |||
(Gain) loss on extinguishment of debt | (3.7) | ||
Second Lien Notes due 2026 | |||
Other Expense (Income): | |||
(Gain) loss on extinguishment of debt | (75) | ||
Other income | |||
Other Expense (Income): | |||
Derivative liability fair value adjustment for embedded conversion feature in the Convertible Notes | 89.4 | ||
Derivative asset fair value adjustment for contingent call option related to the Class B common stock purchase and cancellation agreement | 19.6 | ||
Credit income related to contingent lease guarantees | (0.2) | (5.7) | 15 |
Governmental assistance due to COVID-19- International markets | (23) | (81.5) | (38.6) |
Governmental assistance due to COVID-19 - U.S. markets | (2.8) | (5.6) | |
Foreign currency transaction (gains) losses | (12.3) | (9.8) | (2.8) |
Non-operating components of net periodic benefit income | (0.6) | (0.7) | 1.1 |
Financing fees related to modification of debt agreements | 1 | 39.3 | |
Business interruption insurance recoveries | (0.3) | (0.5) | |
Total other expense (income) | 53.6 | (87.9) | 28.9 |
Other income | 6.125% Senior Subordinated Notes due 2027 | |||
Other Expense (Income): | |||
(Gain) loss on extinguishment of debt | (3.7) | ||
Other income | Second Lien Notes due 2026 | |||
Other Expense (Income): | |||
(Gain) loss on extinguishment of debt | (75) | $ (93.6) | |
Other income | Odeon Term Loan Facility due 2023 | |||
Other Expense (Income): | |||
(Gain) loss on extinguishment of debt | 36.5 | ||
Other income | First Lien Toggle Notes due 2026. | |||
Other Expense (Income): | |||
(Gain) loss on extinguishment of debt | 32.9 | $ 14.4 | |
Other income | First Lien Notes due 2025 | |||
Other Expense (Income): | |||
(Gain) loss on extinguishment of debt | 47.7 | ||
Other income | First Lien Notes due 2026 | |||
Other Expense (Income): | |||
(Gain) loss on extinguishment of debt | $ 54.4 |
REVENUE RECOGNITION - Disaggreg
REVENUE RECOGNITION - Disaggregation of revenue (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 3,911.4 | $ 2,527.9 | $ 1,242.4 | $ 5,500 |
Products and services transferred at point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 3,579.9 | 2,325.5 | 1,086 | |
Products and services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 331.5 | 202.4 | 156.4 | |
Admissions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 2,201.4 | 1,394.2 | 712.1 | |
Food and beverage | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,313.7 | 857.3 | 362.4 | |
Other theatre. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 396.3 | 276.4 | 167.9 | |
Screen advertising | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 122.7 | 95.3 | 80.5 | |
Other theatre | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 273.6 | $ 181.1 | $ 87.4 |
REVENUE RECOGNITION - Receivabl
REVENUE RECOGNITION - Receivables and deferred revenue (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | |||
Receivables related to contracts with customers | $ 92.3 | $ 85.4 | |
Miscellaneous receivables | 74.3 | 83.1 | |
Receivables, net | 166.6 | 168.5 | |
Current liabilities: | |||
Deferred revenue related to contracts with customers | 398.8 | 405.1 | $ 400.6 |
Miscellaneous deferred income | 3.9 | 3.5 | |
Deferred revenue and income | $ 402.7 | $ 408.6 |
REVENUE RECOGNITION - Changes i
REVENUE RECOGNITION - Changes in liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred revenues related to contracts with customers | ||
Beginning balance | $ 405.1 | $ 400.6 |
Cash received in advance | 292 | 186.1 |
Foreign currency translation adjustment | (6.1) | (3.9) |
Ending balance | 398.8 | 405.1 |
Exhibitor Services Agreement | ||
Deferred revenues related to contracts with customers | ||
Beginning balance | 510.4 | 537.6 |
Common Unit Adjustment-additions of common units | 15 | |
Negative Common Unit Adjustment-reduction of common units | (9.2) | |
Reclassification to revenue as the result of performance obligations satisfied | (19.6) | (18) |
Ending balance | $ 505.8 | 510.4 |
Term of amortization of the exhibitor services agreement (ESA) with NCM | 30 years | |
Admissions | ||
Deferred revenues related to contracts with customers | ||
Customer loyalty awards accumulated, net of expirations | $ 14.9 | 11 |
Reclassification to revenue as the result of performance obligations satisfied | (205.2) | (127.4) |
Food and beverage | ||
Deferred revenues related to contracts with customers | ||
Customer loyalty awards accumulated, net of expirations | 22.7 | 20.3 |
Reclassification to revenue as the result of performance obligations satisfied | (57.5) | (39.3) |
Other theatre. | ||
Deferred revenues related to contracts with customers | ||
Customer loyalty awards accumulated, net of expirations | (0.4) | (0.2) |
Reclassification to revenue as the result of performance obligations satisfied | $ (66.7) | $ (42.1) |
REVENUE RECOGNITION - Transacti
REVENUE RECOGNITION - Transaction price allocated to the remaining performance obligations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Customer Frequency Program | ||
Deferred revenues and income | $ 402.7 | $ 408.6 |
Gift Card And Ticket Exchange | ||
Customer Frequency Program | ||
Redemption period | 24 months | |
Deferred revenues and income | $ 315.3 | |
Loyalty Program | ||
Customer Frequency Program | ||
Redemption period | 24 months | |
Deferred revenues and income | $ 67.2 | |
Exhibitor Services Agreement | ||
Customer Frequency Program | ||
Expected to be recognized as revenue | 505.8 | |
Exhibitor Services Agreement | Year Ended 2023 | ||
Customer Frequency Program | ||
Expected to be recognized as revenue | 21.1 | |
Exhibitor Services Agreement | Year Ended 2024 | ||
Customer Frequency Program | ||
Expected to be recognized as revenue | 22.6 | |
Exhibitor Services Agreement | Year Ended 2025 | ||
Customer Frequency Program | ||
Expected to be recognized as revenue | 24.4 | |
Exhibitor Services Agreement | Year Ended 2026 | ||
Customer Frequency Program | ||
Expected to be recognized as revenue | 26.2 | |
Exhibitor Services Agreement | Year Ended 2027 | ||
Customer Frequency Program | ||
Expected to be recognized as revenue | 28.2 | |
Exhibitor Services Agreement | Years Ended 2028 through February 2037 | ||
Customer Frequency Program | ||
Expected to be recognized as revenue | $ 383.3 |
LEASES - Deferred payment (Deta
LEASES - Deferred payment (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Fixed operating lease deferred amounts included in: | |
Fixed operating lease deferred amounts, Beginning | $ 299.3 |
Fixed operating lease deferred amounts, Activity | (149) |
Fixed operating lease deferred amounts, Ending | 150.3 |
Finance lease deferred amounts included in: | |
Finance lease deferred amounts, Beginning | 2.4 |
Finance lease deferred amounts, Activity | (1.5) |
Finance lease deferred amounts, Ending | 0.9 |
Variable lease deferred amounts included in: | |
Variable lease deferred amounts, Beginning | 13.4 |
Variable lease deferred amounts, Activity | (7.4) |
Variable lease deferred amounts, Ending | 6 |
Total deferred lease amounts, Beginning | 315.1 |
Total deferred lease amounts, Activity | (157.9) |
Total deferred lease amounts, Ending | 157.2 |
Fixed operating lease deferred amounts | $ 144.6 |
LEASES - Lease costs (Details)
LEASES - Lease costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lessee, Lease, Description [Line Items] | |||
Interest expense on lease liabilities | $ 4.1 | $ 5.2 | $ 5.9 |
Total lease cost | 972.2 | 898.4 | 925.9 |
Depreciation and amortization | |||
Lessee, Lease, Description [Line Items] | |||
Amortization of finance lease assets | 2.6 | 4.6 | 6.7 |
Finance lease obligations | |||
Lessee, Lease, Description [Line Items] | |||
Interest expense on lease liabilities | 4.1 | 5.2 | 5.9 |
57 Theatres | Rent | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease cost | 812 | 775.4 | 813.7 |
Variable lease cost | 74.2 | 52.6 | 70.4 |
57 Theatres | Operating expense (income) | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease cost | 5.4 | 1.1 | 2.8 |
Equipment | Operating expense (income) | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease cost | 8.6 | 10.7 | 14.6 |
Variable lease cost | 60 | 43.4 | 6.4 |
Office And Other | General and administrative: other | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease cost | $ 5.3 | $ 5.4 | $ 5.4 |
LEASES - Lease terms and discou
LEASES - Lease terms and discount rates (Details) | Dec. 31, 2022 |
LEASES | |
Operating leases, weighted average remaining lease term | 9 years 4 months 24 days |
Finance leases, weighted average remaining lease term | 13 years 7 months 6 days |
Operating leases, weighted average discount rate | 10% |
Finance leases, weighted average discount rate | 6.40% |
LEASES - Cash flow and suppleme
LEASES - Cash flow and supplemental information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows used in finance leases | $ (3.8) | $ (2.9) | $ (3.2) |
Operating cash flows used in operating leases | (1,032.4) | (883.2) | (446.5) |
Financing cash flows used in finance leases | (9.4) | (9) | (6.2) |
Landlord contributions: | |||
Operating cashflows provided by operating leases | 19.9 | 22 | 43.6 |
Supplemental disclosure of noncash leasing activities: | |||
Right-of-use assets obtained in exchange for new operating lease liabilities (1) | $ 277.3 | $ 196.6 | $ 201.5 |
LEASES - Minimum annual payment
LEASES - Minimum annual payments under leases (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Operating Lease Payments | ||
2023 | $ 973.2 | |
2024 | 862.1 | |
2025 | 812.7 | |
2026 | 748 | |
2027 | 684.9 | |
Thereafter | 3,318.6 | |
Total lease payments | 7,399.5 | |
Less imputed interest | (2,579.5) | |
Total operating and finance lease liabilities, respectively | 4,820 | |
Financing Lease Payments | ||
2023 | 9.1 | |
2024 | 8.2 | |
2025 | 7.5 | |
2026 | 7.3 | |
2025 | 7.4 | |
Thereafter | 51.1 | |
Total lease payments | 90.6 | |
Less imputed interest | (31.8) | |
Total operating and finance lease liabilities, respectively | $ 58.8 | $ 72.7 |
LEASES - Accounts Payable Lease
LEASES - Accounts Payable Lease Payments (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Twelve months ended December 31, 2023 [Member] | |
Lessee, Lease, Description [Line Items] | |
Total deferred lease amounts recorded in AP | $ 24.9 |
LEASES - Deferred lease (Detail
LEASES - Deferred lease (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Lessee, Lease, Description [Line Items] | |
Total deferred lease amounts, operating lease payment | $ 131.7 |
Total deferred lease amounts, finance lease payments | 0.6 |
2023 | |
Lessee, Lease, Description [Line Items] | |
Total deferred lease amounts, operating lease payment | 81.7 |
Total deferred lease amounts, finance lease payments | 0.6 |
2024 | |
Lessee, Lease, Description [Line Items] | |
Total deferred lease amounts, operating lease payment | 15.9 |
2025 | |
Lessee, Lease, Description [Line Items] | |
Total deferred lease amounts, operating lease payment | 5.7 |
2026 | |
Lessee, Lease, Description [Line Items] | |
Total deferred lease amounts, operating lease payment | 4.2 |
2027 | |
Lessee, Lease, Description [Line Items] | |
Total deferred lease amounts, operating lease payment | 3.4 |
Thereafter | |
Lessee, Lease, Description [Line Items] | |
Total deferred lease amounts, operating lease payment | $ 20.8 |
LEASES - Future lease agreement
LEASES - Future lease agreements (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) item | |
Signed lease agreements | $ | $ 78.9 |
Number of Theatres | 3 |
Future Lease Commitments | |
Number of Theatres | 3 |
Minimum | |
Initial base terms of operating leases | 12 years |
Minimum | Future Lease Commitments | |
Initial base terms of operating leases | 10 years |
Maximum | |
Initial base terms of operating leases | 15 years |
Maximum | Future Lease Commitments | |
Initial base terms of operating leases | 20 years |
PROPERTY (Details)
PROPERTY (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
PROPERTY | |||
Property owned, gross | $ 4,518.2 | $ 4,485.5 | |
Less: accumulated depreciation | 2,838.4 | 2,572 | |
Property owned, net | 1,679.8 | 1,913.5 | |
Property leased under finance leases, gross | 54.8 | 60.4 | |
Less: accumulated depreciation and amortization | 15.4 | 11.4 | |
Property leased under finance leases, net | 39.4 | 49 | |
Property including property leased under finance leases, net | 1,719.2 | 1,962.5 | |
Depreciation expense | 359 | 382 | $ 453.2 |
Land | |||
PROPERTY | |||
Property owned, gross | 73.7 | 83.2 | |
Buildings and improvements | |||
PROPERTY | |||
Property owned, gross | $ 209.4 | 215.1 | |
Buildings and improvements | Minimum | |||
PROPERTY | |||
Estimated useful lives | 1 year | ||
Buildings and improvements | Maximum | |||
PROPERTY | |||
Estimated useful lives | 40 years | ||
Leasehold improvements | |||
PROPERTY | |||
Property owned, gross | $ 1,880.8 | 1,852.4 | |
Leasehold improvements | Minimum | |||
PROPERTY | |||
Estimated useful lives | 1 year | ||
Leasehold improvements | Maximum | |||
PROPERTY | |||
Estimated useful lives | 20 years | ||
Furniture, fixtures and equipment | |||
PROPERTY | |||
Property owned, gross | $ 2,354.3 | $ 2,334.8 | |
Furniture, fixtures and equipment | Minimum | |||
PROPERTY | |||
Estimated useful lives | 1 year | ||
Furniture, fixtures and equipment | Maximum | |||
PROPERTY | |||
Estimated useful lives | 15 years |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2020 | Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | ||||||
Gross Carrying Amount, Balance at the beginning of the period | $ 4,795.2 | $ 4,922.7 | ||||
Accumulated Impairment Losses, Balance at the beginning of the period | $ (2,375.4) | (2,252.4) | (2,365.4) | $ (2,375.4) | ||
Net Carrying Amount, Balance at the beginning of the period | 2,429.8 | 2,547.3 | ||||
Goodwill impairment adjustment | (2,306.4) | |||||
Gross Carrying Amount, Currency translation adjustment | (200.8) | (86.2) | ||||
Accumulated Impairment Losses, Currency translation adjustment | 113 | 10 | ||||
Net Carrying Amount, Currency translation adjustment | (87.8) | (76.2) | ||||
Gross Carrying Amount, Balance at the end of the period | 4,922.7 | 4,594.4 | 4,795.2 | 4,922.7 | ||
Accumulated Impairment Losses, Balance at the end of the period | (2,365.4) | (2,375.4) | ||||
Net Carrying Amount, Balance at the end of the period | 2,547.3 | 2,342 | 2,429.8 | 2,547.3 | ||
Domestic theatres | ||||||
Goodwill [Roll Forward] | ||||||
Goodwill impairment adjustment | (1,276.1) | |||||
International theatres | ||||||
Goodwill [Roll Forward] | ||||||
Goodwill impairment adjustment | (1,030.3) | |||||
U.S. | ||||||
Goodwill [Roll Forward] | ||||||
Gross Carrying Amount, Balance at the beginning of the period | 3,072.6 | 3,072.6 | ||||
Accumulated Impairment Losses, Balance at the beginning of the period | (1,276.1) | (1,276.1) | (1,276.1) | (1,276.1) | ||
Net Carrying Amount, Balance at the beginning of the period | 1,796.5 | 1,796.5 | ||||
Goodwill impairment adjustment | $ (151.2) | $ (1,124.9) | ||||
Gross Carrying Amount, Balance at the end of the period | 3,072.6 | 3,072.6 | 3,072.6 | 3,072.6 | ||
Accumulated Impairment Losses, Balance at the end of the period | (1,276.1) | (1,276.1) | ||||
Net Carrying Amount, Balance at the end of the period | 1,796.5 | 1,796.5 | 1,796.5 | 1,796.5 | ||
International markets | ||||||
Goodwill [Roll Forward] | ||||||
Gross Carrying Amount, Balance at the beginning of the period | 1,722.6 | 1,850.1 | ||||
Accumulated Impairment Losses, Balance at the beginning of the period | (1,099.3) | (976.3) | (1,089.3) | (1,099.3) | ||
Net Carrying Amount, Balance at the beginning of the period | 633.3 | 750.8 | ||||
Goodwill impairment adjustment | (405.3) | $ (5.6) | $ (619.4) | |||
Gross Carrying Amount, Currency translation adjustment | (200.8) | (86.2) | ||||
Accumulated Impairment Losses, Currency translation adjustment | 113 | 10 | ||||
Net Carrying Amount, Currency translation adjustment | (87.8) | (76.2) | ||||
Gross Carrying Amount, Balance at the end of the period | 1,850.1 | 1,521.8 | 1,722.6 | 1,850.1 | ||
Accumulated Impairment Losses, Balance at the end of the period | (1,089.3) | (1,099.3) | ||||
Net Carrying Amount, Balance at the end of the period | $ 750.8 | $ 545.5 | 633.3 | $ 750.8 | ||
Estonia | ||||||
Goodwill [Roll Forward] | ||||||
Baltics disposition | 3.7 | |||||
Lithuania | ||||||
Goodwill [Roll Forward] | ||||||
Baltics disposition | $ 37.6 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Additional information of intangible assets acquired (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Amortizable Intangible Assets: | ||
Gross Carrying Amount | $ 26.5 | $ 27.6 |
Accumulated Amortization | (22.2) | (20.6) |
Non-amortizing Intangible Assets: | ||
Total, unamortizable | 143 | 146.4 |
Management contracts | ||
Amortizable Intangible Assets: | ||
Gross Carrying Amount | 9.3 | 10.4 |
Accumulated Amortization | $ (9.2) | (9.8) |
Management contracts | Minimum | ||
Amortizable Intangible Assets: | ||
Remaining Useful Life | 1 year | |
Management contracts | Maximum | ||
Amortizable Intangible Assets: | ||
Remaining Useful Life | 4 years | |
AMCE | ||
Non-amortizing Intangible Assets: | ||
Trade names | $ 104.4 | 104.4 |
Carmike | Loews' trade name | ||
Amortizable Intangible Assets: | ||
Remaining Useful Life | 1 year | |
Gross Carrying Amount | $ 9.3 | 9.3 |
Accumulated Amortization | (8) | (6.7) |
Odeon | ||
Non-amortizing Intangible Assets: | ||
Trade names | 35.8 | 38.9 |
Nordic. | ||
Non-amortizing Intangible Assets: | ||
Trade names | $ 2.8 | 3.1 |
Starplex Cinemas | Loews' trade name | ||
Amortizable Intangible Assets: | ||
Remaining Useful Life | 4 years | |
Gross Carrying Amount | $ 7.9 | 7.9 |
Accumulated Amortization | $ (5) | $ (4.1) |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS - Amortization (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Amortization expense associated with the intangible assets | |||
Recorded amortization | $ 2.6 | $ 3.5 | $ 4.5 |
Projected annual amortization | |||
2023 | 2.1 | ||
2024 | 0.8 | ||
2025 | 0.8 | ||
2026 | $ 0.6 |
INVESTMENTS (Details)
INVESTMENTS (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||
Mar. 14, 2023 | Mar. 14, 2022 USD ($) $ / shares shares | Mar. 12, 2020 USD ($) $ / shares | Mar. 31, 2022 USD ($) shares | Mar. 31, 2021 USD ($) shares | Mar. 31, 2020 shares | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) | Mar. 30, 2022 $ / shares | Dec. 26, 2013 | |
Investments | |||||||||||
Number of Theatres | item | 3 | ||||||||||
Recorded equity in (earnings) loss | $ (1.6) | $ 11 | $ (30.9) | ||||||||
Fair value, reduction in investment | 8.6 | ||||||||||
Amortizable intangible asset | 26.5 | 27.6 | |||||||||
Surrender of common units for transferred theatres | $ 9.2 | ||||||||||
Equity Method Investments Ownership Transactions [Abstract] | |||||||||||
Unrealized loss (gain) on investments | (6.3) | ||||||||||
Exhibitor Services Agreement | |||||||||||
Investments | |||||||||||
Value of common units returned under Unit Adjustment agreement | $ (15) | ||||||||||
Subsequent Events | |||||||||||
Equity Method Investments Ownership Transactions [Abstract] | |||||||||||
Stock split conversion ratio | 0.1 | ||||||||||
Europe | |||||||||||
Investments | |||||||||||
Number of Theatres | item | 57 | ||||||||||
NCM | |||||||||||
Investments | |||||||||||
Ownership percentage | 4% | ||||||||||
Common units returned under Common Unit Adjustment Agreement | shares | 5,954,646 | 1,390,566 | |||||||||
Value of common units returned under Unit Adjustment agreement | $ 15 | ||||||||||
Price per share (in dollars per share) | $ / shares | $ 3.46 | $ 2.52 | |||||||||
Equity Method Investments Membership Units Surrendered for Divestiture | shares | 3,012,738 | ||||||||||
Realized loss on investment | $ 13.5 | ||||||||||
Cash distribution received | $ 5.7 | ||||||||||
Equity Method Investments Ownership Transactions [Abstract] | |||||||||||
Number of shares sold | shares | 1,400,000 | ||||||||||
Value of stock sold | 1.5 | ||||||||||
NCM | Exhibitor Services Agreement | |||||||||||
Investments | |||||||||||
Value of common units returned under Unit Adjustment agreement | $ 4.8 | ||||||||||
Surrender of common units for transferred theatres | $ 9.2 | ||||||||||
Hycroft | |||||||||||
Equity Method Investments Ownership Transactions [Abstract] | |||||||||||
Cost of investment | $ 27.9 | ||||||||||
Number of shares purchased | shares | 23,400,000 | ||||||||||
Stock split conversion ratio | 1 | ||||||||||
Price per unit in equity method investment | $ / shares | $ 1.193 | ||||||||||
Number of shares to be received for each unit | shares | 1 | ||||||||||
Hycroft | Investment Income | |||||||||||
Equity Method Investments Ownership Transactions [Abstract] | |||||||||||
Unrealized loss (gain) on investments | $ 6.3 | ||||||||||
57 Theatres | Europe | |||||||||||
Investments | |||||||||||
Ownership percentage | 50% | ||||||||||
Investment in Hycroft Mining Holding Corporation Warrants | |||||||||||
Investments | |||||||||||
Price per share (in dollars per share) | $ / shares | $ 1.068 | ||||||||||
Equity Method Investments Ownership Transactions [Abstract] | |||||||||||
Number of shares to be received for each unit | shares | 1 | ||||||||||
Term | 5 years | ||||||||||
DCM | |||||||||||
Investments | |||||||||||
Ownership percentage | 50% | ||||||||||
SV Holdco | |||||||||||
Investments | |||||||||||
Ownership percentage | 18.30% | ||||||||||
SV Holdco | Class C Units | |||||||||||
Investments | |||||||||||
Ownership percentage | 18.30% | ||||||||||
AC JV, LLC | |||||||||||
Investments | |||||||||||
Ownership percentage | 32% | ||||||||||
AC JV, LLC | Founding Members | |||||||||||
Investments | |||||||||||
Ownership percentage | 32% | ||||||||||
DCIP | |||||||||||
Investments | |||||||||||
Recorded equity in (earnings) loss | $ 3.4 | $ (12.2) | 14.5 | ||||||||
Recorded investment reduction | $ 0 | ||||||||||
Fair value of distribution | $ 125.2 | ||||||||||
Equity recorded in net earnings | $ 4 | ||||||||||
SCC | |||||||||||
Investments | |||||||||||
Ownership percentage | 10% | ||||||||||
Recorded equity in (earnings) loss | $ (7.6) | ||||||||||
U.S. theatres and IMAX screen | |||||||||||
Investments | |||||||||||
Ownership percentage | 50% | ||||||||||
Number of Theatres | item | 3 | ||||||||||
DCDC | |||||||||||
Investments | |||||||||||
Ownership percentage | 14.60% | ||||||||||
Minimum | NCM | |||||||||||
Investments | |||||||||||
Percentage change in the total annual attendance of all the founding members required to cause an earlier common unit adjustment | 2% | ||||||||||
Maximum | Non consolidated investee | |||||||||||
Investments | |||||||||||
Ownership percentage | 50% |
INVESTMENTS - Sum Financial. In
INVESTMENTS - Sum Financial. Info and Earnings (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investments | |||
Current assets | $ 902.1 | $ 1,870.3 | |
Total assets | 9,135.6 | 10,821.5 | |
Current liabilities | 1,690.3 | 1,787.9 | |
Total liabilities | 11,760.1 | 12,611 | |
Stockholders' equity | (2,624.5) | (1,789.5) | |
Liabilities and stockholders' equity | 9,135.6 | 10,821.5 | |
The company's recorded investment | 69.6 | 85.6 | |
Revenues | 3,911.4 | 2,527.9 | $ 1,242.4 |
Operating costs and expenses | 4,433.7 | 3,457.9 | 5,345.1 |
Net earnings (loss) | (973.6) | (1,269.8) | (4,589.4) |
Equity in (earnings) loss of non-consolidated entities | (1.6) | 11 | (30.9) |
Investments in Non-Consolidated Affiliates | |||
Investments | |||
The company's recorded investment | 69.6 | 85.6 | |
DCIP | |||
Investments | |||
The company's recorded investment | 0 | ||
Equity in (earnings) loss of non-consolidated entities | 3.4 | (12.2) | 14.5 |
Equity Method Investment, Nonconsolidated Investee(s) | |||
Investments | |||
Current assets | 411.5 | 265.6 | |
Noncurrent assets | 431.9 | 348.5 | |
Total assets | 843.4 | 614.1 | |
Current liabilities | 152.8 | 218.4 | |
Noncurrent liabilities | 452.9 | 208.7 | |
Total liabilities | 605.7 | 427.1 | |
Stockholders' equity | 237.7 | 187 | |
Liabilities and stockholders' equity | 843.4 | 614.1 | |
Revenues | 412.8 | 285.1 | 162.7 |
Operating costs and expenses | 498.2 | 287.6 | 347.9 |
Net earnings (loss) | $ (85.4) | $ (2.5) | $ (185.2) |
INVESTMENTS - Related Party Tra
INVESTMENTS - Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transactions | |||
Advertising expense | $ 28 | $ 28.4 | $ 10.7 |
DCM | |||
Related Party Transactions | |||
Receivable due from related party | 2.2 | 2.2 | |
Loan receivable from affiliate | 0.6 | 0.7 | |
DCM | Other revenues | |||
Related Party Transactions | |||
Related party revenues | 17 | 7.8 | 3.8 |
DCIP | Operating expense (income) | |||
Related Party Transactions | |||
Film exhibition costs, Related party | 0.2 | 1 | |
AC JV, LLC | |||
Related Party Transactions | |||
Amounts due to affiliate | (2) | (3.7) | |
AC JV, LLC | Film exhibition costs. | |||
Related Party Transactions | |||
Film exhibition costs, Related party | 11.6 | 10.4 | 3.9 |
Screenvision | |||
Related Party Transactions | |||
Receivable due from related party | 2.3 | ||
Screenvision | Other revenues | |||
Related Party Transactions | |||
Film exhibition costs, Related party | 6.9 | 4.6 | $ 2.6 |
Nordic | |||
Related Party Transactions | |||
Receivable due from related party | 1.3 | 0.9 | |
Amounts due to affiliate | (1.1) | (1.1) | |
SCC | |||
Related Party Transactions | |||
Receivable due from related party | 1.4 | $ 1.3 | |
U.S. theatres and IMAX screen | |||
Related Party Transactions | |||
Amounts due to affiliate | $ (0.7) |
SUPPLEMENTAL BALANCE SHEET IN_3
SUPPLEMENTAL BALANCE SHEET INFORMATION (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Other current assets: | ||
Income taxes receivable | $ 1 | $ 1.9 |
Prepaids | 28.8 | 35.4 |
Merchandise inventory | 36.4 | 31.3 |
Other | 14.9 | 12.9 |
Other current assets | 81.1 | 81.5 |
Other long-term assets: | ||
Investments in real estate | 6.5 | 9.7 |
Deferred financing costs revolving credit facility | 3.1 | 5.5 |
Investments in equity method investees | 69.6 | 85.6 |
Computer software | 74.2 | 83.7 |
Investment in common stock | 11.3 | 11.4 |
Pension asset | 16.6 | 21.1 |
Investment in Hycroft common stock | 12.5 | |
Investment in Hycroft warrants | 9.2 | |
Other | 19.1 | 32 |
Other long-term assets, total | 222.1 | 249 |
Accrued expenses and other liabilities: | ||
Taxes other than income | 77.6 | 105.8 |
Interest | 53 | 37.4 |
Payroll and vacation | 45.8 | 44.4 |
Current portion of casualty claims and premiums | 11.9 | 12 |
Accrued bonus | 57.6 | 54.5 |
Accrued licensing and variable rent | 23.7 | 23.5 |
Current portion of pension | 0.7 | 0.8 |
Group insurance reserve | 4.2 | 3 |
Accrued tax payable | 4.9 | 4.7 |
Other | 84.9 | 81.4 |
Other long-term liabilities: | ||
Pension | 30.1 | 46.5 |
Casualty claims and premiums | 19.8 | 24.4 |
Contingent lease liabilities | 0.3 | |
Other | 55.2 | 93.8 |
Corporate borrowings | 5,120.8 | 5,408 |
Investments in Non-Consolidated Affiliates [Member] | ||
Other long-term assets: | ||
Investments in equity method investees | $ 69.6 | $ 85.6 |
CORPORATE BORROWINGS AND FINA_2
CORPORATE BORROWINGS AND FINANCE LEASE LIABILITIES - Long-term debt and lease obligations (Details) € in Millions, £ in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Feb. 14, 2022 USD ($) | Jul. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2022 GBP (£) | Dec. 31, 2022 EUR (€) | Jan. 15, 2021 USD ($) | Dec. 31, 2020 | Oct. 15, 2020 USD ($) | Apr. 24, 2020 USD ($) | Apr. 15, 2020 USD ($) | Sep. 14, 2018 | Mar. 17, 2017 USD ($) | Mar. 17, 2017 GBP (£) | Nov. 08, 2016 USD ($) | Nov. 08, 2016 GBP (£) | Jun. 05, 2015 USD ($) | |
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||||||
Carrying value of corporate borrowings | $ 4,949 | $ 4,949 | $ 5,169.1 | ||||||||||||||||||
Finance lease obligations | 58.8 | 58.8 | 72.7 | ||||||||||||||||||
Deferred financing costs | 37.9 | 37.9 | 39.1 | ||||||||||||||||||
Net premium | 229.7 | 229.7 | 298 | ||||||||||||||||||
Total long-term debt and finance lease obligations | 5,199.6 | 5,199.6 | 5,500.7 | ||||||||||||||||||
Current maturities corporate borrowings | (20) | (20) | (20) | ||||||||||||||||||
Current maturities of finance lease liabilities | (5.5) | (5.5) | (9.5) | ||||||||||||||||||
Noncurrent portion of long-term debt and finance lease obligations | 5,174.1 | 5,174.1 | 5,471.2 | ||||||||||||||||||
Principal and premium repayments | 529.5 | $ 7.4 | $ 57.9 | $ 955.7 | |||||||||||||||||
2.95% Senior Secured Convertible Notes due 2024 | |||||||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||||||
Stated interest rate (as a percent) | 2.95% | 2.95% | |||||||||||||||||||
Senior Subordinated Notes | |||||||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||||||
Debt instrument face amount | $ 1,782.5 | 235 | 235 | ||||||||||||||||||
6.375% Senior Subordinated Notes due 2024 | |||||||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||||||
Carrying value of corporate borrowings | 4.8 | 4.8 | 5.4 | £ 250 | |||||||||||||||||
Deferred financing costs | $ 12.7 | ||||||||||||||||||||
Net premium | $ 0.1 | $ 0.1 | $ 0.1 | ||||||||||||||||||
Stated interest rate (as a percent) | 6.375% | 6.375% | 6.375% | 6.375% | 6.375% | 6.375% | 6.375% | 6.375% | 6.375% | 6.375% | |||||||||||
Debt instrument face amount | € 4 | £ 250 | £ 250 | ||||||||||||||||||
5.75 % Senior Subordinated Notes due 2025 | |||||||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||||||
Carrying value of corporate borrowings | $ 98.3 | $ 98.3 | $ 98.3 | ||||||||||||||||||
Stated interest rate (as a percent) | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% | |||||||||||||||
Debt instrument face amount | $ 600 | ||||||||||||||||||||
5.875% Senior Subordinated Notes due 2026 | |||||||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||||||
Carrying value of corporate borrowings | $ 55.6 | $ 55.6 | $ 55.6 | ||||||||||||||||||
Stated interest rate (as a percent) | 5.875% | 5.875% | 5.875% | 5.875% | 5.875% | 5.875% | 5.875% | ||||||||||||||
Debt instrument face amount | $ 595 | ||||||||||||||||||||
6.125% Senior Subordinated Notes due 2027 | |||||||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||||||
Carrying value of corporate borrowings | $ 125.5 | $ 125.5 | $ 130.7 | ||||||||||||||||||
Deferred financing costs | $ 19.8 | ||||||||||||||||||||
Stated interest rate (as a percent) | 6.125% | 6.125% | 6.125% | 6.125% | 6.125% | 6.125% | 6.125% | ||||||||||||||
Debt instrument face amount | $ 5.3 | $ 5.3 | $ 475 | ||||||||||||||||||
Odeon Senior Secured Note 2027 | |||||||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||||||
Net premium | $ (31.1) | $ (31.1) | |||||||||||||||||||
Stated interest rate (as a percent) | 12.75% | 12.75% | 12.75% | 12.75% | 12.75% | ||||||||||||||||
Senior Secured Credit Facility Term-Loan Due 2026 | |||||||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||||||
Carrying value of corporate borrowings | $ 1,925 | $ 1,925 | $ 1,945 | ||||||||||||||||||
Net premium | $ (4.8) | $ (4.8) | (6.1) | ||||||||||||||||||
Stated interest rate (as a percent) | 7.274% | 7.274% | 7.274% | 7.274% | |||||||||||||||||
Odeon Term Loan Facility due 2023 | |||||||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||||||
Carrying value of corporate borrowings | 552.6 | ||||||||||||||||||||
Net premium | $ (12.1) | ||||||||||||||||||||
Interest rate percentage in year one | 10.75% | 10.75% | 10.75% | 10.75% | |||||||||||||||||
Interest rate percentage in year thereafter | 11.25% | 11.25% | 11.25% | 11.25% | |||||||||||||||||
Debt instrument face amount | £ 147.6 | € 312.2 | |||||||||||||||||||
Odeon Senior Secured Notes Due 2027 | |||||||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||||||
Carrying value of corporate borrowings | $ 400 | $ 400 | |||||||||||||||||||
Stated interest rate (as a percent) | 12.75% | 12.75% | 12.75% | 12.75% | 12.75% | ||||||||||||||||
First Lien Notes due 2029 | |||||||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||||||
Carrying value of corporate borrowings | $ 950 | $ 950 | |||||||||||||||||||
Stated interest rate (as a percent) | 7.50% | 7.50% | 7.50% | 7.50% | 7.50% | 7.50% | |||||||||||||||
Debt instrument face amount | $ 950 | ||||||||||||||||||||
Threshold Minimum Percentage of Voting Stock | 65% | ||||||||||||||||||||
First Lien Notes due 2025 | |||||||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||||||
Carrying value of corporate borrowings | $ 500 | ||||||||||||||||||||
Deferred financing costs | $ 8.9 | ||||||||||||||||||||
Net premium | $ (7.2) | ||||||||||||||||||||
Noncurrent portion of long-term debt and finance lease obligations | $ 10 | $ 10 | |||||||||||||||||||
Stated interest rate (as a percent) | 10.50% | 10.50% | 10.50% | 10.50% | 10.50% | 10.50% | 10.50% | 10.50% | 10.50% | 10.50% | |||||||||||
Principal and premium repayments | $ 500 | ||||||||||||||||||||
Debt instrument face amount | $ 500 | ||||||||||||||||||||
First Lien Notes due 2026 | |||||||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||||||
Carrying value of corporate borrowings | $ 300 | $ 300 | |||||||||||||||||||
Deferred financing costs | $ 6 | $ 6 | |||||||||||||||||||
Net premium | $ (24.5) | ||||||||||||||||||||
Stated interest rate (as a percent) | 10.50% | 10.50% | 10.50% | 10.50% | 10.50% | 10.50% | 10.50% | ||||||||||||||
Debt instrument face amount | $ 300 | $ 200 | $ 300 | $ 300 | |||||||||||||||||
First Lien Toggle Notes due 2026 | |||||||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||||||
Carrying value of corporate borrowings | $ 73.5 | ||||||||||||||||||||
Net premium | $ (16.8) | ||||||||||||||||||||
Interest rate cash (as a percent) | 15% | 15% | 15% | ||||||||||||||||||
PIK interest rate (as a percent) | 17% | 17% | 17% | ||||||||||||||||||
Principal and premium repayments | $ 73.5 | ||||||||||||||||||||
Debt instrument face amount | $ 100 | ||||||||||||||||||||
Second Lien Subordinated Notes due 2026 | |||||||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||||||
Carrying value of corporate borrowings | 1,389.8 | $ 1,389.8 | $ 1,508 | ||||||||||||||||||
Net premium | 265.5 | $ 265.5 | $ 364.6 | ||||||||||||||||||
Interest rate cash (as a percent) | 10% | 10% | |||||||||||||||||||
PIK interest rate (as a percent) | 12% | 12% | |||||||||||||||||||
Second Lien Notes due 2026 | |||||||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||||||
Carrying value of corporate borrowings | $ 1,997.4 | ||||||||||||||||||||
Stated interest rate (as a percent) | 10% | ||||||||||||||||||||
PIK interest rate (as a percent) | 12% | ||||||||||||||||||||
Debt instrument face amount | $ 1,289.1 | $ 173.2 | $ 173.2 |
CORPORATE BORROWINGS AND FINA_3
CORPORATE BORROWINGS AND FINANCE LEASE LIABILITIES - Maturities of corporate borrowings (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Principal Amount of Corporate Borrowings | |
2023 | $ 20 |
2024 | 24.8 |
2025 | 118.3 |
2026 | 3,310.4 |
2027 | 525.5 |
Thereafter | 950 |
Total | $ 4,949 |
CORPORATE BORROWINGS AND FINA_4
CORPORATE BORROWINGS AND FINANCE LEASE LIABILITIES - Odeon Secured Debt (Details) € in Millions, £ in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Oct. 20, 2022 USD ($) | Oct. 20, 2022 GBP (£) | Oct. 20, 2022 EUR (€) | Feb. 14, 2022 | Feb. 15, 2021 USD ($) | Feb. 15, 2021 EUR (€) | Apr. 24, 2020 | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Feb. 15, 2021 EUR (€) | |
Debt Instrument [Line Items] | |||||||||||||||
Net proceeds from issuance of notes | $ 368 | $ 950 | |||||||||||||
Principal and premium repayments | 529.5 | $ 7.4 | $ 57.9 | $ 955.7 | |||||||||||
(Gain) loss on extinguishment of debt | $ 92.8 | $ 14.1 | $ (93.6) | ||||||||||||
Debt Instrument, Redemption Price as Percentage of Principal Amount | 107.50% | ||||||||||||||
Deferred financing cost write-off | 12.6 | 23.3 | 14.2 | ||||||||||||
Amortization of net premium on corporate borrowings to interest expense | (65.4) | (3.9) | $ (22) | ||||||||||||
Deferred financing costs | $ 37.9 | $ 37.9 | $ 39.1 | ||||||||||||
Redemption period two | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument redemption amount as a percentage of principal amount | 100% | ||||||||||||||
Odeon Senior Secured Note 2027 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Stated interest rate (as a percent) | 12.75% | 12.75% | 12.75% | ||||||||||||
Odeon Senior Secured Note 2027 | Odeon Cinemas Group Limited | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument face amount | $ 400 | ||||||||||||||
Stated interest rate (as a percent) | 12.75% | ||||||||||||||
Debt instrument issue price percentage | 92% | 92% | 92% | ||||||||||||
Interest rate cash (as a percent) | 12.75% | 12.75% | 12.75% | ||||||||||||
Net proceeds from issuance of notes | $ 363 | ||||||||||||||
Debt instrument redemption amount as a percentage of principal amount | 112.75% | 112.75% | 112.75% | ||||||||||||
Odeon Senior Secured Note 2027 | Odeon Cinemas Group Limited | Sell assets of subsidiaries and company | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument redemption amount as a percentage of principal amount | 100% | 100% | 100% | ||||||||||||
Odeon Senior Secured Note 2027 | Odeon Cinemas Group Limited | Change of control | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument redemption amount as a percentage of principal amount | 101% | 101% | 101% | ||||||||||||
Odeon Senior Secured Note 2027 | Redemption period one | Odeon Cinemas Group Limited | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument redemption amount as a percentage of principal amount | 106.375% | 106.375% | 106.375% | ||||||||||||
Odeon Senior Secured Note 2027 | Redemption period two | Odeon Cinemas Group Limited | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument redemption amount as a percentage of principal amount | 103.188% | 103.188% | 103.188% | ||||||||||||
Odeon Senior Secured Note 2027 | Redemption period three | Odeon Cinemas Group Limited | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument redemption amount as a percentage of principal amount | 100% | 100% | 100% | ||||||||||||
Odeon Senior Secured Note 2027 | At the time of sale of assets | Odeon Cinemas Group Limited | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Redemption Price as Percentage of Principal Amount | 35% | 35% | 35% | ||||||||||||
Odeon Term Loan Facility due 2023 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Stated interest rate (as a percent) | 11.25% | 11.25% | |||||||||||||
Principal and premium repayments | $ 363 | $ 476.6 | |||||||||||||
Deferred financing cost write-off | $ 1 | ||||||||||||||
Amortization of net premium on corporate borrowings to interest expense | $ 19.4 | ||||||||||||||
Deferred financing costs | $ 16.5 | ||||||||||||||
Odeon Term Loan Facility due 2023 | Other income | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
(Gain) loss on extinguishment of debt | $ 36.5 | ||||||||||||||
Odeon Term Loan Facility due 2023 | Odeon Cinemas Group Limited | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Cash | 146.7 | ||||||||||||||
(Gain) loss on extinguishment of debt | 36.5 | ||||||||||||||
Interest rate percentage in year one | 10.75% | 10.75% | |||||||||||||
Interest rate percentage in year thereafter | 11.25% | 11.25% | |||||||||||||
Interest period, Term | 3 months | 3 months | |||||||||||||
£140.0 million term loan facility agreement | Odeon Cinemas Group Limited | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument face amount | € | € 140 | ||||||||||||||
Principal and premium repayments | 167.7 | £ 147.6 | |||||||||||||
Repayments | € | € 89.7 | ||||||||||||||
€296.0 million term loan facility agreement | Odeon Cinemas Group Limited | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument face amount | € | € 296 | ||||||||||||||
Principal and premium repayments | $ 308.9 | € 312.2 | |||||||||||||
Repayments | € | € 12.8 |
CORPORATE BORROWINGS AND FINA_5
CORPORATE BORROWINGS AND FINANCE LEASE LIABILITIES - First Lien Toggle Notes due 2026 (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||||||||
Feb. 07, 2023 USD ($) | Feb. 14, 2022 | Feb. 01, 2021 shares | Jan. 15, 2021 USD ($) item | Dec. 14, 2020 USD ($) $ / shares shares | Jul. 31, 2020 USD ($) item | Sep. 30, 2021 USD ($) | Feb. 28, 2023 shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) shares | |
Debt Instrument [Line Items] | |||||||||||
Gain on Extinguishment | $ (92,800) | $ (14,100) | $ 93,600 | ||||||||
Principal amount | $ 600,000 | ||||||||||
Subsequent Events | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Exercised an option to repurchase | $ 70,200 | ||||||||||
Gain on Extinguishment | 44,300 | ||||||||||
Number of shares issued | shares | 6,600,000 | ||||||||||
Class A common stock | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Consideration received for conversion | shares | 46,103,784 | ||||||||||
Mudrick Capital Management LP | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Consideration received for commitment fee | shares | 16,483,516 | ||||||||||
Consideration received for conversion | shares | 27,472,528 | ||||||||||
Mudrick Capital Management LP | Class A common stock | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of shares issued | shares | 21,978,022 | ||||||||||
Consideration received for commitment fee | shares | 8,241,758 | ||||||||||
Fair value of common stock | $ 70,100 | ||||||||||
Price per share (in dollars per share) | $ / shares | $ 3.19 | ||||||||||
First Lien Toggle Notes due 2026 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Exercised an option to repurchase | $ 35,000 | ||||||||||
Repurchase amount | 40,300 | ||||||||||
Increase (decrease) in interest cost | $ 5,250 | ||||||||||
Gain on Extinguishment | $ (14,400) | ||||||||||
Aggregate principal amount | $ 100,000 | ||||||||||
PIK interest rate (as a percent) | 17% | 17% | 17% | ||||||||
Number of interest periods | item | 3 | ||||||||||
First Lien Toggle Notes due 2026 | Mudrick Capital Management LP | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate (as a percent) | 15% | ||||||||||
PIK interest rate (as a percent) | 17% | ||||||||||
First Lien Secured Notes Due 2026 | Class A common stock | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Reclassified prepaid commitment fee and deferred charges | $ 28,600 | ||||||||||
Second Lien Notes due 2026 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Exercised an option to repurchase | $ 118,300 | ||||||||||
Repurchase amount | 68,300 | ||||||||||
Gain on Extinguishment | (75,000) | ||||||||||
Aggregate principal amount | $ 1,289,100 | 173,200 | |||||||||
Stated interest rate (as a percent) | 10% | ||||||||||
PIK interest rate (as a percent) | 12% | ||||||||||
Number of interest periods | item | 3 | ||||||||||
Principal amount | $ 1,462,300 | ||||||||||
Accrued interest | $ 4,500 | ||||||||||
Second Lien Notes due 2026 | Subsequent Events | Antara Capital LP | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Exercised an option to repurchase | 15,000 | ||||||||||
Repurchase amount | 5,900 | ||||||||||
Gain on Extinguishment | $ 12,000 | ||||||||||
Second Lien Notes due 2026 | Class A common stock | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Gain on Extinguishment | $ 93,600 | ||||||||||
Consideration received for conversion | shares | 137,400,000 | ||||||||||
Principal amount | $ 104,500 | ||||||||||
Fair value of common stock | $ 43,800 | ||||||||||
Second Lien Notes due 2026 | Mudrick Capital Management LP | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Consideration received for conversion | shares | 13,736,264 | ||||||||||
Principal amount | $ 104,500 | ||||||||||
Second Lien Notes due 2026 | Mudrick Capital Management LP | Class A common stock | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal amount | 100,000 | ||||||||||
Waived off PIK interest | $ 4,500 |
CORPORATE BORROWINGS AND FINA_6
CORPORATE BORROWINGS AND FINANCE LEASE LIABILITIES - First Lien Notes Due 2029 (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Feb. 14, 2022 | Apr. 24, 2020 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||||||||
Principal and premium repayments | $ 529.5 | $ 7.4 | $ 57.9 | $ 955.7 | |||||
Gain on Extinguishment | $ (92.8) | $ (14.1) | $ 93.6 | ||||||
Debt Instrument, Redemption Price as Percentage of Principal Amount | 107.50% | ||||||||
Redemption period two | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument redemption amount as a percentage of principal amount | 100% | ||||||||
First Lien Notes due 2029 | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 950 | ||||||||
Stated interest rate (as a percent) | 7.50% | 7.50% | 7.50% | 7.50% | |||||
Gain on Extinguishment | $ 135 | ||||||||
Debt Instrument, Redemption Price as Percentage of Principal Amount | 101% | ||||||||
Threshold Minimum Percentage of Voting Stock | 65% | ||||||||
First Lien Notes due 2029 | Redemption period one | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument redemption amount as a percentage of principal amount | 103.75% | ||||||||
First Lien Notes due 2029 | Redemption period two | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument redemption amount as a percentage of principal amount | 101.875% | ||||||||
First Lien Notes due 2029 | Redemption period three | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument redemption amount as a percentage of principal amount | 100% | ||||||||
First Lien Notes due 2029 | At the time of sale of assets | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Redemption Price as Percentage of Principal Amount | 35% | ||||||||
Debt instrument redemption amount as a percentage of principal amount | 100% |
CORPORATE BORROWINGS AND FINA_7
CORPORATE BORROWINGS AND FINANCE LEASE LIABILITIES - Debt validly tendered and accepted (Details) € in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Jul. 31, 2020 | |
6.375% Senior Subordinated Notes due 2024. | |||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||
Aggregate principal amount | $ 632,145 | € 496,014 | |
Percentage of Outstanding Existing Subordinated Notes Validly Tendered | 99.20% | ||
Stated interest rate (as a percent) | 6.375% | 6.375% | 6.375% |
5.75% Senior Subordinated Notes due 2025 | |||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||
Aggregate principal amount | $ 501,679 | ||
Percentage of Outstanding Existing Subordinated Notes Validly Tendered | 83.61% | ||
Stated interest rate (as a percent) | 5.75% | 5.75% | 5.75% |
5.875% Senior Subordinated Notes due 2026. | |||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||
Aggregate principal amount | $ 539,393 | ||
Percentage of Outstanding Existing Subordinated Notes Validly Tendered | 90.65% | ||
Stated interest rate (as a percent) | 5.875% | 5.875% | 5.875% |
6.125% Senior Subordinated Notes due 2027. | |||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||
Aggregate principal amount | $ 344,279 | ||
Percentage of Outstanding Existing Subordinated Notes Validly Tendered | 72.48% | ||
Stated interest rate (as a percent) | 6.125% | 6.125% | 6.125% |
CORPORATE BORROWINGS AND FINA_8
CORPORATE BORROWINGS AND FINANCE LEASE LIABILITIES - Senior Unsecured Convertible Notes narrative (Details) | 12 Months Ended | ||||||||||||||||
Feb. 14, 2022 USD ($) | Feb. 01, 2021 shares | Jan. 29, 2021 USD ($) $ / shares shares | Jan. 27, 2021 USD ($) $ / shares | Dec. 14, 2020 USD ($) $ / shares shares | Jul. 31, 2020 USD ($) item shares | Apr. 24, 2020 USD ($) | Sep. 14, 2018 USD ($) item shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) shares | Dec. 31, 2019 USD ($) | Oct. 15, 2020 | Sep. 14, 2020 $ / shares | Sep. 13, 2020 $ / shares | Apr. 15, 2020 | Sep. 04, 2018 USD ($) | |
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Long-term Debt, Gross | $ 4,949,000,000 | $ 5,169,100,000 | |||||||||||||||
Debt exchange amount | $ 1,700,000,000 | ||||||||||||||||
Estimated cancellation of debt income (CODI) recognized | 1,200,000 | $ 1,200,000,000 | |||||||||||||||
Estimated Net Operating Loss From Cancellation Of Debt Income | 1,200,000,000 | 1,200,000,000 | |||||||||||||||
Amortization of Debt Discount (Premium) | (65,400,000) | (3,900,000) | (22,000,000) | ||||||||||||||
Redemption price of debt instrument (as a percent) | 107.50% | ||||||||||||||||
Principal amount | 600,000,000 | ||||||||||||||||
Debt issuance costs | 37,900,000 | 39,100,000 | |||||||||||||||
Interest expense | 336,400,000 | 414,900,000 | 311,000,000 | ||||||||||||||
Other expense | (53,600,000) | 87,900,000 | (28,900,000) | ||||||||||||||
Other income | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Other expense | (53,600,000) | 87,900,000 | (28,900,000) | ||||||||||||||
Redemption Period Two | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Percentage of redemption of debt on aggregate principal amount and accrued and unpaid interest | 100% | ||||||||||||||||
Class A common stock | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Consideration received for conversion | shares | 46,103,784 | ||||||||||||||||
AMC Preferred Equity Units | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Consideration received for conversion | shares | 46,103,784 | ||||||||||||||||
Second Lien Notes due 2026 | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Long-term Debt, Gross | 1,997,400,000 | ||||||||||||||||
Amortization of Debt Discount (Premium) | $ 535,100,000 | ||||||||||||||||
PIK interest rate | 12% | ||||||||||||||||
Number of interest periods | item | 3 | ||||||||||||||||
Percentage of redemption of debt on aggregate principal amount and accrued and unpaid interest | 100% | ||||||||||||||||
Redemption price of debt instrument (as a percent) | 101% | ||||||||||||||||
Debt instrument face amount | $ 1,289,100,000 | $ 173,200,000 | |||||||||||||||
Percentage of difference between the present value of the old and new cash flows | 10% | ||||||||||||||||
Principal amount | $ 1,462,300,000 | ||||||||||||||||
Stated interest rate (as a percent) | 10% | ||||||||||||||||
Second Lien Notes due 2026 | Redemption period one | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Percentage of redemption of debt on aggregate principal amount and accrued and unpaid interest | 106% | ||||||||||||||||
Second Lien Notes due 2026 | Redemption Period Two | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Percentage of redemption of debt on aggregate principal amount and accrued and unpaid interest | 103% | ||||||||||||||||
Second Lien Notes due 2026 | Redemption period three | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Percentage of redemption of debt on aggregate principal amount and accrued and unpaid interest | 100% | ||||||||||||||||
Second Lien Notes due 2026 | At the time of sale of assets | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Redemption price of debt instrument (as a percent) | 100% | ||||||||||||||||
Second Lien Notes due 2026 | Minimum | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Debt Instrument, Interest Due Term | 12 months | ||||||||||||||||
Second Lien Notes due 2026 | Maximum | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Debt Instrument, Interest Due Term | 18 months | ||||||||||||||||
Second Lien Notes due 2026 | Class A common stock | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Principal amount | $ 104,500,000 | ||||||||||||||||
Consideration received for conversion | shares | 137,400,000 | ||||||||||||||||
First Lien Notes due 2026 | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Long-term Debt, Gross | $ 300,000,000 | $ 300,000,000 | |||||||||||||||
Original issue discount | $ 36,000,000 | ||||||||||||||||
Amortization of Debt Discount (Premium) | $ 30,000,000 | ||||||||||||||||
Percentage of redemption of debt on aggregate principal amount and accrued and unpaid interest | 110.50% | ||||||||||||||||
Redemption price of debt instrument (as a percent) | 100% | ||||||||||||||||
Debt instrument face amount | $ 300,000,000 | $ 200,000,000 | $ 300,000,000 | ||||||||||||||
Stated interest rate (as a percent) | 10.50% | 10.50% | 10.50% | 10.50% | |||||||||||||
Debt issuance costs | $ 6,000,000 | ||||||||||||||||
First Lien Notes due 2026 | Sell assets of subsidiaries and company | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Percentage of redemption of debt on aggregate principal amount and accrued and unpaid interest | 100% | ||||||||||||||||
First Lien Notes due 2026 | Change of control | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Percentage of redemption of debt on aggregate principal amount and accrued and unpaid interest | 101% | ||||||||||||||||
First Lien Notes due 2026 | Redemption period one | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Percentage of redemption of debt on aggregate principal amount and accrued and unpaid interest | 100% | ||||||||||||||||
First Lien Notes due 2026 | Redemption Period Two | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Percentage of redemption of debt on aggregate principal amount and accrued and unpaid interest | 105.25% | ||||||||||||||||
First Lien Notes due 2026 | Redemption period three | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Percentage of redemption of debt on aggregate principal amount and accrued and unpaid interest | 102.625% | ||||||||||||||||
First Lien Notes due 2026 | Any time thereafter | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Percentage of redemption of debt on aggregate principal amount and accrued and unpaid interest | 100% | ||||||||||||||||
First Lien Notes due 2026 | Maximum | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Redemption price of debt instrument (as a percent) | 35% | ||||||||||||||||
First Lien Notes due 2026 | Class A common stock | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Number of Prorata Shares | shares | 5,000,000 | 5,000,000 | |||||||||||||||
Percentage of Outstanding Shares of Entity | 4.60% | ||||||||||||||||
Common Stock, Value, Outstanding | $ 20,200,000 | ||||||||||||||||
First Lien Notes due 2026 | AMC Preferred Equity Units | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Number of Prorata Shares | shares | 5,000,000 | ||||||||||||||||
First Lien Notes due 2026 | Silver Lake Group, L.L.C | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Debt instrument face amount | $ 100,000,000 | ||||||||||||||||
First Lien Notes due 2025 | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Long-term Debt, Gross | $ 500,000,000 | ||||||||||||||||
Debt instrument face amount | $ 500,000,000 | ||||||||||||||||
Stated interest rate (as a percent) | 10.50% | 10.50% | 10.50% | 10.50% | 10.50% | 10.50% | 10.50% | ||||||||||
Debt issuance costs | $ 8,900,000 | ||||||||||||||||
Percentage of voting of foreign subsidiary | 65% | ||||||||||||||||
First Lien Notes due 2025 | Redemption period one | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Percentage of redemption of debt on aggregate principal amount and accrued and unpaid interest | 110.50% | ||||||||||||||||
First Lien Notes due 2025 | Maximum | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Redemption price of debt instrument (as a percent) | 35% | ||||||||||||||||
Senior Subordinated Notes | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Reduction in principal amount | $ 555,000,000 | ||||||||||||||||
Percentage of redemption of debt on aggregate principal amount and accrued and unpaid interest | 23.90% | ||||||||||||||||
Debt instrument face amount | $ 1,782,500,000 | $ 235,000,000 | |||||||||||||||
Fees paid to third parties | $ 39,300,000 | ||||||||||||||||
Senior Subordinated Notes | Minimum | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Cash Savings Due to Interest Payments | 120,000,000 | ||||||||||||||||
Senior Subordinated Notes | Maximum | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Cash Savings Due to Interest Payments | 180,000,000 | ||||||||||||||||
2.95% Senior Secured Convertible Notes due 2024 | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Restructured amount | $ 600,000,000 | ||||||||||||||||
Principal balance | $ 600,000,000 | ||||||||||||||||
Stated interest rate (as a percent) | 2.95% | 2.95% | |||||||||||||||
Change fair value of derivative | 89,400,000 | $ (23,500,000) | |||||||||||||||
Conversion price (in dollars per share) | $ / shares | $ 6.76 | $ 9.48 | |||||||||||||||
Interest expense | 31,800,000 | ||||||||||||||||
Other expense | 19,600,000 | ||||||||||||||||
2.95% Senior Secured Convertible Notes due 2024 | Other income | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Immaterial correction expense | $ 26,200,000 | ||||||||||||||||
2.95% Senior Secured Convertible Notes due 2024 | Class B common stock | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Derivative liability | $ 10,700,000 | ||||||||||||||||
2.95% Senior Secured Convertible Notes due 2024 | Class B common stock | Maximum | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Number of shares upon conversion | item | 5,666,000 | ||||||||||||||||
2.95% Senior Secured Convertible Notes due 2024 | AMC Preferred Equity Units | Maximum | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Number of shares upon conversion | item | 5,666,000 | ||||||||||||||||
Convertible Notes due 2026 | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Percentage of difference between the present value of the old and new cash flows | 10% | ||||||||||||||||
Principal amount | $ 600,000,000 | ||||||||||||||||
Consideration received for conversion | shares | 44,422,860 | ||||||||||||||||
Conversion Price | $ / shares | $ 6.76 | ||||||||||||||||
Restructured amount | $ 600,000,000 | ||||||||||||||||
Principal balance | $ 600,000,000 | ||||||||||||||||
Conversion price (in dollars per share) | $ / shares | $ 6.76 | ||||||||||||||||
Number of shares upon conversion | 44,422,860 | ||||||||||||||||
Derivative liability | $ 90,400,000 | ||||||||||||||||
Effective interest rate | 5.98% | ||||||||||||||||
Interest expense | $ 71,000,000 | ||||||||||||||||
Deferred financing costs | $ 13,600,000 | ||||||||||||||||
Convertible Notes due 2026 | Class B common stock | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Consideration received for conversion | shares | 5,666,000 | ||||||||||||||||
Convertible Notes due 2026 | AMC Preferred Equity Units | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Consideration received for conversion | shares | 44,422,860 | 5,666,000 | |||||||||||||||
Number of shares upon conversion | 44,422,860 | ||||||||||||||||
Mudrick Capital Management LP | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Consideration received for conversion | shares | 27,472,528 | ||||||||||||||||
Mudrick Capital Management LP | Class A common stock | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Price per share (in dollars per share) | $ / shares | $ 3.19 | ||||||||||||||||
Mudrick Capital Management LP | Second Lien Notes due 2026 | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Principal amount | $ 104,500,000 | ||||||||||||||||
Consideration received for conversion | shares | 13,736,264 | ||||||||||||||||
Mudrick Capital Management LP | Second Lien Notes due 2026 | Class A common stock | |||||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||||||||||||||
Principal amount | $ 100,000,000 | ||||||||||||||||
Waived off PIK interest | $ 4,500,000 |
CORPORATE BORROWINGS AND FINA_9
CORPORATE BORROWINGS AND FINANCE LEASE LIABILITIES - Senior Secured Credit Facility (Details) - USD ($) shares in Millions, $ in Millions | 2 Months Ended | ||||||
Apr. 22, 2019 | Feb. 28, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 08, 2021 | Nov. 08, 2016 | |
Corporate borrowings and finance lease obligations | |||||||
Amount of minimum liquidity requirements | $ 100 | ||||||
Subsequent Events | |||||||
Corporate borrowings and finance lease obligations | |||||||
Number of shares issued | 6.6 | ||||||
Senior Secured Credit Facility | |||||||
Corporate borrowings and finance lease obligations | |||||||
Amount of minimum liquidity requirements | $ 100 | ||||||
Revolving credit facility | LIBOR | |||||||
Corporate borrowings and finance lease obligations | |||||||
Spread on variable rate basis (as a percent) | 1% | ||||||
Stated interest rate (as a percent) | 6.77% | ||||||
Spread (as a percent) | 1% | ||||||
Revolving credit facility | Federal Funds Effective Rate | |||||||
Corporate borrowings and finance lease obligations | |||||||
Spread on variable rate basis (as a percent) | 0.50% | ||||||
Spread (as a percent) | 0.50% | ||||||
Revolving credit facility | Letter of Credit | |||||||
Corporate borrowings and finance lease obligations | |||||||
Aggregate principal amount | $ 225 | ||||||
Senior secured tranche B loan maturing April 22, 2026 | |||||||
Corporate borrowings and finance lease obligations | |||||||
Aggregate principal amount | $ 2,000 | ||||||
Threshold percentage of equity interests pledged | 100% | ||||||
Threshold minimum percentage of voting stock | 65% | ||||||
Threshold percentage of annual excess cash flow | 50% | ||||||
Threshold percentage of annual excess cash flow if net leverage ratio is attained | 0% | ||||||
Threshold percentage of net cash proceeds of non-ordinary course asset sales | 100% | ||||||
Threshold percentage of net proceeds of issuance or incurrence of debt | 100% | ||||||
Senior Secured Credit Facility Term Loans | LIBOR | |||||||
Corporate borrowings and finance lease obligations | |||||||
Stated interest rate (as a percent) | 7.27% | ||||||
Senior Secured Credit Facility Term Loans | Federal Funds Effective Rate | |||||||
Corporate borrowings and finance lease obligations | |||||||
Spread on variable rate basis (as a percent) | 0.50% | ||||||
Spread (as a percent) | 0.50% | ||||||
5.875% Senior Subordinated Notes due 2026 | |||||||
Corporate borrowings and finance lease obligations | |||||||
Aggregate principal amount | $ 2,225 | ||||||
Stated interest rate (as a percent) | 5.875% | 5.875% | 5.875% |
CORPORATE BORROWINGS AND FIN_10
CORPORATE BORROWINGS AND FINANCE LEASE LIABILITIES - Senior Unsecured Convertible Notes (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Jan. 29, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||
Discount | $ 229.7 | $ 298 | |||
Deferred financing costs | (37.9) | (39.1) | |||
Amortization of net premium on corporate borrowings to interest expense | (65.4) | (3.9) | $ (22) | ||
Deferred financing cost write-off | $ 12.6 | $ 23.3 | 14.2 | ||
Convertible Notes | |||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | |||||
Principal balance | 600 | $ 600 | |||
Conversion amount | $ (600) | ||||
Discount | 61.5 | (61.5) | (73.7) | ||
Deferred financing costs | (9.5) | (11.2) | |||
Derivative liability | 0.5 | ||||
Amortization of net premium on corporate borrowings to interest expense | 12.2 | ||||
Deferred financing cost write-off | 9.5 | 1.7 | |||
Change fair value of derivative | 89.4 | ||||
Reclassification to Additional Paid-in Capital | $ (529) | (89.9) | |||
Carrying value | 529 | $ 515.6 | |||
Increase to Expense (Income) | $ 103.3 |
CORPORATE BORROWINGS AND FIN_11
CORPORATE BORROWINGS AND FINANCE LEASE LIABILITIES - Other Notes (Details) £ in Millions, $ in Millions | 12 Months Ended | ||||||||||||||
Feb. 07, 2023 USD ($) | Feb. 14, 2022 | Jul. 31, 2020 USD ($) | Jul. 31, 2020 EUR (€) | Apr. 24, 2020 | Mar. 17, 2017 USD ($) | Nov. 08, 2016 USD ($) | Jun. 05, 2015 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 EUR (€) | Apr. 22, 2019 USD ($) | Mar. 17, 2017 GBP (£) | Nov. 08, 2016 GBP (£) | |
Corporate borrowings and finance lease obligations | |||||||||||||||
Redemption price of debt instrument (as a percent) | 107.50% | ||||||||||||||
Outstanding aggregate principal balance | $ 4,949 | $ 5,169.1 | |||||||||||||
Deferred financing costs | (37.9) | (39.1) | |||||||||||||
(Gain) loss on extinguishment of debt | 92.8 | $ 14.1 | $ (93.6) | ||||||||||||
Minimum liquidity requirement | 100 | ||||||||||||||
Subsequent Events | |||||||||||||||
Corporate borrowings and finance lease obligations | |||||||||||||||
(Gain) loss on extinguishment of debt | $ (44.3) | ||||||||||||||
Exercised an option to repurchase | $ 70.2 | ||||||||||||||
Senior Subordinated Notes due 2027 | |||||||||||||||
Corporate borrowings and finance lease obligations | |||||||||||||||
Repurchase amount | 1.6 | ||||||||||||||
(Gain) loss on extinguishment of debt | 3.7 | ||||||||||||||
Exercised an option to repurchase | $ 5.3 | ||||||||||||||
Redemption period two | |||||||||||||||
Corporate borrowings and finance lease obligations | |||||||||||||||
Debt instrument redemption amount as a percentage of principal amount | 100% | ||||||||||||||
6.375% Senior Subordinated Notes due 2024 | |||||||||||||||
Corporate borrowings and finance lease obligations | |||||||||||||||
Debt instrument face amount | € 4,000,000 | £ 250 | £ 250 | ||||||||||||
Stated interest rate (as a percent) | 6.375% | 6.375% | 6.375% | 6.375% | 6.375% | 6.375% | 6.375% | 6.375% | |||||||
Deferred financing costs | $ 14.1 | ||||||||||||||
Number of days to file | 270 days | ||||||||||||||
Number of days for effectiveness | 365 days | ||||||||||||||
Percentage of principal amount of the outstanding Original Notes validly tendered under exchange offer | 106% | ||||||||||||||
Outstanding aggregate principal balance | $ 4.8 | $ 5.4 | £ 250 | ||||||||||||
Deferred financing costs | $ (12.7) | ||||||||||||||
Principal amount of debt exchanged | $ 632.1 | € 496,014 | |||||||||||||
Percentage of principal amount of debt exchanged | 99.20% | 99.20% | |||||||||||||
6.375% Senior Subordinated Notes due 2024 | Redemption period one | |||||||||||||||
Corporate borrowings and finance lease obligations | |||||||||||||||
Redemption price of debt instrument (as a percent) | 104.781% | ||||||||||||||
Debt instrument redemption amount as a percentage of principal amount | 35% | ||||||||||||||
6.375% Senior Subordinated Notes due 2024 | Redemption period one | Minimum | |||||||||||||||
Corporate borrowings and finance lease obligations | |||||||||||||||
Debt instrument redemption amount as a percentage of principal amount | 100% | ||||||||||||||
6.375% Senior Subordinated Notes due 2024 | Redemption period one | Maximum | |||||||||||||||
Corporate borrowings and finance lease obligations | |||||||||||||||
Debt instrument redemption amount as a percentage of principal amount | 104.781% | ||||||||||||||
6.375% Senior Subordinated Notes due 2024 | Redemption period two | |||||||||||||||
Corporate borrowings and finance lease obligations | |||||||||||||||
Redemption price of debt instrument (as a percent) | 100% | ||||||||||||||
5.75 % Senior Subordinated Notes due 2025 | |||||||||||||||
Corporate borrowings and finance lease obligations | |||||||||||||||
Debt instrument face amount | $ 600 | ||||||||||||||
Stated interest rate (as a percent) | 5.75% | 5.75% | 5.75% | 5.75% | |||||||||||
Deferred financing costs | $ 11.4 | ||||||||||||||
Outstanding aggregate principal balance | $ 98.3 | $ 98.3 | |||||||||||||
Stay of enforcement period | 210 days | ||||||||||||||
Principal amount of debt exchanged | $ 501.7 | ||||||||||||||
Percentage of principal amount of debt exchanged | 83.61% | 83.61% | |||||||||||||
5.75 % Senior Subordinated Notes due 2025 | Redemption period one | |||||||||||||||
Corporate borrowings and finance lease obligations | |||||||||||||||
Redemption price of debt instrument (as a percent) | 102.875% | ||||||||||||||
5.75 % Senior Subordinated Notes due 2025 | Redemption period four | |||||||||||||||
Corporate borrowings and finance lease obligations | |||||||||||||||
Redemption price of debt instrument (as a percent) | 100% | ||||||||||||||
5.875% Senior Subordinated Notes due 2026 | |||||||||||||||
Corporate borrowings and finance lease obligations | |||||||||||||||
Debt instrument face amount | $ 595 | ||||||||||||||
Stated interest rate (as a percent) | 5.875% | 5.875% | 5.875% | 5.875% | 5.875% | ||||||||||
Aggregate principal amount | $ 2,225 | ||||||||||||||
Deferred financing costs | $ 27 | ||||||||||||||
Number of days to file | 270 days | ||||||||||||||
Number of days for effectiveness | 365 days | ||||||||||||||
Outstanding aggregate principal balance | $ 55.6 | $ 55.6 | |||||||||||||
Principal amount of debt exchanged | $ 539.4 | ||||||||||||||
Percentage of principal amount of debt exchanged | 90.65% | 90.65% | |||||||||||||
5.875% Senior Subordinated Notes due 2026 | Redemption period one | |||||||||||||||
Corporate borrowings and finance lease obligations | |||||||||||||||
Redemption price of debt instrument (as a percent) | 102.938% | ||||||||||||||
5.875% Senior Subordinated Notes due 2026 | Redemption period two | |||||||||||||||
Corporate borrowings and finance lease obligations | |||||||||||||||
Redemption price of debt instrument (as a percent) | 100% | ||||||||||||||
6.125% Senior Subordinated Notes due 2027 | |||||||||||||||
Corporate borrowings and finance lease obligations | |||||||||||||||
Debt instrument face amount | $ 475 | $ 5.3 | |||||||||||||
Stated interest rate (as a percent) | 6.125% | 6.125% | 6.125% | 6.125% | 6.125% | ||||||||||
Redemption price of debt instrument (as a percent) | 100% | ||||||||||||||
Number of days to file | 270 days | ||||||||||||||
Number of days for effectiveness | 365 days | ||||||||||||||
Outstanding aggregate principal balance | $ 125.5 | $ 130.7 | |||||||||||||
Deferred financing costs | $ (19.8) | ||||||||||||||
Debt instrument redemption amount as a percentage of principal amount | 35% | ||||||||||||||
Principal amount of debt exchanged | $ 344.3 | ||||||||||||||
Percentage of principal amount of debt exchanged | 72.48% | 72.48% | |||||||||||||
Repurchase amount | 1.6 | ||||||||||||||
(Gain) loss on extinguishment of debt | $ (3.7) | ||||||||||||||
6.125% Senior Subordinated Notes due 2027 | Minimum | |||||||||||||||
Corporate borrowings and finance lease obligations | |||||||||||||||
Redemption price of debt instrument (as a percent) | 100% | ||||||||||||||
6.125% Senior Subordinated Notes due 2027 | Maximum | |||||||||||||||
Corporate borrowings and finance lease obligations | |||||||||||||||
Redemption price of debt instrument (as a percent) | 103.063% |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Dec. 22, 2022 USD ($) shares | Sep. 26, 2022 USD ($) shares | Aug. 04, 2022 shares | Jun. 03, 2021 USD ($) shares | Jun. 01, 2021 USD ($) shares | Apr. 27, 2021 USD ($) shares | Feb. 01, 2021 shares | Jan. 27, 2021 shares | Jan. 25, 2021 USD ($) shares | Dec. 14, 2020 shares | Dec. 11, 2020 USD ($) shares | Nov. 10, 2020 USD ($) shares | Oct. 20, 2020 USD ($) shares | Sep. 24, 2020 USD ($) shares | Jul. 31, 2020 shares | Feb. 26, 2020 USD ($) $ / shares | Dec. 31, 2020 USD ($) shares | Feb. 28, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) item shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) $ / shares shares | Apr. 06, 2023 shares | Mar. 15, 2023 shares | Mar. 14, 2023 shares | Mar. 13, 2023 shares | |
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||||||
Common stock dividend declared | 1 | ||||||||||||||||||||||||||||
Preferred stock authorized | 50,000,000 | 50,000,000 | 50,000,000 | ||||||||||||||||||||||||||
Preferred stock, unallocated authorized shares | 40,000,000 | 40,000,000 | |||||||||||||||||||||||||||
Gross proceeds | $ | $ 1,570.7 | $ 264.7 | |||||||||||||||||||||||||||
Other financing costs | $ | $ 6.9 | $ 0.5 | $ 1.8 | $ 17.7 | $ 26.1 | $ 19.9 | 15.4 | ||||||||||||||||||||||
Conversion ratio | 0.01 | 1 | 1 | ||||||||||||||||||||||||||
Total estimated unrecognized compensation cost related to nonvested stock-based compensation arrangements | $ | $ 15.1 | $ 15.1 | |||||||||||||||||||||||||||
Weighted average period recognized | 1 year 3 months 18 days | ||||||||||||||||||||||||||||
Dividends | |||||||||||||||||||||||||||||
Common Stock, Cash dividend declared (in dollars per share) | $ / shares | $ 0.015 | ||||||||||||||||||||||||||||
Dividends, Cash | $ | $ 3.2 | ||||||||||||||||||||||||||||
Dividends and dividend equivalents | $ | $ 0.7 | 6.5 | |||||||||||||||||||||||||||
Accrued unpaid dividends | $ | $ 0.4 | 0.4 | |||||||||||||||||||||||||||
Subsequent Events | |||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||||||
Number of shares authorized | 550,000,000 | 550,000,000 | 524,173,073 | ||||||||||||||||||||||||||
Gross proceeds | $ | $ 9.6 | ||||||||||||||||||||||||||||
Number of shares issued | 6,600,000 | ||||||||||||||||||||||||||||
Sales agents fees paid | $ | $ 0.2 | ||||||||||||||||||||||||||||
Mudrick Capital Management LP | |||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||||||
Consideration received for commitment fee | 16,483,516 | ||||||||||||||||||||||||||||
Consideration received for conversion | 27,472,528 | ||||||||||||||||||||||||||||
Forward purchase agreement | |||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||||||
Number of shares sold | 106,595,106 | ||||||||||||||||||||||||||||
Value of shares sold | $ | $ 75.1 | ||||||||||||||||||||||||||||
At-the-market equity offerings | |||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||||||
Number of shares sold | 60,000,000 | ||||||||||||||||||||||||||||
Value of shares sold | $ | $ 34.9 | ||||||||||||||||||||||||||||
Amount reclassified into additional paid-in capital | $ | $ 34.9 | ||||||||||||||||||||||||||||
Common Stock and AMC Preferred Equity Units | |||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||||||
Number of votes per share | item | 1 | ||||||||||||||||||||||||||||
Common Stock and AMC Preferred Equity Units | Equity Distribution Agreement | |||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||||||
Number of shares issued | 40,930,000 | 137,070,000 | |||||||||||||||||||||||||||
Sales agents fees paid | $ | $ 5.7 | $ 40.3 | 8.1 | ||||||||||||||||||||||||||
AMC Preferred Equity Units | |||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||||||
Preferred stock authorized | 10,000,000 | 10,000,000 | 10,000,000 | ||||||||||||||||||||||||||
Preferred stock, shares issued (in shares) | 7,245,872 | 7,245,872 | 5,139,791 | ||||||||||||||||||||||||||
Preferred stock, unallocated authorized shares | 40,000,000 | 40,000,000 | |||||||||||||||||||||||||||
Other financing costs | $ | $ 0.7 | ||||||||||||||||||||||||||||
Number of votes per unit | item | 1 | ||||||||||||||||||||||||||||
Consideration received for conversion | 46,103,784 | ||||||||||||||||||||||||||||
Dividends | |||||||||||||||||||||||||||||
Preferred Equity, Cash dividend declared (in dollars per share) | $ / shares | $ 0.015 | ||||||||||||||||||||||||||||
Dividends and dividend equivalents | $ | $ 0.8 | ||||||||||||||||||||||||||||
AMC Preferred Equity Units | Subsequent Events | |||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||||||
Preferred stock authorized | 140,000,000 | ||||||||||||||||||||||||||||
AMC Preferred Equity Units | Mudrick Capital Management LP | |||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||||||
Number of shares issued | 21,978,022 | ||||||||||||||||||||||||||||
AMC Preferred Equity Units | Wanda | |||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||||||
Shares forfeited | 5,666,000 | ||||||||||||||||||||||||||||
AMC Preferred Equity Units | Equity Distribution Agreement | |||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||||||
Number of shares authorized | 178,000,000 | ||||||||||||||||||||||||||||
Number of shares issued | 40,930,000 | 137,000,000 | |||||||||||||||||||||||||||
AMC Preferred Equity Units | At-the-market equity offerings | |||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||||||
Number of shares issued | 207,750,000 | 11,550,000 | 43,000,000 | 50,000,000 | 137,070,000 | 20,000,000 | 15,000,000 | 15,000,000 | 40,930,000 | 207,750,000 | 241,620,000 | 90,930,000 | |||||||||||||||||
Class A common stock | |||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||||||
Number of shares authorized | 524,173,073 | 524,173,073 | 524,173,073 | ||||||||||||||||||||||||||
Consideration received for conversion | 46,103,784 | ||||||||||||||||||||||||||||
Dividends | |||||||||||||||||||||||||||||
Common Stock, Cash dividend declared (in dollars per share) | $ / shares | $ 0.015 | ||||||||||||||||||||||||||||
Dividends and dividend equivalents | $ | $ 0.8 | ||||||||||||||||||||||||||||
Class A common stock | Mudrick Capital Management LP | |||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||||||
Number of shares issued | 21,978,022 | ||||||||||||||||||||||||||||
Consideration received for commitment fee | 8,241,758 | ||||||||||||||||||||||||||||
Class A common stock | Equity Distribution Agreement | |||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||||||
Number of shares authorized | 178,000,000 | ||||||||||||||||||||||||||||
Other financing costs | $ | $ 0.8 | ||||||||||||||||||||||||||||
Class A common stock | At-the-market equity offerings | |||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||||||
Gross proceeds | $ | $ 228.8 | $ 587.4 | $ 427.5 | $ 244.3 | $ 352.6 | $ 61.4 | $ 41.6 | $ 56.1 | $ 113.7 | $ 228.8 | $ 1,611.8 | $ 272.8 | |||||||||||||||||
Number of shares issued | 11,550,000 | 43,000,000 | 50,000,000 | 137,070,000 | 20,000,000 | 15,000,000 | 15,000,000 | 40,930,000 | 241,620,000 | 90,930,000 | |||||||||||||||||||
Reissuance of treasury stock shares | 3,700,000 | ||||||||||||||||||||||||||||
Amount reclassified into additional paid-in capital | $ | $ 37.1 | ||||||||||||||||||||||||||||
Amount reclassified into retained earnings | $ | $ 19.3 | ||||||||||||||||||||||||||||
Class B common stock | |||||||||||||||||||||||||||||
Dividends | |||||||||||||||||||||||||||||
Common Stock, Cash dividend declared (in dollars per share) | $ / shares | $ 0.015 | ||||||||||||||||||||||||||||
Dividends and dividend equivalents | $ | $ 1.6 | ||||||||||||||||||||||||||||
Class B common stock | Wanda | |||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||||||
Shares forfeited | 5,666,000 | ||||||||||||||||||||||||||||
Dividend Equivalents | |||||||||||||||||||||||||||||
Dividends | |||||||||||||||||||||||||||||
Dividends and dividend equivalents | $ | $ 3.3 | ||||||||||||||||||||||||||||
First Lien Notes due 2026 | AMC Preferred Equity Units | |||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||||||
Number of Prorata Shares | 5,000,000 | ||||||||||||||||||||||||||||
First Lien Notes due 2026 | Class A common stock | |||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||||||
Number of Prorata Shares | 5,000,000 | 5,000,000 | |||||||||||||||||||||||||||
Second Lien Notes due 2026 | Mudrick Capital Management LP | |||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||||||
Consideration received for conversion | 13,736,264 | ||||||||||||||||||||||||||||
Second Lien Notes due 2026 | AMC Preferred Equity Units | Private Placement | Mudrick Capital Management LP | |||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||||||
Number of shares issued | 8,500,000 | ||||||||||||||||||||||||||||
Second Lien Notes due 2026 | Class A common stock | |||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||||||
Consideration received for conversion | 137,400,000 | ||||||||||||||||||||||||||||
Second Lien Notes due 2026 | |||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||||||
Number of shares sold | 91,026,191 | ||||||||||||||||||||||||||||
Value of shares sold | $ | $ 100 | ||||||||||||||||||||||||||||
Second Lien Notes due 2026 | Private Placement | Mudrick Capital Management LP | |||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||||||
Other financing costs | $ | $ 0.1 | ||||||||||||||||||||||||||||
Second Lien Notes due 2026 | Class A common stock | Mudrick Capital Management LP | |||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||||||
Gross proceeds | $ | $ 230.5 | ||||||||||||||||||||||||||||
Second Lien Notes due 2026 | Class A common stock | Private Placement | Mudrick Capital Management LP | |||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||||||
Number of shares issued | 8,500,000 |
STOCKHOLDERS' EQUITY - Related
STOCKHOLDERS' EQUITY - Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Sep. 14, 2018 | |
Related Party Transactions | ||
Conversion of principal amount | $ 600 | |
2.95% Senior Secured Convertible Notes due 2024 | ||
Related Party Transactions | ||
Principal balance | $ 600 | |
Silver Lake | 2.95% Senior Secured Convertible Notes due 2024 | ||
Related Party Transactions | ||
Principal balance | $ 600 |
STOCKHOLDERS' EQUITY - Treasury
STOCKHOLDERS' EQUITY - Treasury Stock and Stock-based compensation (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 27, 2020 | |
Treasury Stock | ||||
Share repurchase program | 200,000,000 | |||
Stock repurchase program period | 3 years | |||
Stock Based Compensation Expense | ||||
Stock-based compensation expense | $ 22.5 | $ 43.1 | $ 25.4 | |
Total estimated unrecognized compensation cost related to nonvested stock-based compensation arrangements | $ 15.1 | |||
Weighted average period recognized | 1 year 3 months 18 days | |||
Board of Directors | ||||
Stock Based Compensation Expense | ||||
Stock-based compensation expense | $ 0.8 | 0.9 | 0.5 | |
Restricted stock unit | ||||
Stock Based Compensation Expense | ||||
Stock-based compensation expense | 13.3 | 12.6 | 9.7 | |
Performance stock unit expense | ||||
Stock Based Compensation Expense | ||||
Stock-based compensation expense | $ 8.4 | 24.5 | 1.2 | |
Special Performance Stock Unit | ||||
Stock Based Compensation Expense | ||||
Stock-based compensation expense | $ 5.1 | $ 14 | ||
Stock options | 2013 Equity Incentive Plan | ||||
2013 Equity Incentive Plan | ||||
Number of shares authorized | 15,000,000 | |||
Number of shares remaining available for grant | 4,293,562 | |||
Class A common stock | ||||
Treasury Stock | ||||
Share repurchase program | 200,000,000 | |||
AMC Preferred Equity Units | ||||
Treasury Stock | ||||
Share repurchase program | 200,000,000 | |||
AMC Preferred Equity Units | Stock options | 2013 Equity Incentive Plan | ||||
2013 Equity Incentive Plan | ||||
Number of shares authorized | 7,306,354 | |||
Number of shares remaining available for grant | 4,293,562 |
STOCKHOLDERS' EQUITY - Awards g
STOCKHOLDERS' EQUITY - Awards granted (Details) | 1 Months Ended | 12 Months Ended | |||||||||
Feb. 23, 2021 tranche shares | Oct. 30, 2020 $ / shares | Mar. 05, 2020 USD ($) shares | Feb. 26, 2020 USD ($) shares | Jan. 31, 2021 $ / shares | Dec. 31, 2022 USD ($) tranche shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) $ / shares shares | Dec. 31, 2019 $ / shares shares | Dec. 31, 2018 shares | Nov. 03, 2021 USD ($) | |
STOCKHOLDERS' EQUITY | |||||||||||
Stock-based compensation expense | $ | $ 22,500,000 | $ 43,100,000 | $ 25,400,000 | ||||||||
Conversion of share based payment awards into preferred stock | 1 | ||||||||||
Conversion ratio of share based payment awards into common stock | 1 | ||||||||||
Requisite service period | 3 years | ||||||||||
Number of days for settlement | 30 days | ||||||||||
Cumulative Adjusted EBITDA Target | |||||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Percentage of performance targets and vesting level | 0% | ||||||||||
Cumulative Adjusted Free Cash Flow Target | |||||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Percentage of performance targets and vesting level | 79% | ||||||||||
Tranche 5 | Minimum | |||||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Price per share (in dollars per share) | $ / shares | $ 4 | ||||||||||
Tranche 5 | Maximum | |||||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Price per share (in dollars per share) | $ / shares | 28 | ||||||||||
Tranche 6 | Minimum | |||||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Price per share (in dollars per share) | $ / shares | 8 | ||||||||||
Tranche 6 | Maximum | |||||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Price per share (in dollars per share) | $ / shares | $ 32 | ||||||||||
Board of Directors | |||||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Stock-based compensation expense | $ | $ 800,000 | $ 900,000 | 500,000 | ||||||||
2022 Performance share award | |||||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Stock value | $ | $ 4,500,000 | ||||||||||
2021 Performance share award | |||||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Granted (in shares) | 1,757,080 | ||||||||||
Stock value | $ | $ 17,300,000 | ||||||||||
Percentage of performance target | 100% | ||||||||||
2020 Performance share award | |||||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Granted (in shares) | 859,366 | ||||||||||
Stock value | $ | $ 8,500,000 | ||||||||||
Percentage of performance target | 100% | ||||||||||
Special Performance Stock Unit | |||||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Stock-based compensation expense | $ | 5,100,000 | 14,000,000 | |||||||||
Grant date fair value | $ | $ 12,200,000 | $ 12,200,000 | |||||||||
Requisite service period | 6 years 4 months 24 days | ||||||||||
Special Performance Stock Unit | Tranche 5 | |||||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Weighted Average Stock Price (in dollars per share) | $ / shares | $ 4 | ||||||||||
Special Performance Stock Unit | Tranche 6 | |||||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Weighted Average Stock Price (in dollars per share) | $ / shares | $ 8 | ||||||||||
Restricted stock unit | |||||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Stock-based compensation expense | $ | $ 13,300,000 | $ 12,600,000 | $ 9,700,000 | ||||||||
Restricted stock unit | Members of management and executive officers | |||||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Number of shares to be received for each unit | 1 | ||||||||||
Performance Vesting | |||||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Percentage of performance targets and vesting level | 90% | ||||||||||
Performance Vesting | Members of management and executive officers | |||||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Granted (in shares) | 5,375,626 | 1,394,270 | |||||||||
Number of tranches | tranche | 3 | 3 | |||||||||
Period of cumulative adjusted EBITDA, diluted earnings per share, and net profit results to meet the performance target condition | 3 years | ||||||||||
Number of separate service period | $ | 3 | ||||||||||
Performance Vesting | Members of management and executive officers | Minimum | |||||||||||
STOCKHOLDERS' EQUITY | |||||||||||
PSUs vesting as a percentage of performance target | 80% | 80% | |||||||||
Percentage of performance target | 50% | 50% | 30% | ||||||||
Performance Vesting | Members of management and executive officers | Maximum | |||||||||||
STOCKHOLDERS' EQUITY | |||||||||||
PSUs vesting as a percentage of performance target | 120% | 120% | |||||||||
Percentage of performance target | 200% | 200% | 200% | ||||||||
Performance stock unit expense | |||||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Stock-based compensation expense | $ | $ 8,400,000 | $ 24,500,000 | $ 1,200,000 | ||||||||
Volume weighted average stock price threshold trailing days | 20 days | ||||||||||
2013 Equity Incentive Plan | RSU and PSU Units | Minimum | |||||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Price per share (in dollars per share) | $ / shares | $ 1.18 | $ 1.18 | $ 1.18 | ||||||||
2013 Equity Incentive Plan | RSU and PSU Units | Maximum | |||||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Price per share (in dollars per share) | $ / shares | $ 9.84 | $ 9.84 | $ 9.84 | ||||||||
2013 Equity Incentive Plan | Performance Vesting | Members of management and executive officers | |||||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Percentage of performance target | 100% | ||||||||||
Awards to be granted upon achieving 100% of performance target (in shares) | 1,394,270 | ||||||||||
Awards to be granted if target not achieved (in shares) | 0 | ||||||||||
Members of management and executive officers | Performance Vesting | |||||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Period of cumulative adjusted EBITDA, diluted earnings per share, and net profit results to meet the performance target condition | 3 years | ||||||||||
Members of management and executive officers | Performance Vesting | |||||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Granted (in shares) | 2,872,594 | 1,460,334 | 1,307,338 | ||||||||
Awards to be granted upon achieving 100% of performance target (in shares) | 5,375,626 | ||||||||||
Awards to be granted if target not achieved (in shares) | 0 | ||||||||||
Period of cumulative adjusted EBITDA, diluted earnings per share, and net profit results to meet the performance target condition | 3 years | 3 years | 3 years | ||||||||
Executive officers | 2013 Equity Incentive Plan | Performance Stock Unit Transition Award | |||||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Granted (in shares) | 600,000 | ||||||||||
Executive officers | 2013 Equity Incentive Plan | Special Performance Stock Unit | |||||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Granted (in shares) | 7,140,000 | 7,140,000 | |||||||||
Requisite service period | 3 years | ||||||||||
Vesting period (in years) | 10 years | ||||||||||
Number of days for settlement | 20 days | ||||||||||
Executive officers | 2013 Equity Incentive Plan | 2019 RSU executive | |||||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Granted (in shares) | 400,000 | ||||||||||
Vesting period (in years) | 3 years | ||||||||||
Number of days for settlement | 30 days | ||||||||||
Members of management | 2013 Equity Incentive Plan | Restricted stock unit | |||||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Granted (in shares) | 1,394,270 | 5,375,626 | 3,022,594 | ||||||||
Vesting period (in years) | 3 years | 3 years | 3 years | ||||||||
Vesting rights percentage | 33% | 33% | 33% | ||||||||
Number of days from the termination of service for settlement of fully vested units | 30 days | ||||||||||
Common Stock | Board of Directors | |||||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Number of shares issued | 41,650 | 124,054 | 77,090 | ||||||||
AMC Preferred Equity Units | Restricted stock unit | Members of management and executive officers | |||||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Number of shares to be received for each unit | 1 | ||||||||||
AMC Preferred Equity Units | Board of Directors | |||||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Number of shares issued | 41,650 | 124,054 | 77,090 |
STOCKHOLDERS' EQUITY - SPSU act
STOCKHOLDERS' EQUITY - SPSU activity (Details) - USD ($) | 12 Months Ended | |
Oct. 30, 2020 | Dec. 31, 2022 | |
Tranche 1 | ||
Target prices and vesting tranches | ||
Target Stock Price | $ 12 | |
SPSUs Vesting | $ 1,190,006 | |
Assumptions used to determine fair value | ||
Grant-date stock price | $ 12 | |
Tranche 2 | ||
Target prices and vesting tranches | ||
Target Stock Price | $ 16 | |
SPSUs Vesting | $ 1,190,006 | |
Assumptions used to determine fair value | ||
Grant-date stock price | $ 16 | |
Tranche 3 | ||
Target prices and vesting tranches | ||
Target Stock Price | $ 20 | |
SPSUs Vesting | $ 1,190,006 | |
Assumptions used to determine fair value | ||
Grant-date stock price | $ 20 | |
Tranche 4 | ||
Target prices and vesting tranches | ||
Target Stock Price | $ 24 | |
SPSUs Vesting | $ 1,190,006 | |
Assumptions used to determine fair value | ||
Grant-date stock price | $ 24 | |
Tranche 5 | ||
Target prices and vesting tranches | ||
Target Stock Price | $ 28 | |
SPSUs Vesting | $ 1,189,988 | |
Assumptions used to determine fair value | ||
Grant-date stock price | $ 28 | |
Tranche 5 | Minimum | ||
STOCKHOLDERS' EQUITY | ||
Share Price | $ 4 | |
Tranche 5 | Maximum | ||
STOCKHOLDERS' EQUITY | ||
Share Price | 28 | |
Tranche 6 | ||
Target prices and vesting tranches | ||
Target Stock Price | $ 32 | |
SPSUs Vesting | $ 1,189,988 | |
Assumptions used to determine fair value | ||
Grant-date stock price | $ 32 | |
Tranche 6 | Minimum | ||
STOCKHOLDERS' EQUITY | ||
Share Price | 8 | |
Tranche 6 | Maximum | ||
STOCKHOLDERS' EQUITY | ||
Share Price | 32 | |
Tranches 1 through 4 | Minimum | ||
STOCKHOLDERS' EQUITY | ||
Share Price | 12 | |
Tranches 1 through 4 | Maximum | ||
STOCKHOLDERS' EQUITY | ||
Share Price | $ 24 | |
Special Performance Stock Unit | ||
STOCKHOLDERS' EQUITY | ||
Incremental fair value amount | $ 7,300,000 | |
Assumptions used to determine fair value | ||
Expected stock price volatility | 45% | |
Special Performance Stock Unit | Minimum | ||
Target prices and vesting tranches | ||
Target Stock Price | $ 4.92 | |
Assumptions used to determine fair value | ||
Expected dividend yield | 2.02% | |
Risk-free interest rate | 0.92% | |
Grant-date stock price | $ 4.92 | |
Special Performance Stock Unit | Maximum | ||
Target prices and vesting tranches | ||
Target Stock Price | $ 5.93 | |
Assumptions used to determine fair value | ||
Expected dividend yield | 2.44% | |
Risk-free interest rate | 1.33% | |
Grant-date stock price | $ 5.93 |
STOCKHOLDERS' EQUITY - RSU, PSU
STOCKHOLDERS' EQUITY - RSU, PSU and SPSU activity (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Weighted Average Grant Date Fair Value | ||||
Taxes paid for restricted unit withholdings | $ 52.2 | $ 52.3 | $ 19.1 | $ 5.1 |
RSU, PSU and SPSU | ||||
Shares of RSU PSU and SPSU | ||||
Balance at the beginning of the period (in shares) | 15,683,466 | 15,683,466 | 8,318,522 | 6,540,186 |
Granted (in shares) | 1,674,802 | 10,178,468 | 13,035,188 | |
Vested (in shares) | (5,636,324) | (1,297,720) | (4,944,750) | |
Forfeited (in shares) | (716,872) | (433,546) | (2,040,244) | |
Cancelled (in shares) | (4,746,590) | (1,082,258) | (4,271,858) | |
Nonvested at the end of the period (in shares) | 6,258,482 | 15,683,466 | 8,318,522 | |
Weighted Average Grant Date Fair Value | ||||
Balance at the beginning of the period (in dollars per share) | $ 3.96 | $ 3.96 | $ 2.76 | $ 7.94 |
Granted (in dollars per share) | 9.75 | 3.85 | 2.33 | |
Vested (in dollars per share) | 3.59 | 1.41 | 4.31 | |
Forfeited (in dollars per share) | 5.86 | 5.37 | 8.49 | |
Cancelled (in dollars per share) | 3.59 | 1.41 | 3.61 | |
Unvested at the end of the period (in dollars per share) | $ 5.91 | $ 3.96 | $ 2.76 | |
Tranche Years 2023 and 2024 awarded under the 2022 PSU award and Tranche Year 2023 awarded under the 2021 PSU award with grant date fair values to be determined in years 2023 and 2024, respectively | 2,523,692 | |||
Total Nonvested at December 31, 2022 | 8,782,174 | |||
Estimated nonvested shares | 6,258,482 | 15,683,466 | 8,318,522 | |
Special Performance Stock | Cumulative Adjusted EBITDA Target | ||||
Weighted Average Grant Date Fair Value | ||||
Percentage of performance target | 0% | |||
Special Performance Stock | Cumulative Adjusted Free Cash Flow Target | ||||
Weighted Average Grant Date Fair Value | ||||
Percentage of performance target | 79% |
INCOME TAXES - narrative (Detai
INCOME TAXES - narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jul. 31, 2020 | |
INCOME TAXES | ||||
Effective income tax rate (as a percent) | (0.30%) | 0.80% | (1.30%) | |
Estimated cancellation of debt income (CODI) recognized | $ 1,200 | $ 1.2 | ||
Estimated net operating loss from cancellation of debt income | $ 1,200 | 1,200 | ||
Goodwill impairment | $ 2,306.4 | |||
Net deferred tax liabilities | 32.1 | $ 30.7 | ||
Increase (Decrease) in Deferred Income Taxes | 152.5 | |||
Increase in Deferred Tax Assets | $ 152.5 |
INCOME TAXES - Income tax provi
INCOME TAXES - Income tax provision (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current: | ||||
Federal | $ 0.1 | |||
Foreign | $ 0.9 | $ 1.3 | (0.1) | |
State | (0.1) | (3.9) | (4.1) | |
Total current | 0.8 | (2.6) | (4.1) | |
Deferred: | ||||
Federal | 0.3 | (3.8) | 2.7 | |
Foreign | 0.7 | (2.1) | 57.6 | |
State | 0.7 | (1.7) | 3.7 | |
Deferred income taxes | 1.7 | (7.6) | 64 | |
Total provision (benefit) | 2.5 | (10.2) | 59.9 | |
Pre-tax income (losses) | ||||
Domestic | (685.8) | (1,029.5) | (3,036.4) | |
Foreign | (285.3) | (250.5) | (1,493.1) | |
Total | $ (971.1) | $ (1,280) | $ (4,529.5) | |
Foreign | Federal Ministry of Finance, Germany | ||||
Deferred: | ||||
Total provision (benefit) | $ 33.1 | |||
Foreign | Tax Authority Spain | ||||
Deferred: | ||||
Total provision (benefit) | $ 40.1 |
INCOME TAXES - Effective income
INCOME TAXES - Effective income tax rate on earnings (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of effective tax rate on earnings (loss) from continuing operations before income taxes and the U.S. federal income tax statutory rate | |||
Income tax expense (benefit) at the federal statutory rate | $ (203.9) | $ (268.8) | $ (951.2) |
Effect of: | |||
State income taxes | (30.9) | (46.9) | (89.5) |
Increase in reserve for uncertain tax positions | (3.3) | (1.9) | |
Federal and state credits | (2.5) | (2.3) | (3.6) |
Permanent items - goodwill impairment | 456.3 | ||
Permanent items - other | 5.2 | (3.1) | 13.2 |
Foreign rate differential | (11) | 4.3 | 19.7 |
Original issue discount | (152.5) | ||
Other | (14.2) | (5) | 1.7 |
Impact of UK tax rate change | (34.3) | ||
Valuation allowance | 412.3 | 349.2 | 615.2 |
Income tax provision (benefit) | $ 2.5 | $ (10.2) | $ 59.9 |
Effective income tax rate (as a percent) | (0.30%) | 0.80% | (1.30%) |
Deferred tax assets reinstated | $ 152.5 |
INCOME TAXES - Deferred taxes (
INCOME TAXES - Deferred taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Assets | |||
Accrued liabilities | $ 13.6 | $ 17.1 | |
Receivables | 18.2 | 7.8 | |
Investments | 45.9 | 51.8 | |
Capital loss carryforwards | 2 | 1.6 | |
Pension and deferred compensation | 18.3 | 23.3 | |
Corporate borrowings | 121.9 | 35.2 | |
Disallowed interest | 337.1 | 170.6 | |
Deferred revenue | 172.6 | 180.6 | |
Lease liabilities | 1,208 | 1,304.9 | |
Finance lease obligations | 0.4 | 1.2 | |
Other credit carryovers | 27.7 | 25.4 | |
Net operating loss carryforward | 676.1 | 530.9 | |
Total | 2,641.8 | 2,350.4 | |
Less: Valuation allowance | (1,513) | (1,114.1) | $ (764.9) |
Net deferred income taxes | 1,128.8 | 1,236.3 | |
Liabilities | |||
Tangible assets | (111.7) | (131.7) | |
Right-of-use assets | (935.3) | (1,023.4) | |
Intangible assets | (113.9) | (111.9) | |
Total deferred income taxes | (1,160.9) | (1,267) | |
Rollforward of the Company's valuation allowance for deferred tax assets | |||
Balance at Beginning of Period | 1,114.1 | 764.9 | 312.8 |
Additions Charged to Expenses | 412.3 | 349.2 | 615.2 |
Charged (Credited) to Other Accounts | (13.4) | (163.1) | |
Balance at End of Period | $ 1,513 | $ 1,114.1 | $ 764.9 |
INCOME TAXES - Income tax loss
INCOME TAXES - Income tax loss carryforward (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income tax loss carryforward | ||||
Valuation allowance | $ 1,513 | $ 1,114.1 | $ 764.9 | $ 312.8 |
Domestic | ||||
Income tax loss carryforward | ||||
Income tax loss carryforward | 1,712.5 | |||
Income tax loss carryforward subject to expiration | 320.6 | |||
Income tax loss carryforward not subject to expiration | 1,391.9 | |||
Foreign | ||||
Income tax loss carryforward | ||||
Income tax loss carryforward | 878.5 | |||
Foreign | Expiration between 2022 and 2035 | ||||
Income tax loss carryforward | ||||
Income tax loss carryforward | 10.6 | |||
State | ||||
Income tax loss carryforward | ||||
Income tax loss carryforward | 2,293.2 | |||
Income tax loss carryforward subject to expiration | 1,651.7 | |||
Income tax loss carryforward not subject to expiration | $ 641.5 | |||
State | Minimum | ||||
Income tax loss carryforward | ||||
Period of limitations on use | 1 year | |||
State | Maximum | ||||
Income tax loss carryforward | ||||
Period of limitations on use | 20 years |
INCOME TAXES - Unrecognized tax
INCOME TAXES - Unrecognized tax benefits (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Reconciliation of the change in the amount of unrecognized tax benefits | |||
Balance at beginning of period | $ 8,300 | $ 33,500 | $ 31,000 |
Gross increases-current period tax positions | 4,800 | ||
Gross decreases-tax position in prior periods | (22,500) | (1,300) | |
Gross decreases-settlements with authorities | (2,200) | ||
Gross decreases-expiration of statute of limitations | (900) | (500) | (1,000) |
Balance at end of period | 7,400 | 8,300 | 33,500 |
Interest expense recognized | 0 | 0 | $ 0 |
Unrecognized tax benefits that would impact the effective tax rate | 200 | 300 | |
Unrecognized tax positions | $ 0 | ||
Number of subsidiaries files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions | item | 1 | ||
State | |||
Reconciliation of the change in the amount of unrecognized tax benefits | |||
Interest expense recognized | $ 0 | 600 | |
Penalties | $ 400 | ||
Accrued interest and penalties | $ 0 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) | Feb. 20, 2023 item | Nov. 30, 2022 USD ($) | Jun. 06, 2022 USD ($) | Sep. 02, 2021 USD ($) | Sep. 14, 2018 $ / shares | Jan. 19, 2018 item | Jan. 12, 2018 item |
COMMITMENTS AND CONTINGENCIES | |||||||
Number of actions | item | 2 | ||||||
Number of pending actions | item | 2 | 2 | |||||
Litigation settlement amount | $ 18,000,000 | ||||||
Amount received from legal settlement | $ 17,375,000 | ||||||
Fee and expense award to Plaintiff's counsel | $ 3,450,000 | ||||||
Dividends declared | $ / shares | $ 1.55 |
FAIR VALUE MEASUREMENTS - Fair
FAIR VALUE MEASUREMENTS - Fair value on a recurring basis (Details) $ in Millions | Dec. 31, 2022 USD ($) Y $ / shares | Dec. 31, 2021 USD ($) |
Other long-term assets: | ||
The company's recorded investment | $ 69.6 | $ 85.6 |
Price Volatility Rate | Investment in Hycroft Mining Holding Corporation Warrants | ||
Other long-term assets: | ||
Estimates to value Warrants | 123.3 | |
Discount yield | Investment in Hycroft Mining Holding Corporation Warrants | ||
Other long-term assets: | ||
Estimates to value Warrants | 4.1 | |
Expected Term | Investment in Hycroft Mining Holding Corporation Warrants | ||
Other long-term assets: | ||
Estimates to value Warrants | Y | 4.2 | |
Exercise Price | Investment in Hycroft Mining Holding Corporation Warrants | ||
Other long-term assets: | ||
Estimates to value Warrants | $ / shares | 1.068 | |
Recurring basis | ||
Other long-term assets: | ||
Money market mutual funds | 0.5 | |
Investments measured at net asset value | 12.4 | |
Total assets at fair value | $ 21.7 | 12.9 |
Recurring basis | Investment in Hycroft Mining Holding Corporation Warrants | ||
Other long-term assets: | ||
Investments measured at net asset value | 9.2 | |
Recurring basis | Hycroft | ||
Other long-term assets: | ||
The company's recorded investment | 12.5 | |
Recurring basis | Quoted prices in active market (Level 1) | ||
Other long-term assets: | ||
Money market mutual funds | 0.5 | |
Total assets at fair value | 12.5 | $ 0.5 |
Recurring basis | Quoted prices in active market (Level 1) | Hycroft | ||
Other long-term assets: | ||
The company's recorded investment | 12.5 | |
Recurring basis | Significant unobservable inputs (Level 3) | ||
Other long-term assets: | ||
Total assets at fair value | 9.2 | |
Recurring basis | Significant unobservable inputs (Level 3) | Investment in Hycroft Mining Holding Corporation Warrants | ||
Other long-term assets: | ||
Investments measured at net asset value | $ 9.2 |
FAIR VALUE MEASUREMENTS - Fai_2
FAIR VALUE MEASUREMENTS - Fair value on a nonrecurring basis (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Other Fair Value Measurement Disclosures | |||
Indefinite-lived intangible assets | $ 143 | $ 146.4 | |
Total loss on property owned, net | 133.1 | 77.2 | $ 177.9 |
Current maturities of corporate borrowings, carrying value | 20 | 20 | |
Corporate borrowings, noncurrent, carrying value | 5,120.8 | 5,408 | |
International markets | |||
Other Fair Value Measurement Disclosures | |||
Total loss on property owned, net | 59.7 | 15.9 | 25.4 |
U.S. | |||
Other Fair Value Measurement Disclosures | |||
Total loss on property owned, net | $ 73.4 | $ 61.3 | $ 152.2 |
Discount yield | International markets | |||
Other Fair Value Measurement Disclosures | |||
Derivative Asset, Measurement Input | 12.5 | 11.5 | |
Discount yield | U.S. | |||
Other Fair Value Measurement Disclosures | |||
Derivative Asset, Measurement Input | 10 | 10 | |
Nonrecurring basis | |||
Other Fair Value Measurement Disclosures | |||
Property net | $ 27.8 | $ 21.8 | |
Operating lease right-of-use assets | 105.3 | ||
Total loss on Operating lease right-of-use assets | 53.4 | ||
Total loss on property owned, net | 2 | ||
Total assets at fair value | 133.1 | ||
Total losses | 77.2 | ||
Total Carrying Value. | |||
Other Fair Value Measurement Disclosures | |||
Current maturities of corporate borrowings, carrying value | 20 | 20 | |
Corporate borrowings, noncurrent, carrying value | 5,120.8 | 5,408 | |
Total Carrying Value. | Nonrecurring basis | |||
Other Fair Value Measurement Disclosures | |||
Property net | 57.3 | 22.8 | |
Operating lease right-of-use assets | 138.4 | 99.2 | |
Property owned, net | 2 | ||
Total assets at fair value | 195.7 | 124 | |
Significant other observable inputs (Level 2) | |||
Other Fair Value Measurement Disclosures | |||
Current maturities of corporate borrowings, fair value | 10.8 | 18.1 | |
Corporate borrowings, noncurrent, fair value | 2,516.2 | 4,263.5 | |
Significant unobservable inputs (Level 3) | |||
Other Fair Value Measurement Disclosures | |||
Corporate borrowings, noncurrent, fair value | 681.4 | ||
Significant unobservable inputs (Level 3) | Nonrecurring basis | |||
Other Fair Value Measurement Disclosures | |||
Property net | 57.3 | 22.8 | |
Operating lease right-of-use assets | 138.4 | 99.2 | |
Property owned, net | 2 | ||
Total assets at fair value | $ 195.7 | $ 124 |
OPERATING SEGMENTS (Details)
OPERATING SEGMENTS (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
OPERATING SEGMENT | |||||||
Number of reportable segments | segment | 2 | ||||||
Financial information by reportable operating segment | |||||||
Revenues | $ 3,911.4 | $ 2,527.9 | $ 1,242.4 | ||||
Adjusted EBITDA | 46.6 | (291.7) | (999.2) | ||||
Capital expenditures | $ 72.3 | $ 54.5 | $ 40.4 | $ 34.8 | 202 | 92.4 | 173.8 |
Long-term assets, net | 8,233.5 | 8,233.5 | 8,951.2 | ||||
U. S. markets | Operating Segments | |||||||
Financial information by reportable operating segment | |||||||
Revenues | 2,961.7 | 1,875.8 | 826.7 | ||||
Adjusted EBITDA | 59.6 | (250.6) | (768.2) | ||||
Capital expenditures | 138.4 | 63.9 | 109.9 | ||||
Long-term assets, net | 6,135.9 | 6,135.9 | 6,434.5 | ||||
International markets. | Operating Segments | |||||||
Financial information by reportable operating segment | |||||||
Revenues | 949.7 | 652.1 | 415.7 | ||||
Adjusted EBITDA | (13) | (41.1) | (231) | ||||
Capital expenditures | 63.6 | 28.5 | 63.9 | ||||
Long-term assets, net | $ 2,097.6 | 2,097.6 | 2,516.7 | ||||
U.S. | |||||||
Financial information by reportable operating segment | |||||||
Revenues | 2,961.7 | 1,875.8 | 826.7 | ||||
UK | |||||||
Financial information by reportable operating segment | |||||||
Revenues | 379.3 | 283.6 | 127.9 | ||||
Spain | |||||||
Financial information by reportable operating segment | |||||||
Revenues | 114.6 | 81.8 | 52.1 | ||||
Sweden | |||||||
Financial information by reportable operating segment | |||||||
Revenues | 125 | 82.3 | 63.2 | ||||
Italy | |||||||
Financial information by reportable operating segment | |||||||
Revenues | 90.4 | 57.5 | 47.5 | ||||
Germany | |||||||
Financial information by reportable operating segment | |||||||
Revenues | 96.2 | 54.4 | 38.2 | ||||
Finland | |||||||
Financial information by reportable operating segment | |||||||
Revenues | 73.9 | 49.1 | 43.4 | ||||
Ireland | |||||||
Financial information by reportable operating segment | |||||||
Revenues | 27.3 | 16.9 | 9.3 | ||||
Other foreign countries | |||||||
Financial information by reportable operating segment | |||||||
Revenues | $ 43 | $ 26.5 | $ 34.1 |
OPERATING SEGMENTS - Reconcilia
OPERATING SEGMENTS - Reconciliation (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) item | Dec. 31, 2020 USD ($) item | |
OPERATING SEGMENT | |||
Net loss | $ (973.6) | $ (1,269.8) | $ (4,589.4) |
Income tax provision (benefit) | 2.5 | (10.2) | 59.9 |
Interest expense | 378.7 | 458.1 | 356.9 |
Depreciation and amortization | 396 | 425 | 498.3 |
Impairment of long-lived assets, definite and indefinite-lived intangible assets and goodwill | 133.1 | 77.2 | 2,513.9 |
Certain operating expense (income) | 8 | 0.2 | (9.4) |
Equity in (earnings) loss of non-consolidated entities | 1.6 | (11) | 30.9 |
Impairment of equity method investments recorded in equity in earnings (loss) of non-consolidated entities | 8.6 | ||
Cash distributions from non-consolidated entities | 6.6 | 12.5 | 17.4 |
Attributable EBITDA | 0.4 | 3.7 | 0.2 |
Investment expense (income) | (14.9) | 9.2 | (10.1) |
Other expense (income) | 80.4 | (0.1) | 66.9 |
Other non-cash rent benefit | (26.6) | (24.9) | (4.9) |
General and administrative - unallocated: | |||
Merger, acquisition and other costs | 2.1 | 13.7 | 24.6 |
Stock-based compensation expense | 22.5 | 43.1 | 25.4 |
Adjusted EBITDA | 46.6 | (291.7) | (999.2) |
Impairment of goodwill | 2,306.4 | ||
Impairment of long-lived assets | 133.1 | 77.2 | 177.9 |
Impairment of indefinite-lived intangible assets | 0 | 0 | 15.2 |
Impairment of definite-lived intangible assets | 14.4 | ||
Derivative liability fair value adjustment | 0 | 0 | (89.4) |
(Gain) loss on extinguishment of debt | 92.8 | 14.1 | (93.6) |
Attributable EBITDA | |||
OPERATING SEGMENT | |||
Income tax provision (benefit) | 0.1 | 0.3 | 0.1 |
Interest expense | 0.1 | 0.2 | 0.1 |
Depreciation and amortization | 2.8 | 5.6 | 3.2 |
Impairment of long-lived assets, definite and indefinite-lived intangible assets and goodwill | 4.2 | ||
Equity in (earnings) loss of non-consolidated entities | 1.6 | (11) | 30.9 |
Equity in (earnings) of non-consolidated entities excluding International theatre joint ventures | (5.4) | (13.5) | 27.4 |
Equity in loss of International theatre joint ventures | (7) | (2.5) | (3.5) |
Attributable EBITDA | 0.4 | 3.7 | 0.2 |
Investment expense (income) | (0.2) | 0.1 | 0.4 |
Other expense (income) | (0.2) | (0.7) | |
Other expense (income) | |||
General and administrative - unallocated: | |||
(Gain) loss on extinguishment of debt | 92.8 | 14.4 | |
Financing fees | 1 | 39.3 | |
Foreign currency transaction (gains) losses | (12.3) | (9.8) | |
Credit income related to contingent lease guarantees | (0.2) | (5.7) | 15 |
Other expense (income) | Convertible Notes due 2026 | |||
General and administrative - unallocated: | |||
(Gain) loss on extinguishment of debt | (93.6) | ||
Other expense (income) | Embedded Derivative Financial Instruments [Member] | |||
General and administrative - unallocated: | |||
Derivative liability fair value adjustment | 109 | ||
DCIP | |||
OPERATING SEGMENT | |||
Equity in (earnings) loss of non-consolidated entities | (3.4) | 12.2 | (14.5) |
Cash distributions from non-consolidated entities | 12.2 | ||
SCC | |||
OPERATING SEGMENT | |||
Equity in (earnings) loss of non-consolidated entities | 7.6 | ||
Oden trade name | |||
General and administrative - unallocated: | |||
Impairment of indefinite-lived intangible assets | 12.5 | ||
Nordic trade names | |||
General and administrative - unallocated: | |||
Impairment of indefinite-lived intangible assets | 2.7 | ||
Domestic theatres | |||
General and administrative - unallocated: | |||
Impairment of goodwill | 1,276.1 | ||
Impairment of definite-lived intangible assets | 14.4 | ||
International theatres | |||
General and administrative - unallocated: | |||
Impairment of goodwill | 1,030.3 | ||
U. S. markets | |||
General and administrative - unallocated: | |||
Impairment of long-lived assets | $ 73.4 | $ 61.3 | $ 152.5 |
Tangible asset impairment, number of theatres | item | 68 | 77 | 101 |
Tangible asset impairment, number of screens | item | 817 | 805 | 1,139 |
International markets. | |||
General and administrative - unallocated: | |||
Impairment of long-lived assets | $ 59.7 | $ 15.9 | $ 25.4 |
Tangible asset impairment, number of theatres | item | 53 | 14 | 37 |
Tangible asset impairment, number of screens | item | 456 | 118 | 340 |
International markets. | Oden trade name | |||
General and administrative - unallocated: | |||
Impairment of long-lived assets | $ 12.5 | ||
International markets. | Nordic trade names | |||
General and administrative - unallocated: | |||
Impairment of long-lived assets | $ 2.7 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Change in AOCI by component (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated other comprehensive loss | |||
Balance at the beginning of the period | $ (28.1) | ||
Realized loss on foreign currency transactions reclassified into investment expense (income) | $ (0.4) | $ 1.9 | |
Balance at the end of period | (77.3) | (28.1) | |
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated other comprehensive loss | |||
Balance at the beginning of the period | (28.1) | 38.7 | |
Other comprehensive income (loss) | (49.2) | (66.4) | |
Realized loss on foreign currency transactions reclassified into investment expense (income) | (0.4) | ||
Balance at the end of period | (77.3) | (28.1) | 38.7 |
Foreign Currency | |||
Accumulated other comprehensive loss | |||
Balance at the beginning of the period | (19) | 60.1 | |
Other comprehensive income (loss) | (59.8) | (78.7) | |
Realized loss on foreign currency transactions reclassified into investment expense (income) | (0.4) | 1.9 | |
Balance at the end of period | (78.8) | (19) | 60.1 |
Pension Benefits | |||
Accumulated other comprehensive loss | |||
Balance at the beginning of the period | (9.1) | (21.4) | |
Other comprehensive income (loss) | 10.6 | 12.3 | |
Balance at the end of period | $ 1.5 | $ (9.1) | $ (21.4) |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - OCI and tax effects (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pre-Tax Amount | |||
Other comprehensive income (loss), before tax | $ (49.2) | $ (66.8) | $ 64.6 |
Tax (Expense) Benefit | |||
Other comprehensive income (loss), tax | (0.2) | 0.2 | |
Net-of-Tax Amount | |||
Realized loss on foreign currency transactions reclassified into investment expense (income), net of tax | (0.4) | 1.9 | |
Other comprehensive income (loss) | (49.2) | (67) | 64.8 |
Foreign Currency | |||
Pre-Tax Amount | |||
Unrealized foreign currency translation adjustment arising during the period | (59.8) | (78.9) | 66.8 |
Realized gain (loss) on foreign currency transactions | (0.9) | 1.9 | |
Tax (Expense) Benefit | |||
Unrealized foreign currency translation adjustment arising during the period, tax | 0.2 | ||
Realized gain (loss) on foreign currency transactions, net of tax | 0.5 | ||
Net-of-Tax Amount | |||
Unrealized foreign currency translation adjustment arising during the period, net of tax | (59.8) | (78.9) | 67 |
Realized loss on foreign currency transactions reclassified into investment expense (income), net of tax | (0.4) | 1.9 | |
Pension and other benefit adjustments | |||
Pre-Tax Amount | |||
Unrealized foreign currency translation adjustment arising during the period | 10.6 | 13 | (4.1) |
Tax (Expense) Benefit | |||
Unrealized foreign currency translation adjustment arising during the period, tax | (0.7) | ||
Net-of-Tax Amount | |||
Unrealized foreign currency translation adjustment arising during the period, net of tax | $ 10.6 | $ 12.3 | $ (4.1) |
LOSS PER SHARE (Details)
LOSS PER SHARE (Details) | 12 Months Ended | |||||||
Aug. 04, 2022 shares | Jan. 29, 2021 USD ($) $ / shares | Jul. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) $ / shares shares | Sep. 14, 2020 $ / shares | Sep. 13, 2020 $ / shares | |
Numerator: | ||||||||
Net loss for basic loss per share attributable to AMC Entertainment Holdings, Inc. | $ | $ (973,600,000) | $ (1,269,100,000) | $ (4,589,100,000) | |||||
Net loss for diluted loss per share attributable to AMC Entertainment Holdings, Inc. | $ | $ (973,600,000) | $ (1,269,100,000) | $ (4,589,100,000) | |||||
Denominator (shares in thousands): | ||||||||
Weighted average shares for basic loss per common share | 1,047,689,000 | 954,820,000 | 234,424,000 | |||||
Weighted average shares for diluted loss per common share | 1,047,689,000 | 954,820,000 | 234,424,000 | |||||
Basic loss per common share (in dollars per share) | $ / shares | $ (0.93) | $ (1.33) | $ (19.58) | |||||
Diluted loss per common share (in dollars per share) | $ / shares | $ (0.93) | $ (1.33) | $ (19.58) | |||||
Common stock dividend declared | 1 | |||||||
Conversion ratio | 0.01 | 1 | ||||||
Conversion of share based payment awards into preferred stock | 1 | |||||||
Conversion ratio of share based payment awards into common stock | 1 | |||||||
Preferred stock authorized | 50,000,000 | 50,000,000 | ||||||
Preferred stock, unallocated authorized shares | 40,000,000 | |||||||
AMC Preferred Equity Units [Member] | ||||||||
Denominator (shares in thousands): | ||||||||
Preferred stock authorized | 10,000,000 | 10,000,000 | ||||||
Preferred stock, shares issued (in shares) | 7,245,872 | 5,139,791 | ||||||
Preferred stock, unallocated authorized shares | 40,000,000 | |||||||
Convertible Notes due 2026 | ||||||||
Denominator (shares in thousands): | ||||||||
Conversion amount | $ | $ 600,000,000 | |||||||
Conversion price (in dollars per share) | $ / shares | $ 6.76 | |||||||
Number of shares upon conversion | $ | 44,422,860 | |||||||
Convertible Notes due 2026 | AMC Preferred Equity Units [Member] | ||||||||
Denominator (shares in thousands): | ||||||||
Number of shares upon conversion | $ | 44,422,860 | |||||||
2.95% Senior Secured Convertible Notes due 2024 | ||||||||
Denominator (shares in thousands): | ||||||||
Anti-dilutive securities not included in the computations of diluted earnings (loss) per share (in shares) | 71,000,000 | |||||||
Conversion amount | $ | $ 600,000,000 | |||||||
Conversion price (in dollars per share) | $ / shares | $ 6.76 | $ 9.48 | ||||||
Interest expense not eliminated from net loss in EPS calculation due to anti-dilutive effect | $ | $ 31,800,000 | |||||||
Derivative loss (gain) not eliminated from net loss in EPS calculation due to anti-dilutive effect | $ | $ 89,400,000 | |||||||
Restricted stock unit | ||||||||
Denominator (shares in thousands): | ||||||||
Anti-dilutive securities not included in the computations of diluted earnings (loss) per share (in shares) | 2,523,364 | 4,495,250 | 2,262,666 | |||||
Performance Vesting | ||||||||
Denominator (shares in thousands): | ||||||||
Anti-dilutive securities not included in the computations of diluted earnings (loss) per share (in shares) | 0 | 0 | 1,298,418 | |||||
Special Performance Stock Unit | ||||||||
Denominator (shares in thousands): | ||||||||
Anti-dilutive securities not included in the computations of diluted earnings (loss) per share (in shares) | 1,156,656 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ / shares in Units, ر.س in Millions | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Mar. 14, 2023 shares | Feb. 23, 2023 $ / shares shares | Feb. 07, 2023 USD ($) shares | Jan. 06, 2023 USD ($) | Dec. 30, 2022 USD ($) | Dec. 30, 2022 SAR (ر.س) | Jun. 06, 2022 USD ($) | Jul. 31, 2020 USD ($) | Feb. 28, 2023 USD ($) shares | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) shares | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) | Apr. 06, 2023 shares | Mar. 15, 2023 shares | Mar. 13, 2023 shares | Feb. 08, 2023 shares | |
Subsequent Event [Line Items] | |||||||||||||||||||
Gross proceeds | $ 1,570,700,000 | $ 264,700,000 | |||||||||||||||||
Stock-based compensation expense | $ 22,500,000 | 43,100,000 | 25,400,000 | ||||||||||||||||
Gain on Extinguishment | (92,800,000) | (14,100,000) | 93,600,000 | ||||||||||||||||
Amount received from legal settlement | $ 17,375,000 | ||||||||||||||||||
Net proceeds from AMC Preferred Equity Units issuance | $ 212,600,000 | $ 8,500,000 | 220,400,000 | ||||||||||||||||
Carrying value of corporate borrowings | $ 4,949,000,000 | 4,949,000,000 | 5,169,100,000 | ||||||||||||||||
Accrued interest paid | $ 379,000,000 | $ 274,700,000 | 237,500,000 | ||||||||||||||||
Preferred stock authorized | shares | 50,000,000 | 50,000,000 | 50,000,000 | ||||||||||||||||
Second Lien Notes due 2026 | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Aggregate principal amount | $ 1,289,100,000 | $ 173,200,000 | $ 173,200,000 | ||||||||||||||||
PIK interest rate | 12% | ||||||||||||||||||
Aggregate Principal Repruchased | 118,300,000 | 118,300,000 | |||||||||||||||||
Repurchase amount | $ 68,300,000 | 68,300,000 | |||||||||||||||||
Gain on Extinguishment | (75,000,000) | ||||||||||||||||||
Accrued interest | $ 4,500,000 | ||||||||||||||||||
Carrying value of corporate borrowings | $ 1,997,400,000 | ||||||||||||||||||
Stated interest rate (as a percent) | 10% | ||||||||||||||||||
Saudi Cinema Company | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Percentage of equity method investment sold | 10% | 10% | |||||||||||||||||
Equity method investment, amount sold | $ 30,000,000 | ر.س 112.5 | |||||||||||||||||
Odeon Senior Secured Note 2027 | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Stated interest rate (as a percent) | 12.75% | 12.75% | 12.75% | ||||||||||||||||
Odeon Term Loan Facility due 2023 | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Stated interest rate (as a percent) | 11.25% | 11.25% | |||||||||||||||||
5.875% Senior Subordinated Notes due 2026. | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Aggregate principal amount | $ 539,393,000 | $ 539,393,000 | |||||||||||||||||
Stated interest rate (as a percent) | 5.875% | 5.875% | 5.875% | ||||||||||||||||
Class A common stock | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Number of shares authorized | shares | 524,173,073 | 524,173,073 | 524,173,073 | ||||||||||||||||
Outstanding shares | shares | 516,838,912 | 516,838,912 | 513,979,100 | ||||||||||||||||
Class A common stock | Second Lien Notes due 2026 | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Gain on Extinguishment | $ 93,600,000 | ||||||||||||||||||
AMC Preferred Equity Units [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Preferred stock authorized | shares | 10,000,000 | 10,000,000 | 10,000,000 | ||||||||||||||||
Preferred equity units company amount not to exceed | $ 140,000,000 | ||||||||||||||||||
Subsequent Events | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Gross proceeds | $ 9,600,000 | ||||||||||||||||||
Number of shares issued | shares | 6,600,000 | ||||||||||||||||||
Payment of stock issue costs | $ 200,000 | ||||||||||||||||||
Stock-based compensation expense | (20,200,000) | ||||||||||||||||||
Aggregate Principal Repruchased | $ 70,200,000 | ||||||||||||||||||
Gain on Extinguishment | 44,300,000 | ||||||||||||||||||
Amount received from legal settlement | $ 14,000,000 | ||||||||||||||||||
Number of shares authorized | shares | 550,000,000 | 550,000,000 | 524,173,073 | ||||||||||||||||
Stock split conversion ratio | 0.1 | ||||||||||||||||||
Outstanding shares | shares | 51,758,042 | 144,743,012 | 517,580,416 | ||||||||||||||||
Convertible shares | shares | 92,984,970 | ||||||||||||||||||
Subsequent Events | Second Lien Notes due 2026 | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Proceeds from notes | $ 75,100,000 | ||||||||||||||||||
Subsequent Events | 5.875% Senior Subordinated Notes due 2026. | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Stated interest rate (as a percent) | 5.875% | ||||||||||||||||||
Subsequent Events | Antara Capital LP | Second Lien Notes due 2026 | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Aggregate Principal Repruchased | $ 15,000,000 | ||||||||||||||||||
Repurchase amount | 5,900,000 | ||||||||||||||||||
Gain on Extinguishment | 12,000,000 | ||||||||||||||||||
Subsequent Events | Saudi Cinema Company | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Gain on investment sold | $ 15,500,000 | ||||||||||||||||||
Subsequent Events | Second Lien Notes due 2026 | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Aggregate principal amount | $ 100,000,000 | ||||||||||||||||||
Cash interest rate (as a percent) | 10% | ||||||||||||||||||
PIK interest rate | 12% | ||||||||||||||||||
Carrying value of corporate borrowings | $ 118,600,000 | ||||||||||||||||||
Accrued interest paid | 1,400,000 | ||||||||||||||||||
Subsequent Events | AMC Preferred Equity Units [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Net proceeds from AMC Preferred Equity Units issuance | $ 75,100,000 | ||||||||||||||||||
Outstanding shares | shares | 929,849,612 | ||||||||||||||||||
Preferred stock authorized | shares | 140,000,000 | ||||||||||||||||||
Subsequent Events | AMC Preferred Equity Units [Member] | Antara | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Preferred stock authorized | shares | 26,000,000 | 26,000,000 | |||||||||||||||||
Subsequent Events | AMC Preferred Equity Units [Member] | Second Lien Notes due 2026 | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Number of shares issued | shares | 197,621,297 | ||||||||||||||||||
Subsequent Events | Series A Preferred Stock | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Outstanding shares | shares | 9,298,497 | ||||||||||||||||||
Subsequent Events | Performance Vesting | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Expected performance target to be achieved (as a percent) | 200% | ||||||||||||||||||
Subsequent Events | Performance Vesting | Class A common stock | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Shares vested | shares | 2,389,589 | ||||||||||||||||||
Price per share (in dollars per share) | $ / shares | $ 6.23 | ||||||||||||||||||
Subsequent Events | Performance Vesting | AMC Preferred Equity Units [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Shares vested | shares | 2,389,589 | ||||||||||||||||||
Price per share (in dollars per share) | $ / shares | $ 2.22 |
SUBSEQUENT EVENTS - Debt repurc
SUBSEQUENT EVENTS - Debt repurchase transactions (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 07, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SUBSEQUENT EVENT | ||||
Gains (Losses) on Extinguishment of Debt | $ (92.8) | $ (14.1) | $ 93.6 | |
Accrued interest paid | 4.5 | |||
Second Lien Notes due 2026 | ||||
SUBSEQUENT EVENT | ||||
Gains (Losses) on Extinguishment of Debt | $ 75 | |||
Subsequent Events | ||||
SUBSEQUENT EVENT | ||||
Debt Instrument, Repurchased Face Amount | $ 70.2 | |||
Reacquisition Cost | 38.1 | |||
Gains (Losses) on Extinguishment of Debt | 44.3 | |||
Accrued interest paid | 1 | |||
Subsequent Events | Related party transactions | ||||
SUBSEQUENT EVENT | ||||
Debt Instrument, Repurchased Face Amount | 46 | |||
Reacquisition Cost | 26.1 | |||
Gains (Losses) on Extinguishment of Debt | 27.6 | |||
Accrued interest paid | 0.8 | |||
Subsequent Events | Non-related party transactions | ||||
SUBSEQUENT EVENT | ||||
Debt Instrument, Repurchased Face Amount | 24.2 | |||
Reacquisition Cost | 12 | |||
Gains (Losses) on Extinguishment of Debt | 16.7 | |||
Accrued interest paid | 0.2 | |||
Subsequent Events | Second Lien Notes due 2026 | Related party transactions | ||||
SUBSEQUENT EVENT | ||||
Debt Instrument, Repurchased Face Amount | 41.9 | |||
Reacquisition Cost | 24.4 | |||
Gains (Losses) on Extinguishment of Debt | 25.3 | |||
Accrued interest paid | 0.7 | |||
Subsequent Events | Second Lien Notes due 2026 | Non-related party transactions | ||||
SUBSEQUENT EVENT | ||||
Debt Instrument, Repurchased Face Amount | 24.2 | |||
Reacquisition Cost | 12 | |||
Gains (Losses) on Extinguishment of Debt | 16.7 | |||
Accrued interest paid | 0.2 | |||
Subsequent Events | 5.875% Senior Subordinated Notes due 2026 | Related party transactions | ||||
SUBSEQUENT EVENT | ||||
Debt Instrument, Repurchased Face Amount | 4.1 | |||
Reacquisition Cost | 1.7 | |||
Gains (Losses) on Extinguishment of Debt | 2.3 | |||
Accrued interest paid | $ 0.1 |