Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 21, 2024 | Jun. 30, 2023 | |
Document and Entity Information | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
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 | ||
Title of 12(b) Security | Class A common stock | ||
Trading Symbol | AMC | ||
Security Exchange Name | NYSE | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 4,016,453,670 | ||
Entity Common Stock, Shares Outstanding | 263,278,238 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Firm ID | 42 | ||
Auditor Location | Kansas City, Missouri | ||
Entity Central Index Key | 0001411579 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | |||
Total revenues | $ 4,812.6 | $ 3,911.4 | $ 2,527.9 |
Operating costs and expenses | |||
Operating expense, excluding depreciation and amortization below | 1,691.5 | 1,528.4 | 1,141.8 |
Rent | 873.5 | 886.2 | 828 |
General and administrative: | |||
Merger, acquisition and other costs | 1.7 | 2.1 | 13.7 |
Other, excluding depreciation and amortization below | 241.9 | 207.6 | 226.6 |
Depreciation and amortization | 365 | 396 | 425 |
Impairment of long-lived assets | 106.9 | 133.1 | 77.2 |
Operating costs and expenses | 4,886.9 | 4,433.7 | 3,457.9 |
Operating loss | (74.3) | (522.3) | (930) |
Other expense, net: | |||
Other expense (income) | (69.1) | 53.6 | (87.9) |
Interest expense: | |||
Corporate borrowings | 369.6 | 336.4 | 414.9 |
Finance lease obligations | 3.7 | 4.1 | 5.2 |
Non-cash NCM exhibitor services agreement | 37.9 | 38.2 | 38 |
Equity in (earnings) loss of non-consolidated entities | (7.7) | 1.6 | (11) |
Investment expense (income) | (15.5) | 14.9 | (9.2) |
Total other expense, net | 318.9 | 448.8 | 350 |
Net loss before income taxes | (393.2) | (971.1) | (1,280) |
Income tax provision (benefit) | 3.4 | 2.5 | (10.2) |
Net loss | (396.6) | (973.6) | (1,269.8) |
Less: Net loss attributable to noncontrolling interests | (0.7) | ||
Net loss attributable to AMC Entertainment Holdings, Inc. | $ (396.6) | $ (973.6) | $ (1,269.1) |
Net earnings (loss) per share attributable to AMC Entertainment Holdings, Inc.'s common stockholders: | |||
Basic (in dollars per share) | $ (2.37) | $ (9.29) | $ (13.29) |
Diluted (in dollars per share) | $ (2.37) | $ (9.29) | $ (13.29) |
Average shares outstanding: | |||
Basic (Shares in thousands) | 167,644 | 104,769 | 95,482 |
Diluted (Shares in thousands) | 167,644 | 104,769 | 95,482 |
Admissions | |||
Revenues | |||
Total revenues | $ 2,690.5 | $ 2,201.4 | $ 1,394.2 |
Operating costs and expenses | |||
Operating costs and expenses | 1,291.1 | 1,051.7 | 607.7 |
Food and beverage | |||
Revenues | |||
Total revenues | 1,669.8 | 1,313.7 | 857.3 |
Operating costs and expenses | |||
Operating costs and expenses | 315.3 | 228.6 | 137.9 |
Other theatre. | |||
Revenues | |||
Total revenues | $ 452.3 | $ 396.3 | $ 276.4 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | |||
Net loss | $ (396.6) | $ (973.6) | $ (1,269.8) |
Other comprehensive loss: | |||
Unrealized foreign currency translation adjustments | 1.1 | (59.8) | (78.9) |
Realized loss on foreign currency transactions reclassified into investment income, net of tax | (0.4) | ||
Pension adjustments: | |||
Net gain (loss) arising during the period | (2) | 10.6 | 12.3 |
Other comprehensive loss: | (0.9) | (49.2) | (67) |
Total comprehensive loss | (397.5) | (1,022.8) | (1,336.8) |
Comprehensive loss attributable to noncontrolling interests | (0.9) | ||
Comprehensive loss attributable to AMC Entertainment Holdings, Inc. | $ (397.5) | $ (1,022.8) | $ (1,335.9) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 884.3 | $ 631.5 |
Restricted cash | 27.1 | 22.9 |
Receivables, net | 203.7 | 166.6 |
Other current assets | 88 | 81.1 |
Total current assets | 1,203.1 | 902.1 |
Property, net | 1,560.4 | 1,719.2 |
Operating lease right-of-use assets, net | 3,544.5 | 3,802.9 |
Intangible assets, net | 146.7 | 147.3 |
Goodwill | 2,358.7 | 2,342 |
Other long-term assets | 195.8 | 222.1 |
Total assets | 9,009.2 | 9,135.6 |
Current liabilities: | ||
Accounts payable | 320.5 | 330.5 |
Accrued expenses and other liabilities | 350.8 | 364.3 |
Deferred revenues and income | 421.8 | 402.7 |
Current maturities of corporate borrowings | 25.1 | 20 |
Current maturities of finance lease liabilities | 5.4 | 5.5 |
Current maturities of operating lease liabilities | 508.8 | 567.3 |
Total current liabilities | 1,632.4 | 1,690.3 |
Corporate borrowings | 4,552.3 | 5,120.8 |
Finance lease liabilities | 50 | 53.3 |
Operating lease liabilities | 4,000.7 | 4,252.7 |
Exhibitor services agreement | 486.6 | 505.8 |
Deferred tax liability, net | 32.4 | 32.1 |
Other long-term liabilities | 102.7 | 105.1 |
Total liabilities | 10,857.1 | 11,760.1 |
Commitments and contingencies | ||
Stockholders' deficit: | ||
Preferred stock | 0.1 | |
Class A common stock ($.01 par value, 550,000,000 shares authorized; 260,574,392 shares issued and outstanding as of December 31, 2023; 524,173,073 authorized; 51,683,892 shares issued and outstanding as of December 31, 2022) | 2.6 | 0.5 |
Additional paid-in capital | 6,221.9 | 5,049.8 |
Accumulated other comprehensive loss | (78.2) | (77.3) |
Accumulated deficit | (7,994.2) | (7,597.6) |
Total stockholders' deficit | (1,847.9) | (2,624.5) |
Total liabilities and stockholders' deficit | $ 9,009.2 | $ 9,135.6 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, share authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 0 | |
Preferred stock, shares outstanding ( in shares) | 0 | |
Class A common stock | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, share authorized (in shares) | 550,000,000 | 524,173,073 |
Common stock, shares issued (in shares) | 260,574,392 | 51,683,892 |
Common stock, shares outstanding (in shares) | 260,574,392 | 51,683,892 |
AMC Preferred Equity Units | ||
Preferred stock, share authorized (in shares) | 0 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 7,245,872 |
Preferred stock, shares outstanding ( in shares) | 0 | 7,245,872 |
Series A Convertible Participating Preferred Stock | ||
Preferred stock, share authorized (in shares) | 0 | 100,000,000 |
Preferred stock, shares issued (in shares) | 0 | 72,458,705 |
Preferred stock, shares outstanding ( in shares) | 0 | 72,458,705 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net loss | $ (396.6) | $ (973.6) | $ (1,269.8) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 365 | 396 | 425 |
(Gain) loss on extinguishment of debt | (142.8) | 92.8 | 14.1 |
Deferred income taxes | 0.7 | 1.7 | (7.6) |
Impairment of long-lived assets | 106.9 | 133.1 | 77.2 |
Gain on dispositions of Baltics | (5.5) | ||
Unrealized loss on investments in Hycroft | 12.6 | 6.3 | |
Amortization of net premium on corporate borrowings to interest expense | (55.6) | (65.4) | (3.9) |
Amortization of deferred financing costs to interest expense | 9.6 | 12.6 | 23.3 |
PIK interest expense | 116.2 | ||
Non-cash portion of stock-based compensation | 42.5 | 22.5 | 43.1 |
Gain on disposition of Saudi Cinema Company | (15.5) | ||
Equity in (earnings) loss from non-consolidated entities, net of distributions | (0.2) | 7.6 | 1.3 |
Landlord contributions | 23.9 | 19.9 | 22 |
Other non-cash rent benefit | (35) | (26.6) | (24.9) |
Deferred rent | (124.1) | (170.1) | (133.7) |
Net periodic benefit cost (income) | 1.4 | (0.6) | (0.9) |
Non-cash shareholder litigation expense | 99.3 | ||
Change in assets and liabilities: | |||
Receivables | (45.6) | 4 | (82.7) |
Other assets | (6.7) | 2.3 | (5.8) |
Accounts payable | (0.7) | (40.4) | 63.8 |
Accrued expenses and other liabilities | (26.7) | (39.2) | 164.3 |
Other, net | (27.6) | (11.4) | (29.6) |
Net cash used in operating activities | (215.2) | (628.5) | (614.1) |
Cash flows from investing activities: | |||
Capital expenditures | (225.6) | (202) | (92.4) |
Acquisition of theatre assets | (4) | (17.8) | (8.2) |
Proceeds from disposition of Saudi Cinema Company | 30 | ||
Proceeds from disposition of Baltics, net of cash and transaction costs | 34.2 | ||
Proceeds from disposition of long-term assets | 16.5 | 11.3 | 7.9 |
Proceeds from sale of securities | 13 | ||
Investments in non-consolidated entities, net | (27.9) | (9.3) | |
Other, net | 3 | (0.6) | (0.4) |
Net cash used in investing activities | (180.1) | (224) | (68.2) |
Cash flows from financing activities: | |||
Net proceeds from equity issuances | 832.7 | 220.4 | 1,801.1 |
Principal payments under finance lease obligations | (5.6) | (9.4) | (9) |
Repayments under revolving credit facilities | (335) | ||
Cash used to pay for deferred financing costs | (2) | (26.1) | (19.9) |
Taxes paid for restricted unit withholdings | 14.2 | 52.3 | 19.1 |
Cash used to pay dividends | (0.7) | ||
Payments related to sale of noncontrolling interest | (0.4) | ||
Net cash provided by (used in) financing activities | 649.3 | (91.3) | 1,990.7 |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | 3 | (22.1) | (9.5) |
Net decrease in cash and cash equivalents and restricted cash | 257 | (965.9) | 1,298.9 |
Cash and cash equivalents and restricted cash at beginning of period | 654.4 | 1,620.3 | 321.4 |
Cash and cash equivalents and restricted cash at end of period | 911.4 | 654.4 | 1,620.3 |
Cash paid during the period for: | |||
Interest | 421.2 | 379 | 274.7 |
Income taxes paid (received), net | 4.3 | 0.8 | (7.4) |
Schedule of non-cash activities: | |||
Investment in NCM | 15 | ||
Construction payables at period end | 42.3 | 36.3 | 40.4 |
Other third-party equity issuance costs payable | 0.1 | 2.8 | |
Extinguishment of Second Lien Notes due 2026 in exchange for share issuance | 238.6 | ||
Convertible Notes due 2026 conversion, see Note 8-Corporate Borrowings and Finance Lease Liabilities | 600 | ||
First Lien Notes due 2029 | |||
Cash flows from financing activities: | |||
Proceeds from issuance of notes | 950 | ||
First Lien Notes due 2025 | |||
Cash flows from financing activities: | |||
Principal payments of notes | (500) | ||
Premium paid to extinguish notes | (34.5) | ||
First Lien Notes due 2026 | |||
Cash flows from financing activities: | |||
Principal payments of notes | (300) | ||
Premium paid to extinguish notes | (25.6) | ||
First Lien Toggle Notes due 2026 | |||
Cash flows from financing activities: | |||
Proceeds from issuance of Notes | 100 | ||
Principal payments of notes | (73.5) | (35) | |
Premium paid to extinguish notes | (14.6) | (5.3) | |
Second Lien Notes due 2026 | |||
Cash flows from financing activities: | |||
Principal payments of notes | (1) | ||
Repurchase of Senior Subordinated Debt | (139.9) | (68.3) | |
Senior Secured Credit Facility Term-Loan Due 2026 | |||
Cash flows from financing activities: | |||
Scheduled principal payments under Term Loan due 2026 | (20) | (20) | (20) |
5.875% Senior Subordinated Notes due 2026 | |||
Cash flows from financing activities: | |||
Repurchase of Senior Subordinated Debt | $ (1.7) | ||
6.125% Senior Subordinated Notes due 2027 | |||
Cash flows from financing activities: | |||
Repurchase of Senior Subordinated Debt | (1.6) | ||
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: | |||
Principal payments of notes | (476.6) | ||
Premium paid to extinguish notes | (26.5) | ||
Odeon Senior Secured Note 2027 | |||
Cash flows from financing activities: | |||
Proceeds from issuance of Notes | $ 368 | ||
Odeon | |||
Cash flows from financing activities: | |||
Proceeds from issuance of notes | $ 534.3 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (DEFICIT) - USD ($) $ in Millions | 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 Forward purchase agreement | 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 Forward purchase agreement | Depository Shares of AMC Preferred Equity Preferred Stock | Additional Paid-in Capital Mudrick Capital Management LP | Additional Paid-in Capital Forward purchase agreement | 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) Forward purchase agreement | Total AMC Stockholders' Equity (Deficit) | Noncontrolling Interests | Mudrick Capital Management LP | Forward purchase agreement | Total |
Balance at the beginning of the period at Dec. 31, 2020 | $ 0.2 | $ 0.1 | $ 2,467.6 | $ (56.4) | $ 38.7 | $ (5,335.3) | $ (2,885.1) | $ 26.9 | $ (2,858.2) | ||||||||||||
Balance (in shares) at Dec. 31, 2020 | 22,433,304 | 2,243,330 | 22,433,304 | 746,525 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||||||
Net loss | (1,269.1) | (1,269.1) | (0.7) | (1,269.1) | |||||||||||||||||
Net loss | (1,269.8) | ||||||||||||||||||||
Other comprehensive loss | (65.9) | (65.9) | (0.2) | (66.1) | |||||||||||||||||
Baltics noncontrolling capital contribution | 0.2 | 0.2 | (4) | (3.8) | |||||||||||||||||
100% liquidation of Baltics | (0.9) | (0.9) | $ (22) | (22.9) | |||||||||||||||||
Class A common stock, accrued dividend equivalent adjustment | (0.3) | (0.3) | (0.3) | ||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 0.2 | $ (230.4) | 1,533.4 | $ 56.4 | (19.3) | $ (230.4) | 1,570.7 | $ (230.4) | 1,570.7 | ||||||||||||
Stock Issued During Period, Shares, New Issues | 850,000 | 24,161,628 | 85,000 | 2,416,163 | 850,000 | 24,161,628 | (746,525) | ||||||||||||||
Conversion of convertible securities | $ 0.1 | 606.4 | 606.5 | 606.5 | |||||||||||||||||
Conversion of convertible securities (in shares) | 4,442,286 | 444,229 | 4,442,286 | ||||||||||||||||||
Wanda forfeit and cancellation of Class B shares (in Shares) | 566,600 | 56,660 | 566,600 | ||||||||||||||||||
Taxes paid for restricted unit withholdings | (19.1) | (19.1) | (19.1) | ||||||||||||||||||
Stock-based compensation | 43.1 | 43.1 | 43.1 | ||||||||||||||||||
Stock-based compensation (in shares) | 77,292 | 7,729 | 77,292 | ||||||||||||||||||
Balance at the end of the period at Dec. 31, 2021 | $ 0.5 | $ 0.1 | 4,862 | (28.1) | (6,624) | (1,789.5) | (1,789.5) | ||||||||||||||
Balance (in shares) at Dec. 31, 2021 | 51,397,910 | 5,139,791 | 51,397,910 | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||||||
Net loss | (973.6) | (973.6) | (973.6) | ||||||||||||||||||
Net loss | (973.6) | ||||||||||||||||||||
Other comprehensive loss | (49.2) | (49.2) | (49.2) | ||||||||||||||||||
Stock Issued During Period, Value, New Issues | 217.6 | 217.6 | 217.6 | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 2,077,482 | 20,774,813 | |||||||||||||||||||
Taxes paid for restricted unit withholdings | (52.3) | (52.3) | (52.3) | ||||||||||||||||||
Stock-based compensation | 22.5 | 22.5 | 22.5 | ||||||||||||||||||
Stock-based compensation (in shares) | 285,982 | 28,599 | 285,982 | ||||||||||||||||||
Balance at the end of the period at Dec. 31, 2022 | $ 0.5 | $ 0.1 | 5,049.8 | (77.3) | (7,597.6) | (2,624.5) | (2,624.5) | ||||||||||||||
Balance (in shares) at Dec. 31, 2022 | 51,683,892 | 7,245,872 | 72,458,705 | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||||||
Net loss | (396.6) | (396.6) | (396.6) | ||||||||||||||||||
Net loss | (396.6) | ||||||||||||||||||||
Other comprehensive loss | (0.9) | (0.9) | (0.9) | ||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 0.9 | $ 193.7 | 759.4 | $ 193.7 | 760.3 | $ 193.7 | 760.3 | ||||||||||||||
Stock Issued During Period, Shares, New Issues | 88,030,843 | 1,976,213 | 705,036 | 19,762,130 | 7,050,362 | ||||||||||||||||
Settlement payment | $ 0.1 | 99.2 | 99.3 | 99.3 | |||||||||||||||||
Settlement payment (In shares) | 6,897,018 | ||||||||||||||||||||
Debt for equity exchange | $ 0.1 | 92.8 | 92.9 | 92.9 | |||||||||||||||||
Debt for equity exchange (shares) | 14,186,651 | ||||||||||||||||||||
Conversion of convertible securities | $ 1 | $ (0.1) | (0.9) | ||||||||||||||||||
Conversion of convertible securities (in shares) | 99,540,642 | (9,954,065) | (99,540,642) | ||||||||||||||||||
Taxes paid for restricted unit withholdings | (14.2) | (14.2) | (14.2) | ||||||||||||||||||
Stock-based compensation | 42.1 | 42.1 | 42.1 | ||||||||||||||||||
Stock-based compensation (in shares) | 235,346 | 26,944 | 269,445 | ||||||||||||||||||
Balance at the end of the period at Dec. 31, 2023 | $ 2.6 | $ 6,221.9 | $ (78.2) | $ (7,994.2) | $ (1,847.9) | $ (1,847.9) | |||||||||||||||
Balance (in shares) at Dec. 31, 2023 | 260,574,392 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (DEFICIT) (Parenthetical) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) shares | |
Net proceeds from AMC Preferred Equity Units issuance | $ | $ 832.7 |
Forward purchase agreement | |
Conversion of principal amount | $ | 118.6 |
AMC Preferred Equity Units | |
Net proceeds from AMC Preferred Equity Units issuance | $ | $ 75.1 |
AMC Preferred Equity Units | RSU and PSU Units | |
Stock-based compensation (in shares) | 254,074 |
AMC Preferred Equity Units | Board of Directors | |
Stock-based compensation (in shares) | 15,370 |
Common Stock | RSU and PSU Units | |
Shares Vested | 226,791 |
Common Stock | Board of Directors | |
Stock-based compensation (in shares) | 8,555 |
THE COMPANY AND SIGNIFICANT ACC
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
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. Stock Split and Reverse Stock Split. On August 24, 2023, the Company effectuated a reverse stock split at a ratio of one share of Common Stock for every ten shares of Common Stock. As a result of the reverse stock split, each share of Series A Convertible Participating Preferred Stock became convertible into ten shares of Common Stock, and by extension each AMC Preferred Equity Unit became equivalent to one-tenth (1/10th) of a share of Common Stock. The reverse stock split did not impact the number of AMC Preferred Equity Units outstanding. The Company concluded that this change in conversion ratio is analogous to a reverse stock split of the AMC Preferred Equity Units even though the reverse stock split did not have an effect on the number of AMC Preferred Equity Units outstanding. Accordingly, all references made to share, per share, unit, per unit, or common share amounts in the accompanying consolidated financial statements and applicable disclosures have been retroactively adjusted to reflect both the effects of the special dividend as a stock split and the subsequent reverse stock split. References made to AMC Preferred Equity Units have been retroactively adjusted to reflect the effect of the reverse stock split on their equivalent Common Stock shares. Liquidity. The Company’s cash burn rates are not sustainable long-term. In order to achieve sustainable net positive operating cash flows and long-term profitability, the Company believes that operating revenues will need to increase to levels in line with pre-COVID-19 operating revenues. North America box office grosses were down approximately 21% for the year ended December 31, 2023, compared to the year ended December 31, 2019. Until such time as the Company is able to achieve positive operating cash flow, it is 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 levels of operating revenue, the estimates of amounts of required liquidity vary significantly. There can be no assurance that the operating revenues, attendance levels, and other assumptions used to estimate the Company’s liquidity requirements and future cash burn rates will be correct, and the ability to be predictive is uncertain due to limited ability to predict studio film release dates, the overall production and theatrical release levels, and success of individual titles. Additionally, the effects of labor stoppages, including but not limited to the Writers Guild of America strike and the Screen Actors Guild-American Federation of Television and Radio Artists strike that occurred during 2023 cannot be reasonably estimated and are expected to have a negative impact in 2024 on the future film slate for exhibition, the Company’s future liquidity and cash burn rates. Further, there can be no assurances that the Company will be successful in generating the additional liquidity necessary to meet its obligations beyond twelve months from the issuance of these financial statements on terms acceptable to the Company or at all. The Company may, at any time and from time to time, seek to retire or purchase its outstanding debt through cash purchases and/or exchanges for equity 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. On December 22, 2022, the Company entered into the Forward Purchase Agreement with Antara pursuant to which the Company agreed to (i) sell to Antara 10,659,511 AMC Preferred Equity Units for an aggregate purchase price of $75.1 million and (ii) simultaneously purchase from Antara $100.0 million aggregate principal amount of the Company’s 10%/12% Cash/PIK Toggle Second Lien Notes due 2026 in exchange for 9,102,619 AMC Preferred Equity Units. On February 7, 2023, the Company issued 19,762,130 AMC Preferred Equity Units to Antara in exchange for $75.1 million in cash and $100.0 million aggregate principal amount of the Company’s 10%/12% Cash/PIK Toggle Second Lien Notes due 2026. The Company recorded $193.7 million to stockholders’ deficit as a result of the transaction. The Company paid $1.4 million of accrued interest in cash upon exchange of the notes. See Note 9—Stockholders’ Deficit for more information. The below table summarizes the cash debt repurchase transactions that occurred during the year ended December 31, 2023, including related party transactions with Antara, which became a related party on February 7, 2023. These transactions were executed at terms equivalent to an arms-length transaction. See Note 8—Corporate Borrowings and Finance Lease Liabilities for more information. Aggregate Principal Reacquisition Gain on Accrued Interest (In millions) Repurchased Cost Extinguishment Paid Related party transactions: Second Lien Notes due 2026 $ 75.9 $ 48.5 $ 40.9 $ 1.1 5.875% Senior Subordinated Notes due 2026 4.1 1.7 2.3 0.1 Total related party transactions 80.0 50.2 43.2 1.2 Non-related party transactions: Second Lien Notes due 2026 139.7 91.4 71.3 4.5 Total non-related party transactions 139.7 91.4 71.3 4.5 Total debt repurchases $ 219.7 $ 141.6 $ 114.5 $ 5.7 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 below table summarizes various debt for equity exchange transactions that occurred during the year ended December 31, 2023. See Note 8—Corporate Borrowings and Finance Lease Liabilities, Note 9—Stockholders’ Deficit, and Note 16—Subsequent Events for more information. Shares of Aggregate Principal Common Stock Gain on Accrued Interest (In millions, except for share data) Exchanged Exchanged Extinguishment Exchanged Second Lien Notes due 2026 $ 105.3 14,186,651 $ 28.3 $ 1.2 During the year ended December 31, 2023, the Company raised gross proceeds of approximately $790.0 million and paid fees to sales agents and incurred third-party issuance costs of approximately $19.8 million and $9.9 million, respectively, through its at-the-market offering of approximately 88.0 million shares of its Common Stock and 7.1 million of its AMC Preferred Equity Units. The Company paid $12.6 million of other third-party issuance costs during the year ended December 31, 2023. See Note 9—Stockholders’ Deficit for further information regarding the at-the-market offerings. During the year ended December 31, 2022, the Company sold 20.8 million AMC Preferred Equity Units. The Company generated approximately $228.8 million in gross proceeds from sales under one “at-the-market” offering program, paid fees to the sales agents and incurred third-party issuance costs of approximately $5.7 million and $5.5 million, respectively. During the year ended December 31, 2021, the Company sold 24.2 million shares of the Company’s Common Stock and 24.2 million AMC Preferred Equity Units. The Company generated $1,611.8 million in aggregate gross proceeds from sales under various “at-the-market” offering programs, paid fees to the sales agents of approximately $40.3 million and paid other fees of $0.8 million. Temporarily Suspended or Limited Operations. For approximately the first six months of the year ended December 31, 2021, the Company had suspended or limited operations in our International markets segment due to the COVID-19 pandemic. As of June 30, 2021, substantially all of our International markets theatres had resumed operations. 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’ deficit, 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, 2023 and December 31, 2022, 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 Loyalty Programs. AMC Stubs ® TM ® 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 ® 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 investments purchased with an original maturity of three months or less are classified as cash equivalents. At December 31, 2023, 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 and 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 (In millions) December 31, 2023 December 31, 2022 December 31, 2021 Cash and cash equivalents $ 884.3 $ 631.5 $ 1,592.5 Restricted cash 27.1 22.9 27.8 Total cash and cash equivalents and restricted cash in the statement of cash flows $ 911.4 $ 654.4 $ 1,620.3 Intangible Assets. 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. There were no intangible asset impairment charges incurred during the years ended December 31, 2023, 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 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 is 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, 2023 and December 31, 2022 was Leases. 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 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 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 impairments for the years ended December 31, 2023, December 31, 2022, and December 31, 2021: Year Ended December 31, December 31, December 31, (In millions) 2023 2022 2021 Impairment of long-lived assets $ 106.9 $ 133.1 $ 77.2 Impairment of other assets recorded in investment expense (income) 1.0 — — Total impairment loss $ 107.9 $ 133.1 $ 77.2 During the year ended December 31, 2023, the Company recorded non-cash impairment of long-lived assets of $49.2 million on 68 theatres in the U.S. markets with 738 screens (in Alabama, Colorado, District of Columbia, Florida, Georgia, Iowa, Illinois, Indiana, Kansas, Kentucky, Louisiana, Massachusetts, Maryland, Michigan, Minnesota, Missouri, North Carolina, New York, Pennsylvania, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, West Virginia) and $57.7 million on 57 theatres in the International markets with 488 screens (in Germany, Ireland, Italy, Portugal, Spain, Sweden, and UK), which were related to property, net and operating lease right-of-use assets, net. In addition, during the year ended December 31, 2023, the Company recorded impairment losses of $1.0 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. 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 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 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. 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. 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 sponsored a postretirement deferred compensation plan, which was liquidated during 2022, and also various defined contribution plans. The following table sets forth the plans’ benefit obligations and plan assets included in the consolidated balance sheets: U.S. Pension Benefits International Pension Benefits Year Ended Year Ended (In millions) December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Aggregated projected benefit obligation at end of period (1) $ (79.3) $ (79.7) $ (71.9) $ (66.8) Aggregated fair value of plan assets at end of period 58.3 59.2 76.7 73.1 Net (liability) asset - funded status $ (21.0) $ (20.5) $ 4.8 $ 6.3 (1) At December 31, 2023 and December 31, 2022, U.S. aggregated accumulated benefit obligations were $79.3 million and $79.7 million, respectively, and International aggregated accumulated benefit obligations were $71.9 million and $66.8 million, respectively. The Company does not expect to make a material contribution to the U.S. pension plans during the year ended December 31, 2024. 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, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Discount rate 4.76% 4.97% 4.53% 4.82% Rate of compensation increase N/A N/A 2.07% 2.19% 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, 2023 2022 2021 2023 2022 2021 Discount rate 4.97% 2.66% 2.26% 4.82% 1.79% 1.78% Weighted average expected long-term return on plan assets 6.56% 6.56% 6.57% 4.32% 1.57% 1.28% Rate of compensation increase N/A N/A N/A 2.19% 2.28% 2.29% The offset to the pension liability is recorded in stockholders’ deficit 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, 2023, December 31, 2022, and December 31, 2021, net periodic benefit costs (credits) were $1.4 million, $(0.6) million, and $(0.9) million, respectively. The non-operating component of net periodic benefit costs is recorded in other expense (income) in the consolidated statements of operations. 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 2024 $ 4.5 $ 3.4 2025 4.8 3.5 2026 5.0 3.6 2027 5.1 3.8 2028 5.4 3.9 Years 2029 - 2032 28.3 22.1 The Company’s investment objectives for its U.S. defined benefit pension plan investments are: (1) to preserve the value of its principal; (2) to maximize a real long-term return with respect to the plan assets consistent with minimizing risk; (3) to achieve and maintain adequate asset coverage for accrued benefits under the plan; and (4) to maintain sufficient liquidity for payment of the plan obligations and expenses. The Company uses a diversified allocation of equity, debt, commodity and real estate exposures that are customized to the plan’s cash flow benefit needs. A weighted average targeted allocation percentage is assigned to each asset class as follows: equity securities of 37%, debt securities of 59%, and private real estate of 4%. The International pension benefit plans do not have an established asset target allocation. Investments in the pension plan assets are measured at fair value on a recurring basis. As of December 31, 2023, for the U.S. investment portfolio, 92% were valued using the net asset value per share (or its equivalent) as a practical expedient and 8% of the investment included pooled separate accounts valued using market prices for the underlying instruments that were observable in the market or could be derived by observable market data from independent external valuation information (Level 2 of the fair value hierarchy). As of December 31, 2023, for the International investment portfolio, 4% consisting of cash and equivalents was valued using quoted market prices from actively traded markets (Level 1 of the fair value hierarchy), 28% included mutual funds and collective trust funds valued using market prices for the underlying instruments that were observable in the market or could be derived by observable market data from independent external valuation information (Level 2 of the fair value hierarchy) and 68% were valued using the net asset value per share (or its equivalent) as a practical expedient. During 2023, there was a ruling in the United Kingdom related to the validity of certain amendments to benefits in contracted-out salary-related defined benefit pension plans. The ruling is subject to an ongoing appeal. The ruling may potentially be applicable to certain defined benefit pension plans the Company has in the United Kingdom. While the Company does not believe the impact of this ruling will have a material impact on our projected benefit obligation, it will continue to monitor the appeals process. As of December 31, 2023, no specific adjustments for this matter have been included in estimating the projected benefit obligation and related net periodic benefit cost of the applicable plans. The Company sponsors various defined contribution plans which include company match features in the U.S. and Internationally. The expense related to defined contribution plans for the years ended December 31, 2023, December 31, 2022, and December 31, 2021, was $9.8 million, $9.0 million, and $8.4 million, respectively. 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 |
REVENUE RECOGNITION
REVENUE RECOGNITION | 12 Months Ended |
Dec. 31, 2023 | |
REVENUE RECOGNITION | |
REVENUE RECOGNITION | NOTE 2—REVENUE RECOGNITION Disaggregation of Revenue. Year Ended (In millions) December 31, 2023 December 31, 2022 December 31, 2021 Major revenue types Admissions $ 2,690.5 $ 2,201.4 $ 1,394.2 Food and beverage 1,669.8 1,313.7 857.3 Other theatre: Advertising 129.5 122.7 95.3 Other theatre 322.8 273.6 181.1 Other theatre 452.3 396.3 276.4 Total revenues $ 4,812.6 $ 3,911.4 $ 2,527.9 Year Ended (In millions) December 31, 2023 December 31, 2022 December 31, 2021 Timing of revenue recognition Products and services transferred at a point in time $ 4,424.1 $ 3,579.9 $ 2,325.5 Products and services transferred over time 388.5 331.5 202.4 Total revenues $ 4,812.6 $ 3,911.4 $ 2,527.9 (1) Amounts primarily include subscription and advertising revenues. The following tables provide the balances of receivables and deferred revenue income: (In millions) December 31, 2023 December 31, 2022 Current assets Receivables related to contracts with customers $ 113.5 $ 92.3 Miscellaneous receivables 90.2 74.3 Receivables, net $ 203.7 $ 166.6 (In millions) December 31, 2023 December 31, 2022 Current liabilities Deferred revenues related to contracts with customers $ 415.3 $ 398.8 Miscellaneous deferred income 6.5 3.9 Deferred revenues and income $ 421.8 $ 402.7 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, 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 Cash received in advance 331.7 Customer loyalty rewards accumulated, net of expirations: Admission revenues 22.3 Food and beverage revenues 37.8 Other theatre revenues (1.3) Reclassification to revenue as the result of performance obligations satisfied: Admission revenues (237.5) Food and beverage revenues (70.1) Other theatre revenues (64.1) Foreign currency translation adjustment (2.3) Balance December 31, 2023 $ 415.3 (1) Includes movie tickets, food and beverage, gift cards, exchange tickets, subscription membership fees, and other loyalty membership fees. (2) Amount of rewards accumulated, net of expirations, that are attributed to loyalty programs. (3) Amount of rewards redeemed that are attributed to gift cards, exchange tickets, movie tickets, and loyalty programs. (4) Amounts relate to income from non-redeemed or partially redeemed gift cards, non-redeemed exchange tickets, subscription membership fees, and loyalty programs membership fees. 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, 2021 $ 510.4 Common Unit Adjustment-additions of common units 15.0 Reclassification of the beginning balance to other theatre revenue, as the result of performance obligations satisfied (19.6) Balance December 31, 2022 $ 505.8 Reclassification, net of adjustments, for portion of the beginning balance to other theatre revenue, as the result of performance obligations satisfied (19.2) Balance December 31, 2023 $ 486.6 (1) Represents the carrying amount of the NCM common units that were previously received under the annual CUA and subsequent adjustments related to the NCM Bankruptcy, as discussed in greater detail below. 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. NCM Bankruptcy. Transaction Price Allocated to the Remaining Performance Obligations. (In millions) Exhibitor Services Agreement Year ended 2024 $ 22.7 Year ended 2025 24.4 Year ended 2026 26.2 Year ended 2027 28.2 Year ended 2028 30.4 Years ended 2029 through February 2037 354.7 Total $ 486.6 Gift Cards and Exchange Tickets. Loyalty Programs. 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, 2023 | |
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 sight and sound and food and beverage equipment. The Company received rent concessions from 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 $56.3 million as of December 31, 2023. 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. Those leases that did not meet the criteria for treatment under the FASB relief were evaluated as lease modifications. The deferred payment amounts for contractual rent amounts due and not paid are included in accounts payable in the consolidated balance sheets and in change in accounts payable in the consolidated statements of cash flows. 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 future periods is provided below: As of As of December 31, Decrease December 31, (In millions) 2022 in deferred amounts 2023 Fixed operating lease deferred amounts $ 150.3 $ (97.1) $ 53.2 Finance lease deferred amounts 0.9 (0.9) - Variable lease deferred amounts 6.0 (2.9) 3.1 Total deferred lease amounts $ 157.2 $ (100.9) $ 56.3 (1) During the year ended December 31, 2023, the decrease in fixed operating lease deferred amounts includes $14.3 million of rent payments that are included in change in accounts payable and $82.8 million included in deferred rent and other non-cash rent in the consolidated statements of cash flows. 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 2023 2022 2021 Operating lease cost Theatre properties Rent $ 788.1 $ 812.0 $ 775.4 Theatre properties Operating expense 2.0 5.4 1.1 Equipment Operating expense 17.5 8.6 10.7 Office and other General and administrative: other 5.4 5.3 5.4 Finance lease cost Amortization of finance lease assets Depreciation and amortization 2.0 2.6 4.6 Interest expense on lease liabilities Finance lease obligations 3.7 4.1 5.2 Variable lease cost Theatre properties Rent 85.4 74.2 52.6 Equipment Operating expense 63.3 60.0 43.4 Total lease cost $ 967.4 $ 972.2 $ 898.4 As of December 31, 2023 Weighted Average Weighted Average Remaining Discount Lease Term and Discount Rate Lease Term (years) Rate Operating leases 8.7 10.5% Finance leases 13.3 6.4% Year Ended December 31, December 31, December 31, (In millions) 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in finance leases $ (3.7) $ (3.8) $ (2.9) Operating cash flows used in operating leases (986.4) (1,032.4) (883.2) Financing cash flows used in finance leases (5.6) (9.4) (9.0) Landlord contributions: Operating cashflows provided by operating leases 23.9 19.9 22.0 Supplemental disclosure of noncash leasing activities: Right-of-use assets obtained in exchange for new operating lease liabilities 214.1 277.3 196.6 (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, 2023 are as follows: Operating Lease Finance Lease (In millions) Payments (2) Payments (2) 2024 920.3 8.4 2025 884.3 7.8 2026 819.6 7.6 2027 754.6 7.6 2028 669.2 7.2 Thereafter 2,802.3 46.2 Total lease payments 6,850.3 84.8 Less imputed interest (2,340.8) (29.4) Total operating and finance lease liabilities, respectively $ 4,509.5 $ 55.4 (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 2024 4.4 2025 0.8 2026 0.7 2027 0.3 2028 0.1 Thereafter 0.1 Total deferred lease amounts recorded in accounts payable $ 6.4 (2) The minimum annual payments table above includes deferred undiscounted cash rent amounts that were due and not paid related to operating leases, as shown below: Operating Lease (In millions) Payments 2024 15.7 2025 5.7 2026 4.2 2027 3.4 2028 3.2 Thereafter 17.7 Total deferred lease amounts $ 49.9 As of December 31, 2023, the Company had signed additional operating lease agreements for two theatres that have not yet commenced of approximately $62.0 million, which are expected to commence in 2024 or thereafter, and carry lease terms of approximately 15 to 20 years. The timing of lease commencement is dependent on the landlord providing the Company with control and access to the related facility. During the year ended December 31, 2023, the Company received a $13.0 million buyout incentive from a landlord which provided the landlord the right to terminate the lease of one theatre. The incentive was treated as a reduction to rent expense in the Company’s consolidated statement of operations. |
PROPERTY
PROPERTY | 12 Months Ended |
Dec. 31, 2023 | |
PROPERTY | |
PROPERTY | NOTE 4— PROPERTY A summary of property is as follows: (In millions) December 31, 2023 December 31, 2022 Property owned: Land $ 62.6 $ 73.7 Buildings and improvements 205.8 209.4 Leasehold improvements 1,958.3 1,880.8 Furniture, fixtures and equipment 2,387.0 2,354.3 4,613.7 4,518.2 Less: accumulated depreciation 3,091.7 2,838.4 1,522.0 1,679.8 Property leased under finance leases: Building and improvements 56.5 54.8 Less: accumulated depreciation and amortization 18.1 15.4 38.4 39.4 $ 1,560.4 $ 1,719.2 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 $337.5 million, $359.0 million, and $382.0 million for the years ended December 31, 2023, December 31, 2022 and December 31, 2021, respectively. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
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, 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 Currency translation adjustment — — — 67.7 (51.0) 16.7 67.7 (51.0) 16.7 Balance December 31, 2023 $ 3,072.6 $ (1,276.1) $ 1,796.5 $ 1,589.5 $ (1,027.3) $ 562.2 $ 4,662.1 $ (2,303.4) $ 2,358.7 Detail of other intangible assets is presented below: December 31, 2023 December 31, 2022 Gross Gross Remaining Carrying Accumulated Carrying Accumulated (In millions) Useful Life Amount Amortization Amount Amortization Amortizable Intangible Assets: Management contracts 2 years $ 1.7 $ (1.6) $ 9.3 $ (9.2) Starplex trade name 3 years 7.9 (5.7) 7.9 (5.0) Carmike trade name none — — 9.3 (8.0) Total, amortizable $ 9.6 $ (7.3) $ 26.5 $ (22.2) Non-amortizing Intangible Assets: AMC trademark $ 104.4 $ 104.4 Odeon trade names 37.3 35.8 Nordic trade names 2.7 2.8 Total, unamortizable $ 144.4 $ 143.0 See the impairment table in Note 1 — Amortization expense associated with the intangible assets noted above is as follows: Year Ended (In millions) December 31, 2023 December 31, 2022 December 31, 2021 Recorded amortization $ 2.1 $ 2.6 $ 3.5 |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Dec. 31, 2023 | |
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. On December 30, 2022, the Company entered into an agreement to sell its 10.0% investment in Saudi Cinema Company, LLC for SAR 112.5 million ($30.0 million), and on January 24, 2023, the Saudi Ministry of Commerce recorded the sale of equity and the Company received the proceeds on January 25, 2023. The Company recorded a gain on the sale of $15.5 million in investment income during the year ended December 31, 2023. Investments in non-consolidated affiliates as of December 31, 2023, include interests in DCDC of 14.6%, AC JV, owner of Fathom Events, of 32.0%, SV Holdco, owner of Screenvision, of 18.4%, and DCM of 50.0%. The Company also has partnership interests in four U.S. motion picture theatres and approximately 50.0% interest in 61 theatres in Europe. Indebtedness held by equity method investees is non-recourse to the Company. Investment in Hycroft On March 14, 2022, the Company purchased 2.3 million units of Hycroft for $27.9 million, with each unit consisting of one common share of Hycroft and one common share purchase warrant. The units were priced at $11.93 per unit. Each warrant is exercisable for one common share of Hycroft at a price of $10.68 per share over a 5-year term through March 2027. The preceding amounts have been adjusted for the one-for-ten Hycroft filed a resale registration statement to register the common shares and warrant shares for the sale under Securities Act on April 14, 2022 which became effective on June 2, 2022. The Company accounts for the common shares of Hycroft under the equity method and we have elected the fair value option in accordance with ASC 825-10. The Company account for the warrants as derivatives in accordance with ASC 815. Accordingly, the fair value of the investments in Hycroft are remeasured at each subsequent reporting period and unrealized gains and losses are reported in investment income. The Company believes the fair value option to be the most appropriate election for this equity method investment as the Company is not entering the mining business. During the years ended December 31, 2023 and December 31, 2022, the Company recorded unrealized losses related to the investment in Hycroft of $12.6 million and $6.3 million, respectively, in investment expense (income), respectively. 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, 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 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 of $2.52 on March 30, 2022. During the year ended December 31, 2022, the Company sold its shares of NCM 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, 2022, DCIP ceased operations and the Company received a liquidation distribution of $3.4 million which the Company recorded as 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, 2023, include interests in Hycroft, SV Holdco, DCM, AC JV, DCDC, 61 theatres in Europe, four 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, 2023 December 31, 2022 Current assets $ 263.8 $ 411.5 Noncurrent assets 224.7 431.9 Total assets 488.5 843.4 Current liabilities 130.9 152.8 Noncurrent liabilities 385.0 452.9 Total liabilities 515.9 605.7 Stockholders’ (deficit) equity (27.4) 237.7 Liabilities and stockholders’ (deficit) equity 488.5 843.4 The Company’s recorded investment 56.4 69.6 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) 2023 2022 2021 Revenues $ 425.6 $ 412.8 $ 285.1 Operating costs and expenses 449.9 498.2 287.6 Net loss $ (24.3) $ (85.4) $ (2.5) The components of the Company’s recorded equity in earnings (loss) of non-consolidated entities are as follows: Year Ended (In millions) December 31, 2023 December 31, 2022 December 31, 2021 The Company’s recorded equity in earnings (loss) $ 7.7 $ (1.6) $ 11.0 Related Party Transactions The Company recorded the following related party transactions with equity method investees: As of As of (In millions) December 31, 2023 December 31, 2022 Due from DCM for on-screen advertising revenue $ 3.3 $ 2.2 Loan receivable from DCM 0.6 0.6 Due to AC JV for Fathom Events programming (2.3) (2.0) Due from Nordic JVs 2.7 1.3 Due to Nordic JVs for management services (1.4) (1.1) Due from SCC related to the joint venture 0.5 1.4 Due to U.S. theatre partnerships (0.6) (0.7) Year Ended (In millions) Consolidated Statements of Operations December 31, 2023 December 31, 2022 December 31, 2021 DCM screen advertising revenues Other revenues $ 18.8 $ 17.0 $ 7.8 DCDC content delivery services Operating expense 1.4 1.0 1.1 DCIP equipment rental expense Operating expense - - 0.2 Gross exhibition cost on AC JV Fathom Events programming Film exhibition costs 17.5 11.6 10.4 Screenvision screen advertising revenues Other revenues 8.7 6.9 4.6 |
SUPPLEMENTAL BALANCE SHEET INFO
SUPPLEMENTAL BALANCE SHEET INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 December 31, 2022 Other current assets: Income taxes receivable $ 1.5 $ 1.0 Prepaids 32.5 28.8 Merchandise inventory 39.5 36.4 Other 14.5 14.9 $ 88.0 $ 81.1 Other long-term assets: Investments in real estate $ 3.6 $ 6.5 Deferred financing costs revolving credit facility 0.7 3.1 Investments in equity method investees 56.4 69.6 Computer software 76.6 74.2 Investment in common stock 10.4 11.3 Pension asset 17.2 16.6 Investment in Hycroft common stock 5.8 12.5 Investment in Hycroft warrants 3.3 9.2 Other 21.8 19.1 $ 195.8 $ 222.1 Accrued expenses and other liabilities: Taxes other than income $ 76.4 $ 77.6 Interest 50.3 53.0 Payroll and vacation 50.4 45.8 Current portion of casualty claims and premiums 9.3 11.9 Accrued bonus 56.7 57.6 Accrued licensing and variable rent 24.6 23.7 Current portion of pension 0.1 0.7 Group insurance reserve 3.4 4.2 Accrued tax payable 1.7 4.9 Other 77.9 84.9 $ 350.8 $ 364.3 Other long-term liabilities: Pension $ 33.3 $ 30.1 Casualty claims and premiums 13.5 19.8 Contingencies 18.7 15.9 Other 37.2 39.3 $ 102.7 $ 105.1 (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 | 12 Months Ended |
Dec. 31, 2023 | |
CORPORATE BORROWINGS AND FINANCE LEASE LIABILITIES | |
CORPORATE BORROWINGS AND FINANCE LEASE LIABILITIES | NOTE 8—CORPORATE BORROWINGS AND FINANCE LEASE LIABILITIES A summary of the carrying value of corporate borrowings and finance lease liabilities is as follows: (In millions) December 31, 2023 December 31, 2022 First Lien Secured Debt: Senior Secured Credit Facility-Term Loan due 2026 (8.474% as of December 31, 2023 and 7.274% as of December 31, 2022) $ 1,905.0 $ 1,925.0 12.75% Odeon Senior Secured Notes due 2027 400.0 400.0 7.5% First Lien Notes due 2029 950.0 950.0 Second Lien Secured Debt: 10%/12% Cash/PIK Toggle Second Lien Subordinated Notes due 2026 968.9 1,389.8 Subordinated Debt: 6.375% Senior Subordinated Notes due 2024 (£4.0 million par value as of December 31, 2023) 5.1 4.8 5.75% Senior Subordinated Notes due 2025 98.3 98.3 5.875% Senior Subordinated Notes due 2026 51.5 55.6 6.125% Senior Subordinated Notes due 2027 125.5 125.5 Total principal amount of corporate borrowings $ 4,504.3 $ 4,949.0 Finance lease liabilities 55.4 58.8 Deferred financing costs (31.1) (37.9) Net premium 104.2 229.7 Total carrying value of corporate borrowings and finance lease liabilities $ 4,632.8 $ 5,199.6 Less: Current maturities of corporate borrowings (25.1) (20.0) Current maturities of finance lease liabilities (5.4) (5.5) Total noncurrent carrying value of corporate borrowings and finance lease liabilities $ 4,602.3 $ 5,174.1 (1) The following table provides the net premium (discount) amounts of corporate borrowings: December 31, December 31, (In millions) 2023 2022 10%/12% Cash/PIK Toggle Second Lien Subordinated Notes due 2026 $ 133.9 $ 265.5 Senior Secured Credit Facility-Term Loan due 2026 (3.3) (4.8) 12.75% Odeon Senior Secured Notes due 2027 (26.4) (31.1) 6.375% Senior Subordinated Notes due 2024 — 0.1 Net premium $ 104.2 $ 229.7 The following table provides the principal payments required and maturities of corporate borrowings as of December 31, 2023: Principal Amount of Corporate (In millions) Borrowings 2024 25.1 2025 118.3 2026 2,885.4 2027 525.5 2028 — Thereafter 950.0 Total $ 4,504.3 Senior Secured Credit Facilities. On June 23, 2023, the Company and Wilmington Savings Fund Society, FSB, as administrative agent, entered into the Thirteenth Amendment, pursuant to which LIBOR, the benchmark rate upon which certain loans, commitments and/or other extensions of credit under the Credit Agreement incur interest, fees or other amounts, was replaced with Term SOFR, a benchmark rate reported by the CME Group Benchmark Administration Limited that is based on the secured overnight financing rate. Term SOFR under the Credit Agreement is subject to a credit spread adjustment equal to 0.11448% per annum, 0.26161% per annum, and 0.42826% per annum for interest periods of one-month, three-months, or six-months or longer, respectively. The Thirteenth Amendment became effective at 5:00 p.m. (New York time) on June 30, 2023. The Company elected to apply the optional expedients allowed under ASC 848 regarding the discontinuation of LIBOR and reference rate reform. Pursuant to ASC 848, the Thirteenth Amendment was determined to be an insubstantial modification. On March 8, 2021, the Company entered into the Ninth Amendment to Credit Agreement (the “Ninth Amendment”), with the requisite revolving lenders party thereto and the Administrative Agent, pursuant to which the requisite revolving lenders party thereto agreed to extend the suspension period for the financial covenant applicable to the Senior Secured Revolving Credit Facility under the Credit Agreement (the “Covenant Suspension Period”) from a period ending March 31, 2021, to a period ending on March 31, 2022, which was extended by the Eleventh Amendment to a period ending on March 31, 2023, which was further extended by the Twelfth Amendment to a period ending on March 31, 2024 (the Covenant Suspension Period as so extended, the “Extended Covenant Suspension Period”). During the Extended Covenant Suspension Period, the Company will not, and will not permit any of its restricted subsidiaries to, (i) make certain restricted payments, (ii) subject to certain exceptions, incur any indebtedness for borrowed money that is pari passu or senior in right of payment or security with the Revolving Loans (as defined in the Credit Agreement) or (iii) make any investment in or otherwise dispose of any assets to any subsidiary of the Company that is not a Loan Party (as defined in the Credit Agreement) to facilitate a new financing incurred by a subsidiary of the Company. In addition, as an ongoing condition to the suspension of the financial covenant, the Company also agreed to (i) a minimum liquidity test of On July 31, 2020, the Company entered into the Eighth Amendment to Credit Agreement (the “Eighth Amendment”) with Citicorp North America, Inc., as the administrative agent, pursuant to which certain restrictive provisions, including modifications to the covenants limiting indebtedness, liens, investments, asset sales and restricted payments, were added to the Credit Agreement to ensure that the terms and conditions of the First Lien Notes due 2026, the Convertible Notes due 2026 and the Second Lien Notes due 2026 (subject to certain exceptions) are not materially more favorable (when taken as a whole) to the noteholders than the terms and conditions of the Credit Agreement (when taken as a whole) are to the lenders thereunder. On April 23, 2020, the Company entered into the Seventh Amendment to Credit Agreement (the “Seventh Amendment”) with the requisite revolving lenders party thereto and Citicorp North America, Inc., as administrative agent, pursuant to which the requisite revolving lenders party thereto agreed to suspend the financial covenant applicable to the Senior Secured Revolving Credit Facility for the period from and after the effective date of the Seventh Amendment to and including the earlier of (a) March 31, 2021 and (b) the day immediately preceding the last day of the Test Period (as defined in the Credit Agreement) during which the Company has delivered a Financial Covenant Election (as defined in the Credit Agreement) to the Administrative Agent (such period, the “Initial Covenant Suspension Period”). During the Initial Covenant Suspension Period, the Company will not, and will not permit any of its restricted subsidiaries to, make certain restricted payments, and such conditions were further amended by the Ninth Amendment. As an ongoing condition to the suspension of the financial covenant, the Company agreed to a minimum Liquidity (as defined in the Seventh Amendment) test, which was amended by the Ninth Amendment. In addition, the Seventh Amendment provides for certain changes to the covenants limiting indebtedness, liens and restricted payments that were intended to match corresponding restrictions under the 10.5% First Lien Notes due 2025 (the “First Lien Notes due 2025”) and to ensure that the terms and conditions of the First Lien Notes due 2025 (subject to certain exceptions) are not materially more favorable (when taken as a whole) to the noteholders than the terms and conditions of the Credit Agreement (when taken as a whole) are to the lenders thereunder. Pursuant to the terms of the Seventh Amendment, these more restrictive terms will be operative until the repayment, satisfaction, defeasance or other discharge of the obligations under the First Lien Notes due 2025 or an effective amendment of, other consent or waiver with respect to, or covenant defeasance pursuant to the Indenture as result of which the covenants limiting indebtedness, liens and restricted payments thereunder are of no further force or effect. Certain provisions of the Seventh Amendment are amended by the Ninth Amendment. On April 22, 2019, the Company entered into the Sixth Amendment to Credit Agreement (the “Sixth Amendment”) with each lender party thereto and Citicorp North America, Inc., as administrative agent. Pursuant to the Sixth Amendment, the lenders agreed to provide senior secured financing of $2,225.0 million in aggregate, consisting of (i) $2,000.0 million in aggregate principal amount of senior secured tranche B loans maturing April 22, 2026 (the “Senior Secured Term Loans”) and (ii) a $225.0 million senior secured revolving credit facility (which is also available for letters of credit and for swingline borrowings on same-day notice) maturing April 22, 2024 (the “Senior Secured Revolving Credit Facility” and, together with the Senior Secured Term Loan Loans, the “Senior Secured Credit Facilities”). All obligations under the Credit Agreement are guaranteed by, subject to certain exceptions, each of the Company’s current and future wholly-owned material U.S. restricted subsidiaries. All obligations under the Credit Agreement, and the guarantees of those obligations, are secured by substantially all of the assets of the Company and each guarantor, subject to customary exceptions, including: ● a pledge of 100% of the equity interests directly held by the Company and each guarantor in any wholly-owned material subsidiary of the Company or any guarantor (which pledge, in the case of any non-U.S. subsidiary of a U.S. subsidiary, will not include more than 65% of the voting stock of such non-U.S. subsidiary), subject to certain exceptions; and ● a security interest in substantially all other tangible and intangible assets of the Company and each guarantor, subject to certain exceptions. The Credit Agreement will require the Company to prepay outstanding term loans, subject to certain exceptions, with: ● 50% (which percentage will be reduced to 0% if the Company attains a certain secured net leverage ratio) of the Company’s annual excess cash flow; ● 100% of the net cash proceeds of certain non-ordinary course asset sales by the Company and its restricted subsidiaries (including casualty and condemnation events, subject to de minimis thresholds), and subject to the right to reinvest 100% of such proceeds, subject to certain qualifications; and ● 100% of the net proceeds of any issuance or incurrence of debt by the Company or any of its restricted subsidiaries, other than certain debt permitted under the Credit Agreement. The foregoing mandatory prepayments will be used to reduce the installments of principal payments on the Senior Secured Term Loan. The Company may voluntarily repay outstanding loans under the Senior Secured Credit Facilities at any time without premium or penalty, except for customary “breakage” costs with respect to SOFR loans under the Senior Secured Credit Facilities. The Senior Secured Term Loans bear interest at a rate per annum equal to, at the Company’s option, either (1) an applicable margin plus a base rate determined by reference to the highest of (a) 0.50% per annum plus the Federal Funds Effective Rate, (b) the prime rate announced by the Administrative Agent from time to time and (c) 1.00% per annum plus Adjusted Term SOFR (as defined below) for a 1-month tenor or (2) Term SOFR plus a credit spread adjustment of 0.11448% per annum, 0.26161% per annum, and 0.42826% per annum for interest periods of one-month, three months, or six-months or longer, respectively (“Adjusted Term SOFR”) plus (x) in the case of the Senior Secured Term Loans, 2.0% for base rate loans or 3.0% for SOFR loans or (y) in the case of the Senior Secured Revolving Credit Facility, an applicable margin based on the Secured Leverage Ratio (as defined in the Credit Agreement). The rate in effect for the outstanding Senior Secured Term Loan due 2026 was 8.47% per annum at December 31, 2023, and 7.27% per annum at December 31, 2022. The Credit Agreement contains other customary terms, including (1) representations, warranties and affirmative covenants, (2) negative covenants, including limitations on indebtedness, liens, mergers and acquisitions, asset sales, investments, distributions, prepayments of subordinated debt and transactions with affiliates, in each case subject to baskets, thresholds and other exceptions, and (3) customary events of default. The availability of certain baskets and the ability to enter into certain transactions will also be subject to compliance with certain financial ratios. In addition, the Senior Secured Revolving Credit Facility includes a financial covenant that requires, in certain circumstances, compliance with a certain secured leverage ratio. As of December 31, 2023, the Company was in a covenant suspension period under the Senior Secured Revolving Credit Facility as described above. First Lien Notes Due 2029. The First Lien Notes due 2029 bear cash interest at a rate of 7.5% per annum payable semi-annually in arrears on February 15 and August 15, beginning on August 15, 2022. The First Lien Notes due 2029 have not been registered under the Securities Act, as amended, and will mature on February 15, 2029. The Company may redeem some or all of the First Lien Notes due 2029 at any time on or after February 15, 2025, at the redemption prices equal to (i) 103.750% for the twelve-month period beginning on February 15, 2025; (ii) 101.875% for the twelve-month period beginning on February 15, 2026, and (iii) 100.0% at any time thereafter, plus accrued and unpaid interest. In addition, the Company may redeem up to 35% of the aggregate principal amount of the First Lien Notes due 2029 using net proceeds from certain equity offerings completed prior to February 15, 2025 at a redemption price equal to 107.5% of their aggregate principal amount and accrued and unpaid interest to, but not including the date of redemption. The Company may redeem some or all of the First Lien Notes due 2029 at any time prior to February 15, 2025 at a redemption price equal to The First Lien Notes due 2029 are general senior secured obligations of the Company and are fully and unconditionally guaranteed on a joint and several senior secured basis by all of the Company’s existing and future subsidiaries that guarantee the Company’s other indebtedness, including the Company’s Senior Secured Credit Facilities. The First Lien Notes due 2029 are secured, on a pari passu basis with the Senior Secured Credit Facilities, on a first-priority basis by substantially all of the tangible and intangible assets owned by the Company and guarantors that secure obligations under the Senior Secured Credit Facilities including pledges of capital stock of certain of the Company’s and the guarantor’s wholly-owned material subsidiaries (but limited to 65% of the voting stock of any foreign subsidiary), subject to certain thresholds, exceptions and permitted liens. The indentures governing the First Lien Notes due 2029 contain covenants that restrict the ability of the Company to, among other things: (i) incur additional indebtedness, including additional senior indebtedness; (ii) pay dividends on or make other distributions in respect of its capital stock; (iii) purchase or redeem capital stock or prepay subordinated debt or other junior securities (iv) create liens ranking pari passu in right of payment with or subordinated in right of payment to First Lien Notes due 2029; (v) enter into certain transactions with its affiliates; and (vi) merge or consolidate with other companies or transfer all or substantially all of their respective assets. These covenants are subject to a number of important limitations and exceptions. The indentures governing the First Lien Notes due 2029 also provides for events of default, which, if any occur, would permit or require the principal, interest and any other monetary obligations on all the then outstanding notes to be due and payable immediately. Odeon Senior Secured Notes due 2027. Prior to November 1, 2024, up to 35% of the original aggregate principal amount of the Odeon Notes due 2027 may be redeemed at a price of 112.75% of the principal thereof with the net proceeds of one or more certain equity offerings provided that the redemption occurs with the 120 days after the closing of such equity offerings. On or after November 1, 2024, the Odeon Notes due 2027 will be redeemable, in whole or in part, at redemption prices equal to (i) 106.375% for the twelve-month period beginning on November 1, 2024; (ii) 103.188% for the twelve-month period beginning on November 1, 2025, and (iii) 100.000% at any time thereafter, plus accrued and unpaid interest, if any. If the Company or its restricted subsidiaries sell assets under certain circumstances, the Company will be required to use the net proceeds to repay the Odeon Notes due 2027 or any additional First Lien Obligations at a price no less than 100% of the issue price of the Odeon Notes due 2027, plus accrued and unpaid interest, if any. Upon a Change of Control (as defined in the indenture governing the Odeon Notes due 2027), the Company must offer to purchase the Odeon Notes due 2027 at a purchase price equal to 101% of the principal amount, plus accrued and unpaid interest, if any. On December 14, 2022, the Odeon Notes due 2027 were admitted to the official list of The International Stock Exchange (“TISE”). The Odeon Notes due 2027 will automatically delist from TISE on the business day following the maturity date of November 1, 2027, unless adequate notice is given together with supporting documents setting out any changes to the date of maturity or confirmation that the Odeon Notes due 2027 have not been fully repaid. Second Lien Notes due 2026. In connection with the Exchange Offers and the First Lien Notes due 2026, the Company issued shares of Common Stock to certain holders of subordinated notes as consideration for their commitment to backstop the issuance of $200 million of the First Lien Notes due 2026. Pursuant to the Backstop Commitment Agreement dated July 10, 2020, certain of the actual or beneficial holders of Existing Subordinated Notes agreed to purchase 100% of the First Lien Notes due 2026 that were not subscribed for in connection with the $200 million rights offering to holders of the Existing Subordinated Notes participating in the Exchange Offers. Those providing a backstop commitment pursuant to the Backstop Commitment Agreement received shares of Common Stock worth $20.2 million. The share issuance was recorded by the Company in stockholders’ deficit with an offset in corporate borrowings as a discount. The discount will be amortized to interest expense over the term of the Second Lien Notes due 2026 using the effective interest method. The Second Lien Notes due 2026 bear cash interest at a rate of 10% per annum payable semi-annually in arrears on June 15 and December 15, beginning on December 15, 2020. Subject to the limitation in the next succeeding sentence, interest for the first three interest periods after the issue date may, at the Company’s option, be paid in PIK interest at a rate of 12% per annum. For the first interest period ending December 15, 2020 and the second interest period ending June 15, 2021, the Company elected to pay in PIK interest. For the third interest period ending December 15, 2021, the Company paid cash interest with respect to the third The Second Lien Notes due 2026 were redeemable at the Company’s option prior to June 15, 2023, at a redemption price equal to 100% of their aggregate principal amount and accrued and unpaid interest, plus an applicable make-whole premium. On or after June 15, 2023, the Second Lien Notes due 2026 are redeemable, in whole or in part, at a redemption price equal to (i) 106.0% for the twelve-month period beginning on June 15, 2023; (ii) 103.0% for the twelve-month period beginning on June 15, 2024 and (iii) 100.0% at any time thereafter, plus accrued and unpaid interest. If the Company or its restricted subsidiaries sell assets, under certain circumstances, the Company will be required to apply the net proceeds to redeem the Second Lien Notes due 2026 at a price equal to 100% of the issue price of the Second Lien Notes due 2026, plus accrued and unpaid interest to, but excluding the redemption date. Upon a Change of Control (as defined in the indenture governing the Second Lien Notes due 2026), the Company must offer to purchase the Second Lien Notes due 2026 at a purchase price equal to 101% of the principal amount, plus accrued and unpaid interest. The Second Lien Notes due 2026 have not been registered under the Securities Act, as amended and will mature on June 15, 2026. The Second Lien Notes due 2026 are fully and unconditionally guaranteed on a joint and several basis by each of the Company’s subsidiaries that currently guarantee its obligations under the Company’s Senior Secured Credit Facilities. The Second Lien Notes due 2026 are secured on a second-priority basis by substantially all of the tangible and intangible assets owned by the Company and the guarantor subsidiaries that secure obligations under the Senior Secured Credit Facilities (“Collateral”). The Second Lien Notes due 2026 are subordinated in right of payment to all indebtedness of the Company that is secured by a first-priority lien on the Collateral. The indenture governing the Second Lien Notes due 2026 contains covenants that restrict the ability of the Company to: incur additional debt or issue certain preferred shares; pay dividends on or make other distributions in respect of its capital stock or make other restricted payments; make certain investments; or transfer certain assets; create liens on certain assets to secure debt; consolidate, merge, sell or otherwise dispose of all or substantially all of its assets; enter into certain transactions with its affiliates; and allow to exist certain restrictions on the ability of its subsidiaries to pay dividends or make other payments to the Company. The Second Lien Notes due 2026 Indenture also contains certain affirmative covenants and events of default. On December 22, 2022, the Company entered into the Forward Purchase Agreement with Antara pursuant to which the Company agreed to (i) sell to Antara 10,659,511 AMC Preferred Equity Units for an aggregate purchase price of $75.1 million and (ii) simultaneously purchase from Antara $100.0 million aggregate principal amount of the Company’s 10%/12% Cash/PIK Toggle Second Lien Notes due 2026 in exchange for 9,102,619 AMC Preferred Equity Units. On February 7, 2023, the Company issued 19,762,130 AMC Preferred Equity Units to Antara in exchange for $75.1 million in cash and $100.0 million aggregate principal amount of the Company’s 10%/12% Cash/PIK Toggle Second Lien Notes due 2026. The Company recorded $193.7 million to stockholders’ deficit as a result of the transaction. The Company paid $1.4 million of accrued interest in cash upon exchange of the notes. See Note 9—Stockholders’ Deficit for more information. Additionally, during the year ended December 31, 2023, the Company repurchased from Antara, a related party at the time of the transactions, an additional $75.9 million aggregate principal amounts of the Second Lien Notes due 2026 for $48.5 million and recorded a gain on extinguishment of $40.9 million in other expense (income). Accrued interest of $1.1 million was paid in connection with the related party repurchases. During the year ended December 31, 2023, the Company repurchased from unrelated parties $139.7 million aggregate principal amounts of the Second Lien Notes due 2026 for $91.4 million and recorded a gain on extinguishment of $71.3 million in other expense (income). Accrued interest of $4.5 million was paid in connection with the repurchases. During the year ended December 31, 2023, the Company exchanged $105.3 million aggregate principal and $1.2 million accrued interest of the Second Lien Notes due 2026 for 14,186,651 shares of Common Stock. The Company treated these exchanges as extinguishments and recorded $28.3 million of gains on extinguishment in other income. During the year ended December 31, 2022, the Company repurchased $118.3 million aggregate principal amounts 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). Accrued interest of $4.5 million was paid in connection with the repurchases. Senior Subordinated Debt Exchange Offers On July 31, 2020, the Company consummated private offers to exchange (the “Exchange Offers”) any and all of its outstanding 6.375% Senior Subordinated Notes due 2024, 5.75% Senior Subordinated Notes due 2025, 5.875% Senior Subordinated Notes due 2026, and 6.125% Senior Subordinated Notes due 2027 (together the “Existing Subordinated Notes”) for newly issued Second Lien Notes due 2026. The Company performed an assessment on a lender-by-lender basis to identify certain lenders that met the criteria for a troubled debt restructuring (“TDR”) under ASC 470-60, Troubled Debt Restructurings by Debtors (“ASC 470-60”) as the Company was experiencing financial difficulties and the lenders granted a concession. The portion of the loans that did not meet the assessment of TDR under ASC 470-60 were treated as modifications. The Company accounted for the exchange of approximately $1,782.5 million principal amount of its Existing Senior Subordinated Notes for approximately $1,289.1 million principal amount of the Second Lien Notes due 2026 as TDR. The Company accounted for the exchange of the remaining approximately $235.0 million principal amount of its Existing Senior Subordinated Notes for approximately $173.2 million principal amount of the Second Lien Notes due 2026 as a modification of debt as the lenders did not grant a concession and the difference between the present value of the old and new cash flows was less than 10%. Senior Subordinated Notes Due 2024. On March 17, 2017, the Company issued £250.0 million additional aggregate principal amount of its Sterling Notes due 2024 at 106% plus accrued interest from November 8, 2016 in a private offering. These additional Sterling Notes due 2024 were offered as additional notes under an indenture pursuant to which the Company had previously issued and has outstanding £250.0 million aggregate principal amount of its 6.375% Sterling Notes due 2024. The Company recorded deferred financing costs of approximately $12.7 million related to the issuance of the additional Sterling Notes due 2024. The Sterling Notes due 2024 mature on November 15, 2024. The Company pays interest on the Sterling Notes due 2024 at 6.375% per annum, semi-annually in arrears on May 15th and November 15th, commencing on May 15, 2017. Interest on the additional Sterling Notes will accrue from November 8, 2016. The Company may redeem some or all of the Sterling Notes due 2024 at 100% of the principal amount thereof on or after November 15, 2022, plus accrued and unpaid interest to the redemption date. On March 17, 2017, in connection with the issuance of the additional Sterling Notes due 2024, the Company entered into a registration rights agreement. Subject to the terms of the registration rights agreement, the Company is required to (1) file one or more registration statements with the SEC not later than 270 days from November 8, 2016 with respect to the registered offer to exchange the notes for new notes of the Company having terms identical in all material respects to the notes and (2) use its commercially reasonable efforts to cause the exchange offer registration statement to be declared effective under the Securities Act within 365 days of November 8, 2016. The Company filed its Form S–4 registration statement related to the registration rights agreement with the Securities and Exchange Commission on April 19, 2017, and it was declared effective June 7, 2017. All of the original notes were exchanged as of July 12, 2017. On July 31, 2020, as part of the Exchange Offers, the Company reduced the aggregate principal amounts of Sterling Notes due 2024 by approximately $632.1 million (£496.0 million par value), or 99.2% of the then outstanding Sterling Notes due 2024. Senior Subordinated Notes Due 2025. On June 5, 2015, in connection with the issuance of the Senior Subordinated Notes due 2025, the Company entered into a registration rights agreement. Subject to the terms of the registration rights agreement, the Company filed a registration statement on June 19, 2015 pursuant to the Securities Act, as amended, relating to an offer to exchange the original Senior Subordinated Notes due 2025 for exchange Senior Subordinated Notes due 2025 registered pursuant to an effective registration statement; the registration statement was declared effective on June 29, 2015, and the Company commenced the exchange offer. The exchange notes have terms substantially identical to the original notes except that the exchange notes do not contain terms with respect to transfer restrictions and registration rights and additional interest payable for the failure to consummate the exchange offer within 210 days after the issue date. After the exchange offer expired on July 27, 2015, all of the original Senior Subordinated Notes due 2025 were exchanged. On July 31, 2020, as part of the Exchange Offers, the Company reduced the aggregate principal amounts of the Senior Subordinated Notes due 2025 by approximately $501.7 million, or 83.61% of the then outstanding Notes due 2025. Senior Subordinated Notes Due 2026. On November 8, 2016, in connection with the issuance of the Senior Subordinated Notes due 2026, the Company entered into a registration rights agreement. Subject to the terms of the registration rights agreement, the Company is required to (1) file a registration statement with the SEC not later than 270 days from the issuance date with respect to the registered offer to exchange the notes for new notes of the Company having terms identical in all material respects to the notes and (2) use its commercially reasonable efforts to cause the exchange offer registration statement to be declared effective under the Securities Act within 365 days of the issuance date. The Company filed its Form S–4 registration statement related to the registration rights agreement with the Securities and Exchange Commission on April 19, 2017, and it was declared effective June 7, 2017. All of the original notes were exchanged as of July 12, 2017. On July 31, 2020, as part of the Exchange Offers, the Company reduced the aggregate principal amounts of the Senior Subordinated Notes due 2026 by approximately $539.4 million, or 90.65% of the then outstanding Notes due 2026. During the year ended December 31, 2023, the Company repurchased $4.1 million aggregate principal amounts of Senior Subordinated Notes due 2026 from a related party, Antara, for $1.7 million and recorded a gain on extinguishment of $2.3 million in other expense (income). Accrued interest of $0.1 million was paid in connection with the repurchase. Senior Subordinated Notes Due 2027. On March 17, 2017, in connection with the issuance of the Senior Subordinated Notes due 2027, the Company entered into a registration rights agreement. Subject to the terms of the registration rights agreement, the Company is required to (1) file one or more registration statements with the SEC not later than 270 days from the issuance date with respect to the registered offer to exchange the notes for new notes of the Company having terms identical in all material respects to the notes and (2) use its commercially reasonable efforts to cause the exchange offer registration statement to be declared effective under the Securities Act within 365 days of the issuance date. The Company filed its Form S–4 registration statement related to the registration rights agreement with the Securities and Exchange Commission on April 19, 2017, and it was declared effective June 7, 2017. All of the original notes were exchanged as of July 12, 2017. On July 31, 2020, as part of the Exchange Offers, the Company reduced the aggregate principal amounts of the Senior Subordinated Notes due 2027 by approximately $344.3 million, or 72.48% of the then outstanding principal. During the year ended December 31, 2022, the Company repurchased $5.3 million aggregate principal payments of Senior Subordinated Notes due 2027 for $1.6 million and recorded a gain on extinguishment of $3.7 million in other expense (income). First Lien Notes Due 2025. First Lien Notes due 2026. First Lien Toggle Notes Due 2026. The First Lien Toggle Notes due 2026 bore cash interest at a rate of 15% per annum payable semi-annually in arrears on January 15 and July 15, beginning on July 15, 2021. Interest for the first t |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 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, 2023, 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. The actual effective rate for the year ended December 31, 2023 was (0.9)%. The Company’s consolidated tax rate for the year ended December 31, 2023 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. At December 31, 2023 and December 31, 2022, the Company has recorded net deferred tax liabilities of $32.4 million and of $32.1 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, 2023 December 31, 2022 December 31, 2021 Current: Federal $ — $ — $ — Foreign 1.9 0.9 1.3 State 0.8 (0.1) (3.9) Total current 2.7 0.8 (2.6) Deferred: Federal 0.4 0.3 (3.8) Foreign (0.2) 0.7 (2.1) State 0.5 0.7 (1.7) Total deferred 0.7 1.7 (7.6) Total provision (benefit) $ 3.4 $ 2.5 $ (10.2) Pre-tax losses consisted of the following: Year Ended (In millions) December 31, 2023 December 31, 2022 December 31, 2021 Domestic $ (216.7) $ (685.8) $ (1,029.5) Foreign (176.5) (285.3) (250.5) Total $ (393.2) $ (971.1) $ (1,280.0) 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, 2023 December 31, 2022 December 31, 2021 Income tax expense (benefit) at the federal statutory rate $ (82.5) $ (203.9) $ (268.8) Effect of: State income taxes (14.7) (30.9) (46.9) Increase in reserve for uncertain tax positions (0.2) — (3.3) Federal and state credits (1.3) (2.5) (2.3) Permanent items - other (17.6) 5.2 (3.1) Foreign rate differential (3.6) (11.0) 4.3 Original issue discount — (152.5) — Other 1.2 (14.2) (5.0) Impact of UK tax rate change — — (34.3) Valuation allowance 122.1 412.3 349.2 Income tax expense (benefit) $ 3.4 $ 2.5 $ (10.2) Effective income tax rate (0.9) % (0.3) % 0.8 % The significant components of deferred income tax assets and liabilities as of December 31, 2023 and December 31, 2022 are as follows: December 31, 2023 December 31, 2022 Deferred Income Tax Deferred Income Tax (In millions) Assets Liabilities Assets Liabilities Tangible assets $ — $ (83.5) $ — $ (111.7) Right-of-use assets — (914.3) — (935.3) Accrued liabilities 13.8 — 13.6 — Intangible assets — (119.4) — (113.9) Receivables 9.5 — 18.2 — Investments 48.0 — 45.9 — Capital loss carryforwards 5.4 — 2.0 — Pension and deferred compensation 22.7 — 18.3 — Corporate borrowings 41.9 — 121.9 — Disallowed interest 515.0 — 337.1 — Deferred revenue 163.4 — 172.6 — Lease liabilities 1,169.8 — 1,208.0 — Finance lease obligations 0.2 — 0.4 — Other credit carryovers 28.3 — 27.7 — Net operating loss carryforwards 708.0 — 676.1 — Total $ 2,726.0 $ (1,117.2) $ 2,641.8 $ (1,160.9) Less: Valuation allowance (1,641.3) — (1,513.0) — Net deferred income taxes $ 1,084.7 $ (1,117.2) $ 1,128.8 $ (1,160.9) 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 2023 Valuation allowance-deferred income tax assets $ 1,513.0 120.2 8.1 $ 1,641.3 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 (1) The 2022 valuation allowance primarily relates to the Company’s increase in the current year’s federal, state, international net operating losses. (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 $1,711.9 million. Approximately $320.3 million will expire between 2024 and 2036 and will be limited annually due to certain change in ownership provisions of the Internal Revenue Code. Approximately $1,391.0 million can be used indefinitely. The Company’s foreign net operating losses of $949.0 million can be used indefinitely. The Company also has state income tax loss carryforwards of $2,463.3 million. Approximately $1,765.3 million may be used over various periods ranging from 1 to 20 years. Approximately $697.9 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, 2023 December 31, 2022 December 31, 2021 Balance at beginning of period $ 7.4 $ 8.3 $ 33.5 Gross increases—current period tax positions — — — Gross decreases—prior period tax positions — — (22.5) Gross decreases—settlements with authorities — — (2.2) Gross decreases—expiration of statute of limitations (1.9) (0.9) (0.5) Balance at end of period $ 5.5 $ 7.4 $ 8.3 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, 2003 are still open to examination by various taxing authorities. Additionally, as discussed above, the Company has NOL carryforwards for tax years ended December 31, 2004 through December 31, 2023, 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, 2023 | |
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. 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 June 14, 2023, the parties to the Gantulga, Kenna, Manuel, Dinkevich, and Lyon Actions signed a stipulation of settlement which, subject to the approval of the court, would resolve those actions. As consideration for the proposed settlement, the Company agreed to certain corporate governance reforms. The Company also agreed to the payment of a $1.0 million fee and expense award to the plaintiffs’ attorneys to be paid by the Company’s directors’ and officer’s insurance carriers. Defendants agreed to the settlement solely to eliminate the burden, expense, and uncertainties inherent in further litigation. Defendants have denied, and continue to deny, all allegations of wrongdoing, fault, liability, or damages with respect to the matters alleged in the Gantulga, Kenna, Manuel, Dinkevich, and Lyon Actions. On June 23, 2023, plaintiffs filed a motion to preliminarily approve the settlement. On October 6, 2023, the Court preliminarily approved the proposed settlement as being fair, reasonable, and adequate, and scheduled a telephonic hearing for December 18, 2023 at 11:00 a.m. eastern time, to, among other things, consider whether to approve the proposed settlement. On December 18, 2023, the court issued an order and final judgement approving the proposed settlement. On April 22, 2019, a putative stockholder class and derivative complaint, captioned Lao v. Dalian Wanda Group Co., Ltd. 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, would 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 In re AMC Entertainment Holdings, Inc. Stockholder Litigation Allegheny Del. C. Munoz Allegheny Allegheny Del. C. Action sought to enjoin the APEs from being voted on the Charter Amendments. On February 27, 2023, the Delaware Court of Chancery entered a status quo order that (i) allowed the March 14, 2023 vote on the Charter Amendments to proceed, but precluded the Company from implementing the Charter Amendments pending a ruling by the court on the plaintiffs’ then-anticipated preliminary injunction motion, and (ii) scheduled a hearing on the plaintiffs’ then-anticipated preliminary injunction motion for April 27, 2023 (the “Status Quo Order”). On April 2, 2023, the parties entered into a binding settlement term sheet to settle the Shareholder Litigation, which among other things, provided that the parties would jointly request that the Status Quo Order be lifted. Pursuant to the term sheet, the Company agreed, following and subject to AMC’s completion of the Conversion and Reverse Stock Split, to make a non-cash settlement payment to record holders of Common Stock immediately prior to the Conversion (and after giving effect to the Reverse Stock Split) of one On April 5, 2023, the court denied the motion to lift the Status Quo Order. On April 27, 2023, the parties jointly filed a Stipulation and Agreement of Compromise, Settlement, and Release (the “Settlement Stipulation”) with the court, which fully memorialized the settlement that the parties agreed to in the term sheet. On June 29–30, 2023, the court held a settlement hearing to consider whether to approve the settlement as outlined in the Settlement Stipulation. On July 21, 2023, the court issued an opinion which, citing issues with the scope of the release sought under the proposed settlement, declined to approve the settlement as presented. On July 22, 2023, the parties filed an addendum to the Settlement Stipulation in an effort to address the issues with the scope of the release raised by the court and requested that the court approve the settlement with the revised release set forth in the addendum. On July 24, 2023, the court requested additional submissions in relation to the proposed settlement. The Company provided the additional requested submissions to the court on July 26, 2023. On August 11, 2023, the court approved the settlement of the Shareholder Litigation and lifted the Status Quo Order. On August 14, 2023, the Company filed the amendment to its Third Amended and Restated Certificate of Incorporation, effective as of August 24, 2023, which was previously approved by the Company’s stockholders at the special meeting held on March 14, 2023 to implement the Charter Amendments. The Reverse Stock Split occurred on August 24, 2023, the conversion of APEs into Common Stock occurred on August 25, 2023, and the Settlement Payment was made on August 28, 2023. On September 15, 2023, the Court entered an order dismissing the Shareholder Litigation in its entirety and with prejudice. On October 13, 2023, a purported Company stockholder who objected to the settlement of the Shareholder Litigation filed a notice of appeal from the order approving the settlement. As of January 26, 2024, the appeal was fully briefed before the Delaware Supreme Court. In connection with the Settlement Payment, the Company recorded a $110.1 million charge to other expense during the year ended December 31, 2023. The charge was based on the estimated fair value of $99.3 million for the Settlement Payment and $10.8 million of legal fees, net of probable insurance recoveries. The Company made the Settlement Payment on August 28, 2023, and recorded the disbursement to stockholders’ deficit. The legal fee liabilities are included in accrued expenses and other liabilities or accounts payable within the condensed consolidated balance sheets. On August 14, 2023, a putative class action on behalf of APE holders, captioned Simons v. AMC Entertainment Holdings, Inc. On May 4, 2023, the Company filed a lawsuit in the Superior Court of the State of Delaware against seventeen insurers participating in its directors & officers insurance program, seeking recovery for losses incurred in connection with its defense and settlement of the Shareholder Litigation, including the Settlement Payment. The insurance recovery action is captioned, AMC Entertainment Holdings, Inc. v. XL Specialty Insurance Co., et al On October 6, 2023, an action captioned Mathew, et al. v. Citigroup Global Markets, et al. On December 18, 2023, an action captioned Miller, et al. v. AMC Entertainment Holdings, Inc. et al. Del. C |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 Using Significant Total Carrying Quoted prices in Significant other unobservable Value at active market observable inputs inputs (In millions) December 31, 2023 (Level 1) (Level 2) (Level 3) Other long-term assets: Investment in Hycroft warrants $ 3.3 $ — $ — $ 3.3 Marketable equity securities: Investment in Hycroft 5.8 5.8 — — Total $ 9.1 $ 5.8 $ — $ 3.3 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 warrants $ 9.2 $ — $ — $ 9.2 Marketable equity securities: Investment in Hycroft 12.5 12.5 — — Total $ 21.7 $ 12.5 $ — $ 9.2 Valuation Techniques. 130.0% 4.0% Nonrecurring Fair Value Measurements. Fair Value Measurements at December 31, 2023 Using Significant other Significant Total Carrying Quoted prices in observable unobservable Total Value at active market inputs inputs Impairment (In millions) December 31, 2023 (Level 1) (Level 2) (Level 3) Losses Property, net: Property, net $ 34.4 $ — $ — $ 34.4 $ 30.3 Operating lease right-of-use assets: Operating lease right-of-use assets 93.5 — — 93.5 76.6 Other long-term assets: Cost method investments (1) 10.3 — — 10.3 1.0 Total $ 138.2 $ — $ — $ 138.2 $ 107.9 (1) Impairment losses for cost method investments are recorded in investment expense (income). Fair Value Measurements at December 31, 2022 Using Significant other Significant Total Carrying Quoted prices in observable unobservable Total Value at active market inputs inputs 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 Valuation Techniques. 9.0% 11.0% 10.0% 12.5% Other Fair Value Measurement Disclosures. Fair Value Measurements at December 31, 2023 Using Significant other Significant Total Carrying Quoted prices in observable unobservable Value at active market inputs inputs (In millions) December 31, 2023 (Level 1) (Level 2) (Level 3) Current maturities of corporate borrowings $ 25.1 $ — $ 21.5 $ — Corporate borrowings 4,552.3 — 3,674.7 — 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 — 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, 2023 | |
OPERATING SEGMENTS. | |
OPERATING SEGMENTS | NOTE 13—OPERATING SEGMENTS The Company reports information about operating segments in accordance with ASC 280-10, Segment Reporting, which requires financial information to be reported based on the way management organizes segments within a company for making operating decisions and evaluating performance. The Company has identified two reportable segments and reporting units for its theatrical exhibition operations, U.S. markets and International markets. The International markets reportable segment has operations in or partial interest in theatres in the United Kingdom, Germany, Spain, Italy, Ireland, Portugal, Sweden, Finland, Norway, and Denmark. The Company divested of its interest in Estonia, Latvia, and Lithuania operations, see Note 1 — — Below is a breakdown of select financial information by reportable operating segment: Year Ended Revenues (In millions) December 31, 2023 December 31, 2022 December 31, 2021 U.S. markets $ 3,688.6 $ 2,961.7 $ 1,875.8 International markets 1,124.0 949.7 652.1 Total revenues $ 4,812.6 $ 3,911.4 $ 2,527.9 Year Ended Adjusted EBITDA (In millions) December 31, 2023 December 31, 2022 December 31, 2021 U.S. markets $ 370.2 $ 59.6 $ (250.6) International markets 55.6 (13.0) (41.1) Total Adjusted EBITDA $ 425.8 $ 46.6 $ (291.7) (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, 2023 December 31, 2022 December 31, 2021 U.S. markets $ 167.0 $ 138.4 $ 63.9 International markets 58.6 63.6 28.5 Total capital expenditures $ 225.6 $ 202.0 $ 92.4 Financial information about geographic area is as follows: Year Ended Revenues (In millions) December 31, 2023 December 31, 2022 December 31, 2021 United States $ 3,688.6 $ 2,961.7 $ 1,875.8 United Kingdom 400.9 379.3 283.6 Spain 148.2 114.6 81.8 Sweden 124.9 125.0 82.3 Italy 151.9 90.4 57.5 Germany 125.8 96.2 54.4 Finland 97.9 73.9 49.1 Ireland 32.2 27.3 16.9 Other foreign countries 42.2 43.0 26.5 Total $ 4,812.6 $ 3,911.4 $ 2,527.9 As of As of Long-term assets, net (In millions) December 31, 2023 December 31, 2022 U.S. markets $ 5,795.6 $ 6,135.9 International markets 2,010.5 2,097.6 Total long-term assets $ 7,806.1 $ 8,233.5 (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, 2023 December 31, 2022 December 31, 2021 Net loss $ (396.6) $ (973.6) $ (1,269.8) Plus: Income tax provision (benefit) 3.4 2.5 (10.2) Interest expense 411.2 378.7 458.1 Depreciation and amortization 365.0 396.0 425.0 Impairment of long-lived assets 106.9 133.1 77.2 Certain operating expense 2.5 8.0 0.2 Equity in (earnings) loss of non-consolidated entities (7.7) 1.6 (11.0) Cash distributions from non-consolidated entities 6.5 6.6 12.5 Attributable EBITDA 2.2 0.4 3.7 Investment expense (income) (15.5) 14.9 (9.2) Other expense (income) (61.3) 80.4 (0.1) Other non-cash rent benefit (35.0) (26.6) (24.9) General and administrative — unallocated: Merger, acquisition and other costs 1.7 2.1 13.7 Stock-based compensation expense 42.5 22.5 43.1 Adjusted EBITDA $ 425.8 $ 46.6 $ (291.7) (1) For information regarding the income tax provision (benefit), see Note 10 — Income Taxes. (2) During the year ended December 31, 2023, the Company recorded non-cash impairment charges related to its long-lived assets of $49.2 million on 68 theatres in the U.S. markets with 738 screens which were related to property, net and operating lease right-of-use assets, net and $57.7 million on 57 theatres in the International markets with 488 screens which were related to property, net and operating lease right-of-use assets, net. 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. (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, 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 earnings from AC JV of $4.9 million during the year ended December 31, 2023. 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, during the year ended December 31, 2021. (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, 2023 December 31, 2022 December 31, 2021 Equity in (earnings) loss of non-consolidated entities $ (7.7) $ 1.6 $ (11.0) Less: Equity in (earnings) of non-consolidated entities excluding International theatre joint ventures (6.6) (5.4) (13.5) Equity in earnings (loss) of International theatre joint ventures 1.1 (7.0) (2.5) Income tax expense 0.1 0.1 0.3 Investment expense (income) (0.6) 0.2 (0.1) Interest expense 0.2 0.1 0.2 Impairment of long-lived assets — 4.2 — Depreciation and amortization 1.4 2.8 5.6 Other expense — — 0.2 Attributable EBITDA $ 2.2 $ 0.4 $ 3.7 (7) Other expense (income) during the year ended December 31, 2023 primarily consisted of gains on debt extinguishment of $(142.8) million and foreign currency transaction gains of $(17.8) million, partially offset by a non-cash litigation charge of $ 99.3 million. Other expense (income) for 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. (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, 2023 | |
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, 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) Other comprehensive income (loss) 1.1 (2.0) (0.9) Balance December 31, 2023 $ (77.7) $ (0.5) $ (78.2) The tax effects allocated to each component of other comprehensive income (loss) is as follows: Year Ended December 31, 2023 December 31, 2022 December 31, 2021 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 $ 0.5 $ 0.6 $ 1.1 $ (59.8) $ — $ (59.8) $ (78.9) $ — $ (78.9) Realized gain (loss) on foreign currency transactions, net of tax — — — — — — (0.9) 0.5 (0.4) Pension and other benefit adjustments: Net gain (loss) arising during the period, net of tax (2.0) — (2.0) 10.6 — 10.6 13.0 (0.7) 12.3 Other comprehensive income (loss) $ (1.5) $ 0.6 $ (0.9) $ (49.2) $ — $ (49.2) $ (66.8) $ (0.2) $ (67.0) |
LOSS PER SHARE
LOSS PER SHARE | 12 Months Ended |
Dec. 31, 2023 | |
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 Common Stock as of August 22, 2022, the ex-dividend date. 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. On August 24, 2023, the Company effectuated a reverse stock split at a ratio of one one Accordingly, all references made to share, per share, unit, per unit, or common share amounts in the accompanying financial statements and applicable disclosures have been retroactively adjusted to reflect both the effects of the special dividend as a stock split and the subsequent reverse stock split. References made to AMC Preferred Equity Units have been retroactively adjusted to reflect the effect of the reverse stock split on their equivalent Common Stock shares. 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. 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, 2023 December 31, 2022 December 31, 2021 Numerator: Net loss for basic and diluted loss per share $ (396.6) $ (973.6) $ (1,269.1) Denominator Weighted average shares for basic and diluted loss per common share 167,644 104,769 95,482 Basic and diluted loss per common share: $ (2.37) $ (9.29) $ (13.29) Vested RSUs, PSUs, and SPSUs have dividend rights identical to the Company’s Common Stock and are treated as outstanding shares for purposes of computing basic and diluted loss per share. For the year ended December 31, 2023, December 31, 2022, and December 31, 2021, unvested RSUs of 272,469, 252,336, and 449,525, respectively, were not considered in the computation of diluted loss per share because they would be anti-dilutive. All Tranche Year PSUs which had been granted at December 31, 2023, December 31, 2022, and December 31 2021 were included in basic loss per share for each respective period because the issuance of the related shares were contingent only upon the passage of time. Therefore, no granted Tranche Year PSUs at December 31, 2023, December 31, 2022, and December 31, 2021 could further dilute basic loss per share. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2023 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 16— SUBSEQUENT EVENTS Debt for equity exchange. Shares of Aggregate Principal Common Stock Gain on Accrued Interest (In millions, except for share data) Exchanged Exchanged Extinguishment Exchanged Second Lien Notes due 2026 $ 17.5 2,541,250 $ 5.8 $ 0.1 Vendor dispute. |
THE COMPANY AND SIGNIFICANT A_2
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | |
Stock Split and Reverse Stock Split | Stock Split and Reverse Stock Split. On August 24, 2023, the Company effectuated a reverse stock split at a ratio of one share of Common Stock for every ten shares of Common Stock. As a result of the reverse stock split, each share of Series A Convertible Participating Preferred Stock became convertible into ten shares of Common Stock, and by extension each AMC Preferred Equity Unit became equivalent to one-tenth (1/10th) of a share of Common Stock. The reverse stock split did not impact the number of AMC Preferred Equity Units outstanding. The Company concluded that this change in conversion ratio is analogous to a reverse stock split of the AMC Preferred Equity Units even though the reverse stock split did not have an effect on the number of AMC Preferred Equity Units outstanding. Accordingly, all references made to share, per share, unit, per unit, or common share amounts in the accompanying consolidated financial statements and applicable disclosures have been retroactively adjusted to reflect both the effects of the special dividend as a stock split and the subsequent reverse stock split. References made to AMC Preferred Equity Units have been retroactively adjusted to reflect the effect of the reverse stock split on their equivalent Common Stock shares. |
Liquidity | Liquidity. The Company’s cash burn rates are not sustainable long-term. In order to achieve sustainable net positive operating cash flows and long-term profitability, the Company believes that operating revenues will need to increase to levels in line with pre-COVID-19 operating revenues. North America box office grosses were down approximately 21% for the year ended December 31, 2023, compared to the year ended December 31, 2019. Until such time as the Company is able to achieve positive operating cash flow, it is 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 levels of operating revenue, the estimates of amounts of required liquidity vary significantly. There can be no assurance that the operating revenues, attendance levels, and other assumptions used to estimate the Company’s liquidity requirements and future cash burn rates will be correct, and the ability to be predictive is uncertain due to limited ability to predict studio film release dates, the overall production and theatrical release levels, and success of individual titles. Additionally, the effects of labor stoppages, including but not limited to the Writers Guild of America strike and the Screen Actors Guild-American Federation of Television and Radio Artists strike that occurred during 2023 cannot be reasonably estimated and are expected to have a negative impact in 2024 on the future film slate for exhibition, the Company’s future liquidity and cash burn rates. Further, there can be no assurances that the Company will be successful in generating the additional liquidity necessary to meet its obligations beyond twelve months from the issuance of these financial statements on terms acceptable to the Company or at all. The Company may, at any time and from time to time, seek to retire or purchase its outstanding debt through cash purchases and/or exchanges for equity 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. On December 22, 2022, the Company entered into the Forward Purchase Agreement with Antara pursuant to which the Company agreed to (i) sell to Antara 10,659,511 AMC Preferred Equity Units for an aggregate purchase price of $75.1 million and (ii) simultaneously purchase from Antara $100.0 million aggregate principal amount of the Company’s 10%/12% Cash/PIK Toggle Second Lien Notes due 2026 in exchange for 9,102,619 AMC Preferred Equity Units. On February 7, 2023, the Company issued 19,762,130 AMC Preferred Equity Units to Antara in exchange for $75.1 million in cash and $100.0 million aggregate principal amount of the Company’s 10%/12% Cash/PIK Toggle Second Lien Notes due 2026. The Company recorded $193.7 million to stockholders’ deficit as a result of the transaction. The Company paid $1.4 million of accrued interest in cash upon exchange of the notes. See Note 9—Stockholders’ Deficit for more information. The below table summarizes the cash debt repurchase transactions that occurred during the year ended December 31, 2023, including related party transactions with Antara, which became a related party on February 7, 2023. These transactions were executed at terms equivalent to an arms-length transaction. See Note 8—Corporate Borrowings and Finance Lease Liabilities for more information. Aggregate Principal Reacquisition Gain on Accrued Interest (In millions) Repurchased Cost Extinguishment Paid Related party transactions: Second Lien Notes due 2026 $ 75.9 $ 48.5 $ 40.9 $ 1.1 5.875% Senior Subordinated Notes due 2026 4.1 1.7 2.3 0.1 Total related party transactions 80.0 50.2 43.2 1.2 Non-related party transactions: Second Lien Notes due 2026 139.7 91.4 71.3 4.5 Total non-related party transactions 139.7 91.4 71.3 4.5 Total debt repurchases $ 219.7 $ 141.6 $ 114.5 $ 5.7 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 below table summarizes various debt for equity exchange transactions that occurred during the year ended December 31, 2023. See Note 8—Corporate Borrowings and Finance Lease Liabilities, Note 9—Stockholders’ Deficit, and Note 16—Subsequent Events for more information. Shares of Aggregate Principal Common Stock Gain on Accrued Interest (In millions, except for share data) Exchanged Exchanged Extinguishment Exchanged Second Lien Notes due 2026 $ 105.3 14,186,651 $ 28.3 $ 1.2 During the year ended December 31, 2023, the Company raised gross proceeds of approximately $790.0 million and paid fees to sales agents and incurred third-party issuance costs of approximately $19.8 million and $9.9 million, respectively, through its at-the-market offering of approximately 88.0 million shares of its Common Stock and 7.1 million of its AMC Preferred Equity Units. The Company paid $12.6 million of other third-party issuance costs during the year ended December 31, 2023. See Note 9—Stockholders’ Deficit for further information regarding the at-the-market offerings. During the year ended December 31, 2022, the Company sold 20.8 million AMC Preferred Equity Units. The Company generated approximately $228.8 million in gross proceeds from sales under one “at-the-market” offering program, paid fees to the sales agents and incurred third-party issuance costs of approximately $5.7 million and $5.5 million, respectively. During the year ended December 31, 2021, the Company sold 24.2 million shares of the Company’s Common Stock and 24.2 million AMC Preferred Equity Units. The Company generated $1,611.8 million in aggregate gross proceeds from sales under various “at-the-market” offering programs, paid fees to the sales agents of approximately $40.3 million and paid other fees of $0.8 million. |
Temporarily suspended or limited operations | Temporarily Suspended or Limited Operations. For approximately the first six months of the year ended December 31, 2021, the Company had suspended or limited operations in our International markets segment due to the COVID-19 pandemic. As of June 30, 2021, substantially all of our International markets theatres had resumed operations. |
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’ deficit, 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 | 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, 2023 and December 31, 2022, 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 Loyalty Programs | Customer Loyalty Programs. AMC Stubs ® TM ® 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 ® |
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 investments purchased with an original maturity of three months or less are classified as cash equivalents. At December 31, 2023, 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 and 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 (In millions) December 31, 2023 December 31, 2022 December 31, 2021 Cash and cash equivalents $ 884.3 $ 631.5 $ 1,592.5 Restricted cash 27.1 22.9 27.8 Total cash and cash equivalents and restricted cash in the statement of cash flows $ 911.4 $ 654.4 $ 1,620.3 |
Intangible Assets | Intangible Assets. 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. There were no intangible asset impairment charges incurred during the years ended December 31, 2023, 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 |
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 is 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, 2023 and December 31, 2022 was |
Leases | Leases. 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 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 impairments for the years ended December 31, 2023, December 31, 2022, and December 31, 2021: Year Ended December 31, December 31, December 31, (In millions) 2023 2022 2021 Impairment of long-lived assets $ 106.9 $ 133.1 $ 77.2 Impairment of other assets recorded in investment expense (income) 1.0 — — Total impairment loss $ 107.9 $ 133.1 $ 77.2 During the year ended December 31, 2023, the Company recorded non-cash impairment of long-lived assets of $49.2 million on 68 theatres in the U.S. markets with 738 screens (in Alabama, Colorado, District of Columbia, Florida, Georgia, Iowa, Illinois, Indiana, Kansas, Kentucky, Louisiana, Massachusetts, Maryland, Michigan, Minnesota, Missouri, North Carolina, New York, Pennsylvania, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, West Virginia) and $57.7 million on 57 theatres in the International markets with 488 screens (in Germany, Ireland, Italy, Portugal, Spain, Sweden, and UK), which were related to property, net and operating lease right-of-use assets, net. In addition, during the year ended December 31, 2023, the Company recorded impairment losses of $1.0 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. 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 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 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. |
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 sponsored a postretirement deferred compensation plan, which was liquidated during 2022, and also various defined contribution plans. The following table sets forth the plans’ benefit obligations and plan assets included in the consolidated balance sheets: U.S. Pension Benefits International Pension Benefits Year Ended Year Ended (In millions) December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Aggregated projected benefit obligation at end of period (1) $ (79.3) $ (79.7) $ (71.9) $ (66.8) Aggregated fair value of plan assets at end of period 58.3 59.2 76.7 73.1 Net (liability) asset - funded status $ (21.0) $ (20.5) $ 4.8 $ 6.3 (1) At December 31, 2023 and December 31, 2022, U.S. aggregated accumulated benefit obligations were $79.3 million and $79.7 million, respectively, and International aggregated accumulated benefit obligations were $71.9 million and $66.8 million, respectively. The Company does not expect to make a material contribution to the U.S. pension plans during the year ended December 31, 2024. 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, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Discount rate 4.76% 4.97% 4.53% 4.82% Rate of compensation increase N/A N/A 2.07% 2.19% 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, 2023 2022 2021 2023 2022 2021 Discount rate 4.97% 2.66% 2.26% 4.82% 1.79% 1.78% Weighted average expected long-term return on plan assets 6.56% 6.56% 6.57% 4.32% 1.57% 1.28% Rate of compensation increase N/A N/A N/A 2.19% 2.28% 2.29% The offset to the pension liability is recorded in stockholders’ deficit 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, 2023, December 31, 2022, and December 31, 2021, net periodic benefit costs (credits) were $1.4 million, $(0.6) million, and $(0.9) million, respectively. The non-operating component of net periodic benefit costs is recorded in other expense (income) in the consolidated statements of operations. 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 2024 $ 4.5 $ 3.4 2025 4.8 3.5 2026 5.0 3.6 2027 5.1 3.8 2028 5.4 3.9 Years 2029 - 2032 28.3 22.1 The Company’s investment objectives for its U.S. defined benefit pension plan investments are: (1) to preserve the value of its principal; (2) to maximize a real long-term return with respect to the plan assets consistent with minimizing risk; (3) to achieve and maintain adequate asset coverage for accrued benefits under the plan; and (4) to maintain sufficient liquidity for payment of the plan obligations and expenses. The Company uses a diversified allocation of equity, debt, commodity and real estate exposures that are customized to the plan’s cash flow benefit needs. A weighted average targeted allocation percentage is assigned to each asset class as follows: equity securities of 37%, debt securities of 59%, and private real estate of 4%. The International pension benefit plans do not have an established asset target allocation. Investments in the pension plan assets are measured at fair value on a recurring basis. As of December 31, 2023, for the U.S. investment portfolio, 92% were valued using the net asset value per share (or its equivalent) as a practical expedient and 8% of the investment included pooled separate accounts valued using market prices for the underlying instruments that were observable in the market or could be derived by observable market data from independent external valuation information (Level 2 of the fair value hierarchy). As of December 31, 2023, for the International investment portfolio, 4% consisting of cash and equivalents was valued using quoted market prices from actively traded markets (Level 1 of the fair value hierarchy), 28% included mutual funds and collective trust funds valued using market prices for the underlying instruments that were observable in the market or could be derived by observable market data from independent external valuation information (Level 2 of the fair value hierarchy) and 68% were valued using the net asset value per share (or its equivalent) as a practical expedient. During 2023, there was a ruling in the United Kingdom related to the validity of certain amendments to benefits in contracted-out salary-related defined benefit pension plans. The ruling is subject to an ongoing appeal. The ruling may potentially be applicable to certain defined benefit pension plans the Company has in the United Kingdom. While the Company does not believe the impact of this ruling will have a material impact on our projected benefit obligation, it will continue to monitor the appeals process. As of December 31, 2023, no specific adjustments for this matter have been included in estimating the projected benefit obligation and related net periodic benefit cost of the applicable plans. The Company sponsors various defined contribution plans which include company match features in the U.S. and Internationally. The expense related to defined contribution plans for the years ended December 31, 2023, December 31, 2022, and December 31, 2021, was $9.8 million, $9.0 million, and $8.4 million, respectively. |
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, 2023, the Company recognized government assistance in other income Additionally, the Company recognized $3.2 million and $1.9 million of government assistance as reduction to property, net during the years ended December 31, 2023, and December 31, 2022, respectively. The assistance relates to the construction of capital assets related to the innovation, modernization, and digitalization of the theatrical exhibition industry in certain countries in the International markets. |
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) 2023 2022 2021 Credit income related to contingent lease guarantees $ — $ (0.2) $ (5.7) Governmental assistance - International markets (3.8) (23.0) (81.5) Governmental assistance - U.S. markets (1.0) (2.8) (5.6) Foreign currency transaction gains (17.8) (12.3) (9.8) Non-operating components of net periodic benefit cost (income) 1.4 (0.6) (0.7) 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 (140.5) (75.0) — Gain on extinguishment - Senior Subordinated Notes due 2026 (2.3) — — Gain on extinguishment - Senior Subordinated Notes due 2027 — (3.7) — Loss on extinguishment - Odeon Term Loan Facility — 36.5 — Financing fees related to modification of debt — — 1.0 Derivative stockholder settlement (14.0) — — Shareholder litigation 110.2 — — Business interruption insurance recoveries (1.3) (0.3) — Other expense (income) $ (69.1) $ 53.6 $ (87.9) |
Accounting Pronouncements Recently Adopted | Accounting Pronouncements Recently Adopted Reference Rate Reform. In March 2020, the FASB issued guidance providing optional expedients to account for the effects of reference rate reform to contracts, hedging relationships, and other transactions affected by the transition from the use of London Interbank Offered Rate (LIBOR) to an alternative reference rate. The Company elected to apply the optional expedients under ASC 848 to modifications of contracts that previously referenced LIBOR. The optional expedients eliminate the need to remeasure the contracts or reassess any accounting determinations. See Note 8—Corporate Borrowings and Finance Lease Obligations for further discussion on the election of the optional expedients allowed under ASC 848. Accounting Pronouncements Issued Not Yet Adopted Segment Reporting Income Tax Disclosures |
THE COMPANY AND SIGNIFICANT A_3
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | |
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 $ 75.9 $ 48.5 $ 40.9 $ 1.1 5.875% Senior Subordinated Notes due 2026 4.1 1.7 2.3 0.1 Total related party transactions 80.0 50.2 43.2 1.2 Non-related party transactions: Second Lien Notes due 2026 139.7 91.4 71.3 4.5 Total non-related party transactions 139.7 91.4 71.3 4.5 Total debt repurchases $ 219.7 $ 141.6 $ 114.5 $ 5.7 |
Schedule of share issuance upon exchange of debt | Shares of Aggregate Principal Common Stock Gain on Accrued Interest (In millions, except for share data) Exchanged Exchanged Extinguishment Exchanged Second Lien Notes due 2026 $ 105.3 14,186,651 $ 28.3 $ 1.2 |
Schedule of consolidated statement of cash flows | Year Ended (In millions) December 31, 2023 December 31, 2022 December 31, 2021 Cash and cash equivalents $ 884.3 $ 631.5 $ 1,592.5 Restricted cash 27.1 22.9 27.8 Total cash and cash equivalents and restricted cash in the statement of cash flows $ 911.4 $ 654.4 $ 1,620.3 |
Schedule of impairment of assets | Year Ended December 31, December 31, December 31, (In millions) 2023 2022 2021 Impairment of long-lived assets $ 106.9 $ 133.1 $ 77.2 Impairment of other assets recorded in investment expense (income) 1.0 — — Total impairment loss $ 107.9 $ 133.1 $ 77.2 |
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, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Aggregated projected benefit obligation at end of period (1) $ (79.3) $ (79.7) $ (71.9) $ (66.8) Aggregated fair value of plan assets at end of period 58.3 59.2 76.7 73.1 Net (liability) asset - funded status $ (21.0) $ (20.5) $ 4.8 $ 6.3 (1) At December 31, 2023 and December 31, 2022, U.S. aggregated accumulated benefit obligations were $79.3 million and $79.7 million, respectively, and International aggregated accumulated benefit obligations were $71.9 million and $66.8 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, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Discount rate 4.76% 4.97% 4.53% 4.82% Rate of compensation increase N/A N/A 2.07% 2.19% 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, 2023 2022 2021 2023 2022 2021 Discount rate 4.97% 2.66% 2.26% 4.82% 1.79% 1.78% Weighted average expected long-term return on plan assets 6.56% 6.56% 6.57% 4.32% 1.57% 1.28% Rate of compensation increase N/A N/A N/A 2.19% 2.28% 2.29% |
Schedule of expected benefit payments | (In millions) U.S. Pension Benefits International Pension Benefits 2024 $ 4.5 $ 3.4 2025 4.8 3.5 2026 5.0 3.6 2027 5.1 3.8 2028 5.4 3.9 Years 2029 - 2032 28.3 22.1 |
Schedule components of other expense (income) | Year Ended December 31, December 31, December 31, (In millions) 2023 2022 2021 Credit income related to contingent lease guarantees $ — $ (0.2) $ (5.7) Governmental assistance - International markets (3.8) (23.0) (81.5) Governmental assistance - U.S. markets (1.0) (2.8) (5.6) Foreign currency transaction gains (17.8) (12.3) (9.8) Non-operating components of net periodic benefit cost (income) 1.4 (0.6) (0.7) 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 (140.5) (75.0) — Gain on extinguishment - Senior Subordinated Notes due 2026 (2.3) — — Gain on extinguishment - Senior Subordinated Notes due 2027 — (3.7) — Loss on extinguishment - Odeon Term Loan Facility — 36.5 — Financing fees related to modification of debt — — 1.0 Derivative stockholder settlement (14.0) — — Shareholder litigation 110.2 — — Business interruption insurance recoveries (1.3) (0.3) — Other expense (income) $ (69.1) $ 53.6 $ (87.9) |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disaggregation of Revenue [Line Items] | |
Schedule of disaggregated revenue | Year Ended (In millions) December 31, 2023 December 31, 2022 December 31, 2021 Major revenue types Admissions $ 2,690.5 $ 2,201.4 $ 1,394.2 Food and beverage 1,669.8 1,313.7 857.3 Other theatre: Advertising 129.5 122.7 95.3 Other theatre 322.8 273.6 181.1 Other theatre 452.3 396.3 276.4 Total revenues $ 4,812.6 $ 3,911.4 $ 2,527.9 Year Ended (In millions) December 31, 2023 December 31, 2022 December 31, 2021 Timing of revenue recognition Products and services transferred at a point in time $ 4,424.1 $ 3,579.9 $ 2,325.5 Products and services transferred over time 388.5 331.5 202.4 Total revenues $ 4,812.6 $ 3,911.4 $ 2,527.9 (1) Amounts primarily include subscription and advertising revenues. |
Schedule of receivables and deferred revenue income | (In millions) December 31, 2023 December 31, 2022 Current assets Receivables related to contracts with customers $ 113.5 $ 92.3 Miscellaneous receivables 90.2 74.3 Receivables, net $ 203.7 $ 166.6 (In millions) December 31, 2023 December 31, 2022 Current liabilities Deferred revenues related to contracts with customers $ 415.3 $ 398.8 Miscellaneous deferred income 6.5 3.9 Deferred revenues and income $ 421.8 $ 402.7 |
Schedule of transaction price allocated to the remaining performance obligations related to Exhibitor Service Agreements | (In millions) Exhibitor Services Agreement Year ended 2024 $ 22.7 Year ended 2025 24.4 Year ended 2026 26.2 Year ended 2027 28.2 Year ended 2028 30.4 Years ended 2029 through February 2037 354.7 Total $ 486.6 |
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, 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 Cash received in advance 331.7 Customer loyalty rewards accumulated, net of expirations: Admission revenues 22.3 Food and beverage revenues 37.8 Other theatre revenues (1.3) Reclassification to revenue as the result of performance obligations satisfied: Admission revenues (237.5) Food and beverage revenues (70.1) Other theatre revenues (64.1) Foreign currency translation adjustment (2.3) Balance December 31, 2023 $ 415.3 (1) Includes movie tickets, food and beverage, gift cards, exchange tickets, subscription membership fees, and other loyalty membership fees. (2) Amount of rewards accumulated, net of expirations, that are attributed to loyalty programs. (3) Amount of rewards redeemed that are attributed to gift cards, exchange tickets, movie tickets, and loyalty programs. (4) Amounts relate to income from non-redeemed or partially redeemed gift cards, non-redeemed exchange tickets, subscription membership fees, and loyalty programs membership fees. |
Exhibitor services agreement | |
Disaggregation of Revenue [Line Items] | |
Schedule of changes in contract liabilities | Exhibitor Services (In millions) Agreement (1) Balance December 31, 2021 $ 510.4 Common Unit Adjustment-additions of common units 15.0 Reclassification of the beginning balance to other theatre revenue, as the result of performance obligations satisfied (19.6) Balance December 31, 2022 $ 505.8 Reclassification, net of adjustments, for portion of the beginning balance to other theatre revenue, as the result of performance obligations satisfied (19.2) Balance December 31, 2023 $ 486.6 (1) Represents the carrying amount of the NCM common units that were previously received under the annual CUA and subsequent adjustments related to the NCM Bankruptcy, as discussed in greater detail below. 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, 2023 | |
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 future periods is provided below: As of As of December 31, Decrease December 31, (In millions) 2022 in deferred amounts 2023 Fixed operating lease deferred amounts $ 150.3 $ (97.1) $ 53.2 Finance lease deferred amounts 0.9 (0.9) - Variable lease deferred amounts 6.0 (2.9) 3.1 Total deferred lease amounts $ 157.2 $ (100.9) $ 56.3 (1) During the year ended December 31, 2023, the decrease in fixed operating lease deferred amounts includes $14.3 million of rent payments that are included in change in accounts payable and $82.8 million included in deferred rent and other non-cash rent in the consolidated statements of cash flows. |
Schedule of components of lease costs | Year Ended December 31, December 31, December 31, (In millions) Consolidated Statements of Operations 2023 2022 2021 Operating lease cost Theatre properties Rent $ 788.1 $ 812.0 $ 775.4 Theatre properties Operating expense 2.0 5.4 1.1 Equipment Operating expense 17.5 8.6 10.7 Office and other General and administrative: other 5.4 5.3 5.4 Finance lease cost Amortization of finance lease assets Depreciation and amortization 2.0 2.6 4.6 Interest expense on lease liabilities Finance lease obligations 3.7 4.1 5.2 Variable lease cost Theatre properties Rent 85.4 74.2 52.6 Equipment Operating expense 63.3 60.0 43.4 Total lease cost $ 967.4 $ 972.2 $ 898.4 |
Schedule of cash flow and supplemental information | Year Ended December 31, December 31, December 31, (In millions) 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in finance leases $ (3.7) $ (3.8) $ (2.9) Operating cash flows used in operating leases (986.4) (1,032.4) (883.2) Financing cash flows used in finance leases (5.6) (9.4) (9.0) Landlord contributions: Operating cashflows provided by operating leases 23.9 19.9 22.0 Supplemental disclosure of noncash leasing activities: Right-of-use assets obtained in exchange for new operating lease liabilities 214.1 277.3 196.6 (1) Includes lease extensions and option exercises. |
Schedule of weighted average remaining lease term and discount rate | As of December 31, 2023 Weighted Average Weighted Average Remaining Discount Lease Term and Discount Rate Lease Term (years) Rate Operating leases 8.7 10.5% Finance leases 13.3 6.4% |
Schedule of minimum annual payments required under existing leases | Operating Lease Finance Lease (In millions) Payments (2) Payments (2) 2024 920.3 8.4 2025 884.3 7.8 2026 819.6 7.6 2027 754.6 7.6 2028 669.2 7.2 Thereafter 2,802.3 46.2 Total lease payments 6,850.3 84.8 Less imputed interest (2,340.8) (29.4) Total operating and finance lease liabilities, respectively $ 4,509.5 $ 55.4 (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 2024 4.4 2025 0.8 2026 0.7 2027 0.3 2028 0.1 Thereafter 0.1 Total deferred lease amounts recorded in accounts payable $ 6.4 (2) The minimum annual payments table above includes deferred undiscounted cash rent amounts that were due and not paid related to operating leases, as shown below: Operating Lease (In millions) Payments 2024 15.7 2025 5.7 2026 4.2 2027 3.4 2028 3.2 Thereafter 17.7 Total deferred lease amounts $ 49.9 |
Schedule of contractual rent amounts due and not paid included in accounts payable | Accounts Payable (In millions) Lease Payments 2024 4.4 2025 0.8 2026 0.7 2027 0.3 2028 0.1 Thereafter 0.1 Total deferred lease amounts recorded in accounts payable $ 6.4 |
Schedule of deferred lease payments included in the minimum annual payments also included in a separate commitment | Operating Lease (In millions) Payments 2024 15.7 2025 5.7 2026 4.2 2027 3.4 2028 3.2 Thereafter 17.7 Total deferred lease amounts $ 49.9 |
PROPERTY (Tables)
PROPERTY (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
PROPERTY | |
Summary of property | (In millions) December 31, 2023 December 31, 2022 Property owned: Land $ 62.6 $ 73.7 Buildings and improvements 205.8 209.4 Leasehold improvements 1,958.3 1,880.8 Furniture, fixtures and equipment 2,387.0 2,354.3 4,613.7 4,518.2 Less: accumulated depreciation 3,091.7 2,838.4 1,522.0 1,679.8 Property leased under finance leases: Building and improvements 56.5 54.8 Less: accumulated depreciation and amortization 18.1 15.4 38.4 39.4 $ 1,560.4 $ 1,719.2 |
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, 2023 | |
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, 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 Currency translation adjustment — — — 67.7 (51.0) 16.7 67.7 (51.0) 16.7 Balance December 31, 2023 $ 3,072.6 $ (1,276.1) $ 1,796.5 $ 1,589.5 $ (1,027.3) $ 562.2 $ 4,662.1 $ (2,303.4) $ 2,358.7 |
Schedule of detail of other intangible assets | December 31, 2023 December 31, 2022 Gross Gross Remaining Carrying Accumulated Carrying Accumulated (In millions) Useful Life Amount Amortization Amount Amortization Amortizable Intangible Assets: Management contracts 2 years $ 1.7 $ (1.6) $ 9.3 $ (9.2) Starplex trade name 3 years 7.9 (5.7) 7.9 (5.0) Carmike trade name none — — 9.3 (8.0) Total, amortizable $ 9.6 $ (7.3) $ 26.5 $ (22.2) Non-amortizing Intangible Assets: AMC trademark $ 104.4 $ 104.4 Odeon trade names 37.3 35.8 Nordic trade names 2.7 2.8 Total, unamortizable $ 144.4 $ 143.0 |
Schedule of amortization expense associated with the intangible assets | Year Ended (In millions) December 31, 2023 December 31, 2022 December 31, 2021 Recorded amortization $ 2.1 $ 2.6 $ 3.5 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INVESTMENTS | |
Schedule of Condensed Financial Information of Non-consolidated Equity Method Investments | (In millions) December 31, 2023 December 31, 2022 Current assets $ 263.8 $ 411.5 Noncurrent assets 224.7 431.9 Total assets 488.5 843.4 Current liabilities 130.9 152.8 Noncurrent liabilities 385.0 452.9 Total liabilities 515.9 605.7 Stockholders’ (deficit) equity (27.4) 237.7 Liabilities and stockholders’ (deficit) equity 488.5 843.4 The Company’s recorded investment 56.4 69.6 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) 2023 2022 2021 Revenues $ 425.6 $ 412.8 $ 285.1 Operating costs and expenses 449.9 498.2 287.6 Net loss $ (24.3) $ (85.4) $ (2.5) |
Schedule of Components of Recorded Equity in Earnings (Losses) of Non-consolidated Entities | Year Ended (In millions) December 31, 2023 December 31, 2022 December 31, 2021 The Company’s recorded equity in earnings (loss) $ 7.7 $ (1.6) $ 11.0 |
Schedule of Related Party Transactions with Equity Method Investees | As of As of (In millions) December 31, 2023 December 31, 2022 Due from DCM for on-screen advertising revenue $ 3.3 $ 2.2 Loan receivable from DCM 0.6 0.6 Due to AC JV for Fathom Events programming (2.3) (2.0) Due from Nordic JVs 2.7 1.3 Due to Nordic JVs for management services (1.4) (1.1) Due from SCC related to the joint venture 0.5 1.4 Due to U.S. theatre partnerships (0.6) (0.7) Year Ended (In millions) Consolidated Statements of Operations December 31, 2023 December 31, 2022 December 31, 2021 DCM screen advertising revenues Other revenues $ 18.8 $ 17.0 $ 7.8 DCDC content delivery services Operating expense 1.4 1.0 1.1 DCIP equipment rental expense Operating expense - - 0.2 Gross exhibition cost on AC JV Fathom Events programming Film exhibition costs 17.5 11.6 10.4 Screenvision screen advertising revenues Other revenues 8.7 6.9 4.6 |
SUPPLEMENTAL BALANCE SHEET IN_2
SUPPLEMENTAL BALANCE SHEET INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
SUPPLEMENTAL BALANCE SHEET INFORMATION | |
Schedule of other current assets and other long-term assets | (In millions) December 31, 2023 December 31, 2022 Other current assets: Income taxes receivable $ 1.5 $ 1.0 Prepaids 32.5 28.8 Merchandise inventory 39.5 36.4 Other 14.5 14.9 $ 88.0 $ 81.1 Other long-term assets: Investments in real estate $ 3.6 $ 6.5 Deferred financing costs revolving credit facility 0.7 3.1 Investments in equity method investees 56.4 69.6 Computer software 76.6 74.2 Investment in common stock 10.4 11.3 Pension asset 17.2 16.6 Investment in Hycroft common stock 5.8 12.5 Investment in Hycroft warrants 3.3 9.2 Other 21.8 19.1 $ 195.8 $ 222.1 Accrued expenses and other liabilities: Taxes other than income $ 76.4 $ 77.6 Interest 50.3 53.0 Payroll and vacation 50.4 45.8 Current portion of casualty claims and premiums 9.3 11.9 Accrued bonus 56.7 57.6 Accrued licensing and variable rent 24.6 23.7 Current portion of pension 0.1 0.7 Group insurance reserve 3.4 4.2 Accrued tax payable 1.7 4.9 Other 77.9 84.9 $ 350.8 $ 364.3 Other long-term liabilities: Pension $ 33.3 $ 30.1 Casualty claims and premiums 13.5 19.8 Contingencies 18.7 15.9 Other 37.2 39.3 $ 102.7 $ 105.1 (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 FINA_2
CORPORATE BORROWINGS AND FINANCE LEASE LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
CORPORATE BORROWINGS AND FINANCE LEASE LIABILITIES | |
Summary of the carrying value of corporate borrowings and capital and financing lease obligations | (In millions) December 31, 2023 December 31, 2022 First Lien Secured Debt: Senior Secured Credit Facility-Term Loan due 2026 (8.474% as of December 31, 2023 and 7.274% as of December 31, 2022) $ 1,905.0 $ 1,925.0 12.75% Odeon Senior Secured Notes due 2027 400.0 400.0 7.5% First Lien Notes due 2029 950.0 950.0 Second Lien Secured Debt: 10%/12% Cash/PIK Toggle Second Lien Subordinated Notes due 2026 968.9 1,389.8 Subordinated Debt: 6.375% Senior Subordinated Notes due 2024 (£4.0 million par value as of December 31, 2023) 5.1 4.8 5.75% Senior Subordinated Notes due 2025 98.3 98.3 5.875% Senior Subordinated Notes due 2026 51.5 55.6 6.125% Senior Subordinated Notes due 2027 125.5 125.5 Total principal amount of corporate borrowings $ 4,504.3 $ 4,949.0 Finance lease liabilities 55.4 58.8 Deferred financing costs (31.1) (37.9) Net premium 104.2 229.7 Total carrying value of corporate borrowings and finance lease liabilities $ 4,632.8 $ 5,199.6 Less: Current maturities of corporate borrowings (25.1) (20.0) Current maturities of finance lease liabilities (5.4) (5.5) Total noncurrent carrying value of corporate borrowings and finance lease liabilities $ 4,602.3 $ 5,174.1 |
Summary of net premium (discount) amounts of corporate borrowings | December 31, December 31, (In millions) 2023 2022 10%/12% Cash/PIK Toggle Second Lien Subordinated Notes due 2026 $ 133.9 $ 265.5 Senior Secured Credit Facility-Term Loan due 2026 (3.3) (4.8) 12.75% Odeon Senior Secured Notes due 2027 (26.4) (31.1) 6.375% Senior Subordinated Notes due 2024 — 0.1 Net premium $ 104.2 $ 229.7 |
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 2024 25.1 2025 118.3 2026 2,885.4 2027 525.5 2028 — Thereafter 950.0 Total $ 4,504.3 |
STOCKHOLDERS' DEFICIT (Tables)
STOCKHOLDERS' DEFICIT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
STOCKHOLDERS' DEFICIT | |
Schedule of share issuance upon exchange of debt | Shares of Aggregate Principal Common Stock Gain on Accrued Interest (In millions, except for share data) Exchanged Exchanged Extinguishment Exchanged Second Lien Notes due 2026 $ 105.3 14,186,651 $ 28.3 $ 1.2 |
Summary of stock based compensation | Year Ended December 31, December 31, December 31, (In millions) 2023 2022 2021 Equity classified awards: Special awards expense $ 20.2 $ — $ — Board of director stock award expense 0.9 0.8 0.9 Restricted stock unit expense 14.3 13.3 12.6 Performance stock unit expense 6.7 8.4 24.5 Special performance stock unit expense — — 5.1 Total equity classified awards: 42.1 22.5 43.1 Liability classified awards: Restricted and performance stock unit expense 0.4 — — Total liability classified awards: 0.4 — — Total stock-based compensation expense $ 42.5 $ 22.5 $ 43.1 |
Schedule of stock award granted | Year Ended December 31, 2023 December 31, 2022 December 31, 2021 Common Stock 8,560 4,165 12,405 AMC Preferred Equity Units 15,376 4,165 12,405 |
Schedule of Nonvested RSU, PSU and SPSU Activity | Weighted Average Common Stock Grant Date RSUs and PSUs (4) Fair Value Beginning balance at January 1, 2021 831,821 $ 27.55 Granted 1,017,985 38.50 Vested (129,773) 14.10 Forfeited (43,355) 53.70 Cancelled (108,226) 14.05 Nonvested at January 1, 2022 1,568,452 $ 39.60 Granted 167,679 97.50 Vested (563,634) 35.90 Forfeited (71,688) 58.60 Cancelled (474,659) 35.90 Nonvested at January 1, 2023 626,150 $ 59.10 Granted 517,067 36.73 Granted - Special Award 477,918 42.25 Vested (222,920) 57.43 Vested - Special Award (257,945) 42.18 Forfeited (3) (22,119) 45.32 Cancelled ( (150,755) 60.14 Cancelled - Special Award (219,973) 42.34 Nonvested at December 31, 2023 747,423 $ 44.35 Tranche Years 2024 and 2025 awarded under the 2023 PSU award and Tranche Year 2024 awarded under the 2022 PSU award with grant date fair values to be determined in years 2024 and 2025, respectively 254,754 Total Nonvested at December 31, 2023 1,002,177 (1) Includes awards modified during 2020 where grant date fair value was not determined until 2021. (2) Represents vested RSUs, PSUs, and SPSUs surrendered in lieu of taxes and cancelled awards returned to the 2013 Equity Incentive Plan. (3) The number of PSU shares granted and forfeited under the Tranche Year 2023 is based on attainment of performance targets at 86% for the Adjusted EBITDA target and 0% for the free cash flow target. (4) Includes AMC Preferred Equity Unit RSUs and PSUs that were converted to Common Stock RSUs and PSUs as a result of the Charter Amendments. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INCOME TAXES | |
Schedule of component of income tax provision reflected in the consolidated statements of operations | Year Ended (In millions) December 31, 2023 December 31, 2022 December 31, 2021 Current: Federal $ — $ — $ — Foreign 1.9 0.9 1.3 State 0.8 (0.1) (3.9) Total current 2.7 0.8 (2.6) Deferred: Federal 0.4 0.3 (3.8) Foreign (0.2) 0.7 (2.1) State 0.5 0.7 (1.7) Total deferred 0.7 1.7 (7.6) Total provision (benefit) $ 3.4 $ 2.5 $ (10.2) |
Schedule of pre-tax income (losses) | Year Ended (In millions) December 31, 2023 December 31, 2022 December 31, 2021 Domestic $ (216.7) $ (685.8) $ (1,029.5) Foreign (176.5) (285.3) (250.5) Total $ (393.2) $ (971.1) $ (1,280.0) |
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, 2023 December 31, 2022 December 31, 2021 Income tax expense (benefit) at the federal statutory rate $ (82.5) $ (203.9) $ (268.8) Effect of: State income taxes (14.7) (30.9) (46.9) Increase in reserve for uncertain tax positions (0.2) — (3.3) Federal and state credits (1.3) (2.5) (2.3) Permanent items - other (17.6) 5.2 (3.1) Foreign rate differential (3.6) (11.0) 4.3 Original issue discount — (152.5) — Other 1.2 (14.2) (5.0) Impact of UK tax rate change — — (34.3) Valuation allowance 122.1 412.3 349.2 Income tax expense (benefit) $ 3.4 $ 2.5 $ (10.2) Effective income tax rate (0.9) % (0.3) % 0.8 % |
Schedule of significant components of deferred income tax assets and liabilities | December 31, 2023 December 31, 2022 Deferred Income Tax Deferred Income Tax (In millions) Assets Liabilities Assets Liabilities Tangible assets $ — $ (83.5) $ — $ (111.7) Right-of-use assets — (914.3) — (935.3) Accrued liabilities 13.8 — 13.6 — Intangible assets — (119.4) — (113.9) Receivables 9.5 — 18.2 — Investments 48.0 — 45.9 — Capital loss carryforwards 5.4 — 2.0 — Pension and deferred compensation 22.7 — 18.3 — Corporate borrowings 41.9 — 121.9 — Disallowed interest 515.0 — 337.1 — Deferred revenue 163.4 — 172.6 — Lease liabilities 1,169.8 — 1,208.0 — Finance lease obligations 0.2 — 0.4 — Other credit carryovers 28.3 — 27.7 — Net operating loss carryforwards 708.0 — 676.1 — Total $ 2,726.0 $ (1,117.2) $ 2,641.8 $ (1,160.9) Less: Valuation allowance (1,641.3) — (1,513.0) — Net deferred income taxes $ 1,084.7 $ (1,117.2) $ 1,128.8 $ (1,160.9) |
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 2023 Valuation allowance-deferred income tax assets $ 1,513.0 120.2 8.1 $ 1,641.3 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 (1) The 2022 valuation allowance primarily relates to the Company’s increase in the current year’s federal, state, international net operating losses. (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, 2023 December 31, 2022 December 31, 2021 Balance at beginning of period $ 7.4 $ 8.3 $ 33.5 Gross increases—current period tax positions — — — Gross decreases—prior period tax positions — — (22.5) Gross decreases—settlements with authorities — — (2.2) Gross decreases—expiration of statute of limitations (1.9) (0.9) (0.5) Balance at end of period $ 5.5 $ 7.4 $ 8.3 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 Using Significant Total Carrying Quoted prices in Significant other unobservable Value at active market observable inputs inputs (In millions) December 31, 2023 (Level 1) (Level 2) (Level 3) Other long-term assets: Investment in Hycroft warrants $ 3.3 $ — $ — $ 3.3 Marketable equity securities: Investment in Hycroft 5.8 5.8 — — Total $ 9.1 $ 5.8 $ — $ 3.3 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 warrants $ 9.2 $ — $ — $ 9.2 Marketable equity securities: Investment in Hycroft 12.5 12.5 — — Total $ 21.7 $ 12.5 $ — $ 9.2 |
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, 2023 Using Significant other Significant Total Carrying Quoted prices in observable unobservable Total Value at active market inputs inputs Impairment (In millions) December 31, 2023 (Level 1) (Level 2) (Level 3) Losses Property, net: Property, net $ 34.4 $ — $ — $ 34.4 $ 30.3 Operating lease right-of-use assets: Operating lease right-of-use assets 93.5 — — 93.5 76.6 Other long-term assets: Cost method investments (1) 10.3 — — 10.3 1.0 Total $ 138.2 $ — $ — $ 138.2 $ 107.9 (1) Impairment losses for cost method investments are recorded in investment expense (income). Fair Value Measurements at December 31, 2022 Using Significant other Significant Total Carrying Quoted prices in observable unobservable Total Value at active market inputs inputs 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 |
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, 2023 Using Significant other Significant Total Carrying Quoted prices in observable unobservable Value at active market inputs inputs (In millions) December 31, 2023 (Level 1) (Level 2) (Level 3) Current maturities of corporate borrowings $ 25.1 $ — $ 21.5 $ — Corporate borrowings 4,552.3 — 3,674.7 — 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 — |
OPERATING SEGMENTS (Tables)
OPERATING SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
OPERATING SEGMENTS. | |
Schedule of financial information by reportable operating segment | Year Ended Revenues (In millions) December 31, 2023 December 31, 2022 December 31, 2021 U.S. markets $ 3,688.6 $ 2,961.7 $ 1,875.8 International markets 1,124.0 949.7 652.1 Total revenues $ 4,812.6 $ 3,911.4 $ 2,527.9 Year Ended Adjusted EBITDA (In millions) December 31, 2023 December 31, 2022 December 31, 2021 U.S. markets $ 370.2 $ 59.6 $ (250.6) International markets 55.6 (13.0) (41.1) Total Adjusted EBITDA $ 425.8 $ 46.6 $ (291.7) (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, 2023 December 31, 2022 December 31, 2021 U.S. markets $ 167.0 $ 138.4 $ 63.9 International markets 58.6 63.6 28.5 Total capital expenditures $ 225.6 $ 202.0 $ 92.4 |
Schedule of information about the Company's revenues from continuing operations and assets by geographic area | Year Ended Revenues (In millions) December 31, 2023 December 31, 2022 December 31, 2021 United States $ 3,688.6 $ 2,961.7 $ 1,875.8 United Kingdom 400.9 379.3 283.6 Spain 148.2 114.6 81.8 Sweden 124.9 125.0 82.3 Italy 151.9 90.4 57.5 Germany 125.8 96.2 54.4 Finland 97.9 73.9 49.1 Ireland 32.2 27.3 16.9 Other foreign countries 42.2 43.0 26.5 Total $ 4,812.6 $ 3,911.4 $ 2,527.9 As of As of Long-term assets, net (In millions) December 31, 2023 December 31, 2022 U.S. markets $ 5,795.6 $ 6,135.9 International markets 2,010.5 2,097.6 Total long-term assets $ 7,806.1 $ 8,233.5 (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, 2023 December 31, 2022 December 31, 2021 Net loss $ (396.6) $ (973.6) $ (1,269.8) Plus: Income tax provision (benefit) 3.4 2.5 (10.2) Interest expense 411.2 378.7 458.1 Depreciation and amortization 365.0 396.0 425.0 Impairment of long-lived assets 106.9 133.1 77.2 Certain operating expense 2.5 8.0 0.2 Equity in (earnings) loss of non-consolidated entities (7.7) 1.6 (11.0) Cash distributions from non-consolidated entities 6.5 6.6 12.5 Attributable EBITDA 2.2 0.4 3.7 Investment expense (income) (15.5) 14.9 (9.2) Other expense (income) (61.3) 80.4 (0.1) Other non-cash rent benefit (35.0) (26.6) (24.9) General and administrative — unallocated: Merger, acquisition and other costs 1.7 2.1 13.7 Stock-based compensation expense 42.5 22.5 43.1 Adjusted EBITDA $ 425.8 $ 46.6 $ (291.7) (1) For information regarding the income tax provision (benefit), see Note 10 — Income Taxes. (2) During the year ended December 31, 2023, the Company recorded non-cash impairment charges related to its long-lived assets of $49.2 million on 68 theatres in the U.S. markets with 738 screens which were related to property, net and operating lease right-of-use assets, net and $57.7 million on 57 theatres in the International markets with 488 screens which were related to property, net and operating lease right-of-use assets, net. 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. (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, 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 earnings from AC JV of $4.9 million during the year ended December 31, 2023. 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, during the year ended December 31, 2021. (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, 2023 December 31, 2022 December 31, 2021 Equity in (earnings) loss of non-consolidated entities $ (7.7) $ 1.6 $ (11.0) Less: Equity in (earnings) of non-consolidated entities excluding International theatre joint ventures (6.6) (5.4) (13.5) Equity in earnings (loss) of International theatre joint ventures 1.1 (7.0) (2.5) Income tax expense 0.1 0.1 0.3 Investment expense (income) (0.6) 0.2 (0.1) Interest expense 0.2 0.1 0.2 Impairment of long-lived assets — 4.2 — Depreciation and amortization 1.4 2.8 5.6 Other expense — — 0.2 Attributable EBITDA $ 2.2 $ 0.4 $ 3.7 (7) Other expense (income) during the year ended December 31, 2023 primarily consisted of gains on debt extinguishment of $(142.8) million and foreign currency transaction gains of $(17.8) million, partially offset by a non-cash litigation charge of $ 99.3 million. Other expense (income) for 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. (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, 2023 | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |
Schedule of change in accumulated other comprehensive income (loss) | Foreign (In millions) Currency Pension Benefits Total 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) Other comprehensive income (loss) 1.1 (2.0) (0.9) Balance December 31, 2023 $ (77.7) $ (0.5) $ (78.2) |
Schedule of tax effects allocated to each component of other comprehensive income (loss) | Year Ended December 31, 2023 December 31, 2022 December 31, 2021 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 $ 0.5 $ 0.6 $ 1.1 $ (59.8) $ — $ (59.8) $ (78.9) $ — $ (78.9) Realized gain (loss) on foreign currency transactions, net of tax — — — — — — (0.9) 0.5 (0.4) Pension and other benefit adjustments: Net gain (loss) arising during the period, net of tax (2.0) — (2.0) 10.6 — 10.6 13.0 (0.7) 12.3 Other comprehensive income (loss) $ (1.5) $ 0.6 $ (0.9) $ (49.2) $ — $ (49.2) $ (66.8) $ (0.2) $ (67.0) |
LOSS PER SHARE (Tables)
LOSS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
LOSS PER SHARE | |
Schedule of computation of basic and diluted loss per common share | Year Ended Year Ended Year Ended (In millions) December 31, 2023 December 31, 2022 December 31, 2021 Numerator: Net loss for basic and diluted loss per share $ (396.6) $ (973.6) $ (1,269.1) Denominator Weighted average shares for basic and diluted loss per common share 167,644 104,769 95,482 Basic and diluted loss per common share: $ (2.37) $ (9.29) $ (13.29) |
SUBSEQUENT EVENTS (Tables)
SUBSEQUENT EVENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
SUBSEQUENT EVENTS | |
Schedule of debt Repurchases | Shares of Aggregate Principal Common Stock Gain on Accrued Interest (In millions, except for share data) Exchanged Exchanged Extinguishment Exchanged Second Lien Notes due 2026 $ 17.5 2,541,250 $ 5.8 $ 0.1 |
THE COMPANY AND SIGNIFICANT A_4
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES - Liquidity (Details) $ in Millions | 12 Months Ended | |||
Aug. 24, 2023 | Aug. 04, 2022 shares | Dec. 31, 2023 USD ($) | Mar. 08, 2021 USD ($) | |
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | ||||
Common stock dividend declared | shares | 1 | |||
Stock split conversion ratio | 0.1 | |||
Conversion ratio | 0.1 | |||
Amount of minimum liquidity requirements | $ | $ 100 | $ 100 | ||
Percentage of north american box office grosses | 0.21 |
THE COMPANY AND SIGNIGICANT ACC
THE COMPANY AND SIGNIGICANT ACCOUNTING POLICIES - Forward purchase agreement (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Feb. 07, 2023 | Dec. 22, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
STOCKHOLDERS' EQUITY | |||||
Net proceeds from AMC Preferred Equity Units issuance | $ 832.7 | $ 220.4 | $ 1,801.1 | ||
Increase in stockholders' deficit | 760.3 | 217.6 | 1,570.7 | ||
Accrued interest paid | 421.2 | $ 379 | 274.7 | ||
Forward purchase agreement | |||||
STOCKHOLDERS' EQUITY | |||||
Number of shares sold | 10,659,511 | ||||
Value of shares sold | $ 75.1 | ||||
Increase in stockholders' deficit | 193.7 | ||||
AMC Preferred Equity Units | |||||
STOCKHOLDERS' EQUITY | |||||
Net proceeds from AMC Preferred Equity Units issuance | $ 75.1 | $ 75.1 | |||
AMC Preferred Equity Units | At-the-Market Offerings | |||||
STOCKHOLDERS' EQUITY | |||||
Value of shares sold | $ 24.2 | ||||
AMC Preferred Equity Units | At-the-Market Offerings | Antara Capital LP | |||||
STOCKHOLDERS' EQUITY | |||||
Number of shares sold | 6,000,000 | ||||
Value of shares sold | $ 34.9 | ||||
AMC Preferred Equity Units | Forward purchase agreement | |||||
STOCKHOLDERS' EQUITY | |||||
Number of shares sold | 10,659,511 | ||||
Value of shares sold | $ 75.1 | ||||
AMC Preferred Equity Units | Forward purchase agreement | Antara Capital LP | |||||
STOCKHOLDERS' EQUITY | |||||
Number of shares sold | 19,762,130 | 10,659,511 | |||
Value of shares sold | $ 75.1 | ||||
Shares issued as consideration | 9,102,619 | ||||
Net proceeds from AMC Preferred Equity Units issuance | $ 75.1 | ||||
Increase in stockholders' deficit | 193.7 | ||||
Accrued interest paid | 1.4 | ||||
Second Lien Notes due 2026 | |||||
STOCKHOLDERS' EQUITY | |||||
Value of shares sold | $ 100 | ||||
Cash interest rate (as a percent) | 10% | ||||
PIK interest rate (as a percent) | 12% | ||||
Second Lien Notes due 2026 | At-the-Market Offerings | Antara Capital LP | |||||
STOCKHOLDERS' EQUITY | |||||
Accrued interest paid | 1.4 | ||||
Second Lien Notes due 2026 | Forward purchase agreement | Antara Capital LP | |||||
STOCKHOLDERS' EQUITY | |||||
Aggregate principal amount | $ 100 | $ 100 | |||
Cash interest rate (as a percent) | 10% | 10% | |||
PIK interest rate (as a percent) | 12% | 12% | |||
Second Lien Notes due 2026 | AMC Preferred Equity Units | Forward purchase agreement | Antara Capital LP | |||||
STOCKHOLDERS' EQUITY | |||||
Increase in stockholders' deficit | $ 193.7 |
THE COMPANY AND SIGNIFICANT A_5
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES - Debt repurchase transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Gain on Extinguishment | $ 142.8 | $ (92.8) | $ (14.1) |
Cash Debt Repurchase [Member] | |||
Debt Instrument [Line Items] | |||
Accrued interest paid | 4.5 | ||
5.875% Senior Subordinated Notes due 2026 | |||
Debt Instrument [Line Items] | |||
Stated interest rate (as a percent) | 5.875% | ||
Related and Non-Related parties | Cash Debt Repurchase [Member] | |||
Debt Instrument [Line Items] | |||
Aggregate Principal Repurchased | $ 219.7 | ||
Reacquisition Cost | 141.6 | ||
Gain on Extinguishment | 114.5 | ||
Accrued interest paid | 5.7 | ||
Related Party | Cash Debt Repurchase [Member] | |||
Debt Instrument [Line Items] | |||
Aggregate Principal Repurchased | 80 | ||
Reacquisition Cost | 50.2 | ||
Gain on Extinguishment | 43.2 | ||
Accrued interest paid | 1.2 | ||
Nonrelated Party | Cash Debt Repurchase [Member] | |||
Debt Instrument [Line Items] | |||
Aggregate Principal Repurchased | 139.7 | ||
Reacquisition Cost | 91.4 | ||
Gain on Extinguishment | 71.3 | ||
Accrued interest paid | 4.5 | ||
Second Lien Notes due 2026 | Cash Debt Repurchase [Member] | |||
Debt Instrument [Line Items] | |||
Aggregate Principal Repurchased | 118.3 | ||
Repurchase amount | 68.3 | ||
Reacquisition Cost | 1.6 | ||
Gain on Extinguishment | 75 | ||
Second Lien Notes due 2026 | Related Party | Cash Debt Repurchase [Member] | |||
Debt Instrument [Line Items] | |||
Aggregate Principal Repurchased | 75.9 | ||
Reacquisition Cost | 48.5 | ||
Gain on Extinguishment | 40.9 | ||
Accrued interest paid | 1.1 | ||
Second Lien Notes due 2026 | Nonrelated Party | |||
Debt Instrument [Line Items] | |||
Aggregate Principal Repurchased | 139.7 | ||
Repurchase amount | 91.4 | ||
Gain on Extinguishment | 71.3 | ||
Second Lien Notes due 2026 | Nonrelated Party | Cash Debt Repurchase [Member] | |||
Debt Instrument [Line Items] | |||
Aggregate Principal Repurchased | 139.7 | ||
Reacquisition Cost | 91.4 | ||
Gain on Extinguishment | 71.3 | ||
Accrued interest paid | 4.5 | ||
Senior Subordinated Notes due 2027 [Member] | Cash Debt Repurchase [Member] | |||
Debt Instrument [Line Items] | |||
Repurchase amount | 5.3 | ||
Gain on Extinguishment | $ 3.7 | ||
5.875% Senior Subordinated Notes due 2026 | Related Party | Cash Debt Repurchase [Member] | |||
Debt Instrument [Line Items] | |||
Aggregate Principal Repurchased | 4.1 | ||
Reacquisition Cost | 1.7 | ||
Gain on Extinguishment | 2.3 | ||
Accrued interest paid | $ 0.1 |
THE COMPANY AND SIGNIFICANT A_6
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of share issuance upon exchange of debt (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
STOCKHOLDERS' EQUITY | |||
Gain on Extinguishment | $ 142.8 | $ (92.8) | $ (14.1) |
Second Lien Notes due 2026 | Equity Debt Repurchase [Member] | |||
STOCKHOLDERS' EQUITY | |||
Aggregate Principal Exchanged | $ 105.3 | ||
Shares of Common Stock Exchanged | 14,186,651 | ||
Gain on Extinguishment | $ 28.3 | ||
Accrued Interest Exchanged | $ 1.2 |
THE COMPANY AND SIGNIFICANT A_7
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES - At-The-Market Offerings (Details) - At-the-Market Offerings - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
AMC Preferred Equity Units | |||
STOCKHOLDERS' EQUITY | |||
Number of shares sold | 7.1 | 20.8 | 24.2 |
Gross proceeds | $ 114.5 | $ 228.8 | |
Sales agents fees paid | 2.9 | 5.7 | |
Other third-party issuance costs | 8.8 | $ 5.5 | |
Payment to issuance cost to third party | $ 11.7 | ||
Common Stock | |||
STOCKHOLDERS' EQUITY | |||
Number of shares sold | 88 | 24.2 | |
Gross proceeds | $ 675.5 | ||
Sales agents fees paid | 16.9 | ||
Other third-party issuance costs | 1.1 | ||
Payment to issuance cost to third party | 0.9 | ||
Common Stock And AMC Preferred Equity Units | |||
STOCKHOLDERS' EQUITY | |||
Gross proceeds | 790 | $ 1,611.8 | |
Sales agents fees paid | 19.8 | 40.3 | |
Other third-party issuance costs | 9.9 | $ 0.8 | |
Payment to issuance cost to third party | $ 12.6 |
THE COMPANY AND SIGNIFICANT A_8
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES - Principles of Consolidation (Details) | 12 Months Ended |
Dec. 31, 2023 segment | |
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | |
Number of reportable segments | 2 |
THE COMPANY AND SIGNIFICANT A_9
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, 2023 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 | 4 | ||||||||
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 | ||||||||
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 | 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) | 49% | 49% | |||||||
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 _10
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES - Other information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
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 | $ 130,900,000 | $ 123,800,000 | |
Advertising Costs | |||
Advertising costs | 43,600,000 | 28,000,000 | $ 28,400,000 |
Cash and Equivalents | |||
Cash and cash equivalents | 884,300,000 | 631,500,000 | $ 1,592,500,000 |
U.S. | |||
Cash and Equivalents | |||
Cash and cash equivalents | 752,300,000 | 508,000,000 | |
International markets. | |||
Cash and Equivalents | |||
Cash and cash equivalents | $ 132,000,000 | $ 123,500,000 | |
Minimum | |||
Schedule of Equity Method Investments [Line Items] | |||
Non-redemption rate | 13% | ||
Customer Frequency Program | |||
A-List, monthly membership fee | $ 19.95 | ||
Maximum | |||
Schedule of Equity Method Investments [Line Items] | |||
Non-redemption rate | 19% | ||
Customer Frequency Program | |||
A-List, monthly membership fee | $ 24.95 |
THE COMPANY AND SIGNIFICANT _11
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | ||||
Cash and cash equivalents | $ 884.3 | $ 631.5 | $ 1,592.5 | |
Restricted cash | 27.1 | 22.9 | 27.8 | |
Total cash and cash equivalents and restricted cash in the statement of cash flows | $ 911.4 | $ 654.4 | $ 1,620.3 | $ 321.4 |
THE COMPANY AND SIGNIFICANT _12
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES - Investments, Goodwill, Payables, Leases (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) item | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Investments | |||
Impairment of indefinite-lived intangible assets | $ 0 | $ 0 | $ 0 |
Number of theatres | item | 4 | ||
Number of reporting units | item | 2 | ||
Goodwill | $ 2,358.7 | 2,342 | 2,429.8 |
Accounts payable related to checks issued but not yet presented to bank | 3 | 2.2 | |
U.S. | |||
Investments | |||
Goodwill | 1,796.5 | 1,796.5 | 1,796.5 |
International markets | |||
Investments | |||
Goodwill | $ 562.2 | $ 545.5 | $ 633.3 |
Nordic. | |||
Investments | |||
Number of theatres | item | 61 | ||
SV Holdco | |||
Investments | |||
Ownership percentage | 18.40% | ||
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% | ||
U.S. theatres and IMAX screen | |||
Investments | |||
Ownership percentage | 50% | ||
Number of theatres | item | 4 | ||
Theatres | Nordic. | |||
Investments | |||
Ownership percentage | 50% |
THE COMPANY AND SIGNIFICANT _13
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES - Impairment of assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | |||
Impairment of long-lived assets | $ 106.9 | $ 133.1 | $ 77.2 |
Impairment Long Lived Asset Held For Use Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag | false | false | false |
Impairment of other assets recorded in investment expense (income) | $ 1 | ||
Total impairment loss | $ 107.9 | $ 133.1 | $ 77.2 |
THE COMPANY AND SIGNIFICANT _14
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES - Impairment narratives (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) item | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) item | |
Impairment losses | |||
Impairment of long-lived assets | $ 106.9 | $ 133.1 | $ 77.2 |
Impairment of other assets recorded in investment expense (income) | 1 | ||
Impairment of indefinite-lived intangible assets | 0 | 0 | 0 |
U.S. | |||
Impairment losses | |||
Impairment of long-lived assets | $ 49.2 | $ 73.4 | $ 61.3 |
Tangible asset impairment, number of theatres | item | 68 | 68 | 77 |
Tangible asset impairment, number of screens | item | 738 | 817 | 805 |
International markets | |||
Impairment losses | |||
Impairment of long-lived assets | $ 57.7 | $ 59.7 | $ 15.9 |
Tangible asset impairment, number of theatres | item | 57 | 53 | 14 |
Tangible asset impairment, number of screens | item | 488 | 456 | 118 |
THE COMPANY AND SIGNIFICANT _15
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES - Casualty Insurance (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
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 | 22.8 | $ 30.7 | |
Expenses related to general liability and workers compensation claims | $ 53.1 | $ 49.8 | $ 37.1 |
THE COMPANY AND SIGNIFICANT _16
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES - Employee benefit Plan (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net periodic benefit cost | |||
Net periodic benefit cost | $ 1.4 | $ (0.6) | $ (0.9) |
Expenses under defined contribution plan | 9.8 | 9 | $ 8.4 |
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 | (79.3) | (79.7) | |
Aggregated fair value of plan assets at end of period | 58.3 | 59.2 | |
Net liability for benefit cost - funded status | (21) | (20.5) | |
Aggregated accumulated benefit obligation | $ 79.3 | $ 79.7 | |
Weighted-average assumptions used to determine net periodic benefit cost | |||
Discount rate (as a percent) | 4.97% | 2.66% | 2.26% |
Weighted average expected long-term return on plan assets (as a percent) | 6.56% | 6.56% | 6.57% |
Benefits expected to be paid | |||
2024 | $ 4.5 | ||
2025 | 4.8 | ||
2026 | 5 | ||
2027 | 5.1 | ||
2028 | 5.4 | ||
Years 2029 - 2032 | 28.3 | ||
Net periodic benefit cost | |||
Net periodic benefit cost | 1.4 | $ (0.6) | $ (0.9) |
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 | (71.9) | (66.8) | |
Aggregated fair value of plan assets at end of period | 76.7 | 73.1 | |
Net liability for benefit cost - funded status | 4.8 | 6.3 | |
Aggregated accumulated benefit obligation | $ 71.9 | $ 66.8 | |
Weighted-average assumptions used to determine benefit obligations | |||
Rate of compensation increase (as a percent) | 2.19% | 2.28% | 2.29% |
Weighted-average assumptions used to determine net periodic benefit cost | |||
Discount rate (as a percent) | 4.82% | 1.79% | 1.78% |
Weighted average expected long-term return on plan assets (as a percent) | 4.32% | 1.57% | 1.28% |
Rate of compensation increase (as a percent) | 2.19% | 2.28% | 2.29% |
Benefits expected to be paid | |||
2024 | $ 3.4 | ||
2025 | 3.5 | ||
2026 | 3.6 | ||
2027 | 3.8 | ||
2028 | 3.9 | ||
Years 2029 - 2032 | $ 22.1 | ||
Pension Plan [Member] | U.S. Pension Benefits | |||
Weighted-average assumptions used to determine benefit obligations | |||
Discount rate (as a percent) | 4.76% | 4.97% | |
Pension Plan [Member] | International Pension Benefits | |||
Weighted-average assumptions used to determine benefit obligations | |||
Discount rate (as a percent) | 4.53% | 4.82% | |
Rate of compensation increase (as a percent) | 2.07% | 2.19% | |
Weighted-average assumptions used to determine net periodic benefit cost | |||
Rate of compensation increase (as a percent) | 2.07% | 2.19% |
THE COMPANY AND SIGNIFICANT _17
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES - Pension plan (Details) | Dec. 31, 2023 |
Cash and Cash Equivalents | Quoted prices in active market (Level 1) | |
Employee benefit plan disclosures | |
Valuation percentage of plan assets | 4% |
Collective trust fund | Significant other observable inputs (Level 2) | |
Employee benefit plan disclosures | |
Valuation percentage of plan assets | 28% |
U.S. Pension Benefits | Significant other observable inputs (Level 2) | |
Employee benefit plan disclosures | |
Valuation percentage of plan assets | 8% |
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 | 92% |
International Pension Benefits | Investments at net Asset value | |
Employee benefit plan disclosures | |
Valuation percentage of plan assets | 68% |
THE COMPANY AND SIGNIFICANT _18
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES - Government Assistance (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | ||
Government Assistance Amount | $ 4.8 | $ 25.8 |
Government Assistance, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | |
Government assistance as reduction to property, net | $ 3.2 | $ 1.9 |
Tax credits | $ 10 |
THE COMPANY AND SIGNIFICANT _19
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES - Other Expense (Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Expense (Income): | |||
(Gain) loss on extinguishment of debt | $ (142.8) | $ 92.8 | $ 14.1 |
Business interruption insurance recoveries | $ (1.3) | $ (0.3) | |
Gain on Business Interruption Insurance Recovery, Statement of Income or Comprehensive Income [Extensible Enumeration] | Total other expense (income) | Total other expense (income) | Total other expense (income) |
Total other expense (income) | $ (69.1) | $ 53.6 | $ (87.9) |
Odeon Term Loan Facility | |||
Other Expense (Income): | |||
(Gain) loss on extinguishment of debt | 36.5 | ||
Other expense | |||
Other Expense (Income): | |||
Decreases related to contingent lease guarantees | (0.2) | (5.7) | |
Governmental assistance due to COVID-19- International markets | (3.8) | (23) | (81.5) |
Governmental assistance due to COVID-19 - U.S. markets | (1) | (2.8) | (5.6) |
Foreign currency transaction (gains) losses | (17.8) | (12.3) | (9.8) |
Non-operating components of net periodic benefit cost (income) | 1.4 | (0.6) | (0.7) |
Derivative stockholder settlement | (14) | ||
Shareholder litigation contingency | 110.2 | ||
Financing fees related to modification of debt agreements | 1 | ||
Other expense | 6.125% Senior Subordinated Notes due 2027 | |||
Other Expense (Income): | |||
(Gain) loss on extinguishment of debt | (3.7) | ||
Other expense | 5.875% Senior Subordinated Notes due 2026 | |||
Other Expense (Income): | |||
(Gain) loss on extinguishment of debt | (2.3) | ||
Other expense | Second Lien Notes due 2026 | |||
Other Expense (Income): | |||
(Gain) loss on extinguishment of debt | $ (140.5) | (75) | |
Other expense | First Lien Toggle Notes due 2026. | |||
Other Expense (Income): | |||
(Gain) loss on extinguishment of debt | 32.9 | $ 14.4 | |
Other expense | First Lien Notes due 2025 | |||
Other Expense (Income): | |||
(Gain) loss on extinguishment of debt | 47.7 | ||
Other expense | 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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 4,812.6 | $ 3,911.4 | $ 2,527.9 |
Products and services transferred at point in time | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 4,424.1 | 3,579.9 | 2,325.5 |
Products and services transferred over time | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 388.5 | 331.5 | 202.4 |
Admissions | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 2,690.5 | 2,201.4 | 1,394.2 |
Food and beverage | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,669.8 | 1,313.7 | 857.3 |
Other theatre. | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 452.3 | 396.3 | 276.4 |
Advertising | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 129.5 | 122.7 | 95.3 |
Other theatre | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 322.8 | $ 273.6 | $ 181.1 |
REVENUE RECOGNITION - Receivabl
REVENUE RECOGNITION - Receivables and deferred revenue (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets | |||
Receivables related to contracts with customers | $ 113.5 | $ 92.3 | |
Miscellaneous receivables | 90.2 | 74.3 | |
Receivables, net | 203.7 | 166.6 | |
Current liabilities | |||
Deferred revenue related to contracts with customers | 415.3 | 398.8 | $ 405.1 |
Miscellaneous deferred income | 6.5 | 3.9 | |
Deferred revenues and income | $ 421.8 | $ 402.7 |
REVENUE RECOGNITION - Changes i
REVENUE RECOGNITION - Changes in liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Apr. 11, 2023 | |
Deferred revenues related to contracts with customers | |||
Beginning balance | $ 398.8 | $ 405.1 | |
Cash received in advance | 331.7 | 292 | |
Foreign currency translation adjustment | (2.3) | (6.1) | |
Ending balance | 415.3 | 398.8 | |
National CineMedia Inc. | |||
Deferred revenues related to contracts with customers | |||
Number of common unit issuance | 16,581,829 | ||
Exhibitor Services Agreement | |||
Deferred revenues related to contracts with customers | |||
Beginning balance | 505.8 | 510.4 | |
Common Unit Adjustment-additions of common units | 15 | ||
Reclassification of the beginning balance to other theatre revenue, as the result of performance obligations satisfied | (19.2) | (19.6) | |
Ending balance | $ 486.6 | 505.8 | |
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 | $ 22.3 | 14.9 | |
Reclassification of the beginning balance to other theatre revenue, as the result of performance obligations satisfied | (237.5) | (205.2) | |
Food and beverage | |||
Deferred revenues related to contracts with customers | |||
Customer loyalty awards accumulated, net of expirations | 37.8 | 22.7 | |
Reclassification of the beginning balance to other theatre revenue, as the result of performance obligations satisfied | (70.1) | (57.5) | |
Other theatre. | |||
Deferred revenues related to contracts with customers | |||
Customer loyalty awards accumulated, net of expirations | (1.3) | (0.4) | |
Reclassification of the beginning balance to other theatre revenue, as the result of performance obligations satisfied | $ (64.1) | $ (66.7) |
REVENUE RECOGNITION - Transacti
REVENUE RECOGNITION - Transaction price allocated to the remaining performance obligations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Customer Frequency Program | ||
Deferred revenues and income | $ 421.8 | $ 402.7 |
Gift Card And Ticket Exchange | ||
Customer Frequency Program | ||
Redemption period | 24 months | |
Deferred revenues and income | $ 326.3 | |
Loyalty Program | ||
Customer Frequency Program | ||
Redemption period | 24 months | |
Deferred revenues and income | $ 73.6 | |
Exhibitor Services Agreement | ||
Customer Frequency Program | ||
Expected to be recognized as revenue | 486.6 | |
Exhibitor Services Agreement | Year Ended 2024 | ||
Customer Frequency Program | ||
Expected to be recognized as revenue | 22.7 | |
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 | Year Ended 2028 | ||
Customer Frequency Program | ||
Expected to be recognized as revenue | 30.4 | |
Exhibitor Services Agreement | Years ended 2029 through February 2037 | ||
Customer Frequency Program | ||
Expected to be recognized as revenue | $ 354.7 |
LEASES - Deferred payment (Deta
LEASES - Deferred payment (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Fixed operating lease deferred amounts included in: | |
Fixed operating lease deferred amounts, Beginning | $ 150.3 |
Fixed operating lease deferred amounts, Activity | (97.1) |
Fixed operating lease deferred amounts, Ending | 53.2 |
Finance lease deferred amounts included in: | |
Finance lease deferred amounts, Beginning | 0.9 |
Finance lease deferred amounts, Activity | (0.9) |
Variable lease deferred amounts included in: | |
Variable lease deferred amounts, Beginning | 6 |
Variable lease deferred amounts, Activity | (2.9) |
Variable lease deferred amounts, Ending | 3.1 |
Total deferred lease amounts, Beginning | 157.2 |
Total deferred lease amounts, Activity | (100.9) |
Total deferred lease amounts, Ending | 56.3 |
Fixed operating lease deferred amounts | 14.3 |
Operating lease deferred fixed rent payments included in deferred and other non cash rent | $ 82.8 |
LEASES - Lease costs (Details)
LEASES - Lease costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases: | |||
Interest expense on lease liabilities | $ 3.7 | $ 4.1 | $ 5.2 |
Total lease cost | 967.4 | 972.2 | 898.4 |
Depreciation and amortization | |||
Leases: | |||
Amortization of finance lease assets | 2 | 2.6 | 4.6 |
Finance lease obligations | |||
Leases: | |||
Interest expense on lease liabilities | 3.7 | 4.1 | 5.2 |
Theatres | Rent | |||
Leases: | |||
Operating lease cost | 788.1 | 812 | 775.4 |
Variable lease cost | 85.4 | 74.2 | 52.6 |
Theatres | Operating expense (income) | |||
Leases: | |||
Operating lease cost | 2 | 5.4 | 1.1 |
Equipment | Operating expense (income) | |||
Leases: | |||
Operating lease cost | 17.5 | 8.6 | 10.7 |
Variable lease cost | 63.3 | 60 | 43.4 |
Office And Other | General and administrative: other | |||
Leases: | |||
Operating lease cost | $ 5.4 | $ 5.3 | $ 5.4 |
LEASES - Lease terms and discou
LEASES - Lease terms and discount rates (Details) | Dec. 31, 2023 |
LEASES | |
Operating leases, weighted average remaining lease term | 8 years 8 months 12 days |
Finance leases, weighted average remaining lease term | 13 years 3 months 18 days |
Operating leases, weighted average discount rate | 10.50% |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows used in finance leases | $ (3.7) | $ (3.8) | $ (2.9) |
Operating cash flows used in operating leases | (986.4) | (1,032.4) | (883.2) |
Financing cash flows used in finance leases | (5.6) | (9.4) | (9) |
Landlord contributions: | |||
Operating cashflows provided by operating leases | 23.9 | 19.9 | 22 |
Supplemental disclosure of noncash leasing activities: | |||
Right-of-use assets obtained in exchange for new operating lease liabilities (1) | $ 214.1 | $ 277.3 | $ 196.6 |
LEASES - Minimum annual payment
LEASES - Minimum annual payments under leases (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Lease Payments | ||
2024 | $ 920.3 | |
2025 | 884.3 | |
2026 | 819.6 | |
2027 | 754.6 | |
2028 | 669.2 | |
Thereafter | 2,802.3 | |
Total lease payments | 6,850.3 | |
Less imputed interest | (2,340.8) | |
Total operating and finance lease liabilities, respectively | 4,509.5 | |
Financing Lease Payments | ||
2024 | 8.4 | |
2025 | 7.8 | |
2026 | 7.6 | |
2027 | 7.6 | |
2028 | 7.2 | |
Thereafter | 46.2 | |
Total lease payments | 84.8 | |
Less imputed interest | (29.4) | |
Total operating and finance lease liabilities, respectively | $ 55.4 | $ 58.8 |
LEASES - Accounts Payable Lease
LEASES - Accounts Payable Lease Payments (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Leases: | |
Total deferred lease amounts recorded in accounts payable | $ 6.4 |
2024 | |
Leases: | |
Total deferred lease amounts recorded in accounts payable | 4.4 |
2025 | |
Leases: | |
Total deferred lease amounts recorded in accounts payable | 0.8 |
2026 | |
Leases: | |
Total deferred lease amounts recorded in accounts payable | 0.7 |
2027 | |
Leases: | |
Total deferred lease amounts recorded in accounts payable | 0.3 |
2028 | |
Leases: | |
Total deferred lease amounts recorded in accounts payable | 0.1 |
Thereafter | |
Leases: | |
Total deferred lease amounts recorded in accounts payable | $ 0.1 |
LEASES - Deferred lease (Detail
LEASES - Deferred lease (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Leases: | |
Total deferred lease amounts, operating lease payment | $ 49.9 |
2024 | |
Leases: | |
Total deferred lease amounts, operating lease payment | 15.7 |
2025 | |
Leases: | |
Total deferred lease amounts, operating lease payment | 5.7 |
2026 | |
Leases: | |
Total deferred lease amounts, operating lease payment | 4.2 |
2027 | |
Leases: | |
Total deferred lease amounts, operating lease payment | 3.4 |
2028 | |
Leases: | |
Total deferred lease amounts, operating lease payment | 3.2 |
Thereafter | |
Leases: | |
Total deferred lease amounts, operating lease payment | $ 17.7 |
LEASES - Future lease agreement
LEASES - Future lease agreements (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) item | |
Signed lease agreements | $ | $ 62 |
Number of Theatres | 4 |
Future Lease Commitments | |
Number of Theatres | 2 |
Lease buyout incentive | $ | $ 13 |
Lease, right to terminate by landlord, number of theatre | 1 |
Minimum | Future Lease Commitments | |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
PROPERTY | |||
Property owned, gross | $ 4,613.7 | $ 4,518.2 | |
Less: accumulated depreciation | 3,091.7 | 2,838.4 | |
Property owned, net | 1,522 | 1,679.8 | |
Property leased under finance leases, gross | 56.5 | 54.8 | |
Less: accumulated depreciation and amortization | 18.1 | 15.4 | |
Property leased under finance leases, net | 38.4 | 39.4 | |
Property including property leased under finance leases, net | 1,560.4 | 1,719.2 | |
Depreciation expense | 337.5 | 359 | $ 382 |
Land | |||
PROPERTY | |||
Property owned, gross | 62.6 | 73.7 | |
Buildings and improvements | |||
PROPERTY | |||
Property owned, gross | $ 205.8 | 209.4 | |
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 | $ 1,958.3 | 1,880.8 | |
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 | $ 2,387 | $ 2,354.3 | |
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 | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | ||
Gross Carrying Amount, Balance at the beginning of the period | $ 4,594.4 | $ 4,795.2 |
Accumulated Impairment Losses, Balance at the beginning of the period | (2,252.4) | (2,365.4) |
Net Carrying Amount, Balance at the beginning of the period | 2,342 | 2,429.8 |
Gross Carrying Amount, Currency translation adjustment | 67.7 | (200.8) |
Accumulated Impairment Losses, Currency translation adjustment | (51) | 113 |
Net Carrying Amount, Currency translation adjustment | 16.7 | (87.8) |
Gross Carrying Amount, Balance at the end of the period | 4,662.1 | 4,594.4 |
Accumulated Impairment Losses, Balance at the end of the period | (2,303.4) | (2,252.4) |
Net Carrying Amount, Balance at the end of the period | 2,358.7 | 2,342 |
U.S. Markets | ||
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) |
Net Carrying Amount, Balance at the beginning of the period | 1,796.5 | 1,796.5 |
Gross Carrying Amount, Balance at the end of the period | 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 |
International Markets | ||
Goodwill [Roll Forward] | ||
Gross Carrying Amount, Balance at the beginning of the period | 1,521.8 | 1,722.6 |
Accumulated Impairment Losses, Balance at the beginning of the period | (976.3) | (1,089.3) |
Net Carrying Amount, Balance at the beginning of the period | 545.5 | 633.3 |
Gross Carrying Amount, Currency translation adjustment | 67.7 | (200.8) |
Accumulated Impairment Losses, Currency translation adjustment | (51) | 113 |
Net Carrying Amount, Currency translation adjustment | 16.7 | (87.8) |
Gross Carrying Amount, Balance at the end of the period | 1,589.5 | 1,521.8 |
Accumulated Impairment Losses, Balance at the end of the period | (1,027.3) | (976.3) |
Net Carrying Amount, Balance at the end of the period | $ 562.2 | $ 545.5 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Additional information of intangible assets acquired (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Amortizable Intangible Assets: | ||
Gross Carrying Amount | $ 9.6 | $ 26.5 |
Accumulated Amortization | (7.3) | (22.2) |
Non-amortizing Intangible Assets: | ||
Total, unamortizable | 144.4 | 143 |
Management contracts | ||
Amortizable Intangible Assets: | ||
Gross Carrying Amount | 1.7 | 9.3 |
Accumulated Amortization | $ (1.6) | (9.2) |
Management contracts | Minimum | ||
Amortizable Intangible Assets: | ||
Remaining Useful Life | 2 years | |
AMCE | ||
Non-amortizing Intangible Assets: | ||
Trade names | $ 104.4 | 104.4 |
Carmike | Loews' trade name | ||
Amortizable Intangible Assets: | ||
Gross Carrying Amount | 9.3 | |
Accumulated Amortization | (8) | |
Odeon | ||
Non-amortizing Intangible Assets: | ||
Trade names | 37.3 | 35.8 |
Nordic. | ||
Non-amortizing Intangible Assets: | ||
Trade names | $ 2.7 | 2.8 |
Starplex Cinemas | Loews' trade name | ||
Amortizable Intangible Assets: | ||
Remaining Useful Life | 3 years | |
Gross Carrying Amount | $ 7.9 | 7.9 |
Accumulated Amortization | $ (5.7) | $ (5) |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS - Amortization (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
GOODWILL AND INTANGIBLE ASSETS | |||
Recorded amortization | $ 2.1 | $ 2.6 | $ 3.5 |
INVESTMENTS (Details)
INVESTMENTS (Details) $ / shares in Units, ر.س in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||||
Nov. 15, 2023 | Aug. 24, 2023 | Dec. 30, 2022 USD ($) | Dec. 30, 2022 SAR (ر.س) | Mar. 14, 2022 USD ($) $ / shares shares | Mar. 31, 2022 USD ($) shares | Mar. 31, 2021 USD ($) shares | Dec. 31, 2023 USD ($) item | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) shares | Mar. 30, 2022 $ / shares | Dec. 26, 2013 | |
Investments | ||||||||||||
Gain on investment sold | $ 15.5 | |||||||||||
Number of Theatres | item | 4 | |||||||||||
Cash distributions from non-consolidated entities | $ 6.5 | $ 6.6 | $ 12.5 | |||||||||
Recorded equity in (earnings) loss | 7.7 | (1.6) | $ 11 | |||||||||
Amortizable intangible asset | 9.6 | 26.5 | ||||||||||
Surrender of common units for transferred theatres | $ 9.2 | |||||||||||
Equity Method Investments Ownership Transactions [Abstract] | ||||||||||||
Stock split conversion ratio | 0.1 | |||||||||||
Unrealized loss (gain) on investments | $ (12.6) | (6.3) | ||||||||||
Exhibitor Services Agreement | ||||||||||||
Investments | ||||||||||||
Value of common units returned under Unit Adjustment agreement | 15 | |||||||||||
Europe | ||||||||||||
Investments | ||||||||||||
Number of Theatres | item | 61 | |||||||||||
NCM | ||||||||||||
Investments | ||||||||||||
Ownership percentage | 4% | |||||||||||
Common units returned under Common Unit Adjustment Agreement | shares | 5,954,646 | 3,012,738 | ||||||||||
Value of common units returned under Unit Adjustment agreement | $ 15 | |||||||||||
Price per share (in dollars per share) | $ / shares | $ 2.52 | |||||||||||
Realized loss on investment | 13.5 | |||||||||||
Number of shares sold | shares | 1,400,000 | |||||||||||
Cash distribution received | $ 5.7 | |||||||||||
Equity Method Investments Ownership Transactions [Abstract] | ||||||||||||
Value of stock sold | 1.5 | |||||||||||
NCM | Exhibitor Services Agreement | ||||||||||||
Investments | ||||||||||||
Surrender of common units for transferred theatres | $ 9.2 | |||||||||||
Hycroft | ||||||||||||
Equity Method Investments Ownership Transactions [Abstract] | ||||||||||||
Number of shares purchased | shares | 2,300,000 | |||||||||||
Cost of investment | $ 27.9 | |||||||||||
Stock split conversion ratio | 0.10 | 1 | ||||||||||
Number of shares to be received for each unit | shares | 1 | |||||||||||
Price per unit in equity method investment | $ / shares | $ 11.93 | |||||||||||
Hycroft | Investment Income (Expense) [Member] | ||||||||||||
Equity Method Investments Ownership Transactions [Abstract] | ||||||||||||
Unrealized loss (gain) on investments | $ 12.6 | 6.3 | ||||||||||
61 Theatres | Europe | ||||||||||||
Investments | ||||||||||||
Ownership percentage | 50% | |||||||||||
Number of Theatres | item | 61 | |||||||||||
U.S. Motion pictures theatres | ||||||||||||
Investments | ||||||||||||
Number of Theatres | item | 4 | |||||||||||
Investment in Hycroft Mining Holding Corporation Warrants | ||||||||||||
Investments | ||||||||||||
Price per share (in dollars per share) | $ / shares | $ 10.68 | |||||||||||
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 | 18.40% | |||||||||||
SV Holdco | Class C Units | ||||||||||||
Investments | ||||||||||||
Ownership percentage | 18.30% | |||||||||||
AC JV, LLC | ||||||||||||
Investments | ||||||||||||
Ownership percentage | 32% | |||||||||||
Recorded equity in (earnings) loss | $ (4.9) | |||||||||||
AC JV, LLC | Founding Members | ||||||||||||
Investments | ||||||||||||
Ownership percentage | 32% | |||||||||||
DCIP | ||||||||||||
Investments | ||||||||||||
Cash distributions from non-consolidated entities | 12.2 | |||||||||||
Recorded investment reduction | 0 | |||||||||||
Equity recorded in net earnings | 4 | |||||||||||
Recorded equity in (earnings) loss | 3.4 | $ (12.2) | ||||||||||
SCC | ||||||||||||
Investments | ||||||||||||
Percentage of equity method investment sold | 10% | 10% | ||||||||||
Equity method investment, amount sold | $ 30 | ر.س 112.5 | ||||||||||
Gain on investment sold | $ 15.5 | |||||||||||
Recorded equity in (earnings) loss | $ (7.6) | |||||||||||
U.S. theatres and IMAX screen | ||||||||||||
Investments | ||||||||||||
Ownership percentage | 50% | |||||||||||
Number of Theatres | item | 4 | |||||||||||
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments | |||
Current assets | $ 1,203.1 | $ 902.1 | |
Total assets | 9,009.2 | 9,135.6 | |
Current liabilities | 1,632.4 | 1,690.3 | |
Total liabilities | 10,857.1 | 11,760.1 | |
Stockholders' equity | (1,847.9) | (2,624.5) | |
Liabilities and stockholders' equity | 9,009.2 | 9,135.6 | |
The company's recorded investment | 56.4 | 69.6 | |
Revenues | 4,812.6 | 3,911.4 | $ 2,527.9 |
Operating costs and expenses | 4,886.9 | 4,433.7 | 3,457.9 |
Net earnings (loss) | (396.6) | (973.6) | (1,269.8) |
The Company's recorded equity in earnings (loss) | 7.7 | (1.6) | 11 |
Equity Method Investment, Nonconsolidated Investee(s) | |||
Investments | |||
Current assets | 263.8 | 411.5 | |
Noncurrent assets | 224.7 | 431.9 | |
Total assets | 488.5 | 843.4 | |
Current liabilities | 130.9 | 152.8 | |
Noncurrent liabilities | 385 | 452.9 | |
Total liabilities | 515.9 | 605.7 | |
Stockholders' equity | (27.4) | 237.7 | |
Liabilities and stockholders' equity | 488.5 | 843.4 | |
Revenues | 425.6 | 412.8 | 285.1 |
Operating costs and expenses | 449.9 | 498.2 | 287.6 |
Net earnings (loss) | (24.3) | (85.4) | (2.5) |
Investments in Non-Consolidated Affiliates | |||
Investments | |||
The company's recorded investment | 56.4 | 69.6 | |
AC JV, LLC | |||
Investments | |||
The Company's recorded equity in earnings (loss) | $ (4.9) | ||
DCIP | |||
Investments | |||
The company's recorded investment | 0 | ||
The Company's recorded equity in earnings (loss) | $ 3.4 | $ (12.2) |
INVESTMENTS - Related Party Tra
INVESTMENTS - Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
DCM | |||
Related Party Transactions | |||
Loan receivable from related party | $ 0.6 | $ 0.6 | |
DCM | Other revenues | |||
Related Party Transactions | |||
Screen advertising revenues | 18.8 | 17 | $ 7.8 |
DCM | On-screen advertising revenue | |||
Related Party Transactions | |||
Amounts due from related parties | 3.3 | 2.2 | |
DCDC | Operating expense | |||
Related Party Transactions | |||
Content delivery services | 1.4 | 1 | 1.1 |
DCIP | Operating expense | |||
Related Party Transactions | |||
Digital equipment rental expense | 0.2 | ||
AC JV, LLC | Film exhibition costs. | |||
Related Party Transactions | |||
Gross exhibition cost | 17.5 | 11.6 | 10.4 |
AC JV, LLC | Fathom Events programming | |||
Related Party Transactions | |||
Amount due to related parties | (2.3) | (2) | |
Screenvision | Other revenues | |||
Related Party Transactions | |||
Screen advertising revenues | 8.7 | 6.9 | $ 4.6 |
Nordic. | |||
Related Party Transactions | |||
Amounts due from related parties | 2.7 | 1.3 | |
Nordic. | Management services | |||
Related Party Transactions | |||
Amount due to related parties | (1.4) | (1.1) | |
SCC | Joint Venture | |||
Related Party Transactions | |||
Amounts due from related parties | 0.5 | 1.4 | |
U.S. theatres and IMAX screen | Theatre partnerships | |||
Related Party Transactions | |||
Amount due to related parties | $ (0.6) | $ (0.7) |
SUPPLEMENTAL BALANCE SHEET IN_3
SUPPLEMENTAL BALANCE SHEET INFORMATION (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Other current assets: | ||
Income taxes receivable | $ 1.5 | $ 1 |
Prepaids | 32.5 | 28.8 |
Merchandise inventory | 39.5 | 36.4 |
Other | 14.5 | 14.9 |
Other current assets, total | 88 | 81.1 |
Other long-term assets: | ||
Investments in real estate | 3.6 | 6.5 |
Deferred financing costs revolving credit facility | 0.7 | 3.1 |
Investments in equity method investees | 56.4 | 69.6 |
Computer software | 76.6 | 74.2 |
Investment in common stock | 10.4 | 11.3 |
Pension asset | 17.2 | 16.6 |
Investment in Hycroft common stock | 5.8 | 12.5 |
Investment in Hycroft warrants | 3.3 | 9.2 |
Other | 21.8 | 19.1 |
Other long-term assets, total | 195.8 | 222.1 |
Accrued expenses and other liabilities: | ||
Taxes other than income | 76.4 | 77.6 |
Interest | 50.3 | 53 |
Payroll and vacation | 50.4 | 45.8 |
Current portion of casualty claims and premiums | 9.3 | 11.9 |
Accrued bonus | 56.7 | 57.6 |
Accrued licensing and variable rent | 24.6 | 23.7 |
Current portion of pension | 0.1 | 0.7 |
Group insurance reserve | 3.4 | 4.2 |
Accrued tax payable | 1.7 | 4.9 |
Other | 77.9 | 84.9 |
Accrued expenses and other liabilities, total | 350.8 | 364.3 |
Other long-term liabilities: | ||
Pension | 33.3 | 30.1 |
Casualty claims and premiums | 13.5 | 19.8 |
Contingencies | 18.7 | 15.9 |
Other | 37.2 | 39.3 |
Other long-term liabilities, total | 102.7 | 105.1 |
Corporate borrowings | 4,552.3 | 5,120.8 |
Investments in Non-Consolidated Affiliates [Member] | ||
Other long-term assets: | ||
Investments in equity method investees | $ 56.4 | $ 69.6 |
CORPORATE BORROWINGS AND FINA_3
CORPORATE BORROWINGS AND FINANCE LEASE LIABILITIES - Long-term debt and lease obligations (Details) £ in Millions, $ in Millions | 12 Months Ended | |||||||||||||
Feb. 14, 2022 USD ($) | Jul. 31, 2020 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 GBP (£) | Jan. 15, 2021 USD ($) | Dec. 31, 2020 | Oct. 15, 2020 USD ($) | Apr. 24, 2020 USD ($) | Mar. 17, 2017 USD ($) | Mar. 17, 2017 GBP (£) | Nov. 08, 2016 USD ($) | Nov. 08, 2016 GBP (£) | Jun. 05, 2015 USD ($) | |
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | ||||||||||||||
Total principal amount of corporate borrowings | $ 4,504.3 | $ 4,949 | ||||||||||||
Finance lease liabilities | 55.4 | 58.8 | ||||||||||||
Deferred financing costs | (31.1) | (37.9) | ||||||||||||
Net premium | 104.2 | 229.7 | ||||||||||||
Total carrying value of corporate borrowings and finance lease liabilities | 4,632.8 | 5,199.6 | ||||||||||||
Current maturities corporate borrowings | (25.1) | (20) | ||||||||||||
Current maturities of finance lease liabilities | (5.4) | (5.5) | ||||||||||||
Total noncurrent carrying value of corporate borrowings and finance lease liabilities | 4,602.3 | 5,174.1 | ||||||||||||
6.375% Senior Subordinated Notes due 2024 | ||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | ||||||||||||||
Total principal amount of corporate borrowings | $ 5.1 | 4.8 | £ 250 | |||||||||||
Deferred financing costs | $ (12.7) | |||||||||||||
Net premium | $ 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% | |||||
Debt instrument face amount | £ | £ 4 | £ 250 | £ 250 | |||||||||||
5.75 % Senior Subordinated Notes due 2025 | ||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | ||||||||||||||
Total principal amount of corporate borrowings | $ 98.3 | $ 98.3 | ||||||||||||
Stated interest rate (as a percent) | 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 | ||||||||||||||
Total principal amount of corporate borrowings | $ 51.5 | $ 55.6 | ||||||||||||
Stated interest rate (as a percent) | 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 | ||||||||||||||
Total principal amount of corporate borrowings | $ 125.5 | $ 125.5 | ||||||||||||
Deferred financing costs | $ (19.8) | |||||||||||||
Stated interest rate (as a percent) | 6.125% | 6.125% | 6.125% | 6.125% | 6.125% | 6.125% | ||||||||
Debt instrument face amount | $ 475 | |||||||||||||
2.95% Senior Secured Convertible Notes due 2024 | ||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | ||||||||||||||
Stated interest rate (as a percent) | 2.95% | |||||||||||||
Senior Subordinated Notes | ||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | ||||||||||||||
Debt instrument face amount | $ 1,782.5 | $ 235 | ||||||||||||
Odeon Senior Secured Note 2027 | ||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | ||||||||||||||
Net premium | $ (26.4) | $ (31.1) | ||||||||||||
Stated interest rate (as a percent) | 12.75% | 12.75% | 12.75% | |||||||||||
Senior Secured Credit Facility Term-Loan Due 2026 | ||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | ||||||||||||||
Total principal amount of corporate borrowings | $ 1,905 | $ 1,925 | ||||||||||||
Net premium | $ (3.3) | $ (4.8) | ||||||||||||
Stated interest rate (as a percent) | 8.474% | 7.274% | 8.474% | |||||||||||
Odeon Senior Secured Notes Due 2027 | ||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | ||||||||||||||
Total principal amount of corporate borrowings | $ 400 | $ 400 | ||||||||||||
Stated interest rate (as a percent) | 12.75% | 12.75% | 12.75% | |||||||||||
First Lien Notes due 2029 | ||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | ||||||||||||||
Total principal amount of corporate borrowings | $ 950 | $ 950 | ||||||||||||
Stated interest rate (as a percent) | 7.50% | 7.50% | 7.50% | 7.50% | ||||||||||
Debt instrument face amount | $ 950 | |||||||||||||
Threshold Minimum Percentage of Voting Stock | 65% | |||||||||||||
Second Lien Subordinated Notes due 2026 | ||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | ||||||||||||||
Total principal amount of corporate borrowings | $ 968.9 | $ 1,389.8 | ||||||||||||
Net premium | $ 133.9 | $ 265.5 | ||||||||||||
Interest rate cash (as a percent) | 10% | 10% | ||||||||||||
PIK interest rate (as a percent) | 12% | 12% | ||||||||||||
First Lien Notes due 2025 | ||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | ||||||||||||||
Deferred financing costs | $ (8.9) | |||||||||||||
Total noncurrent carrying value of corporate borrowings and finance lease liabilities | $ 10 | |||||||||||||
Stated interest rate (as a percent) | 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 | ||||||||||||||
Stated interest rate (as a percent) | 10.50% | 10.50% | ||||||||||||
Debt instrument face amount | $ 300 | $ 200 | ||||||||||||
First Lien Toggle Notes due 2026 | ||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | ||||||||||||||
Interest rate cash (as a percent) | 15% | |||||||||||||
PIK interest rate (as a percent) | 17% | |||||||||||||
Principal and premium repayments | $ 73.5 | |||||||||||||
Debt instrument face amount | $ 100 | |||||||||||||
Second Lien Notes due 2026 | ||||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | ||||||||||||||
Total principal amount 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 |
CORPORATE BORROWINGS AND FINA_4
CORPORATE BORROWINGS AND FINANCE LEASE LIABILITIES - Maturities of corporate borrowings (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Principal Amount of Corporate Borrowings | |
2024 | $ 25.1 |
2025 | 118.3 |
2026 | 2,885.4 |
2027 | 525.5 |
Thereafter | 950 |
Total | $ 4,504.3 |
CORPORATE BORROWINGS AND FINA_5
CORPORATE BORROWINGS AND FINANCE LEASE LIABILITIES - Senior Secured Credit Facility (Details) - USD ($) $ in Millions | 12 Months Ended | |||||||
Jun. 23, 2023 | Apr. 22, 2019 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 08, 2021 | Jul. 31, 2020 | Nov. 08, 2016 | |
Corporate borrowings and finance lease obligations | ||||||||
Amount of minimum liquidity requirements | $ 100 | $ 100 | ||||||
Extinguishment of Second Lien Notes due 2026 in exchange for share issuance | 238.6 | |||||||
Revolving credit facility | Letter of Credit | ||||||||
Corporate borrowings and finance lease obligations | ||||||||
Aggregate principal amount | $ 225 | |||||||
Senior Secured Credit Facility Term Loan Due 2026 Member | ||||||||
Corporate borrowings and finance lease obligations | ||||||||
Payment of debt | $ 20 | $ 20 | $ 20 | |||||
Effective interest rate | 8.47% | 7.27% | ||||||
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 | Base rate | ||||||||
Corporate borrowings and finance lease obligations | ||||||||
Spread on variable rate basis (as a percent) | 2% | |||||||
Spread (as a percent) | 2% | |||||||
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% | |||||||
Senior Secured Credit Facility Term Loans | Adjusted Term SOFR | ||||||||
Corporate borrowings and finance lease obligations | ||||||||
Spread on variable rate basis (as a percent) | 3% | 1% | ||||||
Spread (as a percent) | 3% | 1% | ||||||
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% | 5.875% |
CORPORATE BORROWINGS AND FINA_6
CORPORATE BORROWINGS AND FINANCE LEASE LIABILITIES - Thirteenth Amendment to Credit Agreement (Details) - Thirteenth Amendment to Credit Agreement | Jun. 30, 2023 | Jun. 23, 2023 |
SOFR, Interest period of one-month | ||
Debt Instrument [Line Items] | ||
Credit spread adjustment | 0.11448% | 0.11448% |
SOFR, Interest period of three-months | ||
Debt Instrument [Line Items] | ||
Credit spread adjustment | 0.26161% | 0.26161% |
SOFR, Interest period of six-months | ||
Debt Instrument [Line Items] | ||
Credit spread adjustment | 0.42826% | 0.42826% |
CORPORATE BORROWINGS AND FINA_7
CORPORATE BORROWINGS AND FINANCE LEASE LIABILITIES - Odeon Secured Debt (Details) € in Millions, £ in Millions, $ in Millions | 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 (€) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Feb. 15, 2021 EUR (€) | |
Debt Instrument [Line Items] | ||||||||||
(Gain) loss on extinguishment of debt | $ (142.8) | $ 92.8 | $ 14.1 | |||||||
Debt Instrument, Redemption Price as Percentage of Principal Amount | 107.50% | |||||||||
Deferred financing cost write-off | 9.6 | 12.6 | 23.3 | |||||||
Amortization of net premium on corporate borrowings to interest expense | (55.6) | (65.4) | (3.9) | |||||||
Deferred financing costs | $ 31.1 | 37.9 | ||||||||
Odeon Term Loan Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
(Gain) loss on extinguishment of debt | $ 36.5 | |||||||||
Odeon Term Loan Facility | Odeon Cinemas Group Limited | ||||||||||
Debt Instrument [Line Items] | ||||||||||
(Gain) loss on extinguishment of debt | $ 36.5 | |||||||||
Odeon Senior Secured Note 2027 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate (as a percent) | 12.75% | 12.75% | ||||||||
Net proceeds from issuance of notes | $ 368 | |||||||||
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] | ||||||||||
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 | Odeon Cinemas Group Limited | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Cash | $ 146.7 | |||||||||
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_8
CORPORATE BORROWINGS AND FINANCE LEASE LIABILITIES - First and Second Lien Notes due 2026 (Details) $ in Millions | 12 Months Ended | |||||||||||
Aug. 25, 2023 shares | Feb. 07, 2023 USD ($) shares | Dec. 22, 2022 USD ($) shares | Feb. 14, 2022 | Jun. 01, 2021 shares | Feb. 01, 2021 shares | Jan. 15, 2021 USD ($) item | Jul. 31, 2020 USD ($) item | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | |
Debt Instrument [Line Items] | ||||||||||||
Gain on Extinguishment | $ 142.8 | $ (92.8) | $ (14.1) | |||||||||
Interest | 421.2 | 379 | 274.7 | |||||||||
Convertible Notes due 2026 stock conversion | shares | 99,540,642 | |||||||||||
Net proceeds from AMC Preferred Equity Units issuance | 832.7 | 220.4 | 1,801.1 | |||||||||
Increase in stockholders' deficit | 760.3 | 217.6 | 1,570.7 | |||||||||
Accrued interest paid | 421.2 | 379 | 274.7 | |||||||||
Forward purchase agreement | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | 118.6 | |||||||||||
Number of shares sold | shares | 10,659,511 | |||||||||||
Value of shares sold | $ 75.1 | |||||||||||
Increase in stockholders' deficit | 193.7 | |||||||||||
Second Lien Notes due 2026 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
PIK interest rate (as a percent) | 12% | |||||||||||
Value of shares sold | $ 100 | |||||||||||
Cash interest rate (as a percent) | 10% | |||||||||||
Convertible Notes due 2026 stock conversion | shares | 9,102,619 | |||||||||||
Second Lien Notes due 2026 | Nonrelated Party | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Exercised an option to repurchase | 139.7 | |||||||||||
Repurchase amount | 91.4 | |||||||||||
Gain on Extinguishment | 71.3 | |||||||||||
Interest | 4.5 | |||||||||||
Accrued interest paid | 4.5 | |||||||||||
Second Lien Notes due 2026 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Gain on Extinguishment | 28.3 | |||||||||||
Aggregate principal amount | $ 100 | |||||||||||
PIK interest rate (as a percent) | 12% | |||||||||||
Aggregate Principal Exchanged | 105.3 | |||||||||||
Accrued Interest Exchanged | $ 1.2 | |||||||||||
Shares of Common Stock Exchanged | shares | 14,186,651 | |||||||||||
Interest | $ 1.4 | |||||||||||
Cash interest rate (as a percent) | 10% | |||||||||||
Increase in stockholders' deficit | $ 193.7 | |||||||||||
Accrued interest paid | 1.4 | |||||||||||
AMC Preferred Equity Units | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Consideration received for conversion | shares | 4,610,379 | |||||||||||
Net proceeds from AMC Preferred Equity Units issuance | $ 75.1 | $ 75.1 | ||||||||||
AMC Preferred Equity Units | Forward purchase agreement | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of shares sold | shares | 10,659,511 | |||||||||||
Value of shares sold | $ 75.1 | |||||||||||
AMC Preferred Equity Units | Second Lien Notes due 2026 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of shares sold | shares | 19,762,130 | |||||||||||
Mudrick Capital Management LP | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Increase in stockholders' deficit | (230.4) | |||||||||||
Mudrick Capital Management LP | Class A common stock | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of shares sold | shares | 850,000 | |||||||||||
Mudrick Capital Management LP | AMC Preferred Equity Units | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of shares sold | shares | 850,000 | |||||||||||
Antara Capital LP | Second Lien Notes due 2026 | Forward purchase agreement | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 100 | $ 100 | ||||||||||
PIK interest rate (as a percent) | 12% | 12% | ||||||||||
Cash interest rate (as a percent) | 10% | 10% | ||||||||||
Antara Capital LP | Second Lien Notes due 2026 | Related Party | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Exercised an option to repurchase | 75.9 | |||||||||||
Repurchase amount | 48.5 | |||||||||||
Gain on Extinguishment | 40.9 | |||||||||||
Interest | 1.1 | |||||||||||
Accrued interest paid | 1.1 | |||||||||||
Antara Capital LP | 5.875% Senior Subordinated Notes due 2026 | Related Party | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Exercised an option to repurchase | 4.1 | |||||||||||
Repurchase amount | 1.7 | |||||||||||
Gain on Extinguishment | 2.3 | |||||||||||
Interest | 0.1 | |||||||||||
Accrued interest paid | 0.1 | |||||||||||
Antara Capital LP | AMC Preferred Equity Units | Forward purchase agreement | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest | $ 1.4 | |||||||||||
Number of shares sold | shares | 19,762,130 | 10,659,511 | ||||||||||
Value of shares sold | $ 75.1 | |||||||||||
Net proceeds from AMC Preferred Equity Units issuance | $ 75.1 | |||||||||||
Increase in stockholders' deficit | 193.7 | |||||||||||
Accrued interest paid | 1.4 | |||||||||||
Antara Capital LP | AMC Preferred Equity Units | Second Lien Notes due 2026 | Forward purchase agreement | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Increase in stockholders' deficit | $ 193.7 | |||||||||||
First Lien Toggle Notes due 2026 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Exercised an option to repurchase | $ 35 | |||||||||||
Repurchase amount | $ 40.3 | |||||||||||
Gain on Extinguishment | (14.4) | |||||||||||
Aggregate principal amount | $ 100 | |||||||||||
PIK interest rate (as a percent) | 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 | $ 28.6 | |||||||||||
Second Lien Notes due 2026 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Exercised an option to repurchase | 118.3 | |||||||||||
Repurchase amount | 68.3 | |||||||||||
Gain on Extinguishment | (75) | |||||||||||
Aggregate principal amount | $ 1,289.1 | $ 173.2 | ||||||||||
Stated interest rate (as a percent) | 10% | |||||||||||
PIK interest rate (as a percent) | 12% | |||||||||||
Number of interest periods | item | 3 | |||||||||||
Principal amount | $ 1,462.3 | |||||||||||
Interest | 4.5 | |||||||||||
Accrued interest paid | $ 4.5 |
CORPORATE BORROWINGS AND FINA_9
CORPORATE BORROWINGS AND FINANCE LEASE LIABILITIES - First Lien Notes Due 2029 (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 14, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||||
Gain on Extinguishment | $ 142.8 | $ (92.8) | $ (14.1) | |
Debt Instrument, Redemption Price as Percentage of Principal Amount | 107.50% | |||
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% | |
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 FIN_10
CORPORATE BORROWINGS AND FINANCE LEASE LIABILITIES - Senior Unsecured Convertible Notes narrative (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||||
Feb. 14, 2022 USD ($) | Feb. 01, 2021 shares | Jan. 29, 2021 shares | Jul. 31, 2020 USD ($) item | Sep. 14, 2018 shares | Jul. 31, 2020 USD ($) item | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jan. 27, 2021 USD ($) $ / shares | Oct. 15, 2020 USD ($) | Apr. 24, 2020 USD ($) | |
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | ||||||||||||
Long-term Debt, Gross | $ 4,504.3 | $ 4,949 | ||||||||||
Amortization of Debt Discount (Premium) | (55.6) | (65.4) | $ (3.9) | |||||||||
Redemption price of debt instrument (as a percent) | 107.50% | |||||||||||
Restructured amount | 238.6 | |||||||||||
Total noncurrent carrying value of corporate borrowings and finance lease liabilities | 4,602.3 | 5,174.1 | ||||||||||
Debt issuance costs | 31.1 | 37.9 | ||||||||||
Interest expense | 369.6 | 336.4 | 414.9 | |||||||||
Other expense | 69.1 | $ (53.6) | 87.9 | |||||||||
Class B common stock | ||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | ||||||||||||
Consideration received for conversion | shares | 4,610,379 | |||||||||||
AMC Preferred Equity Units | ||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | ||||||||||||
Consideration received for conversion | shares | 4,610,379 | |||||||||||
Second Lien Notes due 2026 | ||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | ||||||||||||
Long-term Debt, Gross | $ 1,997.4 | $ 1,997.4 | ||||||||||
Amortization of Debt Discount (Premium) | $ 535.1 | |||||||||||
PIK interest rate | 12% | |||||||||||
Number of interest periods | item | 3 | 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 | $ 1,289.1 | $ 1,289.1 | $ 173.2 | |||||||||
Percentage of difference between the present value of the old and new cash flows | 10% | |||||||||||
Principal amount | $ 1,462.3 | |||||||||||
Stated interest rate (as a percent) | 10% | 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% | |||||||||||
First Lien Notes due 2026 | ||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | ||||||||||||
Redemption price of debt instrument (as a percent) | 100% | |||||||||||
Debt instrument face amount | $ 300 | $ 200 | $ 200 | |||||||||
Stated interest rate (as a percent) | 10.50% | 10.50% | 10.50% | |||||||||
First Lien Notes due 2026 | Class A common stock | ||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | ||||||||||||
Common Stock, Value, Outstanding | $ 20.2 | $ 20.2 | ||||||||||
First Lien Notes due 2025 | ||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | ||||||||||||
Debt instrument face amount | $ 500 | |||||||||||
Stated interest rate (as a percent) | 10.50% | 10.50% | 10.50% | 10.50% | 10.50% | |||||||
Total noncurrent carrying value of corporate borrowings and finance lease liabilities | $ 10 | |||||||||||
Debt issuance costs | $ 8.9 | |||||||||||
Senior Subordinated Notes | ||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | ||||||||||||
Debt instrument face amount | $ 1,782.5 | $ 1,782.5 | $ 235 | |||||||||
2.95% Senior Secured Convertible Notes due 2024 | ||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | ||||||||||||
Restructured amount | $ 600 | |||||||||||
Stated interest rate (as a percent) | 2.95% | 2.95% | ||||||||||
Convertible Notes due 2026 | ||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | ||||||||||||
Consideration received for conversion | shares | 4,442,286 | |||||||||||
Conversion Price | $ / shares | $ 67.60 | |||||||||||
Principal balance | $ 600 | |||||||||||
Interest expense | $ 71 | |||||||||||
Convertible Notes due 2026 | Class B common stock | ||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | ||||||||||||
Consideration received for conversion | shares | 566,600 | |||||||||||
Convertible Notes due 2026 | AMC Preferred Equity Units | ||||||||||||
CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS | ||||||||||||
Consideration received for conversion | shares | 4,442,286 | 566,600 |
CORPORATE BORROWINGS AND FIN_11
CORPORATE BORROWINGS AND FINANCE LEASE LIABILITIES - Senior Unsecured Convertible Notes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CORPORATE BORROWINGS AND FINANCE LEASE LIABILITIES | |||
Conversion amount | $ (238.6) | ||
Discount | 104.2 | $ 229.7 | |
Deferred financing costs | (31.1) | (37.9) | |
Amortization of net premium on corporate borrowings to interest expense | (55.6) | (65.4) | $ (3.9) |
Deferred financing cost write-off | $ 9.6 | $ 12.6 | $ 23.3 |
CORPORATE BORROWINGS AND FIN_12
CORPORATE BORROWINGS AND FINANCE LEASE LIABILITIES - Other Notes (Details) £ in Millions, $ in Millions | 12 Months Ended | |||||||||||||
Feb. 14, 2022 | Jul. 31, 2020 USD ($) | Jul. 31, 2020 GBP (£) | Mar. 17, 2017 USD ($) | Nov. 08, 2016 USD ($) | Jun. 05, 2015 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 GBP (£) | Dec. 31, 2020 | Apr. 22, 2019 USD ($) | Mar. 17, 2017 GBP (£) | Nov. 08, 2016 GBP (£) | |
Corporate borrowings and finance lease obligations | ||||||||||||||
Redemption price of debt instrument (as a percent) | 107.50% | |||||||||||||
Total principal amount of corporate borrowings | $ 4,504.3 | $ 4,949 | ||||||||||||
Deferred financing costs | (31.1) | (37.9) | ||||||||||||
(Gain) loss on extinguishment of debt | (142.8) | 92.8 | $ 14.1 | |||||||||||
Minimum liquidity requirement | 100 | |||||||||||||
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 | |||||||||||||
Second Lien Notes due 2026 | ||||||||||||||
Corporate borrowings and finance lease obligations | ||||||||||||||
Debt instrument face amount | $ 1,289.1 | $ 173.2 | ||||||||||||
Stated interest rate (as a percent) | 10% | |||||||||||||
Redemption price of debt instrument (as a percent) | 101% | 101% | ||||||||||||
Percentage of difference between the present value of the old and new cash flows | 10% | |||||||||||||
Total principal amount of corporate borrowings | $ 1,997.4 | |||||||||||||
Debt instrument redemption amount as a percentage of principal amount | 100% | 100% | ||||||||||||
Repurchase amount | 68.3 | |||||||||||||
(Gain) loss on extinguishment of debt | 75 | |||||||||||||
Exercised an option to repurchase | $ 118.3 | |||||||||||||
Redemption period one | Second Lien Notes due 2026 | ||||||||||||||
Corporate borrowings and finance lease obligations | ||||||||||||||
Debt instrument redemption amount as a percentage of principal amount | 106% | 106% | ||||||||||||
Redemption period two | Second Lien Notes due 2026 | ||||||||||||||
Corporate borrowings and finance lease obligations | ||||||||||||||
Debt instrument redemption amount as a percentage of principal amount | 103% | 103% | ||||||||||||
Redemption period three | Second Lien Notes due 2026 | ||||||||||||||
Corporate borrowings and finance lease obligations | ||||||||||||||
Debt instrument redemption amount as a percentage of principal amount | 100% | 100% | ||||||||||||
At the time of sale of assets | Second Lien Notes due 2026 | ||||||||||||||
Corporate borrowings and finance lease obligations | ||||||||||||||
Redemption price of debt instrument (as a percent) | 100% | 100% | ||||||||||||
6.375% Senior Subordinated Notes due 2024 | ||||||||||||||
Corporate borrowings and finance lease obligations | ||||||||||||||
Debt instrument face amount | £ | £ 4 | £ 250 | £ 250 | |||||||||||
Stated interest rate (as a percent) | 6.375% | 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% | |||||||||||||
Total principal amount of corporate borrowings | $ 5.1 | $ 4.8 | £ 250 | |||||||||||
Deferred financing costs | $ (12.7) | |||||||||||||
Principal amount of debt exchanged | $ 632.1 | £ 496 | ||||||||||||
Percentage of principal amount of debt exchanged | 99.20% | 99.20% | ||||||||||||
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 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% | 5.75% | |||||||||
Deferred financing costs | $ 11.4 | |||||||||||||
Total principal amount of corporate borrowings | $ 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 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% | 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 | |||||||||||||
Total principal amount of corporate borrowings | $ 51.5 | $ 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 | |||||||||||||
Stated interest rate (as a percent) | 6.125% | 6.125% | 6.125% | 6.125% | 6.125% | 6.125% | ||||||||
Number of days to file | 270 days | |||||||||||||
Number of days for effectiveness | 365 days | |||||||||||||
Total principal amount of corporate borrowings | $ 125.5 | $ 125.5 | ||||||||||||
Deferred financing costs | $ (19.8) | |||||||||||||
Principal amount of debt exchanged | $ 344.3 | |||||||||||||
Percentage of principal amount of debt exchanged | 72.48% | 72.48% | ||||||||||||
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% | |||||||||||||
Senior Subordinated Notes | ||||||||||||||
Corporate borrowings and finance lease obligations | ||||||||||||||
Debt instrument face amount | $ 1,782.5 | $ 235 |
STOCKHOLDERS' DEFICIT (Details)
STOCKHOLDERS' DEFICIT (Details) | 12 Months Ended | ||||||||
Aug. 24, 2023 | Aug. 11, 2023 | Apr. 02, 2023 | Mar. 14, 2023 shares | Feb. 01, 2021 shares | Jan. 27, 2021 shares | Dec. 31, 2023 item shares | Mar. 13, 2023 shares | Dec. 31, 2022 shares | |
STOCKHOLDERS' EQUITY | |||||||||
Preferred stock, share authorized (in shares) | 50,000,000 | 50,000,000 | |||||||
Preferred stock, shares issued (in shares) | 0 | ||||||||
Preferred stock, shares outstanding ( in shares) | 0 | ||||||||
Stock split conversion ratio | 0.1 | ||||||||
Shareholder Litigation | |||||||||
STOCKHOLDERS' EQUITY | |||||||||
Stock split conversion ratio | 0.1333 | 0.1333 | |||||||
Common Stock and AMC Preferred Equity Units | |||||||||
STOCKHOLDERS' EQUITY | |||||||||
Number of votes per share | item | 1 | ||||||||
AMC Preferred Equity Units | |||||||||
STOCKHOLDERS' EQUITY | |||||||||
Consideration received for conversion | 4,610,379 | ||||||||
Preferred stock, share authorized (in shares) | 0 | 10,000,000 | |||||||
Preferred stock, shares issued (in shares) | 0 | 7,245,872 | |||||||
Preferred stock, shares outstanding ( in shares) | 0 | 7,245,872 | |||||||
AMC Preferred Equity Units | Wanda | |||||||||
STOCKHOLDERS' EQUITY | |||||||||
Shares forfeited | 566,600 | ||||||||
Class A common stock | |||||||||
STOCKHOLDERS' EQUITY | |||||||||
Number of shares authorized | 550,000,000 | 524,173,073 | |||||||
Class B common stock | |||||||||
STOCKHOLDERS' EQUITY | |||||||||
Consideration received for conversion | 4,610,379 | ||||||||
Class B common stock | Wanda | |||||||||
STOCKHOLDERS' EQUITY | |||||||||
Shares forfeited | 566,600 | ||||||||
Special Meeting of Stockholders | |||||||||
STOCKHOLDERS' EQUITY | |||||||||
Number of shares authorized | 550,000,000 | 524,173,073 | |||||||
Stock split conversion ratio | 1 |
STOCKHOLDERS' DEFICIT - Shareho
STOCKHOLDERS' DEFICIT - Shareholder Litigation (Details) | Aug. 28, 2023 shares | Aug. 24, 2023 | Aug. 11, 2023 | Apr. 02, 2023 | Dec. 31, 2023 item | Jan. 19, 2018 item | Jan. 12, 2018 item |
STOCKHOLDERS' EQUITY | |||||||
Number of pending actions | item | 2 | 2 | 2 | ||||
Stock split conversion ratio | 0.1 | ||||||
Shares issued during period of settlement payment | shares | 6,897,018 | ||||||
Shareholder Litigation | |||||||
STOCKHOLDERS' EQUITY | |||||||
Stock split conversion ratio | 0.1333 | 0.1333 |
STOCKHOLDERS' EQUITY - Charter
STOCKHOLDERS' EQUITY - Charter Amendments and Stock Split (Details) | Aug. 25, 2023 shares | Aug. 24, 2023 |
STOCKHOLDERS' DEFICIT | ||
Convertible Notes due 2026 stock conversion | 99,540,642 | |
Stock split conversion ratio | 0.1 | |
Conversion ratio | 0.1 |
STOCKHOLDERS' EQUITY - At-The-M
STOCKHOLDERS' EQUITY - At-The-Market Share Isuances (Details) - At-the-Market Offerings - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
AMC Preferred Equity Units | |||
STOCKHOLDERS' EQUITY | |||
Number of shares sold | 7.1 | 20.8 | 24.2 |
Gross proceeds | $ 114.5 | $ 228.8 | |
Sales agents fees paid | 2.9 | 5.7 | |
Other third-party issuance costs | 8.8 | $ 5.5 | |
Payment to issuance cost to third party | $ 11.7 | ||
Common Stock | |||
STOCKHOLDERS' EQUITY | |||
Number of shares sold | 88 | 24.2 | |
Gross proceeds | $ 675.5 | ||
Sales agents fees paid | 16.9 | ||
Other third-party issuance costs | 1.1 | ||
Payment to issuance cost to third party | 0.9 | ||
Common Stock And AMC Preferred Equity Units | |||
STOCKHOLDERS' EQUITY | |||
Gross proceeds | 790 | $ 1,611.8 | |
Sales agents fees paid | 19.8 | 40.3 | |
Other third-party issuance costs | 9.9 | $ 0.8 | |
Payment to issuance cost to third party | $ 12.6 |
STOCKHOLDERS' DEFICIT - Schedul
STOCKHOLDERS' DEFICIT - Schedule of share issuance upon exchange of debt (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
STOCKHOLDERS' EQUITY | |||
Gain on Extinguishment | $ 142.8 | $ (92.8) | $ (14.1) |
SHAREHOLDERS' DEFICIT - Antara
SHAREHOLDERS' DEFICIT - Antara Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||
Aug. 28, 2023 | Aug. 25, 2023 | Feb. 07, 2023 | Dec. 22, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
STOCKHOLDERS' EQUITY | |||||||
Increase in stockholders' deficit | $ 760.3 | $ 217.6 | $ 1,570.7 | ||||
Accrued interest paid | 421.2 | 379 | 274.7 | ||||
Shares issued during period of settlement payment | 6,897,018 | ||||||
Convertible Notes due 2026 stock conversion | 99,540,642 | ||||||
Net proceeds from AMC Preferred Equity Units issuance | 832.7 | 220.4 | 1,801.1 | ||||
Forward purchase agreement | |||||||
STOCKHOLDERS' EQUITY | |||||||
Number of shares sold | 10,659,511 | ||||||
Value of shares sold | $ 75.1 | ||||||
Increase in stockholders' deficit | 193.7 | ||||||
Forward purchase agreement | Antara Capital LP | |||||||
STOCKHOLDERS' EQUITY | |||||||
Gross proceeds | $ 100 | ||||||
AMC Preferred Equity Units | |||||||
STOCKHOLDERS' EQUITY | |||||||
Net proceeds from AMC Preferred Equity Units issuance | $ 75.1 | 75.1 | |||||
AMC Preferred Equity Units | At-the-Market Offerings | |||||||
STOCKHOLDERS' EQUITY | |||||||
Value of shares sold | $ 24.2 | ||||||
Gross proceeds | 114.5 | $ 228.8 | |||||
AMC Preferred Equity Units | At-the-Market Offerings | Antara Capital LP | |||||||
STOCKHOLDERS' EQUITY | |||||||
Number of shares sold | 6,000,000 | ||||||
Value of shares sold | $ 34.9 | ||||||
Amount reclassified into additional paid-in capital | $ 34.9 | ||||||
AMC Preferred Equity Units | Forward purchase agreement | |||||||
STOCKHOLDERS' EQUITY | |||||||
Number of shares sold | 10,659,511 | ||||||
Value of shares sold | $ 75.1 | ||||||
AMC Preferred Equity Units | Forward purchase agreement | Antara Capital LP | |||||||
STOCKHOLDERS' EQUITY | |||||||
Number of shares sold | 19,762,130 | 10,659,511 | |||||
Value of shares sold | $ 75.1 | ||||||
Shares issued as consideration | 9,102,619 | ||||||
Increase in stockholders' deficit | $ 193.7 | ||||||
Accrued interest paid | 1.4 | ||||||
Net proceeds from AMC Preferred Equity Units issuance | 75.1 | ||||||
Common Stock | At-the-Market Offerings | |||||||
STOCKHOLDERS' EQUITY | |||||||
Gross proceeds | $ 675.5 | ||||||
Second Lien Notes due 2026 | |||||||
STOCKHOLDERS' EQUITY | |||||||
Value of shares sold | $ 100 | ||||||
Cash interest rate (as a percent) | 10% | ||||||
PIK interest rate (as a percent) | 12% | ||||||
Convertible Notes due 2026 stock conversion | 9,102,619 | ||||||
Second Lien Notes due 2026 | At-the-Market Offerings | Antara Capital LP | |||||||
STOCKHOLDERS' EQUITY | |||||||
Accrued interest paid | 1.4 | ||||||
Second Lien Notes due 2026 | Forward purchase agreement | Antara Capital LP | |||||||
STOCKHOLDERS' EQUITY | |||||||
Debt instrument face amount | $ 100 | $ 100 | |||||
Cash interest rate (as a percent) | 10% | 10% | |||||
PIK interest rate (as a percent) | 12% | 12% | |||||
Second Lien Notes due 2026 | AMC Preferred Equity Units | Forward purchase agreement | Antara Capital LP | |||||||
STOCKHOLDERS' EQUITY | |||||||
Increase in stockholders' deficit | $ 193.7 |
SHAREHOLDERS' DEFICIT - Mudrick
SHAREHOLDERS' DEFICIT - Mudrick Share Issuance (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Jun. 01, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
STOCKHOLDERS' EQUITY | ||||
Other financing costs | $ 2 | $ 26.1 | $ 19.9 | |
Mudrick Capital Management LP | ||||
STOCKHOLDERS' EQUITY | ||||
Other financing costs | $ 0.1 | |||
AMC Preferred Equity Units | Mudrick Capital Management LP | ||||
STOCKHOLDERS' EQUITY | ||||
Number of shares sold | 850,000 | |||
Common Stock | Mudrick Capital Management LP | ||||
STOCKHOLDERS' EQUITY | ||||
Gross proceeds | $ 230.5 |
STOCKHOLDERS' DEFICIT - Related
STOCKHOLDERS' DEFICIT - Related Party Transactions (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 01, 2021 | Jan. 29, 2021 | Sep. 14, 2018 | Jan. 27, 2021 |
Convertible Notes due 2026 | ||||
Related Party Transactions | ||||
Principal balance | $ 600 | |||
Conversion Price | $ 67.60 | |||
Common stock issued as part of the conversion | 4,442,286 | |||
Class B common stock | ||||
Related Party Transactions | ||||
Common stock issued as part of the conversion | 4,610,379 | |||
Class B common stock | Convertible Notes due 2026 | ||||
Related Party Transactions | ||||
Common stock issued as part of the conversion | 566,600 | |||
AMC Preferred Equity Units | ||||
Related Party Transactions | ||||
Common stock issued as part of the conversion | 4,610,379 | |||
AMC Preferred Equity Units | Convertible Notes due 2026 | ||||
Related Party Transactions | ||||
Common stock issued as part of the conversion | 4,442,286 | 566,600 |
STOCKHOLDERS' DEFICIT - Stock-b
STOCKHOLDERS' DEFICIT - Stock-based compensation (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 23, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock Based Compensation Expense | ||||
Stock-based compensation expense | $ 42.5 | $ 22.5 | $ 43.1 | |
Total estimated unrecognized compensation cost related to nonvested stock-based compensation arrangements | $ 12.5 | |||
Weighted average period recognized | 1 year 3 months 29 days | |||
Board of director stock award expense | ||||
Stock Based Compensation Expense | ||||
Stock-based compensation expense | $ 0.9 | 0.8 | 0.9 | |
Special Performance Stock Unit | ||||
Stock Based Compensation Expense | ||||
Stock-based compensation expense | 5.1 | |||
Equity Classified Awards | ||||
Stock Based Compensation Expense | ||||
Stock-based compensation expense | 42.1 | 22.5 | 43.1 | |
Special awards expense | ||||
Stock Based Compensation Expense | ||||
Stock-based compensation expense | 20.2 | |||
Expected Performance Target to be Achieved, Percentage | 200% | |||
Performance stock unit expense | ||||
Stock Based Compensation Expense | ||||
Stock-based compensation expense | 6.7 | 8.4 | 24.5 | |
Restricted stock unit expense | ||||
Stock Based Compensation Expense | ||||
Stock-based compensation expense | 14.3 | $ 13.3 | $ 12.6 | |
Liability classified awards | ||||
Stock Based Compensation Expense | ||||
Stock-based compensation expense | 0.4 | |||
Restricted and performance stock unit expense | ||||
Stock Based Compensation Expense | ||||
Stock-based compensation expense | $ 0.4 | |||
Class A common stock | Special awards expense | ||||
Stock Based Compensation Expense | ||||
Stock-based compensation expense | $ 14.9 | |||
Shares vested | 238,959 | |||
AMC Preferred Equity Units | Special awards expense | ||||
Stock Based Compensation Expense | ||||
Stock-based compensation expense | $ 5.3 | |||
Shares vested | 238,959 |
STOCKHOLDERS' DEFICIT - Awards
STOCKHOLDERS' DEFICIT - Awards granted (Details) | 1 Months Ended | 12 Months Ended | ||||||||||
Aug. 25, 2023 shares | Nov. 03, 2021 USD ($) | Feb. 23, 2021 tranche shares | Oct. 30, 2020 USD ($) $ / shares | Mar. 05, 2020 shares | Feb. 26, 2020 shares | Jan. 31, 2021 $ / shares | Dec. 31, 2023 USD ($) tranche shares | Dec. 31, 2022 USD ($) tranche shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 shares | Dec. 31, 2019 shares | |
STOCKHOLDERS' EQUITY | ||||||||||||
Conversion of share based payment awards into preferred stock | 1 | |||||||||||
Convertible Notes due 2026 stock conversion | 99,540,642 | |||||||||||
Conversion ratio of share based payment awards into common stock | 1 | |||||||||||
Requisite service period | 3 years | |||||||||||
Cumulative Adjusted EBITDA Target | ||||||||||||
STOCKHOLDERS' EQUITY | ||||||||||||
Percentage of performance targets and vesting level | 86% | |||||||||||
Cumulative Adjusted Free Cash Flow Target | ||||||||||||
STOCKHOLDERS' EQUITY | ||||||||||||
Percentage of performance targets and vesting level | 0% | |||||||||||
Tranches 1 through 4 | Minimum | ||||||||||||
STOCKHOLDERS' EQUITY | ||||||||||||
Price per share (in dollars per share) | $ / shares | $ 12 | |||||||||||
Tranches 1 through 4 | Maximum | ||||||||||||
STOCKHOLDERS' EQUITY | ||||||||||||
Price per share (in dollars per share) | $ / shares | 24 | |||||||||||
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 | |||||||||||
2023 Performance share award | ||||||||||||
STOCKHOLDERS' EQUITY | ||||||||||||
Granted (in shares) | 109,264 | |||||||||||
Stock value | $ | $ 4,100,000 | |||||||||||
Percentage of performance target | 100% | |||||||||||
2022 Performance share award | ||||||||||||
STOCKHOLDERS' EQUITY | ||||||||||||
Granted (in shares) | 46,179 | |||||||||||
Stock value | $ | $ 2,000,000 | |||||||||||
Percentage of performance target | 100% | |||||||||||
2021 Performance share award | ||||||||||||
STOCKHOLDERS' EQUITY | ||||||||||||
Granted (in shares) | 160,181 | |||||||||||
Stock value | $ | $ 6,800,000 | |||||||||||
Percentage of performance target | 100% | |||||||||||
Special Performance Stock Unit | ||||||||||||
STOCKHOLDERS' EQUITY | ||||||||||||
Incremental fair value amount | $ | $ 7,300,000 | |||||||||||
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 | |||||||||||
Performance Vesting | Members of management and executive officers | ||||||||||||
STOCKHOLDERS' EQUITY | ||||||||||||
Granted (in shares) | 537,563 | 327,758 | 139,427 | |||||||||
Number of tranches | tranche | 3 | 3 | 3 | |||||||||
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 | |||||||||||
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% | 50% | |||||||||
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 | ||||||||||||
Volume weighted average stock price threshold trailing days | 20 days | |||||||||||
2013 Equity Incentive Plan | ||||||||||||
STOCKHOLDERS' EQUITY | ||||||||||||
Convertible Notes due 2026 stock conversion | 1 | |||||||||||
2013 Equity Incentive Plan | Restricted stock unit | Members of management | ||||||||||||
STOCKHOLDERS' EQUITY | ||||||||||||
Grant date fair value (in dollars) | $ | $ 12,400,000 | $ 13,600,000 | $ 20,700,000 | |||||||||
2013 Equity Incentive Plan | Performance Vesting | Members of management and executive officers | ||||||||||||
STOCKHOLDERS' EQUITY | ||||||||||||
Percentage of performance target | 100% | 100% | ||||||||||
Awards to be granted upon achieving 100% of performance target (in shares) | 327,758 | 139,427 | ||||||||||
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) | 287,260 | 146,034 | ||||||||||
Awards to be granted upon achieving 100% of performance target (in shares) | 537,563 | |||||||||||
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 | ||||||||||
Members of management and executive officers | Performance Vesting | Minimum | ||||||||||||
STOCKHOLDERS' EQUITY | ||||||||||||
PSUs vesting as a percentage of performance target | 80% | |||||||||||
Members of management and executive officers | Performance Vesting | Maximum | ||||||||||||
STOCKHOLDERS' EQUITY | ||||||||||||
PSUs vesting as a percentage of performance target | 120% | |||||||||||
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) | 714,000 | 714,000 | ||||||||||
Members of management | 2013 Equity Incentive Plan | Restricted stock unit | ||||||||||||
STOCKHOLDERS' EQUITY | ||||||||||||
Granted (in shares) | 354,015 | 139,427 | 537,563 | |||||||||
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 | ||||||||||||
Stock issued in period (in shares) | 8,560 | 4,165 | 12,405 | |||||||||
AMC Preferred Equity Units | RSU and PSU Units | ||||||||||||
STOCKHOLDERS' EQUITY | ||||||||||||
Nonvested shares | 81,691 | |||||||||||
AMC Preferred Equity Units | RSU and PSU Units | 2023 Tranche Year | ||||||||||||
STOCKHOLDERS' EQUITY | ||||||||||||
Nonvested shares | 52,001 | |||||||||||
AMC Preferred Equity Units | RSU and PSU Units | 2024 & 2025 Tranche Year | ||||||||||||
STOCKHOLDERS' EQUITY | ||||||||||||
Nongranted shares | 29,690 | |||||||||||
AMC Preferred Equity Units | Board of Directors | ||||||||||||
STOCKHOLDERS' EQUITY | ||||||||||||
Stock issued in period (in shares) | 15,376 | 4,165 | 12,405 |
STOCKHOLDERS' DEFICIT - RSU, PS
STOCKHOLDERS' DEFICIT - RSU, PSU and SPSU activity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Weighted Average Grant Date Fair Value | |||
Taxes paid for restricted unit withholdings | $ 14.2 | $ 52.3 | $ 19.1 |
RSU and PSU | Class A common stock | |||
Shares of RSU PSU and SPSU | |||
Balance at the beginning of the period (in shares) | 626,150 | 1,568,452 | 831,821 |
Granted (in shares) | 517,067 | 167,679 | 1,017,985 |
Vested (in shares) | (222,920) | (563,634) | (129,773) |
Forfeited (in shares) | (22,119) | (71,688) | (43,355) |
Cancelled (in shares) | (150,755) | (474,659) | (108,226) |
Nonvested at the end of the period (in shares) | 747,423 | 626,150 | 1,568,452 |
Weighted Average Grant Date Fair Value | |||
Balance at the beginning of the period (in dollars per share) | $ 59.10 | $ 39.60 | $ 27.55 |
Granted (in dollars per share) | 36.73 | 97.50 | 38.50 |
Vested (in dollars per share) | 57.43 | 35.90 | 14.10 |
Forfeited (in dollars per share) | 45.32 | 58.60 | 53.70 |
Cancelled (in dollars per share) | 60.14 | 35.90 | 14.05 |
Nonvested at the end of the period (in dollars per share) | $ 44.35 | $ 59.10 | $ 39.60 |
Tranche Years 2024 and 2025 awarded under the 2023 PSU award and Tranche Year 2024 awarded under the 2022 PSU award with grant date fair values to be determined in years 2024 and 2025, respectively | 254,754 | ||
Total Nonvested at December 31, 2023 | 1,002,177 | ||
RSU and PSU | Special Award | Class A common stock | |||
Shares of RSU PSU and SPSU | |||
Granted (in shares) | 477,918 | ||
Vested (in shares) | (257,945) | ||
Cancelled | (219,973) | ||
Weighted Average Grant Date Fair Value | |||
Granted (in dollars per share) | $ 42.25 | ||
Vested (in dollars per share) | 42.18 | ||
Cancelled (in dollars per share) | $ 42.34 | ||
Special Performance Stock | Cumulative Adjusted EBITDA Target | |||
Weighted Average Grant Date Fair Value | |||
Percentage of performance target | 86% | ||
Special Performance Stock | Cumulative Adjusted Free Cash Flow Target | |||
Weighted Average Grant Date Fair Value | |||
Percentage of performance target | 0% | ||
2023 Performance share award | |||
Shares of RSU PSU and SPSU | |||
Granted (in shares) | 109,264 | ||
Weighted Average Grant Date Fair Value | |||
Percentage of Performance Target for Grant of Performance Stock Unit Award | 100% |
INCOME TAXES - narrative (Detai
INCOME TAXES - narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
INCOME TAXES | |||
Effective income tax rate (as a percent) | (0.90%) | (0.30%) | 0.80% |
Net deferred tax liabilities | $ 32.4 | $ 32.1 |
INCOME TAXES - Income tax provi
INCOME TAXES - Income tax provision (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||
Foreign | $ 1.9 | $ 0.9 | $ 1.3 |
State | 0.8 | (0.1) | (3.9) |
Total current | 2.7 | 0.8 | (2.6) |
Deferred: | |||
Federal | 0.4 | 0.3 | (3.8) |
Foreign | (0.2) | 0.7 | (2.1) |
State | 0.5 | 0.7 | (1.7) |
Deferred income taxes | 0.7 | 1.7 | (7.6) |
Total provision (benefit) | 3.4 | 2.5 | (10.2) |
Pre-tax income (losses) | |||
Domestic | (216.7) | (685.8) | (1,029.5) |
Foreign | (176.5) | (285.3) | (250.5) |
Total | $ (393.2) | $ (971.1) | $ (1,280) |
INCOME TAXES - Effective income
INCOME TAXES - Effective income tax rate on earnings (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
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 | $ (82.5) | $ (203.9) | $ (268.8) |
Effect of: | |||
State income taxes | (14.7) | (30.9) | (46.9) |
Increase in reserve for uncertain tax positions | (0.2) | (3.3) | |
Federal and state credits | (1.3) | (2.5) | (2.3) |
Permanent items - other | (17.6) | 5.2 | (3.1) |
Foreign rate differential | (3.6) | (11) | 4.3 |
Original issue discount | (152.5) | ||
Other | 1.2 | (14.2) | (5) |
Impact of UK tax rate change | (34.3) | ||
Valuation allowance | 122.1 | 412.3 | 349.2 |
Income tax provision (benefit) | $ 3.4 | $ 2.5 | $ (10.2) |
Effective income tax rate (as a percent) | (0.90%) | (0.30%) | 0.80% |
INCOME TAXES - Deferred taxes (
INCOME TAXES - Deferred taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Assets | |||
Accrued liabilities | $ 13.8 | $ 13.6 | |
Receivables | 9.5 | 18.2 | |
Investments | 48 | 45.9 | |
Capital loss carryforwards | 5.4 | 2 | |
Pension and deferred compensation | 22.7 | 18.3 | |
Corporate borrowings | 41.9 | 121.9 | |
Disallowed interest | 515 | 337.1 | |
Deferred revenue | 163.4 | 172.6 | |
Lease liabilities | 1,169.8 | 1,208 | |
Finance lease obligations | 0.2 | 0.4 | |
Other credit carryovers | 28.3 | 27.7 | |
Net operating loss carryforward | 708 | 676.1 | |
Total | 2,726 | 2,641.8 | |
Less: Valuation allowance | (1,641.3) | (1,513) | $ (1,114.1) |
Net deferred income taxes | 1,084.7 | 1,128.8 | |
Liabilities | |||
Tangible assets | (83.5) | (111.7) | |
Right-of-use assets | (914.3) | (935.3) | |
Intangible assets | (119.4) | (113.9) | |
Total deferred income taxes | (1,117.2) | (1,160.9) | |
Rollforward of the Company's valuation allowance for deferred tax assets | |||
Balance at Beginning of Period | 1,513 | 1,114.1 | 764.9 |
Additions Charged to Expenses | 120.2 | 412.3 | 349.2 |
Charged (Credited) to Other Accounts | 8.1 | (13.4) | |
Balance at End of Period | $ 1,641.3 | $ 1,513 | $ 1,114.1 |
INCOME TAXES - Income tax loss
INCOME TAXES - Income tax loss carryforward (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income tax loss carryforward | ||||
Valuation allowance | $ 1,641.3 | $ 1,513 | $ 1,114.1 | $ 764.9 |
Tax credits | 10 | |||
Domestic | ||||
Income tax loss carryforward | ||||
Income tax loss carryforward | 1,711.9 | |||
Income tax loss carryforward subject to expiration | 320.3 | |||
Income tax loss carryforward not subject to expiration | 1,391 | |||
Foreign | ||||
Income tax loss carryforward | ||||
Income tax loss carryforward | 949 | |||
State | ||||
Income tax loss carryforward | ||||
Income tax loss carryforward | 2,463.3 | |||
Income tax loss carryforward subject to expiration | 1,765.3 | |||
Income tax loss carryforward not subject to expiration | $ 697.9 | |||
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, 2023 USD ($) item | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Reconciliation of the change in the amount of unrecognized tax benefits | |||
Balance at beginning of period | $ 7,400 | $ 8,300 | $ 33,500 |
Gross decreases-prior period tax positions | (22,500) | ||
Gross decreases-settlements with authorities | (2,200) | ||
Gross decreases-expiration of statute of limitations | (1,900) | (900) | (500) |
Balance at end of period | $ 5,500 | $ 7,400 | $ 8,300 |
Number of subsidiaries files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions | item | 1 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||||||||||||||
Jan. 26, 2024 USD ($) | Aug. 24, 2023 | Aug. 11, 2023 | Jun. 14, 2023 USD ($) | May 04, 2023 USD ($) item | Apr. 02, 2023 | Feb. 20, 2023 item | Jan. 06, 2023 USD ($) | Nov. 30, 2022 USD ($) | Jun. 06, 2022 USD ($) | Sep. 02, 2021 USD ($) | Dec. 31, 2023 USD ($) item | Sep. 14, 2018 $ / shares | Jan. 19, 2018 item | Jan. 12, 2018 item | |
Commitments and contingencies line items | |||||||||||||||
Number of pending actions | item | 2 | 2 | 2 | ||||||||||||
Litigation settlement amount | $ 1 | $ 18 | |||||||||||||
Dividends declared | $ / shares | $ 1.55 | ||||||||||||||
Amount received from legal settlement | $ 14 | $ 17.4 | |||||||||||||
Number of actions | item | 2 | ||||||||||||||
Stock split conversion ratio | 0.1 | ||||||||||||||
Fee and expense award to Plaintiff's counsel | $ 3.4 | $ 99.3 | |||||||||||||
Number of insurers against whom lawsuit filed | item | 17 | ||||||||||||||
Maximum amount of coverage claimed under policy | $ 80 | ||||||||||||||
Excess amount deductible | 10 | ||||||||||||||
Excess amount paid by the primary insurer | $ 5 | ||||||||||||||
Shareholder Litigation | |||||||||||||||
Commitments and contingencies line items | |||||||||||||||
Stock split conversion ratio | 0.1333 | 0.1333 | |||||||||||||
Shareholder litigation | 110.1 | ||||||||||||||
Litigation contingency reserve charge | 99.3 | ||||||||||||||
Insurance Settlements Receivable | $ 10.8 | ||||||||||||||
Subsequent Events | |||||||||||||||
Commitments and contingencies line items | |||||||||||||||
Litigation settlement amount | $ 37.5 |
FAIR VALUE MEASUREMENTS - Fair
FAIR VALUE MEASUREMENTS - Fair value on a recurring basis (Details) $ in Millions | Dec. 31, 2023 USD ($) Y $ / shares | Dec. 31, 2022 USD ($) |
Other long-term assets: | ||
The company's recorded investment | $ 56.4 | $ 69.6 |
Price Volatility Rate | Investment in Hycroft Mining Holding Corporation Warrants | ||
Other long-term assets: | ||
Estimates to value warrants | 1.30 | |
Discount yield | Investment in Hycroft Mining Holding Corporation Warrants | ||
Other long-term assets: | ||
Estimates to value warrants | 0.40 | |
Expected Term | Investment in Hycroft Mining Holding Corporation Warrants | ||
Other long-term assets: | ||
Estimates to value warrants | Y | 3.2 | |
Exercise Price | Investment in Hycroft Mining Holding Corporation Warrants | ||
Other long-term assets: | ||
Estimates to value warrants | $ / shares | 10.68 | |
Recurring basis | ||
Other long-term assets: | ||
Total assets at fair value | $ 9.1 | 21.7 |
Recurring basis | Investment in Hycroft Mining Holding Corporation Warrants | ||
Other long-term assets: | ||
Investments measured at net asset value | 3.3 | 9.2 |
Recurring basis | Hycroft | ||
Other long-term assets: | ||
The company's recorded investment | 5.8 | 12.5 |
Recurring basis | Quoted prices in active market (Level 1) | ||
Other long-term assets: | ||
Total assets at fair value | 5.8 | 12.5 |
Recurring basis | Quoted prices in active market (Level 1) | Hycroft | ||
Other long-term assets: | ||
The company's recorded investment | 5.8 | 12.5 |
Recurring basis | Significant unobservable inputs (Level 3) | ||
Other long-term assets: | ||
Total assets at fair value | 3.3 | 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 | 3.3 | 9.2 |
Nonrecurring basis | ||
Other long-term assets: | ||
Total assets at fair value | 107.9 | 133.1 |
Nonrecurring basis | Total Carrying Value | ||
Other long-term assets: | ||
Total assets at fair value | 138.2 | 195.7 |
Nonrecurring basis | Significant unobservable inputs (Level 3) | ||
Other long-term assets: | ||
Total assets at fair value | $ 138.2 | $ 195.7 |
FAIR VALUE MEASUREMENTS - Fai_2
FAIR VALUE MEASUREMENTS - Fair value on a nonrecurring basis (Details) $ in Millions | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Other Fair Value Measurement Disclosures | ||
Current maturities of corporate borrowings, carrying value | $ 25.1 | $ 20 |
Corporate borrowings, noncurrent, carrying value | $ 4,552.3 | $ 5,120.8 |
Discount yield | International markets | ||
Other Fair Value Measurement Disclosures | ||
Derivative assets measurement | 0.11 | 0.125 |
Discount yield | U.S. | ||
Other Fair Value Measurement Disclosures | ||
Derivative assets measurement | 0.09 | 0.10 |
Nonrecurring basis | ||
Other Fair Value Measurement Disclosures | ||
Property net | $ 30.3 | $ 27.8 |
Operating lease right-of-use assets | 76.6 | 105.3 |
Cost method investments | 1 | |
Total Carrying Value | ||
Other Fair Value Measurement Disclosures | ||
Current maturities of corporate borrowings, carrying value | 25.1 | 20 |
Corporate borrowings, noncurrent, carrying value | 4,552.3 | 5,120.8 |
Total Carrying Value | Nonrecurring basis | ||
Other Fair Value Measurement Disclosures | ||
Property net | 34.4 | 57.3 |
Operating lease right-of-use assets | 93.5 | 138.4 |
Cost method investments | 10.3 | |
Significant other observable inputs (Level 2) | ||
Other Fair Value Measurement Disclosures | ||
Current maturities of corporate borrowings, fair value | 21.5 | 10.8 |
Corporate borrowings, noncurrent, fair value | 3,674.7 | 2,516.2 |
Significant unobservable inputs (Level 3) | Nonrecurring basis | ||
Other Fair Value Measurement Disclosures | ||
Property net | 34.4 | 57.3 |
Operating lease right-of-use assets | 93.5 | $ 138.4 |
Cost method investments | $ 10.3 |
OPERATING SEGMENTS (Details)
OPERATING SEGMENTS (Details) ر.س in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 30, 2022 USD ($) | Dec. 30, 2022 SAR (ر.س) | Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
OPERATING SEGMENT | |||||
Number of reportable segments | segment | 2 | ||||
Financial information by reportable operating segment | |||||
Revenues | $ 4,812.6 | $ 3,911.4 | $ 2,527.9 | ||
Adjusted EBITDA | 425.8 | 46.6 | (291.7) | ||
Capital expenditures | 225.6 | 202 | 92.4 | ||
Long-term assets, net | 7,806.1 | 8,233.5 | |||
SCC | |||||
OPERATING SEGMENT | |||||
Equity method investment, amount sold | $ 30 | ر.س 112.5 | |||
Financial information by reportable operating segment | |||||
Percentage of equity method investment sold | 10% | 10% | |||
U. S. markets | Operating Segments | |||||
Financial information by reportable operating segment | |||||
Revenues | 3,688.6 | 2,961.7 | 1,875.8 | ||
Adjusted EBITDA | 370.2 | 59.6 | (250.6) | ||
Capital expenditures | 167 | 138.4 | 63.9 | ||
Long-term assets, net | 5,795.6 | 6,135.9 | |||
International markets. | Operating Segments | |||||
Financial information by reportable operating segment | |||||
Revenues | 1,124 | 949.7 | 652.1 | ||
Adjusted EBITDA | 55.6 | (13) | (41.1) | ||
Capital expenditures | 58.6 | 63.6 | 28.5 | ||
Long-term assets, net | 2,010.5 | 2,097.6 | |||
U.S. | |||||
Financial information by reportable operating segment | |||||
Revenues | 3,688.6 | 2,961.7 | 1,875.8 | ||
UK | |||||
Financial information by reportable operating segment | |||||
Revenues | 400.9 | 379.3 | 283.6 | ||
Spain | |||||
Financial information by reportable operating segment | |||||
Revenues | 148.2 | 114.6 | 81.8 | ||
Sweden | |||||
Financial information by reportable operating segment | |||||
Revenues | 124.9 | 125 | 82.3 | ||
Italy | |||||
Financial information by reportable operating segment | |||||
Revenues | 151.9 | 90.4 | 57.5 | ||
Germany | |||||
Financial information by reportable operating segment | |||||
Revenues | 125.8 | 96.2 | 54.4 | ||
Finland | |||||
Financial information by reportable operating segment | |||||
Revenues | 97.9 | 73.9 | 49.1 | ||
Ireland | |||||
Financial information by reportable operating segment | |||||
Revenues | 32.2 | 27.3 | 16.9 | ||
Other foreign countries | |||||
Financial information by reportable operating segment | |||||
Revenues | $ 42.2 | $ 43 | $ 26.5 |
OPERATING SEGMENTS - Reconcilia
OPERATING SEGMENTS - Reconciliation (Details) $ in Millions | 12 Months Ended | |||
Nov. 30, 2022 USD ($) | Dec. 31, 2023 USD ($) item | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) item | |
OPERATING SEGMENT | ||||
Net loss | $ (396.6) | $ (973.6) | $ (1,269.8) | |
Income tax provision (benefit) | 3.4 | 2.5 | (10.2) | |
Interest expense | 411.2 | 378.7 | 458.1 | |
Depreciation and amortization | 365 | 396 | 425 | |
Impairment of long-lived assets | 106.9 | 133.1 | 77.2 | |
Certain operating expense | 2.5 | 8 | 0.2 | |
Equity in (earnings) loss of non-consolidated entities | (7.7) | 1.6 | (11) | |
Fee and expense award to Plaintiff's counsel | $ 3.4 | 99.3 | ||
Cash distributions from non-consolidated entities | 6.5 | 6.6 | 12.5 | |
Attributable EBITDA | 2.2 | 0.4 | 3.7 | |
Investment expense (income) | (15.5) | 14.9 | (9.2) | |
Other expense (income) | (61.3) | 80.4 | (0.1) | |
Other non-cash rent benefit | (35) | (26.6) | (24.9) | |
General and administrative - unallocated: | ||||
Merger, acquisition and other costs | 1.7 | 2.1 | 13.7 | |
Stock-based compensation expense | 42.5 | 22.5 | 43.1 | |
Adjusted EBITDA | 425.8 | 46.6 | (291.7) | |
Impairment of long-lived assets | 106.9 | 133.1 | 77.2 | |
(Gain) loss on extinguishment of debt | (142.8) | 92.8 | 14.1 | |
Non-cash shareholder litigation expense | $ 3.4 | 99.3 | ||
Attributable EBITDA | ||||
OPERATING SEGMENT | ||||
Income tax provision (benefit) | 0.1 | 0.1 | 0.3 | |
Interest expense | 0.2 | 0.1 | 0.2 | |
Depreciation and amortization | 1.4 | 2.8 | 5.6 | |
Impairment of long-lived assets | 4.2 | |||
Equity in (earnings) loss of non-consolidated entities | (7.7) | 1.6 | (11) | |
Equity in (earnings) of non-consolidated entities excluding International theatre joint ventures | (6.6) | (5.4) | (13.5) | |
Equity in earnings (loss) of International theatre joint ventures | 1.1 | (7) | (2.5) | |
Attributable EBITDA | 2.2 | 0.4 | 3.7 | |
Investment expense (income) | (0.6) | 0.2 | (0.1) | |
Other expense (income) | (0.2) | |||
Other expense (income) | ||||
OPERATING SEGMENT | ||||
Fee and expense award to Plaintiff's counsel | (99.3) | |||
General and administrative - unallocated: | ||||
(Gain) loss on extinguishment of debt | (142.8) | 92.8 | 14.4 | |
Foreign currency transaction (gains) losses | (17.8) | (12.3) | (9.8) | |
Decreases related to contingent lease guarantees | (0.2) | (5.7) | ||
Non-cash shareholder litigation expense | (99.3) | |||
Financing fees | 1 | |||
DCIP | ||||
OPERATING SEGMENT | ||||
Equity in (earnings) loss of non-consolidated entities | (3.4) | 12.2 | ||
Cash distributions from non-consolidated entities | 12.2 | |||
SCC | ||||
OPERATING SEGMENT | ||||
Equity in (earnings) loss of non-consolidated entities | 7.6 | |||
AC JV, LLC | ||||
OPERATING SEGMENT | ||||
Equity in (earnings) loss of non-consolidated entities | 4.9 | |||
U. S. markets | ||||
OPERATING SEGMENT | ||||
Impairment of long-lived assets | $ 49.2 | $ 73.4 | $ 61.3 | |
General and administrative - unallocated: | ||||
Tangible asset impairment, number of theatres | item | 68 | 68 | 77 | |
Tangible asset impairment, number of screens | item | 738 | 817 | 805 | |
International markets. | ||||
OPERATING SEGMENT | ||||
Impairment of long-lived assets | $ 57.7 | $ 59.7 | $ 15.9 | |
General and administrative - unallocated: | ||||
Tangible asset impairment, number of theatres | item | 57 | 53 | 14 | |
Tangible asset impairment, number of screens | item | 488 | 456 | 118 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Change in AOCI by component (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accumulated other comprehensive loss | ||
Balance at the beginning of the period | $ (77.3) | |
Balance at the end of period | (78.2) | $ (77.3) |
Accumulated Other Comprehensive Income (Loss) | ||
Accumulated other comprehensive loss | ||
Balance at the beginning of the period | (77.3) | (28.1) |
Other comprehensive income (loss) | (0.9) | (49.2) |
Balance at the end of period | (78.2) | (77.3) |
Foreign Currency | ||
Accumulated other comprehensive loss | ||
Balance at the beginning of the period | (78.8) | (19) |
Other comprehensive income (loss) | 1.1 | (59.8) |
Balance at the end of period | (77.7) | (78.8) |
Pension Benefits | ||
Accumulated other comprehensive loss | ||
Balance at the beginning of the period | 1.5 | (9.1) |
Other comprehensive income (loss) | (2) | 10.6 |
Balance at the end of period | $ (0.5) | $ 1.5 |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - OCI and tax effects (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pre-Tax Amount | |||
Other comprehensive income (loss) | $ (1.5) | $ (49.2) | $ (66.8) |
Tax (Expense) Benefit | |||
Other comprehensive income (loss) | 0.6 | (0.2) | |
Net-of-Tax Amount | |||
Realized loss on foreign currency transactions reclassified into investment income, net of tax | (0.4) | ||
Other comprehensive loss: | (0.9) | (49.2) | (67) |
Foreign Currency | |||
Pre-Tax Amount | |||
Unrealized foreign currency translation adjustment | 0.5 | (59.8) | (78.9) |
Realized gain (loss) on foreign currency transactions, net of tax | (0.9) | ||
Tax (Expense) Benefit | |||
Unrealized foreign currency translation adjustment | 0.6 | ||
Realized gain (loss) on foreign currency transactions, net of tax | 0.5 | ||
Net-of-Tax Amount | |||
Unrealized foreign currency translation adjustment | 1.1 | (59.8) | (78.9) |
Realized loss on foreign currency transactions reclassified into investment income, net of tax | (0.4) | ||
Pension and other benefit adjustments | |||
Pre-Tax Amount | |||
Unrealized foreign currency translation adjustment | (2) | 10.6 | 13 |
Tax (Expense) Benefit | |||
Unrealized foreign currency translation adjustment | (0.7) | ||
Net-of-Tax Amount | |||
Unrealized foreign currency translation adjustment | $ (2) | $ 10.6 | $ 12.3 |
LOSS PER SHARE (Details)
LOSS PER SHARE (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Aug. 24, 2023 | Aug. 04, 2022 shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | |
LOSS PER SHARE | |||||
Common stock dividend declared | 1 | ||||
Stock split conversion ratio | 0.1 | ||||
Conversion ratio | 0.1 | ||||
Numerator: | |||||
Net Income (Loss) | $ | $ (396.6) | $ (973.6) | $ (1,269.1) | ||
Denominator (shares in thousands): | |||||
Weighted average shares for basic loss per common share | 167,644,000 | 104,769,000 | 95,482,000 | ||
Weighted average shares for diluted loss per common share | 167,644,000 | 104,769,000 | 95,482,000 | ||
Basic loss per share | $ / shares | $ (2.37) | $ (9.29) | $ (13.29) | ||
Diluted loss per share | $ / shares | $ (2.37) | $ (9.29) | $ (13.29) | ||
Restricted stock unit | |||||
Denominator (shares in thousands): | |||||
Anti-dilutive securities not included in the computations of diluted earnings (loss) per share (in shares) | 272,469 | 252,336 | 449,525 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Jan. 26, 2024 | Jan. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SUBSEQUENT EVENTS | |||||
Gain on Extinguishment | $ 142.8 | $ (92.8) | $ (14.1) | ||
Second Lien Notes due 2026 | Nonrelated Party | |||||
SUBSEQUENT EVENTS | |||||
Gain on Extinguishment | $ 71.3 | ||||
Subsequent Events | |||||
SUBSEQUENT EVENTS | |||||
Litigation settlement amount | $ 37.5 | ||||
Subsequent Events | Second Lien Notes due 2026 | Non-related party transactions | |||||
SUBSEQUENT EVENTS | |||||
Aggregate Principal Exchanged | $ 17.5 | ||||
Shares of Common Stock Exchanged | 2,541,250 | ||||
Gain on Extinguishment | $ 5.8 | ||||
Accrued Interest Exchanged | $ 0.1 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ (396.6) | $ (973.6) | $ (1,269.1) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |