November 8, 2023 - 10-Q: Quarterly report pursuant to Section 13 or 15(d)

Nine Months Ended

September 30,

September 30,

(In millions)

Cash paid for amounts included in the measurement of lease liabilities:

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

September 30,
(Mark One)
☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
OR
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to

Commission file number 001-33892

AMC ENTERTAINMENT HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation or organization)	26-0303916 (I.R.S. Employer Identification No.)
One AMC Way 11500 Ash Street, Leawood, KS (Address of principal executive offices)	66211 (Zip Code)

Registrant’s telephone number, including area code: (913) 213-2000

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Class A common stock	AMC	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulations S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ☒

Accelerated filer ☐

Non-accelerated filer ☐

Smaller reporting company ☐

Emerging growth company ☐

If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standard provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Title of each class of common stock		Number of shares outstanding as of November 7, 2023
Class A common stock		198,356,898

Table of Contents

AMC ENTERTAINMENT HOLDINGS, INC.

INDEX

		Page Number
	PART I—FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	3
	Condensed Consolidated Statements of Operations	3
	Condensed Consolidated Statements of Comprehensive Income (Loss)	4
	Condensed Consolidated Balance Sheets	5
	Condensed Consolidated Statements of Cash Flows	6
	Notes to Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	37
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	64
Item 4.	Controls and Procedures	66
	PART II—OTHER INFORMATION
Item 1.	Legal Proceedings	66
Item 1A.	Risk Factors	66
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	70
Item 3.	Defaults Upon Senior Securities	70
Item 4.	Mine Safety Disclosures	70
Item 5.	Other Information	70
Item 6.	Exhibits	71
	Signature	72

Table of Contents

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements. (Unaudited)

AMC ENTERTAINMENT HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


	Three Months Ended				Nine Months Ended
(In millions, except share and per share amounts)	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022

	(unaudited)				(unaudited)
Revenues
Admissions	$	797.7	$	545.3	$	2,075.9	$	1,640.1
Food and beverage		482.7		333.3		1,299.6		982.5
Other theatre		125.5		89.8		332.7		297.9
Total revenues		1,405.9		968.4		3,708.2		2,920.5
Operating costs and expenses
Film exhibition costs		398.5		263.2		1,027.8		781.7
Food and beverage costs		90.1		58.5		243.2		165.7
Operating expense, excluding depreciation and amortization below		449.8		400.6		1,245.0		1,147.6
Rent		224.3		223.2		650.8		668.8
General and administrative:
Merger, acquisition and other costs		0.7		0.3		1.5		0.4
Other, excluding depreciation and amortization below		54.4		40.6		184.8		161.2
Depreciation and amortization		88.7		96.9		279.1		293.0
Operating costs and expenses		1,306.5		1,083.3		3,632.2		3,218.4
Operating income (loss)		99.4		(114.9)		76.0		(297.9)
Other expense, net:
Other expense (income)		(12.8)		(1.0)		(4.7)		91.6
Interest expense:
Corporate borrowings		93.4		85.1		276.1		246.6
Finance lease obligations		0.9		1.0		2.8		3.2
Non-cash NCM exhibitor services agreement		9.4		9.6		28.5		28.6
Equity in (earnings) loss of non-consolidated entities		(3.1)		(2.8)		(5.3)		3.3
Investment expense (income)		(3.0)		18.3		(11.4)		12.2
Total other expense, net		84.8		110.2		286.0		385.5
Net earnings (loss) before income taxes		14.6		(225.1)		(210.0)		(683.4)
Income tax provision		2.3		1.8		4.6		2.5
Net earnings (loss)	$	12.3	$	(226.9)	$	(214.6)	$	(685.9)
Net earnings (loss) per share:
Basic	$	0.08	$	(2.20)	$	(1.43)	$	(6.64)
Diluted	$	0.08	$	(2.20)	$	(1.43)	$	(6.64)
Average shares outstanding:
Basic (in thousands)		162,424		103,369		150,465		103,306
Diluted (in thousands)		162,607		103,369		150,465		103,306

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

AMC ENTERTAINMENT HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)


	Three Months Ended				Nine Months Ended
(In millions)	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022

	(unaudited)				(unaudited)
Net earnings (loss)	$	12.3	$	(226.9)	$	(214.6)	$	(685.9)
Other comprehensive income (loss):
Unrealized foreign currency translation adjustments		9.1		(26.1)		(38.1)		(78.4)
Pension adjustments:
Net gain arising during the period		0.1		0.1		—		0.3
Other comprehensive income (loss)		9.2		(26.0)		(38.1)		(78.1)
Total comprehensive income (loss)	$	21.5	$	(252.9)	$	(252.7)	$	(764.0)

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

AMC ENTERTAINMENT HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


(In millions, except share data)	September 30, 2023		December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents	$	729.7	$	631.5
Restricted cash		22.4		22.9
Receivables, net		134.2		166.6
Other current assets		93.8		81.1
Total current assets		980.1		902.1
Property, net		1,577.9		1,719.2
Operating lease right-of-use assets, net		3,583.5		3,802.9
Intangible assets, net		145.5		147.3
Goodwill		2,310.8		2,342.0
Other long-term assets		195.3		222.1
Total assets	$	8,793.1	$	9,135.6
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable	$	236.5	$	330.5
Accrued expenses and other liabilities		342.8		364.3
Deferred revenues and income		411.0		402.7
Current maturities of corporate borrowings		20.0		20.0
Current maturities of finance lease liabilities		6.2		5.5
Current maturities of operating lease liabilities		512.3		567.3
Total current liabilities		1,528.8		1,690.3
Corporate borrowings		4,750.4		5,120.8
Finance lease liabilities		48.3		53.3
Operating lease liabilities		3,979.7		4,252.7
Exhibitor services agreement		492.0		505.8
Deferred tax liability, net		32.8		32.1
Other long-term liabilities		99.1		105.1
Total liabilities		10,931.1		11,760.1
Commitments and contingencies
Stockholders’ deficit:
AMC Entertainment Holdings, Inc.'s stockholders' deficit:
Preferred stock, $.01 par value per share, 50,000,000 shares authorized; including Series A Convertible Participating Preferred Stock, no shares authorized, issued, and outstanding as of September 30, 2023; 10,000,000 authorized; 7,245,872 issued and outstanding December 31, 2022, represented by AMC Preferred Equity Units, each representing an interest in a share of Series A Convertible Participating Preferred Stock, of which no shares are authorized, issued, and outstanding as of September 30, 2023; 100,000,000 authorized; 72,458,706 issued and outstanding as of December 31, 2022		—		0.1
Class A common stock ($.01 par value, 550,000,000 shares authorized; 198,356,898 shares issued and outstanding as of September 30, 2023; 524,173,073 authorized; 51,683,892 shares issued and outstanding as of December 31, 2022)		2.0		0.5
Additional paid-in capital		5,787.6		5,049.8
Accumulated other comprehensive loss		(115.4)		(77.3)
Accumulated deficit		(7,812.2)		(7,597.6)
Total stockholders' deficit		(2,138.0)		(2,624.5)
Total liabilities and stockholders’ deficit	$	8,793.1	$	9,135.6

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

AMC ENTERTAINMENT HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS



	Nine Months Ended
(In millions)	September 30, 2023		September 30, 2022

Cash flows from operating activities:	(unaudited)
Net loss	$	(214.6)	$	(685.9)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		279.1		293.0
(Gain) loss on extinguishment of debt		(97.5)		96.4
Deferred income taxes		0.8		1.1
Unrealized loss (gain) on investments in Hycroft		10.8		3.4
Amortization of net premium on corporate borrowings to interest expense		(42.7)		(48.5)
Amortization of deferred financing costs to interest expense		7.1		10.0
Non-cash portion of stock-based compensation		40.9		22.3
Gain on disposition of Saudi Cinema Company		(15.5)		—
Equity in loss (gain) from non-consolidated entities, net of distributions		(0.9)		7.8
Landlord contributions		16.0		16.2
Other non-cash rent benefit		(27.0)		(20.6)
Deferred rent		(97.7)		(130.2)
Net periodic benefit cost (income)		1.3		(0.4)
Non-cash shareholder litigation expense		99.3		—
Change in assets and liabilities:
Receivables		22.3		61.1
Other assets		(12.9)		(15.8)
Accounts payable		(70.5)		(138.9)
Accrued expenses and other liabilities		(29.9)		(93.1)
Other, net		(5.8)		26.9
Net cash used in operating activities		(137.4)		(595.2)
Cash flows from investing activities:
Capital expenditures		(153.5)		(129.7)
Acquisition of theatre assets		(4.0)		(17.8)
Proceeds from disposition of Saudi Cinema Company		30.0		—
Proceeds from disposition of long-term assets		8.6		10.8
Proceeds from sale of securities		—		11.4
Investments in non-consolidated entities, net		—		(27.9)
Other, net		2.5		(0.5)
Net cash used in investing activities		(116.4)		(153.7)
Cash flows from financing activities:
Repurchase of Senior Subordinated Notes due 2026		(1.7)		—
Proceeds from issuance of First Lien Notes due 2029		—		950.0
Principal payments under First Lien Notes due 2025		—		(500.0)
Principal payments under First Lien Notes due 2026		—		(300.0)
Principal payments under First Lien Toggle Notes due 2026		—		(73.5)
Premium paid to extinguish First Lien Notes due 2025		—		(34.5)
Premium paid to extinguish First Lien Notes due 2026		—		(25.6)
Premium paid to extinguish First Lien Toggle Notes due 2026		—		(14.6)
Repurchase of Second Lien Notes due 2026		(99.8)		(50.0)
Scheduled principal payments under Term Loan due 2026		(15.0)		(15.0)
Net proceeds from equity issuances		492.4		7.8
Principal payments under finance lease obligations		(4.6)		(7.9)
Cash used to pay for deferred financing costs		(1.8)		(19.3)
Cash used to pay dividends		—		(0.7)
Taxes paid for restricted unit withholdings		(14.2)		(52.2)
Net cash provided by (used in) financing activities		355.3		(135.5)
Effect of exchange rate changes on cash and cash equivalents and		(3.8)		(30.1)

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restricted cash
Net increase (decrease) in cash and cash equivalents and restricted cash		97.7		(914.5)
Cash and cash equivalents and restricted cash at beginning of period		654.4		1,620.3
Cash and cash equivalents and restricted cash at end of period	$	752.1	$	705.8
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	290.0	$	254.5
Income taxes paid, net	$	2.8	$	1.1
Schedule of non-cash activities:
Investment in NCM	$	—	$	15.0
Construction payables at period end	$	30.5	$	38.6
Other third-party equity issuance costs payable	$	0.4	$	3.5
Extinguishment of Second Lien Notes due 2026 in exchange for share issuance	$	118.6	$	—

See Notes to Condensed Consolidated Financial Statements.

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AMC ENTERTAINMENT HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2023

(Unaudited)

NOTE 1—BASIS OF PRESENTATION

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 4, 2022, the Company announced that its Board of Directors declared a special dividend of one AMC Preferred Equity Unit for each share of Class A common stock (“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 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 reserve 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 believes its existing cash and cash equivalents, together with cash generated from operations, will be sufficient to fund its operations and satisfy its obligations currently and through the next twelve months. The Company also believes it will comply with the minimum liquidity covenant requirement under its Senior Secured Revolving Credit Facility through the end of the covenant suspension period. Pursuant to the Twelfth Amendment to Credit Agreement, the requisite revolving lenders party thereto agreed to extend the suspension period for the secured leverage ratio financial covenant applicable to the Senior Secured Revolving Credit Facility under the Credit Agreement through March 31, 2024. The current maturity date of the Senior Secured Revolving Credit Facility is April 22, 2024. Since the financial covenant applicable to the Senior Secured Revolving Credit Facility is tested as of the last day of any fiscal quarter for which financial statements have been (or were required to have been) delivered, the financial covenant has been effectively suspended through maturity of the Senior Secured Revolving Credit Facility. As of September 30, 2023, the Company was subject to a minimum liquidity requirement of $100 million as a condition to the financial covenant suspension period under the Credit Agreement.

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 operating revenues. North American box office grosses were down approximately 16% for the nine months ended September 30, 2023, compared to the nine months ended September 30, 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 increased levels of operating revenue, the estimates of amounts of required liquidity vary significantly.

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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 that began on May 2, 2023 and ended on September 27, 2023, and the Screen Actors Guild – American Federation of Television and Radio Artists strike that began on July 14, 2023, cannot be reasonably estimated and may have a negative impact 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 the Company’s 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 a forward purchase agreement (the “Forward Purchase Agreement”) with Antara Capital LP (“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 7—Stockholders’ Equity for more information.

During the nine months ended September 30, 2023, the Company raised gross proceeds of approximately $114.5 million and paid fees to a sales agent and incurred other third-party issuance costs of approximately $2.9 million and $8.7 million, respectively, through its at-the-market offering of approximately 7.1 million shares of its AMC Preferred Equity Units. The Company paid $11.5 million of other third-party issuance costs during the nine months ended September 30, 2023.

During the nine months ended September 30, 2023, the Company raised gross proceeds of approximately $325.5 million and paid fees to a sales agent and incurred other third-party issuance costs of approximately $8.2 million and $0.5 million, respectively, through its at-the-market offering of 40.0 million shares of its Common Stock. The Company paid $0.1 million of other third-party issuance costs during the nine months ended September 30, 2023. See Note 7—Stockholders’ Equity for further information regarding the at-the-market offerings.

The below table summarizes the cash debt repurchase transactions during the nine months ended September 30, 2023, including related party transactions with Antara, which was a related party from February 7, 2023 to August 25, 2023. See Note 6—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		89.7		51.3		54.3		2.2
Total non-related party transactions		89.7		51.3		54.3		2.2
Total debt repurchases	$	169.7	$	101.5	$	97.5	$	3.4

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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 condensed 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 accompanying unaudited condensed consolidated financial statements include the accounts of AMC, as discussed above, and should be read in conjunction with the Company’s Annual Report on Form 10–K for the year ended December 31, 2022. The accompanying condensed consolidated balance sheet as of December 31, 2022, which was derived from audited financial statements, and the unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and in accordance with the instructions to Form 10–Q. Accordingly, they do not include all of the information and footnotes required by the accounting principles generally accepted in the United States of America for complete consolidated financial statements. In the opinion of management, these interim financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the Company’s financial position and results of operations. All significant intercompany balances and transactions have been eliminated in consolidation. Due to the seasonal nature of the Company’s business, results for the nine months ended September 30, 2023, are not necessarily indicative of the results to be expected for the year ending December 31, 2023. The Company manages its business under two reportable segments for its theatrical exhibition operations, U.S. markets and International markets.

Cash and Cash Equivalents. At September 30, 2023, cash and cash equivalents for the U.S. markets and International markets were $620.7 million and $109.0 million respectively, and at December 31, 2022, cash and cash equivalents were $508.0 million and $123.5 million, respectively.

Restricted Cash. Restricted cash is cash held in the Company’s bank accounts in International markets as a guarantee for certain landlords. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheets to the total of the amounts in the condensed consolidated statements of cash flows.


	Period Ended
(In millions)	September 30, 2023		December 31, 2022
Cash and cash equivalents	$	729.7	$	631.5
Restricted cash		22.4		22.9
Total cash and cash equivalents and restricted cash in the statement of cash flows	$	752.1	$	654.4

Accumulated Other Comprehensive Loss. The following table presents the change in accumulated other comprehensive loss by component:


	Foreign
(In millions)	Currency		Pension Benefits		Total
Balance December 31, 2022	$	(78.8)	$	1.5	$	(77.3)
Other comprehensive loss		(38.1)		—		(38.1)
Balance September 30, 2023	$	(116.9)	$	1.5	$	(115.4)

Accumulated Depreciation and Amortization. Accumulated depreciation was $2,994.3 million and $2,853.8 million at September 30, 2023 and December 31, 2022, respectively, related to property. Accumulated amortization of intangible assets was $16.1 million and $22.2 million at September 30, 2023 and December 31, 2022, respectively.

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Other Expense (Income). The following table sets forth the components of other expense (income):


	Three Months Ended				Nine Months Ended
(In millions)	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Decreases related to contingent lease guarantees	$	—	$	(0.1)	$	—	$	(0.2)
Governmental assistance due to COVID-19 - International markets		—		(5.4)		—		(16.2)
Governmental assistance due to COVID-19 - U.S. markets		—		(1.6)		—		(2.7)
Foreign currency transaction (gains) losses		12.8		6.3		(3.2)		14.7
Non-operating components of net periodic benefit cost (income)		0.5		(0.2)		1.2		(0.4)
Gain on extinguishment - Senior Subordinated Notes due 2026		—		—		(2.3)		—
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
Gain on extinguishment - Second Lien Notes due 2026		(10.8)		—		(95.2)		(38.6)
Derivative stockholder settlement		—		—		(14.0)		—
Shareholder litigation		(15.3)		—		110.1		—
Business interruption insurance recoveries		—		—		(1.3)		—
Total other expense (income)	$	(12.8)	$	(1.0)	$	(4.7)	$	91.6

Accounting Pronouncements Recently Adopted

Reference Rate Reform. In March 2020, the FASB issued guidance providing optional expedients and exceptions 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 6—Corporate Borrowings and Finance Lease Liabilities for further discussion on the election of the optional expedients allowed under ASC 848.

NOTE 2—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.

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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. Deferred lease payments were approximately $74.2 million as of September 30, 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 lease payments 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 condensed consolidated balance sheets and in change in accounts payable in the condensed 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		September 30,
(In millions)	2022		in deferred amounts		2023
Fixed operating lease deferred amounts (1)	$	150.3	$	(80.0)	$	70.3
Finance lease deferred amounts		0.9		(0.7)		0.2
Variable lease deferred amounts		6.0		(2.3)		3.7
Total deferred lease amounts	$	157.2	$	(83.0)	$	74.2

(1)

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

The following table reflects the lease costs for the periods presented:


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

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Cash flow and supplemental information is presented below: