NOTE 1\u2014THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES
AMC Entertainment Holdings, Inc. (\u201cHoldings\u201d), through its direct and indirect subsidiaries, including American Multi-Cinema, Inc. and its subsidiaries, (collectively with Holdings, unless the context otherwise requires, the \u201cCompany\u201d or \u201cAMC\u201d), is principally involved in the theatrical exhibition business and owns, operates or has interests in theatres located in the United States and Europe.
Temporarily Suspended or Limited Operations. Throughout the first quarter of 2020, the Company temporarily suspended theatre operations in its U.S. markets and International markets in compliance with local, state, and federal governmental restrictions and recommendations on social gatherings to prevent the spread of COVID-19 and as a precaution to help ensure the health and safety of the Company\u2019s guests and theatre staff. As of March 17, 2020, all of the Company\u2019s U.S. and International theatre operations were temporarily suspended. The Company resumed limited operations in the International markets in early June 2020 and limited operations in the U.S. markets in late August 2020. A COVID-19 resurgence during the fourth quarter of 2020 resulted in additional local, state, and federal governmental restrictions and many previously reopened theatres in International markets temporarily suspended operations again.
As of March 31, 2021, the Company operated at 585 domestic theatres with limited seating capacities, representing approximately 99% of its domestic theatres. As of June 30, 2021, the Company operated 593 domestic theatres, representing approximately 100% of its domestic theatres with remaining seating capacity restrictions winding down throughout the quarter. As of September 30, 2021 and December 31, 2021, the Company operated 596 and 593 domestic theatres, respectively, representing essentially 100% of its domestic theatres. Total revenues for the U.S. markets increased $1,049.1 million for the year ended December 31, 2021, compared to the year ended December 31, 2020.
As of March 31, 2021, the Company operated at 97 international theatres, with limited seating capacities, representing approximately 27% of its international theatres. As of June 30, 2021, the Company operated 335 international theatres with limited seating capacities, representing approximately 95% of its international theatres. The majority of international theatre operations were suspended for the first two months of the second quarter of 2021 due to a COVID-19 resurgence and did not reopen until early June 2021. At September 30, 2021 and December 31, 2021, the Company operated 351 and 337 international theatres, respectively, representing approximately 99% and 95%, respectively, of its international theatres. Total revenues for the International markets increased $236.4 million for the year ended December 31. 2021, compared to the year ended December 31, 2020.
Liquidity. As of December 31, 2021, the Company has cash and cash equivalents of approximately $1.6 billion. In response to the COVID-19 pandemic, the Company adjusted certain elements of its business strategy and took significant steps to preserve cash. The Company is continuing to take significant measures to further strengthen its financial position and enhance its operations, by eliminating non-essential costs, including reductions to its variable costs and elements of its fixed cost structure, introducing new initiatives, and optimizing its theatrical footprint.
Additionally, the Company enhanced liquidity through debt issuances, debt exchanges and equity sales. See Note 8\u2014Corporate Borrowings and Finance Lease Obligations, Note 9\u2014Stockholders\u2019 Equity, and Note 16\u2014Subsequent Events for further information.
The table below summarizes net increase (decrease) in cash equivalents and restricted cash by quarter for the year ended December 31, 2021:
Three Months Ended | Year Ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | December 31, | |||||||||||
(In millions) | 2021 | 2021 | 2021 | 2021 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||||||
Net cash provided by (used in) operating activities | $ | (312.9) | $ | (233.8) | $ | (113.9) | $ | 46.5 | $ | (614.1) | |||||
Cash flows from investing activities: | |||||||||||||||
Net cash provided by (used in) investing activities | (16.0) | 13.5 | (28.8) | (36.9) | (68.2) | ||||||||||
Cash flows from financing activities: | |||||||||||||||
Net cash provided by (used in) financing activities | 854.7 | 1,212.2 | (48.3) | (27.9) | 1,990.7 | ||||||||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (5.1) | 5.6 | (8.4) | (1.6) | (9.5) | ||||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | 520.7 | 997.5 | (199.4) | (19.9) | 1,298.9 | ||||||||||
Cash and cash equivalents and restricted cash at beginning of period | 321.4 | 842.1 | 1,839.6 | 1,640.2 | 321.4 | ||||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 842.1 | $ | 1,839.6 | $ | 1,640.2 | $ | 1,620.3 | $ | 1,620.3 |
The Company\u2019s net cash used in operating activities improved by $79.1 million during the three months ended June 30, 2021 compared to the three months ended March 31, 2021, $119.9 million during the three months ended September 30, 2021 compared to the three months ended June 30, 2021, and $160.4 million during the three months ended December 31, 2021 compared to the three months ended September 30, 2021. This is primarily attributable to continued increases in attendance and industry box office revenues during the year ended December 31, 2021. The Company will continue to repay rent amounts that were deferred during the pandemic, which will increase its cash outflows from operating activities. See Note 3\u2014Leases for a summary of the estimated future repayment terms for the remaining $315.1 million of rentals that were deferred during the COVID-19 pandemic.
The Company\u2019s net cash provided by (used in) investing activities included:
| \u25cf | $(11.9) million of capital expenditures and $(9.3) million of investments in non-consolidated entities, partially offset by proceeds from the disposition of the Baltic theatres of $3.8 million and proceeds from the disposition of long-term assets of $1.4 million during the three months ended March 31, 2021; |
| \u25cf | $31.4 million of proceeds from the disposition of the Baltic theatres, partially offset by $(17.9) million of capital expenditures during the three months ended June 30, 2021; |
| \u25cf | $(24.1) million of capital expenditures, $(5.8) million related to the acquisition of assets at two theatres and $(1.0) million of transaction costs related to the Baltic theatres sale, partially offset by $2.0 million of proceeds from disposition of long-term assets during the three months ended September 30, 2021; and |
| \u25cf | $(38.5) million of capital expenditures and $(2.4) million related to the acquisition of assets at two theatres, partially offset by $4.5 million of proceeds from disposition of long-term assets during the three months ended December 31, 2021. |
The Company\u2019s net cash provided by (used in) financing activities included:
| \u25cf | Net proceeds from the Company\u2019s debt and equity issuances of $861.9 million during the three months ended March 31, 2021; |
| \u25cf | Net proceeds from the Company\u2019s equity issuances of $1,219.6 million during the three months ended June 30, 2021; |
| \u25cf | Principal and premium payments of $(40.3) million related to an optional redemption of the Company\u2019s First Lien Toggle Notes due 2026 during the three months ended September 30, 2021; and |
| \u25cf | Taxes paid for restricted stock withholdings of $(19.1) million during the three months ended December 31, 2021. |
The Company believes its existing cash and cash equivalents, together with cash generated from operations, will be sufficient to fund its operations, satisfy its obligations, including cash outflows for increased rent and planned capital expenditures, and comply with minimum liquidity and financial covenant requirements under its debt covenants related to borrowings pursuant to the Senior Secured Revolving Credit Facility and Odeon Term Loan Facility for at least the next twelve months. In order to achieve net positive operating cash flows and long-term profitability, the Company believes it will need to continue to increase attendance levels significantly compared to 2021 and achieve levels in line with pre COVID-19 attendance. The Company believes the global re-opening of its theatres, the anticipated volume of titles available for theatrical release, and the anticipated broad appeal of many of those titles will support increased attendance levels. The Company believes that the sequential increases in attendance experienced each quarter as 2021 progressed are positive signs of continued demand for the moviegoing experience. However, there remain significant risks that may negatively impact attendance, including a resurgence of COVID-19 related restrictions, potential movie-goer reluctance to attend theatres due to concerns about COVID-19 variant strains, movie studios release schedules and direct to streaming or other changing movie studio practices.
The Company entered the Ninth Amendment (as defined in Note 8\u2014Corporate Borrowings and Finance Lease Obligations) pursuant to which the requisite revolving lenders party thereto agreed to extend the fixed date for the termination of the suspension period for the financial covenant (the secured leverage ratio) applicable to the Senior Secured Revolving Credit Facility (as defined in Note 8\u2014Corporate Borrowings and Finance Lease Obligations) from March 31, 2021 to March 31, 2022, which was further extended by the Eleventh Amendment (as defined in Note 8\u2014Corporate Borrowings and Finance Lease Obligations) from March 31, 2022 to March 31, 2023, as described, and on the terms and conditions specified, therein. The Company is currently subject to minimum liquidity requirements of approximately $144 million, of which $100 million is required under the conditions for the Extended Covenant Suspension Period ending March 31, 2023, as amended, under the Senior Secured Revolving Credit Facility, and \u00a332.5 million (approximately $44 million) of which is required under the Odeon Term Loan Facility. Following the expiration of the Extended Covenant Suspension Period ending March 31, 2023, the Company will be subject to the financial covenant under the Senior Secured Revolving Credit Facility as of the last day of each quarter on which the aggregate principal amount of revolving loans, and letters of credit (excluding letters of credit that are cash collateralized) in excess of $25 million, outstanding under the Senior Secured Revolving Credit Facility exceeds 35% of the principal amount of commitments under the Senior Secured Revolving Credit Facility then in effect, beginning with the quarter ending June 30, 2023. The Company currently expects it will be able to comply with this financial covenant, however, the Company does not anticipate the need to borrow under the Senior Secured Revolving Credit Facility during the next twelve months. See Note 8\u2014Corporate Borrowings and Finance Lease Obligations for further information. The Company\u2019s liquidity needs thereafter will depend, among other things, on the timing of movie releases and its ability to generate cash from operations.
The Company\u2019s cash expenditures for rent increased significantly in the second, third, and fourth quarters of 2021 as previously deferred rent payments and landlord concessions started to become current obligations. The Company received rent concessions provided by the lessors that aided in mitigating the economic effects of COVID-19 during the pandemic. These concessions primarily consisted of rent abatements and the deferral of rent payments. As a result, deferred lease amounts were approximately $315.1 million as of December 31, 2021. See Note 3\u2014Leases for a summary of the estimated future repayment terms for the deferred lease amounts due to COVID-19.
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\u2019s consolidated subsidiaries; consequently, a portion of its stockholders\u2019 equity, net earnings (loss) and total comprehensive
income (loss) for the periods presented are attributable to noncontrolling interests. The Company manages its business under two reportable segments for its theatrical exhibition operations, U.S. markets and International markets.
Noncontrolling Interests and Baltic Theatre Sale. Majority-owned subsidiaries that the Company has control of are consolidated in the Company\u2019s consolidated financial statements; consequently, a portion of its stockholders\u2019 equity, net earnings (loss) and total comprehensive income (loss) for the periods presented are attributable to noncontrolling interests. On August 28, 2020, the Company entered into an agreement to sell its equity interest in Forum Cinemas OU, which consists of nine theatres located in the Baltic region (Latvia, Lithuania and Estonia) and is included in the Company\u2019s International markets reportable segment, for total consideration of approximately \u20ac77.25 million, including cash of approximately \u20ac64.35 million or $76.6 million prior to any transaction costs. This transaction was undertaken by the Company to further increase its liquidity and strengthen its balance sheet at a transaction multiple that demonstrates that market participants ascribe positive value to the business. The completion of the sale took place in several steps, as noted below, and was contingent upon clearance from each regulatory competition council in each country.
The Company received $37.5 million (\u20ac31.53 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 (\u20ac5.3 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\u2019s 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 (\u20ac29.4 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\u2019s 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), during the year ended December 31, 2021.
Revenues. The Company recognizes revenue, net of sales tax, when it satisfies a performance obligation by transferring control over a product or service to a customer. Admissions and food and beverage revenues are recorded at a point in time when a film is exhibited to a customer and when a customer takes possession of food and beverage offerings. The Company defers 100% of the revenue associated with the sales of gift cards and exchange tickets until such time as the items are redeemed or estimated income from non-redemption is recorded.
The Company recognizes income from non-redeemed or partially redeemed gift cards in proportion to the pattern of rights exercised by the customer (\u201cproportional method\u201d) where it applies an estimated non-redemption rate for its gift card sales channels, which range from 13% to 18.5% 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\u2019s 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.
The Company recognizes government grants once the grant requirements have been met. Grants relating to specific costs are treated as a reduction of that cost in the consolidated statements of operations. General grants are recorded within other expense (income). Grants related to the construction of fixed assets are treated as reductions to the associated fixed asset cost. Certain grants contain stipulations around the use of funds which could trigger claw backs if the stipulations are violated.
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\u00a031, 2021 and December\u00a031, 2020, the Company recorded film payables of $150.3\u00a0million and $16.4\u00a0million, respectively, which are included in accounts payable in the accompanying consolidated balance sheets.
Food and Beverage Costs. The Company records rebate payments from vendors as a reduction of food and beverage costs when earned.
Exhibitor Services Agreement. The Company recognizes advertising revenues, which are included in other theatre revenues in the consolidated statements of operations, when it satisfies a performance obligation by transferring a promised good or service to the customers. The advertising contracts with customers generally consist of a series of distinct periods of service, satisfied over time, to provide rights to advertising services. The Company\u2019s Exhibitor Services Agreement (\u201cESA\u201d) with National CineMedia, LLC (\u201cNCM\u201d) includes a significant financing component due to the significant length of time between receiving the non-cash consideration and fulfilling the performance obligation. The Company receives the non-cash consideration in the form of common membership units from NCM, in exchange for rights to exclusive access to the Company\u2019s theatre screens and attendees through February\u00a02037. Upon recognition, the Company records an increase to advertising revenues with a similar offsetting increase in non-cash interest expense, which is recorded to non-cash NCM exhibitor service agreement in the consolidated statements of operations. Pursuant to the calculation requirements for the time value of money, the amortization method reflects the front-end loading of the significant financing component where more interest expense is recognized earlier during the term of the agreement than the back-end recognition of the deferred revenue amortization where more revenue is recognized later in the term of the agreement. See Note\u00a06\u2014Investments for further information regarding the common unit adjustment (\u201cCUA\u201d) and the fair value measurement of the non-cash consideration. The interest expense was calculated using discount rates that ranged from 6.5% to 18.25%, which are the rates at which the Company believes it could borrow in separate financing transactions.
Customer Engagement Programs. AMC Stubs\u00ae is a customer loyalty program in the U.S. markets which allows members to earn rewards, receive discounts and participate in exclusive members-only offerings and services. It features both a paid tier called AMC Stubs PremiereTM for a flat annual membership fee and a non-paid tier called AMC Stubs\u00ae InsiderTM. Both programs reward loyal guests for their patronage of AMC Theatres. Rewards earned are redeemable on future purchases at AMC locations.
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\u2019s 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\u00ae A-List is the Company\u2019s monthly subscription-based tier of the AMC Stubs\u00ae loyalty program. This program offers guests admission to movies at AMC up to three times per week including multiple movies per day and repeat visits to already seen movies from $19.95 and $23.95 per month depending upon geographic market. Revenue is recognized ratably over the enrollment period.
The Company suspended the recognition of deferred revenues related to certain loyalty programs, gift cards, and exchange tickets during the period in which its operations were temporarily suspended. As the Company re-opened theatres, A-List members had the option to reactivate their subscription, which restarted the monthly charge for the program. Starting in July of 2021, all A-List monthly subscriptions were automatically reactivated and the Company has
resumed a more normal recognition pattern for deferred revenues related to certain loyalty programs, gift cards and exchange tickets.
Advertising Costs. The Company expenses advertising costs as incurred and does not have any direct-response advertising recorded as assets. Advertising costs were $28.4 million, $10.7 million, and $42.6 million for the years ended December\u00a031, 2021, December\u00a031, 2020, and December\u00a031, 2019, respectively, and are recorded in operating expense in the accompanying consolidated statements of operations.
Cash and Equivalents. All highly liquid debt instruments and investments purchased with an original maturity of three months or less are classified as cash equivalents. At December 31, 2021, cash and cash equivalents for the U.S. markets and International markets were $1,311.4 million and $281.1 million, respectively, and at December 31, 2020, cash and cash equivalents were $222.9 million and $85.4 million, respectively.
Restricted Cash. Restricted cash is cash held in the Company's bank accounts in International markets as a guarantee for certain landlords.
Derivative Asset and Liability. Prior to September 14, 2020, the Company remeasured the derivative asset related to its contingent call option to acquire shares of its Class B common stock at no additional cost and the derivative liability related to the conversion feature in its Convertible Notes due 2026 at fair value each reporting period until the conversion price reset on September 14, 2020, with changes in fair value recorded in the consolidated statements of operations in other expense (income). The Company obtained independent third-party valuation studies to assist in determining fair value. The Company\u2019s valuation studies used a Monte Carlo simulation approach and were based on significant inputs not observable in the market and thus represent Level 3 measurements within the fair value measurement hierarchy. The Company\u2019s Common Stock price at the end of each reporting period as well as the remaining amount of time until expiration for the contingent call option and conversion feature were key inputs for the estimation of fair value that were expected to change each reporting period. The Company recorded other expense (income) related to derivative asset fair value adjustments of $0, $19.6 million and $17.7 million, during the years ended December 31, 2021, December 31, 2020 and December 31, 2019, respectively, and other expense (income) related to derivative liability fair value adjustments of $0, $89.4 million, and $(23.5) million, during the years ended December 31, 2021, December 31, 2020 and December 31, 2019, respectively. See Note\u00a08\u2014Corporate Borrowings and Finance Lease Obligations and Note\u00a09\u2014Stockholders\u2019 Equity for further discussions.
Intangible Assets. Intangible assets were recorded at fair value for intangible assets resulting from the acquisition of Holdings by Wanda on August\u00a030, 2012 and other theatre acquisitions. Intangible assets are comprised of amounts assigned to management contracts, which are being amortized on a straight-line basis over the estimated remaining useful lives of the assets, and trademark and trade names. The Company evaluates definite-lived intangible assets whenever events or changes in circumstances indicate that the carrying amount of the asset group may not be fully recoverable. Trademark and trade names are considered either definite or indefinite-lived intangible assets. Indefinite-lived intangible assets are not amortized but rather evaluated for impairment annually or more frequently as specific events or circumstances dictate.
The Company first assesses the qualitative factors to determine whether the existence of events and circumstances indicate that it is more likely than not the fair value of an indefinite-lived intangible asset is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative impairment test. During the year ended December 31, 2020, the Company recorded impairment losses related to definite-lived intangible assets of $14.4 million in the U.S. markets and indefinite-lived intangible assets of $15.2 million in the International markets. There were no intangible asset impairment charges incurred during the years ended December\u00a031, 2021 and December\u00a031, 2019.
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\u2019s ownership interest provides the Company with significant influence. The Company follows the guidance in ASC\u00a0323-30-35-3, 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\u00a06\u2014Investments for further discussion of
the Company\u2019s investments in NCM. As of December\u00a031, 2021, the Company holds equity method investments comprised of a 18.3% interest in SV Holdco LLC (\u201cSV Holdco\u201d), a joint venture that markets and sells cinema advertising and promotions through Screenvision; a 50.0% interest in Digital Cinema Media Ltd. (\u201cDCM\u201d), a joint venture that provides advertising services in International markets; a 32.0% interest in AC JV, LLC (\u201cAC JV\u201d), a joint venture that owns Fathom Events offering alternative content for motion picture screens; a 29.0% interest in Digital Cinema Implementation Partners, LLC (\u201cDCIP\u201d), a joint venture charged with implementing digital cinema in the Company\u2019s theatres; a 14.6% interest in Digital Cinema Distribution Coalition, LLC (\u201cDCDC\u201d), a satellite distribution network for feature films and other digital cinema content; a 10.0% interest in Saudi Cinema Company LLC (\u201cSCC\u201d); a 50% ownership interest in three U.S. motion picture theatres and approximately 50% ownership interest in 57 theatres in Europe. Indebtedness held by equity method investees is non-recourse to the Company. In 2020, the Company early adopted the amendments in S-X Rule 1-02(w) related to significant subsidiary tests of nonconsolidated entities.
Goodwill. The Company\u2019s recorded goodwill was $2,429.8\u00a0million and $2,547.3\u00a0million as of December\u00a031, 2021 and December\u00a031, 2020, respectively. Goodwill represents the excess of purchase price over fair value of net tangible and identifiable intangible assets related to the acquisition of Holdings by Wanda on August\u00a030, 2012 and subsequent theatre business acquisitions. The Company evaluates goodwill recorded at the Company\u2019s two reporting units (Domestic Theatres and International Theatres). Also, the Company evaluates goodwill and its indefinite-lived trademark and trade names for impairment annually as of the beginning of the fourth quarter and any time an event occurs or circumstances change that would more likely than not reduce the fair value for a reporting unit below its carrying amount.
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 performed during 2021. The Company performed a qualitative impairment test to evaluate whether it is more likely than not that the fair value of its two reporting units was less than their respective carrying amounts as of its annual assessment date. The Company concluded that it was not more likely than not that the fair value of either of the Company\u2019s two reporting units had been reduced below their respective carrying amounts. As a result, the Company concluded that there were no triggering events as of the annual assessment date, December 31, 2021.
Step 1 quantitative goodwill impairment tests performed during 2020. In accordance with ASC 350-20-35-30, the Company performed an assessment to determine whether there were any events or changes in circumstances that would warrant an interim ASC 350 impairment analysis. A decline in the Common Stock price and prices of the Company\u2019s corporate borrowings and the resulting impact on market capitalization are two of several factors considered when making this evaluation. In performing the Step 1 quantitative goodwill impairment test, the Company used an enterprise value approach to measure fair value of the reporting units.
Based on sustained declines during the first quarter of 2020 in the Company\u2019s enterprise market capitalization and the temporary suspension of operations at all the Company\u2019s theatres on or before March 17, 2020 due to the COVID-19 pandemic, the Company performed a Step 1 quantitative goodwill impairment test of the Domestic and International reporting units as of March\u00a031,\u00a02020. The enterprise fair values of the Domestic Theatres and International Theatres reporting units were less than their carrying values and goodwill impairment charges of $1,124.9 million and $619.4 million, respectively, were recorded as of March 31, 2020 for the Company\u2019s Domestic Theatres and International Theatres reporting units.
Due to the suspension of operations during the second and third quarters of 2020 and the further delay or cancellation of film releases, the Company performed a Step 1 quantitative impairment test of the Domestic and International reporting units as of September 30, 2020. See Note\u00a012\u2014Fair Value Measurements for a discussion of the valuation methodology. The enterprise fair value of the Domestic Theatres and International Theatres reporting units was less than their carrying values and goodwill impairment charges of $151.2 million and $5.6 million, respectively, were recorded as of September 30, 2020 for the Company\u2019s Domestic Theatres and International Theatres reporting units.
Due to the further delay or cancellation of film releases and the further suspension of operations in the International markets, the Company performed a Step 1 quantitative impairment test of the Domestic and International reporting units as of December 31, 2020. See Note\u00a012\u2014Fair Value Measurements for a discussion of the valuation methodology. The enterprise fair value of the Domestic Theatres reporting unit was greater than its carrying value and the enterprise fair value of the International Theatre reporting unit was less than its carrying value. As a result, goodwill impairment charge of $405.3 million was recorded as of December 31, 2020 for the Company\u2019s International Theatres reporting unit. There is considerable management judgment with respect to cash flow estimates and discount rates to be used in determining fair value, which fall under Level 3 within the fair value measurement hierarchy. Given the nature of the Company\u2019s business and its recent history, future impairments are possible based upon business conditions, movie release dates, and attendance levels.
Other Long-term Assets. Other long-term assets are comprised principally of investments in partnerships and joint ventures and capitalized computer software, which is amortized over the estimated useful life of the software. See Note\u00a07\u2014Supplemental Balance Sheet Information.
Accounts Payable. Under the Company\u2019s cash management system, checks issued but not presented to banks frequently result in book overdraft balances for accounting purposes and are classified within accounts payable in the balance sheet. The change in book overdrafts are reported as a component of operating cash flows for accounts payable as they do not represent bank overdrafts. The amount of these checks included in accounts payable as of December\u00a031, 2021 and December\u00a031, 2020 was $3.6\u00a0million and $1.8\u00a0million, respectively.
Leases. The Company adopted ASC\u00a0842 on January\u00a01, 2019 using the modified retrospective transition method. Upon transition to the new standard, the Company elected the package of practical expedients, which permitted the Company not to reassess under the new standard its prior conclusions about lease identification, lease classification and initial direct costs.
The Company leases theatres and equipment under operating and finance leases. The majority of the Company\u2019s operations are conducted in premises occupied under lease agreements with initial base terms ranging generally from 12 to 15 years, with certain leases containing options to extend the leases for up to an additional 20\u00a0years. The Company typically does not believe that exercise of the renewal options is reasonably assured at the inception of the lease agreements and, therefore, considers the initial base term as the lease term. Lease terms vary but generally, the leases provide for fixed and escalating rentals, contingent escalating rentals based on the Consumer Price Index and other indexes not to exceed certain specified amounts and variable rentals based on a percentage of revenues. The Company often receives contributions from landlords for renovations at existing locations. The Company records the amounts received from landlords as an adjustment to the right-of-use asset and amortizes the balance as a reduction to rent expense over the base term of the lease agreement.
Operating lease right-of-use assets and lease liabilities were recorded at commencement date based on the present value of minimum lease payments over the remaining lease term. The minimum lease payments include base rent and other fixed payments, including fixed maintenance costs. The Company\u2019s leases have remaining lease terms of approximately 1 year to 25\u00a0years, which may include the option to extend the lease when it is reasonably certain the Company will exercise that option. The present value of the lease payments is calculated using the incremental borrowing rate for operating leases, which was determined using a portfolio approach based on the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. Operating lease expense is recorded on a straight-line basis over the lease term.
The Company elected the practical expedient to not separate lease and non-lease components and also elected the short-term practical expedient for all leases that qualify. As a result, the Company will not recognize right-of-use assets or liabilities for short-term leases that qualify for the short-term practical expedient, but instead will recognize the lease payments as lease cost on a straight-line basis over the lease term. The Company\u2019s 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 theatre assets 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 carrying value of the asset is reduced to fair value, with the difference recorded as an impairment charge. Assets 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\u2019s theatres and other long-lived assets, and, accordingly, actual results could vary significantly from such estimates, which fall under Level\u00a03 within the fair value measurement hierarchy, see Note\u00a012\u2014Fair Value Measurements.
The following table summarizes the Company\u2019s assets that were impaired:
Year Ended | |||||||||
December\u00a031, | December\u00a031, | December\u00a031, | |||||||
(In millions) | \u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0 | 2020 | 2019 | ||||
Impairment of long-lived assets | $ | 77.2 | $ | 177.9 | $ | 84.3 | |||
Impairment of definite-lived intangible assets | \u2014 | 14.4 | \u2014 | ||||||
Impairment of indefinite-lived intangible assets | \u2014 | 15.2 | \u2014 | ||||||
Impairment of goodwill (1) | \u2014 | 2,306.4 | \u2014 | ||||||
Impairment of long-lived assets, definite and indefinite-lived intangible assets and goodwill | 77.2 | 2,513.9 | 84.3 | ||||||
Impairment of equity method investments recorded in equity in (earnings) loss of non-consolidated entities | \u2014 | 8.6 | \u2014 | ||||||
Impairment of other assets recorded in investment expense (income) | \u2014 | 15.9 | 3.6 | ||||||
Total impairment loss | $ | 77.2 | $ | 2,538.4 | $ | 87.9 |
| (1) | See Note 5\u2014Goodwill and Intangible Assets for information regarding goodwill impairment. |
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 (in Alabama, Arkansas, California, Colorado, Connecticut, District of Columbia, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Minnesota, Mississippi, Missouri, Montana, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, West Virginia, and Wisconsin) and $15.9 million on 14 theatres in the International markets with 118 screens (in Italy, Norway, Spain, and the UK), which were related to property, net, operating lease right-of-use assets, net, and other long-term assets.
During the year ended December 31, 2020, the Company recorded non-cash impairment of long-lived assets of $152.5 million on 101 theatres in the U.S. markets with 1,139 screens (in Alabama, Arizona, Arkansas, California, Colorado, District of Columbia, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New York, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, South Dakota, Tennessee, Texas, Washington, Wisconsin and Wyoming) and $25.4 million on 37 theatres in the International markets with 340 screens (in Finland, Germany, Ireland, Italy, Norway, Portugal, Spain, Sweden, and UK), which were related to property, net and operating lease right-of-use assets, net. During the year ended December 31, 2020, the Company recorded impairment losses related to definite-lived intangible assets of $14.4 million in the U.S. markets. For indefinite-lived intangible asset, the Company recorded impairment charges related to the Odeon trade name of $12.5 million and Nordic trade names of $2.7 million during the year ended December 31, 2020. During the year ended December 31, 2020, the Company recorded impairment losses in the International markets related to equity method investments of $8.6 million in equity in (earnings) loss of non-consolidated entities. In addition, during the year ended December 31, 2020, the Company recorded impairment losses of $15.9 million within investment expense (income), related to equity interest investments without a readily determinable fair value accounted for under the cost method in the U.S. markets.
During the year ended December 31,\u00a02019, the Company recorded an impairment of long-lived assets loss of $76.6\u00a0million on 40 theatres in the U.S. markets with 512\u00a0screens and an impairment of long-lived assets loss of $7.7 million on 14\u00a0theatres with 148\u00a0screens in the International markets, which was related to property held and used, operating lease right-of-use assets, and a U.S. property held and not used in other long-term assets. In addition, the Company recorded an impairment loss of $3.6 million within investment expense (income), related to an equity interest investment without a readily determinable fair value accounted for under the cost method.
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, and also the Company\u2019s \u00a34.0\u00a0million, 6.375% Senior Subordinated Notes due 2024, which have been designated as a non-derivative net investment hedge of the Company\u2019s investment in Odeon and UCI Cinemas Holdings Limited (\u201cOdeon\u201d). 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 sponsors a postretirement deferred compensation plan, which was terminated on May 3, 2021 and will be liquidated in 2022, and also a defined contribution plan.
The following table sets forth the plans\u2019 benefit obligations and plan assets and the accrued liability for benefit costs included in the consolidated balance sheets:
U.S. Pension Benefits | International Pension Benefits | |||||||||||
Year Ended | Year Ended | |||||||||||
(In millions) | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2021 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2020 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2021 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2020 | ||||
Aggregated projected benefit obligation at end of period (1) | $ | (111.5) | $ | (123.9) | $ | (125.0) | $ | (133.1) | ||||
Aggregated fair value of plan assets at end of period | \u00a0 | 84.3 | \u00a0 | 84.2 | \u00a0 | 126.0 | \u00a0 | 128.7 | ||||
Net (liability) asset for benefit cost - funded status | $ | (27.2) | $ | (39.7) | $ | 1.0 | $ | (4.4) |
| (1) | At December 31, 2021 and December 31, 2020, U.S. aggregated accumulated benefit obligations were $111.5 million and $123.9 million, respectively, and International aggregated accumulated benefit obligations were $125.0 million and $129.5 million, respectively. |
The Company does not expect to make a material contribution to the U.S. pension plans during the year ended December 31, 2022. The Company intends to make future cash contributions to the plans in an amount necessary to meet minimum funding requirements according to applicable benefit plan regulations.
The weighted-average assumptions used to determine benefit obligations are as follows:
U.S. Pension Benefits | International Pension Benefits | |||||||
December 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | |||||
Discount rate | \u00a0 | 2.66% | 2.26% | 1.79% | 1.78% | |||
Rate of compensation increase | \u00a0 | N/A | N/A | 2.28% | 2.29% |
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, | |||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | \u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | |
Discount rate | \u00a0 | 2.26% | 3.07% | 4.12% | 1.78% | 1.97% | 2.86% | |||||
Weighted average expected long-term return on plan assets | \u00a0 | 6.57% | 6.70% | 6.70% | 1.28% | 2.15% | 2.99% | |||||
Rate of compensation increase | \u00a0 | N/A | N/A | N/A | 2.29% | 2.27% | 2.19% |
The offset to the pension liability is recorded in equity as a component of accumulated other comprehensive (income) loss. For further information, see Note 14\u2014Accumulated Other Comprehensive Income (Loss) for pension amounts and activity recorded in accumulated other comprehensive income.
For the years ended December 31, 2021, December 31, 2020, and December 31, 2019, net periodic benefit costs (credits) were $(0.9) million, $1.8 million, and $1.7 million, respectively. The non-operating component of net periodic benefit costs is recorded in other expense (income) in the consolidated statements of operations. During the years ended December 31, 2020 and December 31, 2019, before the Sweden pension benefit plan was frozen, the service cost component of net periodic benefit cost was recorded in general and administrative other.
The following table provides the benefits expected to be paid in each of the next five years, and in the aggregate for the five years thereafter:
(In millions) | U.S. Pension Benefits | International Pension Benefits | ||||
2022 | $ | 5.5 | $ | 3.7 | ||
2023 | \u00a0 | 4.6 | 3.7 | |||
2024 | \u00a0 | 5.0 | 3.9 | |||
2025 | \u00a0 | 5.2 | 4.0 | |||
2026 | \u00a0 | 5.3 | 4.1 | |||
Years 2027 - 2031 | \u00a0 | 28.5 | 22.1 |
The Company\u2019s investment objectives for its U.S. defined benefit pension plan investments are: (1)\u00a0to preserve the value of its principal; (2)\u00a0to maximize a real long-term return with respect to the plan assets consistent with minimizing risk; (3)\u00a0to achieve and maintain adequate asset coverage for accrued benefits under the plan; and (4)\u00a0to 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\u2019s cash flow benefit needs. A weighted average targeted allocation percentage is assigned to each asset class as follows: equity securities of 49%, debt securities of 45%, and private real estate of 6%. 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, 2021, for the U.S. investment portfolio, 94% were valued using the net asset value per share (or its equivalent) as a practical expedient and 6% 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, 2021, for the International investment portfolio 37% 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 63% were valued using the net asset value per share (or its equivalent) as a practical expedient.
Under the defined contribution plan, the Company sponsors a voluntary 401(k) savings plan covering certain U.S. employees age 21 or older and who are not covered by a collective bargaining agreement. Under the Company\u2019s 401(k) Savings Plan, except during the 2020 furlough period, the Company matched 100% of each eligible employee\u2019s elective contributions up to 3% and 50% of contributions up to 5% of the employee\u2019s eligible compensation.
Income and Operating Taxes. The Company accounts for income taxes in accordance with ASC\u00a0740-10. Under ASC\u00a0740-10, 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. The Company is self-insured for general liability up to $1.0\u00a0million per occurrence and carries a $0.5\u00a0million deductible limit per occurrence for workers\u2019 compensation claims. The Company utilizes actuarial projections of its ultimate losses to calculate its reserves and expense. The actuarial method includes an allowance for adverse developments on known claims and an allowance for claims which have been incurred but which have not yet been reported. As of December\u00a031, 2021 and December\u00a031, 2020, the Company recorded casualty insurance reserves of $34.6\u00a0million and $32.7\u00a0million, respectively. The Company recorded expenses related to general liability and workers\u2019 compensation claims of $37.1\u00a0million, $32.8\u00a0million, and $32.6\u00a0million for the years ended December\u00a031, 2021, December\u00a031, 2020, and December\u00a031, 2019, respectively. Casualty insurance expense is recorded in operating expense.
Other Expense (Income): The following table sets forth the components of other expense (income):
Year Ended | |||||||||
December\u00a031, | December\u00a031, | December\u00a031, | |||||||
(In millions) | \u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | |||
Derivative liability fair value adjustment for embedded conversion feature in the Convertible Notes | $ | \u2014 | $ | 89.4 | $ | (23.5) | |||
Derivative asset fair value adjustment for contingent call option related to the Class B common stock purchase and cancellation agreement | \u2014 | 19.6 | 17.7 | ||||||
Credit losses (income) related to contingent lease guarantees | (5.7) | 15.0 | \u2014 | ||||||
Governmental assistance due to COVID-19 - International markets | (81.5) | (38.6) | \u2014 | ||||||
Governmental assistance due to COVID-19 - U.S. markets | (5.6) | \u2014 | \u2014 | ||||||
Foreign currency transaction (gains) losses | (9.8) | (2.8) | 1.5 | ||||||
Non-operating components of net periodic benefit cost (income) | (0.7) | 1.1 | 1.2 | ||||||
Loss on debt extinguishment | 14.4 | \u2014 | 16.6 | ||||||
Gain on extinguishment Second Lien Notes due 2026 | \u2014 | (93.6) | \u2014 | ||||||
Financing fees related to modification of debt | 1.0 | 39.3 | \u2014 | ||||||
Loss on Pound sterling forward contract | \u2014 | \u2014 | 0.9 | ||||||
Business interruption insurance recoveries | \u2014 | (0.5) | (1.1) | ||||||
Other | \u00a0 | \u2014 | \u00a0 | \u2014 | 0.1 | ||||
Other expense (income) | $ | (87.9) | $ | 28.9 | $ | 13.4 |
Accounting Pronouncements Recently Adopted
Income Taxes. In December 2019, the Financial Accounting Standards Board (\u201cFASB\u201d) issued Accounting Standards Update (\u201cASU\u201d) No. 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes (\u201cASU 2019-12\u201d), which is intended to improve consistency and simplify several areas of existing guidance. ASU 2019-12 removes certain exceptions to the general principles related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also clarifies the accounting for transactions that result in a step-up in the tax basis for goodwill. ASU 2019-12 was effective for the Company in the first quarter of 2021. The adoption of ASU 2019-12 did not have a material impact on the Company\u2019s consolidated financial statements.
Accounting Pronouncements Issued Not Yet Adopted
Government Assistance. In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832) Disclosures by Business Entities about Government Assistance (\u201cASU 2021-10\u201d). The amendments in ASU 2021-10 require annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy, including (1) information about the nature of the transactions and the related accounting policy used to account for the transactions, (2) the line items on the balance sheet and income statement that are affected by the transactions, and the amounts applicable to each financial statement line item, and (3) significant terms and conditions of the transactions, including commitments and contingencies. The annual government assistance disclosure requirements are effective for the Company during the year ended December 31, 2022.
"}]},{"name":"rpt:f-570","factDimensions":{"xbrl:concept":"amch:UnusualOrInfrequentItemsTemporarilySuspendedOperationsPolicyPolicyTextBlock","xbrl:period":"2021-01-01T00:00:00/2022-01-01T00:00:00","xbrl:entity":"cik:0001411579"},"factValues":[{"value":"Temporarily Suspended or Limited Operations. Throughout the first quarter of 2020, the Company temporarily suspended theatre operations in its U.S. markets and International markets in compliance with local, state, and federal governmental restrictions and recommendations on social gatherings to prevent the spread of COVID-19 and as a precaution to help ensure the health and safety of the Company\u2019s guests and theatre staff. As of March 17, 2020, all of the Company\u2019s U.S. and International theatre operations were temporarily suspended. The Company resumed limited operations in the International markets in early June 2020 and limited operations in the U.S. markets in late August 2020. A COVID-19 resurgence during the fourth quarter of 2020 resulted in additional local, state, and federal governmental restrictions and many previously reopened theatres in International markets temporarily suspended operations again.
As of March 31, 2021, the Company operated at 585 domestic theatres with limited seating capacities, representing approximately 99% of its domestic theatres. As of June 30, 2021, the Company operated 593 domestic theatres, representing approximately 100% of its domestic theatres with remaining seating capacity restrictions winding down throughout the quarter. As of September 30, 2021 and December 31, 2021, the Company operated 596 and 593 domestic theatres, respectively, representing essentially 100% of its domestic theatres. Total revenues for the U.S. markets increased $1,049.1 million for the year ended December 31, 2021, compared to the year ended December 31, 2020.
As of March 31, 2021, the Company operated at 97 international theatres, with limited seating capacities, representing approximately 27% of its international theatres. As of June 30, 2021, the Company operated 335 international theatres with limited seating capacities, representing approximately 95% of its international theatres. The majority of international theatre operations were suspended for the first two months of the second quarter of 2021 due to a COVID-19 resurgence and did not reopen until early June 2021. At September 30, 2021 and December 31, 2021, the Company operated 351 and 337 international theatres, respectively, representing approximately 99% and 95%, respectively, of its international theatres. Total revenues for the International markets increased $236.4 million for the year ended December 31. 2021, compared to the year ended December 31, 2020.
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As of December 31, 2021, the Company has cash and cash equivalents of approximately $1.6 billion. In response to the COVID-19 pandemic, the Company adjusted certain elements of its business strategy and took significant steps to preserve cash. The Company is continuing to take significant measures to further strengthen its financial position and enhance its operations, by eliminating non-essential costs, including reductions to its variable costs and elements of its fixed cost structure, introducing new initiatives, and optimizing its theatrical footprint.
Additionally, the Company enhanced liquidity through debt issuances, debt exchanges and equity sales. See Note 8\u2014Corporate Borrowings and Finance Lease Obligations, Note 9\u2014Stockholders\u2019 Equity, and Note 16\u2014Subsequent Events for further information.
The table below summarizes net increase (decrease) in cash equivalents and restricted cash by quarter for the year ended December 31, 2021:
Three Months Ended | Year Ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | December 31, | |||||||||||
(In millions) | 2021 | 2021 | 2021 | 2021 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||||||
Net cash provided by (used in) operating activities | $ | (312.9) | $ | (233.8) | $ | (113.9) | $ | 46.5 | $ | (614.1) | |||||
Cash flows from investing activities: | |||||||||||||||
Net cash provided by (used in) investing activities | (16.0) | 13.5 | (28.8) | (36.9) | (68.2) | ||||||||||
Cash flows from financing activities: | |||||||||||||||
Net cash provided by (used in) financing activities | 854.7 | 1,212.2 | (48.3) | (27.9) | 1,990.7 | ||||||||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (5.1) | 5.6 | (8.4) | (1.6) | (9.5) | ||||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | 520.7 | 997.5 | (199.4) | (19.9) | 1,298.9 | ||||||||||
Cash and cash equivalents and restricted cash at beginning of period | 321.4 | 842.1 | 1,839.6 | 1,640.2 | 321.4 | ||||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 842.1 | $ | 1,839.6 | $ | 1,640.2 | $ | 1,620.3 | $ | 1,620.3 |
The Company\u2019s net cash used in operating activities improved by $79.1 million during the three months ended June 30, 2021 compared to the three months ended March 31, 2021, $119.9 million during the three months ended September 30, 2021 compared to the three months ended June 30, 2021, and $160.4 million during the three months ended December 31, 2021 compared to the three months ended September 30, 2021. This is primarily attributable to continued increases in attendance and industry box office revenues during the year ended December 31, 2021. The Company will continue to repay rent amounts that were deferred during the pandemic, which will increase its cash outflows from operating activities. See Note 3\u2014Leases for a summary of the estimated future repayment terms for the remaining $315.1 million of rentals that were deferred during the COVID-19 pandemic.
The Company\u2019s net cash provided by (used in) investing activities included:
| \u25cf | $(11.9) million of capital expenditures and $(9.3) million of investments in non-consolidated entities, partially offset by proceeds from the disposition of the Baltic theatres of $3.8 million and proceeds from the disposition of long-term assets of $1.4 million during the three months ended March 31, 2021; |
| \u25cf | $31.4 million of proceeds from the disposition of the Baltic theatres, partially offset by $(17.9) million of capital expenditures during the three months ended June 30, 2021; |
| \u25cf | $(24.1) million of capital expenditures, $(5.8) million related to the acquisition of assets at two theatres and $(1.0) million of transaction costs related to the Baltic theatres sale, partially offset by $2.0 million of proceeds from disposition of long-term assets during the three months ended September 30, 2021; and |
| \u25cf | $(38.5) million of capital expenditures and $(2.4) million related to the acquisition of assets at two theatres, partially offset by $4.5 million of proceeds from disposition of long-term assets during the three months ended December 31, 2021. |
The Company\u2019s net cash provided by (used in) financing activities included:
| \u25cf | Net proceeds from the Company\u2019s debt and equity issuances of $861.9 million during the three months ended March 31, 2021; |
| \u25cf | Net proceeds from the Company\u2019s equity issuances of $1,219.6 million during the three months ended June 30, 2021; |
| \u25cf | Principal and premium payments of $(40.3) million related to an optional redemption of the Company\u2019s First Lien Toggle Notes due 2026 during the three months ended September 30, 2021; and |
| \u25cf | Taxes paid for restricted stock withholdings of $(19.1) million during the three months ended December 31, 2021. |
The Company believes its existing cash and cash equivalents, together with cash generated from operations, will be sufficient to fund its operations, satisfy its obligations, including cash outflows for increased rent and planned capital expenditures, and comply with minimum liquidity and financial covenant requirements under its debt covenants related to borrowings pursuant to the Senior Secured Revolving Credit Facility and Odeon Term Loan Facility for at least the next twelve months. In order to achieve net positive operating cash flows and long-term profitability, the Company believes it will need to continue to increase attendance levels significantly compared to 2021 and achieve levels in line with pre COVID-19 attendance. The Company believes the global re-opening of its theatres, the anticipated volume of titles available for theatrical release, and the anticipated broad appeal of many of those titles will support increased attendance levels. The Company believes that the sequential increases in attendance experienced each quarter as 2021 progressed are positive signs of continued demand for the moviegoing experience. However, there remain significant risks that may negatively impact attendance, including a resurgence of COVID-19 related restrictions, potential movie-goer reluctance to attend theatres due to concerns about COVID-19 variant strains, movie studios release schedules and direct to streaming or other changing movie studio practices.
The Company entered the Ninth Amendment (as defined in Note 8\u2014Corporate Borrowings and Finance Lease Obligations) pursuant to which the requisite revolving lenders party thereto agreed to extend the fixed date for the termination of the suspension period for the financial covenant (the secured leverage ratio) applicable to the Senior Secured Revolving Credit Facility (as defined in Note 8\u2014Corporate Borrowings and Finance Lease Obligations) from March 31, 2021 to March 31, 2022, which was further extended by the Eleventh Amendment (as defined in Note 8\u2014Corporate Borrowings and Finance Lease Obligations) from March 31, 2022 to March 31, 2023, as described, and on the terms and conditions specified, therein. The Company is currently subject to minimum liquidity requirements of approximately $144 million, of which $100 million is required under the conditions for the Extended Covenant Suspension Period ending March 31, 2023, as amended, under the Senior Secured Revolving Credit Facility, and \u00a332.5 million (approximately $44 million) of which is required under the Odeon Term Loan Facility. Following the expiration of the Extended Covenant Suspension Period ending March 31, 2023, the Company will be subject to the financial covenant under the Senior Secured Revolving Credit Facility as of the last day of each quarter on which the aggregate principal amount of revolving loans, and letters of credit (excluding letters of credit that are cash collateralized) in excess of $25 million, outstanding under the Senior Secured Revolving Credit Facility exceeds 35% of the principal amount of commitments under the Senior Secured Revolving Credit Facility then in effect, beginning with the quarter ending June 30, 2023. The Company currently expects it will be able to comply with this financial covenant, however, the Company does not anticipate the need to borrow under the Senior Secured Revolving Credit Facility during the next twelve months. See Note 8\u2014Corporate Borrowings and Finance Lease Obligations for further information. The Company\u2019s liquidity needs thereafter will depend, among other things, on the timing of movie releases and its ability to generate cash from operations.
The Company\u2019s cash expenditures for rent increased significantly in the second, third, and fourth quarters of 2021 as previously deferred rent payments and landlord concessions started to become current obligations. The Company received rent concessions provided by the lessors that aided in mitigating the economic effects of COVID-19 during the pandemic. These concessions primarily consisted of rent abatements and the deferral of rent payments. As a result, deferred lease amounts were approximately $315.1 million as of December 31, 2021. See Note 3\u2014Leases for a summary of the estimated future repayment terms for the deferred lease amounts due to COVID-19.
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The Company received $37.5 million (\u20ac31.53 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 (\u20ac5.3 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\u2019s 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 (\u20ac29.4 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\u2019s 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), during the year ended December 31, 2021.
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The Company recognizes revenue, net of sales tax, when it satisfies a performance obligation by transferring control over a product or service to a customer. Admissions and food and beverage revenues are recorded at a point in time when a film is exhibited to a customer and when a customer takes possession of food and beverage offerings. The Company defers 100% of the revenue associated with the sales of gift cards and exchange tickets until such time as the items are redeemed or estimated income from non-redemption is recorded.
The Company recognizes income from non-redeemed or partially redeemed gift cards in proportion to the pattern of rights exercised by the customer (\u201cproportional method\u201d) where it applies an estimated non-redemption rate for its gift card sales channels, which range from 13% to 18.5% 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\u2019s 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.
The Company recognizes government grants once the grant requirements have been met. Grants relating to specific costs are treated as a reduction of that cost in the consolidated statements of operations. General grants are recorded within other expense (income). Grants related to the construction of fixed assets are treated as reductions to the associated fixed asset cost. Certain grants contain stipulations around the use of funds which could trigger claw backs if the stipulations are violated.
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"}]},{"name":"rpt:f-699","factDimensions":{"xbrl:concept":"amch:FilmExhibitionCostPayable","xbrl:period":"2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"150300000","decimals":-5}]},{"name":"rpt:f-700","factDimensions":{"xbrl:concept":"amch:FilmExhibitionCostPayable","xbrl:period":"2021-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"16400000","decimals":-5}]},{"name":"rpt:f-701","factDimensions":{"xbrl:concept":"amch:FoodAndBeverageCostsPolicyTextBlock","xbrl:period":"2021-01-01T00:00:00/2022-01-01T00:00:00","xbrl:entity":"cik:0001411579"},"factValues":[{"value":"Food and Beverage Costs. The Company records rebate payments from vendors as a reduction of food and beverage costs when earned.
"}]},{"name":"rpt:f-702","factDimensions":{"xbrl:concept":"amch:ScreenAdvertisingPolicyTextBlock","xbrl:period":"2021-01-01T00:00:00/2022-01-01T00:00:00","xbrl:entity":"cik:0001411579"},"factValues":[{"value":"Exhibitor Services Agreement. The Company recognizes advertising revenues, which are included in other theatre revenues in the consolidated statements of operations, when it satisfies a performance obligation by transferring a promised good or service to the customers. The advertising contracts with customers generally consist of a series of distinct periods of service, satisfied over time, to provide rights to advertising services. The Company\u2019s Exhibitor Services Agreement (\u201cESA\u201d) with National CineMedia, LLC (\u201cNCM\u201d) includes a significant financing component due to the significant length of time between receiving the non-cash consideration and fulfilling the performance obligation. The Company receives the non-cash consideration in the form of common membership units from NCM, in exchange for rights to exclusive access to the Company\u2019s theatre screens and attendees through February\u00a02037. Upon recognition, the Company records an increase to advertising revenues with a similar offsetting increase in non-cash interest expense, which is recorded to non-cash NCM exhibitor service agreement in the consolidated statements of operations. Pursuant to the calculation requirements for the time value of money, the amortization method reflects the front-end loading of the significant financing component where more interest expense is recognized earlier during the term of the agreement than the back-end recognition of the deferred revenue amortization where more revenue is recognized later in the term of the agreement. See Note\u00a06\u2014Investments for further information regarding the common unit adjustment (\u201cCUA\u201d) and the fair value measurement of the non-cash consideration. The interest expense was calculated using discount rates that ranged from 6.5% to 18.25%, which are the rates at which the Company believes it could borrow in separate financing transactions.
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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\u2019s 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\u00ae A-List is the Company\u2019s monthly subscription-based tier of the AMC Stubs\u00ae loyalty program. This program offers guests admission to movies at AMC up to three times per week including multiple movies per day and repeat visits to already seen movies from $19.95 and $23.95 per month depending upon geographic market. Revenue is recognized ratably over the enrollment period.
"}]},{"name":"rpt:f-706","factDimensions":{"xbrl:concept":"amch:CustomerLoyaltyProgramAmcStubsMonthlyMembershipFee","xbrl:period":"2021-01-01T00:00:00/2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"19.95","decimals":2}]},{"name":"rpt:f-707","factDimensions":{"xbrl:concept":"amch:CustomerLoyaltyProgramAmcStubsMonthlyMembershipFee","xbrl:period":"2021-01-01T00:00:00/2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"23.95","decimals":2}]},{"name":"rpt:f-708","factDimensions":{"xbrl:concept":"us-gaap:AdvertisingCostsPolicyTextBlock","xbrl:period":"2021-01-01T00:00:00/2022-01-01T00:00:00","xbrl:entity":"cik:0001411579"},"factValues":[{"value":"Advertising Costs. The Company expenses advertising costs as incurred and does not have any direct-response advertising recorded as assets. Advertising costs were $28.4 million, $10.7 million, and $42.6 million for the years ended December\u00a031, 2021, December\u00a031, 2020, and December\u00a031, 2019, respectively, and are recorded in operating expense in the accompanying consolidated statements of operations.
"}]},{"name":"rpt:f-709","factDimensions":{"xbrl:concept":"us-gaap:AdvertisingExpense","xbrl:period":"2021-01-01T00:00:00/2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"28400000","decimals":-5}]},{"name":"rpt:f-710","factDimensions":{"xbrl:concept":"us-gaap:AdvertisingExpense","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"10700000","decimals":-5}]},{"name":"rpt:f-711","factDimensions":{"xbrl:concept":"us-gaap:AdvertisingExpense","xbrl:period":"2019-01-01T00:00:00/2020-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"42600000","decimals":-5}]},{"name":"rpt:f-712","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsPolicyTextBlock","xbrl:period":"2021-01-01T00:00:00/2022-01-01T00:00:00","xbrl:entity":"cik:0001411579"},"factValues":[{"value":"Cash and Equivalents. All highly liquid debt instruments and investments purchased with an original maturity of three months or less are classified as cash equivalents. At December 31, 2021, cash and cash equivalents for the U.S. markets and International markets were $1,311.4 million and $281.1 million, respectively, and at December 31, 2020, cash and cash equivalents were $222.9 million and $85.4 million, respectively.
"}]},{"name":"rpt:f-713","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsAtCarryingValue","xbrl:period":"2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"country:US"},"factValues":[{"value":"1311400000","decimals":-5}]},{"name":"rpt:f-714","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsAtCarryingValue","xbrl:period":"2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"amch:InternationalMarketsMember"},"factValues":[{"value":"281100000","decimals":-5}]},{"name":"rpt:f-715","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsAtCarryingValue","xbrl:period":"2021-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"country:US"},"factValues":[{"value":"222900000","decimals":-5}]},{"name":"rpt:f-716","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsAtCarryingValue","xbrl:period":"2021-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"amch:InternationalMarketsMember"},"factValues":[{"value":"85400000","decimals":-5}]},{"name":"rpt:f-717","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy","xbrl:period":"2021-01-01T00:00:00/2022-01-01T00:00:00","xbrl:entity":"cik:0001411579"},"factValues":[{"value":"Restricted Cash. Restricted cash is cash held in the Company's bank accounts in International markets as a guarantee for certain landlords.
"}]},{"name":"rpt:f-718","factDimensions":{"xbrl:concept":"us-gaap:DerivativesPolicyTextBlock","xbrl:period":"2021-01-01T00:00:00/2022-01-01T00:00:00","xbrl:entity":"cik:0001411579"},"factValues":[{"value":"Derivative Asset and Liability. Prior to September 14, 2020, the Company remeasured the derivative asset related to its contingent call option to acquire shares of its Class B common stock at no additional cost and the derivative liability related to the conversion feature in its Convertible Notes due 2026 at fair value each reporting period until the conversion price reset on September 14, 2020, with changes in fair value recorded in the consolidated statements of operations in other expense (income). The Company obtained independent third-party valuation studies to assist in determining fair value. The Company\u2019s valuation studies used a Monte Carlo simulation approach and were based on significant inputs not observable in the market and thus represent Level 3 measurements within the fair value measurement hierarchy. The Company\u2019s Common Stock price at the end of each reporting period as well as the remaining amount of time until expiration for the contingent call option and conversion feature were key inputs for the estimation of fair value that were expected to change each reporting period. The Company recorded other expense (income) related to derivative asset fair value adjustments of $0, $19.6 million and $17.7 million, during the years ended December 31, 2021, December 31, 2020 and December 31, 2019, respectively, and other expense (income) related to derivative liability fair value adjustments of $0, $89.4 million, and $(23.5) million, during the years ended December 31, 2021, December 31, 2020 and December 31, 2019, respectively. See Note\u00a08\u2014Corporate Borrowings and Finance Lease Obligations and Note\u00a09\u2014Stockholders\u2019 Equity for further discussions.
"}]},{"name":"rpt:f-719","factDimensions":{"xbrl:concept":"amch:DerivativeAssetFairValueAdjustment","xbrl:period":"2021-01-01T00:00:00/2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":-5}]},{"name":"rpt:f-720","factDimensions":{"xbrl:concept":"amch:DerivativeAssetFairValueAdjustment","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"19600000","decimals":-5}]},{"name":"rpt:f-721","factDimensions":{"xbrl:concept":"amch:DerivativeAssetFairValueAdjustment","xbrl:period":"2019-01-01T00:00:00/2020-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"17700000","decimals":-5}]},{"name":"rpt:f-722","factDimensions":{"xbrl:concept":"amch:DerivativeLiabilityFairValueAdjustment","xbrl:period":"2021-01-01T00:00:00/2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":-5}]},{"name":"rpt:f-723","factDimensions":{"xbrl:concept":"amch:DerivativeLiabilityFairValueAdjustment","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"-89400000","decimals":-5}]},{"name":"rpt:f-724","factDimensions":{"xbrl:concept":"amch:DerivativeLiabilityFairValueAdjustment","xbrl:period":"2019-01-01T00:00:00/2020-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"23500000","decimals":-5}]},{"name":"rpt:f-725","factDimensions":{"xbrl:concept":"us-gaap:GoodwillAndIntangibleAssetsIntangibleAssetsPolicy","xbrl:period":"2021-01-01T00:00:00/2022-01-01T00:00:00","xbrl:entity":"cik:0001411579"},"factValues":[{"value":"Intangible Assets. Intangible assets were recorded at fair value for intangible assets resulting from the acquisition of Holdings by Wanda on August\u00a030, 2012 and other theatre acquisitions. Intangible assets are comprised of amounts assigned to management contracts, which are being amortized on a straight-line basis over the estimated remaining useful lives of the assets, and trademark and trade names. The Company evaluates definite-lived intangible assets whenever events or changes in circumstances indicate that the carrying amount of the asset group may not be fully recoverable. Trademark and trade names are considered either definite or indefinite-lived intangible assets. Indefinite-lived intangible assets are not amortized but rather evaluated for impairment annually or more frequently as specific events or circumstances dictate.
The Company first assesses the qualitative factors to determine whether the existence of events and circumstances indicate that it is more likely than not the fair value of an indefinite-lived intangible asset is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative impairment test. During the year ended December 31, 2020, the Company recorded impairment losses related to definite-lived intangible assets of $14.4 million in the U.S. markets and indefinite-lived intangible assets of $15.2 million in the International markets. There were no intangible asset impairment charges incurred during the years ended December\u00a031, 2021 and December\u00a031, 2019.
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the Company\u2019s investments in NCM. As of December\u00a031, 2021, the Company holds equity method investments comprised of a 18.3% interest in SV Holdco LLC (\u201cSV Holdco\u201d), a joint venture that markets and sells cinema advertising and promotions through Screenvision; a 50.0% interest in Digital Cinema Media Ltd. (\u201cDCM\u201d), a joint venture that provides advertising services in International markets; a 32.0% interest in AC JV, LLC (\u201cAC JV\u201d), a joint venture that owns Fathom Events offering alternative content for motion picture screens; a 29.0% interest in Digital Cinema Implementation Partners, LLC (\u201cDCIP\u201d), a joint venture charged with implementing digital cinema in the Company\u2019s theatres; a 14.6% interest in Digital Cinema Distribution Coalition, LLC (\u201cDCDC\u201d), a satellite distribution network for feature films and other digital cinema content; a 10.0% interest in Saudi Cinema Company LLC (\u201cSCC\u201d); a 50% ownership interest in three U.S. motion picture theatres and approximately 50% ownership interest in 57 theatres in Europe. Indebtedness held by equity method investees is non-recourse to the Company. In 2020, the Company early adopted the amendments in S-X Rule 1-02(w) related to significant subsidiary tests of nonconsolidated entities.
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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 performed during 2021. The Company performed a qualitative impairment test to evaluate whether it is more likely than not that the fair value of its two reporting units was less than their respective carrying amounts as of its annual assessment date. The Company concluded that it was not more likely than not that the fair value of either of the Company\u2019s two reporting units had been reduced below their respective carrying amounts. As a result, the Company concluded that there were no triggering events as of the annual assessment date, December 31, 2021.
Step 1 quantitative goodwill impairment tests performed during 2020. In accordance with ASC 350-20-35-30, the Company performed an assessment to determine whether there were any events or changes in circumstances that would warrant an interim ASC 350 impairment analysis. A decline in the Common Stock price and prices of the Company\u2019s corporate borrowings and the resulting impact on market capitalization are two of several factors considered when making this evaluation. In performing the Step 1 quantitative goodwill impairment test, the Company used an enterprise value approach to measure fair value of the reporting units.
Based on sustained declines during the first quarter of 2020 in the Company\u2019s enterprise market capitalization and the temporary suspension of operations at all the Company\u2019s theatres on or before March 17, 2020 due to the COVID-19 pandemic, the Company performed a Step 1 quantitative goodwill impairment test of the Domestic and International reporting units as of March\u00a031,\u00a02020. The enterprise fair values of the Domestic Theatres and International Theatres reporting units were less than their carrying values and goodwill impairment charges of $1,124.9 million and $619.4 million, respectively, were recorded as of March 31, 2020 for the Company\u2019s Domestic Theatres and International Theatres reporting units.
Due to the suspension of operations during the second and third quarters of 2020 and the further delay or cancellation of film releases, the Company performed a Step 1 quantitative impairment test of the Domestic and International reporting units as of September 30, 2020. See Note\u00a012\u2014Fair Value Measurements for a discussion of the valuation methodology. The enterprise fair value of the Domestic Theatres and International Theatres reporting units was less than their carrying values and goodwill impairment charges of $151.2 million and $5.6 million, respectively, were recorded as of September 30, 2020 for the Company\u2019s Domestic Theatres and International Theatres reporting units.
Due to the further delay or cancellation of film releases and the further suspension of operations in the International markets, the Company performed a Step 1 quantitative impairment test of the Domestic and International reporting units as of December 31, 2020. See Note\u00a012\u2014Fair Value Measurements for a discussion of the valuation methodology. The enterprise fair value of the Domestic Theatres reporting unit was greater than its carrying value and the enterprise fair value of the International Theatre reporting unit was less than its carrying value. As a result, goodwill impairment charge of $405.3 million was recorded as of December 31, 2020 for the Company\u2019s International Theatres reporting unit. There is considerable management judgment with respect to cash flow estimates and discount rates to be used in determining fair value, which fall under Level 3 within the fair value measurement hierarchy. Given the nature of the Company\u2019s business and its recent history, future impairments are possible based upon business conditions, movie release dates, and attendance levels.
"}]},{"name":"rpt:f-742","factDimensions":{"xbrl:concept":"us-gaap:Goodwill","xbrl:period":"2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"2429800000","decimals":-5}]},{"name":"rpt:f-743","factDimensions":{"xbrl:concept":"us-gaap:Goodwill","xbrl:period":"2021-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"2547300000","decimals":-5}]},{"name":"rpt:f-744","factDimensions":{"xbrl:concept":"us-gaap:NumberOfReportingUnits","xbrl:period":"2021-01-01T00:00:00/2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"amch:item"},"factValues":[{"value":"2"}]},{"name":"rpt:f-745","factDimensions":{"xbrl:concept":"us-gaap:GoodwillImpairmentLoss","xbrl:period":"2020-01-01T00:00:00/2020-04-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"country:US"},"factValues":[{"value":"1124900000","decimals":-5}]},{"name":"rpt:f-746","factDimensions":{"xbrl:concept":"us-gaap:GoodwillImpairmentLoss","xbrl:period":"2020-01-01T00:00:00/2020-04-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"us-gaap:NonUsMember"},"factValues":[{"value":"619400000","decimals":-5}]},{"name":"rpt:f-747","factDimensions":{"xbrl:concept":"us-gaap:GoodwillImpairmentLoss","xbrl:period":"2020-07-01T00:00:00/2020-10-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"country:US"},"factValues":[{"value":"151200000","decimals":-5}]},{"name":"rpt:f-748","factDimensions":{"xbrl:concept":"us-gaap:GoodwillImpairmentLoss","xbrl:period":"2020-07-01T00:00:00/2020-10-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"us-gaap:NonUsMember"},"factValues":[{"value":"5600000","decimals":-5}]},{"name":"rpt:f-749","factDimensions":{"xbrl:concept":"us-gaap:GoodwillImpairmentLoss","xbrl:period":"2020-10-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"us-gaap:NonUsMember"},"factValues":[{"value":"405300000","decimals":-5}]},{"name":"rpt:f-750","factDimensions":{"xbrl:concept":"amch:OtherLongTermAssetsPolicyTextBlock","xbrl:period":"2021-01-01T00:00:00/2022-01-01T00:00:00","xbrl:entity":"cik:0001411579"},"factValues":[{"value":"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\u00a07\u2014Supplemental Balance Sheet Information.
"}]},{"name":"rpt:f-751","factDimensions":{"xbrl:concept":"us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock","xbrl:period":"2021-01-01T00:00:00/2022-01-01T00:00:00","xbrl:entity":"cik:0001411579"},"factValues":[{"value":"Accounts Payable. Under the Company\u2019s cash management system, checks issued but not presented to banks frequently result in book overdraft balances for accounting purposes and are classified within accounts payable in the balance sheet. The change in book overdrafts are reported as a component of operating cash flows for accounts payable as they do not represent bank overdrafts. The amount of these checks included in accounts payable as of December\u00a031, 2021 and December\u00a031, 2020 was $3.6\u00a0million and $1.8\u00a0million, respectively.
"}]},{"name":"rpt:f-752","factDimensions":{"xbrl:concept":"us-gaap:BankAcceptancesExecutedAndOutstanding","xbrl:period":"2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"3600000","decimals":-5}]},{"name":"rpt:f-753","factDimensions":{"xbrl:concept":"us-gaap:BankAcceptancesExecutedAndOutstanding","xbrl:period":"2021-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1800000","decimals":-5}]},{"name":"rpt:f-754","factDimensions":{"xbrl:concept":"us-gaap:LesseeLeasesPolicyTextBlock","xbrl:period":"2021-01-01T00:00:00/2022-01-01T00:00:00","xbrl:entity":"cik:0001411579"},"factValues":[{"value":"Leases. The Company adopted ASC\u00a0842 on January\u00a01, 2019 using the modified retrospective transition method. Upon transition to the new standard, the Company elected the package of practical expedients, which permitted the Company not to reassess under the new standard its prior conclusions about lease identification, lease classification and initial direct costs.
The Company leases theatres and equipment under operating and finance leases. The majority of the Company\u2019s operations are conducted in premises occupied under lease agreements with initial base terms ranging generally from 12 to 15 years, with certain leases containing options to extend the leases for up to an additional 20\u00a0years. The Company typically does not believe that exercise of the renewal options is reasonably assured at the inception of the lease agreements and, therefore, considers the initial base term as the lease term. Lease terms vary but generally, the leases provide for fixed and escalating rentals, contingent escalating rentals based on the Consumer Price Index and other indexes not to exceed certain specified amounts and variable rentals based on a percentage of revenues. The Company often receives contributions from landlords for renovations at existing locations. The Company records the amounts received from landlords as an adjustment to the right-of-use asset and amortizes the balance as a reduction to rent expense over the base term of the lease agreement.
Operating lease right-of-use assets and lease liabilities were recorded at commencement date based on the present value of minimum lease payments over the remaining lease term. The minimum lease payments include base rent and other fixed payments, including fixed maintenance costs. The Company\u2019s leases have remaining lease terms of approximately 1 year to 25\u00a0years, which may include the option to extend the lease when it is reasonably certain the Company will exercise that option. The present value of the lease payments is calculated using the incremental borrowing rate for operating leases, which was determined using a portfolio approach based on the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. Operating lease expense is recorded on a straight-line basis over the lease term.
The Company elected the practical expedient to not separate lease and non-lease components and also elected the short-term practical expedient for all leases that qualify. As a result, the Company will not recognize right-of-use assets or liabilities for short-term leases that qualify for the short-term practical expedient, but instead will recognize the lease payments as lease cost on a straight-line basis over the lease term. The Company\u2019s 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.
"}]},{"name":"rpt:f-755","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseTermOfContract","xbrl:period":"2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"P12Y"}]},{"name":"rpt:f-756","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseTermOfContract","xbrl:period":"2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"P15Y"}]},{"name":"rpt:f-757","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseRenewalTerm","xbrl:period":"2022-01-01T00:00:00","xbrl:entity":"cik:0001411579"},"factValues":[{"value":"P20Y"}]},{"name":"rpt:f-758","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseRemainingLeaseTerm","xbrl:period":"2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"P1Y"}]},{"name":"rpt:f-759","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseRemainingLeaseTerm","xbrl:period":"2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"P25Y"}]},{"name":"rpt:f-760","factDimensions":{"xbrl:concept":"us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock","xbrl:period":"2021-01-01T00:00:00/2022-01-01T00:00:00","xbrl:entity":"cik:0001411579"},"factValues":[{"value":"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 theatre assets 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 carrying value of the asset is reduced to fair value, with the difference recorded as an impairment charge. Assets 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\u2019s theatres and other long-lived assets, and, accordingly, actual results could vary significantly from such estimates, which fall under Level\u00a03 within the fair value measurement hierarchy, see Note\u00a012\u2014Fair Value Measurements.
The following table summarizes the Company\u2019s assets that were impaired:
Year Ended | |||||||||
December\u00a031, | December\u00a031, | December\u00a031, | |||||||
(In millions) | \u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0 | 2020 | 2019 | ||||
Impairment of long-lived assets | $ | 77.2 | $ | 177.9 | $ | 84.3 | |||
Impairment of definite-lived intangible assets | \u2014 | 14.4 | \u2014 | ||||||
Impairment of indefinite-lived intangible assets | \u2014 | 15.2 | \u2014 | ||||||
Impairment of goodwill (1) | \u2014 | 2,306.4 | \u2014 | ||||||
Impairment of long-lived assets, definite and indefinite-lived intangible assets and goodwill | 77.2 | 2,513.9 | 84.3 | ||||||
Impairment of equity method investments recorded in equity in (earnings) loss of non-consolidated entities | \u2014 | 8.6 | \u2014 | ||||||
Impairment of other assets recorded in investment expense (income) | \u2014 | 15.9 | 3.6 | ||||||
Total impairment loss | $ | 77.2 | $ | 2,538.4 | $ | 87.9 |
| (1) | See Note 5\u2014Goodwill and Intangible Assets for information regarding goodwill impairment. |
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 (in Alabama, Arkansas, California, Colorado, Connecticut, District of Columbia, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Minnesota, Mississippi, Missouri, Montana, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, West Virginia, and Wisconsin) and $15.9 million on 14 theatres in the International markets with 118 screens (in Italy, Norway, Spain, and the UK), which were related to property, net, operating lease right-of-use assets, net, and other long-term assets.
During the year ended December 31, 2020, the Company recorded non-cash impairment of long-lived assets of $152.5 million on 101 theatres in the U.S. markets with 1,139 screens (in Alabama, Arizona, Arkansas, California, Colorado, District of Columbia, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New York, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, South Dakota, Tennessee, Texas, Washington, Wisconsin and Wyoming) and $25.4 million on 37 theatres in the International markets with 340 screens (in Finland, Germany, Ireland, Italy, Norway, Portugal, Spain, Sweden, and UK), which were related to property, net and operating lease right-of-use assets, net. During the year ended December 31, 2020, the Company recorded impairment losses related to definite-lived intangible assets of $14.4 million in the U.S. markets. For indefinite-lived intangible asset, the Company recorded impairment charges related to the Odeon trade name of $12.5 million and Nordic trade names of $2.7 million during the year ended December 31, 2020. During the year ended December 31, 2020, the Company recorded impairment losses in the International markets related to equity method investments of $8.6 million in equity in (earnings) loss of non-consolidated entities. In addition, during the year ended December 31, 2020, the Company recorded impairment losses of $15.9 million within investment expense (income), related to equity interest investments without a readily determinable fair value accounted for under the cost method in the U.S. markets.
During the year ended December 31,\u00a02019, the Company recorded an impairment of long-lived assets loss of $76.6\u00a0million on 40 theatres in the U.S. markets with 512\u00a0screens and an impairment of long-lived assets loss of $7.7 million on 14\u00a0theatres with 148\u00a0screens in the International markets, which was related to property held and used, operating lease right-of-use assets, and a U.S. property held and not used in other long-term assets. In addition, the Company recorded an impairment loss of $3.6 million within investment expense (income), related to an equity interest investment without a readily determinable fair value accounted for under the cost method.
"}]},{"name":"rpt:f-761","factDimensions":{"xbrl:concept":"us-gaap:DetailsOfImpairmentOfLongLivedAssetsHeldAndUsedByAssetTextBlock","xbrl:period":"2021-01-01T00:00:00/2022-01-01T00:00:00","xbrl:entity":"cik:0001411579"},"factValues":[{"value":"Year Ended | |||||||||
December\u00a031, | December\u00a031, | December\u00a031, | |||||||
(In millions) | \u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0 | 2020 | 2019 | ||||
Impairment of long-lived assets | $ | 77.2 | $ | 177.9 | $ | 84.3 | |||
Impairment of definite-lived intangible assets | \u2014 | 14.4 | \u2014 | ||||||
Impairment of indefinite-lived intangible assets | \u2014 | 15.2 | \u2014 | ||||||
Impairment of goodwill (1) | \u2014 | 2,306.4 | \u2014 | ||||||
Impairment of long-lived assets, definite and indefinite-lived intangible assets and goodwill | 77.2 | 2,513.9 | 84.3 | ||||||
Impairment of equity method investments recorded in equity in (earnings) loss of non-consolidated entities | \u2014 | 8.6 | \u2014 | ||||||
Impairment of other assets recorded in investment expense (income) | \u2014 | 15.9 | 3.6 | ||||||
Total impairment loss | $ | 77.2 | $ | 2,538.4 | $ | 87.9 |
| (1) | See Note 5\u2014Goodwill and Intangible Assets for information regarding goodwill impairment. |
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 (in Alabama, Arkansas, California, Colorado, Connecticut, District of Columbia, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Minnesota, Mississippi, Missouri, Montana, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, West Virginia, and Wisconsin) and $15.9 million on 14 theatres in the International markets with 118 screens (in Italy, Norway, Spain, and the UK), which were related to property, net, operating lease right-of-use assets, net, and other long-term assets.
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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, and also the Company\u2019s \u00a34.0\u00a0million, 6.375% Senior Subordinated Notes due 2024, which have been designated as a non-derivative net investment hedge of the Company\u2019s investment in Odeon and UCI Cinemas Holdings Limited (\u201cOdeon\u201d). 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.
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The following table sets forth the plans\u2019 benefit obligations and plan assets and the accrued liability for benefit costs included in the consolidated balance sheets:
U.S. Pension Benefits | International Pension Benefits | |||||||||||
Year Ended | Year Ended | |||||||||||
(In millions) | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2021 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2020 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2021 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2020 | ||||
Aggregated projected benefit obligation at end of period (1) | $ | (111.5) | $ | (123.9) | $ | (125.0) | $ | (133.1) | ||||
Aggregated fair value of plan assets at end of period | \u00a0 | 84.3 | \u00a0 | 84.2 | \u00a0 | 126.0 | \u00a0 | 128.7 | ||||
Net (liability) asset for benefit cost - funded status | $ | (27.2) | $ | (39.7) | $ | 1.0 | $ | (4.4) |
| (1) | At December 31, 2021 and December 31, 2020, U.S. aggregated accumulated benefit obligations were $111.5 million and $123.9 million, respectively, and International aggregated accumulated benefit obligations were $125.0 million and $129.5 million, respectively. |
The Company does not expect to make a material contribution to the U.S. pension plans during the year ended December 31, 2022. The Company intends to make future cash contributions to the plans in an amount necessary to meet minimum funding requirements according to applicable benefit plan regulations.
The weighted-average assumptions used to determine benefit obligations are as follows:
U.S. Pension Benefits | International Pension Benefits | |||||||
December 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | |||||
Discount rate | \u00a0 | 2.66% | 2.26% | 1.79% | 1.78% | |||
Rate of compensation increase | \u00a0 | N/A | N/A | 2.28% | 2.29% |
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, | |||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | \u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | |
Discount rate | \u00a0 | 2.26% | 3.07% | 4.12% | 1.78% | 1.97% | 2.86% | |||||
Weighted average expected long-term return on plan assets | \u00a0 | 6.57% | 6.70% | 6.70% | 1.28% | 2.15% | 2.99% | |||||
Rate of compensation increase | \u00a0 | N/A | N/A | N/A | 2.29% | 2.27% | 2.19% |
The offset to the pension liability is recorded in equity as a component of accumulated other comprehensive (income) loss. For further information, see Note 14\u2014Accumulated Other Comprehensive Income (Loss) for pension amounts and activity recorded in accumulated other comprehensive income.
For the years ended December 31, 2021, December 31, 2020, and December 31, 2019, net periodic benefit costs (credits) were $(0.9) million, $1.8 million, and $1.7 million, respectively. The non-operating component of net periodic benefit costs is recorded in other expense (income) in the consolidated statements of operations. During the years ended December 31, 2020 and December 31, 2019, before the Sweden pension benefit plan was frozen, the service cost component of net periodic benefit cost was recorded in general and administrative other.
The following table provides the benefits expected to be paid in each of the next five years, and in the aggregate for the five years thereafter:
(In millions) | U.S. Pension Benefits | International Pension Benefits | ||||
2022 | $ | 5.5 | $ | 3.7 | ||
2023 | \u00a0 | 4.6 | 3.7 | |||
2024 | \u00a0 | 5.0 | 3.9 | |||
2025 | \u00a0 | 5.2 | 4.0 | |||
2026 | \u00a0 | 5.3 | 4.1 | |||
Years 2027 - 2031 | \u00a0 | 28.5 | 22.1 |
The Company\u2019s investment objectives for its U.S. defined benefit pension plan investments are: (1)\u00a0to preserve the value of its principal; (2)\u00a0to maximize a real long-term return with respect to the plan assets consistent with minimizing risk; (3)\u00a0to achieve and maintain adequate asset coverage for accrued benefits under the plan; and (4)\u00a0to 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\u2019s cash flow benefit needs. A weighted average targeted allocation percentage is assigned to each asset class as follows: equity securities of 49%, debt securities of 45%, and private real estate of 6%. 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, 2021, for the U.S. investment portfolio, 94% were valued using the net asset value per share (or its equivalent) as a practical expedient and 6% 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, 2021, for the International investment portfolio 37% 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 63% were valued using the net asset value per share (or its equivalent) as a practical expedient.
Under the defined contribution plan, the Company sponsors a voluntary 401(k) savings plan covering certain U.S. employees age 21 or older and who are not covered by a collective bargaining agreement. Under the Company\u2019s 401(k) Savings Plan, except during the 2020 furlough period, the Company matched 100% of each eligible employee\u2019s elective contributions up to 3% and 50% of contributions up to 5% of the employee\u2019s eligible compensation.
"}]},{"name":"rpt:f-805","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock","xbrl:period":"2021-01-01T00:00:00/2022-01-01T00:00:00","xbrl:entity":"cik:0001411579"},"factValues":[{"value":"U.S. Pension Benefits | International Pension Benefits | |||||||||||
Year Ended | Year Ended | |||||||||||
(In millions) | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2021 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2020 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2021 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2020 | ||||
Aggregated projected benefit obligation at end of period (1) | $ | (111.5) | $ | (123.9) | $ | (125.0) | $ | (133.1) | ||||
Aggregated fair value of plan assets at end of period | \u00a0 | 84.3 | \u00a0 | 84.2 | \u00a0 | 126.0 | \u00a0 | 128.7 | ||||
Net (liability) asset for benefit cost - funded status | $ | (27.2) | $ | (39.7) | $ | 1.0 | $ | (4.4) |
| (1) | At December 31, 2021 and December 31, 2020, U.S. aggregated accumulated benefit obligations were $111.5 million and $123.9 million, respectively, and International aggregated accumulated benefit obligations were $125.0 million and $129.5 million, respectively. |
The weighted-average assumptions used to determine benefit obligations are as follows:
U.S. Pension Benefits | International Pension Benefits | |||||||
December 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | |||||
Discount rate | \u00a0 | 2.66% | 2.26% | 1.79% | 1.78% | |||
Rate of compensation increase | \u00a0 | N/A | N/A | 2.28% | 2.29% |
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, | |||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | \u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | |
Discount rate | \u00a0 | 2.26% | 3.07% | 4.12% | 1.78% | 1.97% | 2.86% | |||||
Weighted average expected long-term return on plan assets | \u00a0 | 6.57% | 6.70% | 6.70% | 1.28% | 2.15% | 2.99% | |||||
Rate of compensation increase | \u00a0 | N/A | N/A | N/A | 2.29% | 2.27% | 2.19% |
(In millions) | U.S. Pension Benefits | International Pension Benefits | ||||
2022 | $ | 5.5 | $ | 3.7 | ||
2023 | \u00a0 | 4.6 | 3.7 | |||
2024 | \u00a0 | 5.0 | 3.9 | |||
2025 | \u00a0 | 5.2 | 4.0 | |||
2026 | \u00a0 | 5.3 | 4.1 | |||
Years 2027 - 2031 | \u00a0 | 28.5 | 22.1 |
Income and Operating Taxes. The Company accounts for income taxes in accordance with ASC\u00a0740-10. Under ASC\u00a0740-10, 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.
"}]},{"name":"rpt:f-873","factDimensions":{"xbrl:concept":"amch:CasualtyInsurancePolicyTextBlock","xbrl:period":"2021-01-01T00:00:00/2022-01-01T00:00:00","xbrl:entity":"cik:0001411579"},"factValues":[{"value":"Casualty Insurance. The Company is self-insured for general liability up to $1.0\u00a0million per occurrence and carries a $0.5\u00a0million deductible limit per occurrence for workers\u2019 compensation claims. The Company utilizes actuarial projections of its ultimate losses to calculate its reserves and expense. The actuarial method includes an allowance for adverse developments on known claims and an allowance for claims which have been incurred but which have not yet been reported. As of December\u00a031, 2021 and December\u00a031, 2020, the Company recorded casualty insurance reserves of $34.6\u00a0million and $32.7\u00a0million, respectively. The Company recorded expenses related to general liability and workers\u2019 compensation claims of $37.1\u00a0million, $32.8\u00a0million, and $32.6\u00a0million for the years ended December\u00a031, 2021, December\u00a031, 2020, and December\u00a031, 2019, respectively. Casualty insurance expense is recorded in operating expense.
"}]},{"name":"rpt:f-874","factDimensions":{"xbrl:concept":"amch:GeneralLiabilitySelfInsuredAmountPerOccurrence","xbrl:period":"2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1000000.0","decimals":-5}]},{"name":"rpt:f-875","factDimensions":{"xbrl:concept":"amch:GeneralLiabilitySelfInsuredDeductibleLimitPerOccurrence","xbrl:period":"2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"500000","decimals":-5}]},{"name":"rpt:f-876","factDimensions":{"xbrl:concept":"us-gaap:SelfInsuranceReserve","xbrl:period":"2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"34600000","decimals":-5}]},{"name":"rpt:f-877","factDimensions":{"xbrl:concept":"us-gaap:SelfInsuranceReserve","xbrl:period":"2021-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"32700000","decimals":-5}]},{"name":"rpt:f-878","factDimensions":{"xbrl:concept":"amch:GeneralLiabilityAndWorkersCompensationExpense","xbrl:period":"2021-01-01T00:00:00/2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"37100000","decimals":-5}]},{"name":"rpt:f-879","factDimensions":{"xbrl:concept":"amch:GeneralLiabilityAndWorkersCompensationExpense","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"32800000","decimals":-5}]},{"name":"rpt:f-880","factDimensions":{"xbrl:concept":"amch:GeneralLiabilityAndWorkersCompensationExpense","xbrl:period":"2019-01-01T00:00:00/2020-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"32600000","decimals":-5}]},{"name":"rpt:f-881","factDimensions":{"xbrl:concept":"amch:OtherExpensePolicyTextBlock","xbrl:period":"2021-01-01T00:00:00/2022-01-01T00:00:00","xbrl:entity":"cik:0001411579"},"factValues":[{"value":"Other Expense (Income): The following table sets forth the components of other expense (income):
Year Ended | |||||||||
December\u00a031, | December\u00a031, | December\u00a031, | |||||||
(In millions) | \u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | |||
Derivative liability fair value adjustment for embedded conversion feature in the Convertible Notes | $ | \u2014 | $ | 89.4 | $ | (23.5) | |||
Derivative asset fair value adjustment for contingent call option related to the Class B common stock purchase and cancellation agreement | \u2014 | 19.6 | 17.7 | ||||||
Credit losses (income) related to contingent lease guarantees | (5.7) | 15.0 | \u2014 | ||||||
Governmental assistance due to COVID-19 - International markets | (81.5) | (38.6) | \u2014 | ||||||
Governmental assistance due to COVID-19 - U.S. markets | (5.6) | \u2014 | \u2014 | ||||||
Foreign currency transaction (gains) losses | (9.8) | (2.8) | 1.5 | ||||||
Non-operating components of net periodic benefit cost (income) | (0.7) | 1.1 | 1.2 | ||||||
Loss on debt extinguishment | 14.4 | \u2014 | 16.6 | ||||||
Gain on extinguishment Second Lien Notes due 2026 | \u2014 | (93.6) | \u2014 | ||||||
Financing fees related to modification of debt | 1.0 | 39.3 | \u2014 | ||||||
Loss on Pound sterling forward contract | \u2014 | \u2014 | 0.9 | ||||||
Business interruption insurance recoveries | \u2014 | (0.5) | (1.1) | ||||||
Other | \u00a0 | \u2014 | \u00a0 | \u2014 | 0.1 | ||||
Other expense (income) | $ | (87.9) | $ | 28.9 | $ | 13.4 |
Year Ended | |||||||||
December\u00a031, | December\u00a031, | December\u00a031, | |||||||
(In millions) | \u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | |||
Derivative liability fair value adjustment for embedded conversion feature in the Convertible Notes | $ | \u2014 | $ | 89.4 | $ | (23.5) | |||
Derivative asset fair value adjustment for contingent call option related to the Class B common stock purchase and cancellation agreement | \u2014 | 19.6 | 17.7 | ||||||
Credit losses (income) related to contingent lease guarantees | (5.7) | 15.0 | \u2014 | ||||||
Governmental assistance due to COVID-19 - International markets | (81.5) | (38.6) | \u2014 | ||||||
Governmental assistance due to COVID-19 - U.S. markets | (5.6) | \u2014 | \u2014 | ||||||
Foreign currency transaction (gains) losses | (9.8) | (2.8) | 1.5 | ||||||
Non-operating components of net periodic benefit cost (income) | (0.7) | 1.1 | 1.2 | ||||||
Loss on debt extinguishment | 14.4 | \u2014 | 16.6 | ||||||
Gain on extinguishment Second Lien Notes due 2026 | \u2014 | (93.6) | \u2014 | ||||||
Financing fees related to modification of debt | 1.0 | 39.3 | \u2014 | ||||||
Loss on Pound sterling forward contract | \u2014 | \u2014 | 0.9 | ||||||
Business interruption insurance recoveries | \u2014 | (0.5) | (1.1) | ||||||
Other | \u00a0 | \u2014 | \u00a0 | \u2014 | 0.1 | ||||
Other expense (income) | $ | (87.9) | $ | 28.9 | $ | 13.4 |
Accounting Pronouncements Recently Adopted
Income Taxes. In December 2019, the Financial Accounting Standards Board (\u201cFASB\u201d) issued Accounting Standards Update (\u201cASU\u201d) No. 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes (\u201cASU 2019-12\u201d), which is intended to improve consistency and simplify several areas of existing guidance. ASU 2019-12 removes certain exceptions to the general principles related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also clarifies the accounting for transactions that result in a step-up in the tax basis for goodwill. ASU 2019-12 was effective for the Company in the first quarter of 2021. The adoption of ASU 2019-12 did not have a material impact on the Company\u2019s consolidated financial statements.
Accounting Pronouncements Issued Not Yet Adopted
Government Assistance. In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832) Disclosures by Business Entities about Government Assistance (\u201cASU 2021-10\u201d). The amendments in ASU 2021-10 require annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy, including (1) information about the nature of the transactions and the related accounting policy used to account for the transactions, (2) the line items on the balance sheet and income statement that are affected by the transactions, and the amounts applicable to each financial statement line item, and (3) significant terms and conditions of the transactions, including commitments and contingencies. The annual government assistance disclosure requirements are effective for the Company during the year ended December 31, 2022.
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Disaggregation of Revenue. Revenue is disaggregated in the following tables by major revenue types and by timing of revenue recognition:
Year Ended | |||||||||
(In millions) | December\u00a031,\u00a02021 | December\u00a031,\u00a02020 | December\u00a031,\u00a02019 | ||||||
Major revenue types | |||||||||
Admissions | $ | 1,394.2 | $ | 712.1 | $ | 3,301.3 | |||
Food and beverage | 857.3 | 362.4 | 1,719.6 | ||||||
Other theatre: | |||||||||
Advertising | 95.3 | 80.5 | 143.0 | ||||||
Other theatre | 181.1 | 87.4 | 307.1 | ||||||
Other theatre | 276.4 | 167.9 | 450.1 | ||||||
Total revenues | $ | 2,527.9 | $ | 1,242.4 | $ | 5,471.0 |
Year Ended | |||||||||
(In millions) | December\u00a031,\u00a02021 | December\u00a031,\u00a02020 | December\u00a031,\u00a02019 | ||||||
Timing of revenue recognition | |||||||||
Products and services transferred at a point in time | $ | 2,325.5 | $ | 1,086.0 | $ | 5,071.0 | |||
Products and services transferred over time(1) | 202.4 | 156.4 | 400.0 | ||||||
Total revenues | $ | 2,527.9 | $ | 1,242.4 | $ | 5,471.0 |
| (1) | Amounts primarily include subscription and advertising revenues. |
The following tables provide the balances of receivables and deferred revenue income:
(In millions) | December\u00a031,\u00a02021 | December 31, 2020 | ||||
Current assets | ||||||
Receivables related to contracts with customers | $ | 85.4 | $ | 23.1 | ||
Miscellaneous receivables | 83.1 | 67.9 | ||||
Receivables, net | $ | 168.5 | $ | 91.0 |
(In millions) | December\u00a031,\u00a02021 | December 31, 2020 | ||||
Current liabilities | ||||||
Deferred revenue related to contracts with customers | $ | 405.1 | $ | 400.6 | ||
Miscellaneous deferred income | 3.5 | 4.8 | ||||
Deferred revenue and income | $ | 408.6 | $ | 405.4 |
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, 2019 | $ | 447.1 | |
Cash received in advance (1) | 110.8 | ||
Customer loyalty rewards accumulated, net of expirations: | |||
Admission revenues (2) | 8.4 | ||
Food and beverage revenues (2) | 15.0 | ||
Other theatre revenues (2) | \u2014 | ||
Reclassification to revenue as the result of performance obligations satisfied: | |||
Admission revenues (3) | (118.5) | ||
Food and beverage revenues (3) | (32.0) | ||
Other theatre revenues (4) | (33.8) | ||
Foreign currency translation adjustment | 3.6 | ||
Balance December 31, 2020 | $ | 400.6 | |
Cash received in advance (1) | 186.1 | ||
Customer loyalty rewards accumulated, net of expirations: | |||
Admission revenues (2) | 11.0 | ||
Food and beverage revenues (2) | 20.3 | ||
Other theatre revenues (2) | (0.2) | ||
Reclassification to revenue as the result of performance obligations satisfied: | |||
Admission revenues (3) | (127.4) | ||
Food and beverage revenues (3) | (39.3) | ||
Other theatre revenues (4) | (42.1) | ||
Foreign currency translation adjustment | (3.9) | ||
Balance December 31, 2021 | $ | 405.1 |
| (1) | Includes movie tickets, food and beverage, gift cards, exchange tickets, and AMC Stubs\u00ae loyalty membership fees. |
| (2) | Amount of rewards accumulated, net of expirations, that are attributed to AMC Stubs\u00ae and other loyalty programs. |
| (3) | Amount of rewards redeemed that are attributed to gift cards, exchange tickets, movie tickets, AMC Stubs\u00ae loyalty programs and other loyalty programs. |
| (4) | Amounts relate to income from non-redeemed or partially redeemed gift cards, non-redeemed exchange tickets, AMC Stubs\u00ae loyalty membership fees and other loyalty programs. |
The significant changes to contract liabilities included in the ESA in the consolidated balance sheets, are as follows:
Exhibitor Services | |||
(In millions) | Agreement (1) | ||
Balance December 31, 2019 | $ | 549.7 | |
Common Unit Adjustment\u2013additions of common units (1) | 4.8 | ||
Reclassification of the beginning balance to other theatre revenue, as the result of performance obligations satisfied | (16.9) | ||
Balance December 31, 2020 | $ | 537.6 | |
Negative Common Unit Adjustment\u2013reduction of common units | (9.2) | ||
Reclassification of portion of the beginning balance to other theatre revenue, as the result of performance obligations satisfied | (18.0) | ||
Balance December 31, 2021 | $ | 510.4 |
| (1) | Represents the carrying amount of the NCM common units that were previously received under the annual Common Unit Adjustment. The deferred revenues are being amortized to other theatre revenues over the |
| remainder of the 30-year term of the ESA ending in February\u00a02037. |
Transaction Price Allocated to the Remaining Performance Obligations. The following table includes the amount of NCM ESA, included in exhibitor services agreement in the Company\u2019s consolidated balance sheets, that is expected to be recognized as revenues in the future related to performance obligations that are unsatisfied as of December\u00a031, 2021:
(In millions) | Exhibitor Services Agreement | ||
Year ended 2022 | $ | 19.3 | |
Year ended 2023 | 20.8 | ||
Year ended 2024 | 22.3 | ||
Year ended 2025 | 24.0 | ||
Year ended 2026 | 25.8 | ||
Years ended 2027 through February 2037 | 398.2 | ||
Total | $ | 510.4 |
Gift Cards and Exchange Tickets. The total amount of non-redeemed gift cards and exchange tickets included in deferred revenues and income as of December\u00a031, 2021 was $322.0\u00a0million. This will be recognized as revenues as the gift cards and exchange tickets are redeemed or as the non-redeemed gift card and exchange ticket revenues are recognized in proportion to the pattern of actual redemptions, which is estimated to occur over the next 24 months.
Loyalty Programs. As of December\u00a031, 2021, the amount of deferred revenues allocated to the loyalty programs included in deferred revenues and income was $65.5\u00a0million. The earned points will be recognized as revenue as the points are redeemed, which is estimated to occur over the next 24 months. The AMC Stubs PremiereTM annual membership fee is recognized ratably over the one-year membership period.
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.
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(In millions) | December\u00a031,\u00a02021 | December\u00a031,\u00a02020 | December\u00a031,\u00a02019 | ||||||
Major revenue types | |||||||||
Admissions | $ | 1,394.2 | $ | 712.1 | $ | 3,301.3 | |||
Food and beverage | 857.3 | 362.4 | 1,719.6 | ||||||
Other theatre: | |||||||||
Advertising | 95.3 | 80.5 | 143.0 | ||||||
Other theatre | 181.1 | 87.4 | 307.1 | ||||||
Other theatre | 276.4 | 167.9 | 450.1 | ||||||
Total revenues | $ | 2,527.9 | $ | 1,242.4 | $ | 5,471.0 |
Year Ended | |||||||||
(In millions) | December\u00a031,\u00a02021 | December\u00a031,\u00a02020 | December\u00a031,\u00a02019 | ||||||
Timing of revenue recognition | |||||||||
Products and services transferred at a point in time | $ | 2,325.5 | $ | 1,086.0 | $ | 5,071.0 | |||
Products and services transferred over time(1) | 202.4 | 156.4 | 400.0 | ||||||
Total revenues | $ | 2,527.9 | $ | 1,242.4 | $ | 5,471.0 |
| (1) | Amounts primarily include subscription and advertising revenues. |
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(In millions) | December\u00a031,\u00a02021 | December 31, 2020 | ||||
Current assets | ||||||
Receivables related to contracts with customers | $ | 85.4 | $ | 23.1 | ||
Miscellaneous receivables | 83.1 | 67.9 | ||||
Receivables, net | $ | 168.5 | $ | 91.0 |
(In millions) | December\u00a031,\u00a02021 | December 31, 2020 | ||||
Current liabilities | ||||||
Deferred revenue related to contracts with customers | $ | 405.1 | $ | 400.6 | ||
Miscellaneous deferred income | 3.5 | 4.8 | ||||
Deferred revenue and income | $ | 408.6 | $ | 405.4 |
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Deferred Revenues | |||
Related to Contracts | |||
(In millions) | with Customers | ||
Balance December 31, 2019 | $ | 447.1 | |
Cash received in advance (1) | 110.8 | ||
Customer loyalty rewards accumulated, net of expirations: | |||
Admission revenues (2) | 8.4 | ||
Food and beverage revenues (2) | 15.0 | ||
Other theatre revenues (2) | \u2014 | ||
Reclassification to revenue as the result of performance obligations satisfied: | |||
Admission revenues (3) | (118.5) | ||
Food and beverage revenues (3) | (32.0) | ||
Other theatre revenues (4) | (33.8) | ||
Foreign currency translation adjustment | 3.6 | ||
Balance December 31, 2020 | $ | 400.6 | |
Cash received in advance (1) | 186.1 | ||
Customer loyalty rewards accumulated, net of expirations: | |||
Admission revenues (2) | 11.0 | ||
Food and beverage revenues (2) | 20.3 | ||
Other theatre revenues (2) | (0.2) | ||
Reclassification to revenue as the result of performance obligations satisfied: | |||
Admission revenues (3) | (127.4) | ||
Food and beverage revenues (3) | (39.3) | ||
Other theatre revenues (4) | (42.1) | ||
Foreign currency translation adjustment | (3.9) | ||
Balance December 31, 2021 | $ | 405.1 |
| (1) | Includes movie tickets, food and beverage, gift cards, exchange tickets, and AMC Stubs\u00ae loyalty membership fees. |
| (2) | Amount of rewards accumulated, net of expirations, that are attributed to AMC Stubs\u00ae and other loyalty programs. |
| (3) | Amount of rewards redeemed that are attributed to gift cards, exchange tickets, movie tickets, AMC Stubs\u00ae loyalty programs and other loyalty programs. |
| (4) | Amounts relate to income from non-redeemed or partially redeemed gift cards, non-redeemed exchange tickets, AMC Stubs\u00ae loyalty membership fees and other loyalty programs. |
Exhibitor Services | |||
(In millions) | Agreement (1) | ||
Balance December 31, 2019 | $ | 549.7 | |
Common Unit Adjustment\u2013additions of common units (1) | 4.8 | ||
Reclassification of the beginning balance to other theatre revenue, as the result of performance obligations satisfied | (16.9) | ||
Balance December 31, 2020 | $ | 537.6 | |
Negative Common Unit Adjustment\u2013reduction of common units | (9.2) | ||
Reclassification of portion of the beginning balance to other theatre revenue, as the result of performance obligations satisfied | (18.0) | ||
Balance December 31, 2021 | $ | 510.4 |
| (1) | Represents the carrying amount of the NCM common units that were previously received under the annual Common Unit Adjustment. The deferred revenues are being amortized to other theatre revenues over the |
| remainder of the 30-year term of the ESA ending in February\u00a02037. |
(In millions) | Exhibitor Services Agreement | ||
Year ended 2022 | $ | 19.3 | |
Year ended 2023 | 20.8 | ||
Year ended 2024 | 22.3 | ||
Year ended 2025 | 24.0 | ||
Year ended 2026 | 25.8 | ||
Years ended 2027 through February 2037 | 398.2 | ||
Total | $ | 510.4 |
NOTE 3\u2014LEASES
The Company received rent concessions provided by the lessors that aided in mitigating the economic effects of COVID-19 during the pandemic. These concessions primarily consisted of rent abatements and the deferral of rent payments. In instances where there were no substantive changes to the lease terms, i.e., modifications that resulted in total payments of the modified lease being substantially the same or less than the total payments of the existing lease, the Company elected the relief as provided by the FASB staff related to the accounting for certain lease concessions. The Company elected not to account for these concessions as a lease modification, and therefore the Company has remeasured the related lease liability and right-of-use asset but did not reassess the lease classification or change the discount rate to the current rate in effect upon the remeasurement. The deferred payment amounts have been recorded in the Company\u2019s lease liabilities to reflect the change in the timing of payments. The deferred payment amounts included in current maturities of operating lease liabilities and long-term operating lease liabilities are reflected in the consolidated statements of cash flows as part of the change in accrued expenses and other liabilities. Those leases that did not meet the criteria for treatment under the FASB relief were evaluated as lease modifications. The deferred payment amounts included in accounts payable for contractual rent amounts due and not paid are reflected in accounts payable on the consolidated balance sheets and in the consolidated statements of cash flows as part of the change in accounts payable. In addition, the Company included deferred lease payments in operating lease right-of-use assets as a result of lease remeasurements.
A summary of deferred payment amounts related to rent obligations for which payments were deferred to 2022 and future years are provided below:
As of | As of | ||||||||
December 31, | Decrease | December 31, | |||||||
(In millions) | 2020 | in deferred amounts | 2021 | ||||||
Fixed operating lease deferred amounts (1) (2) | $ | 383.9 | $ | (84.6) | $ | 299.3 | |||
Finance lease deferred amounts | 12.8 | (10.4) | 2.4 | ||||||
Variable lease deferred amounts (2) | 53.3 | (39.9) | 13.4 | ||||||
Total deferred lease amounts | $ | 450.0 | $ | (134.9) | $ | 315.1 |
| (1) | During the year ended December 31, 2021, the decrease in fixed operating lease deferred amounts includes $152.6 million of decreases in the deferred balances as of December 31, 2020 related to payments and abatements. |
| (2) | During the year ended December 31, 2021, decreases in variable lease deferred amounts were primarily due to resolution of contingencies, therefore, variable amounts became fixed and were reclassified to fixed operating lease deferred amounts. |
The following table reflects the lease costs for the years indicated below:
Year Ended | |||||||||||
December\u00a031, | December\u00a031, | December\u00a031, | |||||||||
(In millions) | Consolidated Statements of Operations | 2021 | 2020 | 2019 | |||||||
Operating lease cost | |||||||||||
Theatre properties | Rent | $ | 775.4 | $ | 813.7 | $ | 876.0 | ||||
Theatre properties | Operating expense | 1.1 | 2.8 | 9.1 | |||||||
Equipment | Operating expense | 10.7 | 14.6 | 14.4 | |||||||
Office and other | General and administrative: other | 5.4 | 5.4 | 5.5 | |||||||
Finance lease cost | |||||||||||
Amortization of finance lease assets | Depreciation and amortization | 4.6 | 6.7 | 9.2 | |||||||
Interest expense on lease liabilities | Finance lease obligations | 5.2 | 5.9 | 7.6 | |||||||
Variable lease cost | |||||||||||
Theatre properties | Rent | 52.6 | 70.4 | 91.8 | |||||||
Equipment | Operating expense | 43.4 | 6.4 | 56.3 | |||||||
Total lease cost | $ | 898.4 | $ | 925.9 | $ | 1,069.9 |
The following table represents the weighted-average remaining lease term and discount rate as of December\u00a031, 2021:
As of December 31, 2021 | ||||||
Weighted Average | Weighted Average | |||||
Remaining | Discount | |||||
Lease Term and Discount Rate | Lease Term (years) | Rate | ||||
Operating leases | 10.0 | 9.9% | ||||
Finance leases | 13.8 | 6.5% |
Cash flow and supplemental information is presented below:
Year Ended | |||||||||
December\u00a031, | December\u00a031, | December\u00a031, | |||||||
(In millions) | 2021 | 2020 | 2019 | ||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||
Operating cash flows used in finance leases | $ | (2.9) | $ | (3.2) | $ | (7.6) | |||
Operating cash flows used in operating leases | (883.2) | (446.5) | (941.6) | ||||||
Financing cash flows used in finance leases | (9.0) | (6.2) | (10.9) | ||||||
Landlord contributions: | |||||||||
Operating cashflows provided by operating leases | 22.0 | 43.6 | 106.5 | ||||||
Supplemental disclosure of noncash leasing activities: | |||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities (1) | 196.6 | 201.5 | 463.2 |
| (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\u00a031, 2021 are as follows:
Operating Lease | Financing Lease | |||||
(In millions) | Payments (2) | Payments (2) | ||||
2022 (1) | $ | 1,039.5 | $ | 13.9 | ||
2023 | 947.8 | 9.8 | ||||
2024 | 823.3 | 8.7 | ||||
2025 | 775.6 | 8.0 | ||||
2026 | 711.3 | 7.8 | ||||
Thereafter | 3,881.9 | 63.6 | ||||
Total lease payments | 8,179.4 | 111.8 | ||||
Less imputed interest | (2,929.0) | (39.1) | ||||
Total operating and finance lease liabilities, respectively | $ | 5,250.4 | $ | 72.7 |
| (1) | The minimum annual payments table above does not include contractual cash rent amounts that were due and not paid, which are recorded in accounts payable as shown below, including estimated repayment dates: |
Accounts Payable | |||
(In millions) | Lease Payments | ||
Three months ended March 31, 2022 | $ | 33.6 | |
Three months ended June 30, 2022 | 0.9 | ||
Three months ended September 30, 2022 | 0.8 | ||
Three months ended December 31, 2022 | 6.5 | ||
Total deferred lease amounts recorded in AP | $ | 41.8 |
| (2) | The minimum annual payments table above includes deferred undiscounted cash rent amounts that were due and not paid related to operating and finance leases, as shown below: |
Operating Lease | Financing Lease | |||||
(In millions) | Payments | Payments | ||||
Three months ended March 31, 2022 | $ | 40.0 | $ | 0.6 | ||
Three months ended June 30, 2022 | 36.2 | 0.4 | ||||
Three months ended September 30, 2022 | 32.3 | 0.2 | ||||
Three months ended December 31, 2022 | 31.4 | 0.2 | ||||
2023 | 82.3 | 0.5 | ||||
2024 | 15.2 | \u2014 | ||||
2025 | 5.6 | \u2014 | ||||
2026 | 4.1 | \u2014 | ||||
Thereafter | 24.3 | \u2014 | ||||
Total deferred lease amounts | $ | 271.4 | $ | 1.9 |
As of December\u00a031, 2021, the Company had signed additional operating lease agreements for 7 theatres that have not yet commenced of approximately $165.2\u00a0million, which are expected to commence between 2022 and 2024, and carry lease terms of approximately 5 to 20 years. The timing of lease commencement is dependent on the landlord providing the Company with control and access to the related facility.
"}]},{"name":"rpt:f-994","factDimensions":{"xbrl:concept":"amch:ScheduleOfDeferredPaymentAmountsRelatedToRentObligationsTableTextBlock","xbrl:period":"2021-01-01T00:00:00/2022-01-01T00:00:00","xbrl:entity":"cik:0001411579"},"factValues":[{"value":"A summary of deferred payment amounts related to rent obligations for which payments were deferred to 2022 and future years are provided below:
As of | As of | ||||||||
December 31, | Decrease | December 31, | |||||||
(In millions) | 2020 | in deferred amounts | 2021 | ||||||
Fixed operating lease deferred amounts (1) (2) | $ | 383.9 | $ | (84.6) | $ | 299.3 | |||
Finance lease deferred amounts | 12.8 | (10.4) | 2.4 | ||||||
Variable lease deferred amounts (2) | 53.3 | (39.9) | 13.4 | ||||||
Total deferred lease amounts | $ | 450.0 | $ | (134.9) | $ | 315.1 |
| (1) | During the year ended December 31, 2021, the decrease in fixed operating lease deferred amounts includes $152.6 million of decreases in the deferred balances as of December 31, 2020 related to payments and abatements. |
| (2) | During the year ended December 31, 2021, decreases in variable lease deferred amounts were primarily due to resolution of contingencies, therefore, variable amounts became fixed and were reclassified to fixed operating lease deferred amounts. |
Year Ended | |||||||||||
December\u00a031, | December\u00a031, | December\u00a031, | |||||||||
(In millions) | Consolidated Statements of Operations | 2021 | 2020 | 2019 | |||||||
Operating lease cost | |||||||||||
Theatre properties | Rent | $ | 775.4 | $ | 813.7 | $ | 876.0 | ||||
Theatre properties | Operating expense | 1.1 | 2.8 | 9.1 | |||||||
Equipment | Operating expense | 10.7 | 14.6 | 14.4 | |||||||
Office and other | General and administrative: other | 5.4 | 5.4 | 5.5 | |||||||
Finance lease cost | |||||||||||
Amortization of finance lease assets | Depreciation and amortization | 4.6 | 6.7 | 9.2 | |||||||
Interest expense on lease liabilities | Finance lease obligations | 5.2 | 5.9 | 7.6 | |||||||
Variable lease cost | |||||||||||
Theatre properties | Rent | 52.6 | 70.4 | 91.8 | |||||||
Equipment | Operating expense | 43.4 | 6.4 | 56.3 | |||||||
Total lease cost | $ | 898.4 | $ | 925.9 | $ | 1,069.9 |
As of December 31, 2021 | ||||||
Weighted Average | Weighted Average | |||||
Remaining | Discount | |||||
Lease Term and Discount Rate | Lease Term (years) | Rate | ||||
Operating leases | 10.0 | 9.9% | ||||
Finance leases | 13.8 | 6.5% |
Year Ended | |||||||||
December\u00a031, | December\u00a031, | December\u00a031, | |||||||
(In millions) | 2021 | 2020 | 2019 | ||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||
Operating cash flows used in finance leases | $ | (2.9) | $ | (3.2) | $ | (7.6) | |||
Operating cash flows used in operating leases | (883.2) | (446.5) | (941.6) | ||||||
Financing cash flows used in finance leases | (9.0) | (6.2) | (10.9) | ||||||
Landlord contributions: | |||||||||
Operating cashflows provided by operating leases | 22.0 | 43.6 | 106.5 | ||||||
Supplemental disclosure of noncash leasing activities: | |||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities (1) | 196.6 | 201.5 | 463.2 |
| (1) | Includes lease extensions and option exercises. |
Operating Lease | Financing Lease | |||||
(In millions) | Payments (2) | Payments (2) | ||||
2022 (1) | $ | 1,039.5 | $ | 13.9 | ||
2023 | 947.8 | 9.8 | ||||
2024 | 823.3 | 8.7 | ||||
2025 | 775.6 | 8.0 | ||||
2026 | 711.3 | 7.8 | ||||
Thereafter | 3,881.9 | 63.6 | ||||
Total lease payments | 8,179.4 | 111.8 | ||||
Less imputed interest | (2,929.0) | (39.1) | ||||
Total operating and finance lease liabilities, respectively | $ | 5,250.4 | $ | 72.7 |
| (1) | The minimum annual payments table above does not include contractual cash rent amounts that were due and not paid, which are recorded in accounts payable as shown below, including estimated repayment dates: |
Accounts Payable | |||
(In millions) | Lease Payments | ||
Three months ended March 31, 2022 | $ | 33.6 | |
Three months ended June 30, 2022 | 0.9 | ||
Three months ended September 30, 2022 | 0.8 | ||
Three months ended December 31, 2022 | 6.5 | ||
Total deferred lease amounts recorded in AP | $ | 41.8 |
| (2) | The minimum annual payments table above includes deferred undiscounted cash rent amounts that were due and not paid related to operating and finance leases, as shown below: |
Operating Lease | Financing Lease | |||||
(In millions) | Payments | Payments | ||||
Three months ended March 31, 2022 | $ | 40.0 | $ | 0.6 | ||
Three months ended June 30, 2022 | 36.2 | 0.4 | ||||
Three months ended September 30, 2022 | 32.3 | 0.2 | ||||
Three months ended December 31, 2022 | 31.4 | 0.2 | ||||
2023 | 82.3 | 0.5 | ||||
2024 | 15.2 | \u2014 | ||||
2025 | 5.6 | \u2014 | ||||
2026 | 4.1 | \u2014 | ||||
Thereafter | 24.3 | \u2014 | ||||
Total deferred lease amounts | $ | 271.4 | $ | 1.9 |
"}]},{"name":"rpt:f-1058","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths","xbrl:period":"2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1039500000","decimals":-5}]},{"name":"rpt:f-1059","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseLiabilityPaymentsDueNextTwelveMonths","xbrl:period":"2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"13900000","decimals":-5}]},{"name":"rpt:f-1060","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo","xbrl:period":"2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"947800000","decimals":-5}]},{"name":"rpt:f-1061","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseLiabilityPaymentsDueYearTwo","xbrl:period":"2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"9800000","decimals":-5}]},{"name":"rpt:f-1062","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearThree","xbrl:period":"2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"823300000","decimals":-5}]},{"name":"rpt:f-1063","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseLiabilityPaymentsDueYearThree","xbrl:period":"2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"8700000","decimals":-5}]},{"name":"rpt:f-1064","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFour","xbrl:period":"2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"775600000","decimals":-5}]},{"name":"rpt:f-1065","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseLiabilityPaymentsDueYearFour","xbrl:period":"2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"8000000.0","decimals":-5}]},{"name":"rpt:f-1066","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFive","xbrl:period":"2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"711300000","decimals":-5}]},{"name":"rpt:f-1067","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseLiabilityPaymentsDueInRollingYearFive","xbrl:period":"2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"7800000","decimals":-5}]},{"name":"rpt:f-1068","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive","xbrl:period":"2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"3881900000","decimals":-5}]},{"name":"rpt:f-1069","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseLiabilityPaymentsDueInRollingAfterYearFive","xbrl:period":"2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"63600000","decimals":-5}]},{"name":"rpt:f-1070","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue","xbrl:period":"2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"8179400000","decimals":-5}]},{"name":"rpt:f-1071","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseLiabilityPaymentsDue","xbrl:period":"2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"111800000","decimals":-5}]},{"name":"rpt:f-1072","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityUndiscountedExcessAmount","xbrl:period":"2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"2929000000.0","decimals":-5}]},{"name":"rpt:f-1073","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseLiabilityUndiscountedExcessAmount","xbrl:period":"2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"39100000","decimals":-5}]},{"name":"rpt:f-1074","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseLiability","xbrl:period":"2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"5250400000","decimals":-5}]},{"name":"rpt:f-1075","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseLiability","xbrl:period":"2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"72700000","decimals":-5}]},{"name":"rpt:f-1076","factDimensions":{"xbrl:concept":"amch:ScheduleOfAccountsPayableLeasePaymentsTableTextBlock","xbrl:period":"2021-01-01T00:00:00/2022-01-01T00:00:00","xbrl:entity":"cik:0001411579"},"factValues":[{"value":"
Accounts Payable | |||
(In millions) | Lease Payments | ||
Three months ended March 31, 2022 | $ | 33.6 | |
Three months ended June 30, 2022 | 0.9 | ||
Three months ended September 30, 2022 | 0.8 | ||
Three months ended December 31, 2022 | 6.5 | ||
Total deferred lease amounts recorded in AP | $ | 41.8 |
Operating Lease | Financing Lease | |||||
(In millions) | Payments | Payments | ||||
Three months ended March 31, 2022 | $ | 40.0 | $ | 0.6 | ||
Three months ended June 30, 2022 | 36.2 | 0.4 | ||||
Three months ended September 30, 2022 | 32.3 | 0.2 | ||||
Three months ended December 31, 2022 | 31.4 | 0.2 | ||||
2023 | 82.3 | 0.5 | ||||
2024 | 15.2 | \u2014 | ||||
2025 | 5.6 | \u2014 | ||||
2026 | 4.1 | \u2014 | ||||
Thereafter | 24.3 | \u2014 | ||||
Total deferred lease amounts | $ | 271.4 | $ | 1.9 |
NOTE 4\u2014PROPERTY
A summary of property is as follows:
(In millions) | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2021 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2020 | \u00a0 | ||
Property owned: | |||||||
Land | $ | 83.2 | $ | 92.6 | |||
Buildings and improvements | \u00a0 | 215.1 | \u00a0 | 222.3 | |||
Leasehold improvements | \u00a0 | 1,852.4 | \u00a0 | 1,833.8 | |||
Furniture, fixtures and equipment | \u00a0 | 2,334.8 | \u00a0 | 2,343.7 | |||
\u00a0 | 4,485.5 | \u00a0 | 4,492.4 | ||||
Less: accumulated depreciation | \u00a0 | 2,572.0 | \u00a0 | 2,232.1 | |||
1,913.5 | 2,260.3 | ||||||
Property leased under finance leases: | |||||||
Building and improvements | 60.4 | 73.2 | |||||
Less: accumulated depreciation and amortization | 11.4 | 11.0 | |||||
49.0 | 62.2 | ||||||
$ | 1,962.5 | $ | 2,322.5 |
Property is recorded at cost or fair value, in the case of property resulting from acquisitions. The Company uses the straight-line method in computing depreciation and amortization for financial reporting purposes. The estimated useful lives for leasehold improvements and buildings subject to a ground lease reflect the shorter of the expected useful lives of the assets or the base terms of the corresponding lease agreements plus renewal options expected to be exercised for these leases for assets placed in service subsequent to the lease inception. The estimated useful lives are as follows:
Buildings and improvements | \u00a0\u00a0\u00a0\u00a0 | 1 to 40 years | \u00a0 |
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 $382.0 million, $453.2 million, and $413.6 million for the years ended December\u00a031, 2021, December\u00a031, 2020 and December\u00a031, 2019, respectively.
"}]},{"name":"rpt:f-1104","factDimensions":{"xbrl:concept":"amch:ScheduleOfPropertyPlantAndEquipmentComponentsTableTextBlock","xbrl:period":"2021-01-01T00:00:00/2022-01-01T00:00:00","xbrl:entity":"cik:0001411579"},"factValues":[{"value":"(In millions) | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2021 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2020 | \u00a0 | ||
Property owned: | |||||||
Land | $ | 83.2 | $ | 92.6 | |||
Buildings and improvements | \u00a0 | 215.1 | \u00a0 | 222.3 | |||
Leasehold improvements | \u00a0 | 1,852.4 | \u00a0 | 1,833.8 | |||
Furniture, fixtures and equipment | \u00a0 | 2,334.8 | \u00a0 | 2,343.7 | |||
\u00a0 | 4,485.5 | \u00a0 | 4,492.4 | ||||
Less: accumulated depreciation | \u00a0 | 2,572.0 | \u00a0 | 2,232.1 | |||
1,913.5 | 2,260.3 | ||||||
Property leased under finance leases: | |||||||
Building and improvements | 60.4 | 73.2 | |||||
Less: accumulated depreciation and amortization | 11.4 | 11.0 | |||||
49.0 | 62.2 | ||||||
$ | 1,962.5 | $ | 2,322.5 |
Buildings and improvements | \u00a0\u00a0\u00a0\u00a0 | 1 to 40 years | \u00a0 |
Leasehold improvements | 1 to 20 years | ||
Furniture, fixtures and equipment | 1 to 15 years |
NOTE 5\u2014GOODWILL AND INTANGIBLE ASSETS
The following table summarizes the changes in goodwill by reporting unit:
(In\u00a0millions) | U.S. | International | Total | ||||||
Balance December 31, 2019 | $ | 3,072.6 | $ | 1,716.5 | $ | 4,789.1 | |||
Impairment adjustment March 31, 2020 | (1,124.9) | (619.4) | (1,744.3) | ||||||
Impairment adjustment September 30, 2020 | (151.2) | (5.6) | (156.8) | ||||||
Impairment adjustment December 31, 2020 | \u2014 | (405.3) | (405.3) | ||||||
Baltics disposition-Latvia (1) | \u2014 | (7.9) | (7.9) | ||||||
Currency translation adjustment | \u2014 | 72.5 | 72.5 | ||||||
Balance December 31, 2020 | 1,796.5 | 750.8 | 2,547.3 | ||||||
Currency translation adjustment | \u2014 | (76.2) | (76.2) | ||||||
Baltics disposition-Estonia (1) | \u2014 | (3.7) | (3.7) | ||||||
Baltics disposition-Lithuania (1) | \u2014 | (37.6) | (37.6) | ||||||
Balance December 31, 2021 | $ | 1,796.5 | $ | 633.3 | $ | 2,429.8 |
| (1) | See Note 1\u2014The Company and Significant Accounting Policies for further information regarding the Baltic theatre sale. |
Detail of other intangible assets is presented below:
December\u00a031, 2021 | December 31, 2020 | \u00a0 | |||||||||||||
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Gross | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Gross | \u00a0\u00a0\u00a0\u00a0 | \u00a0 | ||||||||
Remaining | Carrying | Accumulated | Carrying | Accumulated | \u00a0 | ||||||||||
(In millions) | Useful\u00a0Life | Amount | Amortization | Amount | Amortization | \u00a0 | |||||||||
Amortizable Intangible Assets: | |||||||||||||||
Management contracts and franchise rights | \u00a0 | 1 to 5 years | $ | 10.4 | $ | (9.8) | $ | 12.0 | $ | (9.8) | |||||
Starplex trade name | 5 years | 7.9 | (4.1) | 7.9 | (3.4) | ||||||||||
Carmike trade name | 2 years | 9.3 | (6.7) | 9.3 | (5.3) | ||||||||||
Total, amortizable | $ | 27.6 | $ | (20.6) | $ | 29.2 | $ | (18.5) | |||||||
Non-amortizing Intangible Assets: | |||||||||||||||
AMC trademark | $ | 104.4 | $ | 104.4 | |||||||||||
Odeon trade names | 38.9 | 40.7 | |||||||||||||
Nordic trade names | 3.1 | 7.4 | |||||||||||||
Total, unamortizable | $ | 146.4 | $ | 152.5 |
See the impairment table in Note 1\u2014The Company and Significant Accounting Policies for information regarding indefinite and definite-lived intangible assets impairment amounts.
Amortization expense associated with the intangible assets noted above is as follows:
Year Ended | ||||||||||
(In millions) | \u00a0\u00a0\u00a0\u00a0 | December 31, 2021 | \u00a0\u00a0\u00a0\u00a0 | December 31, 2020 | \u00a0\u00a0\u00a0\u00a0 | December 31, 2019 | ||||
Recorded amortization | $ | 3.5 | $ | 4.5 | $ | 5.1 |
Estimated annual amortization for the next five calendar years for intangible assets is projected below:
(In millions) | \u00a0\u00a0\u00a0\u00a0 | 2022 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2026 | ||||||
Projected annual amortization | $ | 2.5 | $ | 2.2 | $ | 1.0 | $ | 1.0 | $ | 1.0 |
"}]},{"name":"rpt:f-1138","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfGoodwillTextBlock","xbrl:period":"2021-01-01T00:00:00/2022-01-01T00:00:00","xbrl:entity":"cik:0001411579"},"factValues":[{"value":"
(In\u00a0millions) | U.S. | International | Total | ||||||
Balance December 31, 2019 | $ | 3,072.6 | $ | 1,716.5 | $ | 4,789.1 | |||
Impairment adjustment March 31, 2020 | (1,124.9) | (619.4) | (1,744.3) | ||||||
Impairment adjustment September 30, 2020 | (151.2) | (5.6) | (156.8) | ||||||
Impairment adjustment December 31, 2020 | \u2014 | (405.3) | (405.3) | ||||||
Baltics disposition-Latvia (1) | \u2014 | (7.9) | (7.9) | ||||||
Currency translation adjustment | \u2014 | 72.5 | 72.5 | ||||||
Balance December 31, 2020 | 1,796.5 | 750.8 | 2,547.3 | ||||||
Currency translation adjustment | \u2014 | (76.2) | (76.2) | ||||||
Baltics disposition-Estonia (1) | \u2014 | (3.7) | (3.7) | ||||||
Baltics disposition-Lithuania (1) | \u2014 | (37.6) | (37.6) | ||||||
Balance December 31, 2021 | $ | 1,796.5 | $ | 633.3 | $ | 2,429.8 |
| (1) | See Note 1\u2014The Company and Significant Accounting Policies for further information regarding the Baltic theatre sale. |
December\u00a031, 2021 | December 31, 2020 | \u00a0 | |||||||||||||
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Gross | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Gross | \u00a0\u00a0\u00a0\u00a0 | \u00a0 | ||||||||
Remaining | Carrying | Accumulated | Carrying | Accumulated | \u00a0 | ||||||||||
(In millions) | Useful\u00a0Life | Amount | Amortization | Amount | Amortization | \u00a0 | |||||||||
Amortizable Intangible Assets: | |||||||||||||||
Management contracts and franchise rights | \u00a0 | 1 to 5 years | $ | 10.4 | $ | (9.8) | $ | 12.0 | $ | (9.8) | |||||
Starplex trade name | 5 years | 7.9 | (4.1) | 7.9 | (3.4) | ||||||||||
Carmike trade name | 2 years | 9.3 | (6.7) | 9.3 | (5.3) | ||||||||||
Total, amortizable | $ | 27.6 | $ | (20.6) | $ | 29.2 | $ | (18.5) | |||||||
Non-amortizing Intangible Assets: | |||||||||||||||
AMC trademark | $ | 104.4 | $ | 104.4 | |||||||||||
Odeon trade names | 38.9 | 40.7 | |||||||||||||
Nordic trade names | 3.1 | 7.4 | |||||||||||||
Total, unamortizable | $ | 146.4 | $ | 152.5 |
Year Ended | ||||||||||
(In millions) | \u00a0\u00a0\u00a0\u00a0 | December 31, 2021 | \u00a0\u00a0\u00a0\u00a0 | December 31, 2020 | \u00a0\u00a0\u00a0\u00a0 | December 31, 2019 | ||||
Recorded amortization | $ | 3.5 | $ | 4.5 | $ | 5.1 |
(In millions) | \u00a0\u00a0\u00a0\u00a0 | 2022 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2026 | ||||||
Projected annual amortization | $ | 2.5 | $ | 2.2 | $ | 1.0 | $ | 1.0 | $ | 1.0 |
NOTE 6\u2014INVESTMENTS
Investments in non-consolidated affiliates and certain other investments accounted for under the equity method generally include all entities in which the Company or its subsidiaries have significant influence, but not more than 50% voting control, and are recorded in the consolidated balance sheets in other long-term assets. Investments in non-consolidated affiliates as of December\u00a031, 2021, include interests in DCIP of 29.0%, DCDC of 14.6%, AC JV, owner of Fathom Events, of 32.0%, SV Holdco, owner of Screenvision, of 18.3%, DCM of 50.0%, and SCC of 10.0%. The Company also has partnership interests in three U.S. motion picture theatres and approximately 50.0% interest in 57 theatres in Europe. Indebtedness held by equity method investees is non-recourse to the Company.
NCM Transactions
Pursuant to the Company\u2019s 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 (\u201cCommon Unit Adjustment\u201d or \u201cCUA\u201d), 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)\u00a0the transfer and surrender to NCM of a number of common units equal to all or part of such Founding Member\u2019s CUA or (b)\u00a0pay to NCM an amount equal to such Founding Member\u2019s CUA calculated in accordance with the CUA Agreement.
In March 2019, the NCM CUA resulted in a positive adjustment of 197,118 common units for the Company. The Company received the units and recorded the common units as an addition to deferred revenues for the ESA at fair value of $1.4 million, based upon a price per share of National CineMedia, Inc. (\u201cNCM, Inc.\u201d) of $7.24 on March 14, 2019. In March 2020, the NCM CUA resulted in a positive adjustment of 1,390,566 common units for the Company. The Company received the units and recorded the common units as an addition to deferred revenues for the ESA at fair value of $4.8 million, based upon a price per share of National CineMedia, Inc. (\u201cNCM, Inc.\u201d) of $3.46 on March 12, 2020. In March 2021, the NCM CUA resulted in a negative adjustment of 3,012,738 common units for the Company, and therefore, the Company paid NCM cash of $9.2 million and recorded the amount as a reduction to deferred revenues for the ESA. During the year ended December 31, 2021, the Company sold its remaining approximately 1.4 million NCM shares and received net proceeds of $5.7 million, which were recorded in investment expense (income). See Note 1\u2014The Company and Significant Accounting Policies and Note 2\u2014Revenue Recognition for further information regarding CUA and ESA.
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\u2019s recorded investment below $0 and therefore the Company recorded equity in earnings of $4.0 million to increase its investment to $0 as the Company has not guaranteed any of the liabilities of DCIP. During the year ended December 31, 2020, the Company received distributions from DCIP of digital projectors it had been leasing with an estimated fair value of $125.2 million, which the Company recorded as a reduction to its investment in DCIP. The distribution reduced the Company\u2019s recorded investment below $0 and therefore the Company recorded equity in earnings of $5.1 million to increase its investment to $0 as the Company has not guaranteed any of the liabilities of DCIP. The Company will not record its share of any equity in earnings of DCIP until such time as the excess distribution amount recorded to earnings has been satisfied with prospective earnings from DCIP.
AC JV Transactions
On December\u00a026, 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. In consideration for the spin-off, NCM received a total of $25.0 million in promissory notes from its Founding Members (approximately $8.3 million from each Founding Member). Interest on the promissory note is at a fixed rate of 5% per annum, compounded annually. Interest and principal payments were due annually in six equal installments commencing on the first anniversary of the closing. The Company paid the sixth and final annual installment related to the promissory note in December 2019. 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 \u201cDigital ESAs\u201d) that were entered into on December\u00a026, 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.
SV Holdco (\u201cScreenvision\u201d)
The Company acquired its investment in SV Holdco on December\u00a021, 2016, in connection with the acquisition of Carmike. SV Holdco is a holding company that owns and operates the Screenvision advertising business through a subsidiary entity. SV Holdco has elected to be taxed as a partnership for U.S. federal income tax purposes.
Summary Financial Information
Investments in non-consolidated affiliates accounted for under the equity method as of December\u00a031, 2021, include interests in SV Holdco, DCM, DCIP, AC JV, DCDC, SCC, 57 theatres in Europe, three U.S. motion picture theatres, and other immaterial investments.
Condensed financial information of the Company\u2019s non-consolidated equity method investments is shown below with amounts presented under U.S. GAAP:
(In millions) | \u00a0\u00a0\u00a0\u00a0 | December 31, 2021 | December 31, 2020 | |||
Current assets | $ | 265.6 | $ | 267.6 | ||
Noncurrent assets | 348.5 | \u00a0 | 347.4 | |||
Total assets | 614.1 | \u00a0 | 615.0 | |||
Current liabilities | 218.4 | \u00a0 | 181.0 | |||
Noncurrent liabilities | 208.7 | \u00a0 | 213.5 | |||
Total liabilities | 427.1 | \u00a0 | 394.5 | |||
Stockholders\u2019 equity | 187.0 | \u00a0 | 220.5 | |||
Liabilities and stockholders\u2019 equity | 614.1 | \u00a0 | 615.0 | |||
The Company\u2019s recorded investment | 85.6 | 80.9 |
Condensed financial information of the Company\u2019s 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) | \u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | 2019 | ||||
Revenues | $ | 285.1 | $ | 162.7 | $ | 694.5 | |||
Operating costs and expenses | 287.6 | 347.9 | 583.7 | ||||||
Net earnings (loss) | $ | (2.5) | $ | (185.2) | $ | 110.8 |
The components of the Company\u2019s recorded equity in earnings (loss) of non-consolidated entities are as follows:
Year Ended | |||||||||
(In millions) | \u00a0\u00a0\u00a0\u00a0 | December 31, 2021 | \u00a0\u00a0\u00a0\u00a0 | December 31, 2020 | December 31, 2019 | ||||
The Company\u2019s recorded equity in earnings (loss) | $ | 11.0 | $ | (30.9) | $ | 30.6 |
Related Party Transactions
The Company recorded the following related party transactions with equity method investees:
As of | \u00a0\u00a0\u00a0\u00a0 | As of | ||||
(In millions) | December\u00a031, 2021 | \u00a0\u00a0\u00a0\u00a0 | December 31, 2020 | |||
Due from DCM for on-screen advertising revenue | $ | 2.2 | $ | \u2014 | ||
Loan receivable from DCM | 0.7 | 0.7 | ||||
Due from DCIP for warranty expenditures | \u2014 | 5.7 | ||||
Due to AC JV for Fathom Events programming | (3.7) | (0.9) | ||||
Due from Screenvision for on-screen advertising revenue | 2.3 | 0.4 | ||||
Due from Nordic JVs | 0.9 | 1.2 | ||||
Due to Nordic JVs for management services | (1.1) | (0.5) | ||||
Due from SCC related to the joint venture | 1.3 | 0.7 | ||||
Due to U.S. theatre partnerships | \u2014 | (0.4) |
Year Ended | |||||||||||
(In\u00a0millions) | Consolidated Statements of Operations | December\u00a031, 2021 | December\u00a031, 2020 | December 31, 2019 | |||||||
DCM screen advertising revenues | Other revenues | $ | 7.8 | $ | 3.8 | $ | 22.4 | ||||
DCIP equipment rental expense | Operating expense | 0.2 | 1.0 | 3.6 | |||||||
Gross exhibition cost on AC JV Fathom Events programming | Film exhibition costs | 10.4 | 3.9 | 13.6 | |||||||
Screenvision screen advertising revenues | Other revenues | 4.6 | 2.6 | 15.6 |
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(In millions) | \u00a0\u00a0\u00a0\u00a0 | December 31, 2021 | December 31, 2020 | |||
Current assets | $ | 265.6 | $ | 267.6 | ||
Noncurrent assets | 348.5 | \u00a0 | 347.4 | |||
Total assets | 614.1 | \u00a0 | 615.0 | |||
Current liabilities | 218.4 | \u00a0 | 181.0 | |||
Noncurrent liabilities | 208.7 | \u00a0 | 213.5 | |||
Total liabilities | 427.1 | \u00a0 | 394.5 | |||
Stockholders\u2019 equity | 187.0 | \u00a0 | 220.5 | |||
Liabilities and stockholders\u2019 equity | 614.1 | \u00a0 | 615.0 | |||
The Company\u2019s recorded investment | 85.6 | 80.9 |
Condensed financial information of the Company\u2019s 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) | \u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | 2019 | ||||
Revenues | $ | 285.1 | $ | 162.7 | $ | 694.5 | |||
Operating costs and expenses | 287.6 | 347.9 | 583.7 | ||||||
Net earnings (loss) | $ | (2.5) | $ | (185.2) | $ | 110.8 |
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Year Ended | |||||||||
(In millions) | \u00a0\u00a0\u00a0\u00a0 | December 31, 2021 | \u00a0\u00a0\u00a0\u00a0 | December 31, 2020 | December 31, 2019 | ||||
The Company\u2019s recorded equity in earnings (loss) | $ | 11.0 | $ | (30.9) | $ | 30.6 |
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As of | \u00a0\u00a0\u00a0\u00a0 | As of | ||||
(In millions) | December\u00a031, 2021 | \u00a0\u00a0\u00a0\u00a0 | December 31, 2020 | |||
Due from DCM for on-screen advertising revenue | $ | 2.2 | $ | \u2014 | ||
Loan receivable from DCM | 0.7 | 0.7 | ||||
Due from DCIP for warranty expenditures | \u2014 | 5.7 | ||||
Due to AC JV for Fathom Events programming | (3.7) | (0.9) | ||||
Due from Screenvision for on-screen advertising revenue | 2.3 | 0.4 | ||||
Due from Nordic JVs | 0.9 | 1.2 | ||||
Due to Nordic JVs for management services | (1.1) | (0.5) | ||||
Due from SCC related to the joint venture | 1.3 | 0.7 | ||||
Due to U.S. theatre partnerships | \u2014 | (0.4) |
Year Ended | |||||||||||
(In\u00a0millions) | Consolidated Statements of Operations | December\u00a031, 2021 | December\u00a031, 2020 | December 31, 2019 | |||||||
DCM screen advertising revenues | Other revenues | $ | 7.8 | $ | 3.8 | $ | 22.4 | ||||
DCIP equipment rental expense | Operating expense | 0.2 | 1.0 | 3.6 | |||||||
Gross exhibition cost on AC JV Fathom Events programming | Film exhibition costs | 10.4 | 3.9 | 13.6 | |||||||
Screenvision screen advertising revenues | Other revenues | 4.6 | 2.6 | 15.6 |
NOTE 7\u2014SUPPLEMENTAL BALANCE SHEET INFORMATION
Other assets and liabilities consist of the following:
(In millions) | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2021 | \u00a0\u00a0\u00a0\u00a0 | December 31, 2020 | \u00a0 | ||
Other current assets: | |||||||
Income taxes receivable | $ | 1.9 | $ | 8.0 | |||
Prepaids | \u00a0 | 35.4 | \u00a0 | 33.8 | |||
Merchandise inventory | \u00a0 | 31.3 | \u00a0 | 21.3 | |||
Other | \u00a0 | 12.9 | \u00a0 | 11.5 | |||
$ | 81.5 | $ | 74.6 | ||||
Other long-term assets: | |||||||
Investments in real estate | $ | 9.7 | $ | 16.0 | |||
Deferred financing costs revolving credit facility | \u00a0 | 5.5 | \u00a0 | 8.3 | |||
Investments in equity method investees | \u00a0 | 85.6 | \u00a0 | 80.9 | |||
Computer software | \u00a0 | 83.7 | \u00a0 | 101.6 | |||
Investment in common stock | \u00a0 | 11.4 | \u00a0 | 16.6 | |||
Pension asset | 21.1 | 20.8 | |||||
Prepaid commitment fee and deferred charges (1) | \u2014 | 28.6 | |||||
Other | \u00a0 | 32.0 | \u00a0 | 31.8 | |||
$ | 249.0 | $ | 304.6 | ||||
Accrued expenses and other liabilities: | |||||||
Taxes other than income | $ | 105.8 | $ | 86.6 | |||
Interest | \u00a0 | 37.4 | \u00a0 | 31.4 | |||
Payroll and vacation | \u00a0 | 44.4 | \u00a0 | 28.3 | |||
Current portion of casualty claims and premiums | \u00a0 | 12.0 | \u00a0 | 6.7 | |||
Accrued bonus | \u00a0 | 54.5 | \u00a0 | 0.6 | |||
Accrued licensing and variable rent | \u00a0 | 23.5 | \u00a0 | 16.5 | |||
Current portion of pension | \u00a0 | 0.8 | \u00a0 | 0.6 | |||
Group insurance reserve | 3.0 | 3.0 | |||||
Accrued tax payable | 4.7 | 3.6 | |||||
Other | \u00a0 | 81.4 | \u00a0 | 80.5 | |||
$ | 367.5 | $ | 257.8 | ||||
Other long-term liabilities: | |||||||
Pension | $ | 46.5 | $ | 64.3 | |||
Casualty claims and premiums | \u00a0 | 24.4 | \u00a0 | 28.2 | |||
Contingent lease liabilities | 0.3 | 30.2 | |||||
Other | \u00a0 | 93.8 | \u00a0 | 118.6 | |||
$ | 165.0 | $ | 241.3 |
| (1) | During the year ended December 31, 2021, the Company reclassified the prepaid commitment fee and deferred charges of $28.6 million to corporate borrowings from other long-term assets. See Note 8 \u2014Corporate Borrowings and Finance Lease Obligations for further information. |
"}]},{"name":"rpt:f-1305","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfOtherAssetsAndOtherLiabilitiesTableTextBlock","xbrl:period":"2021-01-01T00:00:00/2022-01-01T00:00:00","xbrl:entity":"cik:0001411579"},"factValues":[{"value":"
(In millions) | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2021 | \u00a0\u00a0\u00a0\u00a0 | December 31, 2020 | \u00a0 | ||
Other current assets: | |||||||
Income taxes receivable | $ | 1.9 | $ | 8.0 | |||
Prepaids | \u00a0 | 35.4 | \u00a0 | 33.8 | |||
Merchandise inventory | \u00a0 | 31.3 | \u00a0 | 21.3 | |||
Other | \u00a0 | 12.9 | \u00a0 | 11.5 | |||
$ | 81.5 | $ | 74.6 | ||||
Other long-term assets: | |||||||
Investments in real estate | $ | 9.7 | $ | 16.0 | |||
Deferred financing costs revolving credit facility | \u00a0 | 5.5 | \u00a0 | 8.3 | |||
Investments in equity method investees | \u00a0 | 85.6 | \u00a0 | 80.9 | |||
Computer software | \u00a0 | 83.7 | \u00a0 | 101.6 | |||
Investment in common stock | \u00a0 | 11.4 | \u00a0 | 16.6 | |||
Pension asset | 21.1 | 20.8 | |||||
Prepaid commitment fee and deferred charges (1) | \u2014 | 28.6 | |||||
Other | \u00a0 | 32.0 | \u00a0 | 31.8 | |||
$ | 249.0 | $ | 304.6 | ||||
Accrued expenses and other liabilities: | |||||||
Taxes other than income | $ | 105.8 | $ | 86.6 | |||
Interest | \u00a0 | 37.4 | \u00a0 | 31.4 | |||
Payroll and vacation | \u00a0 | 44.4 | \u00a0 | 28.3 | |||
Current portion of casualty claims and premiums | \u00a0 | 12.0 | \u00a0 | 6.7 | |||
Accrued bonus | \u00a0 | 54.5 | \u00a0 | 0.6 | |||
Accrued licensing and variable rent | \u00a0 | 23.5 | \u00a0 | 16.5 | |||
Current portion of pension | \u00a0 | 0.8 | \u00a0 | 0.6 | |||
Group insurance reserve | 3.0 | 3.0 | |||||
Accrued tax payable | 4.7 | 3.6 | |||||
Other | \u00a0 | 81.4 | \u00a0 | 80.5 | |||
$ | 367.5 | $ | 257.8 | ||||
Other long-term liabilities: | |||||||
Pension | $ | 46.5 | $ | 64.3 | |||
Casualty claims and premiums | \u00a0 | 24.4 | \u00a0 | 28.2 | |||
Contingent lease liabilities | 0.3 | 30.2 | |||||
Other | \u00a0 | 93.8 | \u00a0 | 118.6 | |||
$ | 165.0 | $ | 241.3 |
| (1) | During the year ended December 31, 2021, the Company reclassified the prepaid commitment fee and deferred charges of $28.6 million to corporate borrowings from other long-term assets. See Note 8 \u2014Corporate Borrowings and Finance Lease Obligations for further information. |
NOTE 8\u2014CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS
A summary of the carrying value of corporate borrowings and finance lease obligations is as follows:
(In millions) | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2021 | \u00a0\u00a0\u00a0\u00a0 | December 31, 2020 | ||
First Lien Secured Debt: | ||||||
Senior Secured Credit Facility-Term Loan due 2026 (3.103% as of December 31, 2021) | $ | 1,945.0 | $ | 1,965.0 | ||
Senior Secured Credit Facility-Revolving Credit Facility due 2024 | \u2014 | 212.2 | ||||
10.75% in Year 1, 11.25% thereafter Cash/PIK Odeon Term Loan Facility due 2023 (\u00a3147.6 million and \u20ac312.2 million par value as of December 31, 2021) | 552.6 | \u2014 | ||||
Odeon Revolving Credit Facility due 2022 | \u2014 | 120.8 | ||||
10.5% First Lien Notes due 2025 | 500.0 | 500.0 | ||||
2.95% Senior Secured Convertible Notes due 2026 | \u2014 | 600.0 | ||||
10.5% First Lien Notes due 2026 | 300.0 | 300.0 | ||||
15%/17% Cash/PIK Toggle First Lien Secured Notes due 2026 | 73.5 | \u2014 | ||||
Second Lien Secured Debt: | ||||||
10%/12% Cash/PIK/Toggle Second Lien Subordinated Notes due 2026 | 1,508.0 | 1,423.6 | ||||
Subordinated Debt: | ||||||
6.375% Senior Subordinated Notes due 2024 (\u00a34.0 million par value as of December 31, 2021) | 5.4 | 5.4 | ||||
5.75% Senior Subordinated Notes due 2025 | 98.3 | 98.3 | ||||
5.875% Senior Subordinated Notes due 2026 | 55.6 | 55.6 | ||||
6.125% Senior Subordinated Notes due 2027 | 130.7 | 130.7 | ||||
$ | 5,169.1 | $ | 5,411.6 | |||
Finance lease obligations | \u00a0 | 72.7 | \u00a0 | 96.0 | ||
Paid-in-kind interest | \u2014 | 7.6 | ||||
Deferred financing costs | (39.1) | (42.1) | ||||
Net premium (1) | 298.0 | 338.7 | ||||
$ | 5,500.7 | $ | 5,811.8 | |||
Less: | ||||||
Current maturities corporate borrowings | (20.0) | \u00a0 | (20.0) | |||
Current maturities finance lease obligations | (9.5) | (12.9) | ||||
$ | 5,471.2 | $ | 5,778.9 |
| (1) | The following table provides the net premium (discount) amounts of corporate borrowings: |
December\u00a031, | December 31, | |||||
(In millions) | 2021 | 2020 | ||||
10%/12% Cash/PIK/Toggle Second Lien Subordinated Notes due 2026 | $ | 364.6 | $ | 445.1 | ||
2.95% Senior Secured Convertible Notes due 2026 | \u2014 | (61.5) | ||||
15%/17% Cash/PIK Toggle First Lien Secured Notes due 2026 | (16.8) | \u2014 | ||||
10.5% First Lien Notes due 2026 | \u00a0 | (24.5) | \u00a0 | (28.5) | ||
10.5% First Lien Notes due 2025 | \u00a0 | (7.2) | \u00a0 | (8.9) | ||
Senior Secured Credit Facility-Term Loan due 2026 | (6.1) | (7.5) | ||||
10.75% in Year 1, 11.25% thereafter Cash/PIK Odeon Term Loan Facility due 2023 | (12.1) | \u2014 | ||||
6.375% Senior Subordinated Notes due 2024 | \u00a0 | 0.1 | \u00a0 | \u2014 | ||
$ | 298.0 | $ | 338.7 |
The following table provides the principal payments required and maturities of corporate borrowings as of December 31, 2021:
Principal | |||
Amount of | |||
Corporate | |||
(In millions) | \u00a0\u00a0\u00a0\u00a0 | Borrowings | |
2022 | $ | 20.0 | |
2023 | \u00a0 | 572.6 | |
2024 | \u00a0 | 25.4 | |
2025 | \u00a0 | 618.3 | |
2026 | \u00a0 | 3,802.1 | |
Thereafter | \u00a0 | 130.7 | |
Total | $ | 5,169.1 |
Odeon Secured Debt
Odeon Term Loan Facility. On February 15, 2021, Odeon Cinemas Group Limited (\u201cOdeon\u201d), a wholly-owned subsidiary of the Company, entered into a new \u00a3140.0 million and \u20ac296.0 million term loan facility (the \u201cOdeon Term Loan due 2023\u201d) agreement (the \u201cOdeon Term Loan Facility\u201d), by and among Odeon, the subsidiaries of Odeon party thereto, the lenders and other loan parties thereto and Lucid Agency Services Limited as agent and Lucid Trustee Services Limited as security agent. Approximately \u00a389.7 million and \u20ac12.8 million of the net proceeds from the Odeon Term Loan Facility were used to repay in full Odeon\u2019s obligations (including principal, interest, fees and cash collateralized letters of credit) under its then-existing revolving credit facility and the remaining net proceeds will be used for general corporate purposes. The Company recorded deferred financing costs of $1.0 million in other expense during the year ended December 31, 2021. The Odeon Term Loan Facility has a maturity of August 19, 2023 (2.5 years from the date on which it was first drawn). Borrowings under the Odeon Term Loan Facility bear interest at a rate equal to 10.75% per annum during the first year and 11.25% thereafter and each interest period is 3 months, or such other period agreed between the Company and the Agent. The interest is capitalized on the last day of each interest period and added to the outstanding principal amount, however, Odeon has the option to elect to pay interest in cash. For the first interest period ending May 2021 and the second interest period ending August 2021, Odeon elected to pay in PIK interest. Odeon paid cash interest with respect to the third interest period ending November 2021. The principal amount of new funding is prior to deducting discounts of $19.4 million and deferred financing costs of $16.5 million related to the Odeon Term Loan Facility. The discount and deferred financing costs will be amortized to interest expense over the term using the effective interest method. All obligations under the Odeon Term Loan Facility are guaranteed by certain subsidiaries of Odeon. The Company is subject to minimum liquidity requirements of \u00a332.5 million (approximately $44 million) required under the Odeon Term Loan Facility, measured at each quarter end date.
Odeon Revolving Credit Facility. On December\u00a07, 2017, the Company entered into a Revolving Credit Facility Agreement (\u201cOdeon Revolving Credit Facility\u201d) with Citigroup Global Markets Limited, Lloyds Bank PLC, Barclays Bank PLC and Bank of America Merrill Lynch International Limited as arrangers. The lenders made available a multicurrency revolving credit facility in an aggregate amount of \u00a3100.0\u00a0million. The interest rate on each loan when drawn down under the Odeon Revolving Credit Facility was 2.5% plus\u00a0IBOR (meaning LIBOR, EURIBOR, CIBOR or STIBOR as applicable) per annum. The undrawn commitment fee was 0.5% of the undrawn amount per annum. All assets located in England and Wales were pledged as collateral.
On April 24, 2020, Odeon Cinemas Group Limited entered into an amendment to the Odeon Revolving Credit Facility with Lloyds Bank PLC as agent (the \u201cOdeon Amendment\u201d), pursuant to the requisite lenders thereunder granted a waiver of the maintenance covenant thereunder for the period from and after the effective date of the Odeon Amendment to and including the earlier of (a) March 31, 2021 and (b) the day immediately preceding the last day of the Relevant Period (as defined in the Odeon Amendment) during which Odeon Cinemas Group Limited has delivered a Financial Covenant Election (as defined in the Odeon Amendment) to the agent (the \u201cOdeon Covenant Suspension Period\u201d). During the Odeon Covenant Suspension Period, Odeon Cinemas Group Limited will not, and will not permit any of its subsidiaries to, make certain restricted payments including payment on shareholder loans, provided that cash payments of interest with respect to shareholder loans will be permitted. Additionally, lenders granted a waiver such that certain events or circumstances resulting from COVID-19 virus occurring prior to the Odeon Amendment and continuing will be deemed not to constitute an event of default under the Odeon Revolving Credit Facility.
On February 15, 2021, Odeon used the net proceeds from the Odeon Term Loan Facility to repay in full its then-existing Odeon Revolving Credit Facility.
First Lien Toggle Notes Due 2026
On January 15, 2021, the Company issued $100.0 million aggregate principal amount of its 15%/17% Cash/PIK Toggle First Lien Secured Notes due 2026 (the \u201cFirst Lien Toggle Notes due 2026\u201d) as contemplated by the previously disclosed commitment letter with Mudrick Capital Management, LP (\u201cMudrick\u201d), dated as of December 10, 2020. The First Lien Toggle Notes due 2026 were issued pursuant to an indenture dated as of January 15, 2021 among the Company, the guarantors named therein and the U.S. bank National Association, as trustee and collateral agent. On September 30, 2021, the Company exercised an option to repurchase $35.0 million of its First Lien Toggle Notes due 2026. The total cost to exercise this repurchase option was $40.3 million, including principal, redemption price and accrued and unpaid interest. As a result of this debt reduction, the Company\u2019s annual cash interest cost will be reduced by $5.25 million. During the year ended December 31, 2021, the Company recorded loss on debt extinguishment of $14.4 million in other expense. See Note 16\u2014Subsequent Events for additional information.
The First Lien Toggle Notes due 2026 bear 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 three interest periods after the issue date may, at the Company\u2019s option, be paid in PIK interest at a rate of 17% per annum, and thereafter interest shall be payable solely in cash. For the first interest period ended July 15, 2021, the Company elected to pay in PIK interest. The First Lien Toggle Notes due 2026 will mature on April 24, 2026. The indenture provides that the First Lien Toggle Notes due 2026 are general senior secured obligations of the Company and are secured on a pari passu basis with the Senior Secured Credit Facilities, the First Lien Notes due 2026, and the First Lien Notes due 2025.
On December 14, 2020, Mudrick received a total of 21,978,022 shares of the Company\u2019s common stock (\u201cCommon Stock\u201d); of which 8,241,758 shares (\u201cCommitment Shares\u201d) relates to consideration received for a commitment fee and 13,736,264 shares (\u201cExchange Shares\u201d) as consideration received for the second lien exchange. Mudrick exchanged $100 million aggregate principal amount of the Second Lien Notes due 2026 that were held by Mudrick for the Exchange Shares (the \u201cSecond Lien Exchange\u201d) and waived its claim to PIK interest of $4.5 million principal amount. The fair value of 21,978,022 shares of the Company\u2019s Common Stock was $70.1 million based on the market closing price of $3.19 per share on December 14, 2020. On December 14, 2020, the common shares issued were recorded by the Company in stockholders\u2019 deficit. During the year ended December 31, 2021, the Company reclassified the prepaid commitment fee and deferred charges of $28.6 million to corporate borrowings from other long-term assets for the Commitment Shares and deferred charges. The prepaid commitment fee was recorded as a discount and, together with deferred charges, will be amortized to interest expense over the term of the First Lien Toggle Notes due 2026 using the effective interest method. During the year ended December 31, 2020, the Company recorded a gain on extinguishment of the Second Lien Notes due 2026 of $93.6 million based on the fair value of the Exchange Shares of $43.8 million and the carrying value of the $104.5 million principal amount of the Second Lien Notes exchanged of $137.4 million. The Company filed a shelf registration statement in December 2020, which was declared effective providing for the resale of the Exchange Shares.
Senior Subordinated Debt Exchange Offers
On July 31, 2020, the Company consummated its previously announced private offers to exchange (the \u201cExchange Offers\u201d) 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 \u201cExisting Subordinated Notes\u201d) for newly issued Second Lien Notes due 2026.
The aggregate principal amounts of the Existing Subordinated Notes set forth in the table below were validly tendered and subsequently accepted. Such accepted Existing Subordinated Notes were retired and cancelled.
(In thousands) | Total Aggregate Principal Amount Validly Tendered | Percentage of Outstanding Existing Subordinated Notes Validly Tendered | ||||
6.375% Senior Subordinated Notes due 2024 (\u00a3496,014 par value) | $ | 632,145 | 99.20 | % | ||
5.75% Senior Subordinated Notes due 2025 | $ | 501,679 | 83.61 | % | ||
5.875% Senior Subordinated Notes due 2026 | $ | 539,393 | 90.65 | % | ||
6.125% Senior Subordinated Notes due 2027 | $ | 344,279 | 72.48 | % |
The Exchange Offers reduced the principal amounts of the Company\u2019s debt by approximately $555 million, which represented approximately 23.9% of the principal amount of the Existing Subordinated Notes. The Company raised $300 million in additional cash from the issuance of the new First Lien Notes due 2026, prior to deducting $36 million related to discounts and deferred financing costs paid to the lenders. Additionally, certain holders of the Existing Subordinated Notes that agreed to backstop the rights offering for $200 million of the First Lien Notes due 2026 received five million common shares, or 4.6% of AMC\u2019s outstanding shares as of July 31, 2020, worth $20.2 million at the market closing price on July 31, 2020. The closing of the Exchange Offers also allowed the Company to extend maturities on approximately $1.7 billion of debt to 2026, most of which was maturing in 2024 and 2025 previously. Interest due for 12 to 18 months after issuance on the Second Lien Notes due 2026 is expected to be paid all or in part on an in-kind basis, thereby generating a further near-term cash savings for the Company of between approximately $120 million and $180 million. The Company realized $1.2 billion of cancellation of debt income (\u201cCODI\u201d) for tax purposes in connection with its debt restructuring. As a result of such CODI, $1.2 billion of its net operating losses were eliminated as a result of tax attribute reductions, see Note 10\u2014Income Taxes for further information.
In connection with the Exchange Offers, the Company also received consents from eligible holders of the Existing Subordinated Notes to amend the indentures governing the Existing Subordinated Notes to among other things, (i) release the existing subsidiary guarantees of the Existing Subordinated Notes, (ii) eliminate substantially all of the restrictive covenants, certain affirmative covenants and certain events of default contained in the indentures governing the Existing Subordinated Notes, and (iii) make other conforming changes to internally conform to certain proposed amendments.
The Company performed an assessment on a lender-by-lender basis to identify certain lenders that met the criteria for a troubled debt restructuring (\u201cTDR\u201d) under ASC 470-60, Troubled Debt Restructurings by Debtors (\u201cASC 470-60\u201d) 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%. The TDR and modification did not result in a gain recognition and the Company established new effective interest rates based on the carrying value of the Existing Subordinated Notes and recorded the new fees paid to third parties of approximately $39.3 million in other expense, during the year ended December 31, 2020.
Second Lien Notes due 2026. In connection with the Second Lien Exchange on December 14, 2020, Mudrick exchanged $104.5 million aggregate principal amount of the Company\u2019s Second Lien Notes due 2026 held by Mudrick for 13,736,264 shares of the Company\u2019s Common Stock, see \u201cFirst Lien Toggle Notes Due 2026\u201d above for further information.
In connection with the Exchange Offers on July 31, 2020, the Company issued $1,462.3 million aggregate principal amount of the new Second Lien Notes due 2026 in exchange for the Existing Subordinated Notes. The Second Lien Notes due 2026 were issued pursuant to an indenture, dated as of July 31, 2020, among the Company, the guarantors named therein and GLAS Trust Company LLC, as trustee and collateral agent. The Company has reflected a premium of $535.1 million on the Second Lien Notes due 2026 as the difference between the principal balance of the
Second Lien Notes due 2026 and the $1,997.4 million carrying value of the Existing Subordinated Notes exchanged. The premium will be amortized to interest expense over the term of the Second Lien Notes due 2026 using the effective interest method.
In connection with the Exchange Offers and the First Lien Notes due 2026, the Company issued five million 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 their pro-rata share of five million shares of the Common Stock, or 4.6% of AMC\u2019s outstanding shares as of July 31, 2020, worth $20.2 million at the market closing price on July 31, 2020. The equity issuance was recorded by the Company in stockholders\u2019 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. As part of the registration rights agreement related to the issuance of the Common Stock, the Company filed a shelf registration statement in August 2020 providing for the resale of the shares of Common Stock issued as consideration for the backstop commitment described above.
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\u2019s 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 interest period. For all interest periods after the first three interest periods, interest will be payable solely in cash at a rate of 10% per annum.
The Second Lien Notes due 2026 are redeemable at the Company\u2019s 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 will be 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 of 1933, as amended (the \u201cSecurities Act\u201d) 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\u2019s subsidiaries that currently guarantee its obligations under the Company\u2019s 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 (\u201cCollateral\u201d). 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.
First Lien Notes due 2026. In connection with the Exchange Offers, certain holders of the Existing Subordinated Notes purchased 10.5% First Lien Notes due 2026 in an aggregate principal amount of $200 million. The 10.5% First Lien Notes due 2026 issued to certain holders of the Existing Subordinated Notes were issued pursuant to an
indenture, dated as of July 31, 2020, among the Company, the guarantors named therein and GLAS Trust Company LLC, as trustee and collateral agent. See Note 16\u2014Subsequent Events for additional information.
Separately, upon the closing of its private debt exchange, Silver Lake Alpine, L.P. and Silver Lake Alpine (Offshore Master), L.P., each affiliates of Silver Lake Group, L.L.C. (\u201cSilver Lake\u201d), purchased from the Company $100 million principal amount of First Lien Notes due 2026. The 10.5% First Lien Notes due 2026 issued to affiliates of Silver Lake were issued pursuant to an indenture, dated as of July 31, 2020, among the Company, the guarantors named therein and U.S. Bank National Association, as trustee and collateral agent. The terms of the 10.5% First Lien Notes due 2026 issued to the holders of the Existing Subordinated Notes and the 10.5% First Lien Notes due 2026 issued to Silver Lake are substantially identical. The $300 million principal amount of new funding is prior to deducting discounts of $30.0 million and deferred financing costs paid to lenders of $6.0 million related to the First Lien Notes due 2026. The discount and deferred financing costs will be amortized to interest expense over the term using the effective interest method. Silver Lake has sold the previously held $100 million aggregate principal amount of the First Lien Notes due 2026 previously held.
The First Lien Notes due 2026 bear interest at a rate of 10.5% per annum, payable semi-annually on June 15 and December 15, beginning on December 15, 2020. The First Lien Notes due 2026 are redeemable at the Company\u2019s option prior to June 15, 2022, 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, 2022, the First Lien Notes due 2026 will be redeemable, in whole or in part, at redemption prices equal to (i) 105.250% for the twelve-month period beginning on June 15, 2022; (ii) 102.625% for the twelve-month period beginning on June 15, 2023 and (iii) 100.000% at any time thereafter, plus accrued and unpaid interest, if any. In addition, at any time on or prior to June 15, 2022, the Company may, subject to certain limitations specified in the First Lien Notes due 2026 Indenture, on one or more occasions, redeem up to 35% of the aggregate principal amount of the First Lien Notes due 2026 at a redemption price equal to 110.500% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, with the net cash proceeds of certain equity offerings. If the Company or its restricted subsidiaries sell assets, under certain circumstances, the Company will be required to use the net proceeds to redeem the First Lien Notes due 2026 at a price equal to 100% of the issue price of the First Lien Notes due 2026, plus accrued and unpaid interest, if any. Upon a Change of Control (as defined in the indentures governing the First Lien Notes due 2026), the Company must offer to purchase the First Lien Notes due 2026 at a purchase price equal to 101% of the principal amount, plus accrued and unpaid interest, if any. The First Lien Notes due 2026 have not been registered under the Securities Act and will mature on April 24, 2026.
The First Lien Notes due 2026 are fully and unconditionally guaranteed on a joint and several basis by each of the Company\u2019s subsidiaries that currently guarantee its obligations under the Company\u2019s Senior Secured Credit Facilities. The First Lien Notes due 2026 are secured by a first-priority lien on the Collateral.
The indentures governing the First Lien Notes due 2026 contain 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 indentures governing the First Lien Notes due 2026 also contain certain affirmative covenants and events of default.
Senior Secured Credit Facilities. The Company is party to that certain Credit Agreement, dated as of April 30, 2013 (as amended by that certain First Amendment to Credit Agreement, dated as of December\u00a011, 2015, that certain Second Amendment to Credit Agreement, dated as of November\u00a08, 2016, that certain Third Amendment to Credit Agreement, dated as of May\u00a09, 2017, that certain Fourth Amendment to Credit Agreement, dated as of June\u00a013, 2017, that certain Fifth Amendment to Credit Agreement, dated as of August\u00a014, 2018, that certain Sixth Amendment to Credit Agreement, dated as of April 22, 2019, that certain Seventh Amendment to Credit Agreement, dated as of April 23, 2020, that certain Eighth Amendment to Credit Agreement, dated as of July 31, 2020, that certain Ninth Amendment to Credit Agreement, dated as of March 8, 2021, that certain Tenth Amendment to Credit Agreement, also dated as of March 8, 2021, and that certain Eleventh Amendment to Credit Agreement, dated as of December 20, 2021, (the \u201cEleventh Amendment\u201d), the \u201cCredit Agreement\u201d) with the issuing banks and lenders from time to time party thereto and Wilmington Savings Fund Society, FSB, as administrative agent (as successor to Citicorp North America, Inc., the\u00a0\u201cAdministrative Agent\u201d), pursuant to which the lenders have agreed to provide the Senior Secured Term Loan (as
defined below) and the Senior Secured Revolving Credit Facility (as defined below). The Senior Secured Credit Facilities (as defined below) are provided by a syndicate of banks and other financial institutions.
On March 8, 2021, the Company entered into the Ninth Amendment to Credit Agreement (the \u201cNinth Amendment\u201d), 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 under its Credit Agreement from a period ending March 31, 2021, to a period ending on March 31, 2022 (the \u201cExtended Covenant Suspension Period ending March 31, 2022\u201d), which was further extended by the Eleventh Amendment from a period ending March 31, 2021, to a period ending on March 31, 2023 (the \u201cExtended Covenant Suspension Period ending March 31, 2023\u201d). During the Extended Covenant Suspension Period ending March 31, 2022 and the Extended Covenant Suspension Period ending March 31, 2023, 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 $100 million, (ii) an anti-cash hoarding test at any time Revolving Loans are outstanding and (iii) additional reporting obligations. In addition, on March 8, 2021 the Company entered into the Tenth Amendment to the Credit Agreement (the \u201cTenth Amendment\u201d), pursuant to which the Company agreed not to consent to certain modifications to the Credit Agreement described in the Tenth Amendment without the consent of the majority of the revolving lenders party to the Tenth Amendment.
On July 31, 2020, the Company entered into the Eighth Amendment to Credit Agreement (the \u201cEighth Amendment\u201d) 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. The Company accounted for this transaction as a modification of debt.
On April 23, 2020, the Company entered into the Seventh Amendment to Credit Agreement (the \u201cSeventh Amendment\u201d) 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 \u201cInitial Covenant Suspension Period\u201d). 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 are intended to match corresponding restrictions under the 10.5% first lien notes due 2025 (the \u201cFirst Lien Notes due 2025\u201d) 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\u00a022, 2019, the Company entered into the Sixth Amendment to Credit Agreement (the \u201cSixth Amendment\u201d) 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\u00a0million in aggregate, consisting of (1)\u00a0$2,000.0\u00a0million in aggregate principal amount of senior secured tranche B loans maturing April\u00a022, 2026 (the \u201cSenior Secured Term Loans)\u201d and (2)\u00a0a $225.0\u00a0million senior secured revolving credit facility (which is also available
for letters of credit and for swingline borrowings on same-day notice) maturing April\u00a022, 2024 (the \u201cSenior Secured Revolving Credit Facility\u201d and, together with the Senior Secured Term Loans, the \u201cSenior Secured Credit Facilities\u201d). The proceeds of the Senior Secured Term Loans were used to repay all of the Company\u2019s existing term loans in an aggregate principal amount of approximately $1,338.5\u00a0million and to fund the redemptions of the 5.875% Senior Subordinated Notes due 2022 and the 6.0% Senior Secured Notes due 2023. The Company recorded a loss of $16.6\u00a0million during the year ended December 31, 2019 related to these transactions, comprised of $14.1\u00a0million of extinguishment losses and $2.5\u00a0million of third party costs related to the modification of the Term Loans.
All obligations under the Credit Agreement are guaranteed by, subject to certain exceptions, each of the Company\u2019s 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:
| \u25cf | 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 |
| \u25cf | 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:
| \u25cf | 50% (which percentage will be reduced to 0% if the Company attains a certain secured net leverage ratio) of the Company\u2019s annual excess cash flow; |
| \u25cf | 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 |
| \u25cf | 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 Loans. The Company may voluntarily repay outstanding loans under the Senior Secured Credit Facilities at any time without premium or penalty, except for customary \u201cbreakage\u201d costs with respect to LIBOR loans under the Senior Secured Credit Facilities.
The Senior Secured Term Loans bear interest at a rate per annum equal to, at the Company\u2019s option, either (1)\u00a0an applicable margin plus a base rate determined by reference to the highest of (a)\u00a00.50% per annum plus the Federal Funds Effective Rate, (b)\u00a0the prime rate announced by the Administrative Agent from time to time and (c)\u00a0LIBOR determined by reference to the cost of funds for U.S. dollar deposits for an interest period of one month adjusted for certain additional costs, plus 1.00% or (2)\u00a0an applicable margin plus LIBOR determined by reference to the costs of funds for U.S. dollar deposits for the interest period relevant to such borrowing adjusted for certain additional costs. Borrowings under the Senior Secured Revolving Credit Facility bear interest at a rate per annum equal to an applicable margin based upon a leverage-based pricing grid, plus, at the Company\u2019s option, either (1)\u00a0a base rate determined by reference to the highest of (a)\u00a00.50% per annum plus the Federal Funds Effective Rate, (b)\u00a0the prime rate announced by the Administrative Agent from time to time and (c)\u00a0LIBOR determined by reference to the cost of funds for U.S. dollar deposits for an interest period of one month adjusted for certain additional costs, plus 1.00% or (2)\u00a0LIBOR determined by reference to the costs of funds for U.S. dollar deposits for the interest period relevant to such borrowing adjusted for certain additional costs. As of December 31, 2021, the applicable margins for borrowings under the Senior Secured Term Loan and the Senior Secured Revolving Credit Facility were 3.00% and 2.50%, respectively.
The Credit Agreement contains other customary terms, including (1)\u00a0representations, warranties and affirmative covenants, (2)\u00a0negative 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)\u00a0customary 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, 2021, the Company was in a covenant suspension period under the Senior Secured Revolving Credit Facility as described above.
Convertible Notes due 2026. Concurrently with the Exchange Offers, to obtain the consent of the holders of the 2.95% Convertible Notes due 2024 (the \u201cConvertible Notes due 2024\u201d) to the transactions contemplated by the Exchange Offers, the Company restructured $600 million of Convertible Notes due 2024 issued in 2018 to Silver Lake and others pursuant to which the maturity of the Convertible Notes due 2024 was extended to May 1, 2026 (the \u201cConvertible Notes due 2026\u201d) (the \u201cConvertible Notes\u201d means the Convertible Notes due 2024 before July 31, 2020 and the Convertible Notes due 2026 after July 31, 2020), a first-priority lien on the Collateral was granted to secure indebtedness thereunder and certain covenants were modified. The Convertible Notes due 2026 were issued pursuant to an amended and restated indenture, dated as of July 31, 2020, among the Company, the guarantors named therein and U.S. Bank National Association, as trustee and collateral agent. The Company accounted for this transaction 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%. The modification did not result in the recognition of any gain or loss and the Company established new effective interest rates based on the carrying value of the Convertible Notes due 2024. Third party costs related to the transaction were expensed as incurred and amounts paid to lenders were capitalized and amortized through maturity of the debt. The Convertible Notes due 2026 are convertible at the option of the holders thereof on the same terms as the Convertible Notes due 2024. Upon maturity, the $600.0 million principal amount of the Convertible Notes due 2026 will be payable in cash. The Company will pay interest in cash on the Convertible Notes due 2026 at 2.95% per annum, semi-annually in arrears on September 15th and March 15th, commencing on September 15, 2020.
On January 27, 2021, affiliates of Silver Lake and certain co-investors (collectively, the \u201cNoteholders\u201d) elected to convert (the \u201cConversion\u201d) all $600.0 million principal amount of the Company\u2019s Convertible Notes due 2026 into shares of the Company\u2019s Common Stock at a conversion price of $13.51 per share. The non-cash Conversion settled on January 29, 2021, and resulted in the issuance of 44,422,860 shares of the Company\u2019s Common Stock to the Noteholders. The Company recorded approximately $71.0 million of non-cash interest expense during the year ended December 31, 2021 for unamortized discount and deferred charges at the date of conversion following the guidance in ASC 815-15-40-1. The non-cash Conversion reduced the Company\u2019s first-lien indebtedness by $600.0 million. Pursuant to the Stock Repurchase and Cancellation Agreement with Dalian Wanda Group Co., Ltd. (\u201cWanda\u201d) dated as of September 14, 2018, 5,666,000 shares of the Company\u2019s Class B common stock held by Wanda were forfeited and cancelled in connection with the Conversion.
The carrying value of the Convertible Notes is as follows:
Carrying Value | Reclassification | Carrying Value | Conversion | Carrying Value | ||||||||||||||
as of | Increase | to Additional | as of | on | as of | |||||||||||||
(In millions) | December 31, 2019 | to Expense | Paid-in Capital | December 31, 2020 | January 29, 2021 | January 29, 2021 | ||||||||||||
Principal balance | $ | 600.0 | $ | \u2014 | $ | \u2014 | $ | 600.0 | $ | (600.0) | $ | \u2014 | ||||||
Discount | (73.7) | 12.2 | \u2014 | (61.5) | 61.5 | \u2014 | ||||||||||||
Deferred financing costs | (11.2) | 1.7 | \u2014 | (9.5) | 9.5 | \u2014 | ||||||||||||
Derivative liability | 0.5 | 89.4 | (89.9) | \u2014 | \u2014 | \u2014 | ||||||||||||
Carrying value | $ | 515.6 | $ | 103.3 | $ | (89.9) | $ | 529.0 | $ | (529.0) | $ | \u2014 |
On April 24, 2020, the Company entered into a supplemental indenture (the \u201cSupplemental Indenture\u201d) to the Convertible Notes due 2024 indenture, dated as of September 14, 2018. The Supplemental Indenture amended the debt covenant under the Convertible Notes due 2024 Indenture to permit the Company to issue the First Lien Notes due 2025, among other changes.
On September\u00a014, 2018, the Company issued $600.0\u00a0million aggregate principal amount of its 2.95% Senior Unsecured Convertible Notes due 2024 to Silver Lake and others. The Convertible Notes due 2024 would have matured on September\u00a015, 2024, subject to earlier conversion by the holders thereof, repurchase by the Company at the option of the holders or redemption by the Company upon the occurrence of certain contingencies, as discussed below.
On September 14, 2018, the Company bifurcated the conversion feature from the principal balance of the Convertible Notes due 2024 as a derivative liability because (1)\u00a0a conversion feature was not clearly and closely related
to the debt instrument and the reset of the conversion price caused the conversion feature to not be considered indexed to the Company\u2019s equity, (2)\u00a0the conversion feature standing alone met the definition of a derivative, and (3) the Convertible Notes due 2024 were not remeasured at fair value each reporting period with changes in fair value recorded in the consolidated statements of operations. The initial derivative liability of $90.4\u00a0million is offset by a discount to the principal balance and was amortized to interest expense resulting in an effective rate of 5.98% over the extended term of the Convertible Notes due 2024. The Company also recorded deferred financing costs of approximately $13.6 million related to the issuance of the Convertible Notes due 2024 and will amortize those costs to interest expense under the effective interest method over the extended term of the Convertible Notes due 2024. The Company recorded interest expense for the years ended December 31, 2021, December 31, 2020 and December 31, 2019 of $0 million, $31.8 million, and $32.6 million, respectively.
The derivative liability was remeasured at fair value each reporting period, a Level 3 fair value estimate, until the conversion price reset on September 14, 2020, with changes in fair value recorded in the consolidated statements of operations as other expense or income. On September 14, 2020, the conversion price reset from $18.95 per share to $13.51 per share pursuant to the terms of the Indenture for the Convertible Notes due 2024 and the derivative liability as of September 14, 2020 was reclassified to permanent equity as the conversion feature is indexed to the Company\u2019s equity. For the years ended December 31, 2020 and December 31, 2019, the Company recorded in other expense (income) of $89.4 million and $(23.5) million, respectively, related to the derivative liability fair value adjustments for embedded conversion feature in the Convertible Notes due 2024.
Pursuant to the Stock Repurchase and Cancellation Agreement between the Company and Wanda, the conversion feature of the Convertible Notes due 2024 would result in 5,666,000 shares of the Company\u2019s Class B common stock held by Wanda being subject to forfeiture and retirement by the Company at no additional cost. This cancellation agreement was a contingent call option for the forfeiture shares, which was a freestanding derivative measured at fair value on a recurring basis, which was a Level 3 estimate of fair value. The initial derivative asset of $10.7 million was offset by a credit to stockholders\u2019 equity related to the Class B common stock purchase and cancellation. The forfeiture shares feature was not clearly and closely related to the Convertible Notes due 2024 host and it was bifurcated and accounted for as a derivative asset measured at fair value through earnings each reporting period until the conversion feature reset on September 14, 2020, with changes in fair value recorded in the consolidated statements of operations as other expense or income. For the years ended December 31, 2020 and December 31, 2019, this resulted in other expense (income) of $19.6 million and $17.7 million, respectively, related to the derivative asset fair value adjustment for contingent call option related to the Class B common stock purchase and cancellation agreement. On September 14, 2020, the conversion price reset from $18.95 per share to $13.51 per share pursuant to the terms of the Indenture for the Convertible Notes due 2024 and the derivative asset as of September 14, 2020 was reclassified to permanent equity as the number of shares that will be cancelled on conversion of the Convertible Notes due 2024 were known. The Company recorded an immaterial non-cash correction of $26.2 million recorded in other expense during the year ended December 31, 2020. The adjustment related to the Company correcting the valuation methodology applied to the derivative asset related to the cancellation agreement entered into on September 14, 2018, a Level 3 estimate of fair value for a complex instrument developed in consultation with a third party specialist.
First Lien Notes Due 2025
On April 24, 2020, the Company issued $500.0 million aggregate principal amount of its 10.5% First Lien Notes due 2025, in a private offering, pursuant to an indenture, dated as of April 24, 2020 (the \u201cFirst Lien Notes Indenture\u201d), among the Company, the guarantors named therein and U.S. Bank National Association, as trustee and collateral agent. The Company used the net proceeds from the First Lien Notes due 2025 private offering for general corporate purposes, including further increasing the Company\u2019s liquidity. The First Lien Notes due 2025 were issued with a discount of $10.0 million and bear interest at a rate of 10.5% per annum, payable semi-annually on April 15 and October 15 each year, commencing October 15, 2020. The First Lien Notes due 2025 will mature on April 15, 2025. The Company recorded deferred financing costs of approximately $8.9 million related to the issuance of the First Lien Notes due 2025 and will amortize those costs to interest expense under the effective interest method over the term of the First Lien Notes due 2025. See Note 16\u2014Subsequent Events for additional information.
The First Lien Notes due 2025 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\u2019s existing and future subsidiaries that guarantee the Company\u2019s other indebtedness, including the Company\u2019s Senior Secured Credit Facilities. The First Lien Notes due 2025 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\u2019s and the guarantor\u2019s 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 Company may redeem some or all of the First Lien Notes due 2025 at any time on or after April 15, 2022, at the redemption prices set forth in the First Lien Notes Indenture. In addition, the Company may redeem up to 35% of the aggregate principal amount of the First Lien Notes due 2025 using net proceeds from certain equity offerings on or prior to April 15, 2022 at a redemption price equal to 110.5% 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 2025 at any time prior to April 15, 2022 at a redemption price equal to 100% of their aggregate principal amount and accrued and unpaid interest to, but not including, the date of redemption, plus an applicable make-whole premium.
The First Lien Notes Indenture contains covenants that limit the Company\u2019s ability 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 2025; (v) enter into certain transactions with its affiliates; and (vi) merge or consolidate with other companies or transfer all or substantially all of its assets. These covenants are subject to a number of important limitations and exceptions. The First Lien Notes Indenture also provides for events of default, which, if any of them occurs, would permit or require the principal, premium, if any, interest and any other monetary obligations on all the then outstanding First Lien Notes due 2025 to be due and payable immediately.
Sterling Notes Due 2024
On November\u00a08, 2016, the Company issued \u00a3250.0 million aggregate principal amount of its 6.375% Senior Subordinated Notes due 2024 (the \"Sterling Notes due 2024\") in a private offering. The Company recorded deferred financing costs of approximately $14.1 million related to the issuance of the Sterling Notes due 2024. The Sterling Notes due 2024 mature on November\u00a015, 2024. The Company will pay interest on the Sterling Notes due 2024 at 6.375% per annum, semi-annually in arrears on May\u00a015th\u00a0and November\u00a015th, commencing on May\u00a015, 2017. The Company may redeem some or all of the Sterling Notes due 2024 at any time on or after November\u00a015, 2019 at 104.781% of the principal amount thereof, declining ratably to 100% of the principal amount thereof on or after November\u00a015, 2022, plus accrued and unpaid interest to the redemption date. On or prior to November\u00a015, 2019, the Company may redeem the Sterling Notes due 2024 at par, including accrued and unpaid interest plus a make-whole premium. The Company used the net proceeds from the Sterling Notes due 2024 private offering to pay the consideration for the Odeon acquisition and the related refinancing of Odeon debt assumed in the acquisition.
On March\u00a017, 2017, the Company issued \u00a3250.0\u00a0million additional aggregate principal amount of its Sterling Notes due 2024 at 106% plus accrued interest from November\u00a08, 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 \u00a3250.0\u00a0million aggregate principal amount of its 6.375% Sterling Notes due 2024. The Company recorded deferred financing costs of approximately $12.7\u00a0million related to the issuance of the additional Sterling Notes due 2024. The Sterling Notes due 2024 mature on November\u00a015, 2024. The Company will pay interest on the Sterling Notes due 2024 at 6.375% per annum, semi-annually in arrears on May\u00a015th\u00a0and November\u00a015th, commencing on May\u00a015, 2017. Interest on the additional Sterling Notes will accrue from November\u00a08, 2016. The Company may redeem some or all of the Sterling Notes due 2024 at any time on or after November\u00a015, 2019, at 104.781% of the principal amount thereof, declining ratably to 100% of the principal amount thereof on or after November\u00a015, 2022, plus accrued and unpaid interest to the redemption date. In addition, the Company may redeem up to 35% of the aggregate principal amount of the Sterling Notes due 2024 using net proceeds from certain equity offerings completed on or prior to November\u00a015, 2019. On or prior to November\u00a015, 2019, the Company may redeem the Sterling Notes due 2024 at par, including accrued and unpaid interest plus a make-whole premium. The Company used the net proceeds from the additional Sterling Notes to pay a portion of the consideration for the acquisition of Nordic plus related refinancing of Nordic debt assumed in the acquisition.
On March\u00a017, 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\u00a0S\u20134 registration statement related to the registration rights agreement with the Securities and Exchange Commission on April\u00a019, 2017, and it was declared effective June\u00a07, 2017. All of the original notes were exchanged as of July\u00a012, 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 (\u00a3496,014 par value), or 99.2% of the then outstanding Sterling Notes due 2024.
Notes Due 2025
On June\u00a05, 2015, the Company issued $600.0 million aggregate principal amount of its 5.75% Senior Subordinated Notes due 2025 (the \u201cNotes due 2025\u201d) in a private offering. The Company capitalized deferred financing costs of approximately $11.4 million, related to the issuance of the Notes due 2025. The Notes due 2025 mature on June\u00a015, 2025. The Company will pay interest on the Notes due 2025 at 5.75% per annum, semi-annually in arrears on June\u00a015th and December\u00a015th, commencing on December\u00a015, 2015. The Company may redeem some or all of the Notes due 2025 at any time on or after June\u00a015, 2020 at 102.875% of the principal amount thereof, declining ratably to 100% of the principal amount thereof on or after June\u00a015, 2023, plus accrued and unpaid interest to the redemption date. Prior to June\u00a015, 2020, the Company may redeem the Notes due 2025 at par plus a make-whole premium. The Company used the net proceeds from the Notes due 2025 private offering and cash on hand, to pay the consideration for the tender offer for the Notes due 2020, plus any accrued and unpaid interest and related transaction fees and expenses.
On June\u00a05, 2015, in connection with the issuance of the 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\u00a019, 2015 pursuant to the Securities Act of 1933, as amended, relating to an offer to exchange the original Notes due 2025 for exchange Notes due 2025 registered pursuant to an effective registration statement; the registration statement was declared effective on June\u00a029, 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\u00a027, 2015, all of the original Notes due 2025 were exchanged.
On July 31, 2020, as part of the Exchange Offers, the Company reduced the aggregate principal amounts of Notes due 2025 by approximately $501.7 million, or 83.61% of the then outstanding Notes due 2025.
Notes Due 2026
On November\u00a08, 2016, the Company issued $595.0 million aggregate principal amount of its 5.875% Senior Subordinated Notes due 2026 (the \"Notes due 2026\") in a private offering. The Company recorded deferred financing costs of approximately $27.0 million related to the issuance of the Notes due 2026. The Notes due 2026 mature on November\u00a015, 2026. The Company will pay interest on the Notes due 2026 at 5.875% per annum, semi-annually in arrears on May\u00a015th\u00a0and November\u00a015th, commencing on May\u00a015, 2017. The Company may redeem some or all of the Notes due 2026 at any time on or after November\u00a015, 2021, at 102.938% of the principal amount thereof, declining ratably to 100% of the principal amount thereof on or after November\u00a015, 2024, plus accrued and unpaid interest to the redemption date. On or prior to November\u00a015, 2021, the Company may redeem the Notes due 2026 at par, including accrued and unpaid interest plus a make-whole premium. The Company used the net proceeds from the Notes due 2026 private offering to pay the consideration for the Odeon acquisition and the related refinancing of Odeon debt assumed in the acquisition.
On November\u00a08, 2016, in connection with the issuance of the 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)\u00a0file 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)\u00a0use 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\u00a0S\u20134 registration statement
related to the registration rights agreement with the Securities and Exchange Commission on April\u00a019, 2017, and it was declared effective June\u00a07, 2017. All of the original notes were exchanged as of July\u00a012, 2017.
On July 31, 2020, as part of the Exchange Offers, the Company reduced the aggregate principal amounts of Notes due 2026 by approximately $539.4 million, or 90.65% of the then outstanding Notes due 2026.
Notes Due 2027
On March\u00a017, 2017, the Company issued $475.0\u00a0million aggregate principal amount of its 6.125% Senior Subordinated Notes due 2027 (the \"Notes due 2027\"). The Company recorded deferred financing costs of approximately $19.8\u00a0million related to the issuance of the Notes due 2027. The Notes due 2027 mature on May\u00a015, 2027. The Company will pay interest on the Notes due 2027 at 6.125% per annum, semi-annually in arrears on May\u00a015th\u00a0and November\u00a015th, commencing on November\u00a015, 2017. The Company may redeem some or all of the Notes due 2027 at any time on or after May\u00a015, 2022 at 103.063% of the principal amount thereof, declining ratably to 100% of the principal amount thereof on or after May\u00a015, 2025, plus accrued and unpaid interest to the redemption date. In addition, the Company may redeem up to 35% of the aggregate principal amount of the Notes due 2027 using net proceeds from certain equity offerings completed on or prior to May\u00a015, 2020, at a redemption price as set forth in the indenture governing the Notes due 2027. The Company may redeem some or all of the Notes due 2027 at any time prior to May\u00a015, 2022 at a redemption price equal to 100% of their aggregate principal amount and accrued and unpaid interest to, but not including, the date of redemption, plus an applicable make-whole premium. The Company used the net proceeds from the Notes due 2027 private offering to pay a portion of the consideration for the acquisition of Nordic plus related refinancing of Nordic debt assumed in the acquisition.
On March\u00a017, 2017, in connection with the issuance of the 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)\u00a0file 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)\u00a0use 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\u00a0S\u20134 registration statement related to the registration rights agreement with the Securities and Exchange Commission on April\u00a019, 2017, and it was declared effective June\u00a07, 2017. All of the original notes were exchanged as of July\u00a012, 2017.
On July 31, 2020, as part of the Exchange Offers, the Company reduced the aggregate principal amounts of Notes due 2027 by approximately $344.3 million, or 72.48% of the then outstanding Notes due 2027.
Financial Covenants
The Company currently estimates that its existing cash and cash equivalents will be sufficient to comply with minimum liquidity and financial covenant requirements under its debt covenants related to borrowings pursuant to the Senior Secured Revolving Credit Facility and Odeon Term Loan Facility, currently and through the next twelve months. The Company entered the Ninth Amendment pursuant to which the requisite revolving lenders party thereto agreed to extend the suspension period for the financial covenant (the secured leverage ratio) applicable to the Senior Secured Revolving Credit Facility from March 31, 2021 to March 31, 2022, which was further extended by the Eleventh Amendment from March 31, 2022 to March 31, 2023, as described, and on the terms and conditions specified, therein. The Company is currently subject to minimum liquidity requirements of approximately $144 million, of which $100 million is required under the conditions for the Extended Covenant Suspension Period, as amended, under the Senior Secured Revolving Credit Facility, and \u00a332.5 million (approximately $44 million) of which is required under the Odeon Term Loan Facility. Following the expiration of the Extended Covenant Suspension Period ending March 31, 2023, the Company will be subject to the financial covenant under the Senior Secured Revolving Credit Facility as of the last day of each quarter on which the aggregate principal amount of revolving loans, and letters of credit (excluding letters of credit that are cash collateralized) in excess of $25 million, outstanding under the Senior Secured Revolving Credit Facility exceeds 35% of the principal amount of commitments under the Senior Secured Revolving Credit Facility then in effect, beginning with the quarter ending June 30, 2023. The Company currently expects it will be able to comply with this financial covenant, however, the Company does not anticipate the need to borrow under the Senior Secured Revolving Credit Facility during the next twelve months. The Company\u2019s liquidity needs thereafter will depend, among other things, on the timing of movie releases and its ability to generate cash from operations.
As of December\u00a031, 2021, the Company was in a covenant suspension period under the Senior Secured Revolving Credit Facility and the Odeon Revolving Credit Facility as described above.
"}]},{"name":"rpt:f-1367","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfDebtInstrumentsTextBlock","xbrl:period":"2021-01-01T00:00:00/2022-01-01T00:00:00","xbrl:entity":"cik:0001411579"},"factValues":[{"value":"A summary of the carrying value of corporate borrowings and finance lease obligations is as follows:
(In millions) | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2021 | \u00a0\u00a0\u00a0\u00a0 | December 31, 2020 | ||
First Lien Secured Debt: | ||||||
Senior Secured Credit Facility-Term Loan due 2026 (3.103% as of December 31, 2021) | $ | 1,945.0 | $ | 1,965.0 | ||
Senior Secured Credit Facility-Revolving Credit Facility due 2024 | \u2014 | 212.2 | ||||
10.75% in Year 1, 11.25% thereafter Cash/PIK Odeon Term Loan Facility due 2023 (\u00a3147.6 million and \u20ac312.2 million par value as of December 31, 2021) | 552.6 | \u2014 | ||||
Odeon Revolving Credit Facility due 2022 | \u2014 | 120.8 | ||||
10.5% First Lien Notes due 2025 | 500.0 | 500.0 | ||||
2.95% Senior Secured Convertible Notes due 2026 | \u2014 | 600.0 | ||||
10.5% First Lien Notes due 2026 | 300.0 | 300.0 | ||||
15%/17% Cash/PIK Toggle First Lien Secured Notes due 2026 | 73.5 | \u2014 | ||||
Second Lien Secured Debt: | ||||||
10%/12% Cash/PIK/Toggle Second Lien Subordinated Notes due 2026 | 1,508.0 | 1,423.6 | ||||
Subordinated Debt: | ||||||
6.375% Senior Subordinated Notes due 2024 (\u00a34.0 million par value as of December 31, 2021) | 5.4 | 5.4 | ||||
5.75% Senior Subordinated Notes due 2025 | 98.3 | 98.3 | ||||
5.875% Senior Subordinated Notes due 2026 | 55.6 | 55.6 | ||||
6.125% Senior Subordinated Notes due 2027 | 130.7 | 130.7 | ||||
$ | 5,169.1 | $ | 5,411.6 | |||
Finance lease obligations | \u00a0 | 72.7 | \u00a0 | 96.0 | ||
Paid-in-kind interest | \u2014 | 7.6 | ||||
Deferred financing costs | (39.1) | (42.1) | ||||
Net premium (1) | 298.0 | 338.7 | ||||
$ | 5,500.7 | $ | 5,811.8 | |||
Less: | ||||||
Current maturities corporate borrowings | (20.0) | \u00a0 | (20.0) | |||
Current maturities finance lease obligations | (9.5) | (12.9) | ||||
$ | 5,471.2 | $ | 5,778.9 |
| (1) | The following table provides the net premium (discount) amounts of corporate borrowings: |
| (1) | The following table provides the net premium (discount) amounts of corporate borrowings: |
Principal | |||
Amount of | |||
Corporate | |||
(In millions) | \u00a0\u00a0\u00a0\u00a0 | Borrowings | |
2022 | $ | 20.0 | |
2023 | \u00a0 | 572.6 | |
2024 | \u00a0 | 25.4 | |
2025 | \u00a0 | 618.3 | |
2026 | \u00a0 | 3,802.1 | |
Thereafter | \u00a0 | 130.7 | |
Total | $ | 5,169.1 |
(In thousands) | Total Aggregate Principal Amount Validly Tendered | Percentage of Outstanding Existing Subordinated Notes Validly Tendered | ||||
6.375% Senior Subordinated Notes due 2024 (\u00a3496,014 par value) | $ | 632,145 | 99.20 | % | ||
5.75% Senior Subordinated Notes due 2025 | $ | 501,679 | 83.61 | % | ||
5.875% Senior Subordinated Notes due 2026 | $ | 539,393 | 90.65 | % | ||
6.125% Senior Subordinated Notes due 2027 | $ | 344,279 | 72.48 | % |
Carrying Value | Reclassification | Carrying Value | Conversion | Carrying Value | ||||||||||||||
as of | Increase | to Additional | as of | on | as of | |||||||||||||
(In millions) | December 31, 2019 | to Expense | Paid-in Capital | December 31, 2020 | January 29, 2021 | January 29, 2021 | ||||||||||||
Principal balance | $ | 600.0 | $ | \u2014 | $ | \u2014 | $ | 600.0 | $ | (600.0) | $ | \u2014 | ||||||
Discount | (73.7) | 12.2 | \u2014 | (61.5) | 61.5 | \u2014 | ||||||||||||
Deferred financing costs | (11.2) | 1.7 | \u2014 | (9.5) | 9.5 | \u2014 | ||||||||||||
Derivative liability | 0.5 | 89.4 | (89.9) | \u2014 | \u2014 | \u2014 | ||||||||||||
Carrying value | $ | 515.6 | $ | 103.3 | $ | (89.9) | $ | 529.0 | $ | (529.0) | $ | \u2014 |
NOTE 9\u2014STOCKHOLDERS\u2019 EQUITY
Common Stock Rights and Privileges
Holders of Holdings\u2019 Common Stock are entitled to one vote per share. Holders of Common Stock share ratably (based on the number of shares of Common Stock held) in any dividend declared by its board of directors, subject to any preferential rights of any outstanding preferred stock. The Common Stock is not convertible into any other shares of Holdings\u2019 capital stock.
Common Stock Issuances
The Company entered into equity distribution agreements with sales agents to sell approximately 241.6 million and 90.9 million shares of the Company\u2019s Common Stock, par value $0.01 per share, through \u201cat-the-market\u201d offering programs during the years ended December 31, 2021 and December 31, 2020, respectively. During the year ended December 31, 2021, the Company raised gross proceeds of approximately $1,611.8 million related to the \u201cat-the-market\u201d offering programs and paid fees to the sales agents of approximately $40.3 million and other fees of $0.8 million. During the year ended December 31, 2020, the Company raised gross proceeds of approximately $272.8 million related to the \u201cat-the-market\u201d offering programs and paid fees to the sales agents of approximately $8.1 million. The Company intends to use the net proceeds from the sale of the Common Stock pursuant to the equity distribution agreement for general corporate purposes, which may include the repayment, refinancing, redemption or repurchase of existing indebtedness or working capital, capital expenditures and other investments.
The gross proceeds raised from the \u201cat-the-market\u201d sale of Common Stock during the years ended December 31, 2021 and December 31, 2020, are summarized in the table below:
\"At-the-market\" Equity Distribution Agreement Dates | Sales Agents | Number of Class A common stock shares sold (in millions) | Gross Proceeds (in millions) | ||||
September 24, 2020 | Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC | 15.0 | $ | 56.1 | |||
October 20, 2020 | Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC | 15.0 | 41.6 | ||||
November 10, 2020 | Goldman Sachs & Co. LLC and B. Riley Securities, Inc. | 20.0 | 61.4 | ||||
December 11, 2020 | Goldman Sachs & Co. LLC and B. Riley Securities, Inc. (1) | 40.93 | 113.7 | ||||
Total year ended December 31, 2020 | 90.93 | $ | 272.8 | ||||
December 11, 2020 | Goldman Sachs & Co. LLC and B. Riley Securities, Inc. (1) | 137.07 | 352.6 | ||||
January 25, 2021 | Goldman Sachs & Co. LLC and B. Riley Securities, Inc. | 50.0 | 244.3 | ||||
April 27, 2021 | Goldman Sachs & Co. LLC, B. Riley Securities, Inc. and Citigroup Global Markets Inc. (2) | 43.0 | 427.5 | ||||
June 3, 2021 | B. Riley Securities, Inc. and Citigroup Global Markets Inc. | 11.55 | 587.4 | ||||
Total year ended December 31, 2021 | 241.62 | $ | 1,611.8 |
| (1) | On December 11, 2020, the Company entered into an equity distribution agreement with Goldman Sachs & Co. LLC and B. Riley Securities, Inc., as sales agents to sell up to 178.0 million shares of the Company\u2019s Common Stock, of which approximately 40.93 million shares of Common Stock were sold and settled during December 2020 and approximately 137.07 million shares of Common Stock were sold and settled during the year ended December 31, 2021. |
| (2) | Included in the Common Stock shares sold of 43.0 million was the reissuance of treasury stock shares of approximately 3.7 million shares. Upon the sales of treasury stock, the Company reclassified amounts recorded in treasury stock to additional paid-in capital of $37.1 million and loss of $19.3 million to retained earnings during the year ended December 31, 2021. |
Common Stock Transaction Related to Exchange Offers
Certain backstop purchasers of the First Lien Notes due 2026 that participated in the Exchange Offer received five million common shares. See Note 8\u2014Corporate Borrowings and Finance Lease Obligations for further information.
Common Stock Transactions with Mudrick
On June 1, 2021, the Company issued to Mudrick 8.5 million shares of the Company\u2019s Common Stock and raised gross proceeds of $230.5 million and paid fees of approximately $0.1 million related to this transaction. The Company issued the shares in reliance on an exemption from registration provided by section 4(a)(2) of the Securities Act of 1933. The Company intends to use the proceeds from the share sale primarily for the pursuit of value creating acquisitions of theatre assets and leases, as well as investments to enhance the consumer appeal of its theatres. In addition, with these funds, the Company intends to continue exploring deleveraging opportunities.
On December 14, 2020, Mudrick received a total of 21,978,022 shares of the Company\u2019s Common Stock; of which 8,241,758 shares relates to consideration received for a commitment fee and 13,736,264 shares as consideration received for (i) the commitment provided with respect to the First Lien Toggle Notes due 2026 and (ii) the Second Lien Exchange. See Note 8\u2014Corporate Borrowings and Finance Lease Obligations for further information.
Class B Common Stock
On January 27, 2021, pursuant to the Stock Repurchase and Cancellation Agreement with Wanda dated as of September 14, 2018, and in connection with the Conversion of the Convertible Notes due 2026 into shares of the Company\u2019s Common Stock by Silver Lake and certain co-investors, 5,666,000 shares of the Company\u2019s Class B common stock held by Wanda were forfeited and cancelled.
On February 1, 2021, Wanda exercised their right to convert all outstanding Class B common stock of 46,103,784 to Common Stock thereby reducing the number of outstanding Class B common stock to zero, which resulted in the retirement of Class B common stock. The Third Amended and Restated Certificate of Incorporation of the Corporation provides that Class B common stock may not be reissued by the Company.
Dividends
Since April 24, 2020, the Company has been prohibited from making dividend payments in accordance with the covenant suspension conditions in its Credit Agreement (as defined in Note 8\u2014Corporate Borrowings and Finance Lease Obligations). The following is a summary of dividends and dividend equivalents declared to stockholders during the year ended December 31, 2020:
Amount\u00a0per | Total Amount | |||||||||
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Share\u00a0of | \u00a0\u00a0\u00a0\u00a0 | Declared | |||||
Declaration Date | Record Date | Date Paid | Common Stock | (In millions) | ||||||
February\u00a026, 2020 | March\u00a09, 2020 | March\u00a023, 2020 | $ | 0.03 | $ | 3.2 |
During the year ended December\u00a031, 2020, the Company paid dividends and dividend equivalents of $6.5\u00a0million and accrued $0.4 million for the remaining unpaid dividends at December\u00a031, 2020. The aggregate dividends paid for Common Stock, Class B common stock, and dividend equivalents were approximately $1.6\u00a0million, $1.6 million, and $3.3 million, respectively.
The following is a summary of dividends and dividend equivalents declared to stockholders during the year ended December\u00a031, 2019:
Amount\u00a0per | Total Amount | |||||||||
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Share\u00a0of | \u00a0\u00a0\u00a0\u00a0 | Declared | |||||
Declaration Date | Record Date | Date Paid | Common Stock | (In millions) | ||||||
February\u00a015, 2019 | March 11, 2019 | March 25, 2019 | $ | 0.20 | $ | 21.3 | ||||
May 3, 2019 | June 10, 2019 | June 24, 2019 | 0.20 | 21.3 | ||||||
August 2, 2019 | September 9, 2019 | September 23, 2019 | 0.20 | 21.3 | ||||||
October 24, 2019 | December 2, 2019 | December 16, 2019 | 0.20 | 21.0 |
During the year ended December\u00a031, 2019, the Company paid dividends and dividend equivalents of $84.1\u00a0million and accrued $2.3 million for the remaining unpaid dividends at December\u00a031, 2019. The aggregate dividends paid for Common Stock, Class B common stock, and dividend equivalents were approximately $41.7\u00a0million, $41.4 million, and $1.0 million, respectively.
Related Party Transactions
As of December\u00a031, 2021 and December\u00a031, 2020, the Company recorded a receivable due from Wanda of $0 and $0.7\u00a0million, respectively, for reimbursement of general administrative and other expense incurred on behalf of Wanda. The Company recorded cost reductions for general and administrative services provided on behalf of Wanda of $0, $0.3 million and $0.4 million for the years ended December\u00a031, 2021, December\u00a031, 2020, and December\u00a031, 2019, respectively. By the end of the first quarter of 2021, Wanda was no longer a related party of the Company.
On September\u00a014, 2018, the Company entered into the Investment Agreement with Silver Lake, relating to the issuance to Silver Lake (or its designated affiliates) of $600.0\u00a0million principal amount of the Convertible Notes due 2024 and entered into an amended and restated investment agreement with Silver Lake, relating to the issuance of the Convertible Notes due 2026 on August 31, 2020. See Note\u00a08\u2014Corporate Borrowings and Finance Lease Obligations for information regarding the conversion of the $600.0 million principal amount of the Company\u2019s Convertible Notes due 2026 into shares of the Company\u2019s Common Stock in January 2021. As a result of the conversion, Silver Lake was no longer a related party of the Company.
Treasury Stock
On February\u00a027, 2020, the Company announced that its Board of Directors authorized a share repurchase program for an aggregate purchase of up to $200.0 million shares of Common Stock. As of April 24, 2020, the Company is prohibited from making purchases under its authorized stock repurchase program in accordance with the covenant suspension conditions in its Credit Agreement (as defined in Note 8\u2014Corporate Borrowings and Finance Lease Obligations). As of December 31, 2021, $200.0 million remained available for repurchase under this plan. A three-year time limit had been set for the completion of this program, expiring February 26, 2023.
Stock-Based Compensation
2013 Equity Incentive Plan
The 2013 Equity Incentive Plan provides for grants of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock awards, restricted stock units (\u201cRSUs\u201d), performance stock units (\u201cPSUs), stock awards, and cash performance awards. The maximum number of shares of Holdings\u2019 Common Stock available for delivery pursuant to awards granted under the second amendment to the 2013 Equity Incentive Plan is 15 million shares. At December\u00a031, 2021, the aggregate number of shares of Holdings\u2019 Common Stock available for grant was 4,650,723 shares.
The following table presents the stock-based compensation expense recorded within general and administrative: other:
Year Ended | |||||||||
December\u00a031, | December\u00a031, | December\u00a031, | |||||||
(In millions) | 2021 | 2020 | 2019 | ||||||
Board of director stock award expense | $ | 0.9 | $ | 0.5 | $ | 0.5 | |||
Restricted stock unit expense | 12.6 | 9.7 | 9.7 | ||||||
Performance stock unit expense | 24.5 | 1.2 | (5.8) | ||||||
Special performance stock unit expense | 5.1 | 14.0 | \u2014 | ||||||
Total stock-based compensation expense | $ | 43.1 | $ | 25.4 | $ | 4.4 |
As of December 31, 2021, the estimated remaining unrecognized compensation cost related to stock-based compensation arrangements was approximately $16.7 million. The weighted average period over which this remaining compensation expense will be recognized is approximately 1.4 years. The Company accounts for forfeitures when they occur.
Awards Granted in 2021, 2020, and 2019 and Other Activity
AMC\u2019s Board of Directors approved awards of stock, RSUs, and PSUs to certain of the Company\u2019s employees and directors under the 2013 Equity Incentive Plan. During years 2021, 2020, and 2019, the grant date fair value of these awards was based on the closing price of AMC\u2019s stock on the date of grant, which ranged from $1.73 to $15.13 per share. A dividend equivalent for restricted stock units and performance stock units equal to the amount paid in respect of
one share of Common Stock underlying the unit began to accrue with respect to the unit on the date of grant. Such accrued dividend equivalents are paid to the holder upon vesting of the units. Each unit represents the right to receive one share of Common Stock at a future date.
The award agreements generally had the following features:
| \u25cf | Board of Director Stock Award Agreement: The Company granted fully vested shares of Common Stock to its independent members of AMC\u2019s Board of Directors during the years ended December 31, 2021, Decembers 31, 2020, and December 31, 2019 of 124,054, 77,090, and 32,464, respectively. |
| \u25cf | Restricted Stock Unit Award Agreement: The Company granted RSU awards of 2,687,813, 1,511,297, 730,167 to certain members of management during the years ended December 31, 2021, December 31, 2020, and December 31, 2019, respectively. The Company records stock-based compensation expense on a straight-line recognition method over the requisite vesting period. Each RSU represents the right to receive one share of Common Stock at a future date. The RSUs granted during 2021, 2020, and 2019 vest over three years with 1/3 vesting in each year. These RSUs will be settled within 30 days of vesting. |
| \u25cf | Restricted Stock Unit Award Executive Agreement: During the year ended December 31, 2019, the Company granted RSU awards of 200,000 to an executive officer (\u201c2019 RSU executive\u201d) of the Company with one-half vesting on the first anniversary of employment on December 2, 2020 and the remaining one-half vesting ratably over a three year period ending on December 2, 2022. All unvested RSUs shall be forfeited upon termination of services. These RSUs will be settled within 30 days of vesting. |
| \u25cf | Restricted Stock Unit Named Executive Officer Award Agreement: During the year ended December\u00a031, 2017, RSU awards of 129,214 units were granted to certain executive officers covered by Section 162(m) of the Internal Revenue Code. The RSUs vest over three years with 1/3 vesting each year if the cash flow from operating activities target was met. The vested RSUs will be settled within 30 days of vesting. The RSUs will be forfeited if AMC does not achieve a specified cash flow from operating activities target. |
| \u25cf | Performance Stock Unit Award Agreement: 2021 PSU Awards. On February 23, 2021, total PSUs of 2,687,813 were awarded (\u201c2021 PSU award\u201d) to certain members of management and executive officers, with the total PSUs divided into three separate year tranches, with each tranche allocated to a fiscal year within the performance period (\u201cTranche Year\u201d). The PSUs within each Tranche Year are further divided between two performance targets; the Adjusted EBITDA performance target and free cash flow performance target. The 2021 PSU awards will vest based on achieving 80% to 120% of the performance targets, with the corresponding vested unit amount ranging from 50% to 200% (or 30% to 200% for PSU awards granted prior to year 2020). If the performance targets are met at 100%, the 2021 PSU awards will vest at 2,687,813 units in the aggregate. No PSUs will vest for each Tranche Year if the Company does not achieve 80% of the Tranche Year\u2019s Adjusted EBITDA and free cash flow targets. |
The Compensation Committee establishes the annual performance targets at the beginning of each year. Therefore, the grant date (and fair value measurement date) for each Tranche Year is the date at the beginning of each year when a mutual understanding of the key terms and conditions are reached per ASC 718, Compensation - Stock Compensation. The 2021 PSU award grant date fair value on February 23, 2021 for the 2021 Tranche Year award of 895,836 units was approximately $6.9 million, measured using performance targets at 100%. At December 31, 2021, the 2021 Tranche Year target performance conditions for both the annual Adjusted EBITDA and free cash flow were achieved at 200%.
November 3, 2021 modification. On November 3, 2021, based upon the recommendation of the Compensation Committee, the Board of Directors of the Company approved a modification to the PSUs for the awards granted in 2021 and 2020. The service condition modification included separating the vesting period subject to the participant\u2019s continued employment through the end of the three-year cumulative period into three separate year service periods applicable to each tranche year. The Company accounted for the modification in accordance with ASC 718-20, Compensation-Stock Compensation, as a Type I modification (probable-to-probable) with no change to the fair value measurement of the awards.
2020 PSU Awards: During the year ended December\u00a031, 2020, PSU awards of 1,436,297 were granted to certain members of management and executive officers, with three-year cumulative Adjusted EBITDA and
free cash flow target conditions and service conditions, covering a performance period beginning January\u00a01, 2020 and ending on December\u00a031, 2022, prior to the service condition and performance condition modifications on November 3, 2021 and October 30, 2020, respectively.
2019 PSU Awards: During the year ended December\u00a031, 2019, PSU awards of 730,167 were granted to certain members of management and executive officers, with three-year cumulative Adjusted EBITDA and diluted earnings per share performance target conditions and service conditions, covering a performance period beginning January\u00a01, 2019 and ending on December\u00a031, 2021, prior to the service condition and performance condition modifications on November 3, 2021 and October 30, 2020, respectively.
2018 PSU Awards: During the year ended December\u00a031, 2018, PSU awards of 653,669 were granted to certain members of management and executive officers with three-year cumulative net profit, Adjusted EBITDA, and diluted earnings per share performance target conditions and service conditions, covering a performance period beginning January\u00a01, 2018 and ending on December\u00a031, 2020, prior to the performance condition modification on October 30, 2020.
October 30, 2020 modification. On October 30, 2020, based upon the recommendation of the Compensation Committee, the Board of Directors of the Company approved a modification to the PSUs for the awards granted in 2018, 2019, and 2020. The modification included separating the three-year cumulative performance targets into three separate year performance targets applicable to each tranche year. Due to the dramatic impact of the COVID-19 pandemic on the Company\u2019s business, the Board of Directors waived attainment of the 2020 tranche year performance targets and established a vesting level for such PSUs at 90%. In addition, the service conditions were modified, and vesting is now subject to the participant\u2019s continued employment through the end of the three-year cumulative period. The Company accounted for the modification in accordance with ASC 718-20, Compensation-Stock Compensation, as an exchange of the original award, that was not expected to vest, for a new award. The Company measured the fair value of the new award on the modification date, October 30, 2020, because the Company determined that achieving performance thresholds were probable for certain tranche awards.
2017 PSU Awards: During the year ended December\u00a031, 2017, PSU awards were granted to certain members of management and executive officers with three-year cumulative net profit, Adjusted EBITDA, and diluted earnings per share performance target conditions and service conditions, covering a performance period beginning January\u00a01, 2017 and ending on December\u00a031, 2019. The performance conditions were not met as of December 31, 2019 and the Company reversed previously recorded expense of $5.8 million on these units during the year ended December 31, 2019.
| \u25cf | Special Performance Stock Unit Executive Award Agreement: During the year ended December\u00a031, 2019, a PSU market condition award of 300,000 was granted to an executive officer of the Company that would vest based upon achieving target prices for the Company\u2019s Common Stock. This award was subsequently cancelled and replaced with the PSU market condition award granted on February 26, 2020. |
On February 26, 2020 and March 5, 2020, special performance stock unit awards (\u201cSPSUs\u201d), totaling 3,570,000 units were granted to certain executive officers that will vest based upon achieving target prices for the Company\u2019s Class Common Stock. The SPSUs are eligible to vest in tranches contingent upon (i) the attainment of certain 20 trading day volume weighted average closing prices and (ii) fulfillment of the three-year service requirement from the date of grant. The vested SPSUs will be settled within 30 days of vesting. Any unvested SPSUs remaining after 10 years will be forfeited. If service is terminated prior to the three year anniversary from the date of grant, unvested SPSUs shall be forfeited. The target prices and vesting tranches are set forth in the table below:
Tranche | Target Stock Price | SPSUs Vesting | ||
1 | $12.00 | 595,003 | ||
2 | $16.00 | 595,003 | ||
3 | $20.00 | 595,003 | ||
4 | $24.00 | 595,003 | ||
5 | $28.00 | 594,994 | ||
6 | $32.00 | 594,994 |
The Company used the Monte Carlo simulation model to estimate the fair value of the SPSUs. This model utilizes multiple input variables to estimate the probability that the market conditions will be achieved. The Company used the following assumptions in determining the fair value of the SPSUs:
Assumptions | ||
Expected stock price volatility | 45.0% | |
Expected dividend yield | 2.02% and 2.44% | |
Risk-free interest rate | 1.33% and 0.92% | |
Grant-date stock price | $5.93 and $4.92 |
The expected stock price volatility was based on the historical volatility of the Company\u2019s stock for a period equivalent to the derived service period. The expected dividend yield is based on annual expected dividend payments. The risk-free interest rate was based on the treasury yield rates as of the date of grant for a period equivalent to the performance measurement period. The fair value of each SPSU is amortized over the requisite or derived service period, which is up to 6.4 years. The SPSUs granted on February 26, 2020 and March 5, 2020 have a grant date fair value of approximately $12.2 million.
On October 30, 2020, based upon the recommendation of the Compensation Committee, the Board of Directors of the Company approved a modification to the SPSUs for the awards. Each SPSU award agreement was amended as follows:
| \u25cf | The stock price thresholds (ranging from $12 to $24) and service requirement for tranches 1 through 4 of the SPSUs were eliminated and such SPSUs vested on October 30, 2020; |
| \u25cf | Participants shall be prohibited from selling the shares of Common Stock issued upon the foregoing vesting until October 30, 2021; |
| \u25cf | The stock price threshold for tranche 5 of the SPSUs was changed to $4 from $28 and the stock price threshold for tranche 6 of the SPSUs was changed to $8 from $32; and |
| \u25cf | The service requirement for tranches 5 and 6 was shortened to end on October 30, 2021. |
As a result of the SPSU modification of market conditions, the incremental fair value amount assigned to the grant date fair value was approximately $7.3 million in accordance with ASC 718-20, Compensation-Stock Compensation. In January 2021, the market condition requirement for SPSUs was met as a result of exceeding the 20-day trailing volume weighted average stock price threshold target for tranche 5 and tranche 6 of $4 and $8, respectively. The stock-based compensation costs for SPSUs were recorded on a straight-line basis through October 30, 2021, which was the end of the service requirement period.
The following table represents the nonvested RSU and PSU activity for the years ended December\u00a031, 2021, December\u00a031, 2020 and December\u00a031, 2019:
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted | |||
Average | |||||
Shares\u00a0of\u00a0RSU | Grant\u00a0Date | ||||
PSU and\u00a0SPSU | Fair\u00a0Value | ||||
Beginning balance at January 1, 2019 | 1,934,447 | $ | 21.50 | ||
Granted | 1,960,334 | 12.89 | |||
Vested | (303,201) | 21.76 | |||
Forfeited | (220,632) | 17.17 | |||
Cancelled (1) | (100,855) | 21.46 | |||
Beginning balance at January 1, 2020 | 3,270,093 | $ | 15.88 | ||
Granted | 6,517,594 | 4.66 | |||
Vested | (2,472,375) | 8.61 | |||
Forfeited | (1,020,122) | 16.97 | |||
Cancelled (1) | (2,135,929) | 7.22 | |||
Beginning balance at January 1, 2021 (2) | 4,159,261 | $ | 5.51 | ||
Granted | 5,089,234 | 7.70 | |||
Vested | (648,860) | 2.82 | |||
Forfeited | (216,773) | 10.74 | |||
Cancelled (1) | (541,129) | 2.81 | |||
Nonvested at December 31, 2021 (3) | 7,841,733 | $ | 7.19 | ||
Tranche Years 2022 and 2023 awarded under the 2021 PSU award with grant date fair values to be determined in years 2022 and 2023, respectively | 1,778,471 | ||||
Total Nonvested at December\u00a031, 2021 | 9,620,204 |
| (1) | Represents vested RSUs, PSUs, and SPSUs surrendered in lieu of taxes and cancelled awards returned to the 2013 Equity Incentive Plan. |
| (2) | Includes awards modified during 2020 where grant date fair value was not determined until 2021. |
| (3) | During January and February of 2022, participants vested in RSUs and PSUs, net of units surrendered in lieu of taxes, of 2,799,845 units. As a result, the Company paid taxes for restricted unit withholdings of approximately $52.2 million during the three months ended March 31, 2022. |
Amount\u00a0per | Total Amount | |||||||||
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Share\u00a0of | \u00a0\u00a0\u00a0\u00a0 | Declared | |||||
Declaration Date | Record Date | Date Paid | Common Stock | (In millions) | ||||||
February\u00a026, 2020 | March\u00a09, 2020 | March\u00a023, 2020 | $ | 0.03 | $ | 3.2 |
Amount\u00a0per | Total Amount | |||||||||
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Share\u00a0of | \u00a0\u00a0\u00a0\u00a0 | Declared | |||||
Declaration Date | Record Date | Date Paid | Common Stock | (In millions) | ||||||
February\u00a015, 2019 | March 11, 2019 | March 25, 2019 | $ | 0.20 | $ | 21.3 | ||||
May 3, 2019 | June 10, 2019 | June 24, 2019 | 0.20 | 21.3 | ||||||
August 2, 2019 | September 9, 2019 | September 23, 2019 | 0.20 | 21.3 | ||||||
October 24, 2019 | December 2, 2019 | December 16, 2019 | 0.20 | 21.0 |
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Year Ended | |||||||||
December\u00a031, | December\u00a031, | December\u00a031, | |||||||
(In millions) | 2021 | 2020 | 2019 | ||||||
Board of director stock award expense | $ | 0.9 | $ | 0.5 | $ | 0.5 | |||
Restricted stock unit expense | 12.6 | 9.7 | 9.7 | ||||||
Performance stock unit expense | 24.5 | 1.2 | (5.8) | ||||||
Special performance stock unit expense | 5.1 | 14.0 | \u2014 | ||||||
Total stock-based compensation expense | $ | 43.1 | $ | 25.4 | $ | 4.4 |
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Tranche | Target Stock Price | SPSUs Vesting | ||
1 | $12.00 | 595,003 | ||
2 | $16.00 | 595,003 | ||
3 | $20.00 | 595,003 | ||
4 | $24.00 | 595,003 | ||
5 | $28.00 | 594,994 | ||
6 | $32.00 | 594,994 |
Assumptions | ||
Expected stock price volatility | 45.0% | |
Expected dividend yield | 2.02% and 2.44% | |
Risk-free interest rate | 1.33% and 0.92% | |
Grant-date stock price | $5.93 and $4.92 |
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted | |||
Average | |||||
Shares\u00a0of\u00a0RSU | Grant\u00a0Date | ||||
PSU and\u00a0SPSU | Fair\u00a0Value | ||||
Beginning balance at January 1, 2019 | 1,934,447 | $ | 21.50 | ||
Granted | 1,960,334 | 12.89 | |||
Vested | (303,201) | 21.76 | |||
Forfeited | (220,632) | 17.17 | |||
Cancelled (1) | (100,855) | 21.46 | |||
Beginning balance at January 1, 2020 | 3,270,093 | $ | 15.88 | ||
Granted | 6,517,594 | 4.66 | |||
Vested | (2,472,375) | 8.61 | |||
Forfeited | (1,020,122) | 16.97 | |||
Cancelled (1) | (2,135,929) | 7.22 | |||
Beginning balance at January 1, 2021 (2) | 4,159,261 | $ | 5.51 | ||
Granted | 5,089,234 | 7.70 | |||
Vested | (648,860) | 2.82 | |||
Forfeited | (216,773) | 10.74 | |||
Cancelled (1) | (541,129) | 2.81 | |||
Nonvested at December 31, 2021 (3) | 7,841,733 | $ | 7.19 | ||
Tranche Years 2022 and 2023 awarded under the 2021 PSU award with grant date fair values to be determined in years 2022 and 2023, respectively | 1,778,471 | ||||
Total Nonvested at December\u00a031, 2021 | 9,620,204 |
| (1) | Represents vested RSUs, PSUs, and SPSUs surrendered in lieu of taxes and cancelled awards returned to the 2013 Equity Incentive Plan. |
| (2) | Includes awards modified during 2020 where grant date fair value was not determined until 2021. |
| (3) | During January and February of 2022, participants vested in RSUs and PSUs, net of units surrendered in lieu of taxes, of 2,799,845 units. As a result, the Company paid taxes for restricted unit withholdings of approximately $52.2 million during the three months ended March 31, 2022. |
NOTE 10\u2014INCOME TAXES
Current income tax expense represents the amounts expected to be reported on the Company\u2019s 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 \u201cmore likely than not\u201d 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, 2021 for each taxing jurisdiction. Such objective evidence limits the ability to consider other subjective evidence, such as the Company\u2019s projections of future taxable income. For the year ended December 31, 2021, the Company remained in a cumulative loss over the past three-year period for the U.S. and international jurisdictions, with the exception of Norway and 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 and Norway. During the first quarter of 2020, the severe impact of COVID-19 on operations in Germany and Spain caused the Company to conclude the realizability of deferred tax assets held in those jurisdictions does not meet the more likely than not standard. As such, a charge of $33.1 million and $40.1 million was recorded for Germany and Spain, respectively.
Cancellation of Debt Income. On July 31, 2020, the Company consummated previously announced private offers to exchange its Existing Subordinated Notes for newly issued Second Lien Notes due 2026. See Note\u00a08\u2014Corporate Borrowings and Finance Lease Obligations for further information. For US tax purposes the Company was required to recognize CODI on the difference between the face value of debt exchanged and the fair market value of the new debt issued. The Company recognized $1.2 billion of CODI for tax purposes for the year ended December 31, 2020.
IRS \u00a7108 provides relief from recognizing CODI as current taxable income to the extent that the tax paying legal entity is insolvent as defined by the US Tax Code. The Company determined that the level of its insolvency at July 31, 2020 exceeded the indicated amount of CODI resulting from the debt exchange. To the extent that an entity is insolvent, rather than recognize current taxable income, the entity may reduce its tax attributes including net operating losses, capital losses, tax credits, depreciable assets, investment in subsidiaries and other investments in the amount of the excluded CODI. The Company determined that $1.2 billion of its federal net operating losses would be eliminated as a result of the tax attribute reduction.
The actual effective rate for the year ended December\u00a031, 2021 was 0.8%. The Company\u2019s consolidated tax rate for the year ended December\u00a031, 2021 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 state income taxes and permanent differences related to interest, compensation, and other discrete items. No tax impact was recorded on the $2,306.4 million goodwill impairment charge incurred during the year ended December 31, 2020, as the portion impaired was permanently non-deductible. At December 31, 2021 and December\u00a031, 2020, the Company has recorded net deferred tax liabilities of $30.7\u00a0million and of $40.2\u00a0million, respectively.
Cares Act. On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (the \u201cCARES Act\u201d). The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property, as well as loans to certain qualifying businesses. As of the date of this filing, the Company has not participated in CARES Act loans.
The income tax provision (benefit) reflected in the consolidated statements of operations consists of the following components:
Year\u00a0Ended | ||||||||||
(In\u00a0millions) | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2021 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2020 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2019 | \u00a0 | |||
Current: | ||||||||||
Federal | $ | \u2014 | $ | 0.1 | $ | (0.1) | ||||
Foreign | \u00a0 | 1.3 | \u00a0 | (0.1) | \u00a0 | 8.4 | ||||
State | \u00a0 | (3.9) | \u00a0 | (4.1) | \u00a0 | 2.9 | ||||
Total current | \u00a0 | (2.6) | \u00a0 | (4.1) | \u00a0 | 11.2 | ||||
Deferred: | ||||||||||
Federal | \u00a0 | (3.8) | \u00a0 | 2.7 | \u00a0 | (4.2) | ||||
Foreign | \u00a0 | (2.1) | \u00a0 | 57.6 | \u00a0 | (42.8) | ||||
State | \u00a0 | (1.7) | \u00a0 | 3.7 | \u00a0 | 13.3 | ||||
Total deferred | \u00a0 | (7.6) | \u00a0 | 64.0 | \u00a0 | (33.7) | ||||
Total provision (benefit) | $ | (10.2) | $ | 59.9 | $ | (22.5) |
Pre-tax losses consisted of the following:
Year\u00a0Ended | ||||||||||
(In millions) | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2021 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2020 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2019 | \u00a0 | |||
Domestic | $ | (1,029.5) | $ | (3,036.4) | $ | (165.1) | ||||
Foreign | \u00a0 | (250.5) | \u00a0 | (1,493.1) | \u00a0 | (6.5) | ||||
Total | $ | (1,280.0) | $ | (4,529.5) | $ | (171.6) |
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) | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2021 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2020 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2019 | \u00a0 | |||
Income tax expense (benefit) at the federal statutory rate | $ | (268.8) | $ | (951.2) | $ | (36.0) | ||||
Effect of: | ||||||||||
State income taxes | \u00a0 | (46.9) | \u00a0 | (89.5) | \u00a0 | (7.2) | ||||
Increase in reserve for uncertain tax positions | \u00a0 | (3.3) | \u00a0 | (1.9) | \u00a0 | 8.4 | ||||
Federal and state credits | \u00a0 | (2.3) | \u00a0 | (3.6) | \u00a0 | (6.5) | ||||
Permanent items - goodwill impairment | \u2014 | 456.3 | \u2014 | |||||||
Permanent items - other | (3.1) | 13.2 | (6.6) | |||||||
Foreign rate differential | 4.3 | 19.7 | 11.8 | |||||||
Other | \u00a0 | (5.0) | \u00a0 | 1.7 | \u00a0 | (10.6) | ||||
Impact of UK tax rate change | (34.3) | \u2014 | \u2014 | |||||||
Valuation allowance | \u00a0 | 349.2 | \u00a0 | 615.2 | \u00a0 | 24.2 | ||||
Income tax expense (benefit) | $ | (10.2) | $ | 59.9 | $ | (22.5) | ||||
Effective income tax rate | \u00a0 | 0.8 | %\u00a0\u00a0 | \u00a0 | (1.3) | %\u00a0\u00a0 | \u00a0 | 13.1 | % |
The significant components of deferred income tax assets and liabilities as of December\u00a031, 2021 and December\u00a031, 2020 are as follows:
December\u00a031, 2021 | December\u00a031, 2020 | \u00a0 | |||||||||||
Deferred Income Tax | Deferred Income Tax | \u00a0 | |||||||||||
(In millions) | \u00a0\u00a0\u00a0\u00a0 | Assets | \u00a0\u00a0\u00a0\u00a0 | Liabilities | \u00a0\u00a0\u00a0\u00a0 | Assets | \u00a0\u00a0\u00a0\u00a0 | Liabilities | \u00a0 | ||||
Tangible assets | \u00a0\u00a0\u00a0\u00a0 | $ | \u2014 | \u00a0\u00a0\u00a0\u00a0 | $ | (131.7) | \u00a0\u00a0\u00a0\u00a0 | $ | \u2014 | \u00a0\u00a0\u00a0\u00a0 | $ | (179.7) | |
Right-of-use assets | \u2014 | (1,023.4) | \u2014 | (1,043.1) | |||||||||
Accrued liabilities | \u00a0 | 17.1 | \u00a0 | \u2014 | \u00a0 | 24.2 | \u00a0 | \u2014 | |||||
Intangible assets | \u00a0 | \u2014 | \u00a0 | (111.9) | \u00a0 | \u2014 | \u00a0 | (105.0) | |||||
Receivables | \u00a0 | 7.8 | \u00a0 | \u2014 | \u00a0 | 8.5 | \u00a0 | \u2014 | |||||
Investments | \u00a0 | 51.8 | \u00a0 | \u2014 | \u00a0 | 55.7 | \u00a0 | \u2014 | |||||
Capital loss carryforwards | \u00a0 | 1.6 | \u00a0 | \u2014 | \u00a0 | 1.2 | \u00a0 | \u2014 | |||||
Pension and deferred compensation | \u00a0 | 23.3 | \u00a0 | \u2014 | \u00a0 | 15.4 | \u00a0 | \u2014 | |||||
Corporate borrowings | \u00a0 | 35.2 | \u00a0 | \u2014 | \u00a0 | 42.0 | \u00a0 | \u2014 | |||||
Disallowed interest | 170.6 | \u2014 | 32.3 | \u2014 | |||||||||
Deferred revenue | \u00a0 | 180.6 | \u00a0 | \u2014 | \u00a0 | 193.3 | \u00a0 | \u2014 | |||||
Lease liabilities | \u00a0 | 1,304.9 | \u00a0 | \u2014 | \u00a0 | 1,294.3 | \u00a0 | \u2014 | |||||
Finance lease obligations | \u00a0 | 1.2 | \u00a0 | \u2014 | \u00a0 | 1.6 | \u00a0 | \u2014 | |||||
Other credit carryovers | \u00a0 | 25.4 | \u00a0 | \u2014 | \u00a0 | 19.6 | \u00a0 | \u2014 | |||||
Other comprehensive income | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | (1.1) | |||||
Net operating loss carryforwards | \u00a0 | 530.9 | \u00a0 | \u2014 | \u00a0 | 365.5 | \u00a0 | \u2014 | |||||
Total | $ | 2,350.4 | $ | (1,267.0) | $ | 2,053.6 | $ | (1,328.9) | |||||
Less: Valuation allowance | \u00a0 | (1,114.1) | \u00a0 | \u2014 | \u00a0 | (764.9) | \u00a0 | \u2014 | |||||
Net deferred income taxes | $ | 1,236.3 | $ | (1,267.0) | $ | 1,288.7 | $ | (1,328.9) |
A rollforward of the Company\u2019s valuation allowance for deferred tax assets is as follows:
Additions | Charged | |||||||||
Balance\u00a0at | Charged | (Credited) | ||||||||
Beginning\u00a0of | to | to Other | Balance at | |||||||
(In millions) | \u00a0\u00a0\u00a0\u00a0 | Period | \u00a0\u00a0\u00a0\u00a0 | Expenses(1) | \u00a0\u00a0\u00a0\u00a0 | Accounts(2) | \u00a0\u00a0\u00a0\u00a0 | End of\u00a0Period | ||
Calendar Year 2021 | ||||||||||
Valuation allowance-deferred income tax assets | $ | 764.9 | 349.2 | \u2014 | $ | 1,114.1 | ||||
Calendar Year 2020 | ||||||||||
Valuation allowance-deferred income tax assets | $ | 312.8 | 615.2 | (163.1) | $ | 764.9 | ||||
Calendar Year 2019 | ||||||||||
Valuation allowance-deferred income tax assets | $ | 323.6 | 24.2 | (35.0) | $ | 312.8 |
| (1) | The 2021 valuation allowance primarily relates to the Company\u2019s increase in the current year\u2019s federal, state and international net operating losses, for which no benefit has been recognized. |
| (2) | Primarily relates to amounts resulting from the Company\u2019s 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. In 2019, this includes $(28.6) million of valuation allowance associated with the sale of the Austria theatres. |
The Company has federal income tax net operating loss carryforwards of $1,185.5 million. Approximately $320.6 million will begin to expire in 2022, and will completely expire in 2036, and will be limited annually due to certain change in ownership provisions of the Internal Revenue Code. Approximately $864.9 million can be used indefinitely. The Company\u2019s foreign net operating losses of $898.4\u00a0million can be used indefinitely except for approximately $10.8\u00a0million, which will expire in various amounts between years 2022 and 2033. The Company also has state income tax loss carryforwards of $1,678.6 million. Approximately $1,192.4 million may be used over various periods ranging from 1 to 20 years. Approximately $486.2 million can be used indefinitely.
A reconciliation of the change in the amount of unrecognized tax benefits was as follows:
Year\u00a0Ended | |||||||||
(In millions) | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2021 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2020 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2019 | |||
Balance at beginning of period | $ | 33.5 | $ | 31.0 | $ | 22.0 | |||
Gross increases\u2014current period tax positions | \u00a0 | \u2014 | \u00a0 | 4.8 | \u00a0 | 10.5 | |||
Gross decreases\u2014prior period tax positions | (22.5) | (1.3) | (1.5) | ||||||
Gross decreases\u2014settlements with authorities | (2.2) | \u2014 | \u2014 | ||||||
Gross decreases\u2014expiration of statute of limitations | (0.5) | (1.0) | \u2014 | ||||||
Balance at end of period | $ | 8.3 | $ | 33.5 | $ | 31.0 |
The Company recognizes income tax-related interest expense and penalties as income tax expense and general and administrative expense, respectively. No interest expense or penalties related to federal uncertain tax positions have been recognized for the years ended December 31, 2021, December\u00a031, 2020, and December\u00a031, 2019.
The Company analyzed and reviewed state uncertain tax positions to determine the necessity of accruing interest and penalties. For the year ended December 31, 2021, the Company recognized $0.6 million of interest expense and $0.4 million of penalties. For the year ended December 31, 2020, the Company recognized $1.1 million of interest expense and $0.5 million of penalties. The total amount of accrued interest and penalties for state uncertain tax positions at December\u00a031, 2021 and December\u00a031, 2020 was $0 and $1.6 million, respectively.
The total amount of net unrecognized tax benefits at December\u00a031, 2021 and December\u00a031, 2020 that would impact the effective tax rate, if recognized, would be $0.3 million and $6.9 million, respectively. The Company believes that it is reasonably possible that approximately $0.2 million of its unrecognized tax positions related to state taxes may be recognized by the end of 2022 as a result of settlements or the expiration of statute of limitations.
The Company, or one of its subsidiaries, files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. An IRS examination of the tax year March\u00a029, 2012 was settled in 2021 resulting in additional federal and state net operating losses (\u201cNOLs\u201d). Generally, tax years beginning after December\u00a031, 2001 are still open to examination by various taxing authorities. Additionally, as discussed above, the Company has NOL
carryforwards for tax years ended December\u00a031, 2002 through December\u00a031, 2021, 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\u2019s 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\u2019s ability to utilize these tax attributes has not been significantly limited by this event.
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(In\u00a0millions) | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2021 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2020 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2019 | \u00a0 | |||
Current: | ||||||||||
Federal | $ | \u2014 | $ | 0.1 | $ | (0.1) | ||||
Foreign | \u00a0 | 1.3 | \u00a0 | (0.1) | \u00a0 | 8.4 | ||||
State | \u00a0 | (3.9) | \u00a0 | (4.1) | \u00a0 | 2.9 | ||||
Total current | \u00a0 | (2.6) | \u00a0 | (4.1) | \u00a0 | 11.2 | ||||
Deferred: | ||||||||||
Federal | \u00a0 | (3.8) | \u00a0 | 2.7 | \u00a0 | (4.2) | ||||
Foreign | \u00a0 | (2.1) | \u00a0 | 57.6 | \u00a0 | (42.8) | ||||
State | \u00a0 | (1.7) | \u00a0 | 3.7 | \u00a0 | 13.3 | ||||
Total deferred | \u00a0 | (7.6) | \u00a0 | 64.0 | \u00a0 | (33.7) | ||||
Total provision (benefit) | $ | (10.2) | $ | 59.9 | $ | (22.5) |
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Year\u00a0Ended | ||||||||||
(In millions) | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2021 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2020 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2019 | \u00a0 | |||
Domestic | $ | (1,029.5) | $ | (3,036.4) | $ | (165.1) | ||||
Foreign | \u00a0 | (250.5) | \u00a0 | (1,493.1) | \u00a0 | (6.5) | ||||
Total | $ | (1,280.0) | $ | (4,529.5) | $ | (171.6) |
Year Ended | ||||||||||
(In millions) | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2021 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2020 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2019 | \u00a0 | |||
Income tax expense (benefit) at the federal statutory rate | $ | (268.8) | $ | (951.2) | $ | (36.0) | ||||
Effect of: | ||||||||||
State income taxes | \u00a0 | (46.9) | \u00a0 | (89.5) | \u00a0 | (7.2) | ||||
Increase in reserve for uncertain tax positions | \u00a0 | (3.3) | \u00a0 | (1.9) | \u00a0 | 8.4 | ||||
Federal and state credits | \u00a0 | (2.3) | \u00a0 | (3.6) | \u00a0 | (6.5) | ||||
Permanent items - goodwill impairment | \u2014 | 456.3 | \u2014 | |||||||
Permanent items - other | (3.1) | 13.2 | (6.6) | |||||||
Foreign rate differential | 4.3 | 19.7 | 11.8 | |||||||
Other | \u00a0 | (5.0) | \u00a0 | 1.7 | \u00a0 | (10.6) | ||||
Impact of UK tax rate change | (34.3) | \u2014 | \u2014 | |||||||
Valuation allowance | \u00a0 | 349.2 | \u00a0 | 615.2 | \u00a0 | 24.2 | ||||
Income tax expense (benefit) | $ | (10.2) | $ | 59.9 | $ | (22.5) | ||||
Effective income tax rate | \u00a0 | 0.8 | %\u00a0\u00a0 | \u00a0 | (1.3) | %\u00a0\u00a0 | \u00a0 | 13.1 | % |
December\u00a031, 2021 | December\u00a031, 2020 | \u00a0 | |||||||||||
Deferred Income Tax | Deferred Income Tax | \u00a0 | |||||||||||
(In millions) | \u00a0\u00a0\u00a0\u00a0 | Assets | \u00a0\u00a0\u00a0\u00a0 | Liabilities | \u00a0\u00a0\u00a0\u00a0 | Assets | \u00a0\u00a0\u00a0\u00a0 | Liabilities | \u00a0 | ||||
Tangible assets | \u00a0\u00a0\u00a0\u00a0 | $ | \u2014 | \u00a0\u00a0\u00a0\u00a0 | $ | (131.7) | \u00a0\u00a0\u00a0\u00a0 | $ | \u2014 | \u00a0\u00a0\u00a0\u00a0 | $ | (179.7) | |
Right-of-use assets | \u2014 | (1,023.4) | \u2014 | (1,043.1) | |||||||||
Accrued liabilities | \u00a0 | 17.1 | \u00a0 | \u2014 | \u00a0 | 24.2 | \u00a0 | \u2014 | |||||
Intangible assets | \u00a0 | \u2014 | \u00a0 | (111.9) | \u00a0 | \u2014 | \u00a0 | (105.0) | |||||
Receivables | \u00a0 | 7.8 | \u00a0 | \u2014 | \u00a0 | 8.5 | \u00a0 | \u2014 | |||||
Investments | \u00a0 | 51.8 | \u00a0 | \u2014 | \u00a0 | 55.7 | \u00a0 | \u2014 | |||||
Capital loss carryforwards | \u00a0 | 1.6 | \u00a0 | \u2014 | \u00a0 | 1.2 | \u00a0 | \u2014 | |||||
Pension and deferred compensation | \u00a0 | 23.3 | \u00a0 | \u2014 | \u00a0 | 15.4 | \u00a0 | \u2014 | |||||
Corporate borrowings | \u00a0 | 35.2 | \u00a0 | \u2014 | \u00a0 | 42.0 | \u00a0 | \u2014 | |||||
Disallowed interest | 170.6 | \u2014 | 32.3 | \u2014 | |||||||||
Deferred revenue | \u00a0 | 180.6 | \u00a0 | \u2014 | \u00a0 | 193.3 | \u00a0 | \u2014 | |||||
Lease liabilities | \u00a0 | 1,304.9 | \u00a0 | \u2014 | \u00a0 | 1,294.3 | \u00a0 | \u2014 | |||||
Finance lease obligations | \u00a0 | 1.2 | \u00a0 | \u2014 | \u00a0 | 1.6 | \u00a0 | \u2014 | |||||
Other credit carryovers | \u00a0 | 25.4 | \u00a0 | \u2014 | \u00a0 | 19.6 | \u00a0 | \u2014 | |||||
Other comprehensive income | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | (1.1) | |||||
Net operating loss carryforwards | \u00a0 | 530.9 | \u00a0 | \u2014 | \u00a0 | 365.5 | \u00a0 | \u2014 | |||||
Total | $ | 2,350.4 | $ | (1,267.0) | $ | 2,053.6 | $ | (1,328.9) | |||||
Less: Valuation allowance | \u00a0 | (1,114.1) | \u00a0 | \u2014 | \u00a0 | (764.9) | \u00a0 | \u2014 | |||||
Net deferred income taxes | $ | 1,236.3 | $ | (1,267.0) | $ | 1,288.7 | $ | (1,328.9) |
Additions | Charged | |||||||||
Balance\u00a0at | Charged | (Credited) | ||||||||
Beginning\u00a0of | to | to Other | Balance at | |||||||
(In millions) | \u00a0\u00a0\u00a0\u00a0 | Period | \u00a0\u00a0\u00a0\u00a0 | Expenses(1) | \u00a0\u00a0\u00a0\u00a0 | Accounts(2) | \u00a0\u00a0\u00a0\u00a0 | End of\u00a0Period | ||
Calendar Year 2021 | ||||||||||
Valuation allowance-deferred income tax assets | $ | 764.9 | 349.2 | \u2014 | $ | 1,114.1 | ||||
Calendar Year 2020 | ||||||||||
Valuation allowance-deferred income tax assets | $ | 312.8 | 615.2 | (163.1) | $ | 764.9 | ||||
Calendar Year 2019 | ||||||||||
Valuation allowance-deferred income tax assets | $ | 323.6 | 24.2 | (35.0) | $ | 312.8 |
| (1) | The 2021 valuation allowance primarily relates to the Company\u2019s increase in the current year\u2019s federal, state and international net operating losses, for which no benefit has been recognized. |
| (2) | Primarily relates to amounts resulting from the Company\u2019s 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. In 2019, this includes $(28.6) million of valuation allowance associated with the sale of the Austria theatres. |
Year\u00a0Ended | |||||||||
(In millions) | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2021 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2020 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2019 | |||
Balance at beginning of period | $ | 33.5 | $ | 31.0 | $ | 22.0 | |||
Gross increases\u2014current period tax positions | \u00a0 | \u2014 | \u00a0 | 4.8 | \u00a0 | 10.5 | |||
Gross decreases\u2014prior period tax positions | (22.5) | (1.3) | (1.5) | ||||||
Gross decreases\u2014settlements with authorities | (2.2) | \u2014 | \u2014 | ||||||
Gross decreases\u2014expiration of statute of limitations | (0.5) | (1.0) | \u2014 | ||||||
Balance at end of period | $ | 8.3 | $ | 33.5 | $ | 31.0 |
NOTE 11\u2014COMMITMENTS 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\u2019s 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\u00a012, 2018 and January\u00a019, 2018, two putative federal securities class actions, captioned Hawaii Structural Ironworkers Pension Trust Fund v. AMC Entertainment Holdings, Inc., et al., Case No.\u00a01:18-cv-00299-AJN (the \u201cHawaii Action\u201d), and Nichols v. AMC Entertainment Holdings, Inc., et al., Case No.\u00a01:18-cv-00510-AJN (the \u201cNichols Action,\u201d and together with the Hawaii Action, the \u201cActions\u201d), respectively, were filed against the Company in the U.S. District Court for the Southern District of New York.\u00a0The Actions, which name certain of the Company\u2019s officers and directors and, in the case of the Hawaii Action, the underwriters of the Company\u2019s February\u00a08, 2017 secondary public offering, as defendants, assert claims under Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d) with respect to alleged material misstatements and omissions in the registration statement for the secondary public offering and in certain other public disclosures. On May\u00a030, 2018, the court consolidated the Actions. On January\u00a022, 2019, defendants moved to dismiss the Second Amended Class Action Complaint. On September 23, 2019, the court granted the motion to dismiss in part and denied it in part. On March 2, 2020, plaintiffs moved to certify the purported class. On March 30, 2021, the court granted the motion to certify the class. On September 2, 2021, the parties reached an agreement in principle to resolve the Actions for $18.0 million. The Company agreed to the settlement and the payment of the settlement amount to eliminate the distraction, burden, expense, and uncertainty of further litigation. The Company and the other defendants continue to expressly deny any liability or wrongdoing with respect to the matters alleged in the Actions. On November 1, 2021, the parties to the Actions signed a stipulation of settlement, which memorialized the terms of the agreement in principle, and which the plaintiffs filed with the court. Also on November 1, 2021, plaintiffs filed a motion to preliminarily approve the settlement. On November 8, 2021, the court preliminarily approved the settlement, approved the form of notice to be disseminated to class members, and scheduled a final fairness hearing on the settlement for February 10, 2022. On February 14, 2022, the court issued a final judgment approving the settlement and dismissing the action.
On May\u00a021, 2018, a stockholder derivative complaint, captioned Gantulga v. Aron, et al., Case No.\u00a02:18-cv-02262-JAR-TJJ (the \u201cGantulga Action\u201d), was filed against certain of the Company\u2019s officers and directors in the U.S. District Court for the District of Kansas. The Gantulga Action, which was filed on behalf of the Company, asserts claims under Section 14(a) of the Exchange Act and for breaches of fiduciary duty and unjust enrichment based on allegations substantially similar to the Actions. On October\u00a012, 2018, the parties filed a joint motion to transfer the action to the U.S. District Court for the Southern District of New York, which the court granted on October\u00a015, 2018. When the action was transferred to the Southern District of New York, it was re-captioned Gantulga v. Aron, et al., Case No. 1:18-cv-10007-AJN. The parties filed a joint stipulation to stay the action, which the court granted on December 17, 2018.
On October 2, 2019, a stockholder derivative complaint, captioned Kenna v. Aron, et al., Case No. 1:19-cv-09148-AJN (the \u201cKenna Action\u201d), was filed in the U.S. District Court for the Southern District of New York. The parties filed a joint stipulation to stay the action, which the court granted on October 17, 2019. On April 20, 2020, the plaintiff filed an amended complaint. The Kenna Action asserts claims under Sections 10(b), 14(a), and 21D of the Exchange Act and for breaches of fiduciary duty and unjust enrichment based on allegations substantially similar to the Actions and the Gantulga Action. The stay was lifted as of February 9, 2022.
On March 20, 2020, a stockholder derivative complaint, captioned Manuel v. Aron, et al., Case No. 1:20-cv-02456-AJN (the \u201cManuel Action\u201d), was filed in the U.S. District Court for the Southern District of New York. The Manuel Action asserts claims under Sections 10(b), 21D, and 29(b) of the Exchange Act and for breaches of fiduciary duty based on allegations substantially similar to the Actions, the Gantulga Action, and the Kenna Action. The parties filed a joint stipulation to stay the action, which the court granted on May 18, 2020.
On April 7, 2020, a stockholder derivative complaint, captioned Dinkevich v. Aron, et al., Case No. 1:20-cv-02870-AJN (the \u201cDinkevich Action\u201d), was filed in the U.S. District Court for the Southern District of New York. The Dinkevich Action asserts the same claims as the Manuel Action based on allegations substantially similar to the Actions, the Gantulga Action, the Kenna Action, and the Manuel Action. The parties filed a joint stipulation to stay the action, which was granted on June 25, 2020. On January 11, 2022, the court lifted the stay.
On September 23, 2021, a stockholder derivative complaint, captioned Lyon v. Aron, et al., Case No. 1:21-cv-07940-AJN (the \u201cLyon Action\u201d), was filed in the U.S. District Court for the Southern District of New York against certain of the Company\u2019s current and former officers and directors. The Lyon Action asserts claims for contribution and indemnification under the Exchange Act and for breaches of fiduciary duty, waste of corporate assets, and unjust enrichment/constructive trust based on allegations substantially similar to the Actions, the Gantulga Action, the Kenna Action, the Manuel Action, and the Dinkevich Action. On January 14, 2022, defendants moved to dismiss the complaint.
On December 31, 2019, the Company received a stockholder litigation demand, requesting that the Board investigate the allegations in the Actions and pursue claims on the Company\u2019s behalf based on those allegations. On May 5, 2020, the Board determined not to pursue the claims sought in the demand at this time.
On July 15, 2020, the Company received a second stockholder litigation demand requesting substantially the same action as the stockholder demand it received on December 31, 2019. On September 23, 2020, the Board determined not to pursue the claims sought in the demand at this time.
On April 22, 2019, a putative stockholder class and derivative complaint, captioned Lao v. Dalian Wanda Group Co., Ltd., et al., C.A. No. 2019-0303-JRS (the \u201cLao Action\u201d), was filed against certain of the Company\u2019s directors, Wanda, two of Wanda\u2019s affiliates, Silver Lake, and one of Silver Lake\u2019s affiliates in the Delaware Court of Chancery. The Lao Action asserts claims directly, on behalf of a putative class of Company stockholders, and derivatively, on behalf of the Company, for breaches of fiduciary duty and aiding and abetting breaches of fiduciary duty with respect to transactions that the Company entered into with affiliates of Wanda and Silver Lake on September\u00a014, 2018, and the special cash dividend of $1.55 per share of Common Stock that was payable on September\u00a028, 2018 to the Company\u2019s stockholders of record as of September 25, 2018. On July\u00a018, 2019, the Company\u2019s Board of Directors formed a Special Litigation Committee to investigate and evaluate the claims and allegations asserted in the Lao Action and make a determination as to how the Company should proceed with respect to the Lao Action. On January 8, 2021, the Special Litigation Committee filed a report with the court recommending that the court dismiss all of the claims asserted in the Lao Action, and moved to dismiss all of the claims in the Lao Action. The court has not yet ruled on the Special Litigation Committee\u2019s motion to dismiss.
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NOTE 12\u2014FAIR 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\u00a01: | Quoted market prices in active markets for identical assets or liabilities. |
Level\u00a02: | Observable inputs that are corroborated by market data. |
Level\u00a03: | Unobservable inputs that are not corroborated by market data. |
Recurring Fair Value Measurements. The following tables summarize the fair value hierarchy of the Company\u2019s financial assets carried at fair value on a recurring basis:
Fair Value Measurements at December\u00a031, 2021 Using | ||||||||||||
Significant | ||||||||||||
\u00a0\u00a0\u00a0\u00a0 | Total\u00a0Carrying | \u00a0\u00a0\u00a0\u00a0 | Quoted\u00a0prices\u00a0in | \u00a0\u00a0\u00a0\u00a0 | Significant\u00a0other | \u00a0\u00a0\u00a0\u00a0 | unobservable | |||||
Value at | active\u00a0market | observable\u00a0inputs | inputs | |||||||||
(In millions) | December\u00a031, 2021 | (Level\u00a01) | (Level\u00a02) | (Level\u00a03) | ||||||||
Other long-term assets: | ||||||||||||
Money market mutual funds | $ | 0.5 | $ | 0.5 | $ | \u2014 | $ | \u2014 | ||||
Investments measured at net asset value(1) | 12.4 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | |||||
Total assets at fair value | $ | 12.9 | $ | 0.5 | $ | \u2014 | $ | \u2014 |
Fair Value Measurements at December\u00a031, 2020 Using | ||||||||||||
Significant | ||||||||||||
\u00a0\u00a0\u00a0\u00a0 | Total\u00a0Carrying | \u00a0\u00a0\u00a0\u00a0 | Quoted\u00a0prices\u00a0in | \u00a0\u00a0\u00a0\u00a0 | Significant\u00a0other | \u00a0\u00a0\u00a0\u00a0 | unobservable | |||||
Value at | active\u00a0market | observable\u00a0inputs | inputs | |||||||||
(In millions) | December 31, 2020 | (Level\u00a01) | (Level\u00a02) | (Level\u00a03) | ||||||||
Other long-term assets: | ||||||||||||
Money market mutual funds | $ | 1.1 | $ | 1.1 | $ | \u2014 | $ | \u2014 | ||||
Investments measured at net asset value(1) | 10.6 | \u2014 | \u2014 | \u2014 | ||||||||
Marketable equity securities: | ||||||||||||
Investment in NCM | 5.2 | 5.2 | \u2014 | \u2014 | ||||||||
Total assets at fair value | $ | 16.9 | $ | 6.3 | $ | \u2014 | $ | \u2014 |
| (1) | The investments relate to non-qualified deferred compensation arrangements on behalf of certain members of management. The Company has an equivalent liability for this related-party transaction recorded in other long-term liabilities for the deferred compensation obligation. The plan was terminated on May 3, 2021 and will be liquidated in 2022. |
Valuation Techniques. The Company\u2019s money market mutual funds are invested in funds that seek to preserve principal, are highly liquid, and therefore are recorded on the balance sheet at the principal amounts deposited, which equals fair value.
Nonrecurring Fair Value Measurements. The following fair value hierarchy tables summarize the Company\u2019s assets that were written down to their fair value on a nonrecurring basis:
Fair Value Measurements at December 31, 2021 Using | |||||||||||||||
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Significant\u00a0other | \u00a0\u00a0\u00a0\u00a0 | Significant | \u00a0 | ||||||||||
\u00a0\u00a0\u00a0\u00a0 | Total\u00a0Carrying | Quoted\u00a0prices\u00a0in | observable | unobservable | |||||||||||
Value at | active\u00a0market | inputs | inputs | Total | |||||||||||
(In millions) | \u00a0\u00a0\u00a0\u00a0 | December 31, 2021 | \u00a0\u00a0\u00a0\u00a0 | (Level\u00a01) | \u00a0\u00a0\u00a0\u00a0 | (Level\u00a02) | \u00a0\u00a0\u00a0\u00a0 | (Level\u00a03) | \u00a0\u00a0\u00a0\u00a0 | Losses | |||||
Property, net: | |||||||||||||||
Property net | $ | 22.8 | $ | \u2014 | $ | \u2014 | $ | 22.8 | $ | 21.8 | |||||
Operating lease right-of-use assets, net | |||||||||||||||
Operating lease right-of-use assets, et | 99.2 | \u2014 | \u2014 | 99.2 | 53.4 | ||||||||||
Other long-term assets | |||||||||||||||
Property owned, net | 2.0 | \u2014 | \u2014 | 2.0 | 2.0 | ||||||||||
Total | $ | 124.0 | $ | \u2014 | $ | \u2014 | $ | 124.0 | $ | 77.2 |
Fair Value Measurements Using | |||||||||||||||||
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Significant\u00a0other | \u00a0\u00a0\u00a0\u00a0 | Significant | \u00a0 | ||||||||||||
\u00a0\u00a0\u00a0\u00a0 | Total\u00a0Carrying | Quoted\u00a0prices\u00a0in | observable | unobservable | |||||||||||||
Value at | active\u00a0market | inputs | inputs | Total | |||||||||||||
(In millions) | \u00a0\u00a0\u00a0\u00a0 | Measurement Date | Measurement Date | \u00a0\u00a0\u00a0\u00a0 | (Level\u00a01) | \u00a0\u00a0\u00a0\u00a0 | (Level\u00a02) | \u00a0\u00a0\u00a0\u00a0 | (Level\u00a03) | \u00a0\u00a0\u00a0\u00a0 | Losses | ||||||
Property, net: | |||||||||||||||||
Property net | March 31, 2020 | $ | 40.5 | $ | \u2014 | $ | \u2014 | $ | 40.5 | $ | 30.9 | ||||||
Property net | September 30, 2020 | 14.3 | \u2014 | \u2014 | 14.3 | 8.5 | |||||||||||
Property net | December 31, 2020 | 25.4 | \u2014 | \u2014 | 25.4 | 20.7 | |||||||||||
Operating lease right-of-use assets | |||||||||||||||||
Operating lease right-of-use assets | March 31, 2020 | 124.0 | \u2014 | \u2014 | 124.0 | 60.4 | |||||||||||
Operating lease right-of-use assets | September 30, 2020 | 56.8 | \u2014 | \u2014 | 56.8 | 19.6 | |||||||||||
Operating lease right-of-use assets | December 31, 2020 | 69.0 | \u2014 | \u2014 | 69.0 | 37.8 | |||||||||||
Intangible assets, net | |||||||||||||||||
Definite-lived intangible assets | March 31, 2020 | 6.6 | \u2014 | \u2014 | 6.6 | 8.0 | |||||||||||
Indefinite-lived intangible assets | March 31, 2020 | 50.3 | \u2014 | \u2014 | 50.3 | 8.3 | |||||||||||
Definite-lived intangible assets | September 30, 2020 | \u2014 | \u2014 | \u2014 | \u2014 | 6.4 | |||||||||||
Indefinite-lived intangible assets | September 30, 2020 | 43.8 | \u2014 | \u2014 | 43.8 | 4.6 | |||||||||||
Indefinite-lived intangible assets | December 31, 2020 | 44.0 | \u2014 | \u2014 | 44.0 | 2.3 | |||||||||||
Goodwill | |||||||||||||||||
Goodwill | March 31, 2020 | 2,938.0 | \u2014 | \u2014 | 2,938.0 | 1,744.3 | |||||||||||
Goodwill | September 30, 2020 | 2,874.4 | \u2014 | \u2014 | 2,874.4 | 156.8 | |||||||||||
Goodwill | December 31, 2020 | 2,547.3 | \u2014 | \u2014 | 2,547.3 | 405.3 | |||||||||||
Other long-term assets | |||||||||||||||||
Cost method investments | March 31, 2020 | \u2014 | \u2014 | \u2014 | \u2014 | 7.2 | |||||||||||
Cost method investments | December 31, 2020 | 11.3 | \u2014 | \u2014 | 11.3 | 8.7 | |||||||||||
Equity method investments | December 31, 2020 | 17.2 | \u2014 | \u2014 | 17.2 | 8.6 | |||||||||||
Total | $ | 8,862.9 | $ | \u2014 | $ | \u2014 | $ | 8,862.9 | $ | 2,538.4 |
Valuation Techniques. There is considerable management judgment with respect to cash flow estimates and appropriate discount rates to be used in determining fair value, and, accordingly, actual results could vary significantly from such estimates, which fall under Level 3 within the fair value measurement hierarchy. Such judgments and estimates include estimates of future attendance, revenues, cash flows, rent relief, cost savings, capital expenditures, and the cost of capital, among others. At December 31, 2021, related cash flows were discounted at 10.0% for the Domestic Theatres and 11.5% for the International Theatres, at December 31, 2020, related cash flows were discounted at 11.0% for Domestic Theatres and 12.5% for International Theatres, at September 30, 2020, related cash flows were discounted at 12.0% for Domestic Theatres and 13.0% for International Theatres, and at March 31, 2020, related cash flows were discounted at 11.5% for Domestic Theatres and 13.0% for International Theatres. The Company used a long-term growth rate input of 1.0%, except for the March 31, 2020 measurement date, which the Company used a long-term growth rate input of 2.0%. These estimates determine whether impairments have been incurred and quantify the amount of any related impairment charge.
To estimate fair value of the Company\u2019s indefinite-lived trade names, the Company employed a derivation of the Income Approach known as the Royalty Savings Method. The Royalty Savings Method values an intangible asset by estimating the royalties saved through ownership of the asset. The Company applied royalty rates of 0.5% for AMC and Odeon trade names and 1.0% for Nordic trade names to the related theatre revenues on an after-tax basis using effective tax rates. At December 31, 2020, related cash flows were discounted at 12.0% for AMC and 13.5% for Odeon and
Nordic, at September 30, 2020, related cash flows were discounted at 13.0% for AMC and 14.0% for Odeon and Nordic, and at March 31, 2020, related cash flows were discounted at 12.5% for AMC and 14.0% for Odeon and Nordic.
The Company performed the Step 1 quantitative goodwill impairment test as of March 31, 2020, September 30, 2020, and December 31, 2020. In performing the Step 1 quantitative goodwill impairment test, the Company used an enterprise value approach to measure fair value of the reporting units. In calculating the fair value of our Domestic Theatres and International Theatres reporting units by use the income approach for enterprise valuation methodology, which utilizes discounted cash flows. The income approach provides an estimate of fair value by measuring estimated annual cash flows over a discrete projection period and applying a present value discount rate to the cash flows. The present value of the cash flows is then added to the present value equivalent of the residual value of the business to arrive at an estimated fair value of the reporting unit. At December 31, 2020, related cash flows were discounted at 11.0% for Domestic Theatres and 12.5% for International Theatres, at September 30, 2020, related cash flows were discounted at 12.0% for Domestic Theatres and 13.0% for International Theatres, and at March 31, 2020, related cash flows were discounted at 11.5% for Domestic Theatres and 13.0% for International Theatres. The Company used a long-term growth rate input of 1.0%, except for the March 31, 2020 measurement date, which the Company used a long-term growth rate input of 2.0%.
Other Fair Value Measurement Disclosures. The following tables summarize the fair value of financial instruments that are not recognized at fair value in the statement of financial position for which it is practicable to estimate that value:
\u00a0\u00a0\u00a0\u00a0 | Fair Value Measurements at December 31, 2021 Using | |||||||||||
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Significant\u00a0other | \u00a0\u00a0\u00a0\u00a0 | Significant | ||||||||
Total\u00a0Carrying | Quoted\u00a0prices\u00a0in | observable | unobservable | |||||||||
Value at | active\u00a0market | inputs | inputs | |||||||||
(In millions) | December\u00a031, 2021 | (Level\u00a01) | (Level\u00a02) | (Level\u00a03) | ||||||||
Current maturities of corporate borrowings | $ | 20.0 | $ | \u2014 | $ | 18.1 | $ | \u2014 | ||||
Corporate borrowings | \u00a0 | 5,408.0 | \u00a0 | \u2014 | \u00a0 | 4,263.5 | 681.4 |
\u00a0\u00a0\u00a0\u00a0 | Fair Value Measurements at December 31, 2020 Using | |||||||||||
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Significant\u00a0other | \u00a0\u00a0\u00a0\u00a0 | Significant | ||||||||
Total\u00a0Carrying | Quoted\u00a0prices\u00a0in | observable | unobservable | |||||||||
Value at | active\u00a0market | inputs | inputs | |||||||||
(In millions) | December\u00a031, 2020 | (Level\u00a01) | (Level\u00a02) | (Level\u00a03) | ||||||||
Current maturities of corporate borrowings | $ | 20.0 | $ | \u2014 | $ | 12.9 | $ | \u2014 | ||||
Corporate borrowings | \u00a0 | 5,695.8 | \u00a0 | \u2014 | \u00a0 | 2,485.9 | \u00a0 | 278.0 |
Valuation Technique. Quoted market prices and observable market based inputs were used to estimate fair value for Level\u00a02 inputs. The Level\u00a03 fair value measurement represents the transaction price of the corporate borrowings under estimated market conditions. The Company valued these notes at principal value less an estimated discount reflecting a market yield to maturity. See Note\u00a08\u2014Corporate Borrowings and Finance Lease Obligations for further information.
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.
"}]},{"name":"rpt:f-2135","factDimensions":{"xbrl:concept":"us-gaap:FairValueAssetsMeasuredOnRecurringBasisTextBlock","xbrl:period":"2021-01-01T00:00:00/2022-01-01T00:00:00","xbrl:entity":"cik:0001411579"},"factValues":[{"value":"Fair Value Measurements at December\u00a031, 2021 Using | ||||||||||||
Significant | ||||||||||||
\u00a0\u00a0\u00a0\u00a0 | Total\u00a0Carrying | \u00a0\u00a0\u00a0\u00a0 | Quoted\u00a0prices\u00a0in | \u00a0\u00a0\u00a0\u00a0 | Significant\u00a0other | \u00a0\u00a0\u00a0\u00a0 | unobservable | |||||
Value at | active\u00a0market | observable\u00a0inputs | inputs | |||||||||
(In millions) | December\u00a031, 2021 | (Level\u00a01) | (Level\u00a02) | (Level\u00a03) | ||||||||
Other long-term assets: | ||||||||||||
Money market mutual funds | $ | 0.5 | $ | 0.5 | $ | \u2014 | $ | \u2014 | ||||
Investments measured at net asset value(1) | 12.4 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | |||||
Total assets at fair value | $ | 12.9 | $ | 0.5 | $ | \u2014 | $ | \u2014 |
Fair Value Measurements at December\u00a031, 2020 Using | ||||||||||||
Significant | ||||||||||||
\u00a0\u00a0\u00a0\u00a0 | Total\u00a0Carrying | \u00a0\u00a0\u00a0\u00a0 | Quoted\u00a0prices\u00a0in | \u00a0\u00a0\u00a0\u00a0 | Significant\u00a0other | \u00a0\u00a0\u00a0\u00a0 | unobservable | |||||
Value at | active\u00a0market | observable\u00a0inputs | inputs | |||||||||
(In millions) | December 31, 2020 | (Level\u00a01) | (Level\u00a02) | (Level\u00a03) | ||||||||
Other long-term assets: | ||||||||||||
Money market mutual funds | $ | 1.1 | $ | 1.1 | $ | \u2014 | $ | \u2014 | ||||
Investments measured at net asset value(1) | 10.6 | \u2014 | \u2014 | \u2014 | ||||||||
Marketable equity securities: | ||||||||||||
Investment in NCM | 5.2 | 5.2 | \u2014 | \u2014 | ||||||||
Total assets at fair value | $ | 16.9 | $ | 6.3 | $ | \u2014 | $ | \u2014 |
| (1) | The investments relate to non-qualified deferred compensation arrangements on behalf of certain members of management. The Company has an equivalent liability for this related-party transaction recorded in other long-term liabilities for the deferred compensation obligation. The plan was terminated on May 3, 2021 and will be liquidated in 2022. |
Fair Value Measurements at December 31, 2021 Using | |||||||||||||||
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Significant\u00a0other | \u00a0\u00a0\u00a0\u00a0 | Significant | \u00a0 | ||||||||||
\u00a0\u00a0\u00a0\u00a0 | Total\u00a0Carrying | Quoted\u00a0prices\u00a0in | observable | unobservable | |||||||||||
Value at | active\u00a0market | inputs | inputs | Total | |||||||||||
(In millions) | \u00a0\u00a0\u00a0\u00a0 | December 31, 2021 | \u00a0\u00a0\u00a0\u00a0 | (Level\u00a01) | \u00a0\u00a0\u00a0\u00a0 | (Level\u00a02) | \u00a0\u00a0\u00a0\u00a0 | (Level\u00a03) | \u00a0\u00a0\u00a0\u00a0 | Losses | |||||
Property, net: | |||||||||||||||
Property net | $ | 22.8 | $ | \u2014 | $ | \u2014 | $ | 22.8 | $ | 21.8 | |||||
Operating lease right-of-use assets, net | |||||||||||||||
Operating lease right-of-use assets, et | 99.2 | \u2014 | \u2014 | 99.2 | 53.4 | ||||||||||
Other long-term assets | |||||||||||||||
Property owned, net | 2.0 | \u2014 | \u2014 | 2.0 | 2.0 | ||||||||||
Total | $ | 124.0 | $ | \u2014 | $ | \u2014 | $ | 124.0 | $ | 77.2 |
Fair Value Measurements Using | |||||||||||||||||
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Significant\u00a0other | \u00a0\u00a0\u00a0\u00a0 | Significant | \u00a0 | ||||||||||||
\u00a0\u00a0\u00a0\u00a0 | Total\u00a0Carrying | Quoted\u00a0prices\u00a0in | observable | unobservable | |||||||||||||
Value at | active\u00a0market | inputs | inputs | Total | |||||||||||||
(In millions) | \u00a0\u00a0\u00a0\u00a0 | Measurement Date | Measurement Date | \u00a0\u00a0\u00a0\u00a0 | (Level\u00a01) | \u00a0\u00a0\u00a0\u00a0 | (Level\u00a02) | \u00a0\u00a0\u00a0\u00a0 | (Level\u00a03) | \u00a0\u00a0\u00a0\u00a0 | Losses | ||||||
Property, net: | |||||||||||||||||
Property net | March 31, 2020 | $ | 40.5 | $ | \u2014 | $ | \u2014 | $ | 40.5 | $ | 30.9 | ||||||
Property net | September 30, 2020 | 14.3 | \u2014 | \u2014 | 14.3 | 8.5 | |||||||||||
Property net | December 31, 2020 | 25.4 | \u2014 | \u2014 | 25.4 | 20.7 | |||||||||||
Operating lease right-of-use assets | |||||||||||||||||
Operating lease right-of-use assets | March 31, 2020 | 124.0 | \u2014 | \u2014 | 124.0 | 60.4 | |||||||||||
Operating lease right-of-use assets | September 30, 2020 | 56.8 | \u2014 | \u2014 | 56.8 | 19.6 | |||||||||||
Operating lease right-of-use assets | December 31, 2020 | 69.0 | \u2014 | \u2014 | 69.0 | 37.8 | |||||||||||
Intangible assets, net | |||||||||||||||||
Definite-lived intangible assets | March 31, 2020 | 6.6 | \u2014 | \u2014 | 6.6 | 8.0 | |||||||||||
Indefinite-lived intangible assets | March 31, 2020 | 50.3 | \u2014 | \u2014 | 50.3 | 8.3 | |||||||||||
Definite-lived intangible assets | September 30, 2020 | \u2014 | \u2014 | \u2014 | \u2014 | 6.4 | |||||||||||
Indefinite-lived intangible assets | September 30, 2020 | 43.8 | \u2014 | \u2014 | 43.8 | 4.6 | |||||||||||
Indefinite-lived intangible assets | December 31, 2020 | 44.0 | \u2014 | \u2014 | 44.0 | 2.3 | |||||||||||
Goodwill | |||||||||||||||||
Goodwill | March 31, 2020 | 2,938.0 | \u2014 | \u2014 | 2,938.0 | 1,744.3 | |||||||||||
Goodwill | September 30, 2020 | 2,874.4 | \u2014 | \u2014 | 2,874.4 | 156.8 | |||||||||||
Goodwill | December 31, 2020 | 2,547.3 | \u2014 | \u2014 | 2,547.3 | 405.3 | |||||||||||
Other long-term assets | |||||||||||||||||
Cost method investments | March 31, 2020 | \u2014 | \u2014 | \u2014 | \u2014 | 7.2 | |||||||||||
Cost method investments | December 31, 2020 | 11.3 | \u2014 | \u2014 | 11.3 | 8.7 | |||||||||||
Equity method investments | December 31, 2020 | 17.2 | \u2014 | \u2014 | 17.2 | 8.6 | |||||||||||
Total | $ | 8,862.9 | $ | \u2014 | $ | \u2014 | $ | 8,862.9 | $ | 2,538.4 |
\u00a0\u00a0\u00a0\u00a0 | Fair Value Measurements at December 31, 2021 Using | |||||||||||
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Significant\u00a0other | \u00a0\u00a0\u00a0\u00a0 | Significant | ||||||||
Total\u00a0Carrying | Quoted\u00a0prices\u00a0in | observable | unobservable | |||||||||
Value at | active\u00a0market | inputs | inputs | |||||||||
(In millions) | December\u00a031, 2021 | (Level\u00a01) | (Level\u00a02) | (Level\u00a03) | ||||||||
Current maturities of corporate borrowings | $ | 20.0 | $ | \u2014 | $ | 18.1 | $ | \u2014 | ||||
Corporate borrowings | \u00a0 | 5,408.0 | \u00a0 | \u2014 | \u00a0 | 4,263.5 | 681.4 |
\u00a0\u00a0\u00a0\u00a0 | Fair Value Measurements at December 31, 2020 Using | |||||||||||
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Significant\u00a0other | \u00a0\u00a0\u00a0\u00a0 | Significant | ||||||||
Total\u00a0Carrying | Quoted\u00a0prices\u00a0in | observable | unobservable | |||||||||
Value at | active\u00a0market | inputs | inputs | |||||||||
(In millions) | December\u00a031, 2020 | (Level\u00a01) | (Level\u00a02) | (Level\u00a03) | ||||||||
Current maturities of corporate borrowings | $ | 20.0 | $ | \u2014 | $ | 12.9 | $ | \u2014 | ||||
Corporate borrowings | \u00a0 | 5,695.8 | \u00a0 | \u2014 | \u00a0 | 2,485.9 | \u00a0 | 278.0 |
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NOTE 13\u2014OPERATING 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, Denmark, and Saudi Arabia. The Company divested of its interest in Estonia, Latvia, and Lithuania operations, see Note 1\u2014The Company and Significant Accounting Policies for further information on the Baltics theatre sale. Operations located in Austria were sold during the first quarter of 2019. Each segment\u2019s revenue is derived from admissions, food and beverage sales and other ancillary
revenues, primarily screen advertising, AMC Stubs\u00ae membership fees and other loyalty programs, ticket sales, gift card income and exchange ticket income. The measure of segment profit and loss the Company uses to evaluate performance and allocate its resources is Adjusted EBITDA, as defined in the reconciliation table below. The Company does not report asset information by segment because that information is not used to evaluate the performance of or allocate resources between segments.
Below is a breakdown of select financial information by reportable operating segment:
Year Ended | |||||||||
Revenues (In millions) | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2021 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2020 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2019 | |||
U.S. markets | $ | 1,875.8 | $ | 826.7 | $ | 4,023.2 | |||
International markets | 652.1 | 415.7 | 1,447.8 | ||||||
Total revenues | $ | 2,527.9 | $ | 1,242.4 | $ | 5,471.0 |
Year Ended | |||||||||
Adjusted EBITDA (In millions) | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2021 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2020 | December\u00a031, 2019 | ||||
U.S. markets | $ | (250.6) | $ | (768.2) | $ | 575.6 | |||
International markets | (41.1) | (231.0) | 195.8 | ||||||
Total Adjusted EBITDA | $ | (291.7) | $ | (999.2) | $ | 771.4 |
| (1) | The Company presents Adjusted EBITDA as a supplemental measure of its performance. The Company defines Adjusted EBITDA as net earnings (loss) plus (i)\u00a0income tax provision (benefit), (ii)\u00a0interest expense and (iii)\u00a0depreciation and amortization, as further adjusted to eliminate the impact of certain items that the Company does not consider indicative of the Company\u2019s 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 consistent with how Adjusted EBITDA is defined in the Company\u2019s debt indentures. |
Year Ended | |||||||||
Capital Expenditures (In millions) | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2021 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2020 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2019 | |||
U.S. markets | $ | 63.9 | $ | 109.9 | $ | 369.4 | |||
International markets | 28.5 | 63.9 | 148.7 | ||||||
Total capital expenditures | $ | 92.4 | $ | 173.8 | $ | 518.1 |
Financial information about geographic area is as follows:
Year Ended | |||||||||
Revenues (In millions) | December\u00a031, 2021 | December\u00a031, 2020 | December\u00a031, 2019 | ||||||
United States | $ | 1,875.8 | $ | 826.7 | $ | 4,023.2 | |||
United Kingdom | 283.6 | 127.9 | 500.4 | ||||||
Spain | 81.8 | 52.1 | 200.3 | ||||||
Sweden | 82.3 | 63.2 | 177.5 | ||||||
Italy | 57.5 | 47.5 | 200.0 | ||||||
Germany | 54.4 | 38.2 | 135.0 | ||||||
Finland | 49.1 | 43.4 | 103.0 | ||||||
Ireland | 16.9 | 9.3 | 37.9 | ||||||
Other foreign countries | 26.5 | 34.1 | 93.7 | ||||||
Total | $ | 2,527.9 | $ | 1,242.4 | $ | 5,471.0 |
As of | As of | |||||
Long-term assets, net (In millions) | December\u00a031, 2021 | December\u00a031, 2020 | ||||
U.S. markets | $ | 6,434.5 | $ | 6,895.3 | ||
International markets | 2,516.7 | 2,894.1 | ||||
Total long-term assets (1) | $ | 8,951.2 | $ | 9,789.4 |
| (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\u00a0millions) | December 31, 2021 | \u00a0\u00a0\u00a0\u00a0 | December 31, 2020 | December 31, 2019 | |||||
Net loss | $ | (1,269.8) | $ | (4,589.4) | $ | (149.1) | |||
Plus: | |||||||||
Income tax provision (benefit) (1) | \u00a0 | (10.2) | \u00a0 | 59.9 | (22.5) | ||||
Interest expense | \u00a0 | 458.1 | \u00a0 | 356.9 | 340.8 | ||||
Depreciation and amortization | \u00a0 | 425.0 | \u00a0 | 498.3 | 450.0 | ||||
Impairment of long-lived assets, definite and indefinite-lived intangible assets and goodwill (2) | \u00a0 | 77.2 | \u00a0 | 2,513.9 | 84.3 | ||||
Certain operating expense (income) (3) | \u00a0 | 0.2 | \u00a0 | (9.4) | 14.8 | ||||
Equity in (earnings) loss of non-consolidated entities (4) | \u00a0 | (11.0) | \u00a0 | 30.9 | (30.6) | ||||
Cash distributions from non-consolidated entities (5) | \u00a0 | 12.5 | \u00a0 | 17.4 | 35.8 | ||||
Attributable EBITDA (6) | 3.7 | 0.2 | 5.0 | ||||||
Investment expense (income) | \u00a0 | (9.2) | \u00a0 | 10.1 | (16.0) | ||||
Other expense (income) (7) | \u00a0 | (0.1) | \u00a0 | 66.9 | 13.3 | ||||
Other non-cash rent expense (benefit) (8) | (24.9) | (4.9) | 25.7 | ||||||
General and administrative \u2014 unallocated: | |||||||||
Merger, acquisition and other costs (9) | \u00a0 | 13.7 | \u00a0 | 24.6 | 15.5 | ||||
Stock-based compensation expense (10) | \u00a0 | 43.1 | \u00a0 | 25.4 | 4.4 | ||||
Adjusted EBITDA | $ | (291.7) | $ | (999.2) | $ | 771.4 |
| (1) | For information regarding the income tax provision (benefit), see Note 10\u2014Income Taxes. |
| (2) | During the year ended December 31, 2021, the Company recorded non-cash impairment charges related to its long-lived assets of $61.3 million on 77 theatres in the U.S. markets with 805 screens which were related to property, net, operating lease right-of-use assets, net and other long-term assets and $15.9 million on 14 theatres in the International markets with 118 screens which were related to property, net and operating lease right-of-use assets, net. |
During the year ended December 31, 2020, the Company recorded goodwill non-cash impairment charges of $1,276.1 million and $1,030.3 million related to the enterprise fair values of the Domestic Theatres and International Theatres reporting units, respectively. During the year ended December 31, 2020, the Company recorded non-cash impairment charges related to its long-lived assets of $152.5 million on 101 theatres in the U.S. markets with 1,139 screens which were related to property, net, operating lease right-of-use assets, net and other long-term assets and $25.4 million on 37 theatres in the International markets with 340 screens which were related to property, net and operating lease right-of-use assets, net. The Company recorded non-cash impairment charges related to indefinite-lived intangible assets of $12.5 million and $2.7 million related to the Odeon and Nordic trade names, respectively, in the International Theatres reporting unit during the year ended December 31, 2020. The Company also recorded non-cash impairment charges of $14.4 million related to its definite-lived intangible assets in the Domestic Theatres reporting unit during the year ended December 31, 2020.
During the year ended December 31, 2019, the Company recorded non-cash impairment of long-lived assets of $84.3 million on 40 theatres in the U.S. markets with 512 screens, 14 theatres in the International markets with 148 screens, and a U.S. property held and not used.
| (3) | Amounts represent preopening expense related to temporarily closed screens under renovation, theatre and other closure expense for the permanent closure of screens, including the related accretion of interest, non-cash deferred digital equipment rent expense, and disposition of assets and other non-operating gains or losses included in operating expenses. The Company has excluded these items as they are non-cash in nature or are non-operating in nature. |
| (4) | Equity in (earnings) loss of non-consolidated entities primarily consisted of equity in earnings (loss) from DCIP of $12.2 million, $(14.5) million and $25.4 million, during the year ended December 31, 2021, December 31, 2020, and December 31, 2019, respectively. In addition, the Company recorded impairment losses in the International markets during the year ended December 31, 2020 related to equity method investments of $8.6 million in equity in (earnings) loss of non-consolidated entities. |
| (5) | Includes U.S. non-theatre distributions from equity method investments and International non-theatre distributions from equity method investments to the extent received. The Company believes including cash distributions is an appropriate reflection of the contribution of these investments to the Company\u2019s 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\u2019s 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\u2019s gift card and package ticket program. |
Year Ended | |||||||||
(In\u00a0millions) | December 31, 2021 | \u00a0\u00a0\u00a0\u00a0 | December 31, 2020 | December 31, 2019 | |||||
Equity in (earnings) loss of non-consolidated entities | $ | (11.0) | $ | 30.9 | $ | (30.6) | |||
Less: | |||||||||
Equity in (earnings) loss of non-consolidated entities excluding International theatre joint ventures | (13.5) | 27.4 | (29.2) | ||||||
Equity in earnings (loss) of International theatre joint ventures | (2.5) | (3.5) | 1.4 | ||||||
Income tax expense | 0.3 | 0.1 | 0.4 | ||||||
Investment income | (0.1) | (0.4) | (0.7) | ||||||
Interest expense | 0.2 | 0.1 | \u2014 | ||||||
Depreciation and amortization | 5.6 | 3.2 | 3.4 | ||||||
Other expense | 0.2 | 0.7 | 0.5 | ||||||
Attributable EBITDA | $ | 3.7 | $ | 0.2 | $ | 5.0 |
| (7) | Other expense (income) during 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. |
Other expense (income) for the year ended December 31, 2020 included a loss of $109.0 million related to the fair value adjustments of the Company\u2019s derivative liability and derivative asset for the Convertible Notes, financing fees related to the Exchange Offer of $39.3 million, and credit losses related to contingent
lease guarantees of $15.0 million, partially offset due to a gain on extinguishment of the Second Lien Notes due 2026 of $(93.6) million.
During the year ended December\u00a031, 2019, the Company recorded a loss on repayment of indebtedness of $16.6 million and the financing related foreign currency transaction losses, partially offset by a gain of $5.8 million as a result of the decrease in fair value of its derivative liability and asset for the Convertible Notes.
| (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. |
Year Ended | |||||||||
Revenues (In millions) | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2021 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2020 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2019 | |||
U.S. markets | $ | 1,875.8 | $ | 826.7 | $ | 4,023.2 | |||
International markets | 652.1 | 415.7 | 1,447.8 | ||||||
Total revenues | $ | 2,527.9 | $ | 1,242.4 | $ | 5,471.0 |
Year Ended | |||||||||
Adjusted EBITDA (In millions) | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2021 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2020 | December\u00a031, 2019 | ||||
U.S. markets | $ | (250.6) | $ | (768.2) | $ | 575.6 | |||
International markets | (41.1) | (231.0) | 195.8 | ||||||
Total Adjusted EBITDA | $ | (291.7) | $ | (999.2) | $ | 771.4 |
| (1) | The Company presents Adjusted EBITDA as a supplemental measure of its performance. The Company defines Adjusted EBITDA as net earnings (loss) plus (i)\u00a0income tax provision (benefit), (ii)\u00a0interest expense and (iii)\u00a0depreciation and amortization, as further adjusted to eliminate the impact of certain items that the Company does not consider indicative of the Company\u2019s 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 consistent with how Adjusted EBITDA is defined in the Company\u2019s debt indentures. |
Year Ended | |||||||||
Capital Expenditures (In millions) | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2021 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2020 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2019 | |||
U.S. markets | $ | 63.9 | $ | 109.9 | $ | 369.4 | |||
International markets | 28.5 | 63.9 | 148.7 | ||||||
Total capital expenditures | $ | 92.4 | $ | 173.8 | $ | 518.1 |
Year Ended | |||||||||
Revenues (In millions) | December\u00a031, 2021 | December\u00a031, 2020 | December\u00a031, 2019 | ||||||
United States | $ | 1,875.8 | $ | 826.7 | $ | 4,023.2 | |||
United Kingdom | 283.6 | 127.9 | 500.4 | ||||||
Spain | 81.8 | 52.1 | 200.3 | ||||||
Sweden | 82.3 | 63.2 | 177.5 | ||||||
Italy | 57.5 | 47.5 | 200.0 | ||||||
Germany | 54.4 | 38.2 | 135.0 | ||||||
Finland | 49.1 | 43.4 | 103.0 | ||||||
Ireland | 16.9 | 9.3 | 37.9 | ||||||
Other foreign countries | 26.5 | 34.1 | 93.7 | ||||||
Total | $ | 2,527.9 | $ | 1,242.4 | $ | 5,471.0 |
As of | As of | |||||
Long-term assets, net (In millions) | December\u00a031, 2021 | December\u00a031, 2020 | ||||
U.S. markets | $ | 6,434.5 | $ | 6,895.3 | ||
International markets | 2,516.7 | 2,894.1 | ||||
Total long-term assets (1) | $ | 8,951.2 | $ | 9,789.4 |
| (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\u00a0millions) | December 31, 2021 | \u00a0\u00a0\u00a0\u00a0 | December 31, 2020 | December 31, 2019 | |||||
Net loss | $ | (1,269.8) | $ | (4,589.4) | $ | (149.1) | |||
Plus: | |||||||||
Income tax provision (benefit) (1) | \u00a0 | (10.2) | \u00a0 | 59.9 | (22.5) | ||||
Interest expense | \u00a0 | 458.1 | \u00a0 | 356.9 | 340.8 | ||||
Depreciation and amortization | \u00a0 | 425.0 | \u00a0 | 498.3 | 450.0 | ||||
Impairment of long-lived assets, definite and indefinite-lived intangible assets and goodwill (2) | \u00a0 | 77.2 | \u00a0 | 2,513.9 | 84.3 | ||||
Certain operating expense (income) (3) | \u00a0 | 0.2 | \u00a0 | (9.4) | 14.8 | ||||
Equity in (earnings) loss of non-consolidated entities (4) | \u00a0 | (11.0) | \u00a0 | 30.9 | (30.6) | ||||
Cash distributions from non-consolidated entities (5) | \u00a0 | 12.5 | \u00a0 | 17.4 | 35.8 | ||||
Attributable EBITDA (6) | 3.7 | 0.2 | 5.0 | ||||||
Investment expense (income) | \u00a0 | (9.2) | \u00a0 | 10.1 | (16.0) | ||||
Other expense (income) (7) | \u00a0 | (0.1) | \u00a0 | 66.9 | 13.3 | ||||
Other non-cash rent expense (benefit) (8) | (24.9) | (4.9) | 25.7 | ||||||
General and administrative \u2014 unallocated: | |||||||||
Merger, acquisition and other costs (9) | \u00a0 | 13.7 | \u00a0 | 24.6 | 15.5 | ||||
Stock-based compensation expense (10) | \u00a0 | 43.1 | \u00a0 | 25.4 | 4.4 | ||||
Adjusted EBITDA | $ | (291.7) | $ | (999.2) | $ | 771.4 |
| (1) | For information regarding the income tax provision (benefit), see Note 10\u2014Income Taxes. |
| (2) | During the year ended December 31, 2021, the Company recorded non-cash impairment charges related to its long-lived assets of $61.3 million on 77 theatres in the U.S. markets with 805 screens which were related to property, net, operating lease right-of-use assets, net and other long-term assets and $15.9 million on 14 theatres in the International markets with 118 screens which were related to property, net and operating lease right-of-use assets, net. |
During the year ended December 31, 2020, the Company recorded goodwill non-cash impairment charges of $1,276.1 million and $1,030.3 million related to the enterprise fair values of the Domestic Theatres and International Theatres reporting units, respectively. During the year ended December 31, 2020, the Company recorded non-cash impairment charges related to its long-lived assets of $152.5 million on 101 theatres in the U.S. markets with 1,139 screens which were related to property, net, operating lease right-of-use assets, net and other long-term assets and $25.4 million on 37 theatres in the International markets with 340 screens which were related to property, net and operating lease right-of-use assets, net. The Company recorded non-cash impairment charges related to indefinite-lived intangible assets of $12.5 million and $2.7 million related to the Odeon and Nordic trade names, respectively, in the International Theatres reporting unit during the year ended December 31, 2020. The Company also recorded non-cash impairment charges of $14.4 million related to its definite-lived intangible assets in the Domestic Theatres reporting unit during the year ended December 31, 2020.
During the year ended December 31, 2019, the Company recorded non-cash impairment of long-lived assets of $84.3 million on 40 theatres in the U.S. markets with 512 screens, 14 theatres in the International markets with 148 screens, and a U.S. property held and not used.
| (3) | Amounts represent preopening expense related to temporarily closed screens under renovation, theatre and other closure expense for the permanent closure of screens, including the related accretion of interest, non-cash deferred digital equipment rent expense, and disposition of assets and other non-operating gains or losses included in operating expenses. The Company has excluded these items as they are non-cash in nature or are non-operating in nature. |
| (4) | Equity in (earnings) loss of non-consolidated entities primarily consisted of equity in earnings (loss) from DCIP of $12.2 million, $(14.5) million and $25.4 million, during the year ended December 31, 2021, December 31, 2020, and December 31, 2019, respectively. In addition, the Company recorded impairment losses in the International markets during the year ended December 31, 2020 related to equity method investments of $8.6 million in equity in (earnings) loss of non-consolidated entities. |
| (5) | Includes U.S. non-theatre distributions from equity method investments and International non-theatre distributions from equity method investments to the extent received. The Company believes including cash distributions is an appropriate reflection of the contribution of these investments to the Company\u2019s 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\u2019s 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\u2019s gift card and package ticket program. |
Year Ended | |||||||||
(In\u00a0millions) | December 31, 2021 | \u00a0\u00a0\u00a0\u00a0 | December 31, 2020 | December 31, 2019 | |||||
Equity in (earnings) loss of non-consolidated entities | $ | (11.0) | $ | 30.9 | $ | (30.6) | |||
Less: | |||||||||
Equity in (earnings) loss of non-consolidated entities excluding International theatre joint ventures | (13.5) | 27.4 | (29.2) | ||||||
Equity in earnings (loss) of International theatre joint ventures | (2.5) | (3.5) | 1.4 | ||||||
Income tax expense | 0.3 | 0.1 | 0.4 | ||||||
Investment income | (0.1) | (0.4) | (0.7) | ||||||
Interest expense | 0.2 | 0.1 | \u2014 | ||||||
Depreciation and amortization | 5.6 | 3.2 | 3.4 | ||||||
Other expense | 0.2 | 0.7 | 0.5 | ||||||
Attributable EBITDA | $ | 3.7 | $ | 0.2 | $ | 5.0 |
| (7) | Other expense (income) during 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. |
Other expense (income) for the year ended December 31, 2020 included a loss of $109.0 million related to the fair value adjustments of the Company\u2019s derivative liability and derivative asset for the Convertible Notes, financing fees related to the Exchange Offer of $39.3 million, and credit losses related to contingent
lease guarantees of $15.0 million, partially offset due to a gain on extinguishment of the Second Lien Notes due 2026 of $(93.6) million.
During the year ended December\u00a031, 2019, the Company recorded a loss on repayment of indebtedness of $16.6 million and the financing related foreign currency transaction losses, partially offset by a gain of $5.8 million as a result of the decrease in fair value of its derivative liability and asset for the Convertible Notes.
| (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. |
NOTE 14\u2014ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following table presents the change in accumulated other comprehensive income (loss) by component:
Foreign | |||||||||
(In millions) | \u00a0\u00a0\u00a0\u00a0 | Currency | \u00a0\u00a0\u00a0\u00a0 | Pension Benefits | \u00a0\u00a0\u00a0\u00a0 | Total | |||
Balance December\u00a031, 2019 | $ | (8.8) | $ | (17.3) | $ | (26.1) | |||
Other comprehensive income (loss) before reclassifications | 67.0 | (4.1) | 62.9 | ||||||
Amounts reclassified from accumulated other comprehensive loss | 1.9 | \u2014 | 1.9 | ||||||
Balance December\u00a031, 2020 | $ | 60.1 | $ | (21.4) | $ | 38.7 | |||
Other comprehensive income (loss) | (78.7) | 12.3 | (66.4) | ||||||
Realized loss on foreign currency transactions reclassified into investment expense (income) | (0.4) | \u2014 | (0.4) | ||||||
Balance December\u00a031, 2021 | $ | (19.0) | $ | (9.1) | $ | (28.1) |
The tax effects allocated to each component of other comprehensive income (loss) is as follows:
Year Ended | |||||||||||||||||||||||||||
December\u00a031, 2021 | December\u00a031, 2020 | December\u00a031, 2019 | |||||||||||||||||||||||||
\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0 | Tax | \u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0 | Tax | \u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Tax | \u00a0\u00a0\u00a0\u00a0 | ||||||||||||||||
Pre-Tax | (Expense) | Net-of-Tax | Pre-Tax | (Expense) | Net-of-Tax | Pre-Tax | (Expense) | Net-of-Tax | |||||||||||||||||||
(In\u00a0millions) | Amount | Benefit | Amount | Amount | Benefit | Amount | Amount | Benefit | Amount | ||||||||||||||||||
Unrealized foreign currency translation adjustment | $ | (78.9) | $ | \u2014 | $ | (78.9) | $ | 66.8 | $ | 0.2 | $ | 67.0 | $ | (18.3) | $ | 1.8 | $ | (16.5) | |||||||||
Realized gain (loss) on foreign currency transactions, net of tax | (0.9) | 0.5 | (0.4) | 1.9 | \u2014 | 1.9 | 0.5 | \u2014 | 0.5 | ||||||||||||||||||
Pension and other benefit adjustments: | |||||||||||||||||||||||||||
Net gain (loss) arising during the period, net of tax | 13.0 | (0.7) | 12.3 | (4.1) | \u2014 | (4.1) | (16.1) | 0.6 | (15.5) | ||||||||||||||||||
Equity method investee's cash flow hedge: | |||||||||||||||||||||||||||
Unrealized net holding loss arising during the period | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | (0.1) | \u00a0 | \u2014 | \u00a0 | (0.1) | |||||||||
Other comprehensive income (loss) | $ | (66.8) | $ | (0.2) | $ | (67.0) | $ | 64.6 | $ | 0.2 | $ | 64.8 | $ | (34.0) | $ | 2.4 | $ | (31.6) |
"}]},{"name":"rpt:f-2426","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock","xbrl:period":"2021-01-01T00:00:00/2022-01-01T00:00:00","xbrl:entity":"cik:0001411579"},"factValues":[{"value":"
Foreign | |||||||||
(In millions) | \u00a0\u00a0\u00a0\u00a0 | Currency | \u00a0\u00a0\u00a0\u00a0 | Pension Benefits | \u00a0\u00a0\u00a0\u00a0 | Total | |||
Balance December\u00a031, 2019 | $ | (8.8) | $ | (17.3) | $ | (26.1) | |||
Other comprehensive income (loss) before reclassifications | 67.0 | (4.1) | 62.9 | ||||||
Amounts reclassified from accumulated other comprehensive loss | 1.9 | \u2014 | 1.9 | ||||||
Balance December\u00a031, 2020 | $ | 60.1 | $ | (21.4) | $ | 38.7 | |||
Other comprehensive income (loss) | (78.7) | 12.3 | (66.4) | ||||||
Realized loss on foreign currency transactions reclassified into investment expense (income) | (0.4) | \u2014 | (0.4) | ||||||
Balance December\u00a031, 2021 | $ | (19.0) | $ | (9.1) | $ | (28.1) |
"}]},{"name":"rpt:f-2427","factDimensions":{"xbrl:concept":"us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax","xbrl:period":"2020-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD","us-gaap:StatementEquityComponentsAxis":"us-gaap:AccumulatedTranslationAdjustmentMember"},"factValues":[{"value":"-8800000","decimals":-5}]},{"name":"rpt:f-2428","factDimensions":{"xbrl:concept":"us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax","xbrl:period":"2020-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD","us-gaap:StatementEquityComponentsAxis":"us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember"},"factValues":[{"value":"-17300000","decimals":-5}]},{"name":"rpt:f-2429","factDimensions":{"xbrl:concept":"us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax","xbrl:period":"2020-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD","us-gaap:StatementEquityComponentsAxis":"us-gaap:AccumulatedOtherComprehensiveIncomeMember"},"factValues":[{"value":"-26100000","decimals":-5}]},{"name":"rpt:f-2430","factDimensions":{"xbrl:concept":"us-gaap:OciBeforeReclassificationsNetOfTaxAttributableToParent","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD","us-gaap:StatementEquityComponentsAxis":"us-gaap:AccumulatedTranslationAdjustmentMember"},"factValues":[{"value":"67000000.0","decimals":-5}]},{"name":"rpt:f-2431","factDimensions":{"xbrl:concept":"us-gaap:OciBeforeReclassificationsNetOfTaxAttributableToParent","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD","us-gaap:StatementEquityComponentsAxis":"us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember"},"factValues":[{"value":"-4100000","decimals":-5}]},{"name":"rpt:f-2432","factDimensions":{"xbrl:concept":"us-gaap:OciBeforeReclassificationsNetOfTaxAttributableToParent","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD","us-gaap:StatementEquityComponentsAxis":"us-gaap:AccumulatedOtherComprehensiveIncomeMember"},"factValues":[{"value":"62900000","decimals":-5}]},{"name":"rpt:f-2433","factDimensions":{"xbrl:concept":"us-gaap:ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD","us-gaap:StatementEquityComponentsAxis":"us-gaap:AccumulatedTranslationAdjustmentMember"},"factValues":[{"value":"-1900000","decimals":-5}]},{"name":"rpt:f-2434","factDimensions":{"xbrl:concept":"us-gaap:ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD","us-gaap:StatementEquityComponentsAxis":"us-gaap:AccumulatedOtherComprehensiveIncomeMember"},"factValues":[{"value":"-1900000","decimals":-5}]},{"name":"rpt:f-2435","factDimensions":{"xbrl:concept":"us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax","xbrl:period":"2021-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD","us-gaap:StatementEquityComponentsAxis":"us-gaap:AccumulatedTranslationAdjustmentMember"},"factValues":[{"value":"60100000","decimals":-5}]},{"name":"rpt:f-2436","factDimensions":{"xbrl:concept":"us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax","xbrl:period":"2021-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD","us-gaap:StatementEquityComponentsAxis":"us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember"},"factValues":[{"value":"-21400000","decimals":-5}]},{"name":"rpt:f-2437","factDimensions":{"xbrl:concept":"us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax","xbrl:period":"2021-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD","us-gaap:StatementEquityComponentsAxis":"us-gaap:AccumulatedOtherComprehensiveIncomeMember"},"factValues":[{"value":"38700000","decimals":-5}]},{"name":"rpt:f-2438","factDimensions":{"xbrl:concept":"amch:TotalOtherComprehensiveIncomeLossNetOfTax","xbrl:period":"2021-01-01T00:00:00/2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD","us-gaap:StatementEquityComponentsAxis":"us-gaap:AccumulatedTranslationAdjustmentMember"},"factValues":[{"value":"-78700000","decimals":-5}]},{"name":"rpt:f-2439","factDimensions":{"xbrl:concept":"amch:TotalOtherComprehensiveIncomeLossNetOfTax","xbrl:period":"2021-01-01T00:00:00/2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD","us-gaap:StatementEquityComponentsAxis":"us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember"},"factValues":[{"value":"12300000","decimals":-5}]},{"name":"rpt:f-2440","factDimensions":{"xbrl:concept":"amch:TotalOtherComprehensiveIncomeLossNetOfTax","xbrl:period":"2021-01-01T00:00:00/2022-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD","us-gaap:StatementEquityComponentsAxis":"us-gaap:Acc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Year Ended | |||||||||||||||||||||||||||
December\u00a031, 2021 | December\u00a031, 2020 | December\u00a031, 2019 | |||||||||||||||||||||||||
\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0 | Tax | \u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0 | Tax | \u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Tax | \u00a0\u00a0\u00a0\u00a0 | ||||||||||||||||
Pre-Tax | (Expense) | Net-of-Tax | Pre-Tax | (Expense) | Net-of-Tax | Pre-Tax | (Expense) | Net-of-Tax | |||||||||||||||||||
(In\u00a0millions) | Amount | Benefit | Amount | Amount | Benefit | Amount | Amount | Benefit | Amount | ||||||||||||||||||
Unrealized foreign currency translation adjustment | $ | (78.9) | $ | \u2014 | $ | (78.9) | $ | 66.8 | $ | 0.2 | $ | 67.0 | $ | (18.3) | $ | 1.8 | $ | (16.5) | |||||||||
Realized gain (loss) on foreign currency transactions, net of tax | (0.9) | 0.5 | (0.4) | 1.9 | \u2014 | 1.9 | 0.5 | \u2014 | 0.5 | ||||||||||||||||||
Pension and other benefit adjustments: | |||||||||||||||||||||||||||
Net gain (loss) arising during the period, net of tax | 13.0 | (0.7) | 12.3 | (4.1) | \u2014 | (4.1) | (16.1) | 0.6 | (15.5) | ||||||||||||||||||
Equity method investee's cash flow hedge: | |||||||||||||||||||||||||||
Unrealized net holding loss arising during the period | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | (0.1) | \u00a0 | \u2014 | \u00a0 | (0.1) | |||||||||
Other comprehensive income (loss) | $ | (66.8) | $ | (0.2) | $ | (67.0) | $ | 64.6 | $ | 0.2 | $ | 64.8 | $ | (34.0) | $ | 2.4 | $ | (31.6) |
NOTE 15\u2014LOSS PER SHARE
Basic loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding. Diluted loss per share includes the effects of unvested RSUs with a service condition only and unvested contingently issuable RSUs and PSUs that have service and performance conditions, if dilutive. Diluted loss per share for the years ended December 31, 2020 and December 31, 2019 also includes potential dilutive shares from the conversion feature of the Convertible Notes due 2026, if dilutive.
The following table sets forth the computation of basic and diluted loss per common share:
Year Ended | Year Ended | Year Ended | |||||||
(In millions) | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2021 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2020 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2019 | |||
Numerator: | |||||||||
Net loss for basic loss per share attributable to AMC Entertainment Holdings, Inc. | $ | (1,269.1) | $ | (4,589.1) | $ | (149.1) | |||
Net loss for diluted loss per share attributable to AMC Entertainment Holdings, Inc. | $ | (1,269.1) | $ | (4,589.1) | $ | (149.1) | |||
Denominator (shares in thousands): | |||||||||
Weighted average shares for basic loss per common share | \u00a0 | 477,410 | \u00a0 | 117,212 | \u00a0 | 103,832 | |||
Weighted average shares for diluted loss per common share | \u00a0 | 477,410 | \u00a0 | 117,212 | \u00a0 | 103,832 | |||
Basic loss per common share: | $ | (2.66) | $ | (39.15) | $ | (1.44) | |||
Diluted loss per common share: | $ | (2.66) | $ | (39.15) | $ | (1.44) |
Vested RSUs, PSUs, and SPSUs have dividend rights identical to the Company\u2019s Common Stock and are treated as outstanding shares for purposes of computing basic and diluted earnings per share. For the year ended December 31, 2021, December 31, 2020, and December 31, 2019, unvested RSUs of 2,247,625, 1,131,333, and 1,377,992, respectively, were not included in the computation of diluted earnings (loss) per share because they would be anti-dilutive.
Unvested PSUs and SPSUs are subject to performance and market conditions, respectively, and are included in diluted earnings per share, if dilutive, based on the number of shares, if any, that would be issuable under the terms of the Company\u2019s 2013 Equity Incentive Plan if the end of the reporting period were the end of the contingency period. Unvested PSUs of 0, 649,209 and 477,630 for the years ended December\u00a031, 2021, December 31, 2020, and December 31, 2019, respectively, and unvested SPSUs of 578,328 at the minimum market condition for the year ended December 31, 2020, were not included in the computation of diluted loss per share because they would not be issuable if the end of the reporting period were the end of the contingency period or they would be anti-dilutive.
On January 29, 2021, the $600.0 million principal amount of the Company\u2019s Convertible Notes due 2026 were converted into the Company\u2019s Common Stock at a conversion price of $13.51 per share and resulted in the issuance of 44,422,860 shares. For both the years ended December 31, 2020 and December 31, 2019, the Company used the if-converted method for calculating any potential dilutive effect of the Convertible Notes that were issued on September\u00a014, 2018. The Company has not adjusted net loss for the year ended December 31, 2020 and December 31, 2019 to eliminate the interest expense of $31.8 million and $32.6 million, respectively, and the loss (gain) for the derivative liability related to the Convertible Notes of $89.4 million and $(23.5) million, respectively, in the computation of diluted loss per share because the effects would be anti-dilutive. The Company has not included in diluted weighted average shares approximately 35.5 million and 31.7 million shares issuable upon conversion for the years ended December 31, 2020 and December 31, 2019, respectively, as the effects would be anti-dilutive.
"}]},{"name":"rpt:f-2482","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock","xbrl:period":"2021-01-01T00:00:00/2022-01-01T00:00:00","xbrl:entity":"cik:0001411579"},"factValues":[{"value":"Year Ended | Year Ended | Year Ended | |||||||
(In millions) | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2021 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2020 | \u00a0\u00a0\u00a0\u00a0 | December\u00a031, 2019 | |||
Numerator: | |||||||||
Net loss for basic loss per share attributable to AMC Entertainment Holdings, Inc. | $ | (1,269.1) | $ | (4,589.1) | $ | (149.1) | |||
Net loss for diluted loss per share attributable to AMC Entertainment Holdings, Inc. | $ | (1,269.1) | $ | (4,589.1) | $ | (149.1) | |||
Denominator (shares in thousands): | |||||||||
Weighted average shares for basic loss per common share | \u00a0 | 477,410 | \u00a0 | 117,212 | \u00a0 | 103,832 | |||
Weighted average shares for diluted loss per common share | \u00a0 | 477,410 | \u00a0 | 117,212 | \u00a0 | 103,832 | |||
Basic loss per common share: | $ | (2.66) | $ | (39.15) | $ | (1.44) | |||
Diluted loss per common share: | $ | (2.66) | $ | (39.15) | $ | (1.44) |
NOTE 16\u2014SUBSEQUENT EVENTS
First Lien Senior Secured Notes due 2029. On February 14, 2022, the Company issued $950.0 million aggregate principal amount of its 7.5% First Lien Senior Secured Notes due 2029 (\u201cFirst Lien Notes due 2029\u201d). 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 are guaranteed on a senior secured basis by each of the Company\u2019s subsidiaries that guarantees indebtedness under the Company\u2019s Senior Secured Credit
Facilities and existing secured notes. The Company used the net proceeds from the sale of the notes, and cash on hand, to fund the full redemption of the $500 million aggregate principal amount of the First Lien Notes due 2025, the $300 million aggregate principal amount of the First Lien Notes due 2026, and $73.5 million aggregate principal amount of the First Lien Toggle Notes due 2026 and to pay related accrued interest, fees, costs, premiums and expenses. The Company estimates it will record a loss on debt extinguishment related to this transaction of approximately $135 million in other expense in 2022.
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