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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2024
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
|
|
|
|
Commission File Number |
Exact Name of Registrant as Specified in its Charter, Principal Executive Office Address and Telephone Number |
State of Incorporation |
I.R.S. Employer Identification No. |
001-33401 |
Cinemark Holdings, Inc. 3900 Dallas Parkway Plano, Texas 75093 (972) 665-1000 |
Delaware |
20-5490327 |
33-47040 |
Cinemark USA, Inc. 3900 Dallas Parkway Plano, Texas 75093 (972) 665-1000 |
Texas |
75-2206284 |
Securities registered pursuant to Section 12(b) of the Act:
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|
|
|
|
Title of Each Class |
Trading Symbol(s) |
Name of each exchange on which registered |
Cinemark Holdings, Inc. ("Holdings") |
Common stock, par value $.001 per share |
CNK |
New York Stock Exchange |
Cinemark USA, Inc. ("CUSA") |
None |
None |
None |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Cinemark Holdings, Inc. Yes ☒ No ☐
Cinemark USA, Inc. Yes ☐ No ☒
(Note: As a voluntary filer, Cinemark USA, Inc. is not subject to the filing requirements of Section 13 or 15(d) of the Exchange Act. Cinemark USA, Inc. has filed all reports pursuant to Section 13 or 15(d) of the Exchange Act during the preceding 12 months as if it was subject to such filing requirements.)
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Cinemark Holdings, Inc. Yes ☒ No ☐
Cinemark USA, Inc. Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Cinemark Holdings, Inc.
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Large accelerated filer |
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☒ |
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Accelerated filer |
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☐ |
Non-accelerated filer |
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☐ |
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Smaller reporting company |
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☐ |
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Emerging growth company |
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☐ |
Cinemark USA, Inc.
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Large accelerated filer |
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☐ |
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Accelerated filer |
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☐ |
Non-accelerated filer |
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☒ |
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Smaller reporting company |
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☐ |
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Emerging growth company |
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☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Cinemark Holdings, Inc. Yes ☐ No ☒
Cinemark USA, Inc. Yes ☐ No ☒
As of July 26, 2024, 122,384,098 shares of common stock, $0.001 par value per share, of Cinemark Holdings, Inc. were issued and outstanding.
As of July 26, 2024, 1,500 shares of Class A common stock, $0.01 par value per share, and 182,648 shares of Class B common stock, no par value per share, of Cinemark USA, Inc. were outstanding and held by Cinemark Holdings, Inc.
Cinemark USA, Inc. meetS the conditions set forth in General Instructions (H)(1)(a) and (b) of Form 10-Q and IS therefore filing this form with reduced disclosure format pursuant to General Instructions (H)(2).
This combined Form 10-Q is separately filed by Holdings and CUSA. Information contained herein relating to any individual registrant is filed by such registrant on its own behalf. Each registrant makes no representation as to information relating to the other registrant. When this Form 10-Q is incorporated by reference into any filings with the SEC made by Holdings or CUSA, as a registrant, the portions of this Form 10-Q that relate to the other registrant are not incorporated by reference therein.
CINEMARK HOLDINGS, INC. AND SUBSIDIARIES
CINEMARK USA, INC. AND SUBSIDIARIES
TABLE OF CONTENTS
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PART I. FINANCIAL INFORMATION |
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Item 1. |
Cinemark Holdings, Inc. and Subsidiaries Financial Statements (unaudited) |
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Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 |
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3 |
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Condensed Consolidated Statements of Income for the three and six months ended June 30, 2024 and 2023 |
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4 |
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Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023 |
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5 |
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Condensed Consolidated Statements of Equity for the three and six months ended June 30, 2024 and 2023 |
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6 |
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Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 |
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8 |
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Cinemark USA, Inc. and Subsidiaries Financial Statements (unaudited) |
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Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 |
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9 |
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Condensed Consolidated Statements of Income for the three and six months ended June 30, 2024 and 2023 |
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10 |
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Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023 |
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11 |
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Condensed Consolidated Statements of Equity for the three and six months ended June 30, 2024 and 2023 |
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12 |
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Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 |
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14 |
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Cinemark Holdings, Inc. and Cinemark USA, Inc. Notes to Condensed Consolidated Financial Statements |
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15 |
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Item 2. |
Management's Discussion and Analysis of Financial Condition and Results of Operations |
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37 |
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Item 3. |
Quantitative and Qualitative Disclosures About Market Risk |
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52 |
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Item 4. |
Controls and Procedures |
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52 |
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PART II. OTHER INFORMATION |
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Item 1. |
Legal Proceedings |
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54 |
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Item 1A. |
Risk Factors |
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54 |
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Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds |
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54 |
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Item 5. |
Other Information |
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55 |
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Item 6. |
Exhibits |
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60 |
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SIGNATURES |
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61 |
Cautionary Statement Regarding Forward-Looking Statements
Certain matters within this Quarterly Report on Form 10-Q include “forward–looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The “forward-looking statements” include our current expectations, assumptions, estimates and projections about the respective business and industry of Holdings and CUSA. They include statements relating to:
•future revenue, expenses and profitability;
•currency exchange rate and inflationary impacts;
•the future development and expected growth of our business;
•projected capital expenditures;
•access to capital resources;
•attendance at movies generally or in any of the markets in which we operate;
•the number and diversity of popular movies released, the length of exclusive theatrical release windows and our ability to successfully license and exhibit popular films;
•national and international growth in our industry;
•competition from other exhibitors, alternative forms of entertainment and content delivery via streaming and other formats;
•determinations in lawsuits in which we are a party; and
•the ongoing recovery of our business and the motion picture exhibition industry from the effects of the COVID-19 pandemic and the 2023 writers’ and actors’ guilds strikes.
You can identify forward-looking statements by the use of words such as “may,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “anticipates,” “believes,” “plans,” “expects,” “future” and “intends” and similar expressions. These statements are neither historical facts nor guarantees of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions and are, therefore, subject to risks, inherent uncertainties and other factors, some of which are beyond our control and difficult to predict. Such risks and uncertainties could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. For a description of our risk factors, please review the “Risk Factors” section or other sections of, or incorporated by reference to, the Company’s Annual Report on Form 10-K filed February 16, 2024. All forward-looking statements attributable to either Holdings or CUSA or persons acting on our behalf, are expressly qualified in their entirety by such risk factors. Forward-looking statements contained in this Form 10-Q reflect the views of Holdings and CUSA only as of the date of this Form 10-Q. Neither Holdings nor CUSA undertake any obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Unless the context otherwise requires, all references to “we,” “our,” “us,” “the Company” or “Cinemark” relate to Cinemark Holdings, Inc. and its consolidated subsidiaries, and all references to CUSA relate to Cinemark USA, Inc. and its consolidated subsidiaries. All references to Latin America relate to Brazil, Argentina, Chile, Colombia, Peru, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Bolivia and Paraguay.
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
CINEMARK HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share and per share data, unaudited)
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June 30, |
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December 31, |
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2024 |
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2023 |
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Assets |
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Current assets |
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Cash and cash equivalents |
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$ |
788.8 |
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$ |
849.1 |
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Inventories |
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26.5 |
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23.3 |
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Accounts receivable |
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92.7 |
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80.4 |
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Current income tax receivable |
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48.7 |
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56.7 |
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Prepaid expenses and other |
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51.7 |
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50.5 |
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Total current assets |
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1,008.4 |
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1,060.0 |
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Theatre properties and equipment, net |
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1,125.8 |
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1,161.7 |
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Operating lease right-of-use assets, net |
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990.2 |
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986.4 |
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Other long-term assets |
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Goodwill |
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1,243.9 |
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1,251.0 |
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Intangible assets, net |
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301.5 |
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302.8 |
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Investment in NCMI |
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19.2 |
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18.1 |
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Investments in affiliates |
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27.0 |
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23.6 |
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Long-term deferred tax asset |
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34.3 |
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7.7 |
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Deferred charges and other assets, net |
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35.9 |
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25.5 |
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Total other long-term assets |
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1,661.8 |
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1,628.7 |
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Total assets |
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$ |
4,786.2 |
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$ |
4,836.8 |
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Liabilities and equity |
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Current liabilities |
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Current portion of long-term debt |
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$ |
7.6 |
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$ |
7.8 |
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Current portion of operating lease obligations |
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210.5 |
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212.5 |
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Current portion of finance lease obligations |
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15.9 |
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14.0 |
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Current income tax payable |
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2.3 |
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4.2 |
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Accounts payable and accrued expenses |
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544.2 |
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491.8 |
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Total current liabilities |
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780.5 |
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730.3 |
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Long-term liabilities |
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Long-term debt, less current portion |
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2,242.8 |
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2,391.3 |
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Operating lease obligations, less current portion |
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850.9 |
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853.3 |
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Finance lease obligations, less current portion |
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92.2 |
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73.8 |
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Long-term deferred tax liability |
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30.3 |
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51.7 |
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Long-term liability for uncertain tax positions |
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49.8 |
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48.0 |
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NCM screen advertising advances |
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323.8 |
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328.4 |
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Other long-term liabilities |
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40.9 |
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41.2 |
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Total long-term liabilities |
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3,630.7 |
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3,787.7 |
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Equity |
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Cinemark Holdings, Inc.'s stockholders' equity: |
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Common stock, $0.001 par value: 300,000,000 shares authorized, 128,696,154 shares issued and 122,387,242 shares outstanding at June 30, 2024 and 127,598,774 shares issued and 121,596,206 shares outstanding at December 31, 2023 |
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0.1 |
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0.1 |
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Additional paid-in-capital |
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1,260.0 |
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1,244.3 |
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Treasury stock, 6,308,912 and 6,002,568 shares, at cost, at June 30, 2024 and December 31, 2023, respectively |
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(102.7 |
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(98.3 |
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Accumulated deficit |
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(401.8 |
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(472.4 |
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Accumulated other comprehensive loss |
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(389.8 |
) |
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(363.9 |
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Total Cinemark Holdings, Inc.'s stockholders' equity |
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365.8 |
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309.8 |
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Noncontrolling interests |
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9.2 |
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9.0 |
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Total equity |
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375.0 |
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318.8 |
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Total liabilities and equity |
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$ |
4,786.2 |
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$ |
4,836.8 |
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The accompanying notes, as they relate to Cinemark Holdings, Inc., are an integral part of the condensed consolidated financial statements.
CINEMARK HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share data, unaudited)
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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Revenue |
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Admissions |
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$ |
365.8 |
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$ |
478.4 |
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$ |
655.6 |
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$ |
789.4 |
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Concession |
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292.9 |
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373.4 |
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517.1 |
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609.2 |
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Other |
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75.5 |
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90.5 |
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140.7 |
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154.4 |
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Total revenue |
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$ |
734.2 |
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$ |
942.3 |
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$ |
1,313.4 |
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$ |
1,553.0 |
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Cost of operations |
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Film rentals and advertising |
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204.0 |
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278.0 |
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358.3 |
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444.7 |
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Concession supplies |
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56.6 |
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67.4 |
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100.6 |
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111.0 |
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Salaries and wages |
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97.3 |
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112.1 |
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184.2 |
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198.3 |
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Facility lease expense |
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81.5 |
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87.0 |
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158.8 |
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166.5 |
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Utilities and other |
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104.7 |
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120.2 |
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205.1 |
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224.0 |
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General and administrative expenses |
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55.7 |
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50.0 |
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104.6 |
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96.5 |
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Depreciation and amortization |
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49.8 |
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52.8 |
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99.2 |
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107.7 |
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Impairment of long-lived and other assets |
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— |
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9.4 |
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— |
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10.1 |
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Loss (gain) on disposal of assets and other |
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1.7 |
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(3.0 |
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2.1 |
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(2.7 |
) |
Total cost of operations |
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651.3 |
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773.9 |
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1,212.9 |
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1,356.1 |
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Operating income |
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82.9 |
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168.4 |
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100.5 |
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196.9 |
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Other income (expense) |
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Interest expense |
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(34.6 |
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(37.1 |
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(72.3 |
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(73.9 |
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Interest income |
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12.5 |
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13.0 |
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26.1 |
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24.9 |
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Loss on debt amendments and extinguishments |
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(2.5 |
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(10.7 |
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(2.5 |
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(10.7 |
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Foreign currency exchange and other related loss |
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(6.3 |
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(6.2 |
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(4.9 |
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(8.4 |
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Interest expense - NCM |
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(5.6 |
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(5.7 |
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(11.1 |
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(11.4 |
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Equity in income (loss) of affiliates |
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2.5 |
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1.8 |
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6.3 |
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(0.3 |
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Net (loss) gain on investment in NCMI |
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(3.2 |
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9.2 |
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1.2 |
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9.2 |
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Total other expense |
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(37.2 |
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(35.7 |
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(57.2 |
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(70.6 |
) |
Income before income taxes |
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45.7 |
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132.7 |
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43.3 |
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126.3 |
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Income tax (benefit) expense |
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(0.9 |
) |
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12.3 |
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(28.6 |
) |
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8.4 |
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Net income |
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$ |
46.6 |
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$ |
120.4 |
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$ |
71.9 |
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$ |
117.9 |
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Less: Net income attributable to noncontrolling interests |
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0.8 |
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1.3 |
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1.3 |
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1.9 |
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Net income attributable to Cinemark Holdings, Inc. |
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$ |
45.8 |
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$ |
119.1 |
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$ |
70.6 |
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$ |
116.0 |
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Weighted average shares outstanding |
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Basic |
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119.9 |
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119.1 |
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119.7 |
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|
118.9 |
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Diluted |
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153.4 |
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|
151.7 |
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153.3 |
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|
151.5 |
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Income per share attributable to Cinemark Holdings, Inc.'s common stockholders |
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Basic |
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$ |
0.37 |
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$ |
0.98 |
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$ |
0.58 |
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$ |
0.96 |
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Diluted |
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$ |
0.32 |
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$ |
0.80 |
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$ |
0.51 |
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$ |
0.82 |
|
The accompanying notes, as they relate to Cinemark Holdings, Inc., are an integral part of the condensed consolidated financial statements.
CINEMARK HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions, unaudited)
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2024 |
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2023 |
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|
2024 |
|
|
2023 |
|
Net income |
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$ |
46.6 |
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$ |
120.4 |
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$ |
71.9 |
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$ |
117.9 |
|
Other comprehensive (loss) income, net of tax |
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|
|
|
|
|
|
|
|
|
|
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Unrealized gain (loss) due to fair value adjustments on interest rate swap agreements, net of taxes and settlements |
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|
0.3 |
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|
|
2.6 |
|
|
|
3.8 |
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|
|
(0.8 |
) |
Foreign currency translation adjustments |
|
|
(12.1 |
) |
|
|
4.1 |
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|
|
(22.9 |
) |
|
|
12.2 |
|
Total other comprehensive (loss) income, net of tax |
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$ |
(11.8 |
) |
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$ |
6.7 |
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|
$ |
(19.1 |
) |
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$ |
11.4 |
|
Total comprehensive income, net of tax |
|
|
34.8 |
|
|
|
127.1 |
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|
|
52.8 |
|
|
|
129.3 |
|
Comprehensive income attributable to noncontrolling interests |
|
|
(0.8 |
) |
|
|
(1.3 |
) |
|
|
(1.3 |
) |
|
|
(1.9 |
) |
Comprehensive income attributable to Cinemark Holdings, Inc. |
|
$ |
34.0 |
|
|
$ |
125.8 |
|
|
$ |
51.5 |
|
|
$ |
127.4 |
|
The accompanying notes, as they relate to Cinemark Holdings, Inc., are an integral part of the condensed consolidated financial statements.
CINEMARK HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(in millions, unaudited)
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
Cinemark |
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
|
|
|
Additional |
|
|
|
|
|
Other |
|
|
Holdings, Inc.'s |
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
|
Treasury |
|
|
Paid-in- |
|
|
Accumulated |
|
|
Comprehensive |
|
|
Stockholders’ |
|
|
Noncontrolling |
|
|
Total |
|
|
|
Issued |
|
|
Amount |
|
|
Stock |
|
|
Capital |
|
|
Deficit |
|
|
Loss |
|
|
Equity |
|
|
Interests |
|
|
Equity |
|
Balance at January 1, 2024 |
|
|
127.6 |
|
|
$ |
0.1 |
|
|
$ |
(98.3 |
) |
|
$ |
1,244.3 |
|
|
$ |
(472.4 |
) |
|
$ |
(363.9 |
) |
|
$ |
309.8 |
|
|
$ |
9.0 |
|
|
$ |
318.8 |
|
Restricted stock forfeitures and stock withholdings related to share-based awards that vested during the three months ended March 31, 2024 |
|
|
— |
|
|
|
— |
|
|
|
(4.2 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4.2 |
) |
|
|
— |
|
|
|
(4.2 |
) |
Issuance of stock upon vesting of performance stock units |
|
|
0.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Issuance of share-based awards and share-based awards compensation expense |
|
|
0.9 |
|
|
— |
|
|
— |
|
|
|
6.4 |
|
|
|
— |
|
|
|
— |
|
|
|
6.4 |
|
|
|
— |
|
|
|
6.4 |
|
Net income |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
24.8 |
|
|
|
— |
|
|
|
24.8 |
|
|
|
0.5 |
|
|
|
25.3 |
|
Distributions to noncontrolling interests |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.5 |
) |
|
|
(0.5 |
) |
Amortization of accumulated gains for amended swap agreements |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3.1 |
) |
|
|
(3.1 |
) |
|
|
— |
|
|
|
(3.1 |
) |
Other comprehensive loss |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7.3 |
) |
|
|
(7.3 |
) |
|
|
— |
|
|
|
(7.3 |
) |
Balance at March 31, 2024 |
|
|
128.6 |
|
|
$ |
0.1 |
|
|
|
(102.5 |
) |
|
$ |
1,250.7 |
|
|
$ |
(447.6 |
) |
|
$ |
(374.3 |
) |
|
$ |
326.4 |
|
|
$ |
9.0 |
|
|
$ |
335.4 |
|
Restricted stock forfeitures and stock withholdings related to share-based awards that vested during the three months ended June 30, 2024 |
|
|
— |
|
|
|
— |
|
|
|
(0.2 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.2 |
) |
|
|
— |
|
|
|
(0.2 |
) |
Issuance of share-based awards and share-based awards compensation expense |
|
|
0.1 |
|
|
|
— |
|
|
|
— |
|
|
|
9.3 |
|
|
|
— |
|
|
|
— |
|
|
|
9.3 |
|
|
|
— |
|
|
|
9.3 |
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
45.8 |
|
|
|
— |
|
|
|
45.8 |
|
|
|
0.8 |
|
|
|
46.6 |
|
Distributions to noncontrolling interests |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.6 |
) |
|
|
(0.6 |
) |
Amortization of accumulated gains for amended swap agreements |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3.7 |
) |
|
|
(3.7 |
) |
|
|
— |
|
|
|
(3.7 |
) |
Other comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(11.8 |
) |
|
|
(11.8 |
) |
|
|
— |
|
|
|
(11.8 |
) |
Balance at June 30, 2024 |
|
|
128.7 |
|
|
$ |
0.1 |
|
|
$ |
(102.7 |
) |
|
$ |
1,260.0 |
|
|
$ |
(401.8 |
) |
|
$ |
(389.8 |
) |
|
$ |
365.8 |
|
|
$ |
9.2 |
|
|
$ |
375.0 |
|
CINEMARK HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY, CONT’D
(in millions, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
Cinemark |
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
|
|
|
Additional |
|
|
|
|
|
Other |
|
|
Holdings, Inc's |
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
|
Treasury |
|
|
Paid-in- |
|
|
Accumulated |
|
|
Comprehensive |
|
|
Stockholders’ |
|
|
Noncontrolling |
|
|
Total |
|
|
|
Issued |
|
|
Amount |
|
|
Stock |
|
|
Capital |
|
|
Deficit |
|
|
Loss |
|
|
Equity |
|
|
Interests |
|
|
Equity |
|
Balance at January 1, 2023 |
|
|
126.1 |
|
|
$ |
0.1 |
|
|
$ |
(95.4 |
) |
|
$ |
1,219.3 |
|
|
$ |
(660.6 |
) |
|
$ |
(353.2 |
) |
|
$ |
110.2 |
|
|
$ |
9.3 |
|
|
$ |
119.5 |
|
|