Quarterly report pursuant to Section 13 or 15(d)

Lease Accounting (Tables)

v3.20.2
Lease Accounting (Tables)
6 Months Ended
Jun. 30, 2020
Leases [Abstract]  
Schedule of Aggregate Lease Costs by Lease Classification

The following table represents the Company’s aggregate lease costs, by lease classification, for the periods presented.

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

Lease Cost

Classification

2020

 

 

2019

 

 

2020

 

 

2019

 

Operating lease costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equipment (1)

Utilities and other

$

131

 

 

$

1,861

 

 

$

1,672

 

 

$

3,604

 

Real Estate (2)(3)

Facility lease expense

 

63,460

 

 

 

89,849

 

 

 

145,118

 

 

 

174,634

 

Total operating lease costs

 

$

63,591

 

 

$

91,710

 

 

$

146,790

 

 

$

178,238

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Finance lease costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of leased assets

Depreciation and amortization

$

3,680

 

 

$

3,739

 

 

$

7,387

 

 

$

7,479

 

Interest on lease liabilities

Interest expense

 

1,757

 

 

 

1,984

 

 

 

3,608

 

 

 

4,005

 

Total finance lease costs

 

$

5,437

 

 

$

5,723

 

 

$

10,995

 

 

$

11,484

 

(1)

Includes approximately $(985) and $736 of short-term lease payments for the three months ended June 30, 2020 and 2019, respectively.  Includes approximately $(572) and $1,356 of short-term lease payments for the six months ended June 30, 2020 and 2019, respectively.  The amounts for the three and six months ended June 30, 2020 were impacted by i) a decrease in short term lease payments while theatres were closed and ii) rent abatements on leases that were not recalculated in accordance with the FASB guidance discussed above, which resulted in variable rent credits in the amount of the rent abatements.  

(2)

Includes approximately $(2,910) and $20,344 of variable lease payments based on a change in index, such as CPI or inflation, variable payments based on revenues or attendance and variable common area maintenance costs for the three months ended June 30, 2020 and 2019, respectively. Includes approximately $9,337 and $35,618 of variable lease payments based on a change in index, such as CPI or inflation, variable payments based on revenues or attendance and variable common area maintenance costs for the six months ended June 30, 2020 and 2019.  The amounts for the three and six months ended June 30, 2020 were impacted by rent abatements on leases that were not recalculated in accordance with the FASB guidance discussed above, which resulted in variable rent credits in the amount of the rent abatements.

(3)

Approximately $327 and $382 of lease payments are included in general and administrative expenses primarily related to office leases for the three months ended June 30, 2020 and 2019, respectively.  Approximately $787 and $784 of lease payments are included in general and administrative expenses primarily related to office leases for the six months ended June 30, 2020 and 2019, respectively.  

 

Schedule of Minimum Cash Lease Payments

The following table represents the minimum cash lease payments included in the measurement of lease liabilities and the non-cash addition of assets for the periods indicated.

 

 

 

Six Months Ended

 

 

 

June 30,

 

Other Information

 

2020

 

 

2019

 

Contractual cash payments included in the measurement of lease liabilities(1)

 

 

 

 

 

 

 

 

Cash outflows for operating leases

 

$

138,025

 

 

$

141,264

 

Cash outflows for finance leases - operating activities

 

$

3,579

 

 

$

3,893

 

Cash outflows for finance leases - financing activities

 

$

7,620

 

 

$

7,131

 

Non-cash amount of leased assets obtained in exchange for:

 

 

 

 

 

 

 

 

Operating lease liabilities - real estate

 

$

60,788

 

 

$

37,582

 

Operating lease liabilities - equipment

 

$

56

 

 

$

339

 

Finance lease liabilities

 

$

 

 

$