Quarterly report pursuant to Section 13 or 15(d)

Lease Accounting (Tables)

v3.20.2
Lease Accounting (Tables)
9 Months Ended
Sep. 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

 

 

Nine Months Ended

 

 

 

September 30

 

 

September 30

 

Lease Cost

Classification

2020

 

 

2019

 

 

2020

 

 

2019

 

Operating lease costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equipment (1)

Utilities and other

$

823

 

 

$

1,569

 

 

$

2,495

 

 

$

5,173

 

Real Estate (2)(3)

Facility lease expense

 

65,970

 

 

 

88,149

 

 

 

211,088

 

 

 

262,783

 

Total operating lease costs

 

$

66,793

 

 

$

89,718

 

 

$

213,583

 

 

$

267,956

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Finance lease costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of leased assets

Depreciation and amortization

$

3,665

 

 

$

3,703

 

 

$

11,052

 

 

$

11,182

 

Interest on lease liabilities

Interest expense

 

1,725

 

 

 

1,922

 

 

 

5,333

 

 

 

5,927

 

Total finance lease costs

 

$

5,390

 

 

$

5,625

 

 

$

16,385

 

 

$

17,109

 

(1)

Includes approximately $(267) and $452 of short-term lease payments for the three months ended September 30, 2020 and 2019, respectively.  Includes approximately $(839) and $1,808 of short-term lease payments for the nine months ended September 30, 2020 and 2019, respectively.  The amounts for the three and nine months ended September 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 $(191) and $18,591 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 September 30, 2020 and 2019, respectively.  Includes approximately $9,146 and $54,209 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 nine months ended September 30, 2020 and 2019.  The amounts for the three and nine months ended September 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 $335 and $400 of lease payments are included in general and administrative expenses primarily related to office leases for the three months ended September 30, 2020 and 2019, respectively.  Approximately $1,122 and $1,184 of lease payments are included in general and administrative expenses primarily related to office leases for the nine months ended September 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.

 

 

 

Nine Months Ended

 

 

 

September 30,

 

Other Information

 

2020

 

 

2019

 

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

 

 

 

 

 

 

 

 

Cash outflows for operating leases

 

$

205,276

 

 

$                     211,940

 

Cash outflows for finance leases - operating activities

 

$

5,304

 

 

$

5,756

 

Cash outflows for finance leases - financing activities

 

$

11,497

 

 

$                       10,830

 

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

 

 

 

 

 

 

 

 

Operating lease liabilities - real estate

 

$

84,209

 

 

$

53,526

 

Operating lease liabilities - equipment

 

$

32

 

 

$

668

 

Finance lease liabilities

 

$

 

 

$