REVENUE RECOGNITION (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Disaggregation of Revenue [Line Items] |
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| Schedule of disaggregated revenue |
| | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | (In millions) | | June 30, 2025 | | June 30, 2024 | | June 30, 2025 | | June 30, 2024 | Major revenue types | | | | | | | | | | | Admissions | | $ | 762.6 | | $ | 564.4 | | $ | 1,236.1 | | $ | 1,094.9 | Food and beverage | | | 499.6 | | | 367.1 | | | 783.0 | | | 688.3 | Other theatre: | | | | | | | | | | | | | Screen advertising | | | 37.8 | | | 30.2 | | | 68.4 | | | 60.5 | Other | | | 97.9 | | | 68.9 | | | 172.9 | | | 138.3 | Other theatre | | | 135.7 | | | 99.1 | | | 241.3 | | | 198.8 | Total revenues | | $ | 1,397.9 | | $ | 1,030.6 | | $ | 2,260.4 | | $ | 1,982.0 |
| | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | (In millions) | | June 30, 2025 | | June 30, 2024 | | June 30, 2025 | | June 30, 2024 | Timing of revenue recognition | | | | | | | | | Products and services transferred at a point in time | | $ | 1,282.8 | | $ | 932.9 | | $ | 2,042.1 | | $ | 1,791.4 | Products and services transferred over time (1) | | | 115.1 | | | 97.7 | | | 218.3 | | | 190.6 | Total revenues | | $ | 1,397.9 | | $ | 1,030.6 | | $ | 2,260.4 | | $ | 1,982.0 |
| (1) | Amounts primarily include subscription and advertising revenues. |
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| Schedule of receivables and deferred revenue income |
| | | | | | | (In millions) | | June 30, 2025 | | December 31, 2024 | Current assets | | | | | | | Receivables related to contracts with customers | | $ | 50.4 | | $ | 86.0 | Miscellaneous receivables | | | 73.2 | | | 82.1 | Receivables, net | | $ | 123.6 | | $ | 168.1 |
| | | | | | | (In millions) | | June 30, 2025 | | December 31, 2024 | Current liabilities | | | | | | | Deferred revenues related to contracts with customers | | $ | 415.4 | | $ | 425.6 | Miscellaneous deferred income | | | 7.7 | | | 6.8 | Deferred revenues and income | | $ | 423.1 | | $ | 432.4 |
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| Sales Channel, Directly to Consumer |
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| Disaggregation of Revenue [Line Items] |
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| Schedule of changes in contract liabilities |
| | | | | | Deferred Revenues | | | Related to Contracts | (In millions) | | with Customers | Balance December 31, 2024 | | $ | 425.6 | Cash received in advance (1) | | | 178.7 | Customer loyalty rewards accumulated, net of expirations: | | | | Admission revenues (2) | | | 9.4 | Food and beverage (2) | | | 26.4 | Reclassification to revenue as the result of performance obligations satisfied: | | | | Admission revenues (3) | | | (142.2) | Food and beverage (3) | | | (43.5) | Other theatre (4) | | | (43.1) | Foreign currency translation adjustment | | | 4.1 | Balance June 30, 2025 | | $ | 415.4 |
| (1) | Includes movie tickets, food and beverage, gift cards, exchange tickets, subscription membership fees, and other loyalty membership fees. |
| (2) | Amount of rewards accumulated, net of expirations, that are attributed to loyalty programs. |
| (3) | Amount of revenue recognized from redemptions of gift cards, exchange tickets, movie tickets, and rewards related to loyalty programs. |
| (4) | Amounts relate to income from non-redeemed or partially redeemed gift cards, non-redeemed exchange tickets, subscription membership fees, and loyalty program membership fees. |
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| Sales Channel, Through Intermediary |
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| Disaggregation of Revenue [Line Items] |
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| Schedule of changes in contract liabilities |
| | | | | | Exhibitor Services | (In millions) | | Agreement (1) | Balance December 31, 2024 | | $ | 464.0 | Contract modification consideration (1) | | | 5.3 | Reclassification to other theatre revenue, as the result of performance obligations satisfied | | | (7.4) | Balance June 30, 2025 | | $ | 461.9 |
| (1) | The exhibitor services agreement contract liability relates to National CineMedia, LLC (“NCM”) common units that were previously received under the exhibitor services agreement dated February 13, 2007 and amended and restated as of December 13, 2013. On April 17, 2025, NCM entered into the Second Amended and Restated Exhibitor Services Agreement (the “Amended ESA”) with the Company. The term of the Amended ESA has been extended by five years through February 13, 2042. The Company treated the Amended ESA as a contract modification pursuant to ASC 606 – Revenue from Contracts with Customers. Accordingly, the Company has allocated the additional consideration received from the contract modification to the exhibitor services agreement contract liability and updated the discount rate used to account for the significant financing component to 16.12%. Prior to the contract modification, the weighted average discount rate used to account for the significant financing component was approximately 7.5%. The contract liability will be reclassified to other theatre revenue over the new term of the Amended ESA as the remaining performance obligations are satisfied. |
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