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AMC Entertainment (AMC)

Document and Entity Information

Document and Entity Information - shares9 Months Ended
Sep. 30, 2020Oct. 30, 2020
Document Information [Line Items]
Document Type10-Q
Document Quarterly Reporttrue
Document Transition Reportfalse
Document Period End DateSep. 30,
2020
Entity File Number001-33892
Entity Registrant NameAMC ENTERTAINMENT HOLDINGS, INC.
Entity Incorporation, State or Country CodeDE
Entity Tax Identification Number26-0303916
Entity Address, Address Line OneOne AMC Way
Entity Address, Address Line Two11500 Ash Street
Entity Address, City or TownLeawood
Entity Address, State or ProvinceKS
Entity Address, Postal Zip Code66211
City Area Code913
Local Phone Number213-2000
Title of 12(b) SecurityClass A common stock
Trading SymbolAMC
Security Exchange NameNYSE
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryAccelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Central Index Key0001411579
Current Fiscal Year End Date--12-31
Document Fiscal Year Focus2020
Document Fiscal Period FocusQ3
Amendment Flagfalse
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding85,624,174
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding51,769,784

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019
Revenues
Revenues $ 119.5 $ 1,316.8 $ 1,079.9 $ 4,023.3
Operating costs and expenses
Operating expense, excluding depreciation and amortization below192.1 419 663.8 1,259.2
Rent214.3 238.7 676.2 726.6
General and administrative:
Merger, acquisition and other costs1 4.7 3 11.2
Other, excluding depreciation and amortization below32.7 37.5 91.3 126.9
Depreciation and amortization123.5 112.1 365.7 337.1
Impairment of long-lived assets, definite and indefinite-lived intangible assets and goodwill195.9 2,047.8
Operating costs and expenses794.9 1,296 4,213 3,930.7
Operating income (loss)(675.4)20.8 (3,133.1)92.6
Other expense (income):
Other expense (income)125 (1.3)145.3 5.1
Interest expense:
Corporate borrowings82.8 73.2 233.7 218.7
Finance lease obligations1.4 1.8 4.5 6
Non-cash NCM exhibitor services agreement10.1 10.1 30.1 30.4
Equity in (earnings) loss of non-consolidated entities10.6 (7.5)25.9 (24.2)
Investment expense (income)(4.1)(0.5)4 (18.7)
Total other expense, net225.8 75.8 443.5 217.3
Loss before income taxes(901.2)(55)(3,576.6)(124.7)
Income tax provision (benefit)4.6 (0.2)66.7 10.9
Net loss(905.8)(54.8)(3,643.3)(135.6)
Net loss attributable to AMC Entertainment Holdings, Inc. $ (905.8) $ (54.8) $ (3,643.3) $ (135.6)
Loss per share attributable to AMC Entertainment Holdings, Inc.'s common stockholders:
Basic $ (8.41) $ (0.53) $ (34.56) $ (1.31)
Diluted $ (8.41) $ (0.53) $ (34.56) $ (1.31)
Average shares outstanding:
Basic (in thousands)107,695 103,850 105,428 103,826
Diluted (in thousands)107,695 103,850 105,428 103,826
Admissions
Revenues
Revenues $ 62.9 $ 797.3 $ 631.8 $ 2,424.3
Operating costs and expenses
Operating costs and expenses26.6 416.8 298.5 1,264.6
Food and beverage
Revenues
Revenues29.1 420 317.6 1,281.3
Operating costs and expenses
Operating costs and expenses8.8 67.2 66.7 205.1
Total other theatre
Revenues
Revenues $ 27.5 $ 99.5 $ 130.5 $ 317.7

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019
Comprehensive Loss:
Net earnings (loss) $ (905.8) $ (54.8) $ (3,643.3) $ (135.6)
Unrealized foreign currency translation adjustments11.4 (68.2)(26.8)(102.9)
Realized loss on foreign currency transactions reclassified into other expense0.6
Pension adjustments:
Realized net loss reclassified into other expense, net of tax0.2 0.1 0.9 0.2
Equity method investee's cash flow hedge:
Unrealized net holding loss arising during the period(0.1)
Other comprehensive income (loss)11.6 (68.1)(25.9)(102.2)
Total comprehensive loss(894.2)(122.9)(3,669.2)(237.8)
Comprehensive loss attributable to AMC Entertainment Holdings, Inc. $ (894.2) $ (122.9) $ (3,669.2) $ (237.8)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in MillionsSep. 30, 2020Dec. 31, 2019
Current assets:
Cash and cash equivalents $ 417.9 $ 265
Restricted cash10.9 10.5
Receivables, net97.5 254.2
Other current assets82.3 143.4
Total current assets608.6 673.1
Property, net2,332.5 2,649.2
Operating lease right-of-use assets, net4,475.8 4,796
Intangible assets, net164.5 195.3
Goodwill2,874.4 4,789.1
Deferred tax asset, net0.6 70.1
Other long-term assets419.8 503
Total assets10,876.2 13,675.8
Current liabilities:
Accounts payable376.9 543.3
Accrued expenses and other liabilities268.9 324.6
Deferred revenues and income400.9 449.2
Current maturities of corporate borrowings20 20
Current maturities of finance lease liabilities10.5 10.3
Current maturities of operating lease liabilities511 585.8
Total current liabilities1,588.2 1,933.2
Corporate borrowings5,803.8 4,733.4
Finance lease liabilities84.2 89.6
Operating lease liabilities4,909.4 4,913.8
Exhibitor services agreement542 549.7
Deferred tax liability, net43.4 46
Other long-term liabilities240.6 195.9
Total liabilities13,211.6 12,461.6
Commitments and contingencies
Stockholders' equity (deficit):
Additional paid-in capital2,125 2,001.9
Treasury stock (3,732,625 shares as of September 30, 2020 and December 31, 2019, at cost)(56.4)(56.4)
Accumulated other comprehensive loss(52)(26.1)
Accumulated deficit(4,387.8)(706.2)
Total AMC Entertainment Holdings, Inc.'s stockholders' equity (deficit)(2,370.1)1,214.2
Noncontrolling interests34.7
Total equity (deficit)(2,335.4)1,214.2
Total liabilities and stockholders' equity (deficit)10,876.2 13,675.8
Class A common stock
Stockholders' equity (deficit):
Common stock value0.6 0.5
Total equity (deficit)0.6 0.5
Class B common stock
Stockholders' equity (deficit):
Common stock value $ 0.5 $ 0.5

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / sharesSep. 30, 2020Dec. 31, 2019
Treasury stock, shares3,732,625 3,732,625
Class A common stock
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, share authorized (in shares)524,173,073 524,173,073
Common stock, shares issued (in shares)61,882,218 55,812,702
Common stock, shares outstanding (in shares)58,149,593 52,080,077
Class B common stock
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, share authorized (in shares)51,769,784 51,769,784
Common stock, shares issued (in shares)51,769,784 51,769,784
Common stock, shares outstanding (in shares)51,769,784 51,769,784

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions9 Months Ended
Sep. 30, 2020Sep. 30, 2019
Cash flows from operating activities:
Net loss $ (3,643.3) $ (135.6)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization365.7 337.1
Deferred income taxes65.2 7
Impairment of long-lived assets, definite and indefinite-lived intangible assets and goodwill2,047.8
Amortization of net discount (premium) on corporate borrowings to interest expense(4.2)8.1
Amortization of deferred financing costs to interest expense11.6 11.8
PIK interest expense29.8
Non-cash portion of stock-based compensation9.5 11.5
Gain on dispositions(3.3)(16)
(Gain) loss on derivative asset and derivative liability109 (15.4)
Loss on repayment of indebtedness16.6
Equity in (earnings) loss from non-consolidated entities, net of distributions40.3 (10.2)
Landlord contributions31.9 89
Other non-cash rent(1.7)19.5
Deferred rent(8.1)(45.3)
Net periodic benefit cost0.8 1.3
Change in assets and liabilities:
Receivables165.3 93.8
Other assets67.3 (3.2)
Accounts payable(121.2)(101.2)
Accrued expenses and other liabilities17.2 (55.4)
Other, net48.8 (3.2)
Net cash provided by (used in) operating activities(771.6)210.2
Cash flows from investing activities:
Capital expenditures(156)(348.2)
Acquisition of theatre assets(11.8)
Proceeds from disposition of long-term assets8.6 21.4
Investments in non-consolidated entities, net(9.3)(9.5)
Other, net1.9 (0.3)
Net cash used in investing activities(154.8)(348.4)
Cash flows from financing activities:
Proceeds from issuance of Term Loan due 20261,990
Call premiums paid for Senior Secured Notes due 2023 and Senior Subordinated Notes due 2022(15.9)
Borrowings (repayments) under revolving credit facilities322.2 (1.7)
Scheduled principal payments under Term Loans(15)(16.9)
Proceeds from sale of noncontrolling interest37.5
Principal payments under finance lease obligations(4.5)(8.5)
Cash used to pay for deferred financing costs(15.2)(11.7)
Cash used to pay dividends(4.3)(63.4)
Taxes paid for restricted unit withholdings(1)(1.3)
Net cash provided by (used in) financing activities1,082.5 (72.9)
Effect of exchange rate changes on cash and cash equivalents and restricted cash(2.8)(2.3)
Net increase (decrease) in cash and cash equivalents and restricted cash153.3 (213.4)
Cash and cash equivalents and restricted cash at beginning of period275.5 324
Cash and cash equivalents and restricted cash at end of period428.8 110.6
Cash paid during the period for:
Interest (including amounts capitalized of $0.8 million and $0.6 million)182.1 184.1
Income taxes received, net(9.6)0.1
Schedule of non-cash activities:
Investment in NCM3.8 1.6
Construction payables at period end32.5 89.1
Class A common stock
Cash flows from financing activities:
Proceeds from Class A common stock issuance2.8
Senior Secured Credit Facility Term Loans Due 2022 And 2023
Cash flows from financing activities:
Payment of principal Senior Secured Notes due 20231,338.5
6.0% Senior Secured Notes due 2023
Cash flows from financing activities:
Payment of principal Senior Secured Notes due 2023230
5.875% Senior Subordinated Notes due 2022
Cash flows from financing activities:
Payment of principal Senior Secured Notes due 2023 $ 375
10.5 % First Lien Notes due 2025
Cash flows from financing activities:
Proceeds from issuance of First Lien Notes490
10.5 % First Lien Notes due 2026
Cash flows from financing activities:
Proceeds from issuance of First Lien Notes $ 270

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions9 Months Ended
Sep. 30, 2020Sep. 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Interest, capitalized $ 0.8 $ 0.6

BASIS OF PRESENTATION

BASIS OF PRESENTATION9 Months Ended
Sep. 30, 2020
BASIS OF PRESENTATION
BASIS OF PRESENTATIONNOTE 1—BASIS OF PRESENTATION ​ AMC Entertainment Holdings, Inc. (“Holdings”), through its direct and indirect subsidiaries, including American Multi-Cinema, Inc. and its subsidiaries, (collectively with Holdings, unless the context otherwise requires, the “Company” or “AMC”), is principally involved in the theatrical exhibition business and owns, operates or has interests in theatres located in the United States and Europe. Holdings is an indirect subsidiary of Dalian Wanda Group Co., Ltd. (“Wanda”), a Chinese private conglomerate. As of September 30, 2020 and October 30, 2020, Wanda owned approximately 47.10% and 37.68% of Holdings’ outstanding common stock, respectively, and 72.76% and 64.46%, respectively, of the combined voting power of Holdings’ outstanding common stock and has the power to control Holdings’ affairs and policies, including with respect to the election of directors (and, through the election of directors, the appointment of management), entering into mergers, sales of substantially all of the Company’s assets and other transactions. Temporarily Suspended Operations. As of March 17, 2020, the Company temporarily suspended all 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’s guests and theatre staff. As a result of these temporarily suspended operations, the Company’s revenues and expenses for the three and nine months ended September 30, 2020 are significantly lower than the revenues and expenses for the three and nine months ended September 30, 2019. Industry Box Office. The North American industry box office has been significantly impacted by COVID-19 in the third quarter ending September 30, 2020. Although certain states authorized the reopening of theatres as early as June 2020, with limited seating capacities and social distancing guidelines, some states, including California, New York, and Maryland, remain partially closed for theatrical exhibition as of the end of October 2020. As a result, studios have postponed new film releases or moved them to the home video market, and movie release dates may continue to move in the future. Major movie releases that were previously scheduled to be released in the fourth quarter have either been rescheduled for 2021 or slated for direct to streaming in lieu of a theatrical release, leaving a reduced slate of movie releases for the remainder of the year, and release dates may continue to move. Certain competitors have decided to temporarily reclose their theatres in light of the ongoing pandemic and the reduced slate of movie releases, which may further exacerbate the trend described above. On October 23, 2020, the Company resumed operations at several AMC locations throughout the state of New York as a result of the state government allowing movie theatres to reopen throughout much of the state. The combination of theatre reopening restrictions and limited new film distribution has resulted in a significantly lower industry box office for the three months ended September 30, 2020 compared to the three months ended September 30, 2019. In response to the current low attendance levels, the Company has made adjustments to theatre operating hours to align screen availability and associated theatre operating costs with attendance levels for each theatre. The Company has also introduced AMC Private Screening, which allows movie goers to reserve a separate AMC Safe & Clean TM auditorium for a private screening for up to 20 people, starting at $99 plus tax. Update on Theatre Reopenings-U.S. markets. The Company’s theatre operations in the U.S. markets remained suspended for the entire second quarter ended June 30, 2020. The Company resumed limited operations in its U.S. markets in late August 2020 with the initial 115 theatre reopenings occurring on August 20, 2020. The Company reopened 170 additional theatres on August 26, 2020, and 142 additional theatres on September 4, 2020. As of September 30, the Company had resumed operations at 467 U.S. theatres, with limited seating capacities of between 25% and 40% , representing approximately 78% of the U.S. theatres and 73% of 2019 U.S. same-theatre revenue. Since the resumption of operations in its U.S. markets, the Company has served more than 1,973,000 guests as of September 30, 2020, representing a same-theatre attendance decline of approximately 83% compared to the same period a year ago. As of the end of October 2020, the Company operated approximately 539 of its 600 U.S. theatres, with limited seating capacities. The remaining 10% of the U.S. theatres left to reopen are primarily located in California, Maryland, and New York, and include some of the Company’s most productive theatres, representing approximately 15% of 2019 U.S. same theatre revenue. In regions where theatres are not yet able to open, the Company continues to have productive discussions with local and state government authorities about the appropriate timing for a resumption of operations. Update on Theatre Reopenings-International markets. The Company resumed limited operations in the International markets in early June. As of June 30, 2020, the Company had resumed operations at 37 theatres, with limited seating capacities, in nine countries and recorded attendance of 100,000 guests in June. As of July 31, 2020, the Company had resumed operations at 182 leased and partnership theatres. As of September 30, 2020, the Company had resumed operations at 321 leased and partnership theatres. This represents approximately 91% of the Company’s international theatres and approximately 93% of 2019 international same-theatre revenue. Seating capacity at the reopened international theatres remains limited to between 25% and 50% of capacity to ensure social distancing for guests. Since the resumption of operations in its International markets on June 3, 2020, the Company’s theatres have served more than 4,637,000 guests as of September 30, 2020, representing a same-theatre attendance decline of approximately 74% compared to the same period a year ago. As of the end of October 2020, the Company operated 261 of its 358 international theatres. The reduction in open international theatres between September 30, 2020 and October 30, 2020 is a result of a recent resurgence of COVID-19 cases in its International markets. Italy, Germany, Spain, Ireland and the UK have announced or enacted plans to reinstitute national or regional lockdowns to protect their citizenry. As a result, the Company plans to close or has closed some or all of its previously reopened theatres in these countries, depending on the respective mandate. The Company expects to reopen these theatres when the respective mandate has been lifted and it is safe to do so and permissible under local, provincial as well as national guidelines. Liquidity. In response to the COVID-19 pandemic, the Company has taken and is continuing to take significant steps to preserve cash by eliminating non-essential costs, including reductions to executive cash compensation and elements of its fixed cost structure: ● Suspended non-essential operating expenditures, including marketing & promotional and travel and entertainment expenses; and where possible, for example: utilities, reduced essential operating expenditures to minimum levels necessary while theatres are closed. ● Terminated or deferred all non-essential capital expenditures to minimum levels necessary while theatres are closed. ● Implemented measures to reduce corporate-level employment costs, including full or partial furloughs of all corporate-level Company employees, including senior executives, with individual work load and salary reductions ranging from 20% to 100% ; cancellation of pending annual merit pay increases; and elimination or reduction of non-healthcare benefits. ● All domestic theatre-level crew members were fully furloughed and theatre-level managements’ hours were reduced to the minimum levels necessary to begin resumption of operations when permitted. Similar efforts to reduce theatre-level and corporate employment costs were undertaken internationally consistent with applicable laws across the jurisdictions in which the Company operates. As the Company resumed limited operations, employment costs increased. ● Working with the Company’s landlords, vendors, and other business partners to manage, defer, and/or abate the related rent expenses and operating expenses during the disruptions caused by the COVID-19 pandemic. ● Introduced an active cash management process, which, among other things, requires senior management approval of all outgoing payments. ● Since April 24, 2020, the Company has been prohibited from making dividend payments in accordance with the covenant suspension conditions in its Senior Secured Credit Facility Agreement. The Company had also previously elected to decrease the dividend paid in the first quarter of 2020 by $0.17 per share when compared to the first quarter of 2019. The cash savings as a result of the prior decrease and current prohibition on making dividend payments was $59.1 million during the nine months ended September 30, 2020 in comparison to the nine months ended September 30, 2019. ● The Company is prohibited from making purchases under its recently authorized stock repurchase program in accordance with the covenant suspension conditions in its Senior Secured Credit Facility Agreement. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law. The CARES Act provides opportunities for additional liquidity, loan guarantees, and other government programs to support companies affected by the COVID-19 pandemic and their employees. Based on the Company’s analysis of the CARES Act, the Company expects to recognize the following benefits: ● Approximately $17.4 million of cash tax refunds from overpayments and refundable alternative minimum tax credits with the filing of the Company’s 2019 federal tax return, amending 2018 state tax returns and filing 2019 state tax returns in which the Company expects a refund. Thus far in 2020, the Company has received approximately $7.1 million of cash tax refunds. ● Deferral of social security payroll tax matches that would otherwise be required in 2020. ● Receipt of a payroll tax credit in 2020 for expenses related to paying wages and health benefits to employees who are not working as a result of temporarily suspended operations and reduced receipts associated with COVID-19. ​ The Company intends to seek any available potential benefits, including loans, investments or guarantees, under future government programs for which the Company qualifies domestically and internationally, including those described above. The Company has taken advantage of many forms of governmental assistance internationally including but not limited to revenue and fixed cost reimbursements, payroll subsidies, rent support programs, direct grants, and property tax holidays. The Company cannot predict the manner in which such benefits will be allocated or administered, and the Company cannot assure the reader that it will be able to access such benefits in a timely manner or at all. During the three months ended September 30, 2020, the Company exchanged more than 87% of its senior subordinated notes for newly issued 10%/12% Cash/PIK Toggle Second Lien Subordinated Secured Notes due 2026 (the “Second Lien Notes due 2026”), thereby generating a near-term cash savings for the Company of between approximately $120 million to $180 million as a result of the ability to pay interest in kind on the Second Lien Notes due 2026 for the first three interest payment periods that would be payable semi-annually in arrears on June 15 and December 15, beginning on December 15, 2020 through December 15, 2021, subject to certain limitations described herein, and received proceeds from the issuance of the new 10.5% first lien secured notes due 2026 (the “First Lien Notes due 2026”) of $270.0 million, net of discounts of $30.0 million and deferred financing costs paid to lenders of $6.0 million. Further, as discussed in Note 6—Corporate Borrowings, the Company’s lenders have granted relief from the maintenance covenants in the revolving credit agreements through March 31, 2021. The first required compliance in the next 12 months is June 30, 2021. The Company’s ability to maintain compliance with the covenants will depend on the recovery of its theatre operations and the generation of sufficient cash flow (or EBITDA). If the Company is not in compliance with financial covenants, the Company’s lenders could exercise remedies including declaring the principal and interest on all outstanding indebtedness due or payable immediately. The Company’s cash and cash equivalents as of September 30, 2020 were $417.9 million. The Company’s total cash burn for the three months ended September 30, 2020 was approximately $388 million and included approximately $39 million of third party costs and $23.3 million of accrued interest payments related to the Exchange Offers. The Company’s total cash burn is impacted by, among other things, the timing of resumption of theatre operations, costs associated with the AMC Safe and Clean initiative, landlord negotiations and minimum lease payments, the timing of movie releases, theatre attendance levels, and food and beverage receipts. Going forward, the Company’s ability to reduce cash burn rates and ultimately generate positive cash flow, and therefore the extent to which the Company will require additional sources of liquidity, will depend almost entirely on its future attendance levels that drive admission and food and beverage revenue. ● Additional debt and equity financing; to date, the Company raised gross proceeds of approximately $2.9 million and $53.2 million during September 2020 and October 2020, respectively, through its at-the-market offering of approximately 15.0 million shares of its Class A common stock, see Note 7—Stockholders’ Equity for further information. In addition, the Company announced on October 20, 2020, it authorized the sale of 15.0 million additional shares of its Class A common stock through at-the-market offerings, under which, as of the October 30, 2020 settlement date, the Company has raised additional gross proceeds of approximately $33.8 million through the sale of approximately 11.8 million shares of its Class A common stock ; ● Further renegotiations with landlords regarding its lease payments; ● Potential asset sales; ● Joint-venture or other arrangements with existing business partners; and ● Minority investments in the Company’s capital stock. There is a significant risk that these potential sources of liquidity will not be realized or that they will be insufficient to generate the material amounts of additional liquidity that would be required until the Company is able to achieve more normalized levels of operating revenues. In the event the Company determines that these sources of liquidity will not be available to it or will not allow it to meet its obligations or does not comply with financial covenants as they become due, it would likely seek an in-court or out-of-court restructuring of its liabilities, and in the event of a future liquidation or bankruptcy proceeding, holders of the Company’s common stock would likely suffer a total loss of their investment. The Company’s cash burn is impacted by, among other things, the timing of resumption of theatre operations, including with respect to some of the Company’s most productive theatres which remain closed, the timing of movie releases and the slate of future releases, theatre attendance levels, landlord negotiations and minimum lease payments, costs associated with the AMC Safe and Clean initiative, and food and beverage receipts. While the Company has used its best estimates based on currently available information, it is very difficult to estimate its liquidity requirements and future cash burn rates, and depending on the assumptions used regarding the timing and ability to achieve more normalized levels of operating revenue, the estimates of amounts of required liquidity vary significantly. There can be no assurance that the accuracy of the assumptions used to estimate its liquidity requirements and future cash burn will be correct, or that the Company will be able to achieve more normalized levels of attendance described above, which are materially higher than its current attendance levels, and its ability to be predictive is uncertain due to the unknown magnitude and duration of the COVID-19 pandemic, which has resulted in stay-at-home orders, governmental closure orders, film production and scheduling disruption, reopening uncertainties and the cessation of its entire U.S. and International theatre operations for the first time in its history. The Company realized significant cancellation of debt income (“CODI”) in connection with its debt restructuring. As a result of such CODI, the Company estimates a significant portion of its net operating losses and tax credits will be eliminated as a result of tax attribute reductions. Any loss of tax attributes as a result of such CODI may adversely affect the Company’s cash flows and therefore its ability to service its indebtedness. Due to these factors, substantial doubt exists about the Company’s ability to continue as a going concern for a reasonable period of time. Use of Estimates. Principles of Consolidation. Baltics’ theatre sale agreement. Accumulated other comprehensive loss. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension and ​ ​ ​ ​ ​ Foreign ​ Other ​ ​ ​ (In millions) Currency Benefits Total Balance December 31, 2019 ​ $ (8.8) ​ $ (17.3) ​ $ (26.1) ​ Other comprehensive loss before reclassifications ​ (26.8) ​ — ​ (26.8) ​ Amounts reclassified from accumulated other comprehensive loss ​ — ​ 0.9 ​ 0.9 ​ Balance September 30, 2020 ​ $ (35.6) ​ $ (16.4) ​ $ (52.0) ​ ​ Accumulated depreciation and amortization. Other expense (income). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, (In millions) ​ 2020 ​ 2019 ​ 2020 ​ 2019 Derivative liability fair value adjustment for embedded conversion feature in the Convertible Notes ​ $ 89.9 ​ $ 5.7 ​ $ 89.4 ​ $ (14.9) Derivative asset fair value adjustment for contingent call option related to the Class B common stock purchase and cancellation agreement ​ ​ 5.9 ​ ​ (8.5) ​ ​ 19.6 ​ ​ (0.5) Credit losses related to contingent lease guarantees ​ ​ 6.1 ​ ​ — ​ ​ 15.3 ​ ​ — International governmental assistance due to COVID-19 ​ ​ (13.5) ​ ​ — ​ ​ (17.9) ​ ​ — Loss on Pound sterling forward contract ​ ​ — ​ ​ 0.7 ​ ​ — ​ ​ 1.7 Foreign currency transactions losses ​ ​ 0.1 ​ ​ 0.1 ​ ​ — ​ ​ 0.7 Non-operating components of net periodic benefit cost ​ ​ 0.2 ​ ​ 0.3 ​ ​ 0.3 ​ ​ 0.8 Loss on repayment of indebtedness ​ ​ — ​ ​ — ​ ​ — ​ ​ 16.6 Financing fees related to modification of debt agreements ​ ​ 36.3 ​ ​ — ​ ​ 39.1 ​ ​ — Other ​ ​ — ​ ​ 0.4 ​ ​ (0.5) ​ ​ 0.7 Total other expense (income) ​ $ 125.0 ​ $ (1.3) ​ $ 145.3 ​ $ 5.1 ​ Impairments. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, (In millions) 2020 2019 2020 2019 Impairment of long-lived assets ​ $ 28.1 ​ $ — ​ $ 119.4 ​ $ — Impairment of indefinite-lived intangible assets ​ ​ 4.6 ​ ​ — ​ ​ 12.9 ​ ​ — Impairment of definite-lived intangible assets ​ ​ 6.4 ​ ​ — ​ ​ 14.4 ​ ​ — Impairment of goodwill ​ ​ 156.8 ​ ​ — ​ ​ 1,901.1 ​ ​ — Investment expense ​ ​ — ​ ​ — ​ ​ 7.2 ​ ​ — Total impairment loss ​ $ 195.9 ​ $ — ​ $ 2,055.0 ​ $ — (1) See Note 4 — Goodwill for information regarding goodwill impairment. The Company evaluates definite-lived and indefinite-lived intangible assets for impairment annually or more frequently as specific events or circumstances dictate or changes in circumstances indicate that the carrying amount of the asset group may not be fully recoverable. The Company recorded non-cash impairment of long-lived assets of $28.1 million on 49 theatres in the U.S. markets with 527 screens (in Alabama, California, Colorado, Florida, Illinois, Indiana, Iowa, Massachusetts, Michigan, Minnesota, Missouri, Nebraska, New Hampshire, New York, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, Tennessee, Texas, Wisconsin, and Wyoming) and $0 in the International markets during the three months ended September 30, 2020. During the nine months ended September 30, 2020, the Company recorded non-cash impairment of long-lived assets of $109.5 million on 75 theatres in the U.S. markets with 851 screens (in Alabama, 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 $9.9 million on 23 theatres in the International markets with 213 screens (in Germany, Italy, Spain, UK and Sweden). During the three and nine months ended September 30, 2020, the Company recorded impairment losses related to definite-lived intangible assets of $6.4 and $14.4 million, respectively. In addition, in the three and nine months ended September 30, 2020, the Company recorded an impairment loss of $0 and $7.2 million, respectively within investment expense (income), related to equity interest investments without a readily determinable fair value accounted for under the cost method. At September 30, 2020 and March 31, 2020, the Company performed a quantitative impairment evaluation of its indefinite-lived intangible assets related to the AMC, Odeon and Nordic tradenames. The Company recorded impairment charges of $4.5 million and $10.4 million related to Odeon tradename and $0.1 million and $2.5 million related to Nordic tradenames for the three and nine months ended September 30, 2020, respectively. No impairment charges were recorded related to the AMC trade name for the three and nine months ended September 30, 2020. To estimate fair value of the Company’s indefinite-lived trade names, the Company employed a derivation of the Income Approach known as the Royalty Savings. Accounting Pronouncements Recently Adopted Financial Instruments. In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which provides new guidance regarding the measurement and recognition of credit impairment for certain financial assets. Such guidance impacts how the Company determines its allowance for estimated uncollectible receivables and also contingent lease guarantees, where the Company remains contingently liable for lease payments under certain leases of theatres that it previously divested, in the event that such assignees are unable to fulfill their future lease payment obligations. ASU 2016-13 was effective for the Company in the first quarter of 2020. The Company recognized the cumulative effect upon adoption of the new standard related to credit losses for contingent lease guarantees of Fair Value Measurement. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which eliminates, adds, and modifies certain disclosure requirements for fair value measurements as part of its disclosure framework project. Entities are no longer required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but are required to disclose the range and weighted average used to develop significant observable inputs for Level 3 fair value measurements. The fair value measurement disclosure requirements of ASU 2018-13 was effective for the Company in the first quarter of 2020. See Note 9—Fair Value Measurements for the required disclosures for Level 3 fair value measurements. Cloud Computing Arrangement. Accounting Pronouncements Issued Not Yet Adopted Income Taxes. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes (“ASU 2019-12”), 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 is effective for the Company in the first quarter of 2021. Early adoption is permitted. The Company is currently evaluating the effect that ASU 2019-12 will have on its consolidated financial statements.

LEASES

LEASES9 Months Ended
Sep. 30, 2020
LEASES
LEASESNOTE 2—LEASES ​ The Company leases theatres and equipment under operating and finance leases. The Company typically does not believe that exercise of the renewal options is reasonably certain at the lease commencement 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. Equipment leases primarily consist of digital projectors and food and beverage equipment. The Company received, or is in process of negotiating, rent concessions provided by the lessors that aided, or will aid, in mitigating the economic effects of COVID-19. These concessions primarily consist 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’s lease liabilities to reflect the change in the timing of payments. As of September 30, 2020, approximately $31.4 million of lease liabilities were deferred and included in current maturities of operating lease liabilities and approximately $47.7 million of lease liabilities were deferred and included in long-term operating lease liabilities, which are reflected in the condensed 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 Company recorded $185.1 million in accounts payable for contractual rent amounts due and not paid, which is reflected in the statement of cash flows as part of the change in accounts payable. In addition, the Company included deferred lease payments of $66.3 million in operating lease right-of-use assets as a result of lease remeasurements. The Company is in the process of negotiating or finalizing rent concessions or deferral of payments with the lessors with respect to these rent payables. The following table reflects the lease costs for the three and nine months ended September 30, 2020 and September 30, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ Consolidated Statement ​ September 30, ​ September 30, ​ September 30, ​ September 30, (In millions) ​ of Operations ​ 2020 ​ 2019 ​ 2020 ​ 2019 Operating lease cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Theatre properties ​ Rent ​ $ 198.6 ​ $ 219.0 ​ $ 619.4 ​ $ 658.6 Theatre properties ​ Operating expense ​ ​ 0.3 ​ ​ 1.6 ​ ​ 2.6 ​ ​ 4.5 Equipment ​ Operating expense ​ ​ 3.8 ​ ​ 3.5 ​ ​ 11.5 ​ ​ 10.5 Office and other ​ General and administrative: other ​ ​ 1.3 ​ ​ 1.4 ​ ​ 3.9 ​ ​ 4.1 Finance lease cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of finance lease assets ​ Depreciation and amortization ​ ​ 1.6 ​ ​ 2.1 ​ ​ 5.2 ​ ​ 7.3 Interest expense on lease liabilities ​ Finance lease obligations ​ ​ 1.4 ​ ​ 1.8 ​ ​ 4.5 ​ ​ 6.0 Variable lease cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Theatre properties ​ Rent ​ ​ 15.7 ​ ​ 19.7 ​ ​ 56.8 ​ ​ 68.0 Equipment ​ Operating expense ​ ​ 0.1 ​ ​ 7.4 ​ ​ 6.6 ​ ​ 37.2 Total lease cost ​ ​ ​ $ 222.8 ​ $ 256.5 ​ $ 710.5 ​ $ 796.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ September 30, ​ September 30, (In millions) ​ 2020 ​ 2019 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ Operating cash flows used in finance leases ​ $ (1.8) ​ $ (6.0) Operating cash flows used in operating leases ​ ​ (316.7) ​ ​ (703.5) Financing cash flows used in finance leases ​ ​ (4.5) ​ ​ (8.5) ​ ​ ​ ​ ​ ​ ​ Landlord contributions: ​ ​ ​ ​ ​ ​ Operating cashflows provided by operating leases ​ ​ 31.9 ​ ​ 89.0 Supplemental disclosure of noncash leasing activities: ​ ​ ​ ​ ​ ​ Right-of-use assets obtained in exchange for new operating lease liabilities ​ ​ 139.1 ​ ​ 304.4 (1) Includes lease extensions and option exercises. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2020 ​ ​ Weighted Average ​ Weighted Average ​ ​ Remaining ​ Discount Lease Term and Discount Rate ​ Lease Term (years) ​ Rate Operating leases ​ ​ 10.5 ​ ​ 9.8% Finance leases ​ ​ 12.7 ​ ​ 6.4% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Lease ​ Financing Lease (In millions) ​ Payments ​ Payments Three months ending December 31, 2020 ​ $ 199.0 ​ $ 3.5 2021 ​ ​ 986.4 ​ ​ 16.8 2022 ​ ​ 922.5 ​ ​ 15.6 2023 ​ ​ 830.1 ​ ​ 12.1 2024 ​ ​ 763.7 ​ ​ 10.3 2025 ​ ​ 728.2 ​ ​ 9.7 Thereafter ​ ​ 4,228.2 ​ ​ 72.0 Total lease payments ​ ​ 8,658.1 ​ ​ 140.0 Less imputed interest ​ ​ (3,237.7) ​ ​ (45.3) Total ​ $ 5,420.4 ​ $ 94.7 ​ As of September 30, 2020, the Company had signed additional operating lease agreements for 5 theatres that have not yet commenced of approximately $136.6 million, which are expected to commence between 2021 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. ​

REVENUE RECOGNITION

REVENUE RECOGNITION9 Months Ended
Sep. 30, 2020
REVENUE RECOGNITION
REVENUE RECOGNITIONNOTE 3—REVENUE RECOGNITION ​ Disaggregation of Revenue. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, (In millions) ​ 2020 ​ 2019 ​ 2020 ​ 2019 Major revenue types ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Admissions ​ $ 62.9 ​ $ 797.3 ​ $ 631.8 ​ $ 2,424.3 Food and beverage ​ ​ 29.1 ​ ​ 420.0 ​ ​ 317.6 ​ ​ 1,281.3 Other theatre: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Advertising ​ ​ 16.9 ​ ​ 32.1 ​ ​ 60.9 ​ ​ 102.3 Other theatre ​ ​ 10.6 ​ ​ 67.4 ​ ​ 69.6 ​ ​ 215.4 Other theatre ​ ​ 27.5 ​ ​ 99.5 ​ ​ 130.5 ​ ​ 317.7 Total revenues ​ $ 119.5 ​ $ 1,316.8 ​ $ 1,079.9 ​ $ 4,023.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, (In millions) ​ 2020 ​ 2019 ​ 2020 ​ 2019 Timing of revenue recognition ​ ​ ​ ​ ​ ​ ​ ​ Products and services transferred at a point in time ​ $ 96.3 ​ $ 1,215.2 ​ $ 951.7 ​ $ 3,735.4 Products and services transferred over time ​ ​ 23.2 ​ ​ 101.6 ​ ​ 128.2 ​ ​ 287.9 Total revenues ​ $ 119.5 ​ $ 1,316.8 ​ $ 1,079.9 ​ $ 4,023.3 (1) Amounts primarily include subscription and advertising revenues. ​ ​ The following tables provide the balances of receivables and deferred revenue income: ​ ​ ​ ​ ​ ​ ​ ​ (In millions) ​ September 30, 2020 ​ December 31, 2019 Current assets: ​ ​ ​ ​ ​ ​ Receivables related to contracts with customers ​ $ 14.2 ​ $ 160.3 Miscellaneous receivables ​ ​ 83.3 ​ ​ 93.9 Receivables, net ​ $ 97.5 ​ $ 254.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ (In millions) ​ September 30, 2020 ​ December 31, 2019 Current liabilities: ​ ​ ​ ​ ​ ​ Deferred revenue related to contracts with customers ​ $ 394.9 ​ $ 447.1 Miscellaneous deferred income ​ ​ 6.0 ​ ​ 2.1 Deferred revenue and income ​ $ 400.9 ​ $ 449.2 ​ ​ 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 ​ ​ 93.5 Customer loyalty rewards accumulated, net of expirations: ​ ​ ​ Admission revenues ​ ​ 6.8 Food and beverage ​ ​ 13.4 Other theatre ​ ​ (1.5) Reclassification to revenue as the result of performance obligations satisfied: ​ ​ ​ Admission revenues ​ ​ (112.0) Food and beverage ​ ​ (27.3) Other theatre ​ ​ (25.8) Foreign currency translation adjustment ​ ​ 0.7 Balance September 30, 2020 ​ $ 394.9 ​ (1) Includes movie tickets, food and beverage, gift cards, exchange tickets, and AMC Stubs ® loyalty membership fees. ​ (2) Amount of rewards accumulated, net of expirations, that are attributed to AMC Stubs ® and other loyalty programs. ​ (3) Amount of rewards redeemed that are attributed to gift cards, exchange tickets, movie tickets, AMC Stubs ® 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 ® loyalty membership fees and other loyalty programs. ​ 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 during the three months ended September 30, 2020, A-List members had the option to reactivate their subscription, which restarted the monthly charge for the program. The Company resumed the recognition of deferred revenues related to certain loyalty programs, gift cards and exchange tickets. The significant changes to contract liabilities included in the exhibitor services agreement, classified as long-term liabilities in the condensed consolidated balance sheets, are as follows: ​ ​ ​ ​ ​ ​ ​ Exhibitor Services (In millions) ​ Agreement Balance December 31, 2019 $ 549.7 Common Unit Adjustment–additions of common units (1) ​ ​ 4.8 Reclassification of the beginning balance to other theatre revenue, as the result of performance obligations satisfied ​ ​ (12.5) Balance September 30, 2020 $ 542.0 (1) Represents the fair value amount of the National CineMedia, LLC (“NCM”) common units that were received under the annual Common Unit Adjustment (“CUA”). Such amount will increase the deferred revenues that are being amortized to other theatre revenues over the remainder of the 30 -year term of the Exhibitor Service Agreement (“ESA”) ending in February 2037. ​ Gift cards and exchange tickets. Loyalty programs. ® 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.

GOODWILL

GOODWILL9 Months Ended
Sep. 30, 2020
GOODWILL.
GOODWILLNOTE 4—GOODWILL ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In millions) Domestic Theatres International Theatres ​ 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) Currency translation adjustment ​ ​ — ​ ​ (13.6) ​ ​ (13.6) Balance September 30, 2020 ​ $ 1,796.5 ​ $ 1,077.9 ​ $ 2,874.4 ​ The Company evaluates goodwill recorded at the Company’s two reporting units (Domestic Theatres and International Theatres) for impairment annually as of the beginning of the fourth fiscal 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. The impairment test for goodwill 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. A decline in the common stock price and prices of the Company’s corporate borrowings and the resulting impact on market capitalization are two of several factors considered when making this evaluation. Based on sustained declines during the first quarter of 2020 in the Company’s enterprise market capitalization and the temporary suspension of operations at all the Company’s 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 31, 2020. In performing the Step 1 quantitative goodwill impairment test as of March 31, 2020, the Company used an enterprise value approach to measure fair value of the reporting units. 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’s Domestic Theatres and International Theatres reporting units. 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 as of September 30, 2020. 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. In performing the Step 1 quantitative goodwill impairment test as of September 30, 2020, the Company used an enterprise value approach to measure fair value of the reporting units. See Note 9 —

INVESTMENTS

INVESTMENTS9 Months Ended
Sep. 30, 2020
INVESTMENTS
INVESTMENTSNOTE 5—INVESTMENTS ​ 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 condensed consolidated balance sheets in other long-term assets. Investments in non-consolidated affiliates as of September 30, 2020 include interests in Digital Cinema Implementation Partners, LLC (“DCIP”) of 29.0%, Digital Cinema Distribution Coalition, LLC (“DCDC”) of 14.6%, AC JV, LLC (“AC JV”) owner of Fathom Events, of 32.0%, SV Holdco LLC (“SV Holdco”), owner of Screenvision, 18.3%, Digital Cinema Media Ltd. (“DCM”) of 50.0%, and Saudi Cinema Company LLC (“SCC”) of 10.0%. The Company also has partnership interests in four U.S. motion picture theatres (“Theatre Partnerships”) and approximately 50.0% interest in 54 theatres in Europe. Indebtedness held by equity method investees is non-recourse to the Company. Equity in Earnings (Loss) of Non-Consolidated Entities ​ Aggregated condensed financial information of the Company’s significant non-consolidated equity method investment (DCIP) is shown below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, September 30, September 30, September 30, (In millions) 2020 2019 2020 2019 Revenues $ 1.1 $ 40.1 $ 20.8 $ 125.8 Operating costs and expenses ​ ​ 31.7 ​ ​ 17.8 ​ ​ 100.5 ​ ​ 56.5 Net earnings (loss) $ (30.6) $ 22.3 $ (79.7) $ 69.3 ​ The components of the Company’s recorded equity in earnings (loss) of non-consolidated entities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, (In millions) 2020 2019 2020 2019 DCIP ​ $ (7.5) ​ $ 6.5 ​ $ (19.1) ​ $ 21.1 Other ​ (3.1) ​ 1.0 ​ (6.8) ​ 3.1 The Company’s recorded equity in earnings (loss) ​ $ (10.6) ​ $ 7.5 ​ $ (25.9) ​ $ 24.2 ​ ​ Related Party Transactions ​ The Company recorded the following related party transactions with equity method investees: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of As of (In millions) ​ September 30, 2020 December 31, 2019 Due from DCM for on-screen advertising revenue ​ $ 0.3 ​ $ 4.2 Loan receivable from DCM ​ ​ 0.7 ​ ​ 0.7 Due from DCIP for warranty expenditures ​ ​ 7.2 ​ ​ 3.5 Due to AC JV for Fathom Events programming ​ ​ (0.9) ​ ​ (0.8) Due from Screenvision for on-screen advertising revenue ​ ​ — ​ ​ 3.4 Due from Nordic JVs ​ ​ 2.3 ​ ​ 2.5 Due to Nordic JVs for management services ​ ​ (2.6) ​ ​ (1.6) Due from SCC related to the joint venture ​ ​ 1.2 ​ ​ 8.3 Due to U.S. theatre partnerships ​ ​ (0.5) ​ ​ (1.0) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended (In millions) ​ Condensed Consolidated Statement of Operations ​ September 30, 2020 September 30, 2019 ​ September 30, 2020 September 30, 2019 DCM screen advertising revenues ​ Other revenues ​ $ 0.2 ​ $ 5.5 ​ $ 3.8 ​ $ 14.7 DCIP equipment rental expense ​ Operating expense ​ ​ (0.3) ​ ​ 0.8 ​ ​ 0.6 ​ ​ 2.7 Gross exhibition cost on AC JV Fathom Events programming ​ Film exhibition costs ​ 0.1 ​ ​ 2.9 ​ 3.3 ​ ​ 13.0 Screenvision screen advertising revenues ​ Other revenues ​ ​ 0.1 ​ ​ 3.8 ​ ​ 2.2 ​ ​ 11.5 ​

CORPORATE BORROWINGS

CORPORATE BORROWINGS9 Months Ended
Sep. 30, 2020
CORPORATE BORROWINGS
CORPORATE BORROWINGSNOTE 6—CORPORATE BORROWINGS ​ ​ ​ ​ ​ ​ ​ ​ ​ (In millions) September 30, 2020 December 31, 2019 First Lien Secured Debt: ​ ​ ​ ​ ​ ​ Senior Secured Credit Facility-Term Loan due 2026 (4.08% as of September 30, 2020) ​ $ 1,970.0 ​ $ 1,985.0 Senior Secured Credit Facility-Revolving Credit Facility Due 2024 (range of 2.65% to 2.76% as of September 30, 2020) ​ ​ 212.7 ​ ​ — Odeon Revolving Credit Facility Due 2022 (2.5785% as of September 30, 2020) ​ ​ 88.2 ​ ​ — Odeon Revolving Credit Facility Due 2022 (2.6% as of September 30, 2020) ​ ​ 25.4 ​ ​ — 10.5% First Lien Notes due 2025 ​ ​ 500.0 ​ ​ — 2.95% Senior Secured Convertible Notes due 2026 ​ ​ 600.0 ​ ​ — 10.5% First Lien Notes due 2026 ​ ​ 300.0 ​ ​ — Second Lien Secured Debt: ​ ​ ​ ​ ​ ​ 10%/12%/Cash/PIK/Toggle Second Lien Subordinated Notes due 2026 ​ ​ 1,462.3 ​ ​ — Senior Debt: ​ ​ ​ ​ ​ ​ 2.95% Senior Unsecured Convertible Notes due 2024 ​ ​ — ​ ​ 600.0 Subordinated Debt: ​ ​ ​ ​ ​ ​ 6.375% Senior Subordinated Notes due 2024 (£4.0 million par value) ​ ​ 5.1 ​ ​ 655.8 5.75% Senior Subordinated Notes due 2025 ​ ​ 98.3 ​ ​ 600.0 5.875% Senior Subordinated Notes due 2026 ​ ​ 55.6 ​ ​ 595.0 6.125% Senior Subordinated Notes due 2027 ​ ​ 130.7 ​ ​ 475.0 ​ ​ $ 5,448.3 ​ $ 4,910.8 Finance lease obligations ​ 94.7 ​ 99.9 Paid-in-kind interest for 10%/12%/Cash/PIK/Toggle Second Lien Subordinated Notes due 2026 ​ ​ 29.8 ​ ​ — Deferred financing costs ​ ​ (43.8) ​ ​ (88.8) Net premium (discount) ​ ​ 389.5 ​ ​ (69.1) Derivative liability ​ ​ — ​ ​ 0.5 ​ ​ $ 5,918.5 ​ $ 4,853.3 Less: ​ ​ ​ ​ ​ ​ Current maturities corporate borrowings ​ ​ (20.0) ​ (20.0) Current maturities finance lease obligations ​ ​ (10.5) ​ ​ (10.3) ​ ​ $ 5,888.0 ​ $ 4,823.0 (1) The following table provides the net premium (discount) amounts of corporate borrowings: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, (In millions) ​ 2020 ​ 2019 10%/12%/Cash/PIK/Toggle Second Lien Subordinated Notes due 2026 ​ $ 500.1 ​ $ — 2.95% Senior Secured Convertible Notes due 2026 ​ ​ (64.0) ​ ​ — 2.95% Senior Unsecured Convertible Notes due 2024 ​ ​ — ​ ​ (73.7) 10.5% First Lien Notes due 2026 ​ (29.4) ​ — 10.5% First Lien Notes due 2025 ​ (9.3) ​ — Senior Secured Credit Facility-Term Loan due 2026 ​ ​ (7.9) ​ ​ (9.0) 6.375% Senior Subordinated Notes due 2024 ​ — ​ 13.6 ​ ​ $ 389.5 ​ $ (69.1) ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal ​ ​ Amount of ​ ​ Corporate (In millions) Borrowings Three months ended December 31, 2020 ​ $ 5.0 2021 ​ ​ 20.0 2022 ​ 133.6 2023 ​ 20.0 2024 ​ 237.8 2025 ​ 618.3 Thereafter ​ 4,413.6 Total ​ $ 5,448.3 ​ Senior Subordinated Debt Exchange Offers On July 31, 2020, the Company consummated its previously announced private offers to exchange (the “Exchange Offers”) 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 “Existing Subordinated Notes”) for newly issued T he 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 ( ​ $ 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’s debt by approximately $555 million, which represented approximately 23.9% of the principal amount of the Existing Subordinated Notes. The Company The Company realized significant cancellation of debt income for tax purposes in connection with its debt restructuring. As a result of such CODI, the Company estimates a significant portion of its net operating losses and tax credits will be eliminated as a result of tax attribute reductions, see — ncome 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 (“TDR”) under ASC 470-60, Troubled Debt Restructurings by Debtors (“ASC 470-60”) 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 $36.3 million and $39.1 million in other expense, during both the three and nine months ended September 30, 2020. Second Lien Notes due 2026. 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. In connection with the Exchange Offers and the First Lien Notes due 2026, the Company issued five million shares of Class A 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 Class A common stock, or 4.6% of AMC’s outstanding shares as of July 31, 2020, worth $20.2 million at the market closing price on July 31, 2020. T 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’s option, be paid in PIK interest at a rate of 12% per annum. The Company’s ability to pay PIK interest with respect to the third interest period after the issue date is subject to certain liquidity thresholds. 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’s 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 new Second Lien Notes due 2026 at a price equal to 100% of the issue price of the new 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 “Securities Act”) 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’s subsidiaries that currently guarantee its obligations under the Company’s Senior Secured Credit Facility. 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 Facility (“Collateral”). 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. 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. (“Silver Lake”), 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. 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’s 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. have not been registered under the Securities Act and The First Lien Notes due 2026 are fully and unconditionally guaranteed on a joint and several basis by each of the Company’s subsidiaries that currently guarantee its obligations under the Company’s Senior Secured Credit Facility. 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. Convertible Notes due 2026. 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 “Convertible Notes due 2026”) (the “Convertible Notes” 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. Senior Secured Credit Facility. ​ Odeon Revolving Credit Facility First Lien Notes due 2025 Convertible Notes ​ The table below sets forth the carrying value of the Convertible Notes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value ​ Increase ​ Reclassification ​ Carrying Value ​ ​ as of ​ to Expense ​ to Additional ​ as of (In millions) ​ December 31, 2019 ​ (Income) ​ Paid-in Capital ​ September 30, 2020 Principal balance ​ $ 600.0 ​ $ — ​ $ — ​ $ 600.0 Discount ​ ​ (73.7) ​ ​ 9.7 ​ ​ — ​ ​ (64.0) Deferred financing costs ​ ​ (11.2) ​ ​ 1.3 ​ ​ — ​ ​ (9.9) Derivative liability ​ ​ 0.5 ​ ​ 89.4 ​ ​ (89.9) ​ ​ — Carrying value ​ $ 515.6 ​ $ 100.4 ​ $ (89.9) ​ $ 526.1 ​ On September 14, 2018, the Company issued $600.0 million aggregate principal amount of its Convertible Notes due 2024 to Silver Lake and others. The Convertible Notes due 2024 would have matured on September 15, 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 April 24, 2020, the Company entered into a supplemental indenture (the “Supplemental Indenture”) 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 14, 2018, the Company bifurcated the conversion feature from the principal balance of the Convertible Notes due 2024 as a derivative liability because (1) a conversion feature is not clearly and closely related to the debt instrument and the reset of the conversion price discussed in the following paragraph causes the conversion feature to not be considered indexed to the Company’s equity, (2) the conversion feature standing alone meets the definition of a derivative, and (3) the Convertible Notes due 2024 are not remeasured at fair value each reporting period with changes in fair value recorded in the condensed consolidated statement of operations. The initial derivative liability of $90.4 million is offset by a discount to the principal balance and is amortized to interest expense resulting in an effective rate of 5.98% over the extended term of the Convertible Notes due 2026. 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 2026. For the three months ended September 30, 2020 and September 30, 2019. the Company recorded interest expense of $7.8 million and $8.2 million, respectively, and interest expense for the nine months ended September 30, 2020 and September 30, 2019 of $24.4 million and $24.2 million, respectively. The derivative liability was remeasured at fair value each reporting period until the conversion price reset on September 14, 2020, with changes in fair value recorded in the condensed 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 2026 and the derivative liability as of September 14, 2020 was reclassified to permanent equity as the conversion feature is indexed to the Company’s equity. For the three months ended September 30, 2020 and September 30, 2019, this resulted in other expense of $89.9 million and $5.7 million, respectively, and for the nine months ended September 30, 2020 and September 30, 2019, this resulted in other expense (income) of $89.4 million and $(14.9) million, respectively. The if-converted value of the Convertible Notes due 2026 is less than the principal balance by approximately $390.8 million as of September 30, 2020 based on the closing price per share of the Company’s common stock of $4.71 per share. In addition, as a result of the adjustment to the conversion price, any future conversion of the Convertible Notes due 2026 will result in 5,666,000 shares of the Company’s Class B common stock held by Wanda being subject to forfeiture and retirement by the Company at no additional cost pursuant to the Stock Repurchase and Cancellation Agreement (the “Stock Repurchase Agreement”) between the Company and Wanda discussed in Note 7 — basis. The initial derivative asset of $10.7 million is offset by a credit to stockholders’ 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 2026 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 condensed consolidated statement 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 2026 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 2026 are known. For the three months ended September 30, 2020 and September 30, 2019, this resulted in other expense (income) of $5.9 million and $(8.5) million, respectively, and other expense (income) of $19.6 million and $(0.5) million for the nine months ended September 30, 2020 and September 30, 2019, respectively. Additionally, the conversion rate will be adjusted if any cash dividend or distribution is made to all or substantially all holders of the Company’s common stock (other than a regular, quarterly cash dividend that does not exceed $0.20 per share until September 14, 2020 and $0.10 per share thereafter). Any Convertible Notes due 2026 that are converted in connection with a Make-Whole Fundamental Change (as defined in the indenture governing the Convertible Notes due 2026) are, under certain circumstances, entitled to an increase in the conversion rate. The Company recorded an immaterial non-cash correction of $26.2 million recorded in other expense during the three and nine months ended September 30, 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. Upon conversion by a holder of the Convertible Notes due 2026, the Company shall deliver, at its election, either cash, shares of the Company’s Class A common stock or a combination of cash and shares of the Company’s Class A common stock at an initial conversion rate of 52.7704 per $1,000 principal amount of the Convertible Notes due 2026 (which represented an initial conversion price of $18.95), in each case subject to customary anti-dilution adjustments. In addition to typical anti-dilution adjustments, because the then-applicable conversion price was greater than 120% of the average of the volume-weighted average price of the Company’s Class A common stock for the ten days prior to the second anniversary of issuance on September 14, 2020 (the “Reset Conversion Price”), the conversion price for the Convertible Notes due 2026 was subject to a reset provision that adjusted the conversion price downward to such Reset Conversion Price. However, this conversion price reset provision was subject to a conversion price floor such that the shares of the Company’s Class A common stock issuable upon conversion would not exceed 30% of the Company’s then outstanding fully-diluted share capital after giving effect to the conversion. The volume-weighted average price of the Company’s Class A common stock for the ten consecutive trading days ending on September 14, 2020 was $6.55 and, as a result, the conversion price reset provision was triggered. Effective as of September 14, 2020, the conversion price for the Convertible Notes due 2026 was adjusted to $13.51, which represents the conversion price that would result in 30% of the Company’s then outstanding fully-diluted share capital being issued upon conversion in full of the Convertible Notes due 2026. The conversion price reset provision was only applicable at September 14, 2020 and any future adjustments to the conversion price will be due to customary anti-dilution adjustments as set forth in the indenture governing the Convertible Notes due 2026. The holders of the Convertible Notes due 2026 may elect to convert the Convertible Notes due 2026 at any time and from time to time until September 15, 2024. As of September 30, 2020, the $600.0 million principal balance of the Convertible Notes due 2026 would be convertible into 44,422,860, compared to 31,662,240 shares of Class A common stock before giving effect to the conversion price reset on September 14, 2020. The Company has the option to redeem the Convertible Notes due 2026 for cash on or after September 14, 2023 at par if the price for the Company’s Class A common stock is equal to or greater than 150% of the then applicable conversion price for 20 or more trading days out of a consecutive 30 day trading period (including the final three trading days), at which time the holders have the option to convert. The Company also has the option to redeem the Convertible Notes due 2026, between September 14, 2020 and September 14, 2021, if the reset provision described above is triggered at a redemption price in cash that would result in the noteholders realizing a 15% internal rate of return from the date of issuance regardless of when any particular noteholder acquired its Convertible Notes due 2026. With certain exceptions, upon a change of control of the Company or if the Company’s Class A common stock is not listed for trading on The New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market, the holders of the Convertible Notes due 2026 may require that the Company repurchase in cash all or part of the principal amount of the Convertible Notes due 2026 at a purchase price equal to the principal amount plus accrued and unpaid interest up to, but excluding, the date of repurchase. The amended and restated Indenture governing the Convertible Notes due 2026 includes restrictive covenants that, subject to specified exceptions and parameters, limit the ability of the Company to incur additional debt and limit the ability of the Company to incur liens with respect to the Company’s senior subordinated notes or any debt incurred to refinance the Company’s senior subordinated notes. The Indenture also includes customary events of default, which may result in the acceleration of the maturity of the Convertible Notes due 2026 under the Indenture.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY9 Months Ended
Sep. 30, 2020
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITYNOTE 7—STOCKHOLDERS’ EQUITY ​ Equity Distribution Agreement. Exchange Offers. — Dividends. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount per ​ Total Amount ​ ​ ​ Share of Declared Declaration Date ​ Record Date ​ Date Paid ​ Common Stock ​ (In millions) February 26, 2020 ​ March 9, 2020 ​ March 23, 2020 ​ $ 0.03 ​ $ 3.2 ​ Related Party Transactions On September 14, 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 million 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 6 — On September 14, 2018, the Company, Silver Lake and Wanda entered into a Right of First Refusal Agreement (the “ ROFR Agreement three — Corporate Borrowings up to 5,666,000 shares of Class B common stock are now subject to forfeiture for no consideration in connection with the reset provision contained in the indenture governing the Convertible Notes due 2026. ​ Condensed Consolidated Statements of Stockholders’ Equity For the Nine Months Ended September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A Voting ​ Class B Voting ​ Additional ​ ​ ​ Other ​ Accumulated ​ Total AMC ​ ​ ​ ​ ​ ​ Common Stock ​ Common Stock ​ Paid-in ​ Treasury Stock ​ Comprehensive ​ Earnings ​ Stockholders’ ​ Noncontrolling ​ Total (In millions, except share and per share data) Shares Amount Shares Amount Capital ​ Shares Amount Income (Loss) (Deficit) Equity (Deficit) ​ Interests ​ Equity Balances December 31, 2019 ​ 52,080,077 ​ $ 0.5 ​ 51,769,784 ​ $ 0.5 ​ $ 2,001.9 ​ 3,732,625 ​ $ (56.4) ​ $ (26.1) ​ $ (706.2) ​ $ 1,214.2 ​ $ — ​ $ 1,214.2 Cumulative effect adjustment for the adoption of new accounting principle (ASU 2016-13) ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ (16.9) ​ ​ (16.9) ​ ​ — ​ ​ (16.9) Net loss ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ (2,176.3) ​ ​ (2,176.3) ​ ​ — ​ ​ (2,176.3) Other comprehensive loss ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ (93.5) ​ ​ — ​ ​ (93.5) ​ ​ — ​ ​ (93.5) Dividends declared: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A common stock, $0.03/share, net of forfeitures ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ (1.6) ​ ​ (1.6) ​ ​ — ​ ​ (1.6) Class B common stock, $0.03/share ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ (1.6) ​ ​ (1.6) ​ ​ — ​ ​ (1.6) Taxes paid for restricted unit withholdings ​ — ​ ​ — ​ — ​ ​ — ​ ​ (1.0) ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (1.0) ​ ​ — ​ ​ (1.0) Stock-based compensation ​ 469,516 ​ ​ — ​ — ​ ​ — ​ ​ 2.7 ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 2.7 ​ ​ — ​ ​ 2.7 Balances March 31, 2020 ​ 52,549,593 ​ $ 0.5 ​ 51,769,784 ​ $ 0.5 ​ $ 2,003.6 ​ 3,732,625 ​ $ (56.4) ​ $ (119.6) ​ $ (2,902.6) ​ $ (1,074.0) ​ $ — ​ $ (1,074.0) Net loss ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ (561.2) ​ ​ (561.2) ​ ​ — ​ ​ (561.2) Other comprehensive income ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ 56.0 ​ ​ — ​ ​ 56.0 ​ ​ — ​ ​ 56.0 Dividends declared: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A common stock, accrued dividend forfeitures ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ 0.1 ​ ​ 0.1 ​ ​ — ​ ​ 0.1 Stock-based compensation ​ — ​ ​ — ​ — ​ ​ — ​ ​ 3.7 ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 3.7 ​ ​ — ​ ​ 3.7 Balances June 30, 2020 ​ 52,549,593 ​ $ 0.5 ​ 51,769,784 ​ $ 0.5 ​ $ 2,007.3 ​ 3,732,625 ​ $ (56.4) ​ $ (63.6) ​ $ (3,463.7) ​ $ (1,575.4) ​ $ — ​ $ (1,575.4) Net loss ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ (905.8) ​ ​ (905.8) ​ ​ — ​ ​ (905.8) Other comprehensive income ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ 11.6 ​ ​ — ​ ​ 11.6 ​ ​ — ​ ​ 11.6 Baltics noncontrolling capital contribution ​ — ​ ​ — ​ — ​ ​ — ​ ​ 1.8 ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1.8 ​ ​ 34.7 ​ ​ 36.5 Class A common stock issuance ​ 600,000 ​ ​ — ​ — ​ ​ — ​ ​ 2.8 ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 2.8 ​ ​ — ​ ​ 2.8 Exchange Offer Class A common stock issuance ​ 5,000,000 ​ ​ 0.1 ​ — ​ ​ — ​ ​ 20.1 ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 20.2 ​ ​ — ​ ​ 20.2 Derivative asset valuation allowance adjustment ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ (2.4) ​ ​ (2.4) ​ ​ — ​ ​ (2.4) Reclassification of derivative liability and derivative asset for Conversion Price Reset of Convertible Notes due 2026 ​ — ​ ​ — ​ — ​ ​ — ​ ​ 89.9 ​ — ​ ​ — ​ ​ — ​ ​ (15.9) ​ ​ 74.0 ​ ​ — ​ ​ 74.0 Stock-based compensation ​ — ​ ​ — ​ — ​ ​ — ​ ​ 3.1 ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 3.1 ​ ​ — ​ ​ 3.1 Balances September 30, 2020 ​ 58,149,593 ​ $ 0.6 ​ 51,769,784 ​ $ 0.5 ​ $ 2,125.0 ​ 3,732,625 ​ $ (56.4) ​ $ (52.0) ​ $ (4,387.8) ​ $ (2,370.1) ​ $ 34.7 ​ $ (2,335.4) ​ Condensed Consolidated Statements of Stockholders’ Equity For the Nine Months Ended September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ Class A Voting ​ Class B Voting ​ Additional ​ ​ ​ ​ ​ ​ Other ​ Accumulated ​ Total ​ ​ Common Stock ​ Common Stock ​ Paid-in ​ Treasury Stock ​ Comprehensive ​ Earnings ​ Stockholders’ (In millions, except share and per share data) Shares Amount Shares Amount Capital ​ Shares Amount Income (Loss) (Deficit) Equity Balances December 31, 2018 ​ 55,401,325 ​ $ 0.5 ​ 51,769,784 ​ $ 0.5 ​ $ 1,998.4 ​ 3,732,625 ​ $ (56.4) ​ $ 5.5 ​ $ (550.9) ​ $ 1,397.6 Cumulative effect adjustments for the adoption of new accounting principle (ASU 842) ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ 78.8 ​ ​ 78.8 Net loss ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ (130.2) ​ ​ (130.2) Other comprehensive loss ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ (24.9) ​ ​ — ​ ​ (24.9) Dividends declared: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A common stock, $0.20/share ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ (10.7) ​ ​ (10.7) Class B common stock, $0.20/share ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ (10.4) ​ ​ (10.4) Taxes paid for restricted unit withholdings ​ — ​ ​ — ​ — ​ ​ — ​ ​ (1.1) ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (1.1) Reclassification from temporary equity ​ 75,712 ​ ​ — ​ — ​ ​ — ​ ​ 0.4 ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.4 Stock-based compensation ​ 328,904 ​ ​ — ​ — ​ ​ — ​ ​ 4.0 ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 4.0 Balances March 31, 2019 ​ 55,805,941 ​ $ 0.5 ​ 51,769,784 ​ $ 0.5 ​ $ 2,001.7 ​ 3,732,625 ​ $ (56.4) ​ $ (19.4) ​ $ (623.4) ​ $ 1,303.5 Cumulative effect adjustments for the adoption of new accounting principle (ASU 842) ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ (2.6) ​ ​ (2.6) Net earnings ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ 49.4 ​ ​ 49.4 Other comprehensive loss ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ (9.2) ​ ​ — ​ ​ (9.2) Dividends declared: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A common stock, $0.20/share, net of forfeitures ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ (10.7) ​ ​ (10.7) Class B common stock, $0.20/share ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ (10.4) ​ ​ (10.4) Taxes paid for restricted unit withholdings ​ — ​ ​ — ​ — ​ ​ — ​ ​ (0.3) ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.3) Stock-based compensation ​ 3,096 ​ ​ — ​ — ​ ​ — ​ ​ 5.4 ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 5.4 Balances June 30, 2019 ​ 55,809,037 ​ $ 0.5 ​ 51,769,784 ​ $ 0.5 ​ $ 2,006.8 ​ 3,732,625 ​ $ (56.4) ​ $ (28.6) ​ $ (597.7) ​ $ 1,325.1 Net loss ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ (54.8) ​ ​ (54.8) Other comprehensive loss ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ (68.1) ​ ​ — ​ ​ (68.1) Dividends declared: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A common stock, $0.20/share, net of forfeitures ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ (10.6) ​ ​ (10.6) Class B common stock, $0.20/share ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ (10.4) ​ ​ (10.4) Stock-based compensation ​ 3,665 ​ ​ — ​ — ​ ​ — ​ ​ 2.1 ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 2.1 Balances September 30, 2019 ​ 55,812,702 ​ $ 0.5 ​ 51,769,784 ​ $ 0.5 ​ $ 2,008.9 ​ 3,732,625 ​ $ (56.4) ​ $ (96.7) ​ $ (673.5) ​ $ 1,183.3 ​

INCOME TAXES

INCOME TAXES9 Months Ended
Sep. 30, 2020
INCOME TAXES
INCOME TAXES NOTE 8—INCOME TAXES The Company’s worldwide effective income tax rate is based on actual income (loss), statutory rates, valuation allowances against deferred tax assets and tax planning opportunities available in the various jurisdictions in which it operates. The Company is using a discrete income tax calculation for the three and nine months ended September 30, 2020 due to the inability to determine reliable annual estimates of taxable income (loss) due to COVID-19. Historically, for interim financial reporting, the Company estimates the worldwide annual income tax rate based on projected taxable income (loss) for the full year and records a quarterly income tax provision or benefit in accordance with the anticipated annual rate, adjusted for discrete items, if any. The Company will return to the historic approach of computing quarterly tax expense based on an annual effective rate in the future interim period when more reliable estimates of annual income become available. The Company recognizes income tax-related interest expense and penalties as income tax expense and general and administrative expense, respectively. The Company evaluates its deferred tax assets each period to determine if a valuation allowance is required based on whether it is “more likely than not” 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. 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. During the fourth quarter of 2017, the Company determined that it was appropriate to record a valuation allowance against U.S. deferred tax assets. In addition, several other international jurisdictions carried valuation allowances against their deferred tax assets at the beginning of 2020. Cancellation of Debt Income. — billion of CODI for tax purposes. IRS §108 provides relief from recognizing the 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 currently estimates that the level of its insolvency at July 31, 2020 exceeds the indicated amount of CODI resulting from the debt exchange. To the extent that the 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. For purposes of determining the current and deferred tax provision, and uncertain tax positions for the nine months ended September 30, 2020, the Company estimated a significant portion of its net operating losses and tax credits have been eliminated as a result of tax attribute reduction. The process of determining the attribute reduction is complex, subject to the taxpayer making certain elections regarding which attributes are to be reduced and cannot be calculated until the completion of taxable income for the year in which the CODI was incurred. Therefore, the estimated impact of the tax attribute reduction is subject to change until the finalization of its 2020 tax returns that will contain the tax consequences of the debt exchange. The effective tax rate for the nine months ended September 30, 2020 reflects the impact of these valuation allowances against U.S. and international deferred tax assets generated during the nine-month period. The actual effective rate for the nine months ended September 30, 2020 was (1.9)%. The Company’s consolidated tax rate for the nine months ended September 30, 2020 differs from the U.S. statutory tax rate primarily due to the valuation allowances in U.S. and foreign jurisdictions, foreign tax rate differences, federal and state tax credits, partially offset by state income taxes, permanent differences related to goodwill impairments, interest, compensation, and other discrete items. No tax impact was recorded on the $1,901.1 million goodwill impairment charge incurred during the nine months ended September 30, 2020, as the portion impaired was permanently non-deductible. At September 30, 2020 and December 31, 2019, the Company has recorded net deferred tax liabilities of $42.8 million and net deferred tax assets of $24.1 million, respectively. Cares Act.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS9 Months Ended
Sep. 30, 2020
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTSNOTE 9—FAIR 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 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. ​ ​ Recurring Fair Value Measurements. The following table summarizes the fair value hierarchy of the Company’s financial assets and liabilities carried at fair value on a recurring basis as of September 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at September 30, 2020 Using ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ Total Carrying Quoted prices in Significant other unobservable ​ ​ Value at ​ active market ​ observable inputs ​ inputs (In millions) ​ September 30, 2020 ​ (Level 1) ​ (Level 2) ​ (Level 3) Other long-term assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market mutual funds ​ $ 1.2 ​ $ 1.2 ​ $ — ​ $ — Investments measured at net asset value ​ ​ 10.5 ​ — ​ — ​ — Marketable equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment in NCM ​ ​ 3.8 ​ ​ 3.8 ​ ​ — ​ ​ — Total assets at fair value ​ $ 15.5 ​ $ 5.0 ​ $ — ​ $ — (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. Valuation Techniques. The Company’s 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 table summarizes the fair value hierarchy of the Company’s assets that were measured at fair value on a nonrecurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at September 30, 2020 Using ​ ​ ​ ​ ​ ​ ​ Significant other Significant ​ ​ ​ Total Carrying ​ Quoted prices in ​ observable ​ unobservable ​ ​ ​ ​ ​ Value at ​ active market ​ inputs ​ inputs ​ Total (In millions) September 30, 2020 (Level 1) (Level 2) (Level 3) Losses Property, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property net ​ $ 14.3 ​ $ — ​ $ — ​ $ 14.3 ​ $ 8.5 Operating lease right-of-use assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets ​ ​ 56.8 ​ ​ — ​ ​ — ​ ​ 56.8 ​ ​ 19.6 Intangible assets, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Definite-lived intangible assets ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 6.4 Indefinite-lived intangible assets ​ ​ 43.8 ​ ​ — ​ ​ — ​ ​ 43.8 ​ ​ 4.6 Goodwill ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ ​ 2,874.4 ​ ​ — ​ ​ — ​ ​ 2,874.4 ​ ​ 156.8 Total ​ $ 2,989.3 ​ $ — ​ $ — ​ $ 2,989.3 ​ $ 195.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at March 31, 2020 Using ​ ​ ​ ​ ​ ​ Significant other Significant ​ ​ ​ ​ Total Carrying ​ Quoted prices in ​ observable ​ unobservable ​ ​ ​ ​ ​ Value at ​ active market ​ inputs ​ inputs ​ Total (In millions) March 31, 2020 (Level 1) (Level 2) (Level 3) Losses Property, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property net ​ $ 40.5 ​ $ — ​ $ — ​ $ 40.5 ​ $ 30.9 Operating lease right-of-use assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets ​ ​ 124.0 ​ ​ — ​ ​ — ​ ​ 124.0 ​ ​ 60.4 Intangible assets, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Definite-lived intangible assets ​ ​ 6.6 ​ ​ — ​ ​ — ​ ​ 6.6 ​ ​ 8.0 Indefinite-lived intangible assets ​ ​ 50.3 ​ ​ — ​ ​ — ​ ​ 50.3 ​ ​ 8.3 Goodwill ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ ​ 2,938.0 ​ ​ — ​ ​ — ​ ​ 2,938.0 ​ ​ 1,744.3 Other long-term assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost method investments ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 7.2 Total ​ $ 3,159.4 ​ $ — ​ $ — ​ $ 3,159.4 ​ $ 1,859.1 ​ Valuation Techniques. Other Fair Value Measurement Disclosures. The Company is required to disclose 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at September 30, 2020 ​ ​ ​ ​ Significant other Significant ​ ​ Total Carrying ​ Quoted prices in ​ observable ​ unobservable ​ ​ Value at ​ active market ​ inputs ​ inputs (In millions) ​ September 30, 2020 ​ (Level 1) ​ (Level 2) ​ (Level 3) Current maturities of corporate borrowings ​ $ 20.0 ​ $ — ​ $ 12.8 ​ $ — Corporate borrowings ​ 5,803.8 ​ — ​ 2,594.0 ​ ​ 278.8 ​ Valuation Technique. Quoted market prices and observable market based inputs were used to estimate fair value for Level 2 inputs. The Level 3 fair value measurement represents the transaction price of the corporate borrowings under market conditions. On September 14, 2018, the Company issued — 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.

OPERATING SEGMENTS

OPERATING SEGMENTS9 Months Ended
Sep. 30, 2020
OPERATING SEGMENTS
OPERATING SEGMENTSNOTE 10—OPERATING SEGMENTS ​ — ® ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, Revenues (In millions) 2020 ​ 2019 ​ 2020 2019 U.S. markets ​ $ 47.3 ​ $ 970.7 ​ $ 724.3 $ 2,999.1 International markets ​ ​ 72.2 ​ ​ 346.1 ​ ​ 355.6 ​ 1,024.2 Total revenues ​ $ 119.5 ​ $ 1,316.8 ​ $ 1,079.9 $ 4,023.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, Adjusted EBITDA (1) (In millions) 2020 2019 ​ 2020 2019 U.S. markets ​ $ (259.1) ​ $ 116.3 ​ $ (504.5) ​ $ 395.8 International markets ​ ​ (75.4) ​ ​ 40.2 ​ ​ (167.2) ​ ​ 106.5 Total Adjusted EBITDA ​ $ (334.5) ​ $ 156.5 ​ $ (671.7) ​ $ 502.3 (1) The Company presents Adjusted EBITDA as a supplemental measure of its performance. The Company defines Adjusted EBITDA as net earnings (loss) plus (i) income tax provision (benefit), (ii) interest expense and (iii) depreciation and amortization, as further adjusted to eliminate the impact of certain items that the Company does not consider indicative of the Company’s 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’s debt indentures. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, Capital Expenditures (In millions) 2020 2019 ​ 2020 2019 U.S. markets ​ $ 18.3 ​ $ 84.3 ​ $ 100.1 ​ $ 243.9 International markets ​ ​ 11.0 ​ ​ 34.0 ​ ​ 55.9 ​ ​ 104.3 Total capital expenditures ​ $ 29.3 ​ $ 118.3 ​ $ 156.0 ​ $ 348.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of Long-term assets, net (In millions) ​ September 30, 2020 ​ December 31, 2019 U.S. markets ​ $ 7,090.2 ​ $ 9,039.6 International markets ​ ​ 3,177.4 ​ ​ 3,963.1 Total long-term assets ​ $ 10,267.6 ​ $ 13,002.7 (1) Long-term assets are comprised of property, operating lease right-of-use assets, intangible assets, goodwill, deferred tax assets, and other long-term assets. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, September 30, September 30, September 30, (In millions) ​ 2020 ​ 2019 2020 ​ 2019 Net loss attributable to AMC Entertainment Holdings, Inc. ​ $ (905.8) ​ $ (54.8) ​ $ (3,643.3) ​ $ (135.6) Plus: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax provision (benefit) ​ 4.6 ​ (0.2) ​ 66.7 ​ 10.9 Interest expense ​ 94.3 ​ 85.1 ​ 268.3 ​ 255.1 Depreciation and amortization ​ 123.5 ​ 112.1 ​ 365.7 ​ 337.1 Impairment of long-lived assets, definite and indefinite-lived intangible assets and goodwill ​ 195.9 ​ — ​ 2,047.8 ​ — Certain operating expenses ​ 1.8 ​ 5.3 ​ 2.4 ​ 10.1 Equity in (earnings) loss of non-consolidated entities ​ 10.6 ​ (7.5) ​ 25.9 ​ (24.2) Cash distributions from non-consolidated entities ​ 3.7 ​ 4.7 ​ 17.4 ​ 17.0 Attributable EBITDA ​ ​ (1.4) ​ ​ 0.9 ​ ​ (0.9) ​ ​ 3.8 Investment expense (income) ​ (4.1) ​ (0.5) ​ 4.0 ​ (18.7) Other expense (income) ​ 138.5 ​ (1.5) ​ 163.5 ​ 4.6 Other non-cash rent ​ ​ (0.2) ​ ​ 6.1 ​ ​ (1.7) ​ ​ 19.5 General and administrative — unallocated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Merger, acquisition and other costs ​ 1.0 ​ 4.7 ​ 3.0 ​ 11.2 Stock-based compensation expense ​ 3.1 ​ 2.1 ​ 9.5 ​ 11.5 Adjusted EBITDA ​ $ (334.5) ​ $ 156.5 ​ $ (671.7) ​ $ 502.3 (1) For information regarding the income tax provision, see Note 8 — Income Taxes. (2) During the three months ended September 30, 2020, the Company recorded goodwill non-cash impairment charges of $151.2 million and $5.6 million related to the enterprise fair value of the Domestic Theatres and International Theatres reporting units, respectively. The Company recorded non-cash impairment charges related to its long-lived assets of $28.1 million on 49 theatres in the U.S. markets with 527 screens which were related to property, net, operating lease right-of-use assets, net and other long-term assets and $0 in the International markets during the three months ended September 30, 2020. The Company recorded non-cash impairment charges related to definite-lived intangible assets of $6.4 million in the Domestic Theatres reporting unit and indefinite-lived intangible assets of $4.5 million and $0.1 million related to the Odeon and Nordic tradenames, respectively, in the International Theatres reporting unit during the three months ended September 30, 2020. During the nine months ended September 30, 2020, the Company recorded goodwill non-cash impairment charges of $1,276.1 million and $625.0 million related to the enterprise fair values of the Domestic Theatres and International Theatres reporting units, respectively. During the nine months ended September 30, 2020, the Company recorded non-cash impairment charges related to its long-lived assets of $109.5 million on 75 theatres in the U.S. markets with 851 screens which were related to property, net, operating lease right-of-use assets, net and other long-term assets and $9.9 million on 23 theatres in the International markets with 213 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 $10.4 million and $2.5 million related to the Odeon and Nordic tradenames, respectively, in the International Theatres reporting unit during the nine months ended September 30, 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 nine months ended September 30, 2020. (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 was primarily due to equity in loss from DCIP of $7.5 million for the three months ended September 30, 2020 compared to equity in earnings from DCIP of $6.5 million for the three months ended September 30, 2019. Equity in (earnings) loss of non-consolidated entities was primarily due to equity in loss from DCIP of $19.1 million for the nine months ended September 30, 2020 compared to equity in earnings from DCIP of $21.1 million for the nine months ended September 30, 2019. (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’s 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’s 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’s gift card and package ticket program. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, September 30, September 30, September 30, ​ (In millions) ​ 2020 ​ 2019 2020 ​ 2019 ​ Equity in (earnings) loss of non-consolidated entities ​ $ 10.6 ​ $ (7.5) ​ $ 25.9 ​ $ (24.2) ​ Less: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity in (earnings) loss of non-consolidated entities excluding International theatre joint ventures ​ ​ 8.7 ​ ​ (7.4) ​ ​ 23.0 ​ ​ (23.2) ​ Equity in earnings (loss) of International theatre joint ventures ​ ​ (1.9) ​ ​ 0.1 ​ ​ (2.9) ​ ​ 1.0 ​ Income tax provision (benefit) ​ ​ — ​ ​ 0.1 ​ ​ (0.1) ​ ​ 0.2 ​ Investment income ​ ​ (0.4) ​ ​ (0.1) ​ ​ (0.6) ​ ​ (0.6) ​ Interest expense ​ ​ 0.1 ​ ​ — ​ ​ 0.1 ​ ​ 0.1 ​ Depreciation and amortization ​ ​ 0.7 ​ ​ 0.5 ​ ​ 2.2 ​ ​ 2.8 ​ Other expense ​ ​ 0.1 ​ ​ 0.3 ​ ​ 0.4 ​ ​ 0.3 ​ Attributable EBITDA ​ $ (1.4) ​ $ 0.9 ​ $ (0.9) ​ $ 3.8 ​ ​ (7) For the three months ended September 30, 2020 compared to the three months ended September 30, 2019, the Company recorded increases in other expense related to financing fees of $36.3 million due to the Exchange Offers, increases in other expense due to the change in fair value of the Company’s derivative liability of $84.2 million for the embedded conversion feature in the Company’s Convertible Notes due 2026, increases in other expense due to the change in fair value of the Company’s derivative asset of $14.4 million for the contingent call option related to the Class B common stock purchase and cancellation agreement, and increases in other expense for credit losses due to contingent lease guarantees of $6.1 million. For the nine months ended September 30, 2020 compared to the nine months ended September 30, 2019, the Company recorded increases in other expense related to financing fees of $39.1 million due to the Exchange Offers, increases in other expense due to the change in fair value of the Company’s derivative liability of $104.3 million for the embedded conversion feature in the Company’s Convertible Notes due 2026, increases in other expense due to the change in fair value of the Company’s derivative asset of $20.1 million for the contingent call option related to the Class B common stock purchase and cancellation agreement, and increase in other expense for the credit losses related to contingent lease guarantees of $15.3 million. For the nine months ended September 30, 2019, the Company recorded a loss on repayment of indebtedness of $16.6 million. See Note 1 —Basis of Presentation for further information related to other expense (income). (8) Reflects amortization expense for certain intangible assets reclassified from depreciation and amortization to rent expense due to the adoption of ASC 842 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 expense included in general and administrative: other.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES9 Months Ended
Sep. 30, 2020
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIESNOTE 11—COMMITMENTS 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’s 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 12, 2018 and January 19, 2018, two putative federal securities class actions, captioned Hawaii Structural Ironworkers Pension Trust Fund v. AMC Entertainment Holdings, Inc., et al. Nichols v. AMC Entertainment Holdings, Inc., et al. On May 21, 2018, a stockholder derivative complaint, captioned Gantulga v. Aron, et al. 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 On March 20, 2020, a stockholder derivative complaint, captioned Manuel v. Aron, et al On April 7, 2020, a stockholder derivative complaint, captioned Dinkevich v. Aron, et al On February 3, 2020, the Company received a books and records demand pursuant to 8 Del. C. 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’s 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. The Company remains contingently liable for lease payments under certain leases of theatres that it previously divested, in the event that such assignees are unable to fulfill their future lease payment obligations. During the three and nine months ended September 30, 2020, the Company recorded $6.1 million and $15.3 million, respectively, in estimated credit losses related to contingent lease guarantees in other expense. The Company applied a probability weighted approach for the estimation of credit loss reserve for contingent lease guarantees expected to be funded over the lease term using the discounted cash flow method. See Note 1 — ​

LOSS PER SHARE

LOSS PER SHARE9 Months Ended
Sep. 30, 2020
LOSS PER SHARE
LOSS PER SHARENOTE 12—LOSS 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 potential dilutive shares from the conversion feature of the Convertible Notes, if dilutive. The following table sets forth the computation of basic and diluted loss per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, (In millions) 2020 2019 2020 2019 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss for basic loss per share ​ $ (905.8) ​ $ (54.8) ​ $ (3,643.3) ​ $ (135.6) Net loss for diluted loss per share ​ $ (905.8) ​ $ (54.8) ​ $ (3,643.3) ​ $ (135.6) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares for basic loss per common share ​ 107,695 ​ 103,850 ​ 105,428 ​ 103,826 Weighted average shares for diluted loss per common share ​ ​ 107,695 ​ ​ 103,850 ​ ​ 105,428 ​ ​ 103,826 Basic loss per common share ​ $ (8.41) ​ $ (0.53) ​ $ (34.56) ​ $ (1.31) Diluted loss per common share ​ $ (8.41) ​ $ (0.53) ​ $ (34.56) ​ $ (1.31) ​ Vested restricted stock units (“RSUs”), performance stock units (“PSUs”), and special performance stock units (“SPSUs”) have dividend rights identical to the Company’s Class A and Class B common stock and are treated as outstanding shares for purposes of computing basic and diluted earnings per share. For the nine months ended September 30, 2020 and September 30, 2019, unvested RSUs of 2,203,996 and 1,207,102 , respectively, were not included in the computation of diluted 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’s 2013 Equity Incentive Plan if the end of the reporting period were the end of the contingency period. Unvested PSUs of 769,414 and 488,931 at 100% performance target for the nine months ended September 30, 2020 and September 30, 2019, respectively, and unvested SPSUs of 578,328 at the minimum market condition for nine months ended September 30, 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. The Company uses the if-converted method for calculating any potential dilutive effect of the Convertible Notes that were issued on September 14, 2018. For the three and nine months ended September 30, 2020, the Company has not adjusted net loss to eliminate the interest expense of $7.8 million and $24.4 million, respectively, and the other expense for the derivative liability related to the Convertible Notes of $89.9 million and $89.4 million, respectively, in the computation of diluted loss per share because the effects would be anti-dilutive. For the three and nine months ended September 30, 2019, the Company has not adjusted net loss to eliminate the interest expense of $8.2 million and $24.2 million, respectively, and the other expense (income) for the derivative liability related to the Convertible Notes of $5.7 million and $(14.9) 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 34.0 million and 32.5 million shares issuable upon conversion for the three and nine months ended September 30, 2020, respectively, and 31.7 million shares for the three and nine months ended September 30, 2019, as the effects would be anti-dilutive. Based on the current conversion price of $13.51 per share the Convertible Notes are convertible into 44,422,860 Class A common shares.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS9 Months Ended
Sep. 30, 2020
SUBSEQUENT EVENTS.
SUBSEQUENT EVENTSNOTE 13—SUBSEQUENT EVENTS As part of the Equity Distribution Agreement described in Note 7 — The Company entered into an additional Equity Distribution Agreement with the Sales Agents, dated October 20, 2020, on substantially the same terms as the Equity Distribution Agreement, to sell 15.0 million additional shares of Class A common stock. As of October 30, 2020 settlement date, the Company raised additional gross proceeds of approximately $33.8 million during the month of October 2020 through its at-the-market offering of approximately 11.8 million shares of its Class A common stock and paid fees to the Sales Agents of approximately $0.8 million. On October 30, 2020, the Board of Directors approved (1) modifications to certain equity awards under its 2013 Employee Incentive Plan and (2) certain cash bonuses in lieu of any potential future payments under its 2020 Annual Incentive Plan as more fully described in Item 5. Other Information of Part II of this Form 10-Q.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)9 Months Ended
Sep. 30, 2020
BASIS OF PRESENTATION
Temporarily Suspended OperationsTemporarily Suspended Operations. As of March 17, 2020, the Company temporarily suspended all 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’s guests and theatre staff. As a result of these temporarily suspended operations, the Company’s revenues and expenses for the three and nine months ended September 30, 2020 are significantly lower than the revenues and expenses for the three and nine months ended September 30, 2019.
Industry Box OfficeIndustry Box Office. The North American industry box office has been significantly impacted by COVID-19 in the third quarter ending September 30, 2020. Although certain states authorized the reopening of theatres as early as June 2020, with limited seating capacities and social distancing guidelines, some states, including California, New York, and Maryland, remain partially closed for theatrical exhibition as of the end of October 2020. As a result, studios have postponed new film releases or moved them to the home video market, and movie release dates may continue to move in the future. Major movie releases that were previously scheduled to be released in the fourth quarter have either been rescheduled for 2021 or slated for direct to streaming in lieu of a theatrical release, leaving a reduced slate of movie releases for the remainder of the year, and release dates may continue to move. Certain competitors have decided to temporarily reclose their theatres in light of the ongoing pandemic and the reduced slate of movie releases, which may further exacerbate the trend described above. On October 23, 2020, the Company resumed operations at several AMC locations throughout the state of New York as a result of the state government allowing movie theatres to reopen throughout much of the state. The combination of theatre reopening restrictions and limited new film distribution has resulted in a significantly lower industry box office for the three months ended September 30, 2020 compared to the three months ended September 30, 2019. In response to the current low attendance levels, the Company has made adjustments to theatre operating hours to align screen availability and associated theatre operating costs with attendance levels for each theatre. The Company has also introduced AMC Private Screening, which allows movie goers to reserve a separate AMC Safe & Clean TM auditorium for a private screening for up to 20 people, starting at $99 plus tax.
Update on Theatre Reopenings-U.S. marketsUpdate on Theatre Reopenings-U.S. markets. The Company’s theatre operations in the U.S. markets remained suspended for the entire second quarter ended June 30, 2020. The Company resumed limited operations in its U.S. markets in late August 2020 with the initial 115 theatre reopenings occurring on August 20, 2020. The Company reopened 170 additional theatres on August 26, 2020, and 142 additional theatres on September 4, 2020. As of September 30, the Company had resumed operations at 467 U.S. theatres, with limited seating capacities of between 25% and 40% , representing approximately 78% of the U.S. theatres and 73% of 2019 U.S. same-theatre revenue. Since the resumption of operations in its U.S. markets, the Company has served more than 1,973,000 guests as of September 30, 2020, representing a same-theatre attendance decline of approximately 83% compared to the same period a year ago. As of the end of October 2020, the Company operated approximately 539 of its 600 U.S. theatres, with limited seating capacities. The remaining 10% of the U.S. theatres left to reopen are primarily located in California, Maryland, and New York, and include some of the Company’s most productive theatres, representing approximately 15% of 2019 U.S. same theatre revenue. In regions where theatres are not yet able to open, the Company continues to have productive discussions with local and state government authorities about the appropriate timing for a resumption of operations.
Update on Theatre Reopenings-International marketsUpdate on Theatre Reopenings-International markets. The Company resumed limited operations in the International markets in early June. As of June 30, 2020, the Company had resumed operations at 37 theatres, with limited seating capacities, in nine countries and recorded attendance of 100,000 guests in June. As of July 31, 2020, the Company had resumed operations at 182 leased and partnership theatres. As of September 30, 2020, the Company had resumed operations at 321 leased and partnership theatres. This represents approximately 91% of the Company’s international theatres and approximately 93% of 2019 international same-theatre revenue. Seating capacity at the reopened international theatres remains limited to between 25% and 50% of capacity to ensure social distancing for guests. Since the resumption of operations in its International markets on June 3, 2020, the Company’s theatres have served more than 4,637,000 guests as of September 30, 2020, representing a same-theatre attendance decline of approximately 74% compared to the same period a year ago. As of the end of October 2020, the Company operated 261 of its 358 international theatres. The reduction in open international theatres between September 30, 2020 and October 30, 2020 is a result of a recent resurgence of COVID-19 cases in its International markets. Italy, Germany, Spain, Ireland and the UK have announced or enacted plans to reinstitute national or regional lockdowns to protect their citizenry. As a result, the Company plans to close or has closed some or all of its previously reopened theatres in these countries, depending on the respective mandate. The Company expects to reopen these theatres when the respective mandate has been lifted and it is safe to do so and permissible under local, provincial as well as national guidelines.
LiquidityLiquidity. In response to the COVID-19 pandemic, the Company has taken and is continuing to take significant steps to preserve cash by eliminating non-essential costs, including reductions to executive cash compensation and elements of its fixed cost structure: ● Suspended non-essential operating expenditures, including marketing & promotional and travel and entertainment expenses; and where possible, for example: utilities, reduced essential operating expenditures to minimum levels necessary while theatres are closed. ● Terminated or deferred all non-essential capital expenditures to minimum levels necessary while theatres are closed. ● Implemented measures to reduce corporate-level employment costs, including full or partial furloughs of all corporate-level Company employees, including senior executives, with individual work load and salary reductions ranging from 20% to 100% ; cancellation of pending annual merit pay increases; and elimination or reduction of non-healthcare benefits. ● All domestic theatre-level crew members were fully furloughed and theatre-level managements’ hours were reduced to the minimum levels necessary to begin resumption of operations when permitted. Similar efforts to reduce theatre-level and corporate employment costs were undertaken internationally consistent with applicable laws across the jurisdictions in which the Company operates. As the Company resumed limited operations, employment costs increased. ● Working with the Company’s landlords, vendors, and other business partners to manage, defer, and/or abate the related rent expenses and operating expenses during the disruptions caused by the COVID-19 pandemic. ● Introduced an active cash management process, which, among other things, requires senior management approval of all outgoing payments. ● Since April 24, 2020, the Company has been prohibited from making dividend payments in accordance with the covenant suspension conditions in its Senior Secured Credit Facility Agreement. The Company had also previously elected to decrease the dividend paid in the first quarter of 2020 by $0.17 per share when compared to the first quarter of 2019. The cash savings as a result of the prior decrease and current prohibition on making dividend payments was $59.1 million during the nine months ended September 30, 2020 in comparison to the nine months ended September 30, 2019. ● The Company is prohibited from making purchases under its recently authorized stock repurchase program in accordance with the covenant suspension conditions in its Senior Secured Credit Facility Agreement. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law. The CARES Act provides opportunities for additional liquidity, loan guarantees, and other government programs to support companies affected by the COVID-19 pandemic and their employees. Based on the Company’s analysis of the CARES Act, the Company expects to recognize the following benefits: ● Approximately $17.4 million of cash tax refunds from overpayments and refundable alternative minimum tax credits with the filing of the Company’s 2019 federal tax return, amending 2018 state tax returns and filing 2019 state tax returns in which the Company expects a refund. Thus far in 2020, the Company has received approximately $7.1 million of cash tax refunds. ● Deferral of social security payroll tax matches that would otherwise be required in 2020. ● Receipt of a payroll tax credit in 2020 for expenses related to paying wages and health benefits to employees who are not working as a result of temporarily suspended operations and reduced receipts associated with COVID-19. ​ The Company intends to seek any available potential benefits, including loans, investments or guarantees, under future government programs for which the Company qualifies domestically and internationally, including those described above. The Company has taken advantage of many forms of governmental assistance internationally including but not limited to revenue and fixed cost reimbursements, payroll subsidies, rent support programs, direct grants, and property tax holidays. The Company cannot predict the manner in which such benefits will be allocated or administered, and the Company cannot assure the reader that it will be able to access such benefits in a timely manner or at all. During the three months ended September 30, 2020, the Company exchanged more than 87% of its senior subordinated notes for newly issued 10%/12% Cash/PIK Toggle Second Lien Subordinated Secured Notes due 2026 (the “Second Lien Notes due 2026”), thereby generating a near-term cash savings for the Company of between approximately $120 million to $180 million as a result of the ability to pay interest in kind on the Second Lien Notes due 2026 for the first three interest payment periods that would be payable semi-annually in arrears on June 15 and December 15, beginning on December 15, 2020 through December 15, 2021, subject to certain limitations described herein, and received proceeds from the issuance of the new 10.5% first lien secured notes due 2026 (the “First Lien Notes due 2026”) of $270.0 million, net of discounts of $30.0 million and deferred financing costs paid to lenders of $6.0 million. Further, as discussed in Note 6—Corporate Borrowings, the Company’s lenders have granted relief from the maintenance covenants in the revolving credit agreements through March 31, 2021. The first required compliance in the next 12 months is June 30, 2021. The Company’s ability to maintain compliance with the covenants will depend on the recovery of its theatre operations and the generation of sufficient cash flow (or EBITDA). If the Company is not in compliance with financial covenants, the Company’s lenders could exercise remedies including declaring the principal and interest on all outstanding indebtedness due or payable immediately. The Company’s cash and cash equivalents as of September 30, 2020 were $417.9 million. The Company’s total cash burn for the three months ended September 30, 2020 was approximately $388 million and included approximately $39 million of third party costs and $23.3 million of accrued interest payments related to the Exchange Offers. The Company’s total cash burn is impacted by, among other things, the timing of resumption of theatre operations, costs associated with the AMC Safe and Clean initiative, landlord negotiations and minimum lease payments, the timing of movie releases, theatre attendance levels, and food and beverage receipts. Going forward, the Company’s ability to reduce cash burn rates and ultimately generate positive cash flow, and therefore the extent to which the Company will require additional sources of liquidity, will depend almost entirely on its future attendance levels that drive admission and food and beverage revenue. ● Additional debt and equity financing; to date, the Company raised gross proceeds of approximately $2.9 million and $53.2 million during September 2020 and October 2020, respectively, through its at-the-market offering of approximately 15.0 million shares of its Class A common stock, see Note 7—Stockholders’ Equity for further information. In addition, the Company announced on October 20, 2020, it authorized the sale of 15.0 million additional shares of its Class A common stock through at-the-market offerings, under which, as of the October 30, 2020 settlement date, the Company has raised additional gross proceeds of approximately $33.8 million through the sale of approximately 11.8 million shares of its Class A common stock ; ● Further renegotiations with landlords regarding its lease payments; ● Potential asset sales; ● Joint-venture or other arrangements with existing business partners; and ● Minority investments in the Company’s capital stock. There is a significant risk that these potential sources of liquidity will not be realized or that they will be insufficient to generate the material amounts of additional liquidity that would be required until the Company is able to achieve more normalized levels of operating revenues. In the event the Company determines that these sources of liquidity will not be available to it or will not allow it to meet its obligations or does not comply with financial covenants as they become due, it would likely seek an in-court or out-of-court restructuring of its liabilities, and in the event of a future liquidation or bankruptcy proceeding, holders of the Company’s common stock would likely suffer a total loss of their investment. The Company’s cash burn is impacted by, among other things, the timing of resumption of theatre operations, including with respect to some of the Company’s most productive theatres which remain closed, the timing of movie releases and the slate of future releases, theatre attendance levels, landlord negotiations and minimum lease payments, costs associated with the AMC Safe and Clean initiative, and food and beverage receipts. While the Company has used its best estimates based on currently available information, it is very difficult to estimate its liquidity requirements and future cash burn rates, and depending on the assumptions used regarding the timing and ability to achieve more normalized levels of operating revenue, the estimates of amounts of required liquidity vary significantly. There can be no assurance that the accuracy of the assumptions used to estimate its liquidity requirements and future cash burn will be correct, or that the Company will be able to achieve more normalized levels of attendance described above, which are materially higher than its current attendance levels, and its ability to be predictive is uncertain due to the unknown magnitude and duration of the COVID-19 pandemic, which has resulted in stay-at-home orders, governmental closure orders, film production and scheduling disruption, reopening uncertainties and the cessation of its entire U.S. and International theatre operations for the first time in its history. The Company realized significant cancellation of debt income (“CODI”) in connection with its debt restructuring. As a result of such CODI, the Company estimates a significant portion of its net operating losses and tax credits will be eliminated as a result of tax attribute reductions. Any loss of tax attributes as a result of such CODI may adversely affect the Company’s cash flows and therefore its ability to service its indebtedness. Due to these factors, substantial doubt exists about the Company’s ability to continue as a going concern for a reasonable period of time.
Use of EstimatesUse of Estimates.
Principles of ConsolidationPrinciples of Consolidation.
Baltics' theatre sale agreementBaltics’ theatre sale agreement.
Accumulated other comprehensive lossAccumulated other comprehensive loss. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension and ​ ​ ​ ​ ​ Foreign ​ Other ​ ​ ​ (In millions) Currency Benefits Total Balance December 31, 2019 ​ $ (8.8) ​ $ (17.3) ​ $ (26.1) ​ Other comprehensive loss before reclassifications ​ (26.8) ​ — ​ (26.8) ​ Amounts reclassified from accumulated other comprehensive loss ​ — ​ 0.9 ​ 0.9 ​ Balance September 30, 2020 ​ $ (35.6) ​ $ (16.4) ​ $ (52.0) ​
Accumulated depreciation and amortizationAccumulated depreciation and amortization.
Other expenseOther expense (income). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, (In millions) ​ 2020 ​ 2019 ​ 2020 ​ 2019 Derivative liability fair value adjustment for embedded conversion feature in the Convertible Notes ​ $ 89.9 ​ $ 5.7 ​ $ 89.4 ​ $ (14.9) Derivative asset fair value adjustment for contingent call option related to the Class B common stock purchase and cancellation agreement ​ ​ 5.9 ​ ​ (8.5) ​ ​ 19.6 ​ ​ (0.5) Credit losses related to contingent lease guarantees ​ ​ 6.1 ​ ​ — ​ ​ 15.3 ​ ​ — International governmental assistance due to COVID-19 ​ ​ (13.5) ​ ​ — ​ ​ (17.9) ​ ​ — Loss on Pound sterling forward contract ​ ​ — ​ ​ 0.7 ​ ​ — ​ ​ 1.7 Foreign currency transactions losses ​ ​ 0.1 ​ ​ 0.1 ​ ​ — ​ ​ 0.7 Non-operating components of net periodic benefit cost ​ ​ 0.2 ​ ​ 0.3 ​ ​ 0.3 ​ ​ 0.8 Loss on repayment of indebtedness ​ ​ — ​ ​ — ​ ​ — ​ ​ 16.6 Financing fees related to modification of debt agreements ​ ​ 36.3 ​ ​ — ​ ​ 39.1 ​ ​ — Other ​ ​ — ​ ​ 0.4 ​ ​ (0.5) ​ ​ 0.7 Total other expense (income) ​ $ 125.0 ​ $ (1.3) ​ $ 145.3 ​ $ 5.1 ​
ImpairmentsImpairments. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, (In millions) 2020 2019 2020 2019 Impairment of long-lived assets ​ $ 28.1 ​ $ — ​ $ 119.4 ​ $ — Impairment of indefinite-lived intangible assets ​ ​ 4.6 ​ ​ — ​ ​ 12.9 ​ ​ — Impairment of definite-lived intangible assets ​ ​ 6.4 ​ ​ — ​ ​ 14.4 ​ ​ — Impairment of goodwill ​ ​ 156.8 ​ ​ — ​ ​ 1,901.1 ​ ​ — Investment expense ​ ​ — ​ ​ — ​ ​ 7.2 ​ ​ — Total impairment loss ​ $ 195.9 ​ $ — ​ $ 2,055.0 ​ $ — (1) See Note 4 — Goodwill for information regarding goodwill impairment. The Company evaluates definite-lived and indefinite-lived intangible assets for impairment annually or more frequently as specific events or circumstances dictate or changes in circumstances indicate that the carrying amount of the asset group may not be fully recoverable. The Company recorded non-cash impairment of long-lived assets of $28.1 million on 49 theatres in the U.S. markets with 527 screens (in Alabama, California, Colorado, Florida, Illinois, Indiana, Iowa, Massachusetts, Michigan, Minnesota, Missouri, Nebraska, New Hampshire, New York, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, Tennessee, Texas, Wisconsin, and Wyoming) and $0 in the International markets during the three months ended September 30, 2020. During the nine months ended September 30, 2020, the Company recorded non-cash impairment of long-lived assets of $109.5 million on 75 theatres in the U.S. markets with 851 screens (in Alabama, 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 $9.9 million on 23 theatres in the International markets with 213 screens (in Germany, Italy, Spain, UK and Sweden). During the three and nine months ended September 30, 2020, the Company recorded impairment losses related to definite-lived intangible assets of $6.4 and $14.4 million, respectively. In addition, in the three and nine months ended September 30, 2020, the Company recorded an impairment loss of $0 and $7.2 million, respectively within investment expense (income), related to equity interest investments without a readily determinable fair value accounted for under the cost method. At September 30, 2020 and March 31, 2020, the Company performed a quantitative impairment evaluation of its indefinite-lived intangible assets related to the AMC, Odeon and Nordic tradenames. The Company recorded impairment charges of $4.5 million and $10.4 million related to Odeon tradename and $0.1 million and $2.5 million related to Nordic tradenames for the three and nine months ended September 30, 2020, respectively. No impairment charges were recorded related to the AMC trade name for the three and nine months ended September 30, 2020. To estimate fair value of the Company’s indefinite-lived trade names, the Company employed a derivation of the Income Approach known as the Royalty Savings.
Accounting PronouncementsAccounting Pronouncements Recently Adopted Financial Instruments. In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which provides new guidance regarding the measurement and recognition of credit impairment for certain financial assets. Such guidance impacts how the Company determines its allowance for estimated uncollectible receivables and also contingent lease guarantees, where the Company remains contingently liable for lease payments under certain leases of theatres that it previously divested, in the event that such assignees are unable to fulfill their future lease payment obligations. ASU 2016-13 was effective for the Company in the first quarter of 2020. The Company recognized the cumulative effect upon adoption of the new standard related to credit losses for contingent lease guarantees of Fair Value Measurement. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which eliminates, adds, and modifies certain disclosure requirements for fair value measurements as part of its disclosure framework project. Entities are no longer required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but are required to disclose the range and weighted average used to develop significant observable inputs for Level 3 fair value measurements. The fair value measurement disclosure requirements of ASU 2018-13 was effective for the Company in the first quarter of 2020. See Note 9—Fair Value Measurements for the required disclosures for Level 3 fair value measurements. Cloud Computing Arrangement. Accounting Pronouncements Issued Not Yet Adopted Income Taxes. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes (“ASU 2019-12”), 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 is effective for the Company in the first quarter of 2021. Early adoption is permitted. The Company is currently evaluating the effect that ASU 2019-12 will have on its consolidated financial statements.

BASIS OF PRESENTATION (Tables)

BASIS OF PRESENTATION (Tables)9 Months Ended
Sep. 30, 2020
BASIS OF PRESENTATION
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension and ​ ​ ​ ​ ​ Foreign ​ Other ​ ​ ​ (In millions) Currency Benefits Total Balance December 31, 2019 ​ $ (8.8) ​ $ (17.3) ​ $ (26.1) ​ Other comprehensive loss before reclassifications ​ (26.8) ​ — ​ (26.8) ​ Amounts reclassified from accumulated other comprehensive loss ​ — ​ 0.9 ​ 0.9 ​ Balance September 30, 2020 ​ $ (35.6) ​ $ (16.4) ​ $ (52.0) ​
Schedule components of other expense (income)​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, (In millions) ​ 2020 ​ 2019 ​ 2020 ​ 2019 Derivative liability fair value adjustment for embedded conversion feature in the Convertible Notes ​ $ 89.9 ​ $ 5.7 ​ $ 89.4 ​ $ (14.9) Derivative asset fair value adjustment for contingent call option related to the Class B common stock purchase and cancellation agreement ​ ​ 5.9 ​ ​ (8.5) ​ ​ 19.6 ​ ​ (0.5) Credit losses related to contingent lease guarantees ​ ​ 6.1 ​ ​ — ​ ​ 15.3 ​ ​ — International governmental assistance due to COVID-19 ​ ​ (13.5) ​ ​ — ​ ​ (17.9) ​ ​ — Loss on Pound sterling forward contract ​ ​ — ​ ​ 0.7 ​ ​ — ​ ​ 1.7 Foreign currency transactions losses ​ ​ 0.1 ​ ​ 0.1 ​ ​ — ​ ​ 0.7 Non-operating components of net periodic benefit cost ​ ​ 0.2 ​ ​ 0.3 ​ ​ 0.3 ​ ​ 0.8 Loss on repayment of indebtedness ​ ​ — ​ ​ — ​ ​ — ​ ​ 16.6 Financing fees related to modification of debt agreements ​ ​ 36.3 ​ ​ — ​ ​ 39.1 ​ ​ — Other ​ ​ — ​ ​ 0.4 ​ ​ (0.5) ​ ​ 0.7 Total other expense (income) ​ $ 125.0 ​ $ (1.3) ​ $ 145.3 ​ $ 5.1 ​
Schedule of impairment of assets​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, (In millions) 2020 2019 2020 2019 Impairment of long-lived assets ​ $ 28.1 ​ $ — ​ $ 119.4 ​ $ — Impairment of indefinite-lived intangible assets ​ ​ 4.6 ​ ​ — ​ ​ 12.9 ​ ​ — Impairment of definite-lived intangible assets ​ ​ 6.4 ​ ​ — ​ ​ 14.4 ​ ​ — Impairment of goodwill ​ ​ 156.8 ​ ​ — ​ ​ 1,901.1 ​ ​ — Investment expense ​ ​ — ​ ​ — ​ ​ 7.2 ​ ​ — Total impairment loss ​ $ 195.9 ​ $ — ​ $ 2,055.0 ​ $ — (1) See Note 4 — Goodwill for information regarding goodwill impairment.

LEASES (Tables)

LEASES (Tables)9 Months Ended
Sep. 30, 2020
LEASES
Schedule of components of lease costs​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ Consolidated Statement ​ September 30, ​ September 30, ​ September 30, ​ September 30, (In millions) ​ of Operations ​ 2020 ​ 2019 ​ 2020 ​ 2019 Operating lease cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Theatre properties ​ Rent ​ $ 198.6 ​ $ 219.0 ​ $ 619.4 ​ $ 658.6 Theatre properties ​ Operating expense ​ ​ 0.3 ​ ​ 1.6 ​ ​ 2.6 ​ ​ 4.5 Equipment ​ Operating expense ​ ​ 3.8 ​ ​ 3.5 ​ ​ 11.5 ​ ​ 10.5 Office and other ​ General and administrative: other ​ ​ 1.3 ​ ​ 1.4 ​ ​ 3.9 ​ ​ 4.1 Finance lease cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of finance lease assets ​ Depreciation and amortization ​ ​ 1.6 ​ ​ 2.1 ​ ​ 5.2 ​ ​ 7.3 Interest expense on lease liabilities ​ Finance lease obligations ​ ​ 1.4 ​ ​ 1.8 ​ ​ 4.5 ​ ​ 6.0 Variable lease cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Theatre properties ​ Rent ​ ​ 15.7 ​ ​ 19.7 ​ ​ 56.8 ​ ​ 68.0 Equipment ​ Operating expense ​ ​ 0.1 ​ ​ 7.4 ​ ​ 6.6 ​ ​ 37.2 Total lease cost ​ ​ ​ $ 222.8 ​ $ 256.5 ​ $ 710.5 ​ $ 796.2
Schedule of cash flow and supplemental information​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ September 30, ​ September 30, (In millions) ​ 2020 ​ 2019 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ Operating cash flows used in finance leases ​ $ (1.8) ​ $ (6.0) Operating cash flows used in operating leases ​ ​ (316.7) ​ ​ (703.5) Financing cash flows used in finance leases ​ ​ (4.5) ​ ​ (8.5) ​ ​ ​ ​ ​ ​ ​ Landlord contributions: ​ ​ ​ ​ ​ ​ Operating cashflows provided by operating leases ​ ​ 31.9 ​ ​ 89.0 Supplemental disclosure of noncash leasing activities: ​ ​ ​ ​ ​ ​ Right-of-use assets obtained in exchange for new operating lease liabilities ​ ​ 139.1 ​ ​ 304.4 (1) Includes lease extensions and option exercises.
Schedule of weighted average remaining lease term and discount rate​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2020 ​ ​ Weighted Average ​ Weighted Average ​ ​ Remaining ​ Discount Lease Term and Discount Rate ​ Lease Term (years) ​ Rate Operating leases ​ ​ 10.5 ​ ​ 9.8% Finance leases ​ ​ 12.7 ​ ​ 6.4%
Schedule of minimum annual payments required under existing leases​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Lease ​ Financing Lease (In millions) ​ Payments ​ Payments Three months ending December 31, 2020 ​ $ 199.0 ​ $ 3.5 2021 ​ ​ 986.4 ​ ​ 16.8 2022 ​ ​ 922.5 ​ ​ 15.6 2023 ​ ​ 830.1 ​ ​ 12.1 2024 ​ ​ 763.7 ​ ​ 10.3 2025 ​ ​ 728.2 ​ ​ 9.7 Thereafter ​ ​ 4,228.2 ​ ​ 72.0 Total lease payments ​ ​ 8,658.1 ​ ​ 140.0 Less imputed interest ​ ​ (3,237.7) ​ ​ (45.3) Total ​ $ 5,420.4 ​ $ 94.7

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)9 Months Ended
Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Schedule of disaggregated revenue​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, (In millions) ​ 2020 ​ 2019 ​ 2020 ​ 2019 Major revenue types ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Admissions ​ $ 62.9 ​ $ 797.3 ​ $ 631.8 ​ $ 2,424.3 Food and beverage ​ ​ 29.1 ​ ​ 420.0 ​ ​ 317.6 ​ ​ 1,281.3 Other theatre: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Advertising ​ ​ 16.9 ​ ​ 32.1 ​ ​ 60.9 ​ ​ 102.3 Other theatre ​ ​ 10.6 ​ ​ 67.4 ​ ​ 69.6 ​ ​ 215.4 Other theatre ​ ​ 27.5 ​ ​ 99.5 ​ ​ 130.5 ​ ​ 317.7 Total revenues ​ $ 119.5 ​ $ 1,316.8 ​ $ 1,079.9 ​ $ 4,023.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, (In millions) ​ 2020 ​ 2019 ​ 2020 ​ 2019 Timing of revenue recognition ​ ​ ​ ​ ​ ​ ​ ​ Products and services transferred at a point in time ​ $ 96.3 ​ $ 1,215.2 ​ $ 951.7 ​ $ 3,735.4 Products and services transferred over time ​ ​ 23.2 ​ ​ 101.6 ​ ​ 128.2 ​ ​ 287.9 Total revenues ​ $ 119.5 ​ $ 1,316.8 ​ $ 1,079.9 ​ $ 4,023.3 (1) Amounts primarily include subscription and advertising revenues. ​ ​
Schedule of receivables and deferred revenue income​ ​ ​ ​ ​ ​ ​ ​ (In millions) ​ September 30, 2020 ​ December 31, 2019 Current assets: ​ ​ ​ ​ ​ ​ Receivables related to contracts with customers ​ $ 14.2 ​ $ 160.3 Miscellaneous receivables ​ ​ 83.3 ​ ​ 93.9 Receivables, net ​ $ 97.5 ​ $ 254.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ (In millions) ​ September 30, 2020 ​ December 31, 2019 Current liabilities: ​ ​ ​ ​ ​ ​ Deferred revenue related to contracts with customers ​ $ 394.9 ​ $ 447.1 Miscellaneous deferred income ​ ​ 6.0 ​ ​ 2.1 Deferred revenue and income ​ $ 400.9 ​ $ 449.2
Customers included in deferred revenues and income
Disaggregation of Revenue [Line Items]
Schedule of changes in contract liabilities​ ​ ​ ​ ​ ​ ​ Deferred Revenues ​ ​ Related to Contracts (In millions) ​ with Customers Balance December 31, 2019 ​ $ 447.1 Cash received in advance ​ ​ 93.5 Customer loyalty rewards accumulated, net of expirations: ​ ​ ​ Admission revenues ​ ​ 6.8 Food and beverage ​ ​ 13.4 Other theatre ​ ​ (1.5) Reclassification to revenue as the result of performance obligations satisfied: ​ ​ ​ Admission revenues ​ ​ (112.0) Food and beverage ​ ​ (27.3) Other theatre ​ ​ (25.8) Foreign currency translation adjustment ​ ​ 0.7 Balance September 30, 2020 ​ $ 394.9 ​ (1) Includes movie tickets, food and beverage, gift cards, exchange tickets, and AMC Stubs ® loyalty membership fees. ​ (2) Amount of rewards accumulated, net of expirations, that are attributed to AMC Stubs ® and other loyalty programs. ​ (3) Amount of rewards redeemed that are attributed to gift cards, exchange tickets, movie tickets, AMC Stubs ® 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 ® loyalty membership fees and other loyalty programs.
Exhibitor services agreement
Disaggregation of Revenue [Line Items]
Schedule of changes in contract liabilities​ ​ ​ ​ ​ ​ ​ Exhibitor Services (In millions) ​ Agreement Balance December 31, 2019 $ 549.7 Common Unit Adjustment–additions of common units (1) ​ ​ 4.8 Reclassification of the beginning balance to other theatre revenue, as the result of performance obligations satisfied ​ ​ (12.5) Balance September 30, 2020 $ 542.0 (1) Represents the fair value amount of the National CineMedia, LLC (“NCM”) common units that were received under the annual Common Unit Adjustment (“CUA”). Such amount will increase the deferred revenues that are being amortized to other theatre revenues over the remainder of the 30 -year term of the Exhibitor Service Agreement (“ESA”) ending in February 2037.

GOODWILL (Tables)

GOODWILL (Tables)9 Months Ended
Sep. 30, 2020
GOODWILL.
Schedule of Activity of Goodwill​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In millions) Domestic Theatres International Theatres ​ 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) Currency translation adjustment ​ ​ — ​ ​ (13.6) ​ ​ (13.6) Balance September 30, 2020 ​ $ 1,796.5 ​ $ 1,077.9 ​ $ 2,874.4

INVESTMENTS (Tables)

INVESTMENTS (Tables)9 Months Ended
Sep. 30, 2020
INVESTMENTS
Schedule of Condensed Financial Information of Non-consolidated Equity Method Investments​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, September 30, September 30, September 30, (In millions) 2020 2019 2020 2019 Revenues $ 1.1 $ 40.1 $ 20.8 $ 125.8 Operating costs and expenses ​ ​ 31.7 ​ ​ 17.8 ​ ​ 100.5 ​ ​ 56.5 Net earnings (loss) $ (30.6) $ 22.3 $ (79.7) $ 69.3
Schedule of Components of Recorded Equity in Earnings (Losses) of Non-consolidated Entities​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, (In millions) 2020 2019 2020 2019 DCIP ​ $ (7.5) ​ $ 6.5 ​ $ (19.1) ​ $ 21.1 Other ​ (3.1) ​ 1.0 ​ (6.8) ​ 3.1 The Company’s recorded equity in earnings (loss) ​ $ (10.6) ​ $ 7.5 ​ $ (25.9) ​ $ 24.2
Schedule of Related Party Transactions with Equity Method Investees​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of As of (In millions) ​ September 30, 2020 December 31, 2019 Due from DCM for on-screen advertising revenue ​ $ 0.3 ​ $ 4.2 Loan receivable from DCM ​ ​ 0.7 ​ ​ 0.7 Due from DCIP for warranty expenditures ​ ​ 7.2 ​ ​ 3.5 Due to AC JV for Fathom Events programming ​ ​ (0.9) ​ ​ (0.8) Due from Screenvision for on-screen advertising revenue ​ ​ — ​ ​ 3.4 Due from Nordic JVs ​ ​ 2.3 ​ ​ 2.5 Due to Nordic JVs for management services ​ ​ (2.6) ​ ​ (1.6) Due from SCC related to the joint venture ​ ​ 1.2 ​ ​ 8.3 Due to U.S. theatre partnerships ​ ​ (0.5) ​ ​ (1.0) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended (In millions) ​ Condensed Consolidated Statement of Operations ​ September 30, 2020 September 30, 2019 ​ September 30, 2020 September 30, 2019 DCM screen advertising revenues ​ Other revenues ​ $ 0.2 ​ $ 5.5 ​ $ 3.8 ​ $ 14.7 DCIP equipment rental expense ​ Operating expense ​ ​ (0.3) ​ ​ 0.8 ​ ​ 0.6 ​ ​ 2.7 Gross exhibition cost on AC JV Fathom Events programming ​ Film exhibition costs ​ 0.1 ​ ​ 2.9 ​ 3.3 ​ ​ 13.0 Screenvision screen advertising revenues ​ Other revenues ​ ​ 0.1 ​ ​ 3.8 ​ ​ 2.2 ​ ​ 11.5

CORPORATE BORROWINGS (Tables)

CORPORATE BORROWINGS (Tables)9 Months Ended
Sep. 30, 2020
Summary of the carrying value of corporate borrowings and capital and financing lease obligations​ ​ ​ ​ ​ ​ ​ ​ (In millions) September 30, 2020 December 31, 2019 First Lien Secured Debt: ​ ​ ​ ​ ​ ​ Senior Secured Credit Facility-Term Loan due 2026 (4.08% as of September 30, 2020) ​ $ 1,970.0 ​ $ 1,985.0 Senior Secured Credit Facility-Revolving Credit Facility Due 2024 (range of 2.65% to 2.76% as of September 30, 2020) ​ ​ 212.7 ​ ​ — Odeon Revolving Credit Facility Due 2022 (2.5785% as of September 30, 2020) ​ ​ 88.2 ​ ​ — Odeon Revolving Credit Facility Due 2022 (2.6% as of September 30, 2020) ​ ​ 25.4 ​ ​ — 10.5% First Lien Notes due 2025 ​ ​ 500.0 ​ ​ — 2.95% Senior Secured Convertible Notes due 2026 ​ ​ 600.0 ​ ​ — 10.5% First Lien Notes due 2026 ​ ​ 300.0 ​ ​ — Second Lien Secured Debt: ​ ​ ​ ​ ​ ​ 10%/12%/Cash/PIK/Toggle Second Lien Subordinated Notes due 2026 ​ ​ 1,462.3 ​ ​ — Senior Debt: ​ ​ ​ ​ ​ ​ 2.95% Senior Unsecured Convertible Notes due 2024 ​ ​ — ​ ​ 600.0 Subordinated Debt: ​ ​ ​ ​ ​ ​ 6.375% Senior Subordinated Notes due 2024 (£4.0 million par value) ​ ​ 5.1 ​ ​ 655.8 5.75% Senior Subordinated Notes due 2025 ​ ​ 98.3 ​ ​ 600.0 5.875% Senior Subordinated Notes due 2026 ​ ​ 55.6 ​ ​ 595.0 6.125% Senior Subordinated Notes due 2027 ​ ​ 130.7 ​ ​ 475.0 ​ ​ $ 5,448.3 ​ $ 4,910.8 Finance lease obligations ​ 94.7 ​ 99.9 Paid-in-kind interest for 10%/12%/Cash/PIK/Toggle Second Lien Subordinated Notes due 2026 ​ ​ 29.8 ​ ​ — Deferred financing costs ​ ​ (43.8) ​ ​ (88.8) Net premium (discount) ​ ​ 389.5 ​ ​ (69.1) Derivative liability ​ ​ — ​ ​ 0.5 ​ ​ $ 5,918.5 ​ $ 4,853.3 Less: ​ ​ ​ ​ ​ ​ Current maturities corporate borrowings ​ ​ (20.0) ​ (20.0) Current maturities finance lease obligations ​ ​ (10.5) ​ ​ (10.3) ​ ​ $ 5,888.0 ​ $ 4,823.0 (1) The following table provides the net premium (discount) amounts of corporate borrowings: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, (In millions) ​ 2020 ​ 2019 10%/12%/Cash/PIK/Toggle Second Lien Subordinated Notes due 2026 ​ $ 500.1 ​ $ — 2.95% Senior Secured Convertible Notes due 2026 ​ ​ (64.0) ​ ​ — 2.95% Senior Unsecured Convertible Notes due 2024 ​ ​ — ​ ​ (73.7) 10.5% First Lien Notes due 2026 ​ (29.4) ​ — 10.5% First Lien Notes due 2025 ​ (9.3) ​ — Senior Secured Credit Facility-Term Loan due 2026 ​ ​ (7.9) ​ ​ (9.0) 6.375% Senior Subordinated Notes due 2024 ​ — ​ 13.6 ​ ​ $ 389.5 ​ $ (69.1)
Summary of net premium (discount) amounts of corporate borrowings​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, (In millions) ​ 2020 ​ 2019 10%/12%/Cash/PIK/Toggle Second Lien Subordinated Notes due 2026 ​ $ 500.1 ​ $ — 2.95% Senior Secured Convertible Notes due 2026 ​ ​ (64.0) ​ ​ — 2.95% Senior Unsecured Convertible Notes due 2024 ​ ​ — ​ ​ (73.7) 10.5% First Lien Notes due 2026 ​ (29.4) ​ — 10.5% First Lien Notes due 2025 ​ (9.3) ​ — Senior Secured Credit Facility-Term Loan due 2026 ​ ​ (7.9) ​ ​ (9.0) 6.375% Senior Subordinated Notes due 2024 ​ — ​ 13.6 ​ ​ $ 389.5 ​ $ (69.1)
Schedule of minimum annual payments required under existing capital and financing lease obligations (net present value thereof) and maturities of corporate borrowings​ ​ ​ ​ ​ ​ ​ Principal ​ ​ Amount of ​ ​ Corporate (In millions) Borrowings Three months ended December 31, 2020 ​ $ 5.0 2021 ​ ​ 20.0 2022 ​ 133.6 2023 ​ 20.0 2024 ​ 237.8 2025 ​ 618.3 Thereafter ​ 4,413.6 Total ​ $ 5,448.3
Summary of debt validly tendered and acceptedT he 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 ( ​ $ 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 %
Convertible Notes
Summary of the carrying value of corporate borrowings and capital and financing lease obligationsThe table below sets forth the carrying value of the Convertible Notes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value ​ Increase ​ Reclassification ​ Carrying Value ​ ​ as of ​ to Expense ​ to Additional ​ as of (In millions) ​ December 31, 2019 ​ (Income) ​ Paid-in Capital ​ September 30, 2020 Principal balance ​ $ 600.0 ​ $ — ​ $ — ​ $ 600.0 Discount ​ ​ (73.7) ​ ​ 9.7 ​ ​ — ​ ​ (64.0) Deferred financing costs ​ ​ (11.2) ​ ​ 1.3 ​ ​ — ​ ​ (9.9) Derivative liability ​ ​ 0.5 ​ ​ 89.4 ​ ​ (89.9) ​ ​ — Carrying value ​ $ 515.6 ​ $ 100.4 ​ $ (89.9) ​ $ 526.1

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)9 Months Ended
Sep. 30, 2020
STOCKHOLDERS' EQUITY
Schedule of the Dividends and Dividend Equivalents Paid​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount per ​ Total Amount ​ ​ ​ Share of Declared Declaration Date ​ Record Date ​ Date Paid ​ Common Stock ​ (In millions) February 26, 2020 ​ March 9, 2020 ​ March 23, 2020 ​ $ 0.03 ​ $ 3.2
Schedule of Stockholder's Equity​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A Voting ​ Class B Voting ​ Additional ​ ​ ​ Other ​ Accumulated ​ Total AMC ​ ​ ​ ​ ​ ​ Common Stock ​ Common Stock ​ Paid-in ​ Treasury Stock ​ Comprehensive ​ Earnings ​ Stockholders’ ​ Noncontrolling ​ Total (In millions, except share and per share data) Shares Amount Shares Amount Capital ​ Shares Amount Income (Loss) (Deficit) Equity (Deficit) ​ Interests ​ Equity Balances December 31, 2019 ​ 52,080,077 ​ $ 0.5 ​ 51,769,784 ​ $ 0.5 ​ $ 2,001.9 ​ 3,732,625 ​ $ (56.4) ​ $ (26.1) ​ $ (706.2) ​ $ 1,214.2 ​ $ — ​ $ 1,214.2 Cumulative effect adjustment for the adoption of new accounting principle (ASU 2016-13) ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ (16.9) ​ ​ (16.9) ​ ​ — ​ ​ (16.9) Net loss ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ (2,176.3) ​ ​ (2,176.3) ​ ​ — ​ ​ (2,176.3) Other comprehensive loss ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ (93.5) ​ ​ — ​ ​ (93.5) ​ ​ — ​ ​ (93.5) Dividends declared: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A common stock, $0.03/share, net of forfeitures ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ (1.6) ​ ​ (1.6) ​ ​ — ​ ​ (1.6) Class B common stock, $0.03/share ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ (1.6) ​ ​ (1.6) ​ ​ — ​ ​ (1.6) Taxes paid for restricted unit withholdings ​ — ​ ​ — ​ — ​ ​ — ​ ​ (1.0) ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (1.0) ​ ​ — ​ ​ (1.0) Stock-based compensation ​ 469,516 ​ ​ — ​ — ​ ​ — ​ ​ 2.7 ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 2.7 ​ ​ — ​ ​ 2.7 Balances March 31, 2020 ​ 52,549,593 ​ $ 0.5 ​ 51,769,784 ​ $ 0.5 ​ $ 2,003.6 ​ 3,732,625 ​ $ (56.4) ​ $ (119.6) ​ $ (2,902.6) ​ $ (1,074.0) ​ $ — ​ $ (1,074.0) Net loss ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ (561.2) ​ ​ (561.2) ​ ​ — ​ ​ (561.2) Other comprehensive income ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ 56.0 ​ ​ — ​ ​ 56.0 ​ ​ — ​ ​ 56.0 Dividends declared: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A common stock, accrued dividend forfeitures ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ 0.1 ​ ​ 0.1 ​ ​ — ​ ​ 0.1 Stock-based compensation ​ — ​ ​ — ​ — ​ ​ — ​ ​ 3.7 ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 3.7 ​ ​ — ​ ​ 3.7 Balances June 30, 2020 ​ 52,549,593 ​ $ 0.5 ​ 51,769,784 ​ $ 0.5 ​ $ 2,007.3 ​ 3,732,625 ​ $ (56.4) ​ $ (63.6) ​ $ (3,463.7) ​ $ (1,575.4) ​ $ — ​ $ (1,575.4) Net loss ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ (905.8) ​ ​ (905.8) ​ ​ — ​ ​ (905.8) Other comprehensive income ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ 11.6 ​ ​ — ​ ​ 11.6 ​ ​ — ​ ​ 11.6 Baltics noncontrolling capital contribution ​ — ​ ​ — ​ — ​ ​ — ​ ​ 1.8 ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1.8 ​ ​ 34.7 ​ ​ 36.5 Class A common stock issuance ​ 600,000 ​ ​ — ​ — ​ ​ — ​ ​ 2.8 ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 2.8 ​ ​ — ​ ​ 2.8 Exchange Offer Class A common stock issuance ​ 5,000,000 ​ ​ 0.1 ​ — ​ ​ — ​ ​ 20.1 ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 20.2 ​ ​ — ​ ​ 20.2 Derivative asset valuation allowance adjustment ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ (2.4) ​ ​ (2.4) ​ ​ — ​ ​ (2.4) Reclassification of derivative liability and derivative asset for Conversion Price Reset of Convertible Notes due 2026 ​ — ​ ​ — ​ — ​ ​ — ​ ​ 89.9 ​ — ​ ​ — ​ ​ — ​ ​ (15.9) ​ ​ 74.0 ​ ​ — ​ ​ 74.0 Stock-based compensation ​ — ​ ​ — ​ — ​ ​ — ​ ​ 3.1 ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 3.1 ​ ​ — ​ ​ 3.1 Balances September 30, 2020 ​ 58,149,593 ​ $ 0.6 ​ 51,769,784 ​ $ 0.5 ​ $ 2,125.0 ​ 3,732,625 ​ $ (56.4) ​ $ (52.0) ​ $ (4,387.8) ​ $ (2,370.1) ​ $ 34.7 ​ $ (2,335.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ Class A Voting ​ Class B Voting ​ Additional ​ ​ ​ ​ ​ ​ Other ​ Accumulated ​ Total ​ ​ Common Stock ​ Common Stock ​ Paid-in ​ Treasury Stock ​ Comprehensive ​ Earnings ​ Stockholders’ (In millions, except share and per share data) Shares Amount Shares Amount Capital ​ Shares Amount Income (Loss) (Deficit) Equity Balances December 31, 2018 ​ 55,401,325 ​ $ 0.5 ​ 51,769,784 ​ $ 0.5 ​ $ 1,998.4 ​ 3,732,625 ​ $ (56.4) ​ $ 5.5 ​ $ (550.9) ​ $ 1,397.6 Cumulative effect adjustments for the adoption of new accounting principle (ASU 842) ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ 78.8 ​ ​ 78.8 Net loss ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ (130.2) ​ ​ (130.2) Other comprehensive loss ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ (24.9) ​ ​ — ​ ​ (24.9) Dividends declared: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A common stock, $0.20/share ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ (10.7) ​ ​ (10.7) Class B common stock, $0.20/share ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ (10.4) ​ ​ (10.4) Taxes paid for restricted unit withholdings ​ — ​ ​ — ​ — ​ ​ — ​ ​ (1.1) ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (1.1) Reclassification from temporary equity ​ 75,712 ​ ​ — ​ — ​ ​ — ​ ​ 0.4 ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.4 Stock-based compensation ​ 328,904 ​ ​ — ​ — ​ ​ — ​ ​ 4.0 ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 4.0 Balances March 31, 2019 ​ 55,805,941 ​ $ 0.5 ​ 51,769,784 ​ $ 0.5 ​ $ 2,001.7 ​ 3,732,625 ​ $ (56.4) ​ $ (19.4) ​ $ (623.4) ​ $ 1,303.5 Cumulative effect adjustments for the adoption of new accounting principle (ASU 842) ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ (2.6) ​ ​ (2.6) Net earnings ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ 49.4 ​ ​ 49.4 Other comprehensive loss ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ (9.2) ​ ​ — ​ ​ (9.2) Dividends declared: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A common stock, $0.20/share, net of forfeitures ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ (10.7) ​ ​ (10.7) Class B common stock, $0.20/share ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ (10.4) ​ ​ (10.4) Taxes paid for restricted unit withholdings ​ — ​ ​ — ​ — ​ ​ — ​ ​ (0.3) ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.3) Stock-based compensation ​ 3,096 ​ ​ — ​ — ​ ​ — ​ ​ 5.4 ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 5.4 Balances June 30, 2019 ​ 55,809,037 ​ $ 0.5 ​ 51,769,784 ​ $ 0.5 ​ $ 2,006.8 ​ 3,732,625 ​ $ (56.4) ​ $ (28.6) ​ $ (597.7) ​ $ 1,325.1 Net loss ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ (54.8) ​ ​ (54.8) Other comprehensive loss ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ (68.1) ​ ​ — ​ ​ (68.1) Dividends declared: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A common stock, $0.20/share, net of forfeitures ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ (10.6) ​ ​ (10.6) Class B common stock, $0.20/share ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ (10.4) ​ ​ (10.4) Stock-based compensation ​ 3,665 ​ ​ — ​ — ​ ​ — ​ ​ 2.1 ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 2.1 Balances September 30, 2019 ​ 55,812,702 ​ $ 0.5 ​ 51,769,784 ​ $ 0.5 ​ $ 2,008.9 ​ 3,732,625 ​ $ (56.4) ​ $ (96.7) ​ $ (673.5) ​ $ 1,183.3

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)9 Months Ended
Sep. 30, 2020
FAIR VALUE MEASUREMENTS
Schedule of Fair Value Hierarchy of Financial Assets Carried at Fair Value on a Recurring Basis​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at September 30, 2020 Using ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ Total Carrying Quoted prices in Significant other unobservable ​ ​ Value at ​ active market ​ observable inputs ​ inputs (In millions) ​ September 30, 2020 ​ (Level 1) ​ (Level 2) ​ (Level 3) Other long-term assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market mutual funds ​ $ 1.2 ​ $ 1.2 ​ $ — ​ $ — Investments measured at net asset value ​ ​ 10.5 ​ — ​ — ​ — Marketable equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment in NCM ​ ​ 3.8 ​ ​ 3.8 ​ ​ — ​ ​ — Total assets at fair value ​ $ 15.5 ​ $ 5.0 ​ $ — ​ $ — (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.
Summary of fair value hierarchy of the Company's assets that were measured at fair value on a nonrecurring basis​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at September 30, 2020 Using ​ ​ ​ ​ ​ ​ ​ Significant other Significant ​ ​ ​ Total Carrying ​ Quoted prices in ​ observable ​ unobservable ​ ​ ​ ​ ​ Value at ​ active market ​ inputs ​ inputs ​ Total (In millions) September 30, 2020 (Level 1) (Level 2) (Level 3) Losses Property, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property net ​ $ 14.3 ​ $ — ​ $ — ​ $ 14.3 ​ $ 8.5 Operating lease right-of-use assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets ​ ​ 56.8 ​ ​ — ​ ​ — ​ ​ 56.8 ​ ​ 19.6 Intangible assets, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Definite-lived intangible assets ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 6.4 Indefinite-lived intangible assets ​ ​ 43.8 ​ ​ — ​ ​ — ​ ​ 43.8 ​ ​ 4.6 Goodwill ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ ​ 2,874.4 ​ ​ — ​ ​ — ​ ​ 2,874.4 ​ ​ 156.8 Total ​ $ 2,989.3 ​ $ — ​ $ — ​ $ 2,989.3 ​ $ 195.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at March 31, 2020 Using ​ ​ ​ ​ ​ ​ Significant other Significant ​ ​ ​ ​ Total Carrying ​ Quoted prices in ​ observable ​ unobservable ​ ​ ​ ​ ​ Value at ​ active market ​ inputs ​ inputs ​ Total (In millions) March 31, 2020 (Level 1) (Level 2) (Level 3) Losses Property, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property net ​ $ 40.5 ​ $ — ​ $ — ​ $ 40.5 ​ $ 30.9 Operating lease right-of-use assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets ​ ​ 124.0 ​ ​ — ​ ​ — ​ ​ 124.0 ​ ​ 60.4 Intangible assets, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Definite-lived intangible assets ​ ​ 6.6 ​ ​ — ​ ​ — ​ ​ 6.6 ​ ​ 8.0 Indefinite-lived intangible assets ​ ​ 50.3 ​ ​ — ​ ​ — ​ ​ 50.3 ​ ​ 8.3 Goodwill ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ ​ 2,938.0 ​ ​ — ​ ​ — ​ ​ 2,938.0 ​ ​ 1,744.3 Other long-term assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost method investments ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 7.2 Total ​ $ 3,159.4 ​ $ — ​ $ — ​ $ 3,159.4 ​ $ 1,859.1
Schedule of Fair Value of Financial Instruments Not Recognized at Fair Value for Which It Is Practicable to Estimate Fair Value​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at September 30, 2020 ​ ​ ​ ​ Significant other Significant ​ ​ Total Carrying ​ Quoted prices in ​ observable ​ unobservable ​ ​ Value at ​ active market ​ inputs ​ inputs (In millions) ​ September 30, 2020 ​ (Level 1) ​ (Level 2) ​ (Level 3) Current maturities of corporate borrowings ​ $ 20.0 ​ $ — ​ $ 12.8 ​ $ — Corporate borrowings ​ 5,803.8 ​ — ​ 2,594.0 ​ ​ 278.8

OPERATING SEGMENT (Tables)

OPERATING SEGMENT (Tables)9 Months Ended
Sep. 30, 2020
OPERATING SEGMENTS
Schedule of financial information by reportable operating segment​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, Revenues (In millions) 2020 ​ 2019 ​ 2020 2019 U.S. markets ​ $ 47.3 ​ $ 970.7 ​ $ 724.3 $ 2,999.1 International markets ​ ​ 72.2 ​ ​ 346.1 ​ ​ 355.6 ​ 1,024.2 Total revenues ​ $ 119.5 ​ $ 1,316.8 ​ $ 1,079.9 $ 4,023.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, Adjusted EBITDA (1) (In millions) 2020 2019 ​ 2020 2019 U.S. markets ​ $ (259.1) ​ $ 116.3 ​ $ (504.5) ​ $ 395.8 International markets ​ ​ (75.4) ​ ​ 40.2 ​ ​ (167.2) ​ ​ 106.5 Total Adjusted EBITDA ​ $ (334.5) ​ $ 156.5 ​ $ (671.7) ​ $ 502.3 (1) The Company presents Adjusted EBITDA as a supplemental measure of its performance. The Company defines Adjusted EBITDA as net earnings (loss) plus (i) income tax provision (benefit), (ii) interest expense and (iii) depreciation and amortization, as further adjusted to eliminate the impact of certain items that the Company does not consider indicative of the Company’s 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’s debt indentures. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, Capital Expenditures (In millions) 2020 2019 ​ 2020 2019 U.S. markets ​ $ 18.3 ​ $ 84.3 ​ $ 100.1 ​ $ 243.9 International markets ​ ​ 11.0 ​ ​ 34.0 ​ ​ 55.9 ​ ​ 104.3 Total capital expenditures ​ $ 29.3 ​ $ 118.3 ​ $ 156.0 ​ $ 348.2
Schedule of information about the Company's revenues from continuing operations and assets by geographic area​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of Long-term assets, net (In millions) ​ September 30, 2020 ​ December 31, 2019 U.S. markets ​ $ 7,090.2 ​ $ 9,039.6 International markets ​ ​ 3,177.4 ​ ​ 3,963.1 Total long-term assets ​ $ 10,267.6 ​ $ 13,002.7 (1) Long-term assets are comprised of property, operating lease right-of-use assets, intangible assets, goodwill, deferred tax assets, and other long-term assets.
Schedule of reconciliation of net earnings to Adjusted EBITDA​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, September 30, September 30, September 30, (In millions) ​ 2020 ​ 2019 2020 ​ 2019 Net loss attributable to AMC Entertainment Holdings, Inc. ​ $ (905.8) ​ $ (54.8) ​ $ (3,643.3) ​ $ (135.6) Plus: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax provision (benefit) ​ 4.6 ​ (0.2) ​ 66.7 ​ 10.9 Interest expense ​ 94.3 ​ 85.1 ​ 268.3 ​ 255.1 Depreciation and amortization ​ 123.5 ​ 112.1 ​ 365.7 ​ 337.1 Impairment of long-lived assets, definite and indefinite-lived intangible assets and goodwill ​ 195.9 ​ — ​ 2,047.8 ​ — Certain operating expenses ​ 1.8 ​ 5.3 ​ 2.4 ​ 10.1 Equity in (earnings) loss of non-consolidated entities ​ 10.6 ​ (7.5) ​ 25.9 ​ (24.2) Cash distributions from non-consolidated entities ​ 3.7 ​ 4.7 ​ 17.4 ​ 17.0 Attributable EBITDA ​ ​ (1.4) ​ ​ 0.9 ​ ​ (0.9) ​ ​ 3.8 Investment expense (income) ​ (4.1) ​ (0.5) ​ 4.0 ​ (18.7) Other expense (income) ​ 138.5 ​ (1.5) ​ 163.5 ​ 4.6 Other non-cash rent ​ ​ (0.2) ​ ​ 6.1 ​ ​ (1.7) ​ ​ 19.5 General and administrative — unallocated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Merger, acquisition and other costs ​ 1.0 ​ 4.7 ​ 3.0 ​ 11.2 Stock-based compensation expense ​ 3.1 ​ 2.1 ​ 9.5 ​ 11.5 Adjusted EBITDA ​ $ (334.5) ​ $ 156.5 ​ $ (671.7) ​ $ 502.3 (1) For information regarding the income tax provision, see Note 8 — Income Taxes. (2) During the three months ended September 30, 2020, the Company recorded goodwill non-cash impairment charges of $151.2 million and $5.6 million related to the enterprise fair value of the Domestic Theatres and International Theatres reporting units, respectively. The Company recorded non-cash impairment charges related to its long-lived assets of $28.1 million on 49 theatres in the U.S. markets with 527 screens which were related to property, net, operating lease right-of-use assets, net and other long-term assets and $0 in the International markets during the three months ended September 30, 2020. The Company recorded non-cash impairment charges related to definite-lived intangible assets of $6.4 million in the Domestic Theatres reporting unit and indefinite-lived intangible assets of $4.5 million and $0.1 million related to the Odeon and Nordic tradenames, respectively, in the International Theatres reporting unit during the three months ended September 30, 2020. During the nine months ended September 30, 2020, the Company recorded goodwill non-cash impairment charges of $1,276.1 million and $625.0 million related to the enterprise fair values of the Domestic Theatres and International Theatres reporting units, respectively. During the nine months ended September 30, 2020, the Company recorded non-cash impairment charges related to its long-lived assets of $109.5 million on 75 theatres in the U.S. markets with 851 screens which were related to property, net, operating lease right-of-use assets, net and other long-term assets and $9.9 million on 23 theatres in the International markets with 213 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 $10.4 million and $2.5 million related to the Odeon and Nordic tradenames, respectively, in the International Theatres reporting unit during the nine months ended September 30, 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 nine months ended September 30, 2020. (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 was primarily due to equity in loss from DCIP of $7.5 million for the three months ended September 30, 2020 compared to equity in earnings from DCIP of $6.5 million for the three months ended September 30, 2019. Equity in (earnings) loss of non-consolidated entities was primarily due to equity in loss from DCIP of $19.1 million for the nine months ended September 30, 2020 compared to equity in earnings from DCIP of $21.1 million for the nine months ended September 30, 2019. (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’s 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’s 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’s gift card and package ticket program. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, September 30, September 30, September 30, ​ (In millions) ​ 2020 ​ 2019 2020 ​ 2019 ​ Equity in (earnings) loss of non-consolidated entities ​ $ 10.6 ​ $ (7.5) ​ $ 25.9 ​ $ (24.2) ​ Less: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity in (earnings) loss of non-consolidated entities excluding International theatre joint ventures ​ ​ 8.7 ​ ​ (7.4) ​ ​ 23.0 ​ ​ (23.2) ​ Equity in earnings (loss) of International theatre joint ventures ​ ​ (1.9) ​ ​ 0.1 ​ ​ (2.9) ​ ​ 1.0 ​ Income tax provision (benefit) ​ ​ — ​ ​ 0.1 ​ ​ (0.1) ​ ​ 0.2 ​ Investment income ​ ​ (0.4) ​ ​ (0.1) ​ ​ (0.6) ​ ​ (0.6) ​ Interest expense ​ ​ 0.1 ​ ​ — ​ ​ 0.1 ​ ​ 0.1 ​ Depreciation and amortization ​ ​ 0.7 ​ ​ 0.5 ​ ​ 2.2 ​ ​ 2.8 ​ Other expense ​ ​ 0.1 ​ ​ 0.3 ​ ​ 0.4 ​ ​ 0.3 ​ Attributable EBITDA ​ $ (1.4) ​ $ 0.9 ​ $ (0.9) ​ $ 3.8 ​ ​ (7) For the three months ended September 30, 2020 compared to the three months ended September 30, 2019, the Company recorded increases in other expense related to financing fees of $36.3 million due to the Exchange Offers, increases in other expense due to the change in fair value of the Company’s derivative liability of $84.2 million for the embedded conversion feature in the Company’s Convertible Notes due 2026, increases in other expense due to the change in fair value of the Company’s derivative asset of $14.4 million for the contingent call option related to the Class B common stock purchase and cancellation agreement, and increases in other expense for credit losses due to contingent lease guarantees of $6.1 million. For the nine months ended September 30, 2020 compared to the nine months ended September 30, 2019, the Company recorded increases in other expense related to financing fees of $39.1 million due to the Exchange Offers, increases in other expense due to the change in fair value of the Company’s derivative liability of $104.3 million for the embedded conversion feature in the Company’s Convertible Notes due 2026, increases in other expense due to the change in fair value of the Company’s derivative asset of $20.1 million for the contingent call option related to the Class B common stock purchase and cancellation agreement, and increase in other expense for the credit losses related to contingent lease guarantees of $15.3 million. For the nine months ended September 30, 2019, the Company recorded a loss on repayment of indebtedness of $16.6 million. See Note 1 —Basis of Presentation for further information related to other expense (income). (8) Reflects amortization expense for certain intangible assets reclassified from depreciation and amortization to rent expense due to the adoption of ASC 842 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 expense included in general and administrative: other.

LOSS PER SHARE (Tables)

LOSS PER SHARE (Tables)9 Months Ended
Sep. 30, 2020
LOSS PER SHARE
Schedule of Computation of basic and diluted earnings (loss) per common share​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, (In millions) 2020 2019 2020 2019 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss for basic loss per share ​ $ (905.8) ​ $ (54.8) ​ $ (3,643.3) ​ $ (135.6) Net loss for diluted loss per share ​ $ (905.8) ​ $ (54.8) ​ $ (3,643.3) ​ $ (135.6) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares for basic loss per common share ​ 107,695 ​ 103,850 ​ 105,428 ​ 103,826 Weighted average shares for diluted loss per common share ​ ​ 107,695 ​ ​ 103,850 ​ ​ 105,428 ​ ​ 103,826 Basic loss per common share ​ $ (8.41) ​ $ (0.53) ​ $ (34.56) ​ $ (1.31) Diluted loss per common share ​ $ (8.41) ​ $ (0.53) ​ $ (34.56) ​ $ (1.31)

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details)9 Months Ended
Sep. 30, 2020USD ($)itemOct. 30, 2020
Schedule of Equity Method Investments [Line Items]
Ownership percentage49.00%
Minimum charge for private screening | $ $ 99
Maximum
Schedule of Equity Method Investments [Line Items]
Ownership percentage50.00%
Number of people allowed for private screening | item20
Wanda
Schedule of Equity Method Investments [Line Items]
Ownership percentage47.10%37.68%
Combined voting power held in Holdings (as a percent)72.76%64.46%

BASIS OF PRESENTATION - Covid 1

BASIS OF PRESENTATION - Covid 19 impact (Details) $ / shares in Units, $ in MillionsOct. 31, 2020USD ($)sharesOct. 23, 2020USD ($)sharesOct. 16, 2020itemSep. 04, 2020itemAug. 26, 2020itemAug. 20, 2020itemJul. 31, 2020USD ($)Oct. 31, 2020USD ($)itemsharesJul. 31, 2020USD ($)itemSep. 30, 2020USD ($)sharesJun. 30, 2020itemcountrySep. 30, 2020USD ($)itemsharesSep. 30, 2019USD ($)Oct. 20, 2020sharesSep. 24, 2020sharesMar. 31, 2020$ / sharesDec. 31, 2019shares
BASIS OF PRESENTATION
Dividend decrease per share | $ / shares $ 0.17
Payment of deferred financing costs $ 15.2 $ 11.7
Debt exchange amount $ 1,700 $ 1,700
Amortization of net discount (premium) on corporate borrowings to interest expense(4.2)8.1
Payment of accrued and unpaid interest15.2 $ 11.7
Cash burn $ 388
Third party costs39
Interest paid on exchange offers $ 23.3
Class A common stock
BASIS OF PRESENTATION
Gross proceeds $ 2.8
Number of shares authorized | shares524,173,073 524,173,073 524,173,073
Class A common stock | Equity Distribution Agreement [Member]
BASIS OF PRESENTATION
Gross proceeds $ 2.9 $ 2.9
Number of shares issued | shares600,000 15,000,000
Number of shares authorized | shares15,000,000
International markets
BASIS OF PRESENTATION
Number of theatres reopened | item261 37
Revenue as percentage from same theatres93.00%
Number of guests | item100,000 4,637,000
Total number of theatres in international markets | item358
Number of countries theatres reopened | country9
Revenue percentage from theatres reopened91.00%
Percentage of decline in attendance74.00%
U.S.
BASIS OF PRESENTATION
Number of theatres reopened | item142 170 115 467
Revenue as percentage from same theatres73.00%
Number of guests | item1,973,000
Revenue percentage from theatres reopened78.00%
Theatres under lease and partnership | item182 321
Percentage of decline in attendance83.00%
Percentage of previous year's revenue from theatres left to reopen15.00%
10.5 % First Lien Notes due 2025
BASIS OF PRESENTATION
Proceeds from issuance of First Lien Notes $ 490
First Lien Notes due 2026
BASIS OF PRESENTATION
Payment of deferred financing costs $ 6
Proceeds from issuance of First Lien Notes270
Amortization of net discount (premium) on corporate borrowings to interest expense30
Payment of accrued and unpaid interest $ 6
10.5 % First Lien Notes due 2026
BASIS OF PRESENTATION
Stated interest rate (as a percent)10.50%10.50%
Proceeds from issuance of First Lien Notes $ 270
Second Lien Notes due 2026
BASIS OF PRESENTATION
Debt instrument, exchange of debt ( Percentage)87.00%
Minimum | International markets
BASIS OF PRESENTATION
Seating capacity of theatres reopened, percentage25.00%
Minimum | U.S.
BASIS OF PRESENTATION
Seating capacity of theatres reopened, percentage25.00%
Minimum | Second Lien Notes due 2026
BASIS OF PRESENTATION
Stated interest rate (as a percent)10.00%10.00%
Cash savings due to interest paid in cash or in-kind $ 120
Minimum | Senior Subordinated Notes
BASIS OF PRESENTATION
Cash savings due to interest paid in cash or in-kind120
Maximum | International markets
BASIS OF PRESENTATION
Seating capacity of theatres reopened, percentage50.00%
Maximum | U.S.
BASIS OF PRESENTATION
Seating capacity of theatres reopened, percentage40.00%
Maximum | Second Lien Notes due 2026
BASIS OF PRESENTATION
Stated interest rate (as a percent)12.00%12.00%
Cash savings due to interest paid in cash or in-kind $ 180
Maximum | Senior Subordinated Notes
BASIS OF PRESENTATION
Cash savings due to interest paid in cash or in-kind $ 180
Covid 19
BASIS OF PRESENTATION
Cash savings from dividend decrease $ 59.1 59.1
Expected refund17.4
Cash tax refunds received $ 7.1
Covid 19 | Minimum
BASIS OF PRESENTATION
Salary reduction percentage20.00%
Covid 19 | Maximum
BASIS OF PRESENTATION
Salary reduction percentage100.00%
Subsequent Events | Class A common stock | Equity Distribution Agreement [Member]
BASIS OF PRESENTATION
Gross proceeds $ 33.8 $ 33.8 $ 53.2
Number of shares issued | shares11,800,000 11,800,000 14,400,000
Number of shares authorized | shares15,000,000
Subsequent Events | International markets
BASIS OF PRESENTATION
Theatres under lease and partnership | item261
Subsequent Events | U.S.
BASIS OF PRESENTATION
Number of theatres reopened | item539
Total number of theatres in domestic markets | item600
Percentage of theatres remaining to be opened10.00%
Subsequent Events | Maximum | Class A common stock | Equity Distribution Agreement [Member]
BASIS OF PRESENTATION
Number of shares authorized | shares15,000,000

BASIS OF PRESENTATION - Princip

BASIS OF PRESENTATION - Principles of Consolidation (Details)9 Months Ended
Sep. 30, 2020segment
BASIS OF PRESENTATION
Number of reportable segments2

BASIS OF PRESENTATION - Baltics

BASIS OF PRESENTATION - Baltics' theatre sale agreement (Details) € in Thousands, $ in MillionsAug. 28, 2020USD ($)itemSep. 30, 2020USD ($)Sep. 30, 2020USD ($)Aug. 28, 2020EUR (€)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Transaction cost $ 1
Equity Method Investment, Ownership Percentage49.00%49.00%
Stockholders' Equity Attributable to Noncontrolling Interest $ 34.7 $ 34.7
Forum Cinemas OU [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity Method Investment, Ownership Percentage49.00%49.00%49.00%49.00%
Stockholders' Equity Attributable to Noncontrolling Interest $ 34.7 $ 34.7
Noncontrolling interest, ownership percentage49
Forum Cinemas OU [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Theatres | item9
Gross consideration | € € 77,250
Cash $ 76.6 64,350
Net Consideration37.5 € 31,530
Net loss on disposal2.8 $ 2.8
Goodwill, net48.6 48.6
Property net15.9 15.9
Operating lease right-of-use assets, net16 16
Operating lease liability, current2.3 2.3
Long term lease liability $ 14.1 $ 14.1
Equity Method Investment, Ownership Percentage51.00%51.00%
Stockholders' Equity Attributable to Noncontrolling Interest $ 34.9
Number of separate transactions | item3

BASIS OF PRESENTATION - AOCL an

BASIS OF PRESENTATION - AOCL and Accumulated Depreciation and Amortization (Details) - USD ($) $ in Millions9 Months Ended
Sep. 30, 2020Dec. 31, 2019
Accumulated other comprehensive loss
Balance at the beginning of the period $ 1,214.2
Balance at the end of the period(2,370.1)
Accumulated depreciation and amortization
Accumulated depreciation2,143.9 $ 1,820.1
Accumulated amortization34.8 $ 22.8
Foreign Currency
Accumulated other comprehensive loss
Balance at the beginning of the period(8.8)
Other comprehensive loss before reclassifications(26.8)
Balance at the end of the period(35.6)
Pension and Other Benefits
Accumulated other comprehensive loss
Balance at the beginning of the period(17.3)
Amounts reclassified from accumulated other comprehensive loss0.9
Balance at the end of the period(16.4)
Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss
Balance at the beginning of the period(26.1)
Other comprehensive loss before reclassifications(26.8)
Amounts reclassified from accumulated other comprehensive loss0.9
Balance at the end of the period $ (52)

BASIS OF PRESENTATION - Other E

BASIS OF PRESENTATION - Other Expense (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019
BASIS OF PRESENTATION
Derivative liability fair value adjustment for embedded conversion feature in the Convertible Notes $ 89.9 $ 5.7 $ 89.4 $ (14.9)
Derivative asset fair value adjustment for contingent call option related to the Class B common stock purchase and cancellation agreement5.9 (8.5)19.6 (0.5)
Credit losses related to contingent lease guarantees6.1 15.3
International governmental assistance due to COVID-19(13.5)(17.9)
Loss on Pound sterling forward contract0.7 1.7
Foreign currency transactions losses0.1 0.1 0.7
Non-operating components of net periodic benefit cost0.2 0.3 0.3 0.8
Loss on repayment of indebtedness16.6
Financing fees related to modification of debt agreements36.3 39.1
Other0.4 (0.5)0.7
Total other expense (income) $ 125 $ (1.3) $ 145.3 $ 5.1

BASIS OF PRESENTATION - Impairm

BASIS OF PRESENTATION - Impairment of assets (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2020Mar. 31, 2020Sep. 30, 2020
BASIS OF PRESENTATION
Impairment of long-lived assets, indefinite-lived intangible assets and goodwill $ 28.1 $ 119.4
Impairment of indefinite-lived intangible assets4.6 12.9
Impairment of definite-lived intangible assets6.4 14.4
Impairment of goodwill156.8 $ 1,744.3 1,901.1
Investment expense7.2
Total impairment loss $ 195.9 $ 2,055

BASIS OF PRESENTATION - Impai_2

BASIS OF PRESENTATION - Impairment narratives (Details) $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2020USD ($)itemSep. 30, 2020USD ($)item
Impairment losses
Impairment of long-lived assets, indefinite-lived intangible assets and goodwill $ 28.1 $ 119.4
Impairment of definite-lived intangible assets6.4 14.4
Investment expense7.2
Impairment of indefinite-lived intangible assets4.6 12.9
Oden Trade Names
Impairment losses
Impairment of indefinite-lived intangible assets4.5 10.4
Nordic Trade Names
Impairment losses
Impairment of indefinite-lived intangible assets0.1 2.5
AMC trade name
Impairment losses
Impairment of indefinite-lived intangible assets0 0
U.S.
Impairment losses
Impairment of long-lived assets, indefinite-lived intangible assets and goodwill $ 28.1 $ 109.5
Tangible asset impairment, number of theatres | item49 75
Tangible asset impairment, number of screens | item527 851
International markets
Impairment losses
Impairment of long-lived assets, indefinite-lived intangible assets and goodwill $ 0 $ 9.9
Tangible asset impairment, number of theatres | item23
Tangible asset impairment, number of screens | item213
Investment Income Expense Net
Impairment losses
Investment expense $ 0 $ 7.2

BASIS OF PRESENTATION - Account

BASIS OF PRESENTATION - Accounting Pronouncements Recently Adopted (Details) - USD ($) $ in MillionsSep. 30, 2020Jun. 30, 2020Mar. 31, 2020Dec. 31, 2019
BASIS OF PRESENTATION
Cumulative effect adjustments for the adoption of new accounting principles $ (2,335.4) $ (1,575.4) $ (1,074) $ 1,214.2
ASU 2016-13
BASIS OF PRESENTATION
Cumulative effect adjustments for the adoption of new accounting principles $ 16.9

LEASES - Lease costs (Details)

LEASES - Lease costs (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019
Lessee, Lease, Description [Line Items]
Lease liabilities included in current maturities $ 31.4 $ 31.4
Deferred and included long-term operating lease liabilities47.7 47.7
Accounts payable for contractual amounts due185.1 185.1
Deferred lease payments66.3 66.3
Interest on lease liabilities1.4 $ 1.8 4.5 $ 6
Total lease cost222.8 256.5 710.5 796.2
Depreciation and amortization
Lessee, Lease, Description [Line Items]
Amortization of finance lease assets1.6 2.1 5.2 7.3
Finance lease obligations
Lessee, Lease, Description [Line Items]
Interest on lease liabilities1.4 1.8 4.5 6
Theatres | Rent
Lessee, Lease, Description [Line Items]
Operating lease cost198.6 219 619.4 658.6
Variable lease cost15.7 19.7 56.8 68
Theatres | Operating expense
Lessee, Lease, Description [Line Items]
Operating lease cost0.3 1.6 2.6 4.5
Equipment | Operating expense
Lessee, Lease, Description [Line Items]
Operating lease cost3.8 3.5 11.5 10.5
Variable lease cost7.4 6.6 37.2
Variable lease cost0.1
Office And Other | General and administrative: other
Lessee, Lease, Description [Line Items]
Operating lease cost $ 1.3 $ 1.4 $ 3.9 $ 4.1

LEASES - Cash flow information

LEASES - Cash flow information (Details) - USD ($) $ in Millions9 Months Ended
Sep. 30, 2020Sep. 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in finance leases $ (1.8) $ (6)
Operating cash flows used in operating leases(316.7)(703.5)
Financing cash flows used in finance leases(4.5)(8.5)
Landlord contributions:
Operating cashflows provided by operating leases31.9 89
Supplemental disclosure of noncash leasing activities:
Right-of-use assets obtained in exchange for new operating lease liabilities $ 139.1 $ 304.4

LEASES - Lease terms and discou

LEASES - Lease terms and discount rates (Details)Sep. 30, 2020
LEASES
Operating leases, weighted average remaining lease term10 years 6 months
Finance leases, weighted average remaining lease term12 years 8 months 12 days
Operating leases, weighted average discount rate9.80%
Finance leases, weighted average discount rate6.40%

LEASES - Minimum annual payment

LEASES - Minimum annual payments under leases (Details) - USD ($) $ in MillionsSep. 30, 2020Dec. 31, 2019
Operating Lease Payments
Three months ending December 31, 2020 $ 199
2021986.4
2022922.5
2023830.1
2024763.7
2025728.2
Thereafter4,228.2
Total lease payments8,658.1
Less imputed interest(3,237.7)
Total5,420.4
Financing Lease Payments
Three months ending December 31, 20203.5
202116.8
202215.6
202312.1
202410.3
20259.7
Thereafter72
Total lease payments140
Less imputed interest(45.3)
Total $ 94.7 $ 99.9

LEASES - Future lease agreement

LEASES - Future lease agreements (Details) $ in Millions9 Months Ended
Sep. 30, 2020USD ($)item
Signed lease agreements | $ $ 136.6
Future Lease Commitments
Number of Theatres | item5
Minimum | Future Lease Commitments
Lessee, Operating Lease, Term of Contract5 years
Maximum | Future Lease Commitments
Lessee, Operating Lease, Term of Contract20 years

REVENUE RECOGNITION - Disaggreg

REVENUE RECOGNITION - Disaggregation of revenue (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Revenues $ 119.5 $ 1,316.8 $ 1,079.9 $ 4,023.3
Admissions
Disaggregation of Revenue [Line Items]
Revenues62.9 797.3 631.8 2,424.3
Food and beverage
Disaggregation of Revenue [Line Items]
Revenues29.1 420 317.6 1,281.3
Total other theatre
Disaggregation of Revenue [Line Items]
Revenues27.5 99.5 130.5 317.7
Advertising
Disaggregation of Revenue [Line Items]
Revenues16.9 32.1 60.9 102.3
Other theatre
Disaggregation of Revenue [Line Items]
Revenues10.6 67.4 69.6 215.4
Products and services transferred at point in time
Disaggregation of Revenue [Line Items]
Revenues96.3 1,215.2 951.7 3,735.4
Products and services transferred over time
Disaggregation of Revenue [Line Items]
Revenues $ 23.2 $ 101.6 $ 128.2 $ 287.9

REVENUE RECOGNITION - Receivabl

REVENUE RECOGNITION - Receivables and deferred revenue (Details) - USD ($) $ in MillionsSep. 30, 2020Dec. 31, 2019
Current assets:
Receivables related to contracts with customers $ 14.2 $ 160.3
Miscellaneous receivables83.3 93.9
Receivables, net97.5 254.2
Current liabilities:
Deferred revenue related to contracts with customers394.9 447.1
Miscellaneous deferred income6 2.1
Deferred revenues and income $ 400.9 $ 449.2

REVENUE RECOGNITION - Changes i

REVENUE RECOGNITION - Changes in liabilities (Details) - USD ($) shares in Millions, $ in Millions9 Months Ended
Sep. 30, 2020Sep. 30, 2019
Deferred revenues related to contracts with customers
Beginning balance $ 447.1
Cash received in advance93.5
Customer loyalty awards accumulated, net of expirations8.1 $ 45.3
Foreign currency translation adjustment0.7
Ending balance394.9
Exhibitor Services Agreement
Deferred revenues related to contracts with customers
Beginning balance $ 549.7
Common Unit Adjustment - surrender of common units4.8
Reclassification revenue, as the result of performance obligations satisfied $ (12.5)
Ending balance $ 542
Term of amortization of the exhibitor services agreement (ESA) with NCM30 years
Admissions
Deferred revenues related to contracts with customers
Customer loyalty awards accumulated, net of expirations $ 6.8
Reclassification revenue, as the result of performance obligations satisfied(112)
Food and beverage
Deferred revenues related to contracts with customers
Customer loyalty awards accumulated, net of expirations13.4
Reclassification revenue, as the result of performance obligations satisfied(27.3)
Total other theatre
Deferred revenues related to contracts with customers
Customer loyalty awards accumulated, net of expirations(1.5)
Reclassification revenue, as the result of performance obligations satisfied $ (25.8)

REVENUE RECOGNITION - Additiona

REVENUE RECOGNITION - Additional disclosures (Details) - USD ($) $ in Millions9 Months Ended
Sep. 30, 2020Dec. 31, 2019
Customer Frequency Program
Deferred revenues and income $ 400.9 $ 449.2
Gift Card And Ticket Exchange
Customer Frequency Program
Redemption period24 months
Deferred revenues and income $ 312.5
Loyalty Program
Customer Frequency Program
Redemption period24 months
Deferred revenues and income $ 68.2

GOODWILL (Details)

GOODWILL (Details) $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2020USD ($)Mar. 31, 2020USD ($)Sep. 30, 2020USD ($)segmentSep. 14, 2018USD ($)
Goodwill [Roll Forward]
Balance at the beginning of the period $ 4,789.1 $ 4,789.1
Goodwill impairment adjustment $ (156.8)(1,744.3)(1,901.1)
Currency translation adjustment(13.6)
Balance at the end of the period2,874.4 $ 2,874.4
Number of reporting units | segment2
Domestic theatres
Goodwill [Roll Forward]
Balance at the beginning of the period3,072.6 $ 3,072.6
Goodwill impairment adjustment(151.2)(1,124.9)(1,276.1)
Balance at the end of the period1,796.5 1,796.5
International theatres
Goodwill [Roll Forward]
Balance at the beginning of the period1,716.5 1,716.5
Goodwill impairment adjustment(5.6) $ (619.4)(625)
Currency translation adjustment(13.6)
Balance at the end of the period1,077.9 1,077.9
2.95% Senior Secured Convertible Notes due 2024
Goodwill [Roll Forward]
Principal balance $ 600 $ 600 $ 600

INVESTMENTS (Details)

INVESTMENTS (Details)9 Months Ended
Sep. 30, 2020item
Investments
Ownership percentage49.00%
U.S.
Investments
Number of theatres with partnership interests4
Europe
Investments
Ownership percentage50.00%
Number of theatres with partnership interests54
DCM
Investments
Ownership percentage50.00%
SV Holdco
Investments
Ownership percentage18.30%
AC JV, LLC
Investments
Ownership percentage32.00%
DCIP
Investments
Ownership percentage29.00%
SSC
Investments
Ownership percentage10.00%
DCDC
Investments
Ownership percentage14.60%
Maximum
Investments
Ownership percentage50.00%

INVESTMENTS - Sum. Finan. Info

INVESTMENTS - Sum. Finan. Info and Earnings (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019
Investments
Revenues $ 119.5 $ 1,316.8 $ 1,079.9 $ 4,023.3
Operating costs and expenses794.9 1,296 4,213 3,930.7
Net earnings (loss)(3,643.3)(135.6)
Recorded equity in earnings(10.6)7.5 (25.9)24.2
DCIP
Investments
Revenues1.1 40.1 20.8 125.8
Operating costs and expenses31.7 17.8 100.5 56.5
Net earnings (loss)(30.6)22.3 (79.7)69.3
Recorded equity in earnings(7.5)6.5 (19.1)21.1
Other
Investments
Recorded equity in earnings $ (3.1) $ 1 $ (6.8) $ 3.1

INVESTMENTS - Related Party Tra

INVESTMENTS - Related Party Transactions (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019Dec. 31, 2019
DCM
Related Party Transactions
Amounts due from affiliate $ 0.3 $ 0.3 $ 4.2
Loan receivable from affiliate0.7 0.7 0.7
DCM | Other revenues
Related Party Transactions
Related party revenues0.2 $ 5.5 3.8 $ 14.7
DCIP
Related Party Transactions
Amounts due from affiliate7.2 7.2 3.5
DCIP | Operating expense
Related Party Transactions
Related party expenses0.8 0.6 2.7
Related party expenses(0.3)
AC JV, LLC
Related Party Transactions
Amounts due to affiliate(0.9)(0.9)(0.8)
AC JV, LLC | Film exhibition costs.
Related Party Transactions
Related party expenses2.9 3.3 13
Related party expenses0.1
Screenvision
Related Party Transactions
Amounts due from affiliate3.4
Screenvision | Other revenues
Related Party Transactions
Related party revenues0.1 $ 3.8 2.2 $ 11.5
Nordic
Related Party Transactions
Amounts due from affiliate2.3 2.3 2.5
Amounts due to affiliate(2.6)(2.6)(1.6)
SSC
Related Party Transactions
Amounts due from affiliate1.2 1.2 8.3
U.S. theatres and IMAX screen
Related Party Transactions
Amounts due to affiliate $ (0.5) $ (0.5) $ (1)

CORPORATE BORROWINGS - Long-ter

CORPORATE BORROWINGS - Long-term debt and lease obligations (Details) € in Millions, $ in MillionsJul. 31, 2020USD ($)Apr. 24, 2020USD ($)Jul. 31, 2020USD ($)Sep. 30, 2020USD ($)Sep. 30, 2020EUR (€)Apr. 23, 2020USD ($)Apr. 15, 2020USD ($)Mar. 31, 2020Dec. 31, 2019USD ($)Sep. 14, 2018USD ($)
CORPORATE BORROWINGS
Carrying value of corporate borrowings $ 5,448.3 $ 4,910.8
Finance lease obligations94.7 99.9
Debt issuance costs43.8 88.8
Net premium (discount)389.5 (69.1)
Derivative liability0.5
Total long-term debt and finance lease obligations5,918.5 4,853.3
Current maturities corporate borrowings(20)(20)
Current maturities of finance lease liabilities(10.5)(10.3)
Noncurrent portion of long-term debt and finance lease obligations $ 5,888 4,823
Redemption at any time prior to April 15, 2022
CORPORATE BORROWINGS
Debt instrument redemption amount as a percentage of principal amount100.00%
2.95% Senior Secured Convertible Notes due 2024
CORPORATE BORROWINGS
Carrying value of corporate borrowings600
Debt issuance costs $ 13.6
Net premium (discount) $ (73.7)
Derivative liability $ 90.4
Stated interest rate (as a percent)2.95%2.95%2.95%2.95%
Debt instrument face amount $ 1,462.3 $ 1,462.3
2.95% Senior Secured Convertible Notes due 2026
CORPORATE BORROWINGS
Carrying value of corporate borrowings $ 600
Net premium (discount) $ (64)
Stated interest rate (as a percent)2.95%2.95%2.95%2.95%
Senior Subordinated Notes
CORPORATE BORROWINGS
Debt instrument face amount $ 1,782.5 1,782.5 $ 235
Debt instrument redemption amount as a percentage of principal amount23.90%
6.375% Senior Subordinated Notes due 2024
CORPORATE BORROWINGS
Carrying value of corporate borrowings $ 5.1 $ 655.8
Net premium (discount) $ 13.6
Stated interest rate (as a percent)6.375%6.375%6.375%6.375%
Debt instrument face amount | € € 4
5.75 % Senior Subordinated Notes due 2025
CORPORATE BORROWINGS
Carrying value of corporate borrowings $ 98.3 $ 600
Stated interest rate (as a percent)5.75%5.75%
5.875% Senior Subordinated Notes due 2026
CORPORATE BORROWINGS
Carrying value of corporate borrowings55.6 $ 595
Stated interest rate (as a percent)5.875%5.875%
6.125% Senior Subordinated Notes due 2027
CORPORATE BORROWINGS
Carrying value of corporate borrowings130.7 $ 475
Stated interest rate (as a percent)6.125%6.125%
Senior Secured Credit Facility Term-Loan Due 2026
CORPORATE BORROWINGS
Carrying value of corporate borrowings1,970 $ 1,985
Net premium (discount) $ (7.9) $ (9)
Stated interest rate (as a percent)4.08%4.08%
Senior Secured Credit Facility-Revolving Credit Facility Due 2024
CORPORATE BORROWINGS
Carrying value of corporate borrowings $ 212.7
Senior Secured Credit Facility-Revolving Credit Facility Due 2024 | Minimum
CORPORATE BORROWINGS
Stated interest rate (as a percent)2.65%2.65%
Senior Secured Credit Facility-Revolving Credit Facility Due 2024 | Maximum
CORPORATE BORROWINGS
Stated interest rate (as a percent)2.76%2.76%
10.5 % First Lien Notes due 2025
CORPORATE BORROWINGS
Carrying value of corporate borrowings $ 500
Debt issuance costs $ 8.9
Net premium (discount) $ (9.3)
Noncurrent portion of long-term debt and finance lease obligations $ 10
Stated interest rate (as a percent)10.50%10.50%10.50%10.50%10.50%
Debt instrument face amount $ 500 $ 50
Percentage of voting of foreign subsidiary65.00%
Debt Instrument, Redemption Price as Percentage of Principal Amount105.25%
Redemption term of notes period120 days
10.5 % First Lien Notes due 2025 | Redemption at any time on or after April 15, 2022
CORPORATE BORROWINGS
Debt instrument redemption amount as a percentage of principal amount110.50%
10.5 % First Lien Notes due 2025 | Maximum
CORPORATE BORROWINGS
Debt Instrument, Redemption Price as Percentage of Principal Amount35.00%
10.5 % First Lien Notes due 2026
CORPORATE BORROWINGS
Carrying value of corporate borrowings $ 300 300 $ 300
Debt issuance costs6
Net premium (discount) $ (29.4)
Stated interest rate (as a percent)10.50%10.50%
Debt instrument face amount $ 200 $ 200 $ 300
Debt Instrument, Redemption Price as Percentage of Principal Amount100.00%
Debt instrument redemption amount as a percentage of principal amount110.50%
10.5 % First Lien Notes due 2026 | Maximum
CORPORATE BORROWINGS
Debt Instrument, Redemption Price as Percentage of Principal Amount35.00%
Second Lien Notes due 2026
CORPORATE BORROWINGS
Carrying value of corporate borrowings $ 1,997.4 $ 1,997.4 1,462.3
Finance lease obligations29.8
Net premium (discount) $ 500.1
Stated interest rate (as a percent)10.00%10.00%10.00%10.00%
PIK interest rate12.00%12.00%
Debt instrument face amount $ 1,289.1 $ 1,289.1 $ 173.2
Debt Instrument, Redemption Price as Percentage of Principal Amount101.00%
Debt instrument redemption amount as a percentage of principal amount100.00%
Odeon Revolving Credit Facility Due 2022 - 2.5785%
CORPORATE BORROWINGS
Carrying value of corporate borrowings $ 88.2
Stated interest rate (as a percent)2.5785%2.5785%
Odeon Revolving Credit Facility Due 2022 - 2.6%
CORPORATE BORROWINGS
Carrying value of corporate borrowings $ 25.4
Stated interest rate (as a percent)2.60%2.60%

CORPORATE BORROWINGS AND CAPITA

CORPORATE BORROWINGS AND CAPITAL AND FINANCING LEASE OBLIGATIONS - Maturities of corporate borrowings (Details) $ in MillionsSep. 30, 2020USD ($)
Principal Amount of Corporate Borrowings
Three months ended December 31, 2020 $ 5
202120
2022133.6
202320
2024237.8
2025618.3
Thereafter4,413.6
Total borrowings net $ 5,448.3

CORPORATE BORROWINGS - Debt val

CORPORATE BORROWINGS - Debt validly tendered and accepted (Details) € in Thousands, $ in Thousands1 Months Ended
Jul. 31, 2020EUR (€)Sep. 30, 2020EUR (€)Jul. 31, 2020USD ($)
6.375% Senior Subordinated Notes due 2024
CORPORATE BORROWINGS
Aggregate principal amount | € € 632,145 € 496,014
Percentage of Outstanding Existing Subordinated Notes Validly Tendered99.20%
Stated interest rate (as a percent)6.375%6.375%
5.75% Senior Subordinated Notes due 2025
CORPORATE BORROWINGS
Aggregate principal amount $ 501,679
Percentage of Outstanding Existing Subordinated Notes Validly Tendered83.61%
Stated interest rate (as a percent)5.75%5.75%
5.875% Senior Subordinated Notes due 2026
CORPORATE BORROWINGS
Aggregate principal amount $ 539,393
Percentage of Outstanding Existing Subordinated Notes Validly Tendered90.65%
Stated interest rate (as a percent)5.875%5.875%
6.125% Senior Subordinated Notes due 2027
CORPORATE BORROWINGS
Aggregate principal amount $ 344,279
Percentage of Outstanding Existing Subordinated Notes Validly Tendered72.48%
Stated interest rate (as a percent)6.125%6.125%

CORPORATE BORROWINGS - Senior U

CORPORATE BORROWINGS - Senior Unsecured Convertible Notes (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019Jul. 31, 2020Dec. 31, 2019Sep. 14, 2018
CORPORATE BORROWINGS
Discount $ 389.5 $ 389.5 $ (69.1)
Debt issuance costs(43.8)(43.8)(88.8)
Derivative liability0.5
Amortization of net discount (premium) on corporate borrowings to interest expense(4.2) $ 8.1
Amortization of debt issuance costs11.6 11.8
2.95% Senior Secured Convertible Notes due 2024
CORPORATE BORROWINGS
Principal balance600 600 $ 600
Discount(73.7)
Debt issuance costs(13.6)
Derivative liability $ 90.4
Change fair value of derivative89.9 $ (5.7)(89.4) $ 14.9
Reclassification to Additional Paid-in Capital(89.9)
Convertible Notes due 2026
CORPORATE BORROWINGS
Principal balance $ 600
Convertible Notes
CORPORATE BORROWINGS
Principal balance600 600 600
Discount(64)(64)(73.7)
Debt issuance costs(9.9)(9.9)(11.2)
Derivative liability0.5
Amortization of net discount (premium) on corporate borrowings to interest expense9.7
Amortization of debt issuance costs1.3
Change fair value of derivative(89.4)
Carrying value $ 526.1 526.1 $ 515.6
Increase to Expense (Income) $ 100.4

CORPORATE BORROWINGS - Senior_2

CORPORATE BORROWINGS - Senior Unsecured Convertible Notes narrative (Details) $ / shares in Units, shares in MillionsJul. 31, 2020USD ($)itemsharesSep. 14, 2018USD ($)item$ / sharesJul. 31, 2020USD ($)itemsharesSep. 30, 2020USD ($)$ / sharesSep. 30, 2019USD ($)Sep. 30, 2020USD ($)item$ / sharessharesSep. 30, 2019USD ($)Sep. 14, 2020$ / sharesSep. 13, 2020$ / sharesDec. 31, 2019USD ($)Sep. 04, 2018USD ($)
CORPORATE BORROWINGS
Long-term Debt, Gross $ 5,448,300,000 $ 5,448,300,000 $ 4,910,800,000
Debt exchange amount $ 1,700,000,000 $ 1,700,000,000
Amortization of Debt Discount (Premium)(4,200,000) $ 8,100,000
Derivative liability500,000
Debt issuance costs43,800,000 43,800,000 88,800,000
Interest expense82,800,000 $ 73,200,000 233,700,000 218,700,000
Other expense(125,000,000)1,300,000 (145,300,000)(5,100,000)
Second Lien Notes due 2026
CORPORATE BORROWINGS
Long-term Debt, Gross1,997,400,000 $ 1,997,400,000 1,462,300,000 $ 1,462,300,000
Amortization of Debt Discount (Premium) $ 535,100,000
PIK interest rate12.00%12.00%
Number of interest periods | item3 3
Percentage of redemption of debt on aggregate principal amount and accrued and unpaid interest100.00%
Redemption price of debt instrument (as a percent)101.00%
Debt instrument face amount $ 1,289,100,000 $ 1,289,100,000 $ 173,200,000 $ 173,200,000
Percentage of difference between the present value of the old and new cash flows10.00%
Stated interest rate (as a percent)10.00%10.00%10.00%10.00%
Second Lien Notes due 2026 | Twelve-month period beginning on June 15, 2023
CORPORATE BORROWINGS
Percentage of redemption of debt on aggregate principal amount and accrued and unpaid interest106.00%
Second Lien Notes due 2026 | Twelve-month period beginning on June 15, 2024
CORPORATE BORROWINGS
Percentage of redemption of debt on aggregate principal amount and accrued and unpaid interest103.00%
Second Lien Notes due 2026 | Any time thereafter
CORPORATE BORROWINGS
Percentage of redemption of debt on aggregate principal amount and accrued and unpaid interest100.00%
Second Lien Notes due 2026 | At the time of sale of assets
CORPORATE BORROWINGS
Redemption price of debt instrument (as a percent)100.00%
Second Lien Notes due 2026 | Minimum
CORPORATE BORROWINGS
Debt Instrument, Interest Due Term12 months
Second Lien Notes due 2026 | Maximum
CORPORATE BORROWINGS
Debt Instrument, Interest Due Term18 months
10.5 % First Lien Notes due 2026
CORPORATE BORROWINGS
Long-term Debt, Gross $ 300,000,000 $ 300,000,000 $ 300,000,000 $ 300,000,000
Original issue discount $ 36,000,000 $ 36,000,000
Amortization of Debt Discount (Premium)30,000,000
Percentage of redemption of debt on aggregate principal amount and accrued and unpaid interest110.50%
Redemption price of debt instrument (as a percent)100.00%
Debt instrument face amount $ 200,000,000 $ 200,000,000 $ 300,000,000 $ 300,000,000
Stated interest rate (as a percent)10.50%10.50%
Debt issuance costs $ 6,000,000 $ 6,000,000
10.5 % First Lien Notes due 2026 | Sell assets of subsidiaries and company
CORPORATE BORROWINGS
Redemption price of debt instrument (as a percent)100.00%
10.5 % First Lien Notes due 2026 | Change of control
CORPORATE BORROWINGS
Redemption price of debt instrument (as a percent)101.00%
10.5 % First Lien Notes due 2026 | Prior to June 15, 2022
CORPORATE BORROWINGS
Percentage of redemption of debt on aggregate principal amount and accrued and unpaid interest100.00%
10.5 % First Lien Notes due 2026 | Twelve-month period beginning on June 15, 2022
CORPORATE BORROWINGS
Percentage of redemption of debt on aggregate principal amount and accrued and unpaid interest105.25%
10.5 % First Lien Notes due 2026 | Twelve-month period beginning on June 15, 2023
CORPORATE BORROWINGS
Percentage of redemption of debt on aggregate principal amount and accrued and unpaid interest102.625%
10.5 % First Lien Notes due 2026 | Any time thereafter
CORPORATE BORROWINGS
Percentage of redemption of debt on aggregate principal amount and accrued and unpaid interest100.00%
10.5 % First Lien Notes due 2026 | Maximum
CORPORATE BORROWINGS
Redemption price of debt instrument (as a percent)35.00%
10.5 % First Lien Notes due 2026 | Class A common stock
CORPORATE BORROWINGS
Number of Prorata Shares | shares5 5 5
Percentage of Outstanding Shares of Entity4.60%
Common Stock, Value, Outstanding $ 20,200,000 $ 20,200,000
10.5 % First Lien Notes due 2026 | Silver Lake Group, L.L.C
CORPORATE BORROWINGS
Debt instrument face amount100,000,000 100,000,000
Senior Subordinated Notes
CORPORATE BORROWINGS
Decrease in debt $ 555,000,000
Percentage of redemption of debt on aggregate principal amount and accrued and unpaid interest23.90%
Debt instrument face amount $ 1,782,500,000 1,782,500,000 235,000,000 $ 235,000,000
Fees paid to third parties36,300,000 39,100,000
Senior Subordinated Notes | Minimum
CORPORATE BORROWINGS
Cash Savings Due to Interest Payments120,000,000
Senior Subordinated Notes | Maximum
CORPORATE BORROWINGS
Cash Savings Due to Interest Payments180,000,000
First Lien Notes due 2026
CORPORATE BORROWINGS
Amortization of Debt Discount (Premium)30,000,000
2.95% Senior Secured Convertible Notes due 2024
CORPORATE BORROWINGS
Long-term Debt, Gross $ 600,000,000
Debt instrument face amount1,462,300,000 $ 1,462,300,000
Restructured amount $ 600,000,000
Adjusted conversion price | $ / shares $ 13.51 $ 18.95
Principal balance $ 600,000,000 $ 600,000,000 $ 600,000,000
Stated interest rate (as a percent)2.95%2.95%2.95%2.95%
Change fair value of derivative $ (89,900,000)5,700,000 $ 89,400,000 (14,900,000)
If-converted value in excess of principal $ 390,800,000
Price per share (in dollars per share) | $ / shares $ 4.71 $ 4.71
Conversion rate (in dollars per share) | $ / shares13.51 $ 18.95
Number of shares upon conversion44,422,860
Derivative liability90,400,000
Debt issuance costs $ 13,600,000
Interest expense $ 7,800,000 8,200,000 $ 24,400,000 24,200,000
Other expense5,900,000 $ (8,500,000)19,600,000 $ (500,000)
Maximum dividends allowed through the second anniversary of issuance | $ / shares $ 0.20
Maximum dividends allowed after the second anniversary of issuance | $ / shares $ 0.10
Threshold percentage of stock price trigger150.00%
Debt Instrument, Convertible, Threshold Trading Days | item20
Debt Instrument, Convertible, Threshold Consecutive Trading Days | item30
Internal rate of return15.00%
2.95% Senior Secured Convertible Notes due 2024 | Other expense
CORPORATE BORROWINGS
Immaterial correction expense $ 26,200,000 $ 26,200,000
2.95% Senior Secured Convertible Notes due 2024 | Class A common stock
CORPORATE BORROWINGS
Conversion Price | $ / shares13.51
Adjusted conversion price | $ / shares $ 18.95 $ 13.51 $ 13.51 6.55
Conversion rate52.7704 31,662,240
Conversion rate (in dollars per share) | $ / shares $ 18.95 $ 13.51 $ 13.51 $ 6.55
Number of shares upon conversion | item44,422,860
Minimum conversion price percentage causing a reset conversion price120.00%
Number of days needed to cause a reset conversion price10 days
Maximum allowed percentage of outstanding fully-diluted share capital resulting a conversion price floor30.00%30.00%
2.95% Senior Secured Convertible Notes due 2024 | Class B common stock
CORPORATE BORROWINGS
Derivative Asset $ 10,700,000
2.95% Senior Secured Convertible Notes due 2024 | Class B common stock | Maximum
CORPORATE BORROWINGS
Number of shares upon conversion | item5,666,000
Convertible Notes due 2026
CORPORATE BORROWINGS
Percentage of difference between the present value of the old and new cash flows10.00%
Restructured amount $ 600,000,000
Principal balance $ 600,000,000 $ 600,000,000
Effective interest rate5.98%

STOCKHOLDERS' EQUITY - Dividend

STOCKHOLDERS' EQUITY - Dividends (Details) - USD ($) $ / shares in Units, $ in MillionsJul. 31, 2020Feb. 15, 2019Jul. 31, 2020Sep. 30, 2020Sep. 30, 2020Sep. 24, 2020Dec. 31, 2019
Dividends
Cash dividend declared (in dollars per share) $ 0.03
Dividends declared $ 3.2
Class A common stock
STOCKHOLDERS' EQUITY
Number of shares authorized524,173,073 524,173,073 524,173,073
Sell price per share $ 0.01 $ 0.01 $ 0.01
Gross proceeds $ 2.8
Class A common stock | Equity Distribution Agreement [Member]
STOCKHOLDERS' EQUITY
Number of shares authorized15,000,000
Sell price per share $ 0.01
Gross proceeds $ 2.9 $ 2.9
Number of shares issued600,000 15,000,000
Sales agents fees paid $ 0.1
Class B common stock
STOCKHOLDERS' EQUITY
Number of shares authorized51,769,784 51,769,784 51,769,784
Sell price per share $ 0.01 $ 0.01 $ 0.01
10.5 % First Lien Notes due 2026 | Class A common stock
STOCKHOLDERS' EQUITY
Number of Prorata Shares5,000,000 5,000,000 5,000,000

STOCKHOLDERS' EQUITY - Related

STOCKHOLDERS' EQUITY - Related Party Transactions (Details)Sep. 14, 2018USD ($)itemSep. 30, 2020USD ($)$ / sharessharesSep. 30, 2019USD ($)Sep. 30, 2020USD ($)item$ / sharessharesSep. 30, 2019USD ($)Oct. 30, 2020Dec. 31, 2019USD ($)
Related Party Transactions
Ownership percentage49.00%49.00%
2.95% Senior Secured Convertible Notes due 2024
Related Party Transactions
Principal balance $ 600,000,000 $ 600,000,000 $ 600,000,000
Price per share (in dollars per share) | $ / shares $ 4.71 $ 4.71
Number of shares upon conversion44,422,860
Maximum
Related Party Transactions
Ownership percentage50.00%50.00%
Class A common stock | 2.95% Senior Secured Convertible Notes due 2024
Related Party Transactions
Number of shares upon conversion | item44,422,860
Class B common stock | Maximum | 2.95% Senior Secured Convertible Notes due 2024
Related Party Transactions
Number of shares upon conversion | item5,666,000
Wanda
Related Party Transactions
Receivable due from related party $ 600,000 $ 600,000 $ 800,000
Reimbursements $ 200,000 $ 200,000
Wanda | ROFR agreement | Minimum
Related Party Transactions
Combined voting power held in Holdings (as a percent)50.10%
Silver Lake | 2.95% Senior Secured Convertible Notes due 2024
Related Party Transactions
Principal balance $ 600,000,000
Silver Lake | Wanda | ROFR agreement
Related Party Transactions
Period following ROFR execution during which certain shares may be purchased2 years
Wanda
Related Party Transactions
Reimbursements $ 0 $ 100,000
Combined voting power held in Holdings (as a percent)72.76%72.76%64.46%
Ownership percentage47.10%47.10%37.68%
Wanda | Class A common stock
Related Party Transactions
Voting ratio between Class B and Class A common stockthree-to-one voting ratio
Wanda | Class B common stock
Related Party Transactions
Shares owned | shares51,769,784 51,769,784
Number of shares upon conversion5,666,000

STOCKHOLDERS' EQUITY - equity s

STOCKHOLDERS' EQUITY - equity statements (Details) - USD ($) $ / shares in Units, $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2020Jun. 30, 2020Mar. 31, 2020Sep. 30, 2019Jun. 30, 2019Mar. 31, 2019Sep. 30, 2020Sep. 30, 2019
Increase (Decrease) in Stockholders' Equity
Balance at the beginning of the period $ (1,575.4) $ (1,074) $ 1,214.2 $ 1,214.2
Cumulative Effect of New Accounting Principle in Period of Adoption(1,575.4)(1,575.4)(1,074)1,214.2
Net earnings (loss)(905.8)(561.2)(2,176.3) $ (54.8)(3,643.3) $ (135.6)
Other comprehensive income (loss)11.6 56 (93.5)(68.1)(25.9)(102.2)
Baltics noncontrolling capital contribution36.5
Class A common stock issuance2.8
Taxes paid for restricted unit withholdings(1)
Exchange Offer Class A common stock issuance20.2
Derivative asset valuation allowance adjustment(2.4)
Reclassification of derivative liability and derivative asset for Conversion Price Reset of Convertible Notes due 202674
Stock-based compensation3.1 3.7 2.7
Balance at the end of the period(2,335.4)(1,575.4)(1,074)(2,335.4)
Cumulative Effect, Period of Adoption, Adjustment [Member]
Increase (Decrease) in Stockholders' Equity
Balance at the beginning of the period(16.9)
Cumulative Effect of New Accounting Principle in Period of Adoption(16.9)(16.9)
Balance at the end of the period(16.9)
Total AMC Stockholders' Equity (Deficit)
Increase (Decrease) in Stockholders' Equity
Balance at the beginning of the period(1,575.4)(1,074)1,214.2 1,325.1 $ 1,303.5 $ 1,397.6 1,214.2 1,397.6
Cumulative Effect of New Accounting Principle in Period of Adoption(2,370.1)(1,575.4)(1,074)1,183.3 1,325.1 1,303.5 (2,370.1)1,183.3
Net earnings (loss)(905.8)(561.2)(2,176.3)(54.8)49.4 (130.2)
Other comprehensive income (loss)11.6 56 (93.5)(68.1)(9.2)(24.9)
Baltics noncontrolling capital contribution1.8
Class A common stock issuance2.8
Taxes paid for restricted unit withholdings(1)(0.3)(1.1)
Reclassification from temporary equity0.4
Exchange Offer Class A common stock issuance20.2
Derivative asset valuation allowance adjustment(2.4)
Reclassification of derivative liability and derivative asset for Conversion Price Reset of Convertible Notes due 202674
Stock-based compensation3.1 3.7 2.7 2.1 5.4 4
Balance at the end of the period(2,370.1)(1,575.4)(1,074)1,183.3 1,325.1 1,303.5 (2,370.1)1,183.3
Total AMC Stockholders' Equity (Deficit) | Cumulative Effect, Period of Adoption, Adjustment [Member]
Increase (Decrease) in Stockholders' Equity
Balance at the beginning of the period(16.9)(2.6)78.8
Cumulative Effect of New Accounting Principle in Period of Adoption(16.9)(16.9)(2.6)(2.6)78.8
Balance at the end of the period(16.9)(2.6)78.8
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity
Balance at the beginning of the period2,007.3 2,003.6 2,001.9 2,006.8 2,001.7 1,998.4 2,001.9 1,998.4
Cumulative Effect of New Accounting Principle in Period of Adoption2,125 2,007.3 2,003.6 2,008.9 2,006.8 2,001.7 2,125 2,008.9
Baltics noncontrolling capital contribution1.8
Class A common stock issuance2.8
Taxes paid for restricted unit withholdings(1)(0.3)(1.1)
Reclassification from temporary equity0.4
Exchange Offer Class A common stock issuance20.1
Reclassification of derivative liability and derivative asset for Conversion Price Reset of Convertible Notes due 202689.9
Stock-based compensation3.1 3.7 2.7 2.1 5.4 4
Balance at the end of the period2,125 2,007.3 2,003.6 2,008.9 2,006.8 2,001.7 2,125 2,008.9
Treasury Stock
Increase (Decrease) in Stockholders' Equity
Balance at the beginning of the period $ (56.4) $ (56.4) $ (56.4) $ (56.4) $ (56.4) $ (56.4) $ (56.4) $ (56.4)
Balance (in shares)3,732,625 3,732,625 3,732,625 3,732,625 3,732,625 3,732,625 3,732,625 3,732,625
Cumulative Effect of New Accounting Principle in Period of Adoption $ (56.4) $ (56.4) $ (56.4) $ (56.4) $ (56.4) $ (56.4) $ (56.4) $ (56.4)
Balance at the end of the period $ (56.4) $ (56.4) $ (56.4) $ (56.4) $ (56.4) $ (56.4) $ (56.4) $ (56.4)
Balance (in shares)3,732,625 3,732,625 3,732,625 3,732,625 3,732,625 3,732,625 3,732,625 3,732,625
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity
Balance at the beginning of the period $ (63.6) $ (119.6) $ (26.1) $ (28.6) $ (19.4) $ 5.5 $ (26.1) $ 5.5
Cumulative Effect of New Accounting Principle in Period of Adoption(52)(63.6)(119.6)(96.7)(28.6)(19.4)(52)(96.7)
Other comprehensive income (loss)11.6 56 (93.5)(68.1)(9.2)(24.9)
Balance at the end of the period(52)(63.6)(119.6)(96.7)(28.6)(19.4)(52)(96.7)
Accumulated Earnings (Deficit)
Increase (Decrease) in Stockholders' Equity
Balance at the beginning of the period(3,463.7)(2,902.6)(706.2)(597.7)(623.4)(550.9)(706.2)(550.9)
Cumulative Effect of New Accounting Principle in Period of Adoption(4,387.8)(3,463.7)(2,902.6)(673.5)(597.7)(623.4)(4,387.8)(673.5)
Net earnings (loss)(905.8)(561.2)(2,176.3)(54.8)49.4 (130.2)
Derivative asset valuation allowance adjustment(2.4)
Reclassification of derivative liability and derivative asset for Conversion Price Reset of Convertible Notes due 2026(15.9)
Balance at the end of the period(4,387.8)(3,463.7)(2,902.6)(673.5)(597.7)(623.4)(4,387.8)(673.5)
Accumulated Earnings (Deficit) | Cumulative Effect, Period of Adoption, Adjustment [Member]
Increase (Decrease) in Stockholders' Equity
Balance at the beginning of the period(16.9)(2.6)78.8
Cumulative Effect of New Accounting Principle in Period of Adoption(16.9)(16.9) $ (2.6)(2.6)78.8
Balance at the end of the period(16.9) $ (2.6) $ 78.8
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity
Balance at the beginning of the period
Cumulative Effect of New Accounting Principle in Period of Adoption34.7 34.7
Baltics noncontrolling capital contribution34.7
Balance at the end of the period34.7 34.7
Class A common stock
Increase (Decrease) in Stockholders' Equity
Balance at the beginning of the period0.5 0.5 $ 0.5 $ 0.5
Balance (in shares)52,080,077 52,080,077
Cumulative Effect of New Accounting Principle in Period of Adoption0.6 0.5 $ 0.5 $ 0.6
Exchange Offer Class A common stock issuance0.1
Balance at the end of the period $ 0.6 0.5 $ 0.5 $ 0.6
Balance (in shares)58,149,593 58,149,593
Dividends $ 0.03 $ 0.20 $ 0.20 $ 0.20
Class A common stock | Dividend declared
Increase (Decrease) in Stockholders' Equity
Dividends declared0.1 $ (1.6)
Class A common stock | Total AMC Stockholders' Equity (Deficit)
Increase (Decrease) in Stockholders' Equity
Dividends declared $ (10.6)
Class A common stock | Total AMC Stockholders' Equity (Deficit) | Dividend declared
Increase (Decrease) in Stockholders' Equity
Dividends declared $ 0.1 $ (1.6) $ (10.7) $ (10.7)
Class A common stock | Common Stock
Increase (Decrease) in Stockholders' Equity
Balance at the beginning of the period $ 0.5 $ 0.5 $ 0.5 $ 0.5
Balance (in shares)52,549,593 52,549,593 52,080,077 55,809,037 55,805,941 55,401,325 52,080,077 55,401,325
Cumulative Effect of New Accounting Principle in Period of Adoption $ 0.5 $ 0.5 $ 0.5 $ 0.5
Class A common stock issuance (In shares)600,000
Reclassification from temporary equity (in shares)75,712
Exchange Offer Class A common stock issuance (un shares)5,000,000
Stock based compensation (in shares)469,516 3,665 3,096 328,904
Balance at the end of the period $ 0.5 $ 0.5 $ 0.5 $ 0.5
Balance (in shares)58,149,593 52,549,593 52,549,593 55,812,702 55,809,037 55,805,941 58,149,593 55,812,702
Class A common stock | Accumulated Earnings (Deficit)
Increase (Decrease) in Stockholders' Equity
Dividends declared $ (10.6)
Class A common stock | Accumulated Earnings (Deficit) | Dividend declared
Increase (Decrease) in Stockholders' Equity
Dividends declared $ 0.1 $ (1.6) $ (10.7) $ (10.7)
Class B common stock
Increase (Decrease) in Stockholders' Equity
Balance (in shares)51,769,784 51,769,784
Balance (in shares)51,769,784 51,769,784
Dividends $ 0.03 $ 0.20 $ 0.20 $ 0.20
Class B common stock | Dividend declared
Increase (Decrease) in Stockholders' Equity
Dividends declared $ (1.6)
Class B common stock | Total AMC Stockholders' Equity (Deficit)
Increase (Decrease) in Stockholders' Equity
Dividends declared $ (10.4)
Class B common stock | Total AMC Stockholders' Equity (Deficit) | Dividend declared
Increase (Decrease) in Stockholders' Equity
Dividends declared(1.6) $ (10.4) $ (10.4)
Class B common stock | Common Stock
Increase (Decrease) in Stockholders' Equity
Balance at the beginning of the period $ 0.5 $ 0.5 $ 0.5 $ 0.5 $ 0.5 $ 0.5 $ 0.5 $ 0.5
Balance (in shares)51,769,784 51,769,784 51,769,784 51,769,784 51,769,784 51,769,784 51,769,784 51,769,784
Cumulative Effect of New Accounting Principle in Period of Adoption $ 0.5 $ 0.5 $ 0.5 $ 0.5 $ 0.5 $ 0.5 $ 0.5 $ 0.5
Balance at the end of the period $ 0.5 $ 0.5 $ 0.5 $ 0.5 $ 0.5 $ 0.5 $ 0.5 $ 0.5
Balance (in shares)51,769,784 51,769,784 51,769,784 51,769,784 51,769,784 51,769,784 51,769,784 51,769,784
Class B common stock | Accumulated Earnings (Deficit)
Increase (Decrease) in Stockholders' Equity
Dividends declared $ (10.4)
Class B common stock | Accumulated Earnings (Deficit) | Dividend declared
Increase (Decrease) in Stockholders' Equity
Dividends declared $ (1.6) $ (10.4) $ (10.4)

INCOME TAXES - narrative (Detai

INCOME TAXES - narrative (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2020Mar. 31, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019Jul. 31, 2020Dec. 31, 2019
INCOME TAXES
Income tax expense $ 4.6 $ (0.2) $ 66.7 $ 10.9
Effective Income Tax Rate Reconciliation, Percent1.90%
Goodwill, Impairment Loss156.8 $ 1,744.3 $ 1,901.1
Net deferred tax liabilities $ 42.8 $ 42.8
Net deferred tax assets $ 24.1
Estimated cancellation of debt income (CODI) recognized $ 1,200
Foreign | Federal Ministry of Finance, Germany
INCOME TAXES
Income tax expense33.1
Foreign | Tax Authority Spain
INCOME TAXES
Income tax expense $ 40.1

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair value on a recurring basis (Details) - USD ($) $ in MillionsSep. 30, 2020Mar. 31, 2020
Recurring basis
Other long-term assets:
Money market mutual funds $ 1.2
Investments measured at net asset value10.5
Investment in NCM3.8
Total assets at fair value15.5
Recurring basis | Quoted prices in active market (Level 1)
Other long-term assets:
Money market mutual funds1.2
Investment in NCM3.8
Total assets at fair value5
Nonrecurring basis | Significant unobservable inputs (Level 3)
Other long-term assets:
Total assets at fair value $ 2,989.3 $ 3,159.4

FAIR VALUE MEASUREMENTS - Fai_2

FAIR VALUE MEASUREMENTS - Fair value on a nonrecurring basis (Details) $ in Millions3 Months Ended9 Months Ended
Mar. 31, 2020USD ($)Sep. 30, 2020USD ($)Dec. 31, 2019USD ($)Sep. 14, 2018USD ($)
Other Fair Value Measurement Disclosures
Operating lease right-of-use assets, net $ 4,475.8 $ 4,796
Goodwill2,874.4 4,789.1
Impaired Financing Receivable, Recorded Investment $ 3,159.4
Current maturities of corporate borrowings, carrying value20 20
Corporate borrowings, noncurrent, carrying value $ 5,803.8 $ 4,733.4
Discount yield | International markets
Other Fair Value Measurement Disclosures
Derivative Asset, Measurement Input0.130 0.130
Discount yield | U.S.
Other Fair Value Measurement Disclosures
Derivative Asset, Measurement Input0.115 0.120
Measurement Input, Long-term Revenue Growth Rate [Member]
Other Fair Value Measurement Disclosures
Derivative Asset, Measurement Input0.020 0.010
Nonrecurring basis
Other Fair Value Measurement Disclosures
Property net $ 30.9 $ 8.5
Total loss on Operating lease right-of-use assets60.4 19.6
Definite-lived intangible assets8 6.4
Indefinite-lived intangible assets8.3 4.6
Goodwill1,744.3 156.8
Total losses1,859.1 195.9
Nonrecurring basis | Other long-term assets
Other Fair Value Measurement Disclosures
Cost method investments7.2
Total Carrying Value
Other Fair Value Measurement Disclosures
Current maturities of corporate borrowings, carrying value20
Corporate borrowings, noncurrent, carrying value5,803.8
Total Carrying Value | Nonrecurring basis
Other Fair Value Measurement Disclosures
Property net40.5 14.3
Operating lease right-of-use assets, net124 56.8
Definite-lived intangible assets6.6
Indefinite-lived intangible assets50.3 43.8
Goodwill2,938 2,874.4
Total assets at fair value3,159.4 2,989.3
Significant other observable inputs (Level 2)
Other Fair Value Measurement Disclosures
Current maturities of corporate borrowings, fair value12.8
Corporate borrowings, noncurrent, fair value2,594
Significant unobservable inputs (Level 3)
Other Fair Value Measurement Disclosures
Corporate borrowings, noncurrent, fair value278.8
Significant unobservable inputs (Level 3) | Nonrecurring basis
Other Fair Value Measurement Disclosures
Property net40.5 14.3
Operating lease right-of-use assets, net124 56.8
Definite-lived intangible assets6.6
Indefinite-lived intangible assets50.3 43.8
Goodwill2,938 2,874.4
Total assets at fair value $ 3,159.4 $ 2,989.3
Significant unobservable inputs (Level 3) | 2.95% Senior Secured Convertible Notes due 2024
Other Fair Value Measurement Disclosures
Convertible debt, fair value $ 600

OPERATING SEGMENT (Details)

OPERATING SEGMENT (Details) $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2020USD ($)Sep. 30, 2019USD ($)Sep. 30, 2020USD ($)segmentSep. 30, 2019USD ($)Dec. 31, 2019USD ($)
OPERATING SEGMENT
Number of reportable segments | segment2
Equity Method Investment, Ownership Percentage49.00%49.00%
Financial information by reportable operating segment
Revenues $ 119.5 $ 1,316.8 $ 1,079.9 $ 4,023.3
Adjusted EBITDA334.5 (156.5)671.7 (502.3)
Capital expenditures29.3 118.3 156 348.2
Long-term assets, net10,267.6 10,267.6 $ 13,002.7
U. S. markets | Operating Segments [Member]
Financial information by reportable operating segment
Revenues47.3 970.7 724.3 2,999.1
Adjusted EBITDA259.1 (116.3)504.5 (395.8)
Capital expenditures18.3 84.3 100.1 243.9
Long-term assets, net7,090.2 7,090.2 9,039.6
International markets | Operating Segments [Member]
Financial information by reportable operating segment
Revenues72.2 346.1 355.6 1,024.2
Adjusted EBITDA75.4 (40.2)167.2 (106.5)
Capital expenditures11 $ 34 55.9 $ 104.3
Long-term assets, net $ 3,177.4 $ 3,177.4 $ 3,963.1

OPERATING SEGMENT - Reconciliat

OPERATING SEGMENT - Reconciliation (Details) $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2020USD ($)itemJun. 30, 2020USD ($)Mar. 31, 2020USD ($)Sep. 30, 2019USD ($)Sep. 30, 2020USD ($)itemSep. 30, 2019USD ($)
Reconciliation of net income to EBITDA
Net earnings (loss) $ (905.8) $ (561.2) $ (2,176.3) $ (54.8) $ (3,643.3) $ (135.6)
Income tax provision (benefit)4.6 (0.2)66.7 10.9
Interest expense94.3 85.1 268.3 255.1
Depreciation and amortization123.5 112.1 365.7 337.1
Impairment of long-lived assets, definite and indefinite-lived intangible assets and goodwill195.9 2,047.8
Certain operating expenses1.8 5.3 2.4 10.1
Equity in (earnings) loss of non-consolidated entities10.6 (7.5)25.9 (24.2)
Cash distributions from non-consolidated entities3.7 4.7 17.4 17
Attributable EBITDA(1.4)0.9 (0.9)3.8
Investment expense (income)(4.1)(0.5)4 (18.7)
Other expense (income)138.5 (1.5)163.5 4.6
Other non-cash rent(0.2)6.1 (1.7)19.5
General and Administrative Expense [Abstract]
Merger, acquisition and other costs1 4.7 3 11.2
Stock-based compensation expense3.1 2.1 9.5 11.5
Adjusted EBITDA334.5 (156.5)671.7 (502.3)
Goodwill, Impairment Loss156.8 1,744.3 1,901.1
Impairment of long-lived assets, indefinite-lived intangible assets and goodwill28.1 119.4
Impairment of indefinite-lived intangible assets4.6 12.9
Impairment of definite-lived intangible assets6.4 14.4
Loss on repayment of indebtedness16.6
Derivative liability fair value adjustment for embedded conversion feature in the Convertible Notes89.9 5.7 89.4 (14.9)
Estimated Credit Losses Contingent Lease Guarantees(6.1)(15.3)
Derivative asset fair value adjustment for contingent call option related to the Class B common stock purchase and cancellation agreement5.9 (8.5)19.6 (0.5)
Attributable EBITDA
Reconciliation of net income to EBITDA
Income tax provision (benefit)0.1 (0.1)0.2
Interest expense0.1 0.1 0.1
Depreciation and amortization0.7 0.5 2.2 2.8
Equity in (earnings) loss of non-consolidated entities10.6 (7.5)
Equity in (earnings) loss of non-consolidating entities excluding International theatre joint ventures8.7 (7.4)23 (23.2)
Attributable EBITDA(1.4)0.9 (0.9)3.8
Investment expense (income)(0.4)(0.1)(0.6)(0.6)
Other expense (income)0.1 0.3 0.4 0.3
Other expense
General and Administrative Expense [Abstract]
Increases in other expenses related to financing fees36.3 39.1
Estimated Credit Losses Contingent Lease Guarantees6.1 15.3
Other expense | Embedded Derivative Financial Instruments [Member]
General and Administrative Expense [Abstract]
Derivative liability fair value adjustment for embedded conversion feature in the Convertible Notes84.2 104.3
Other expense | Call Option [Member]
General and Administrative Expense [Abstract]
Derivative asset fair value adjustment for contingent call option related to the Class B common stock purchase and cancellation agreement14.4 20.1
DCIP
Reconciliation of net income to EBITDA
Equity in (earnings) loss of non-consolidated entities7.5 (6.5)19.1 (21.1)
Oden Trade Names
General and Administrative Expense [Abstract]
Impairment of indefinite-lived intangible assets4.5 10.4
Nordic Trade Names
General and Administrative Expense [Abstract]
Impairment of indefinite-lived intangible assets0.1 2.5
Domestic theatres
General and Administrative Expense [Abstract]
Goodwill, Impairment Loss151.2 1,124.9 1,276.1
Impairment of definite-lived intangible assets6.4 14.4
International theatres
General and Administrative Expense [Abstract]
Goodwill, Impairment Loss5.6 $ 619.4 625
International theatres | Oden Trade Names
General and Administrative Expense [Abstract]
Impairment of indefinite-lived intangible assets4.5 10.4
International theatres | Nordic Trade Names
General and Administrative Expense [Abstract]
Impairment of indefinite-lived intangible assets0.1 2.5
U. S. markets
General and Administrative Expense [Abstract]
Impairment of long-lived assets, indefinite-lived intangible assets and goodwill $ 28.1 $ 109.5
Tangible asset impairment, number of theatres | item49 75
Tangible asset impairment, number of screens | item527 851
International markets
General and Administrative Expense [Abstract]
Impairment of long-lived assets, indefinite-lived intangible assets and goodwill $ 0 $ 9.9
Tangible asset impairment, number of theatres | item23
Tangible asset impairment, number of screens | item213
Operating Segments [Member] | U. S. markets
General and Administrative Expense [Abstract]
Adjusted EBITDA259.1 (116.3) $ 504.5 (395.8)
Operating Segments [Member] | International markets
Reconciliation of net income to EBITDA
Equity in earnings (loss) International theatre JV's(2.9)1
General and Administrative Expense [Abstract]
Adjusted EBITDA75.4 (40.2) $ 167.2 $ (106.5)
Operating Segments [Member] | International markets | Attributable EBITDA
Reconciliation of net income to EBITDA
Equity in earnings (loss) International theatre JV's $ (1.9) $ 0.1

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ / shares in Units, $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2020USD ($)Sep. 30, 2020USD ($)Sep. 14, 2018$ / sharesJan. 19, 2018itemJan. 12, 2018item
COMMITMENTS AND CONTINGENCIES
Number of pending actions | item2 2
Dividends declared | $ / shares $ 1.55
Estimated credit losses contingent lease guarantees | $ $ (6.1) $ (15.3)

LOSS PER SHARE (Details)

LOSS PER SHARE (Details)3 Months Ended9 Months Ended
Sep. 30, 2020USD ($)$ / sharessharesJun. 30, 2020USD ($)Mar. 31, 2020USD ($)Sep. 30, 2019USD ($)$ / sharessharesSep. 30, 2020USD ($)item$ / sharessharesSep. 30, 2019USD ($)$ / sharessharesSep. 14, 2020$ / sharesSep. 13, 2020$ / sharesSep. 14, 2018$ / shares
Numerator:
Net loss for basic loss per share | $ $ (905,800,000) $ (561,200,000) $ (2,176,300,000) $ (54,800,000) $ (3,643,300,000) $ (135,600,000)
Net loss for diluted loss per share | $ $ (905,800,000) $ (54,800,000) $ (3,643,300,000) $ (135,600,000)
Denominator (shares in thousands):
Weighted average shares for basic loss per common share107,695,000 103,850,000 105,428,000 103,826,000
Weighted average shares for diluted loss per common share107,695,000 103,850,000 105,428,000 103,826,000
Basic loss per common share (in dollars per share) | $ / shares $ (8.41) $ (0.53) $ (34.56) $ (1.31)
Diluted loss per common share (in dollars per share) | $ / shares $ (8.41) $ (0.53) $ (34.56) $ (1.31)
Interest expense not eliminated from net loss in EPS calculation due to anti-dilutive effect | $ $ 7,800,000 $ 8,200,000 $ 24,400,000 $ 24,200,000
2.95% Senior Secured Convertible Notes due 2024
Denominator (shares in thousands):
Anti-dilutive securities not included in the computations of diluted earnings per share (in shares)34,000,000 31,700,000 32,500,000 31,700,000
Derivative other expense/income not eliminated from net loss in EPS calculation due to anti-dilutive effect | $ $ 89,900,000 $ 5,700,000 $ 89,400,000 $ (14,900,000)
Conversion rate (in dollars per share) | $ / shares $ 13.51 $ 18.95
Number of shares upon conversion | $44,422,860
2.95% Senior Secured Convertible Notes due 2024 | Class A common stock
Denominator (shares in thousands):
Conversion rate (in dollars per share) | $ / shares $ 13.51 $ 13.51 $ 6.55 $ 18.95
Number of shares upon conversion | item44,422,860
Performance Vesting
Denominator (shares in thousands):
Anti-dilutive securities not included in the computations of diluted earnings per share (in shares)769,414 488,931
Percent of performance target100.00%100.00%
Special Performance Stock Unit
Denominator (shares in thousands):
Anti-dilutive securities not included in the computations of diluted earnings per share (in shares)578,328
Restricted stock unit
Denominator (shares in thousands):
Anti-dilutive securities not included in the computations of diluted earnings per share (in shares)2,203,996 1,207,102

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Class A common stock - USD ($) $ in MillionsOct. 31, 2020Oct. 23, 2020Oct. 31, 2020Sep. 30, 2020Sep. 30, 2020Oct. 20, 2020Sep. 24, 2020Dec. 31, 2019
Subsequent Events
Gross proceeds $ 2.8
Number of shares authorized524,173,073 524,173,073 524,173,073
Equity Distribution Agreement [Member]
Subsequent Events
Gross proceeds $ 2.9 $ 2.9
Number of shares issued600,000 15,000,000
Number of shares authorized15,000,000
Sales agents fees paid $ 0.1
Subsequent Events | Equity Distribution Agreement [Member]
Subsequent Events
Gross proceeds $ 33.8 $ 33.8 $ 53.2
Number of shares issued11,800,000 11,800,000 14,400,000
Number of shares authorized15,000,000
Sales agents fees paid $ 0.8 $ 1.3
Subsequent Events | Maximum | Equity Distribution Agreement [Member]
Subsequent Events
Number of shares authorized15,000,000