AMC Global Media Inc.AMCX
AMC Global Media Inc. Leases Disclosure
Leases
The Company's leases consist of non-cancelable agreements for office space, and to a lesser extent, equipment leases for satellite transponders, which expire at various dates through 2033. Leases with an initial term of 12 months or less are not recorded on the balance sheet, instead the lease expense is recorded on a straight-line basis over the lease term. For lease agreements entered into, we combine lease and non-lease components. Some leases include options to extend the lease term or terminate the lease prior to the end of the lease term. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.
The leases generally provide for fixed annual rentals plus certain other costs or credits (e.g., tenant improvement allowance). Some leases include rental payments based on a percentage of revenue over contractual levels or based on an index or rate. Our lease agreements do not include any material residual value guarantees or material restrictive covenants.
Since the rate implicit in its leases is not readily determinable, the Company uses its incremental borrowing rate based on the information available at the lease commencement date to determine the present value of the lease payments.
In December 2025, the Company extended the lease of its corporate headquarters to September 2032, while also early terminating the portion of office space that the Company previously vacated in 2023. In connection with the amendment, the Company remeasured its lease liability and adjusted the associated right-of-use assets accordingly, which also resulted in a $3.4 million credit to restructuring and other related charges for the portion of office space that the Company previously vacated in 2023.
The following table summarizes the leases included in the consolidated balance sheets as follows:
| December 31, | |||||||||||||||||
| (In thousands) | Balance Sheet Location | 2025 | 2024 | ||||||||||||||
| Assets | |||||||||||||||||
| Operating | Operating lease right-of-use assets | $ | 72,545 | $ | 58,390 | ||||||||||||
| Finance | 12,478 | 11,695 | |||||||||||||||
| Total lease assets | $ | 85,023 | $ | 70,085 | |||||||||||||
| Liabilities | |||||||||||||||||
| Current: | |||||||||||||||||
| Operating | $ | 14,059 | $ | 27,798 | |||||||||||||
| Finance | 3,584 | 4,641 | |||||||||||||||
| 17,643 | 32,439 | ||||||||||||||||
| Noncurrent: | |||||||||||||||||
| Operating | 70,037 | 51,929 | |||||||||||||||
| Finance | 12,226 | 12,652 | |||||||||||||||
| 82,263 | 64,581 | ||||||||||||||||
| Total lease liabilities | $ | 99,906 | $ | 97,020 | |||||||||||||
The following table summarizes the lease costs included in the consolidated statements of income (loss):
| December 31, | |||||||||||||||||||||||
| (In thousands) | Income Statement Location | 2025 | 2024 | 2023 | |||||||||||||||||||
| Operating lease costs | Selling, general and administrative expenses | $ | 22,808 | $ | 22,955 | $ | 26,681 | ||||||||||||||||
| Finance lease costs: | |||||||||||||||||||||||
| Amortization of leased assets | Depreciation and amortization | 2,044 | 1,153 | 1,098 | |||||||||||||||||||
| Interest on lease liabilities | Interest expense | 904 | 1,188 | 1,714 | |||||||||||||||||||
| Short term lease costs | Selling, general and administrative expenses | 170 | 162 | 111 | |||||||||||||||||||
| Variable lease costs | Selling, general and administrative expenses | 2,316 | 2,492 | 2,315 | |||||||||||||||||||
| Total lease costs | $ | 28,242 | $ | 27,950 | $ | 31,919 | |||||||||||||||||
The following table summarizes the maturity of lease liabilities for operating and finance leases as of December 31, 2025:
| (In thousands) | Operating Leases | Finance Leases | Total | ||||||||||||||
| 2026 | $ | 20,372 | $ | 4,643 | $ | 25,015 | |||||||||||
| 2027 | 12,639 | 3,611 | 16,250 | ||||||||||||||
| 2028 | 18,725 | 3,729 | 22,454 | ||||||||||||||
| 2029 | 15,589 | 1,959 | 17,548 | ||||||||||||||
| 2030 | 14,865 | 1,428 | 16,293 | ||||||||||||||
| Thereafter | 27,006 | 2,856 | 29,862 | ||||||||||||||
| Total lease payments | 109,196 | 18,226 | 127,422 | ||||||||||||||
| Less: Interest | 25,100 | 2,416 | 27,516 | ||||||||||||||
| Present value of lease liabilities | $ | 84,096 | $ | 15,810 | $ | 99,906 | |||||||||||
The following table summarizes the weighted average remaining lease term and discount rate for operating and finance leases:
| December 31, 2025 | December 31, 2024 | |||||||
| Weighted average remaining lease term (years): | ||||||||
| Operating leases | 5.5 | 3.0 | ||||||
| Finance leases | 5.2 | 5.9 | ||||||
| Weighted average discount rate: | ||||||||
| Operating leases | 7.8 | % | 5.1 | % | ||||
| Finance leases | 6.0 | % | 6.2 | % | ||||
The following table summarizes the supplemental cash paid for amounts in the measurement of lease liabilities:
| December 31, | |||||||||||||||||
| (In thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| Operating cash flows from operating leases | $ | 33,184 | $ | 33,489 | $ | 37,121 | |||||||||||
| Operating cash flows from finance leases | 904 | 1,188 | 1,586 | ||||||||||||||
| Financing cash flows from finance leases | 4,670 | 4,650 | 4,222 | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 11, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Feb 9, 2024 | |
| 2022 | Feb 17, 2023 | |
| 2021 | Feb 16, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Mar 1, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 25, 2016 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.