Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 15, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | CINEMARK HOLDINGS, INC. | ||
Entity Central Index Key | 0001385280 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 119,743,513 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Shell Company | false | ||
Entity File Number | 001-33401 | ||
Entity Tax Identification Number | 20-5490327 | ||
Entity Address, Address Line One | 3900 Dallas Parkway | ||
Entity Address, City or Town | Plano | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 75093 | ||
City Area Code | 972 | ||
Local Phone Number | 665-1000 | ||
Entity Incorporation, State or Country Code | DE | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Title of Each Class | Common Stock, par value $0.001 per share | ||
Trading Symbol(s) | CNK | ||
Name of each exchange on which registered | NYSE | ||
Entity Public Float | $ 2.4 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
ICFR Auditor Attestation Flag | true | ||
Documents Incorporated by Reference | Certain portions of the registrant’s definitive proxy statement, in connection with its 2022 annual meeting of stockholders, to be filed within 120 days of December 31, 2021 , are incorporated by reference into Part III, Items 10-14, of this annual report on Form 10-K. | ||
Auditor Name | Deloitte & Touche LLP | ||
Auditor Firm ID | 34 | ||
Auditor Location | Dallas, Texas |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Current assets | |||
Cash and cash equivalents | $ 707,339 | $ 655,338 | |
Inventories | 15,451 | 12,593 | |
Accounts receivable | 68,842 | 25,265 | |
Current income tax receivable | 46,631 | 165,151 | |
Prepaid expenses and other | 36,209 | 34,400 | |
Total current assets | 874,472 | 892,747 | |
Theatre properties and equipment | |||
Land | 102,625 | 104,190 | |
Buildings | 536,984 | 535,780 | |
Property under finance lease | 138,291 | 147,156 | |
Theatre furniture and equipment | 1,402,698 | 1,425,142 | |
Leasehold interests and improvements | 1,188,175 | 1,190,835 | |
Total | 3,368,773 | 3,403,103 | |
Less: accumulated depreciation and amortization | 1,985,927 | 1,788,041 | |
Theatre properties and equipment, net | 1,382,846 | 1,615,062 | |
Operating lease right-of-use assets, net | [1] | 1,230,790 | 1,278,191 |
Other assets | |||
Goodwill | [2] | 1,248,791 | 1,253,840 |
Intangible assets, net | 310,843 | 314,195 | |
Investments in affiliates | 25,205 | 23,726 | |
Deferred charges and other assets, net | 22,259 | 33,199 | |
Total other assets | 1,742,542 | 1,776,922 | |
Total assets | 5,230,650 | 5,562,922 | |
Current liabilities | |||
Current portion of long-term debt | 24,254 | 18,056 | |
Current portion of operating lease obligations | [1] | 217,092 | 208,593 |
Current portion of finance lease obligations | [1] | 14,605 | 16,407 |
Current income tax payable | 91 | 5,632 | |
Accounts payable | 75,998 | 70,646 | |
Accrued Interest Current | 41,091 | 15,748 | |
Accrued film rentals | 86,105 | 10,668 | |
Accrued payroll | 54,912 | 23,388 | |
Accrued property taxes | 29,970 | 35,586 | |
Accrued other current liabilities (see Note 12) | 225,026 | 201,717 | |
Total current liabilities | 769,144 | 606,441 | |
Long-term liabilities | |||
Long-term debt, less current portion | 2,476,250 | 2,377,162 | |
Operating lease obligations, less current portion | [1] | 1,078,260 | 1,138,142 |
Finance lease obligations, less current portion | [1] | 102,571 | 124,609 |
Long-term deferred tax liability | 39,828 | 79,525 | |
Long-term liability for uncertain tax positions | 45,942 | 19,225 | |
Other long-term liabilities | 38,161 | 74,594 | |
Total long-term liabilities | 4,127,038 | 4,157,512 | |
Cinemark Holdings, Inc.'s stockholders' equity: | |||
Common stock, $0.001 par value: 300,000,000 shares authorized, 123,627,080 shares issued and 118,576,099 shares outstanding at December 31, 2020 and 125,100,993 shares issued and 119,750,882 shares outstanding at December 31, 2021 | 125 | 124 | |
Additional paid-in-capital | 1,197,801 | 1,245,569 | |
Treasury stock, 5,050,981 and 5,350,111 shares, at cost, at December 31, 2020 and December 31, 2021, respectively | (91,106) | (87,004) | |
Retained earnings (deficit) | (389,402) | 27,937 | |
Accumulated other comprehensive loss | (394,514) | (398,653) | |
Total Cinemark Holdings, Inc.'s stockholders' equity | 322,904 | 787,973 | |
Noncontrolling interests | 11,564 | 10,996 | |
Total equity | 334,468 | 798,969 | |
Total liabilities and equity | 5,230,650 | 5,562,922 | |
NCM | |||
Other assets | |||
Investment | 135,444 | 151,962 | |
Deferred charges and other assets, net | 685,643 | ||
Current liabilities | |||
Total current liabilities | 46,872 | ||
Long-term liabilities | |||
NCM screen advertising advances | $ 346,026 | 344,255 | |
Total long-term liabilities | $ 1,072,207 | ||
[1] | The operating lease right-of-use assets and liabilities recorded on the Company’s consolidated balance sheets generally do not include renewal options that have not yet been exercised. | ||
[2] | Balances are presented net of historical accumulated impairment losses of $ 214,031 for the U.S. operating segment and $ 43,750 for the international operating segment. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||||
Common stock, par value | $ 0.001 | $ 0.001 | ||
Common stock, shares authorized | 300,000,000 | 300,000,000 | ||
Common stock, shares issued | 125,100,993 | 123,627,080 | ||
Common stock, shares outstanding | 119,750,882 | 118,576,099 | ||
Treasury stock, shares | 5,350,111 | 5,050,981 | 4,711,859 | 4,626,191 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) shares in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Revenues | ||||
Total revenues | $ 1,510,464,000 | $ 686,310,000 | $ 3,283,099,000 | |
Cost of operations | ||||
Film rentals and advertising | 414,988,000 | 186,810,000 | 1,003,832,000 | |
Concession supplies | 97,875,000 | 48,647,000 | 206,441,000 | |
Salaries and wages | 232,844,000 | 145,031,000 | 410,086,000 | |
Facility lease expense | 280,032,000 | 279,764,000 | 346,094,000 | |
Utilities and other | 282,889,000 | 229,505,000 | 474,711,000 | |
General and administrative expenses | 161,076,000 | 127,599,000 | 173,384,000 | |
Depreciation and amortization | 265,363,000 | 259,776,000 | 261,155,000 | |
Impairment of long-lived and other assets | 20,845,000 | 152,706,000 | 57,001,000 | |
Restructuring costs | (1,001,000) | 20,369,000 | 0 | |
(Gain) loss on disposal of assets and other | 8,025,000 | (8,923,000) | 12,008,000 | |
Total cost of operations | 1,762,936,000 | 1,441,284,000 | 2,944,712,000 | |
Operating income (loss) | (252,472,000) | (754,974,000) | 338,387,000 | |
Other income (expense) | ||||
Interest expense | [1] | (149,702,000) | (129,871,000) | (99,941,000) |
Interest income | 6,396,000 | 4,836,000 | 12,589,000 | |
Loss on extinguishment of debt | (6,527,000) | 0 | 0 | |
Foreign currency exchange loss | (1,271,000) | (4,865,000) | (3,394,000) | |
Cash distributions from DCIP | (156,000) | (25,430,000) | (53,366,000) | |
Non-cash distribution from DCIP | 12,915,000 | 0 | ||
Equity in income (loss) of affiliates | (25,045,000) | (38,745,000) | 41,870,000 | |
Total other expense | (186,545,000) | (172,350,000) | (64,627,000) | |
Income (loss) before income taxes | (439,017,000) | (927,324,000) | 273,760,000 | |
Income taxes | (16,802,000) | (309,376,000) | 79,912,000 | |
Net income (loss) | (422,215,000) | (617,948,000) | 193,848,000 | |
Less: Net income (loss) attributable to noncontrolling interests | 568,000 | (1,120,000) | 2,462,000 | |
Net income (loss) attributable to Cinemark Holdings, Inc. | $ (422,783,000) | $ (616,828,000) | $ 191,386,000 | |
Weighted average shares outstanding | ||||
Basic | 117,250 | 116,667 | 116,306 | |
Diluted | 117,250 | 116,667 | 116,606 | |
Earnings (loss) per share attributable to Cinemark Holdings, Inc.'s common stockholders | ||||
Basic | $ (3.55) | $ (5.25) | $ 1.63 | |
Diluted | $ (3.55) | $ (5.25) | $ 1.63 | |
NCM | ||||
Cost of operations | ||||
Impairment of long-lived and other assets | $ 0 | $ 92,655,000 | ||
Operating income (loss) | 59,671,000 | |||
Other income (expense) | ||||
Distributions from NCM | 77,000 | 6,975,000 | $ 12,873,000 | |
Interest expense - NCM | (23,612,000) | (23,595,000) | (28,624,000) | |
Net income (loss) attributable to Cinemark Holdings, Inc. | 115,753,000 | |||
DCIP | ||||
Other income (expense) | ||||
Cash distributions from DCIP | (13,139,000) | |||
Admissions | ||||
Revenues | ||||
Total revenues | 780,040,000 | 356,508,000 | 1,805,321,000 | |
Concession | ||||
Revenues | ||||
Total revenues | 561,652,000 | 231,046,000 | 1,161,083,000 | |
Other | ||||
Revenues | ||||
Total revenues | $ 168,772,000 | $ 98,756,000 | $ 316,695,000 | |
[1] | Includes amortization of debt issuance costs |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (422,215) | $ (617,948) | $ 193,848 |
Other comprehensive income (loss), net of tax | |||
Unrealized gain (loss) due to fair value adjustments on interest rate swap agreements, net of taxes of $2,692, $3,532 and $(741), net of settlements | 18,481 | (14,320) | (8,210) |
Other comprehensive loss in equity method investments | 0 | 0 | (142) |
Foreign currency translation adjustments | (18,837) | (47,592) | (12,753) |
Total other comprehensive loss, net of tax | (356) | (61,912) | (21,105) |
Total comprehensive income (loss), net of tax | (422,571) | (679,860) | 172,743 |
Comprehensive (income) loss attributable to noncontrolling interests | (568) | 1,120 | (2,462) |
Comprehensive income (loss) attributable to Cinemark Holdings, Inc. | $ (423,139) | $ (678,740) | $ 170,281 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Unrealized loss due to fair value adjustments on interest rate swap agreements, taxes | $ (741) | $ 3,532 | $ 2,692 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Treasury Stock | Additional Paid-in- Capital | Additional Paid-in- CapitalCumulative Effect, Period of Adoption, Adjustment | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Loss | Total Cinemark Holdings, Inc.'s Stockholders' Equity | Total Cinemark Holdings, Inc.'s Stockholders' EquityCumulative Effect, Period of Adoption, Adjustment | Noncontrolling Interests | |
Balance at Dec. 31, 2018 | $ 1,408,570 | $ 121 | $ (79,259) | $ 1,155,424 | $ 638,912 | $ (319,007) | $ 1,396,191 | $ 12,379 | |||||
Balance (in shares) at Dec. 31, 2018 | 121,457,000 | (4,626,000) | |||||||||||
Impact of adoption of ASU 2020-06, net of taxes of $20,321 | ASU 2014-09 | $ (16,985) | $ 16,985 | $ 16,985 | ||||||||||
Issuance of restricted stock | 1 | $ 1 | 1 | ||||||||||
Issuance of restricted stock (in shares) | 316,000 | ||||||||||||
Issuance of stock upon vesting of restricted stock units (in shares) | 91,000 | ||||||||||||
Restricted stock forfeitures and stock withholdings related to share based awards that vested during the year | (2,308) | [1] | $ (2,308) | (2,308) | |||||||||
Restricted stock forfeitures and stock withholdings related to share based awards that vested during the year (in shares) | (86,000) | ||||||||||||
Share based awards compensation expense | 14,615 | 14,615 | 14,615 | ||||||||||
Dividends paid to stockholders | (159,281) | 159,281 | 159,281 | ||||||||||
Dividends Accrued On Unvested Restricted Stock Unit Awards | (670) | (670) | (670) | ||||||||||
Dividends paid to noncontrolling interests | (2,333) | (2,333) | |||||||||||
Net income (loss) | 193,848 | 191,386 | 191,386 | 2,462 | |||||||||
Reclassification of cumulative translation adjustments | (21,105) | (21,105) | (21,105) | ||||||||||
Other comprehensive loss | (21,105) | ||||||||||||
Balance at Dec. 31, 2019 | 1,448,322 | $ 122 | $ (81,567) | 1,170,039 | 687,332 | (340,112) | 1,435,814 | 12,508 | |||||
Balance (in shares) at Dec. 31, 2019 | 121,864,000 | (4,712,000) | |||||||||||
Issuance of restricted stock | 2 | $ 2 | 2 | ||||||||||
Issuance of restricted stock (in shares) | 1,555,000 | ||||||||||||
Issuance of stock upon vesting of restricted stock units (in shares) | 208,000 | ||||||||||||
Restricted stock forfeitures and stock withholdings related to share based awards that vested during the year | (5,437) | [1] | $ (5,437) | (5,437) | |||||||||
Restricted stock forfeitures and stock withholdings related to share based awards that vested during the year (in shares) | (340,000) | ||||||||||||
Share based awards compensation expense | 19,926 | 19,926 | 19,926 | ||||||||||
Dividends paid to stockholders | (42,311) | 42,311 | 42,311 | ||||||||||
Dividends Accrued On Unvested Restricted Stock Unit Awards | (256) | (256) | (256) | ||||||||||
Dividends paid to noncontrolling interests | (392) | (392) | |||||||||||
Net income (loss) | (617,948) | (616,828) | (616,828) | (1,120) | |||||||||
Issuance of convertible senior notes | 108,274 | 108,274 | 108,274 | ||||||||||
Call options purchased | (142,094) | (142,094) | (142,094) | ||||||||||
Proceeds from issuance of warrants | 89,424 | 89,424 | 89,424 | ||||||||||
Amortization of accumulated losses for amended swap agreements | 3,371 | 3,371 | 3,371 | ||||||||||
Other comprehensive loss | (61,912) | (61,912) | (61,912) | ||||||||||
Balance at Dec. 31, 2020 | 798,969 | $ 124 | $ (87,004) | 1,245,569 | 27,937 | (398,653) | 787,973 | 10,996 | |||||
Balance (in shares) at Dec. 31, 2020 | 123,627,000 | (5,052,000) | |||||||||||
Impact of adoption of ASU 2020-06, net of taxes of $20,321 | ASU 2020-06 | $ (71,599) | $ (77,039) | $ 5,440 | $ (71,599) | |||||||||
Issuance of restricted stock | 1 | $ 1 | 1 | ||||||||||
Issuance of restricted stock (in shares) | 1,242,000,000 | ||||||||||||
Issuance of stock upon vesting of restricted stock units (in shares) | 232,000 | ||||||||||||
Restricted stock forfeitures and stock withholdings related to share based awards that vested during the year | (4,102) | [1] | $ (4,102) | (4,102) | |||||||||
Restricted stock forfeitures and stock withholdings related to share based awards that vested during the year (in shares) | 298,000 | ||||||||||||
Share based awards compensation expense | 29,271 | 29,271 | 29,271 | ||||||||||
Adjustment to accrued dividends on unvested restricted stock unit awards related to forfeitures | 4 | 4 | 4 | ||||||||||
Dividends Accrued On Unvested Restricted Stock Unit Awards | 4 | ||||||||||||
Net income (loss) | (422,215) | (422,783) | (422,783) | 568 | |||||||||
Amortization of accumulated losses for amended swap agreements | 4,495 | 4,495 | 4,495 | ||||||||||
Other comprehensive loss | (356) | (356) | (356) | ||||||||||
Balance at Dec. 31, 2021 | $ 334,468 | $ 125 | $ (91,106) | $ 1,197,801 | $ (389,402) | $ (394,514) | $ 322,904 | $ 11,564 | |||||
Balance (in shares) at Dec. 31, 2021 | 125,101,000 | (5,350,000) | |||||||||||
[1] | The Company withheld restricted shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock and restricted stock units. The Company determined the number of shares to be withheld based upon market values that ranged from $ 36.81 to $ 40.32 during the year ended December 31, 2019, $ 8.03 to $ 32.12 during the year ended December 31, 2020 and $ 15.21 to $ 24.14 during the year ended December 31, 2021. |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends paid to stockholders, per share | $ 0.36 | $ 1.36 | |
Cumulative effect of change in accounting principle, taxes | $ 20,321 | $ 6,054 | |
Incremental stock-based compensation expense arising from the modification | $ 521 | ||
Tax impact of convertible notes issued | $ 10,915 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities | |||
Net income (loss) | $ (422,215,000) | $ (617,948,000) | $ 193,848,000 |
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities: | |||
Depreciation | 262,681,000 | 254,987,000 | 256,118,000 |
Amortization of intangible and other assets | 2,682,000 | 4,789,000 | 5,037,000 |
Amortization of debt issuance costs | 10,714,000 | 7,332,000 | 5,311,000 |
Non-cash interest accretion on convertible notes | 0 | 5,714,000 | 0 |
Amortization of accumulated losses for amended swap agreements | 4,495,000 | 3,371,000 | 0 |
Impairment of long-lived and other assets | 20,845,000 | 152,706,000 | 57,001,000 |
Share based awards compensation expense | 29,271,000 | 19,404,000 | 14,615,000 |
(Gain) loss on disposal of assets and other | 8,025,000 | (8,923,000) | 12,008,000 |
Loss on extinguishment of debt | 6,527,000 | 0 | 0 |
Non-cash rent expense | (3,451,000) | 2,357,000 | (4,360,000) |
Equity in (income) loss of affiliates | 25,045,000 | 38,745,000 | (41,870,000) |
Deferred income tax expenses | (22,630,000) | (38,900,000) | (1,843,000) |
Cash distributions from DCIP | (156,000) | (25,430,000) | (53,366,000) |
Non-cash distributions from equity investees | (12,915,000) | 0 | |
Changes in other assets and liabilities: | |||
Inventories | (2,858,000) | 9,093,000 | (2,367,000) |
Accounts receivable | (43,577,000) | 58,457,000 | 11,326,000 |
Income tax receivable | 118,520,000 | (161,069,000) | (794,000) |
Prepaid expenses and other | (1,809,000) | 2,787,000 | (24,013,000) |
Deferred charges and other assets, net | 805,000 | 9,904,000 | (8,495,000) |
Accounts payable and accrued expenses | 175,500,000 | (97,273,000) | 36,106,000 |
Income tax payable | (6,001,000) | 2,289,000 | (6,984,000) |
Liabilities for uncertain tax positions | 30,183,000 | 4,931,000 | 341,000 |
Other long-term liabilities | (17,890,000) | 12,718,000 | 21,309,000 |
Net cash provided by (used for) operating activities | 166,219,000 | (330,098,000) | 561,995,000 |
Investing activities | |||
Additions to theatre properties and equipment and other | (95,542,000) | (83,930,000) | (303,627,000) |
Proceeds from sale of assets and other | 6,246,000 | 614,000 | 3,155,000 |
Acquisitions of theatres in the U.S. and international markets, net of cash acquired | 0 | 0 | (10,170,000) |
Investment in joint ventures and other, net | 0 | (50,000) | 0 |
Net cash used for investing activities | (89,296,000) | (83,366,000) | (310,642,000) |
Financing activities | |||
Dividends paid to stockholders | 0 | (42,311,000) | (159,281,000) |
Payroll taxes paid as a result of restricted stock withholdings | (4,102,000) | (5,437,000) | (2,308,000) |
Proceeds from issuance of convertible notes | 0 | 460,000,000 | 0 |
Proceeds from issuance of senior notes | 1,170,000,000 | 250,000,000 | 0 |
Proceeds from other borrowings | 13,475,000 | 22,322,000 | 0 |
Redemption of senior notes | (1,155,000,000) | 0 | 0 |
Repayments of long-term debt | (10,284,000) | (6,691,000) | (7,984,000) |
Payment of debt issue costs | (17,272,000) | (24,981,000) | 0 |
Proceeds from warrants issued | 0 | 89,424,000 | 0 |
Fees paid related to debt refinancing | (2,058,000) | 0 | 0 |
Payments on finance leases | (14,689,000) | (15,432,000) | (14,600,000) |
Other | 0 | (392,000) | (2,333,000) |
Net cash provided by (used for) financing activities | (19,930,000) | 584,408,000 | (186,506,000) |
Effect of exchange rate changes on cash and cash equivalents | (4,992,000) | (3,919,000) | (2,756,000) |
Increase (decrease) in cash and cash equivalents | 52,001,000 | 167,025,000 | 62,091,000 |
Cash and cash equivalents: | |||
Beginning of period | 655,338,000 | 488,313,000 | 426,222,000 |
End of period | 707,339,000 | 655,338,000 | 488,313,000 |
Convertible Notes | |||
Financing activities | |||
Purchase of convertible note hedges | 0 | (142,094,000) | 0 |
NCM | |||
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities: | |||
Interest accrued on NCM screen advertising advances | 23,612,000 | 23,595,000 | 0 |
Amortization of NCM screen advertising advances and other deferred revenues | (32,411,000) | (31,679,000) | $ (13,665,000) |
Impairment of long-lived and other assets | $ 0 | $ 92,655,000 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | CINEMARK HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except share and per share data) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business — Cinemark Holdings, Inc. and its subsidiaries (the “Company”) operate in the motion picture exhibition industry, with theatres in the United States (“U.S.”) and in 15 countries in Latin America. Principles of Consolidation — The consolidated financial statements include the accounts of Cinemark Holdings, Inc. and its subsidiaries. Majority-owned subsidiaries that the Company has control of are consolidated while those affiliates of which the Company owns between 20 % and 50 % and does not control are accounted for under the equity method. Those affiliates of which the Company owns less than 20 % are generally accounted for under the cost method, unless the Company is deemed to have the ability to exercise significant influence over the affiliate, in which case the Company would account for its investment under the equity method. The results of these equity method investees are included in the consolidated financial statements effective from their date of formation or from their dates of acquisition. Intercompany balances and transactions are eliminated in consolidation. Cash and Cash Equivalents — Cash and cash equivalents consist of operating funds held in financial institutions, petty cash held by the theatres, highly liquid investments with original maturities of three months or less when purchased and restricted cash. The Company invests its cash primarily in money market funds, certificates of deposit, commercial paper or other similar funds. The Company maintains cash deposits required to support bank letters of credit issued for bank loans of certain of the Company’s international subsidiaries that totaled $ 25,767 as of December 31, 2021 and are considered restricted cash. See Note 13 for further discussion. Accounts Receivable – Accounts receivable, which are recorded at net realizable value, consist primarily of receivables related to screen advertising, screen rental, receivables related to discounted tickets and gift cards sold to third party retail locations, receivables from landlords related to theatre construction projects, rebates earned from the Company’s concession vendors and value-added and other non-income tax receivables. Inventories — Concession inventories are stated at the lower of cost (first-in, first-out method) or net realizable value. Theatre Properties and Equipment — Theatre properties and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets as follows: Category Useful Life Buildings on owned land 40 years Buildings on leased land Lesser of lease term or useful life Land and buildings under finance leases (1) Lease term Theatre furniture and equipment 3 to 15 years Leasehold improvements Lesser of lease term or useful life (1) Amortization of finance lease assets is included in depreciation and amortization expense on the consolidated statements of income. Accumulated amortization of finance lease assets as of December 31, 2020 and 2021 was $ 47,961 and $ 57,778 , respectively. The Company evaluates long-lived assets for impairment indicators on a quarterly basis or whenever events or changes in circumstances indicate the carrying amount of the assets may not be fully recoverable (qualitative evaluation). The Company also performs a full quantitative impairment evaluation on an annual basis. These qualitative and quantitative evaluations are described below: • Quantitative approach The Company performs a quantitative evaluation at the theatre level using estimated undiscounted cash flows from continuing use through the remainder of the theatre’s useful life. The remainder of the theatre’s useful life correlates with the remaining lease period, which includes the probability of the exercise of available renewal periods for leased properties, and the lesser of twenty years or the building’s remaining useful life for owned properties. If the estimated undiscounted cash flows are not sufficient to recover a long-lived asset’s carrying value, the Company then compares the carrying value of the asset group (theatre) with its estimated fair value. Significant judgment, including management’s estimate of future theatre level cash flows for each theatre is involved in estimating fair value. For its 2020 and 2021 long-lived impairment assessments, significant management judgement was involved in estimating impacts of the COVID-19 pandemic and the timing of recovery for each of the Company's theatres based on projected box office. Fair value is estimated based on a multiple of cash flows. Management’s estimates, which fall under Level 3 of the U.S. GAAP fair value hierarchy, as defined by FASB ASC Topic 820-10-35, are based on projected operating performance, market transactions and industry trading multiples. • Qualitative approach The Company’s qualitative assessment considers relevant market transactions, industry trading multiples and recent developments that would impact its estimates of future cash flows as compared to its most recent quantitative impairment assessment. Goodwill and Other Intangible Assets — The Company evaluates goodwill for impairment annually during the fourth quarter or whenever events or changes in circumstances indicate the carrying value of the goodwill may not be fully recoverable. The Company evaluates goodwill for impairment at the reporting unit level and has allocated goodwill to the reporting unit based on an estimate of its relative fair value. Management considers the reporting unit to be each of its regions in the U.S. and each of its international countries with Honduras, El Salvador, Nicaragua, Costa Rica, Panama and Guatemala considered one reporting unit (the Company does not have goodwill recorded for all of its international locations). Under ASC Topic 350, Goodwill, Intangibles and Other (“ASC Topic 350”), the Company may perform a qualitative impairment assessment or a quantitative impairment assessment of our goodwill which are described below: • Quantitative approach Under a quantitative goodwill impairment analysis, the Company estimates the fair value of each reporting unit and compares it with its carrying value. Fair value is estimated using the market approach, which is the most common valuation approach for the Company’s industry and considers a multiple of cash flows for each reporting unit as the basis for fair value. Significant judgment including management’s estimate of future theatre level cash flows for each theatre is involved in estimating fair value of a reporting unit. For its 2020 and 2021 goodwill impairment assessments, significant management judgement was involved in estimating impacts of the COVID-19 pandemic and the timing of recovery for each of the Company's theatres based on projected box office. The Company’s estimates, which fall under Level 3 of the U.S. GAAP fair value hierarchy as defined by FASB ASC Topic 820-10-35, are based on projected operating performance of each reporting unit, relevant market transactions and industry trading multiples. • Qualitative approach The Company’s qualitative assessment of goodwill for each reporting unit considers economic and market conditions, industry trading multiples and the impact of recent developments and events on the estimated fair values as determined during its most recent quantitative assessment. Tradename intangible assets are tested for impairment at least annually during the fourth quarter or whenever events or changes in circumstances indicate the carrying value may not be fully recoverable. Under ASC Topic 350, the Company can elect to perform a qualitative or quantitative impairment assessment for our tradename intangible assets as described below: • Quantitative approach The Company compares the carrying values of its tradename assets to their estimated fair values. Fair values are estimated by applying an estimated market royalty rate that could be charged for the use of the tradenames to forecasted future revenues, with an adjustment for the present value of such royalties. Significant judgment, including management’s estimate of market royalty rates and long-term revenue forecasts, is involved in estimating the tradename fair values. For its 2020 and 2021 tradename impairment assessments, significant management judgement was involved in estimating impacts of the COVID-19 pandemic and the timing of recovery for each of the Company's theatres based on projected box office. Management’s estimates, which fall under Level 3 of the U.S. GAAP fair value hierarchy as defined by FASB ASC Topic 820-10-35, were based on projected revenue performance and expected industry trends. • Qualitative approach The Company’s qualitative assessment considers industry and market conditions and recent developments that may impact the revenue forecasts and other estimates as compared to its most recent quantitative assessment. The table below summarizes the Company’s intangible assets and the amortization method used for each type of intangible asset: Intangible Asset Amortization Method Goodwill Indefinite-lived Tradename Indefinite-lived and definite-lived. Definite-lived tradename asset has a remaining useful life of approximately five years . Other intangible assets Straight-line method over the terms of the underlying agreement or the expected useful life of the intangible asset. The remaining useful lives of these intangible assets range from one to four years . Lease Accounting — See Note 4 for discussion of the Company’s lease accounting policies. Deferred Charges and Other Assets — Deferred charges and other assets consist of construction, lease and other deposits, equipment to be placed in service, and other assets of a long-term nature. Self-Insurance Reserves — In the U.S., the Company is self-insured for general liability claims. For each of the years ended December 31, 2019, 2020 and 2021 , general liability claims were capped at $ 500 per occurrence with no aggregate annual cap. For its international locations, the Company is fully insured for general liability claims with little or no deductibles per occurrence. The Company has a fully-funded deductible workers compensation insurance plan under which the Company is responsible for pre-funding claims and is responsible for claims up to $ 250 per occurrence, with an annual cap of $ 5,000 for the years ended December 31, 2019, 2020 and 2021 . The Company is also self-insured for domestic medical claims with a cap of $ 250 per occurrence for the years ended December 31, 2019, 2020 and 2021. As of December 31, 2020 and 2021 , the Company’s self-insurance reserves were $ 9,034 and $ 6,810 , respectively, and are reflected in accrued other current liabilities on the consolidated balance sheets. Revenue Recognition — See Note 5 for discussion of revenue recognition and deferred revenue. Expenses — Film rental costs are subject to the film licensing arrangement and accrued based on the applicable box office receipts and either; 1) a sliding scale formula, which is generally established with the studio prior to the opening of the film, 2) a firm terms formula as negotiated prior to a film's theatrical run or 3) estimates of the final settlement rate, which occurs at the conclusion of the film run. Under a sliding scale formula, the Company pays a percentage of box office revenues using a pre-determined scale that is based upon box office performance of the film for its full run. Under a firm terms formula, the Company pays the distributor a percentage of box office receipts that can either be an aggregate rate for the full theatrical run or rates that decline over the term of the theatrical run. The settlement process allows for negotiation of film rental fees upon the conclusion of the film's theatrical run based upon how the film performs. Estimates are based on the expected success of a film. The success of a film can generally be determined a few weeks after a film is released when the initial box office performance of the film is known. If actual settlements are different than those estimates, film rental costs are adjusted at that time. Accounting for Share Based Awards — The Company measures the cost of employee services received in exchange for an equity award based on the fair value of the award on the date of the grant. The grant date fair value is based on the Company’s stock price on the grant date. Such costs are recognized over the period during which an employee is required to provide service in exchange for the award (which is usually the vesting period). At the time of the grant, the Company also estimates the number of awards that will ultimately be forfeited. See Note 17 for discussion of the Company’s share based awards and related compensation expense. Income Taxes — The Company uses an asset and liability approach to financial accounting and reporting for income taxes. Deferred income taxes are provided when tax laws and financial accounting standards differ with respect to the amount of income for a year and the basis of assets and liabilities. A valuation allowance is recorded to reduce the carrying amount of deferred tax assets unless it is more likely than not that such assets will be realized. Income taxes are provided on unremitted earnings from foreign subsidiaries unless such earnings are expected to be indefinitely reinvested. Income taxes have also been provided for potential tax assessments. The evaluation of an uncertain tax position is a two-step process. The first step is recognition: The Company determines whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. In evaluating whether a tax position has met the more-likely-than-not recognition threshold, the Company should presume that the position would be examined by the appropriate taxing authority that would have full knowledge of all relevant information. The second step is measurement: A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Differences between tax positions taken in a tax return and amounts recognized in the financial statements result in (1) a change in a liability for income taxes payable or (2) a change in an income tax refund receivable, a deferred tax asset or a deferred tax liability or both (1) and (2). The Company accrues interest and penalties on its uncertain tax positions as a component of income tax expense. See further discussion in Note 19. Segments — For the years ended December 31, 2019, 2020 and 2021 , the Company managed its business under two reportable operating segments, U.S. markets and international markets. See Note 21. Use of Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. The Company’s consolidated financial statements include amounts that are based on management’s best estimates and judgments. Actual results could differ from those estimates. Foreign Currency Translations — The assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. dollars at current exchange rates as of the balance sheet date, and revenues and expenses are translated at average monthly exchange rates. The resulting translation adjustments are recorded in the consolidated balance sheets in accumulated other comprehensive loss. See Note 15 for a summary of the translation adjustments recorded in accumulated other comprehensive loss for the years ended December 31, 2019, 2020 and 2021. The Company recognizes foreign currency transaction gains and losses when changes in exchange rates impact transactions, other than intercompany transactions of a long-term investment nature, that have been denominated in a currency other than the functional currency. The Company deemed Argentina to be highly inflationary beginning July 1, 2018. A highly inflationary economy is defined as an economy with a cumulative inflation rate of approximately 100 percent or more over a three-year period. If a country’s economy is classified as highly inflationary, the financial statements of the foreign entity operating in that country must be remeasured to the functional currency of the reporting entity. The financial statements of the Company’s Argentina subsidiaries has been remeasured in U.S. dollars in accordance with ASC Topic 830, Foreign Currency Matters , effective beginning July 1, 2018. See further discussion in Note 15. Fair Value Measurements — According to authoritative guidance, inputs used in fair value measurements fall into three different categories; Level 1, Level 2 and Level 3. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. See Note 14 for a discussion of our fair value measurements for the years ended December 31, 2019, 2020 and 2021. Acquisitions — The Company accounts for acquisitions under the acquisition method of accounting. The acquisition method requires that the acquired assets and liabilities, including contingencies, be recorded at fair value determined on the acquisition date and changes thereafter reflected in income. For certain acquisitions, the Company obtains independent third party valuation studies for certain of the assets acquired and liabilities assumed to assist the Company in determining fair value. The estimation of the fair value of the assets acquired and liabilities assumed involves a number of estimates and assumptions that could differ materially from the actual amounts realized. The Company provides assumptions, including both quantitative and qualitative information, about the specified asset or liability to the third party valuation firms. The Company primarily utilizes the third party to accumulate comparative data from multiple sources and assemble a report that summarizes the information obtained. The Company then uses the information to record estimated fair value. The third party valuation firms are supervised by Company personnel who are knowledgeable about valuations and fair value. The Company evaluates the appropriateness of the assumptions and valuation methodologies utilized by the third party valuation firm. Interest Rate Swaps – The Company evaluates its interest rate swap agreements, which are designated as cash flow hedges, to determine whether they are effective on a quarterly basis in accordance with ASC Topic 815, Derivatives and Hedging . The fair values of the interest rate swaps are estimated based on future estimated net cash flows considering forecasted interest rates for the terms of the interest rate swap agreements as compared to the fixed interest rates paid under the agreements. If deemed to be effective, fair value estimates are recorded on the consolidated balance sheets as an asset or liability with the related gains or losses reported as a component of accumulated other comprehensive loss. If the swaps are determined to not be effective, the gains or losses are recorded in interest expense on the consolidated income statement. See further discussion in Note 13. Restructuring Charges – During the year ended December 31, 2020, the Company recorded restructuring charges based on an approved and announced restructuring plan, specifically related to headcount reductions, the permanent closure of underperforming theatres and the write-down of related theatre assets. The costs of the restructuring actions were accrued based on estimates at the time the plan was formalized. Adjustments made to restructuring charges based on actual costs incurred were recorded during the year ended December 31, 2021. See further discussion in Note 3. |
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
NEW ACCOUNTING PRONOUNCEMENTS | 2. NEW ACCOUNTING PRONOUNCEMENTS ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , (“ASU 2020-04”) and ASU 2021-01, Reference Rate Reform (Topic 848): Scope , (“ASU 2021-01”). The purpose of ASU 2020-04 is to provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. More specifically, the amendments in ASU 2020-04 provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in ASU 2021-01 clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in ASU 2020-04 and ASU 2021-01 are effective as of March 12, 2020 through December 31, 2022. The Company does not expect ASU 2020-04 and ASU 2021-01 to have a material impact on its consolidated financial statements. ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance , (“ASU 2021-10”). The purpose of ASU 2021-10 is to provide annual disclosure guidance about transactions with a government that are by applying a grant or contribution accounting model by analogy. More specifically, the amendments in ASU 2021-10 require disclosure of a) the nature of the transactions and the related accounting policy used to account for the transactions, b) the line items on the balance sheet and income statement , including the amounts applicable to each line item, that are affected by the transactions and b) significant terms and conditions of the transactions, including commitments and contingencies. The amendments in ASU 2021-10 are effective for annual periods beginning after December 15, 2021. The amendments in ASU 2021-10 should be applied either a) prospectively to all transactions at the date of initial application and new transactions that are entered into after the date of initial application or b) retrospectively to those transactions. The Company does not expect ASU 2021-10 to have a material impact on its consolidated financial statements. |
Impact of The COVID-19 Pandemic
Impact of The COVID-19 Pandemic | 12 Months Ended |
Dec. 31, 2021 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Impact of The COVID-19 Pandemic | 3. IMPACT OF THE COVID-19 PANDEMIC The COVID-19 pandemic has had an unprecedented impact on the world and the movie exhibition industry. The social and economic effects have been widespread. The Company temporarily closed its theatres in the U.S. and Latin America during March of 2020 at the onset of the COVID-19 outbreak. Additionally, the Company implemented various cash preservation strategies, including, but not limited to, temporary personnel and salary reductions, halting non-essential operating and capital expenditures, negotiating modified timing and/or abatement of contractual payments with landlords and other major suppliers, and the suspension of its quarterly dividend. Throughout 2020 and 2021 the Company reopened theatres as soon as local restrictions and the status of the COVID-19 pandemic would allow. As of December 31, 2021, all of the Company's domestic and international theatres were open. The industry’s recovery to historical levels of new film content, both in terms of the number of new films and box office performance, is still underway, as the industry also continues to adjust to evolving theatrical release windows, competition from streaming and other delivery platforms, supply chain delays, inflationary pressures, labor shortages, wage rate pressures and other economic factors . Based on the Company’s current estimates of recovery, it believes it has, and will generate, sufficient cash to sustain operations. Nonetheless, the COVID-19 pandemic has had, and continues to have, adverse effects on the Company’s business, results of operations, cash flows and financial condition. Restructuring Charges During June 2020, Company management announced a restructuring plan to realign its operations to create a more efficient cost structure (referred to herein as the “Restructuring Plan”) in response to the COVID-19 pandemic. The Restructuring Plan primarily included a headcount reduction at its domestic corporate office and the permanent closure of certain domestic and international theatres. The following table summarized activity recorded during the years ended December 31, 2020 and 2021: U.S. Operating Segment International Operating Segment Consolidated Employee-related Costs Facility Closure Costs Total Charges Employee-related Costs Facility Closure Costs Total Charges Employee-related Costs Facility Closure Costs Total Charges Restructuring charges recorded during the year ended December 31, 2020 $ 8,964 $ 7,645 $ 16,609 $ 814 $ 2,946 $ 3,760 $ 9,778 $ 10,591 $ 20,369 Amounts paid ( 7,603 ) ( 1,649 ) ( 9,252 ) ( 814 ) ( 590 ) ( 1,404 ) ( 8,417 ) ( 2,239 ) ( 10,656 ) Noncash write-offs ( 521 ) ( 256 ) ( 777 ) — ( 2,195 ) ( 2,195 ) ( 521 ) ( 2,451 ) ( 2,972 ) Reserve balance at December 31, 2020 840 5,740 6,580 — 161 161 840 5,901 6,741 Amounts paid ( 350 ) ( 3,930 ) ( 4,280 ) — ( 27 ) ( 27 ) ( 350 ) ( 3,957 ) ( 4,307 ) Reserve adjustments (1) ( 94 ) ( 887 ) ( 981 ) — ( 20 ) ( 20 ) ( 94 ) ( 907 ) ( 1,001 ) Reserve balance at December 31, 2021 $ 396 $ 923 $ 1,319 $ — $ 114 $ 114 $ 396 $ 1,037 $ 1,433 (1) Amounts are primarily adjustments based on final facility lease payments for certain closed theatres as compared with original estimates recorded. The unpaid and accrued restructuring costs of $ 1,433 are reflected in accrued other current liabilities on the consolidated balance sheet as of December 31, 2021. |
Lease Accounting
Lease Accounting | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lease Accounting | 4. LEASE ACCOUNTING Real Estate Leases — The Company conducts a significant part of its theatre operations in leased properties under noncancelable operating and finance leases with base terms generally ranging from 10 to 25 years . In addition to fixed lease payments, some of the leases provide for variable lease payments and some require the payment of taxes, insurance and other costs applicable to the property. Variable lease payments include payments based on a percentage of retail sales or a percentage of retail sales over defined thresholds. Other variable lease payments include payments adjusted periodically for inflation, changes in attendance or changes in average ticket price. The Company can renew, at its option, many of its leases at defined or then market rental rates for various renewal periods. Some leases also provide for escalating rent payments throughout the lease term. The Company also leases certain office and warehouse facilities in the U.S. and in international locations, which generally only include fixed payments. The Company recognizes fixed lease expense for the operating leases on a straight-line basis over the lease term. The Company’s real estate lease agreements do not contain any residual value guarantees or restrictive covenants. Equipment Leases — The Company leases certain equipment under operating leases, including trash compactors and various other equipment used in the day-to-day operation of its theatres. Certain of the leases require fixed lease payments to be made over the duration of the lease term, while others are variable in nature based on usage or sales. Certain of these leases are month-to-month, while others have noncancelable terms ranging from 5 to 6 years . The Company’s equipment lease agreements do not contain any residual value guarantees or restrictive covenants. The Company leased digital projectors through October 2020. See further discussion of the leased projectors in Note 9. Lease Deferrals and Abatements — Upon the temporary closure of theatres in March 2020, the Company began negotiating the deferral of rent and other lease-related payments with its landlords while theatres remained closed. These discussions and negotiations have remained ongoing as the Company continues to be impacted by the COVID-19 pandemic. These negotiations resulted in amendments to the leases that involve varying concessions, including the abatement of rent payments during closure, deferral of all or a portion of rent payments to later periods and deferrals of rent payments combined with an early exercise of an existing renewal option or extension of the lease term. In certain locations, the Company is entitled to rent-free periods while theatres remain closed in accordance with local regulations. Total payments deferred as of December 31, 2020 were approximately $ 66,178 , $ 48,366 of which is included in accrued other current liabilities and $ 17,812 of which is included in other long term liabilities on the consolidated balance sheet. Total payments deferred as of December 31, 2021 were $ 31,903 , all of which is included in accrued other current liabilities on the consolidated balance sheet. In April 2020, the FASB staff released guidance indicating that in response to the COVID-19 pandemic, an entity would not have to analyze each contract to determine whether enforceable rights and obligations for concessions exist in the contract and could elect to apply or not apply the lease modification guidance in ASC Topic 842, Leases to those contracts. The election is available for concessions related to the effects of the COVID-19 pandemic that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. For example, this election is available for concessions that result in the total payments required by the modified contract being substantially the same as or less than total payments required by the original contract. The Company elected to not remeasure the lease liabilities and right-of-use assets for those leases where the concessions and deferrals did not result in a significant change in total payments under the lease and where the remaining lease term did not significantly change as a result of the negotiation. For those leases that were extended as a result of the negotiation to defer rent payments, the Company recalculated the related lease liability and right-of-use asset based on the new terms. The following table represents the operating and finance right-of-use assets and lease liabilities as of the periods indicated. As of As of Leases Classification December 31, 2020 December 31, 2021 Assets (1) Operating lease assets Operating lease assets $ 1,278,191 $ 1,230,790 Finance lease assets Theatre properties and equipment, net of accumulated depreciation (2) 99,195 80,513 Total lease assets $ 1,377,386 $ 1,311,303 Liabilities (1) Current Operating Current portion of operating lease obligations $ 208,593 $ 217,092 Finance Current portion of finance lease obligations 16,407 14,605 Noncurrent Operating Operating lease obligations, less current portion 1,138,142 1,078,260 Finance Finance lease obligations, less current portion 124,609 102,571 Total lease liabilities $ 1,487,751 $ 1,412,528 (1) The operating lease right-of-use assets and liabilities recorded on the Company’s consolidated balance sheets generally do not include renewal options that have not yet been exercised. The Company does not consider a lease renewal exercise as reasonably certain until immediately before the necessary notification is provided to the landlord after consideration of market conditions and performance of the theatre. (2) Finance lease assets are net of accumulated amortization of $ 47,961 and $ 57,778 as of December 31, 2020 and 2021, respectively. As of December 31, 2021 , the Company had signed lease agreements with total noncancelable lease payments of approximately $ 90,032 related to theatre leases that had not yet commenced. The timing of lease commencement is dependent on the completion of construction of the related theatre facility. Additionally, these amounts are based on estimated square footage and costs to construct each facility and may be subject to adjustment upon final completion of each construction project. In accordance with ASC Topic 842, fixed minimum lease payments related to these theatres are not included in the right-of-use assets and lease liabilities as of December 31, 2021. The following table represents the Company’s aggregate lease costs, by lease classification, for the periods indicated. Year Ended Year Ended Year Ended Lease Cost Classification December 31, 2019 December 31, 2020 December 31, 2021 Operating lease costs Equipment (1) Utilities and other $ 9,172 $ 3,324 $ 2,342 Real Estate (2)(3) Facility lease expense 346,222 275,056 280,968 Total operating lease costs $ 355,394 $ 278,380 $ 283,310 Finance lease costs Depreciation of leased assets Depreciation and amortization $ 14,734 $ 14,662 $ 12,634 Interest on lease liabilities Interest expense 7,786 7,014 5,916 Total finance lease costs $ 22,520 $ 21,676 $ 18,550 (1) Includes approximately $ 4,700 , $ ( 465 ) and $ 1,842 of short-term lease payments for the years ended December 31, 2019, 2020 and 2021, respectively. The amount for the year ended December 31, 2020 was impacted by i) a decrease in short term lease payments while theatres were closed and ii) rent abatements on leases that were not recalculated in accordance with the FASB guidance discussed above, which resulted in variable rent credits in the amount of the rent abatements. (2) Includes approximately $ 68,799 , $ 7,058 and $ 11,791 of variable lease payments based on a change in index, such as CPI or inflation, variable payments based on revenues or attendance and variable common area maintenance costs for the years ended December 31, 2019, 2020 and 2021, respectively. The amount for the year ended December 31, 2020 was impacted by rent abatements on leases that were not recalculated in accordance with the FASB guidance discussed above, which resulted in variable rent credits in the amount of the rent abatements. (3) Approximately $ 1,614 , $ 1,445 and $ 1,304 of lease payments are included in general and administrative expenses primarily related to office leases for the years ended December 31, 2019, 2020 and 2021, respectively. The following table represents the maturity of lease liabilities, by lease classification, as of December 31, 2021. Operating Finance Years Ending Leases Leases Total 2022 (1) $ 274,005 $ 19,820 $ 293,825 2023 252,772 19,131 271,903 2024 220,455 18,050 238,505 2025 193,375 16,453 209,828 2026 156,573 11,984 168,557 After 2026 447,815 58,694 506,509 Total lease payments $ 1,544,995 $ 144,132 $ 1,689,127 Less: Interest 249,643 26,956 276,599 Present value of lease liabilities $ 1,295,352 $ 117,176 $ 1,412,528 (1) Amounts do not include rent payments deferred under amendments as discussed at Lease Deferrals and Abatements above. The following table represents the weighted-average remaining lease term and discount rate, disaggregated by lease classification, as of December 31, 2021. As of Lease Term and Discount Rate December 31, 2021 Weighted-average remaining lease term (years) (1) Operating leases - equipment 2.9 Operating leases - real estate 7.3 Finance leases - equipment 3.4 Finance leases - real estate 8.9 Weighted-average discount rate (2) Operating leases - equipment 3.8 % Operating leases - real estate 4.9 % Finance leases - equipment 4.7 % Finance leases - real estate 4.9 % (1) The lease assets and liabilities recorded on the Company’s consolidated balance sheets generally do not include renewal options that have not yet been executed. The Company does not consider a lease renewal exercise as reasonably certain until immediately before the necessary notification is provided to the landlord after consideration of market conditions and performance of the theatre. (2) The discount rate for each lease represents the incremental borrowing rate at which the Company would borrow, on a collateralized basis, over a similar term and at an amount equal to the lease payments in a similar economic environment. The following table represents the minimum cash lease payments included in the measurement of lease liabilities and the non-cash addition of right-of-use assets for the periods presented. Year Ended Year Ended Year Ended Other Information December 31, 2019 December 31, 2020 December 31, 2021 Cash paid for amounts included in the measurement of lease liabilities Cash outflows for operating leases $ 281,895 $ 271,787 $ 269,677 Cash outflows for finance leases - operating activities $ 7,576 $ 6,985 $ 5,910 Cash outflows for finance leases - financing activities $ 14,600 $ 15,432 $ 14,689 Non-cash amount of leased assets obtained in exchange for: Operating lease liabilities $ 114,113 $ 132,717 $ 180,055 Finance lease liabilities $ 21,535 $ — $ 725 Lessor Arrangements Under the Company’s Exhibitor Services Agreement (“ESA”) with National CineMedia, LLC (“NCM”), the nonconsecutive periods of use of the theatre screens by NCM qualify as a lease in accordance with ASC Topic 842. See further discussion in Note 8. The Company rents its theatre auditoriums for corporate meetings, screenings, education and training sessions and other private events. These rentals, which are not significant to the Company, are generally one-time events and the related revenue is reflected as other revenue on the consolidated statements of income (loss). |
REVENUE RECOGNITION
REVENUE RECOGNITION | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 5. REVENUE RECOGNITION Revenue Recognition Policy The Company’s patrons have the option to purchase movie tickets well in advance of a movie showtime or right before the movie showtime, or at any point in between those two timeframes depending on seat availability. The Company recognizes such admissions revenue when the showtime for a purchased movie ticket has passed. Concession revenue is recognized when products are sold to the consumer. Other revenues primarily consist of screen advertising and screen rental revenues, promotional income, studio trailer placements and transactional fees. Except for NCM screen advertising advances discussed below in Note 9, these revenues are generally recognized when the Company has performed the related services. The Company sells gift cards and discount ticket vouchers called Supersavers, the proceeds from which are recorded as deferred revenue. Deferred revenue for gift cards and discount ticket vouchers is recognized when they are redeemed for concession items or, if redeemed for movie tickets, when the showtime has passed. The Company generally records breakage revenue on gift cards and discount ticket vouchers based on redemption activity and historical experience with unused balances. The Company offers a subscription program in the U.S. whereby patrons can pay a monthly or annual fee to receive a monthly credit for use towards a future movie ticket purchase. The Company records the subscription program fees as deferred revenue and records admissions revenue when the showtime for a movie ticket purchased with a credit has passed. The Company has loyalty programs in the U.S. and many of its international locations that either have a prepaid annual fee or award points to customers as purchases are made. For those loyalty programs that have a prepaid annual fee, the Company recognizes the fee collected as other revenue on a straight-line basis over the term of the program. For those loyalty programs that award points to customers based on their purchases, the Company records a portion of the original transaction proceeds as deferred revenue based on the number of reward points issued to customers and recognizes the deferred revenue when the customer redeems such points. The value of loyalty points issued is based on the estimated fair value of the rewards offered. The Company records breakage revenue generally upon the expiration of loyalty points and subscription credits. Advances collected on concession and other contracts are deferred and recognized during the period in which the Company satisfies the related performance obligations, which may differ from the period in which the advances are collected. Accounts receivable included approximately $ 6,232 and $ 23,453 of receivables related to contracts with customers as of December 31, 2020 and 2021, respectively. The Company did no t record any assets related to the costs to obtain or fulfill a contract with customers during the years ended December 31, 2020 or 2021. Disaggregation of Revenue The following tables present revenues for the periods indicated, disaggregated based on major type of good or service and by reportable operating segment. Year Ended December 31, 2021 U.S. International Operating Operating Major Goods/Services Segment (1) Segment Consolidated Admissions revenues $ 671,750 $ 108,290 $ 780,040 Concession revenues 482,750 78,902 561,652 Screen advertising, screen rental and promotional revenues 66,192 17,892 84,084 Other revenues 72,930 11,758 84,688 Total revenues $ 1,293,622 $ 216,842 $ 1,510,464 Year Ended December 31, 2020 U.S. International Operating Operating Major Goods/Services Segment (1) Segment Consolidated Admissions revenues $ 291,636 $ 64,872 $ 356,508 Concession revenues 189,561 41,485 231,046 Screen advertising, screen rental and promotional revenues 46,199 16,332 62,531 Other revenues 29,513 6,712 36,225 Total revenues $ 556,909 $ 129,401 $ 686,310 Year Ended December 31, 2019 U.S. International Operating Operating Major Goods/Services Segment (1) Segment Consolidated Admissions revenues $ 1,431,790 $ 373,531 $ 1,805,321 Concession revenues 936,241 224,842 1,161,083 Screen advertising, screen rental and promotional revenues 128,839 35,888 164,727 Other revenues 84,033 67,935 151,968 Total revenues $ 2,580,903 $ 702,196 $ 3,283,099 (1) U.S. segment revenues exclude intercompany transactions with the international operating segment. See Note 21 for additional information on intercompany eliminations. The following tables present revenues for the periods indicated, disaggregated based on timing of revenue recognition (as discussed above). Year Ended December 31, 2021 U.S. International Operating Operating Segment (1) Segment Consolidated Goods and services transferred at a point in time $ 1,201,206 $ 193,658 $ 1,394,864 Goods and services transferred over time 92,416 23,184 115,600 Total $ 1,293,622 $ 216,842 $ 1,510,464 Year Ended December 31, 2020 U.S. International Operating Operating Segment (1) Segment Consolidated Goods and services transferred at a point in time $ 497,338 $ 109,997 $ 607,335 Goods and services transferred over time 59,571 19,404 78,975 Total $ 556,909 $ 129,401 $ 686,310 Year Ended December 31, 2019 U.S. International Operating Operating Segment (1) Segment Consolidated Goods and services transferred at a point in time $ 2,488,716 $ 621,785 $ 3,110,501 Goods and services transferred over time 92,187 80,411 172,598 Total $ 2,580,903 $ 702,196 $ 3,283,099 (1) U.S. segment revenues exclude intercompany transactions with the international operating segment. See Note 21 for additional information on intercompany eliminations. Screen Advertising Advances and Other Deferred Revenue The following table presents changes in the Company’s deferred revenue for the years ended December 31, 2020 and 2021: Deferred Revenue NCM Screen (1) Other Deferred (2) Balance at January 1, 2020 $ 348,354 $ 138,426 Amounts recognized as accounts receivable — 2,915 Cash received from customers in advance — 56,772 Common units received from NCM (see Note 8) 3,620 — Interest accrued related to significant financing component 23,595 — Revenue recognized during period ( 31,314 ) ( 57,625 ) Foreign currency translation adjustments — ( 1,658 ) Balance at December 31, 2020 344,255 138,830 Amounts recognized as accounts receivable — 2,170 Cash received from customers in advance — 132,179 Common units received from NCM (see Note 8) 10,237 — Interest accrued related to significant financing component 23,612 — Revenue recognized during period ( 32,078 ) ( 111,228 ) Foreign currency translation adjustments — ( 1,693 ) Balance at December 31, 2021 $ 346,026 $ 160,258 (1) See Significant Financing Component in Note 8 for discussion of NCM screen advertising advances and maturity of balances as of December 31, 2021. (2) Includes liabilities associated with outstanding gift cards and discount ticket vouchers, points or rebates outstanding under the Company’s loyalty and membership programs and revenues not yet recognized for screen advertising and other promotional activities. Amount is classified as accounts payable and accrued expenses or other long-term liabilities on the consolidated balance sheets. The table below summarizes the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied for other deferred revenue in the table above as of December 31, 2021 and when the Company expects to recognize this revenue. Year Ended December 31, Remaining Performance Obligations 2022 2023 Thereafter Total Other deferred revenue $ 138,945 21,313 — $ 160,258 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 6. EARNINGS PER SHARE The following table presents computations of basic and diluted earnings per share under the two class method: Year Ended December 31, 2019 2020 2021 Numerator: Net income (loss) attributable to Cinemark Holdings, Inc. $ 191,386 $ ( 616,828 ) $ ( 422,783 ) (Earnings) loss allocated to participating share-based awards (1) ( 1,174 ) 4,279 6,058 Net income (loss) attributable to common stockholders $ 190,212 $ ( 612,549 ) $ ( 416,725 ) Denominator (shares in thousands): Basic weighted average shares outstanding 116,306 116,667 117,250 Common equivalent shares for restricted stock units (2) 300 — — Common equivalent shares for convertible notes and warrants (3) — — — Diluted weighted average shares outstanding 116,606 116,667 117,250 Basic earnings (loss) per share attributable to common stockholders $ 1.63 $ ( 5.25 ) $ ( 3.55 ) Diluted earnings (loss) per share attributable to common stockholders $ 1.63 $ ( 5.25 ) $ ( 3.55 ) (1) For the years ended December 31, 2019, 2020 and 2021, a weighted average of approximately 721 shares, 815 shares and 1,704 shares, of unvested restricted stock, respectively, are considered participating securities. (2) For the years ended December 31, 2020 and 2021 , approximately 682 and 4 common equivalent shares for restricted stock units were excluded because they were anti-dilutive. (3) For the years ended December 31, 2020 and 2021 , diluted loss per share excludes the conversion of the 4.500 % Convertible Senior Notes into 32,051 shares of common stock, as well as outstanding warrants, as they would be anti-dilutive. See further discussion below. The Company considers its unvested share-based payment awards, which contain non-forfeitable rights to dividends, participating securities, and includes such participating securities in its computation of loss per share pursuant to the two-class method. Basic loss per share for the two classes of stock (common stock and unvested restricted stock) is calculated by dividing net loss by the weighted average number of shares of common stock and unvested restricted stock outstanding during the reporting period. Diluted loss per share is calculated using the weighted average number of shares of common stock plus the potentially dilutive effect of common equivalent shares outstanding determined under both the two-class method and the treasury stock method. The impact of the 4.500% Convertible Senior Notes on diluted loss per share is calculated under the if-converted method, which assumes conversion of the notes at the beginning of the period. The if-converted value of the 4.500 % Convertible Senior Notes exceeded the aggregate outstanding principal value of the notes by $ 172,458 . The closing price of the Company's common stock did not exceed the strike price of $ 18.65 per share ( 130 % of the initial exercise price of $ 14.35 per share) during at least 20 of the last 30 trading days of the quarter ended December 31, 2021 and, therefore, the 4.500% Convertible Senior Notes will not be convertible during the first quarter of 2022. As noted in Note 13, the Company entered into hedge transactions with, and sold warrants to, counterparties in connection with the issuance of the 4.500% Convertible Senior Notes. The hedge transactions are generally expected to reduce the potential dilution of any conversion of the 4.500% Convertible Senior Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted 4.500% Convertible Senior Notes, as the case may be. The warrants could have a dilutive effect on earnings per share to the extent that the price of the Company’s common stock during a given measurement period exceeds the strike price (initially $ 22.08 per share). |
DIVIDENDS
DIVIDENDS | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
DIVIDENDS | 7. DIVIDENDS Below is a summary of dividends declared for the fiscal periods indicated. Amount per Total Declaration Date Record Date Payable Date Common Stock Dividends (1) 2/23/2019 3/8/2019 3/22/2019 $ 0.34 $ 39,905 5/24/2019 6/10/2019 6/24/2019 $ 0.34 40,012 8/16/2019 9/4/2019 9/18/2019 $ 0.34 40,020 11/22/2019 12/4/2019 12/18/2019 $ 0.34 40,014 Total for year ended December 31, 2019 $ 1.36 $ 159,951 2/21/2020 3/6/2020 3/20/2020 $ 0.36 $ 42,567 Total for year ended December 31, 2020 $ 0.36 $ 42,567 (1) Of the dividends recorded during 2019, 2020 and 2021, $ 670 , $ 256 and $( 4 ) , respectively, were related to outstanding restricted stock units and will not be paid until such units vest. See Note 17. The Company suspended its quarterly dividend in March 2020 as a result of the COVID-19 pandemic as discussed in Note 3. |
INVESTMENT IN NATIONAL CINEMEDI
INVESTMENT IN NATIONAL CINEMEDIA LLC | 12 Months Ended |
Dec. 31, 2021 | |
NCM | |
INVESTMENT IN NATIONAL CINEMEDIA LLC | 8. INVESTMENT IN NATIONAL CINEMEDIA LLC Summary of Activity with NCM Below is a summary of activity with NCM included in the Company’s consolidated financial statements for the periods indicated. See Note 5 for discussion of related revenue recognition. Investment in NCM NCM Screen Advertising Advances Distributions from NCM (3) Equity Other Revenue Interest Expense Cash Received Balance as of January 1, 2019 $ 275,592 $ ( 350,242 ) Receipt of common units due to annual common unit adjustment 1,552 ( 1,552 ) — — — — — Revenues earned under ESA (1) — — — — ( 13,782 ) — 13,782 Interest accrued related to significant financing component — ( 28,624 ) — — — 28,624 — Receipt of excess cash distributions ( 23,452 ) — ( 11,631 ) — — — 35,083 Receipt under tax receivable agreement ( 2,492 ) — ( 1,242 ) — — — 3,734 Equity in earnings 14,592 — — ( 14,592 ) — — — Amortization of screen advertising advances — 32,064 — — ( 32,064 ) — — Balance as of and for the year ended December 31, 2019 $ 265,792 $ ( 348,354 ) $ ( 12,873 ) $ ( 14,592 ) $ ( 45,846 ) $ 28,624.00 $ 52,599 Receipt of common units due to annual common unit adjustment 3,620 ( 3,620 ) — — — — — Revenues earned under ESA (1) — — — — ( 4,689 ) — 4,689 Interest accrued related to significant financing component — ( 23,595 ) — — — 23,595 — Receipt of excess cash distributions ( 12,022 ) — ( 5,914 ) — — — 17,936 Receipt under tax receivable agreement ( 2,146 ) — ( 1,061 ) — — — 3,207 Equity in loss ( 10,627 ) — — 10,627 — — — Impairment of investment in NCM (2) ( 92,655 ) — — — — — — Amortization of screen advertising advances — 31,314 — — ( 31,314 ) — — Balance as of and for the year ended December 31, 2020 $ 151,962 $ ( 344,255 ) $ ( 6,975 ) $ 10,627 $ ( 36,003 ) $ 23,595 $ 25,832 Receipt of common units due to annual common unit adjustment 10,237 ( 10,237 ) — — — — — Revenues earned under ESA (1) — — — — ( 12,001 ) — 12,001 Interest accrued related to significant financing component — ( 23,612 ) — — — 23,612 — Receipt under tax receivable agreement ( 156 ) — ( 77 ) — — — 233 Equity in loss ( 26,599 ) — — 26,599 — — — Amortization of screen advertising advances — 32,078 — — ( 32,078 ) — — Balance as of and for the year ended December 31, 2021 $ 135,444 $ ( 346,026 ) $ ( 77 ) $ 26,599 $ ( 44,079 ) $ 23,612 $ 12,234 (1) Amounts include the per patron and per digital screen theatre access fees due to the Company, net of amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire. The amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire were approximately $ 11,478 , $ 2,605 and $ 4,952 for the years ended December 31, 2019, 2020 and 2021, respectively. Amounts unpaid to the Company and recorded in accounts receivable on the consolidated balance sheets were $ 636 and $ 4,498 as of the years ended December 31, 2020 and 2021, respectively. (2) Recorded in impairment of long-lived and other assets on the consolidated income statement for the year ended December 31, 2020. See further discussion at Fair Value of Investment in NCM below. (3) Excess cash distributions from NCM decreased beginning in the second quarter of 2020 primarily as a result of the impact of the COVID-19 discussed at Note 3. Excess cash distributions will be restricted through December 2023 in accordance with the credit agreement amendment NCM recently entered into with its lenders. In addition to the activity in the table above, the Company made payments to NCM of approximately $ 61 , $ 9 and $ 8 during the years ended December 31, 2019, 2020 and 2021, respectively, related to certain equipment used for digital advertising, which is included in theatre furniture and equipment on the consolidated balance sheets. Investment in National CineMedia NCM operates a digital in-theatre network in the U.S. for providing cinema advertising. The Company entered into an ESA with NCM, pursuant to which NCM primarily provides advertising to our theatres. On February 13, 2007, National Cinemedia, Inc. (“NCMI”), an entity that serves as the sole manager of NCM, completed an initial public offering (“IPO”) of its common stock. In connection with the NCMI initial public offering, the Company amended its operating agreement and the ESA. At the time of the NCMI IPO and as a result of amending the ESA, the Company received approximately $ 174,000 in cash consideration from NCM. The proceeds were recorded as deferred revenue or NCM screen advertising advances and were being amortized over the term of the Amended and Restated ESA, or through February 2041 . Following the NCMI IPO, the Company does not recognize undistributed equity in the earnings on its original NCM membership units (referred to herein as the Company’s Tranche 1 Investment) until NCM’s future net earnings, less distributions received, surpass the amount of the excess distribution. The Company recognizes equity in earnings on its Tranche 1 Investment only to the extent it receives cash distributions from NCM. The Company recognizes cash distributions it receives from NCM on its Tranche 1 Investment as a component of earnings as Distributions from NCM. The Company believes that the accounting model provided by ASC Topic 323-10-35-22 for recognition of equity investee losses in excess of an investor’s basis is analogous to the accounting for equity income subsequent to recognizing an excess distribution. Common Unit Adjustments In addition to the consideration received upon the NCMI IPO and ESA modification in 2007, the Company also periodically receives consideration in the form of common units from NCM. Pursuant to a Common Unit Adjustment Agreement dated as of February 13, 2007 between NCMI and the Company, annual adjustments to the common membership units are made primarily based on increases or decreases in the number of theatre screens operated and theatre attendance generated by each Founding Member. As discussed in Note 6 to the Company’s financial statements as included in its 2018 Annual Report on Form 10-K, the common units received (collectively referred to as the Company’s “Tranche 2 Investment”) are recorded at estimated fair value as an increase in the Company’s investment in NCM with an offset to deferred revenue or NCM screen advertising advances. The Company’s Tranche 2 Investment is accounted for following the equity method, with undistributed equity earnings related to its Tranche 2 Investment included as a component of earnings in equity in income of affiliates and distributions received related to its Tranche 2 Investment are recorded as a reduction of investment basis. During March 2021, NCM performed its annual common unit adjustment calculation under the Common Unit Adjustment Agreement. As a result of the calculation, the Company received an additional 2,311,482 common units of NCM, on April 14, 2021. The Company recorded these additional common units at an estimated fair value of $ 10,237 with a corresponding adjustment to NCM screen advertising advances. The fair value of the common units received was estimated based on the market price of NCMI common stock (Level 1 input as defined in FASB ASC Topic 820) at the time the common units were determined, adjusted for volatility associated with the estimated time period it would take to convert the common units and register the respective shares. Below is a summary of common units received by the Company under the Common Unit Adjustment (“CUA”) Agreement during the years ended December 31, 2019, 2020 and 2021: Event Date Common Units Received Number of Common Units Received Fair Value of Common Units Received 2019 annual common unit adjustment 3/31/2019 219,056 $ 1,552 2020 annual common unit adjustment 3/31/2020 1,112,368 $ 3,620 2021 annual common unit adjustment 4/14/2021 2,311,482 $ 10,237 Fair Value of Investment in NCM As of December 31, 2021, the Company owned a total of 43,161,550 common units of NCM, which represented an interest of approximately 26 %. The estimated fair value of the Company’s investment in NCM was approximately $ 121,284 based on NCMI’s stock price as of December 31, 2021 of $ 2.81 per share (Level 1 input as defined in FASB ASC Topic 820), which was below the Company's carrying value of $ 135,444 . NCM, Inc.’s stock price may vary due to the performance of the business, industry trends, general and economic conditions and other factors, including those resulting from the impact of the COVID-19 pandemic (see Note 3). The Company does not believe that the decline in NCM, Inc.’s stock price is other than temporary as the share price was only below the Company's carrying value of NCM for less than one month at the end of 2021. Therefore, no impairment of the Company’s investment in NCM was recorded during the year ended December 31, 2021. During the year ended December 31, 2020, the Company's investment in NCM was written down by $ 92,655 , with a corresponding charge to impairment expense, in accordance with ASC 323-10-35 based on the NCM, Inc's stock price as of December 31, 2020. The write-down was due to the prolonged period of time, approximately ten months, which the share price of NCM, Inc.'s stock was below the Company’s carrying value per common unit of its investment in NCM through December 31, 2020. Exhibitor Services Agreement As previously discussed, the Company’s domestic theatres are part of the in-theatre digital network operated by NCM, the terms of which are defined in the ESA. NCM provides advertising to its theatres through its branded “ Noovie ” pre-show entertainment program and also handles lobby promotions and displays for our theatres. The Company receives a monthly theatre access fee for participation in the NCM network and also earns screen advertising or screen rental revenue on a per patron basis. Prior to September 17, 2019, the ESA was accounted for under ASC Topic 606, Revenue from Contracts with Customers. Effective September 17, 2019, the Company signed an amendment to the ESA, under which the Company will provide incremental advertising time to NCM and has extended the term through February 2041 . Since the agreement was amended, the Company was required to evaluate the revised contract under ASC Topic 842, Leases , and as a result, determined that the ESA met the definition of a lease. The Company leases nonconsecutive periods of use of its domestic theatre screens to NCM for purposes of showing third party advertising content. The lease, which is classified as an operating lease, generally requires variable lease payments based on the number of patrons attending the showtimes during which such advertising is shown. The lease agreement is considered short-term due to the fact that the nonconsecutive periods of use, or advertising time slots, are set on a weekly basis. The revenues earned under the ESA, both before and after the amendment, are reflected in other revenue on the consolidated income statement. The recognition of revenue related to the deferred revenue or NCM screen advertising advances will continue to be recorded on a straight-line basis over the new term of the amended ESA through February 2041. Year Ended December 31, Remaining Maturity 2022 2023 2024 2025 2026 Thereafter Total NCM screen advertising advances (1) $ 9,119 9,749 10,424 11,147 11,922 293,665 $ 346,026 (1) Amounts are net of the estimated interest to be accrued for the periods presented. Significant Financing Component As noted above, the Company received approximately $ 174,000 in cash consideration from NCM at the time of NCMI’s IPO and also periodically receives consideration in the form of common units (discussed at Common Unit Adjustments above) from NCM in exchange for exclusive access to the Company’s newly opened domestic screens under the ESA. Due to the significant length of time between receiving the consideration from NCM and fulfillment of the related performance obligation, the ESA includes an implied significant financing component, as per the guidance in ASC Topic 606. The interest expense was calculated using the Company’s incremental borrowing rates at the time the cash and each tranche of common units were received from NCM, which ranged from 4.4 % to 8.3 %. Effective September 17, 2019, upon the Company’s evaluation and determination that ASC Topic 842 applies to the amended ESA, the Company determined it acceptable to apply the significant financing component guidance from ASC Topic 606 by analogy as the economic substance of the agreement represents a financing arrangement. Summary Financial Information for NCM The tables below present summary financial information for NCM for its fiscal periods indicated: Year Ended Year Ended Year Ended December 26, 2019 December 31, 2020 December 30, 2021 Revenues $ 444,800 $ 89,887 $ 114,639 Operating income (loss) $ 155,700 $ ( 59,671 ) $ ( 68,576 ) Net income (loss) $ 98,800 $ ( 115,753 ) $ ( 134,562 ) As of As of December 31, 2020 December 30, 2021 Current assets $ 142,566 $ 114,620 Noncurrent assets $ 685,643 $ 658,438 Current liabilities $ 46,872 $ 66,806 Noncurrent liabilities $ 1,072,207 $ 1,114,712 Members' deficit $ ( 290,870 ) $ ( 408,460 ) |
OTHER INVESTMENTS
OTHER INVESTMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Financial Support for Nonconsolidated Legal Entity [Abstract] | |
OTHER INVESTMENTS | 9. OTHER INVESTMENTS Below is a summary of activity for each of the Company’s other investments for the periods indicated: DCIP AC JV, DCDC FE Concepts Other Total Balance at January 1, 2019 $ 125,252 $ 5,266 $ 2,255 $ 19,918 $ 4,075 $ 156,766 Equity in income (loss) 23,281 3,276 1,120 ( 399 ) — 27,278 Equity in comprehensive loss ( 141 ) — — — — ( 141 ) Cash distributions received ( 23,696 ) ( 3,520 ) ( 206 ) — — ( 27,422 ) Other (1) — — — — ( 1,196 ) ( 1,196 ) Balance at December 31, 2019 $ 124,696 $ 5,022 $ 3,169 $ 19,519 $ 2,879 $ 155,285 Equity in loss ( 24,559 ) ( 1,277 ) ( 1,036 ) ( 1,246 ) — ( 28,118 ) Cash contributions 50 — — — — 50 Cash distributions received ( 10,383 ) — ( 878 ) — — ( 11,261 ) Non-cash distribution received (2) ( 89,804 ) — — — — ( 89,804 ) Other (3) — — — — ( 2,426 ) ( 2,426 ) Balance at December 31, 2020 $ — $ 3,745 $ 1,255 $ 18,273 $ 453 $ 23,726 Equity in income (loss) — ( 34 ) 583 1,005 — 1,554 Other (1) — — — — ( 75 ) ( 75 ) Balance at December 31, 2021 $ — $ 3,711 $ 1,838 $ 19,278 $ 378 $ 25,205 (1) Consists primarily of mark-to-market adjustment on an investment in marketable securities. (2) Consists of projectors distributed to the Company from DCIP as discussed below. (3) Consists primarily of the impairment of a cost method investment in the year ended December 31, 2020 (see Note 11 for discussion of impairments recorded) and mark-to-market adjustment on an investment in marketable securities. Digital Cinema Implementation Partners LLC (“DCIP”) On February 12, 2007, the Company, AMC and Regal (the “Exhibitors”) entered into a joint venture known as DCIP to facilitate the implementation of digital cinema in the Company’s theatres and to establish agreements with major motion picture studios for the financing of digital cinema. On March 10, 2010, DCIP and its subsidiaries completed an initial financing transaction to enable the purchase, deployment and leasing of digital projection systems to the Exhibitors under equipment lease and installation agreements. On March 31, 2011, DCIP obtained incremental financing necessary to complete the deployment of digital projection systems. DCIP also entered into long-term Digital Cinema Deployment Agreements (“DCDAs”) with six major motion picture studios pursuant to which Kasima LLC, one of DCIP’s subsidiaries, receives a virtual print fee ("VPF") each time the studio books a film or certain other content on the leased digital projection systems. Other content distributors entered into similar DCDAs that provide for the payment of VPFs for bookings of the distributor's content on a leased digital projection system. The DCDAs end on the earlier to occur of (i) the tenth anniversary of the "mean deployment date" for all digital projection systems scheduled to be deployed over a period of up to five years , or (ii) the date DCIP achieves "cost recoupment", each as defined in the DCDAs. Cost recoupment occurs when revenues attributable to the digital projection systems exceed the financing, deployment, administration and other costs associated with the purchase of the digital projection systems. The DCDA’s expired in October 2021. Pursuant to the operating agreement between the Exhibitors and DCIP, DCIP began to distribute excess cash generated from their operations to the Exhibitors during 2019. As the DCDA’s have expired and the MELA between the Company and Kasima has been terminated, as discussed below, DCIP and its subsidiaries no longer have regular operations, and final distributions are expected to be made to the Company during the first half of 2022. Below is summary financial information for DCIP as of and for the years periods indicated: Year ended December 31, 2019 2020 2021 Revenues $ 171,531 $ 30,561 $ 54,383 Operating income (loss) $ 99,812 $ ( 105,691 ) $ 43,062 Net income (loss) $ 95,820 $ ( 114,243 ) $ 45,323 As of December 31, 2020 December 31, 2021 Current assets $ 36,372 $ 22,947 Noncurrent assets $ 205 $ — Current liabilities $ 39,844 $ 11,631 Noncurrent liabilities $ 687 $ — Members' equity (deficit) $ ( 3,954 ) $ 11,316 As of December 31, 2021, the Company had a 33 % voting interest in DCIP and a 24.3 % economic interest in DCIP. Prior to the distribution received during November 2020, as discussed below, the Company accounted for its investment in DCIP and its subsidiaries under the equity method of accounting. Distribution of Digital Projectors from DCIP Through October 31, 2020, the Company leased digital projection systems under a master equipment lease agreement with Kasima LLC (“Kasima”), which is an indirect subsidiary of DCIP and a related party to the Company. The Company amended the master equipment lease agreement (“MELA”) with Kasima effective November 1, 2020, which resulted in the termination of the MELA and a lease termination fee to be paid by the Company on a monthly basis until a) cost recoupment is met or b) the DCDA agreements between DCIP and the major studios have been terminated. Upon termination of the MELA, DCIP distributed the digital projection equipment to the Company. The Company paid the monthly lease termination fee through October 2021. The Company accounted for the lease termination and projector distribution during the year ended December 31, 2020 as follows: • The Company wrote off the operating lease right of use assets and lease liabilities of $ 7,468 and $ 14,102 , respectively, and recorded a gain of $ 6,634 in gain (loss) on sale of assets and other. • The Company recorded a lease termination liability of $ 4,169 and a corresponding loss in gain (loss) on sale of assets and other. The lease termination payments were paid in full during the year ended December 31, 2021. • The Company recorded the fair value of the projectors received from DCIP of $ 102,719 as equipment, with a corresponding reduction in its investment in DCIP of $ 89,804 and a $ 12,915 non-cash distribution reflected in non-cash distributions from DCIP on the consolidate statements of income (loss). In accordance with ASC 323-10-35, since the non-cash distribution exceeded the book value of its investment in DCIP, the Company suspended equity method accounting. The Company will resume equity method accounting if the value of its investment in DCIP exceeds the sum of the excess noncash distribution noted above and any future excess cash distributions. Cash distributions prior to the suspension of equity method accounting were recorded as a reduction of the Company's investment in DCIP during the years ended December 31, 2019 and 2020. Additional distributions received after the suspension of equity method accounting were recorded as cash distributions from DCIP on the consolidated statement of income for the year ended December 31, 2021. Summary of DCIP Transactions In addition to the activity presented in the other investments table above, the Company had the following transactions with DCIP during the periods indicated: Year Ended December 31, 2019 2020 2021 Equipment lease payments (1)(2) $ 4,399 $ 1,729 $ — Warranty reimbursements from DCIP (2) $ ( 11,800 ) $ ( 6,997 ) $ ( 798 ) Management services fees (2) $ 596 $ 208 $ 49 Cash distributions from DCIP (3) $ 23,696 $ 10,383 $ 13,139 Non-cash distributions from DCIP (4) $ — $ 12,915 $ — (1) Excludes lease termination payments of $ 695 and $ 3,895 made during the years ended December 31, 2020 and 2021, respectively. See discussion of MELA termination at Distribution of Digital Projectors above. (2) Amounts reflected in utilities and other costs on the consolidated statements of income (loss). (3) Recorded as a reduction in the Company's investment in DCIP for the years ended December 31, 2019 and 2020. Recorded in cash distributions from DCIP on the consolidated statements of income (loss) for the year ended December 31, 2021. See discussion at Distribution of Projectors from DCIP above. (4) Recorded as non-cash distributions from DCIP on the consolidated statements of income (loss). See discussion at Distribution of Projectors from DCIP above. AC JV, LLC During December 2013, the Company, Regal, AMC (the “AC Founding Members”) and NCM entered into a series of agreements that resulted in the formation of AC JV, LLC (“AC”), a joint venture that owns “Fathom Events” (consisting of Fathom Events and Fathom Consumer Events) formerly operated by NCM. The Fathom Events business focuses on the marketing and distribution of live and pre-recorded entertainment programming to various theatre operators to provide additional programs to augment their feature film schedule. The Company paid event fees to AC of $ 15,376 , $ 3,740 and $ 6,161 for the years ended December 31, 2019, 2020 and 2021, respectively, which are included in film rentals and advertising costs on the consolidated statements of income (loss). The Company accounts for its investment in AC under the equity method of accounting. Digital Cinema Distribution Coalition The Company is a party to a joint venture with certain exhibitors and distributors called Digital Cinema Distribution Coalition (“DCDC”). DCDC operates a satellite distribution network that distributes all digital content to U.S. theatres via satellite. The Company has an approximate 14.6 % ownership in DCDC. The Company paid approximately $ 896 , $ 428 and $ 574 to DCDC during the years ended December 31, 2019, 2020 and 2021, respectively, related to content delivery services, which is included in film rentals and advertising costs on the consolidated statements of income (loss). The Company accounts for its investment in DCDC under the equity method of accounting. FE Concepts, LLC During April 2018, the Company, through its wholly-owned indirect subsidiary CNMK Texas Properties, LLC (“CNMK”), formed a joint venture, FE Concepts, LLC (“FE Concepts”) with AWSR Investments, LLC (“AWSR”), an entity owned by Lee Roy Mitchell and Tandy Mitchell. In December of 2019, FE Concepts opened a family entertainment center that offers bowling, gaming, movies and other amenities. The Company and AWSR each invested approximately $ 20,000 and each have a 50 % voting interest in FE Concepts. The Company accounts for its investment in FE Concepts under the equity method of accounting. The Company has a theatre services agreement with FE Concepts under which it receives service fees for providing film booking and equipment monitoring services for the facility. The Company recorded $ 64 , $ 34 and $ 62 of related service fees during the years ended December 31, 2019, 2020 and 2021, respectively. Additional Considerations Each of the investments above have been adversely impacted by the COVID-19 pandemic (see Note 3). The Company does not believe that any resulting decline in value of the underlying investments is other than temporary as the Company and other industry participants, who also have equity ownership interests in certain of the above investments, have reopened theatres and new film content has been released on a more consistent basis and theatre attendance has improved. The Company expects the industry to recover gradually over time. The Company performed a qualitative impairment analysis for its equity investments during the fourth quarter of 2021. Based on the analysis performed, no impairment was recorded for the year ended December 31, 2021 |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS - NET | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS - NET | 10. GOODWILL AND INTANGIBLE ASSETS, NET The Company’s goodwill was as follows: U.S. International Total Balance at December 31, 2019 (1) $ 1,182,853 $ 100,518 $ 1,283,371 Impairment (2) — ( 16,128 ) ( 16,128 ) Foreign currency translation adjustments — ( 13,403 ) ( 13,403 ) Balance at December 31, 2020 (3) $ 1,182,853 $ 70,987 $ 1,253,840 Foreign currency translation adjustments — ( 5,049 ) ( 5,049 ) Balance at December 31, 2021 (3) $ 1,182,853 $ 65,938 $ 1,248,791 (1) Balances are presented net of historical accumulated impairment losses of $ 214,031 for the U.S. operating segment and $ 27,622 for the international operating segment. (2) See Note 11 for discussion of impairment evaluations performed during the year ended December 31, 2020. (3) Balances are presented net of historical accumulated impairment losses of $ 214,031 for the U.S. operating segment and $ 43,750 for the international operating segment. Intangible assets activity and balances consisted of the following for the periods indicated : Balance at January 1, 2020 Amortization Other (1) Balance at December 31, 2020 Intangible assets with finite lives: Gross carrying amount $ 84,953 $ — $ ( 2,521 ) $ 82,432 Accumulated amortization ( 63,870 ) ( 4,746 ) 200 ( 68,416 ) Total intangible assets with finite lives, net $ 21,083 $ ( 4,746 ) $ ( 2,321 ) $ 14,016 Intangible assets with indefinite lives: Tradename and other 300,686 — ( 507 ) 300,179 Total intangible assets, net $ 321,769 $ ( 4,746 ) $ ( 2,828 ) $ 314,195 Balance at January 1, 2021 Additions (2) Amortization Other (3) Balance at December 31, 2021 Intangible assets with finite lives: Gross carrying amount $ 82,432 $ — $ — $ ( 665 ) $ 81,767 Accumulated amortization ( 68,416 ) — ( 2,639 ) — ( 71,055 ) Total net intangible assets with finite lives $ 14,016 $ — $ ( 2,639 ) $ ( 665 ) $ 10,712 Intangible assets with indefinite lives: Tradename and other 300,179 146 — ( 194 ) 300,131 Total intangible assets, net $ 314,195 $ 146 $ ( 2,639 ) $ ( 859 ) $ 310,843 (1) Includes the write-off of fully amortized intangible assets, foreign currency translation adjustments and impairment recorded related to a previously acquired theatre leasehold interest in Brazil. See Note 11 for discussion of impairment evaluations performed during the year ended December 31, 2020. (2) Amount represents licenses acquired to sell alcohol beverage for certain theatres. (3) Includes foreign currency translation adjustments and impairment recorded related to a previously acquired theatre leasehold interest in Brazil. See Note 11 for discussion of impairment evaluations performed during the year ended December 31, 2021. Estimated aggregate future amortization expense for intangible assets is as follows: Year ended December 31, 2022 $ 2,468 Year ended December 31, 2023 2,416 Year ended December 31, 2024 2,416 Year ended December 31, 2025 1,898 Year ended December 31, 2026 1,514 Total $ 10,712 |
IMPAIRMENT OF LONG-LIVED AND OT
IMPAIRMENT OF LONG-LIVED AND OTHER ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |
IMPAIRMENT OF LONG-LIVED AND OTHER ASSETS | 11. IMPAIRMENT OF LONG-LIVED AND OTHER ASSETS The Company reviews for impairment indicators related to its long-lived assets on a quarterly basis and goodwill on an annual basis or whenever events or changes in circumstances indicate the carrying amount of those assets may not be fully recoverable. Due to the continuing impacts of the COVID-19 pandemic (see Note 3), the Company performed asset impairment evaluations during each quarter during the year ended December 31, 2021. The following table is a summary of the evaluations performed for each quarter by asset classification. Asset Impairment Valuation Valuation Category Test Approach Multiple First and second quarters Goodwill Qualitative N/A N/A Tradename intangible assets Qualitative N/A N/A Other long-lived assets Qualitative N/A N/A Third quarter Goodwill Qualitative N/A N/A Tradename intangible assets Qualitative N/A N/A Other long-lived assets Quantitative Market 3.1 to 6 times Fourth quarter Goodwill Quantitative Market 3.7 to 7 times Tradename intangible assets Quantitative Income N/A Other long-lived assets Quantitative Market 3.7 to 6 times See Note 1 for a discussion of the Company’s impairment policy and a description of qualitative and quantitative impairment assessments. The Company’s impairment charges were as follows for the periods indicated: Year Ended December 31, 2019 2020 2021 U.S. segment Theatre properties $ 36,005 $ 12,398 $ 6,371 Theatre operating lease right-of-use assets 10,457 13,216 6,804 Investment in NCM (1) — 92,655 — Cost method investment — 2,500 — U.S. total 46,462 120,769 13,175 International segment Theatre properties 8,821 9,951 4,002 Theatre operating lease right-of-use assets 1,718 5,025 3,210 Goodwill — 16,128 — Intangible assets, net — 833 458 International total 10,539 31,937 7,670 Total impairment $ 57,001 $ 152,706 $ 20,845 (1) See Note 8 for discussion of investment in NCM. For the year ended December 31, 2019, the long-lived asset impairment charges recorded during each of the periods presented were for certain new concept theatres being developed and tested by the Company and other theatres that were individually impacted by increased competition, adverse changes in market demographics, or adverse changes in the development or the conditions of the areas surrounding the theatre. For the years ended December 31, 2020 and 2021, impairment charges were primarily due to the prolonged impact of the COVID-19 pandemic, as discussed in Note 3. Additionally, impairment charges recorded for the year ended December 31, 2021 reflected the continued uncertainty of industry recovery levels and the impact on estimated cash flows for specific assets. |
ACCRUED OTHER CURRENT LIABILITI
ACCRUED OTHER CURRENT LIABILITIES | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
ACCRUED OTHER CURRENT LIABILITIES | 12. ACCRUED OTHER CURRENT LIABILITIES Accrued other current liabilities consisted of the following as of the periods presented: December 31, 2020 2021 Gift card liability (1) $ 43,448 $ 54,521 Discount vouchers (SuperSavers) liability (1) 38,882 34,836 Accrued lease payable (2) 48,366 31,903 Other 71,021 103,766 Total $ 201,717 $ 225,026 (1) See discussion at Revenue Recognition Policy in Note 5. (2) See discussion at Lease Deferrals and Abatements in Note 4. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 13. LONG-TERM DEBT Long-term debt consisted of the following for the periods presented: December 31, 2020 2021 Cinemark Holdings, Inc. 4.500% convertible senior notes due 2025 $ 460,000 $ 460,000 Cinemark USA, Inc. term loan due 2025 639,731 $ 633,136 Cinemark USA, Inc. 8.750% senior secured notes due 2025 250,000 250,000 Cinemark USA, Inc. 5.875% senior notes due 2026 — 405,000 Cinemark USA, Inc. 5.250% senior notes due 2028 — 765,000 Cinemark USA, Inc. 5.125% senior notes due 2022 400,000 — Cinemark USA, Inc. 4.875% senior notes due 2023 755,000 — Other 23,169 30,200 Total long-term debt carrying value 2,527,900 2,543,336 Less: Current portion 18,056 24,254 Less: Debt discounts and debt issuance costs, net of accumulated amortization (1) 132,682 42,832 Long-term debt, less current portion, net of discounts and unamortized debt issuance costs $ 2,377,162 $ 2,476,250 (1) The unamortized debt discount associated with the 4.500 % convertible senior notes was $ 95,409 as of December 31, 2020. The unamortized debt issuance costs associated with the 4.500 % convertible senior notes were $ 12,385 and $ 12,442 as of December 31, 2020 and 2021, respectively. See further discussion at Adoption of ASU 2020-06 below. Fair Value of Long Term Debt The Company estimates the fair value of its long-term debt primarily using quoted market prices, which fall under Level 2 of the U.S. GAAP fair value hierarchy as defined by FASB ASC Topic 820-10-35. The carrying value of the Company’s long term debt as of December 31, 2020 and 2021 is shown in the table above. The fair value of the Company’s total long term debt was $ 2,652,635 and $ 2,749,829 as of December 31, 2020 and 2021 , respectively. The fair value of the 4.500 % convertible senior notes was $ 674,314 and $ 691,872 as of December 31, 2020 and 2021, respectively. Senior Secured Credit Facility Cinemark USA, Inc. has a senior secured credit facility that includes a $ 700,000 term loan and a $ 100,000 revolving line of credit (the “Credit Agreement”). Under the amended Credit Agreement, quarterly principal payments of $ 1,649 are due on the term loan through December 31, 2024 , with a final principal payment of $ 613,351 due on March 29, 2025 . Interest on the term loan accrues at Cinemark USA, Inc.’s option at: (A) the base rate equal to the greater of (1) the US “Prime Rate” as quoted in The Wall Street Journal or if no such rate is quoted therein, in a Federal Reserve Board statistical release, (2) the federal funds effective rate plus 0.50 %, and (3) a one-month Eurodollar-based rate plus 1.0 %, plus, in each case, a margin of 0.75 % per annum, or (B) a Eurodollar-based rate for a period of 1, 2, 3, 6, 9 or 12 months plus a margin of 1.75 % per annum. Interest on the revolving line of credit accrues, at our option, at: (A) a base rate equal to the greater of (1) the US “Prime Rate” as quoted in The Wall Street Journal or if no such rate is quoted therein, in a Federal Reserve Board statistical release, (2) the federal funds effective rate plus 0.50 %, and (3) a one-month Eurodollar-based rate plus 1.0 %, plus, in each case, a margin that ranges from 0.50 % to 1.25 % per annum, or (B) a Eurodollar-based rate for a period of 1, 2, 3, 6, 9 or 12 months plus a margin that ranges from 1.50 % to 2.25 % per annum. The margin of the revolving credit line is determined by the consolidated net senior secured leverage ratio as defined in the Credit Agreement. As of December 31 2021, the applicable margin was 2.25 %, however, there were no borrowing outstanding under the revolving line of credit. As of December 31, 2021 , there was $ 633,136 outstanding under the term loan. The average interest rate on outstanding term loan borrowings under the Credit Agreement at December 31, 2021 was approximately 3.4 % per annum, after giving effect to the interest rate swaps discussed below. Cinemark USA, Inc.’s obligations under the Credit Agreement are guaranteed by Cinemark Holdings, Inc. and certain of Cinemark USA, Inc.’s domestic subsidiaries and are secured by mortgages on certain fee and leasehold properties and security interests in substantially all of Cinemark USA, Inc.’s and the guarantors’ personal property, including, without limitation, pledges of all of Cinemark USA, Inc.’s capital stock, all of the capital stock of certain of Cinemark USA, Inc.’s domestic subsidiaries and 65 % of the voting stock of certain of its foreign subsidiaries. The Credit Agreement contains usual and customary negative covenants for agreements of this type, including, but not limited to, restrictions on Cinemark USA, Inc.’s ability, and in certain instances, its subsidiaries’ and our ability, to consolidate or merge or liquidate, wind up or dissolve; substantially change the nature of its business; sell, transfer or dispose of assets; create or incur indebtedness; create liens; pay dividends or repurchase stock; and make capital expenditures and investments. If Cinemark USA, Inc. has borrowings outstanding on the revolving line of credit, it is required to keep a consolidated net senior secured leverage ratio, as defined in the Credit Agreement, not to exceed 4.25 to 1. See discussion below regarding recent covenant waivers. The dividend restriction contained in the Credit Agreement prevents the Company and any of its subsidiaries from paying a dividend or otherwise distributing cash to its stockholders unless (1) the Company is not in default, and the distribution would not cause Cinemark USA, Inc. to be in default, under the Credit Agreement; and (2) the aggregate amount of certain dividends, distributions, investments, redemptions and capital expenditures made since December 18, 2012, including dividends declared by the board of directors, is less than the sum of (a) the aggregate amount of cash and cash equivalents received by Cinemark Holdings, Inc. or Cinemark USA, Inc. as common equity since December 18, 2012, (b) Cinemark USA, Inc.’s consolidated EBITDA minus 1.75 times its consolidated interest expense, each as defined in the Credit Agreement, and (c) certain other defined amounts (collectively the “Applicable Amount”). The covenant waiver described below further limits, and the covenant waiver amendment described below may further limit, Cinemark USA's and its subsidiaries' ability to pay a dividend or otherwise distribute cash to its stockholders. As of December 31, 2021 , Cinemark USA, Inc. could have distributed up to approximately $ 2,700,000 to its parent company and sole stockholder, Cinemark Holdings, Inc. On April 17, 2020, in conjunction with the issuance of the 8.750 % Secured Notes discussed below, the Company obtained a waiver of the leverage covenant, which applies when amounts are outstanding under the revolving line of credit, from the majority of revolving lenders under the Credit Agreement for the fiscal quarters ending September 30, 2020 and December 31, 2020. The waiver was subject to certain liquidity thresholds, restrictions on investments and the use of the Applicable Amount. On August 21, 2020, in conjunction with the issuance of the 4.500 % Convertible Senior Notes discussed below, the Company further amended the waiver of the leverage covenant to extend through the fiscal quarter ending September 30, 2021. The amendment also i) modifies the maintenance covenant calculation beginning with the calculation for the trailing twelve-month period ended December 31, 2021, ii) for purposes of testing the consolidated net senior secured leverage ratio for the fiscal quarters ending on December 31, 2021, March 31, 2022 and June 30, 2022, permits the Company to substitute Consolidated EBITDA for the first three fiscal quarters of 2019 in lieu of Consolidated EBITDA for the corresponding fiscal quarters of 2021, (iii) modifies the restrictions imposed by the covenant waiver, and (iv) makes such other changes to permit the issuance of the 4.500% Convertible Senior Notes discussed below. Under the modified calculation, the consolidated net senior secured leverage ratio was 1.1 to 1 as of December 31, 2021. On June 15, 2021, in conjunction with the issuance of the 5.25% Senior Notes discussed below, the Credit Agreement was amended to, among other things, extend the maturity of the revolving credit line from November 28, 2022 to November 28, 2024 . The Company incurred debt issuance costs of approximately $ 500 in connection with the extension of the revolving line of credit, which are recorded as a reduction of long-term debt on the consolidated balance sheet. 5.875% Senior Notes On March 16, 2021, Cinemark USA, Inc. issued $ 405,000 aggregate principal amount of 5.875 % senior notes due 2026, at par value (the “5.875% Senior Notes”). Proceeds, after payment of fees, were used to fund a cash tender offer to purchase any and all of Cinemark USA’s 5.125% Senior Notes (the “5.125% Senior Notes”) and to redeem any of the 5.125% Senior Notes that remained outstanding after the tender offer. See further discussion of the tender offer below. Interest on the 5.875% Senior Notes is payable on March 15 and September 15 of each year. The 5.875% Senior Notes mature on March 15, 2026 . The Company incurred debt issuance costs of approximately $ 6,021 in connection with the issuance, which are recorded as a reduction of long-term debt on the consolidated balance sheet. The 5.875% Senior Notes are fully and unconditionally guaranteed on a joint and several senior unsecured basis by certain of Cinemark USA, Inc.’s subsidiaries that guarantee, assume or become liable with respect to any of Cinemark USA, Inc.’s or a guarantor’s debt. The 5.875% Senior Notes and the guarantees are senior unsecured obligations and rank equally in right of payment with all of Cinemark USA, Inc.’s and its guarantor’s existing and future senior debt and are senior in right of payment to all of Cinemark USA, Inc.’s and its guarantors’ existing and future senior subordinated debt. The 5.875% Senior Notes and the guarantees are effectively subordinated to all of Cinemark USA, Inc.’s and its guarantor’s existing and future secured debt to the extent of the value of the collateral securing such debt, including all borrowings under Cinemark USA, Inc.’s amended senior secured credit facility. The 5.875% Senior Notes and the guarantees are structurally subordinated to all existing and future debt and other liabilities of Cinemark USA, Inc.’s subsidiaries that do not guarantee the 5.875% Senior Notes. The indenture to the 5.875% Senior Notes contains covenants that limit, among other things, the ability of Cinemark USA, Inc. and certain of its subsidiaries to (1) make investments or other restricted payments, including paying dividends, making other distributions or repurchasing subordinated debt or equity, (2) incur additional indebtedness and issue preferred stock, (3) enter into transactions with affiliates, (4) enter new lines of business, (5) merge or consolidate with, or sell all or substantially all of its assets to, another person and (6) create liens. Upon a change of control, as defined in the indenture, the Company would be required to make an offer to repurchase the 5.875% Senior Notes at a price equal to 101 % of the aggregate principal amount outstanding plus accrued and unpaid interest, if any, through the date of repurchase. The indenture governing the 5.875% Senior Notes allows Cinemark USA, Inc. to incur additional indebtedness if we satisfy the coverage ratio specified in the indenture, after giving effect to the incurrence of the additional indebtedness, and in certain other circumstances. Prior to March 15, 2023, Cinemark USA, Inc. may redeem all or any part of the 5.875% Senior Notes at its option at 100% of the principal amount plus a make-whole premium plus accrued and unpaid interest on the 5.875% Senior Notes to the date of redemption. After March 15, 2023, Cinemark USA, Inc. may redeem the 5.875% Senior Notes in whole or in part at redemption prices specified in the indenture. In addition, prior to March 15, 2023, Cinemark USA, Inc. may redeem up to 40% of the aggregate principal amount of the 5.875% Senior Notes from the net proceeds of certain equity offerings at the redemption price set forth in the indenture. 5.250% Senior Notes On June 15, 2021, Cinemark USA, Inc. issued $ 765,000 aggregate principal amount of 5.25 % senior notes due 2028, at par value (the “5.25% Senior Notes”). Proceeds, after payment of fees, were used to redeem all of Cinemark USA’s 4.875 % $ 755,000 aggregate principal amount of Senior Notes due 2023 (the “4.875% Senior Notes”). Interest on the 5.25% Senior Notes is payable on January 15 and July 15 of each year, beginning January 15, 2022. The 5.25% Senior Notes mature on July 15, 2028 . The Company incurred debt issuance costs of approximately $ 10,684 in connection with the issuance, which are recorded as a reduction of long-term debt on the consolidated balance sheet. The 5.25% Senior Notes are fully and unconditionally guaranteed on a joint and several senior unsecured basis by certain of Cinemark USA, Inc.’s subsidiaries that guarantee, assume or become liable with respect to any of Cinemark USA, Inc.’s or a guarantor’s debt. The 5.25% Senior Notes and the guarantees will be Cinemark USA’s and the guarantors’ senior unsecured obligations and (i) rank equally in right of payment to Cinemark USA’s and the guarantors’ existing and future senior debt, including borrowings under Cinemark USA’s Credit Agreement (as defined below) and Cinemark USA’s existing senior notes, (ii) rank senior in right of payment to Cinemark USA’s and the guarantors’ future subordinated debt, (iii) are effectively subordinated to all of Cinemark USA’s and the guarantors’ existing and future secured debt, including all obligations under the Credit Agreement and Cinemark USA’s 8.750 % senior secured notes due 2025, in each case to the extent of the value of the collateral securing such debt, (iv) are structurally subordinated to all existing and future debt and other liabilities of Cinemark USA’s non-guarantor subsidiaries, and (v) are structurally senior to the 4.500 % convertible senior notes due 2025 issued by Cinemark Holdings. The indenture to the 5.25% Senior Notes contains covenants that limit, among other things, the ability of Cinemark USA, Inc. and certain of its subsidiaries to (1) make investments or other restricted payments, including paying dividends, making other distributions or repurchasing subordinated debt or equity, (2) incur additional indebtedness and issue preferred stock, (3) enter into transactions with affiliates, (4) enter new lines of business, (5) merge or consolidate with, or sell all or substantially all of its assets to, another person and (6) create liens. Upon a change of control, as defined in the indenture, the Company would be required to make an offer to repurchase the 5.25% Senior Notes at a price equal to 101 % of the aggregate principal amount outstanding plus accrued and unpaid interest, if any, through the date of repurchase. The indenture governing the 5.25% Senior Notes allows Cinemark USA, Inc. to incur additional indebtedness if we satisfy the coverage ratio specified in the indenture, after giving effect to the incurrence of the additional indebtedness, and in certain other circumstances . Prior to July 15, 2024, Cinemark USA, Inc. may redeem all or any part of the 5.25% Senior Notes at its option at 100% of the principal amount plus a make-whole premium plus accrued and unpaid interest on the 5.25% Senior Notes to the date of redemption. On or after July 15, 2024, Cinemark USA, Inc. may redeem the 5.25% Senior Notes in whole or in part at redemption prices specified in the indenture. In addition, prior to July 15, 2024, Cinemark USA, Inc. may redeem up to 40% of the aggregate principal amount of the 5.25% Senior Notes from the net proceeds of certain equity offerings at the redemption price set forth in the indenture, so long as at least 60% of the principal amount of the 5.25% Senior Notes remains outstanding immediately after each such redemption. 8.750% Secured Notes On April 20, 2020, Cinemark USA, Inc. issued $ 250,000 aggregate principal amount of 8.750 % senior secured notes due 2025 (the “8.750% Secured Notes”). The 8.750% Secured Notes will mature on May 1, 2025 . Interest on the 8.750% Secured Notes is payable on May 1 and November 1 of each year. The 8.750% Secured Notes are fully and unconditionally guaranteed on a joint and several senior basis by certain of Cinemark USA, Inc.’s subsidiaries that guarantee, assume or in any other manner become liable with respect to any of Cinemark USA, Inc.’s or its guarantors’ other debt. If Cinemark USA, Inc. cannot make payments on the 8.750% Secured Notes when they are due, Cinemark USA, Inc.’s guarantors must make them instead. Under certain circumstances, the guarantees may be released without action by, or the consent of, the holders of the 8.750% Secured Notes. The indenture governing the 8.750% Secured Notes contains covenants that limit, among other things, the ability of Cinemark USA, Inc. and certain of its subsidiaries to (1) make investments or other restricted payments, including paying dividends, making other distributions or repurchasing subordinated debt or equity, (2) incur additional indebtedness and issue preferred stock, (3) enter into transactions with affiliates, (4) enter new lines of business, (5) merge or consolidate with, or sell all or substantially all of its assets to, another person and (6) create liens. Upon a change of control, as defined in the indenture governing the 8.750 % Secured Notes, Cinemark USA, Inc. would be required to make an offer to repurchase the 8.750% Secured Notes at a price equal to 101 % of the aggregate principal amount outstanding plus accrued and unpaid interest, if any, through the date of repurchase. The indenture governing the 8.750% Secured Notes allows Cinemark USA, Inc. to incur additional indebtedness if it satisfies a coverage ratio specified in the indenture, after giving effect to the incurrence of the additional indebtedness, and in certain other circumstances. Prior to May 1, 2022, Cinemark USA, Inc. may redeem all or any part of the 8.750% Secured Notes at its option at 100% of the principal amount plus a make-whole premium plus accrued and unpaid interest on the 8.750% Secured Notes to the date of redemption. On or after May 1, 2022, Cinemark USA, Inc. may redeem the 8.750% Secured Notes in whole or in part at redemption prices specified in the indenture. In addition, prior to May 1, 2022, Cinemark USA, Inc. may redeem up to 40% of the aggregate principal amount of the 8.750% Secured Notes from the net proceeds of certain equity offerings at the redemption price set forth in the indenture, so long as at least 60% of the principal amount of the 8.750% Secured Notes remains outstanding immediately after each such redemption. 4.500% Convertible Senior Notes On August 21, 2020, Cinemark Holdings, Inc. issued $ 460,000 aggregate principal amount of 4.500 % convertible senior notes due 2025 (the “4.500% Convertible Senior Notes”). The 4.500% Convertible Senior Notes will mature on August 15, 2025 , unless earlier repurchased or converted in accordance with the indenture. Interest on the 4.500% Convertible Senior Notes is payable on February 15 and August 15 of each year. Holders of the 4.500% Convertible Senior Notes may convert their 4.500% Convertible Senior Notes at their option at any time prior to the close of business on the business day immediately preceding May 15, 2025 only under the following circumstances: (1) during the five business day period after any five consecutive trading day period, or the measurement period, in which the trading price per $ 1,000 principal amount of notes for each trading day of the measurement period was less than 98 % of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such trading day; (2) if the Company distributes to all or substantially all stockholders (i) rights options or warrants entitling them to purchase shares at a discount to the recent average trading price of the Company’s common stock (including due to a stockholder rights plan) or (ii) the Company’s assets or securities or rights, options or warrants to purchase the same with a per share value exceeding 10% of the trading price of the Company’s stock, (3) upon the occurrence of specified corporate events as described further in the indenture, or (4) during any calendar quarter commencing after the calendar quarter ending on September 30, 2020 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130 % of the conversion price (initially 14.35 per share), on each applicable trading day. Beginning May 15, 2025 , holders may convert their 4.500% Convertible Senior Notes at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion of the 4.500% Convertible Senior Notes, the Company will pay or deliver cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election. The initial conversion rate is 69.6767 shares of the Company’s common stock per $1,000 principal amount of the 4.500% Convertible Senior Notes. The conversion rate is subject to adjustment upon the occurrence of certain events. If a make-whole fundamental change as defined in the indenture governing the 4.500% Convertible Senior Notes occurs prior to the maturity date, the Company will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 4.500% Convertible Senior Notes in connection with such make-whole fundamental change. The 4.500% Convertible Senior Notes are effectively subordinated to any of the Company’s, or its subsidiaries’, existing and future secured debt to the extent of the value of the assets securing such indebtedness, including obligations under the Credit Agreement. The 4.500% Convertible Senior Notes are structurally subordinated to all existing and future debt and other liabilities of our subsidiaries, including trade payables and including Cinemark USA’s 5.125% Senior Notes, 4.875% Senior Notes and the 8.750% Secured Notes, or, collectively, Cinemark USA’s senior notes (but excluding all obligations under the Credit Agreement which are guaranteed by the Company). The 4.500% Convertible Senior Notes rank equally in right of payment with all of the Company’s existing and future unsubordinated debt, including all obligations under the Credit Agreement, which such Credit Agreement is guaranteed by the Company, and senior in right of payment to any future debt that is expressly subordinated in right of payment to the 4.500% Convertible Senior Notes. The 4.500% Convertible Notes are not guaranteed by any of Cinemark Holdings, Inc.’s subsidiaries. In accordance with accounting guidance on debt and equity financing, the Company bifurcated the gross proceeds from the issuance of 4.500% Convertible Senior Notes and recorded a portion as long-term debt and a portion in equity as of December 31, 2020. See further discussion below at Adoption of ASU 2020-06 . Concurrently with the issuance of the 4.500 % Convertible Senior Notes, the Company entered into privately negotiated convertible note hedge transactions (the “Hedge Transactions”) with one or more of the initial purchasers of the 4.500% Convertible Senior Notes or their respective affiliates (the “Option Counterparties”). The Hedge Transactions cover the number of shares of the Company’s common stock that will initially underlie the aggregate amount of the 4.500% Convertible Senior Notes, subject to anti-dilution adjustments substantially similar to those applicable to the 4.500% Convertible Senior Notes. The Hedge Transactions are generally expected to reduce potential dilution to the Company’s common stock upon any conversion of the 4.500% Convertible Senior Notes and/or offset any cash payments the Company may be required to make in excess of the principal amount of converted 4.500% Convertible Senior Notes, as the case may be. Concurrently with entering into the Hedge Transactions, the Company also entered into separate privately negotiated warrant transactions with Option Counterparties whereby it sold to Option Counterparties warrants to purchase (subject to the net share settlement provisions set forth therein) up to the same number of shares of the Company’s common stock, subject to customary anti-dilution adjustments (the “Warrant Transactions”). The warrants could separately have a dilutive effect to the extent that the market value per share of the Company’s common stock exceeds the strike price of the warrants on the applicable expiration dates unless, subject to the terms of the warrants, the Company elects to cash settle the warrants. The exercise price of the warrants is initially $ 22.08 and is subject to certain adjustments under the terms of the warrants. The Company received $ 89,424 in cash proceeds from the Warrant Transactions, which were used along with proceeds from the 4.500% Convertible Senior Notes, to pay approximately $ 142,094 to enter into the Hedge Transactions. Together, the Hedge Transactions and the Warrants are intended to reduce the potential dilution from the conversion of the 4.500% Convertible Senior Notes. The Hedge Transactions and Warrants are recorded in equity and are not accounted for as derivatives, in accordance with applicable accounting guidance. 4.875% Senior Notes On May 21, 2021, Cinemark USA, Inc. issued a conditional notice of optional redemption to redeem the $ 755,000 outstanding principal amount of the 4.875% Senior Notes. In connection therewith, Cinemark USA deposited with Wells Fargo Bank, N.A., as Trustee for the 4.875% Senior Notes (the “Trustee”), funds sufficient to redeem all 4.875% Senior Notes remaining outstanding on June 21, 2021 (the “Redemption Date”). The redemption payment (the “Redemption Payment”) included $ 755,000 of outstanding principal at the redemption price equal to 100.000 % of the principal amount plus accrued and unpaid interest thereon to the Redemption Date. Upon deposit of the Redemption Payment with the Trustee on June 15, 2021, the indenture governing the 4.875% Senior Notes was fully satisfied and discharged. The Company recorded a loss on extinguishment of debt of $ 3,919 , which included the write-off of $ 3,301 of unamortized debt issuance costs and the payment of $ 618 in legal fees during the year ended December 31, 2021. 5.125% Senior Notes On March 16, 2021, Cinemark USA, Inc. completed a tender offer to purchase its previously outstanding 5.125% Senior Notes, of which $ 333,990 was tendered at the expiration of the offer. On March 16, 2021, Cinemark USA, Inc. also issued a notice of optional redemption to redeem the remaining $ 66,010 principal amount of the 5.125% Senior Notes. In connection therewith, Cinemark USA deposited with Wells Fargo Bank, N.A., as Trustee for the 5.125% Senior Notes (the “Trustee”), funds sufficient to redeem all 5.125% Notes remaining outstanding on April 15, 2021 (the “Redemption Date”). The redemption payment (the “Redemption Payment”) included $66,010 of outstanding principal at the redemption price equal to 100 .000% of the principal amount plus accrued and unpaid interest thereon to the Redemption Date. Upon deposit of the Redemption Payment with the Trustee on March 16, 2021, the indenture governing the 5.125% Senior Notes was fully satisfied and discharged. The Company recorded a loss on extinguishment of debt of $ 2,603 during the year ended December 31, 2021, which included the write-off of $ 1,168 of unamortized debt issuance costs and the payment of $ 1,435 in tender and legal fees Additional Borrowings of International Subsidiaries During the years ended December 31, 2020 and 2021, certain of the Company’s international subsidiaries borrowed an aggregate of $ 35,797 under various local loans. Below is a summary of loans outstanding as of December 31, 2021: Loan Balances as of Interest Rates as of Loan Description(s) December 31, 2021 December 31, 2021 Covenants Maturity Colombia loans $ 2,741 4.9 % to 5.2 % Negative and maintenance covenants June 2023 and September 2025 Peru loans $ 4,879 1.0 % to 4.8 % Negative covenants June and December 2023 Brazil loans $ 18,376 4.0 % to 8.7 % Negative covenants November 2022 , October 2023 and January 2029 Chile loans $ 4,204 3.5 % Negative and maintenance covenants November 2023 Total $ 30,200 During the year ended December 31, 2021, the Company obtained a waiver of the maintenance covenant related to the bank loans in Chile through June 30, 2022 . Additionally, the Company deposited cash into a collateral account to support the issuance of letters of credit to the lenders for certain of the international loans noted above. The total amount deposited as of December 31, 2021 was $ 25,767 and is considered restricted cash. Adoption of ASU 2020-06 ASU 2020-06 simplifies the guidance on an issuer’s accounting for convertible debt instruments by removing the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion feature. As a result, entities will not separately present in equity an embedded conversion feature of such debt. Instead, they will account for a convertible debt instrument wholly as debt, unless certain other conditions are met. The elimination of these models reduces reported interest expense and increases reported net income for entities that have issued a convertible instrument within the scope of those models before the adoption of ASU 2020-06. Also, ASU 2020-06 requires the application of the if-converted method for calculating diluted earnings per share as the treasury stock method is no longer available. The provisions of ASU 2020-06 are applicable for fiscal years beginning after December 15, 2021, with early adoption permitted no earlier than fiscal years beginning after December 15, 2020. The Company adopted ASU 2020-06 under the modified retrospective method effective January 1, 2021. As a result of the adoption, the entire $ 460,000 principal balance of the 4.500 % Convertible Senior Notes is recorded in long-term debt and is no longer bifurcated between long-term debt and equity. The impact of the adoption during the year ended December 31, 2021 was as follows: • Reclassified $ 101,123 previously allocated to the cash conversion feature and recorded in equity net of tax, from equity to long term debt on the consolidated balance sheet. • Reversed the accretion of interest of $ 5,714 on the 4.500% Convertible Senior Notes recorded during the year ended December 31, 2020 with a credit to retained earnings. • Reclassified $ 3,764 of debt issuance costs previously allocated to equity to long-term debt on the consolidated balance sheet. • Recorded offsetting amortization of debt issuance costs of $ 274 as an adjustment to retained earnings on the consolidated balance sheet. Covenant Compliance The indentures governing the 5.875% Senior Notes, the 5.25% Senior Notes and the 8.750% Secured Notes ("the indentures") contain covenants that limit, among other things, the ability of Cinemark USA, Inc. and certain of its subsidiaries to (1) make investments or other restricted payments, including paying dividends, making other distributions or repurchasing subordinated debt or equity, (2) incur additional indebtedness and issue preferred stock, (3) enter into transactions with affiliates, (4) enter new lines of business, (5) merge or consolidate with, or sell all or substantially all of its assets to, another person and (6) create liens. As of December 31, 2021, Cinemark USA, Inc. could have distributed up to approximately $ 3,000,000 to its parent company and sole stockholder, Cinemark Holdings, Inc., under the terms of the indentures, subject to its available cash and other borrowing restrictions outlined in the indentures. Upon a change of control, as defined in the indentures, Cinemark USA, Inc. would be required to make an offer to repurchase the 5.875% Senior Notes, the 5.25% Senior Notes and the 8.750% Secured Notes at a price equal to 101 % of the aggregate principal amount outstanding plus accrued and unpaid interest, if any, through the date of repurchase. The indentures allow Cinemark USA, Inc. to in |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 14. FAIR VALUE MEASUREMENTS The Company determines fair value measurements in accordance with FASB ASC Topic 820, which establishes a fair value hierarchy under which an asset or liability is categorized based on the lowest level of input significant to its fair value measurement. The levels of input defined by FASB ASC Topic 820 are as follows: Level 1 – quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date; Level 2 – other than quoted market prices included in Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3 – unobservable and should be used to measure fair value to the extent that observable inputs are not available. Below is a summary of liabilities measured at fair value on a recurring basis by the Company under FASB ASC Topic 820 as of the periods presented: As of Carrying Fair Value Description December 31, Value Level 1 Level 2 Level 3 Interest rate swap liabilities 2020 $ 33,847 $ — $ 33,847 $ — Interest rate swap liabilities 2021 $ 14,625 $ — $ 14,625 $ — The Company also uses the market and income approach for fair value measurements on a nonrecurring basis in the impairment evaluations of its long-lived assets (see Note 1 and Note 11). Additionally, the Company uses the market approach to estimate the fair value of its long-term debt (see Note 13). There were no changes in valuation techniques during the period. There were no transfers in or out of Level 1, Level 2 or Level 3 during the years ended December 31, 2019, 2020 and 2021 . |
Foreign Currency Translation
Foreign Currency Translation | 12 Months Ended |
Dec. 31, 2021 | |
Foreign Currency [Abstract] | |
Foreign Currency Translation | 15. FOREIGN CURRENCY TRANSLATION The accumulated other comprehensive loss account in stockholders’ equity of $ 398,653 and $ 394,514 at December 31, 2020 and 2021 , respectively, includes the cumulative foreign currency losses of $ 375,644 and $ 394,481 , respectively, from translating the financial statements of the Company’s international subsidiaries and the change in fair values of the Company’s interest rate swap agreements designated as hedges. As of December 31, 2021 , all foreign countries where the Company has operations, other than Argentina, are non-highly inflationary, and the local currency is the same as the functional currency in all of the locations. Thus, any fluctuation in the currency results in a cumulative foreign currency translation adjustment recorded to accumulated other comprehensive loss. The Company deemed Argentina to be highly inflationary beginning July 1, 2018. A highly inflationary economy is defined as an economy with a cumulative inflation rate of approximately 100 percent or more over a three-year period. If a country’s economy is classified as highly inflationary, the financial statements of the foreign entity operating in that country must be remeasured to the functional currency of the reporting entity. The financial statements of the Company’s Argentina subsidiaries has been remeasured in U.S. dollars in accordance with ASC Topic 830, Foreign Currency Matters , effective beginning July 1, 2018. Below is a summary of the impact of translating the financial statements of the Company’s international subsidiaries, whose functional currency is other than the US dollar, for the periods presented. Other Comprehensive Income (Loss) Exchange Rate as of December 31, Year Ended December 31, Country 2019 2020 2021 2019 2020 2021 Brazil 4.02 5.20 5.57 $ ( 8,140 ) $ ( 42,698 ) $ ( 4,696 ) Colombia 3,277.14 3,432.50 3,981.16 ( 362 ) ( 2,183 ) ( 140 ) Chile 736.86 714.14 852.02 ( 5,158 ) 1,228 ( 10,890 ) Peru 3.37 3.65 4.02 257 ( 3,403 ) ( 2,785 ) All other 650 ( 536 ) ( 326 ) $ ( 12,753 ) $ ( 47,592 ) $ ( 18,837 ) As noted above, beginning July 1, 2018, Argentina was deemed highly inflationary. The impact of translating Argentina financial results to U.S. dollars, subsequent to June 30, 2018, has been recorded in foreign currency exchange gain (loss) on the Company’s consolidated statements of income (loss). A gain of $ 1,243 and $ 195 were recorded for the years ended December 31, 2020 and 2021, respectively. |
NONCONTROLLING INTERESTS IN SUB
NONCONTROLLING INTERESTS IN SUBSIDIARIES | 12 Months Ended |
Dec. 31, 2021 | |
Noncontrolling Interest [Abstract] | |
NONCONTROLLING INTERESTS IN SUBSIDIARIES | 16. NONCONTROLLING INTERESTS IN SUBSIDIARIES Noncontrolling interests in subsidiaries of the Company were as follows as of the periods presented: December 31, 2020 2021 Cinemark Partners II — 49.2 % interest $ 7,706 $ 7,989 Laredo Theatres – 25 % interest 1,681 2,018 Greeley Ltd. — 49 % interest 1,101 1,048 Other 508 509 Total $ 10,996 $ 11,564 There were no changes in the Company’s ownership interest in its subsidiaries during the years ended December 31, 2019, 2020 and 2021. |
CAPITAL STOCK
CAPITAL STOCK | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
CAPITAL STOCK | 17. CAPITAL STOCK Common Stock — Common stockholders are entitled to vote on all matters submitted to a vote of the Company’s stockholders. Subject to the rights of holders of any then outstanding shares of the Company’s preferred stock, the Company’s common stockholders are entitled to dividends declared by the board of directors. The shares of the Company’s common stock are not subject to any redemption provisions. The Company has no issued and outstanding shares of preferred stock. The Company’s ability to pay dividends is effectively limited by its status as a holding company and the terms of its subsidiary’s indentures and senior secured credit facility, which also significantly restricts the ability of certain of the Company’s subsidiaries to pay dividends directly or indirectly to the Company. See Note 13 for discussion of restrictions contained within the debt agreements of the Company’s subsidiaries. Treasury Stock — Treasury stock represents shares of common stock repurchased by the Company and not yet retired. The Company has applied the cost method in recording its treasury shares. Below is a summary of the Company’s treasury stock activity for the years ended December 31, 2019, 2020 and 2021. Number of Cost Balance at January 1, 2019 4,626,191 $ 79,259 Restricted stock withholdings (1) 59,060 2,308 Restricted stock forfeitures (2) 26,608 — Balance at December 31, 2019 4,711,859 $ 81,567 Restricted stock withholdings (1) 264,522 5,437 Restricted stock forfeitures (2) 74,600 — Balance at December 31, 2020 5,050,981 $ 87,004 Restricted stock withholdings (1) 237,416 4,102 Restricted stock forfeitures (2) 61,714 — Balance at December 31, 2021 5,350,111 $ 91,106 (1) The Company withheld restricted shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock and restricted stock units. The Company determined the number of shares to be withheld based upon market values that ranged from $ 36.81 to $ 40.32 during the year ended December 31, 2019, $ 8.03 to $ 32.12 during the year ended December 31, 2020 and $ 15.21 to $ 24.14 during the year ended December 31, 2021. (2) The Company repurchased forfeited restricted shares at a cost of $ 0.001 per share in accordance with the 2017 Omnibus Plan. As of December 31, 2021, the Company had no plans to retire any shares of its treasury stock. Restricted Stock — Below is a summary of restricted stock activity for the years ended December 31, 2019, 2020 and 2021: Year Ended Year Ended Year Ended December 31, 2019 December 31, 2020 December 31, 2021 Shares of Weighted Shares of Weighted Shares of Weighted Outstanding at January 1 704,353 $ 38.68 783,823 $ 37.53 1,431,975 $ 21.11 Granted 315,899 $ 37.34 1,555,361 $ 17.68 1,241,742 $ 21.91 Vested ( 209,821 ) $ 41.10 ( 832,609 ) $ 29.30 ( 617,607 ) $ 20.92 Forfeited ( 26,608 ) $ 37.69 ( 74,600 ) $ 30.72 ( 61,714 ) $ 18.96 Outstanding at December 31 783,823 $ 37.53 1,431,975 $ 21.11 1,994,396 $ 21.73 During the year ended December 31, 2021 , the Company granted 1,241,742 shares of restricted stock to directors and employees of the Company. The fair value of the restricted stock granted was determined based on the market value of the Company’s common stock on the dates of grant, which ranged from $ 16.09 to $ 24.48 per share. The Company assumed forfeiture rates ranging from 0 % to 10 % for the restricted stock awards. Restricted stock grants to directors vest over a one-year period. Restricted stock grants to employees vest over periods ranging from one year to four years based on continued service. The recipients of restricted stock are entitled to receive dividends to the extent they are declared by the Company and to vote their respective shares, however, the sale and transfer of the restricted stock is prohibited during the restriction period. Below is a summary of restricted stock award activity recorded for the periods indicated. Year Ended December 31, 2019 2020 2021 Compensation expense recognized during the period (1) $ 10,185 $ 15,473 $ 22,846 Fair value of restricted shares that vested during the period $ 8,024 $ 16,870 $ 10,998 Income tax benefit related to restricted stock awards $ 1,516 $ 5,620 $ 1,048 (1) The former CEO of the Company retired on December 31, 2021, and all of his outstanding unvested shares vested upon his retirement in accordance with his employment agreement. The Company recorded incremental compensation expense of $ 4,277 related to the accelerated vesting of these awards during the year ended December 31, 2021. As of December 31, 2021 , the remaining unrecognized compensation expense related to these restricted stock awards was approximately $ 23,234 . The weighted average period over which this remaining compensation expense will be recognized is approximately 2 years . Restricted Stock Units — During the years ended December 31, 2019 and 2020 , the Company granted restricted stock units representing 306,651 and 436,681 of hypothetical shares of common stock, respectively, to employees. The grant date fair value for units issued during the year ended December 31, 2019 was $ 36.77 per unit. The grant date fair value for the units issued during the year ended December 31, 2020 was $ 32.12 per unit. Based upon the terms of the award agreements, the restricted stock units vest based on a combination of financial performance factors and continued service. The financial performance factors are based on an implied equity value concept that determines an internal rate of return (“IRR”) for a two year measurement period, as defined in the award agreement, based on a formula utilizing a multiple of Adjusted EBITDA subject to certain specified adjustments (as defined in the restricted stock unit award agreement). The financial performance factors for the restricted stock units have a threshold, target and maximum level of payment opportunity and vest on a prorata basis according to the IRR achieved by the Company during the performance period. All payouts of restricted stock units that vest will be subject to an additional service requirement and will be paid in the form of common stock if the participant continues to provide services through the fourth anniversary of the grant date. At the time of each of the restricted stock unit grants, the Company assumes the IRR level to be reached for the defined measurement period will be the target IRR level in determining the amount of compensation expense to record for such grants. If and when additional information becomes available to indicate that something other than the target IRR level will be achieved, the Company adjusts compensation expense on a prospective basis over the remaining service period. The Company assumed forfeiture rates ranging from 0 % to 5 % for the restricted stock unit awards granted during 2019 and 2020. Restricted stock unit award participants are eligible to receive dividend equivalent payments if and at the time the restricted stock unit awards vest. During the year ended December 31, 2021, the Compensation Committee of the Company’s Board of Directors evaluated the impact of the COVID-19 pandemic on the performance metric used for the restricted stock unit awards granted during 2019 and 2020 and determined that the COVID-19 pandemic significantly impacted the Company’s ability to meet the performance metric. The Compensation Committee made a discretionary decision to certify the vest of the 2019 and 2020 restricted stock unit awards at target based upon the unforeseen, external circumstances that were beyond management’s control, the projected macroeconomic conditions through 2021 and beyond, and the uncertain timing as to the recovery of the Company’s industry. The requirement to satisfy the applicable service period under the restricted stock unit awards was not changed. In addition, the Compensation Committee determined that it would not be appropriate to issue restricted stock units during the year ended December 31, 2021 due to the aforementioned macroeconomic conditions and industry recovery. In lieu of restricted stock units, the Compensation Committee granted restricted stock with a four-year vest period. See Restricted Stock discussion above for other relevant terms of such awards. Below is a summary of activity for restricted stock unit awards for the periods indicated: Year Ended December 31, 2019 2020 2021 Number of restricted stock unit awards that vested during the period 90,895 208,204 232,200 Fair value of restricted stock unit awards that vested during the period $ 3,658 $ 5,050 $ 4,095 Accumulated dividends paid upon vesting of restricted stock unit awards (1) $ 386 $ 942 $ 62 Compensation expense recognized during the period (2) $ 4,430 $ 3,931 $ 6,425 Income tax benefit related to stock unit awards $ 397 $ 788 $ 691 (1) Approximately $ 296 of dividends were payable to the former CEO on December 31, 2021 and were paid in January 2022. These dividends were included in other current liabilities on the consolidated balance sheet as of December 31, 2021. (2) The former CEO of the Company retired on December 31, 2021, and all of his outstanding unvested restricted stock units vested upon his retirement in accordance with his employment agreement. The Company recorded incremental compensation expense of $ 2,374 related to the accelerated vesting of these awards during the year ended December 31, 2021. As of December 31, 2021 , the Company had restricted stock units outstanding that represented a total of 344,071 of hypothetical shares of common stock, which is the maximum number of shares that could vest related to the outstanding units. As of December 31, 2021 , the remaining unrecognized compensation expense related to the outstanding restricted stock unit awards was $ 3,616 . The weighted average period over which this remaining compensation expense will be recognized is approximately one year . |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | 18. SUPPLEMENTAL CASH FLOW INFORMATION The following is provided as supplemental information to the consolidated statements of cash flows: Year Ended December 31, 2019 2020 2021 Cash paid for interest $ 93,907 $ 102,859 $ 108,152 Cash paid (refunds received) for income taxes, net $ 88,670 $ ( 116,916 ) $ ( 136,512 ) Cash deposited in restricted accounts (1) $ — $ 13,847 $ 11,920 Noncash operating activities: Interest expense - NCM (see Note 8) $ ( 28,624 ) $ ( 23,595 ) $ ( 23,612 ) Noncash investing activities: Change in accounts payable and accrued expenses for the acquisition of theatre properties and equipment (2) $ 22,013 $ ( 13,259 ) $ 20,100 Theatre properties acquired under finance leases $ 21,535 $ — $ 725 Theatre properties acquired as distribution from equity investee (see Note 9) $ — $ 102,719 $ — Investment in NCM – receipt of common units (see Note 8) $ 1,552 $ 3,620 $ 10,237 Noncash financing activities: Accrual for dividends on unvested restricted stock unit awards $ ( 670 ) $ ( 256 ) $ 4 (1) Funds are held as collateral for letters of credit associated with certain of the Company’s international subsidiary loans. See further discussion in Note 13. (2) Additions to theatre properties and equipment included in accounts payable as of December 31, 2020 and 2021 were $ 28,250 and $ 8,150 , respectively. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 19. INCOME TAXES On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was enacted in response to the global COVID-19 pandemic. The CARES Act allowed corporate taxpayers to carry back operating losses generated in 2018, 2019 and 2020. As a result of the impact of the COVID-19 pandemic on the Company’s business, it generated significant net operating losses during the years ended December 31, 2020 and December 31, 2021. The Company carried back 2020 losses and recorded tax benefits of $ 187,515 related to the NOL carryback provision. Losses incurred in 2021 are not available for carryback and are reported as net operating loss carryforwards. The Company’s provision for federal and foreign income tax expense for continuing operations consisted of the following: Year Ended December 31, 2019 2020 2021 Income (loss) before income taxes: U.S. $ 235,571 $ ( 784,167 ) $ ( 389,176 ) Foreign 38,189 ( 143,157 ) ( 49,841 ) Total $ 273,760 $ ( 927,324 ) $ ( 439,017 ) Current and deferred income taxes were as follows: Year Ended December 31, 2019 2020 2021 Current: Federal $ 45,247 $ ( 271,162 ) $ 4,026 Foreign 24,022 397 794 State 12,486 289 1,008 Total current expense $ 81,755 $ ( 270,476 ) $ 5,828 Deferred: Federal $ ( 298 ) $ ( 50,445 ) $ ( 20,204 ) Foreign 5 13,266 409 State ( 1,550 ) ( 1,721 ) ( 2,835 ) Total deferred taxes $ ( 1,843 ) $ ( 38,900 ) $ ( 22,630 ) Income taxes $ 79,912 $ ( 309,376 ) $ ( 16,802 ) A reconciliation between income tax expense and taxes computed by applying the applicable statutory federal income tax rate to income before income taxes is as follows: Year Ended December 31, 2019 2020 2021 Computed statutory tax expense $ 57,490 $ ( 194,739 ) $ ( 92,194 ) State and local income taxes, net of federal income tax impact 8,479 ( 1,153 ) ( 1,465 ) Changes in valuation allowance 2,532 46,731 76,308 Foreign tax rate differential 4,646 ( 6,633 ) ( 4,466 ) Foreign tax credits 4,143 — — Impacts related to COVID-19 pandemic (1) — ( 187,515 ) — Changes in uncertain tax positions 197 24,879 7,524 Other, net 2,425 9,054 ( 2,509 ) Income taxes $ 79,912 $ ( 309,376 ) $ ( 16,802 ) (1) The amount for the year ended December 31, 2020 includes benefits of a rate differential on earnings of $ 122,975 , tax losses with respect to investments in foreign subsidiaries and a write down of certain intercompany receivables associated with the Company’s foreign subsidiaries of $ 135,599 , offset by a tax charge for the remeasurement of deferred taxes and tax attributes of $ 49,866 and dislodged foreign tax credits not benefited of $ 21,193 . As of December 31, 2021 , the Company had approximately $ 94,107 of accumulated undistributed earnings and profits, approximately $ 168,307 of which was subject to the one-time transition tax pursuant to the 2017 Tax Cuts and Jobs Act. Additional tax due on the repatriation of previously-taxed earnings would generally be foreign withholding and U.S. state income taxes. The Company does not intend to repatriate these offshore earnings and profits, and therefore has not recorded any deferred taxes on such earnings. The Company considers any excess of the amount for financial reporting over the tax basis of its investment in its foreign subsidiaries to be indefinitely reinvested. At this time, the determination of deferred tax liabilities on this amount is not practicable. Deferred Income Taxes The tax effects of significant temporary differences and tax loss and tax credit carryforwards comprising the net long-term deferred income tax liabilities as of the periods presented consisted of the following: December 31, 2020 2021 Deferred liabilities: Theatre properties and equipment $ 118,051 $ 100,547 Finance lease assets 24,202 19,564 Operating lease right-of-use assets 297,452 288,205 Intangible asset – other 41,297 45,587 Intangible asset – tradenames 72,268 71,877 Investment in partnerships 20,402 16,128 Total deferred liabilities 573,672 541,908 Deferred assets: Deferred revenue – NCM 83,998 84,084 Deferred revenue – Other 6,208 3,661 Prepaid rent 5,255 3,365 Gift Cards 9,265 8,354 Operating lease obligations 313,552 304,462 Finance lease obligations 31,284 25,611 Tax impact of items in accumulated other comprehensive income and additional paid-in-capital 19,475 32,959 Restricted stock 2,611 5,494 Accrued expenses 3,552 4,326 Other tax loss carryforwards 89,320 124,632 Other tax credit and attribute carryforwards 121,698 154,995 Other expenses, not currently deductible for tax purposes 11,535 14,305 Total deferred assets 697,753 766,248 Net deferred income tax (asset) liability before valuation allowance ( 124,081 ) ( 224,340 ) Valuation allowance against deferred assets – non-current 203,606 264,168 Net deferred income tax liability $ 79,525 $ 39,828 Net deferred tax (asset) liability – Foreign $ 7,280 $ 6,737 Net deferred tax liability – U.S. 72,245 33,091 Total $ 79,525 $ 39,828 The Company continued to generate net operating losses in 2021 as a result of COVID-19 and such losses will be carried forward. As noted previously, net operating losses generated in 2020 were carried back to earlier years. Most of the state and all foreign jurisdictions in which the Company operates, however, only allow for net operating losses to be carried forward with varying expiration dates. A majority of our foreign tax credit carryforwards expire in 2023, 2026 and 2027, with the remainder expiring in 2028. Federal net operating losses have an indefinite carryforward period. Foreign net operating losses have varying carryforward periods with some being indefinite. Similarly, state net operating losses have varying carryforward periods with some being indefinite. The Company assesses the likelihood that it will be able to recover its deferred tax assets against future sources of taxable income and reduces the carrying amounts of deferred tax assets by recording a valuation allowance, if, based on all available evidence, the Company believes it is more likely than not that all or a portion of such assets will not be realized. During the year ended December 31, 2021 the Company continued to generate significant pre-tax losses and remained in a three-year cumulative pre-tax loss. Consistent with December 31, 2020, this is heavily weighted as objectively verifiable negative evidence. As a result, the Company is unable to include future projected earnings in assessing the recoverability of its deferred tax assets . The Company has established a valuation allowance against certain deferred tax assets for which the ultimate realization of future benefits is uncertain. Expiring carryforwards and the required valuation allowances are adjusted annually. After application of the valuation allowances described above, the Company anticipates that no limitations will apply with respect to utilization of any of the other deferred tax assets described above. The Company’s valuation allowance changed from $ 203,606 as of December 31, 2020 to $ 264,168 as of December 31, 2021 (see Note 23). The increase relates to foreign tax credits and other deferred tax assets for which ultimate realization is uncertain. The valuation allowance associated with these deferred tax assets is primarily a result of not having sufficient income from deferred tax liability reversals in future periods to support the realization of the deferred tax assets. When the Company begins to generate taxable income at a normal level, the Company expects to reverse the valuation allowances with an offsetting increase to reported earnings. Uncertain Tax Positions The following is a reconciliation of the total amounts of unrecognized tax benefits excluding interest and penalties for the periods presented: Year Ended December 31, 2019 2020 2021 Balance at January 1, $ 10,561 $ 10,235 $ 46,528 Gross increases - tax positions in prior periods 1 32,417 7,656 Gross decreases - tax positions in prior periods — ( 88 ) ( 1,611 ) Gross increases - current period tax positions 202 4,010 3,465 Settlements ( 522 ) — ( 122 ) Foreign currency translation adjustments ( 7 ) ( 46 ) ( 11 ) Balance at December 31, $ 10,235 $ 46,528 $ 55,905 The Company had $ 51,643 and $ 62,467 of unrecognized tax benefits, including interest and penalties, as of December 31, 2020 and 2021 , respectively. Of these amounts, $ 51,643 and $ 62,467 represent the amount of unrecognized tax benefits that, if recognized, would impact the effective income tax rate for the years ended December 31, 2020 and 2021 , respectively. The Company had $ 5,114 and $ 6,561 accrued for interest and penalties as of December 31, 2020 and 2021, respectively. The Company prepares and files income tax returns based upon its interpretation of tax laws and regulations and record estimates based upon these judgments and interpretations. In the normal course of business, the Company’s income tax returns are subject to examination by various taxing authorities. Such examinations may result in future tax and interest assessments by these taxing authorities. Inherent uncertainties exist in estimates of tax contingencies due to changes in tax law resulting from legislation, regulation, and/or as concluded through the various jurisdictions' tax court systems. Significant judgment is exercised in applying complex tax laws and regulations across multiple global jurisdictions where we conduct our operations. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities, including resolutions of any related appeals or litigation processes, based upon the technical merits of the position. The Company is no longer subject to income tax audits from the Internal Revenue Service for years before 2018. The Company is no longer subject to state income tax examinations by tax authorities in its major state jurisdictions for years before 2017. The Company is no longer subject to non-U.S. income tax examinations by tax authorities in its major non-U.S. tax jurisdictions for years before 2006. The Company is currently under audit in California for tax years 2017 and 2018 and is under audit in the non-U.S. tax jurisdiction of Brazil. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 20. COMMITMENTS AND CONTINGENCIES Employment Agreements — As of December 31, 2021 , the Company had employment agreements with Lee Roy Mitchell, Sean Gamble, Melissa Thomas, Valmir Fernandes and Michael Cavalier. These employment agreements are subject to automatic extensions for a one year period, unless the employment agreements are terminated. The base salaries stipulated in the employment agreements are subject to review at least annually during the term of the agreements for increase (but not decrease) by the Company’s Compensation Committee. Management personnel subject to these employment agreements are eligible to receive annual cash incentive bonuses upon the Company meeting certain performance targets established by the Compensation Committee. Retirement Savings Plan — The Company has a 401(k) retirement savings plan (“401(k) Plan”) for the benefit of all eligible employees and makes discretionary matching contributions as determined annually in accordance with the 401(k) Plan. Employer matching contribution payments of $ 1,562 and $ 2,123 were made during the years ended December 31, 2020 and 2021 , respectively. A liability of approximately $ 3,728 was recorded as of December 31, 2021 for employer contribution payments to be made in 2022 for the remaining amounts owed for plan year 2021. Legal Proceedings From time to time, the Company is involved in various legal proceedings arising from the ordinary course of its business operations, such as personal injury claims, employment matters, patent claims, landlord-tenant disputes, contractual disputes with landlords over certain termination rights or the right to discontinue rent payments due to the COVID-19 pandemic and other contractual disputes, some of which are covered by insurance. The Company believes its potential liability with respect to proceedings currently pending is not material, individually or in the aggregate, to the Company’s financial position, results of operations and cash flows. Cinemark Holdings, Inc., et al vs Factory Mutual Insurance Company . The Company filed suit on November 18, 2020, in the District Court, 471st Judicial District, Collin County, Texas. On December 22, 2020, the case was moved to the US District Court for the Eastern District of Texas, Sherman Division. The Company submitted a claim under its property insurance policy issued by Factory Mutual Insurance Company (the “FM Policy”) for losses sustained as a result of the closure of the Company’s theatres due to the COVID-19 pandemic. Factory Mutual Insurance Company (“FM”) denied the Company’s claim. The Company is seeking damages resulting from FM’s breach of contract, FM’s bad faith conduct and a declaration of the parties’ rights under the FM Policy. The Company cannot predict the outcome of this litigation . Intertrust Technologies Corporation (“Intertrust”) v. Cinemark Holdings, Inc., Regal, AMC, et al . This case was filed against the Company on August 7, 2019 in the Eastern District of Texas – Marshall Division alleging patent infringement. The Company firmly maintains that the contentions of the Plaintiff are without merit. The parties have reached a settlement, announced settlement to the Court, and are in the process of memorializing the agreed-to deal terms in final definitive agreements, to be followed by a dismissals of the case with prejudice. The settlement is recorded in (gain) loss on sale of assets and other on the consolidated statement of income (loss) for the year ended December 31, 2021. Lakeenya Neal, et al v. Cinemark Holdings, Inc., et al. This class action lawsuit was filed against the Company on December 10, 2021, in the Central District of Los Angeles County Superior Court of the State of California alleging certain violations of the Fair and Accurate Credit Transactions Act. We firmly maintain that the allegations are without merit and will vigorously defend this lawsuit. The Company cannot predict the outcome of this litigation. |
SEGMENTS
SEGMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
SEGMENTS | 21. SEGMENTS The Company manages its U.S. market and its international market as separate reportable operating segments, with the international segment consisting of operations in Brazil, Argentina, Chile, Colombia, Peru, Ecuador, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Bolivia, Curacao and Paraguay. Each segment’s revenue is derived from admissions and concession sales and other ancillary revenues. The Company uses Adjusted EBITDA, as shown in the reconciliation table below, as the primary measure of segment profit and loss to evaluate performance and allocate its resources. The Company does not report asset information by segment because that information is not used to evaluate Company performance or allocate resources between segments. The following table is a breakdown of select financial information by reportable operating segment for the periods presented: Year Ended December 31, 2019 2020 2021 Revenues U.S. $ 2,594,246 $ 559,184 $ 1,296,343 International 702,196 129,401 216,842 Eliminations ( 13,343 ) ( 2,275 ) ( 2,721 ) Total revenues $ 3,283,099 $ 686,310 $ 1,510,464 Adjusted EBITDA (1) U.S. $ 615,161 $ ( 226,981 ) $ 84,223 International 129,884 ( 49,899 ) ( 4,271 ) Total Adjusted EBITDA $ 745,045 $ ( 276,880 ) $ 79,952 Capital expenditures U.S. $ 230,561 $ 64,026 $ 78,305 International 73,066 19,904 17,237 Total capital expenditures $ 303,627 $ 83,930 $ 95,542 (1) Distributions from equity investees are reported entirely within the U.S. operating segment . The following table sets forth a reconciliation of net income to Adjusted EBITDA for the periods presented: Year Ended December 31, 2019 2020 2021 Net income (loss) $ 193,848 $ ( 617,948 ) $ ( 422,215 ) Add (deduct): Income taxes 79,912 ( 309,376 ) ( 16,802 ) Interest expense (1) 99,941 129,871 149,702 Loss on extinguishment of debt — — 6,527 Other (income) expense (2) ( 22,441 ) 62,369 43,532 Distributions from DCIP (3) 23,696 10,383 — Other cash distributions from equity investees (4) 29,670 15,047 156 Non-cash distributions from DCIP (5) — ( 12,915 ) — Depreciation and amortization 261,155 259,776 265,363 Impairment of long-lived and other assets 57,001 152,706 20,845 (Gain) loss on disposal of assets and other 12,008 ( 8,923 ) 8,025 Restructuring charges — 20,369 ( 1,001 ) Non-cash rent expense ( 4,360 ) 2,357 ( 3,451 ) Share based awards compensation expense 14,615 19,404 29,271 Adjusted EBITDA $ 745,045 $ ( 276,880 ) $ 79,952 (1) Includes amortization of debt issuance costs . (2) Includes interest income, foreign currency exchange loss, interest expense – NCM and equity in income (loss) of affiliates and excludes distributions from NCM. (3) See discussion of cash distributions from DCIP, which were recorded as a reduction of the Company’s investment in DCIP for the years ended December 31, 2019 and 2020, in Note 9. These distributions are reported entirely within the U.S. operating segment. (4) Reflects cash distributions received from equity investees, other than those from DCIP noted above, that were recorded as a reduction of the respective investment balances (see Notes 8 and 9). These distributions are reported entirely within the U.S. operating segment. (5) Reflects non-cash distribution of projectors from DCIP (see Note 9). These distributions are reported entirely within the U.S. operating segment . Financial Information About Geographic Area The following tables are a breakdown of select financial information by geographic area for the periods presented: Year Ended December 31, 2019 2020 2021 Revenues U.S. $ 2,594,246 $ 559,184 $ 1,296,343 Brazil 302,074 59,321 73,468 Other international countries 400,122 70,080 143,374 Eliminations ( 13,343 ) ( 2,275 ) ( 2,721 ) Total $ 3,283,099 $ 686,310 $ 1,510,464 As of December 31, 2020 2021 Theatre properties and equipment, net U.S. $ 1,392,780 $ 1,208,701 Brazil 72,080 56,750 Other international countries 150,202 117,395 Total $ 1,615,062 $ 1,382,846 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 22. RELATED PARTY TRANSACTIONS The Company manages a theatre for Laredo Theatres, Ltd. (“Laredo”). The Company is the sole general partner and owns 75 % of the limited partnership interests of Laredo. Lone Star Theatres, Inc. owns the remaining 25 % of the limited partnership interests in Laredo and is 100 % owned by Mr. David Roberts, Lee Roy Mitchell’s son-in-law. Lee Roy Mitchell is the Company’s Chairman of the Board and directly and indirectly owns approximately 9 % of the Company’s common stock. Under the agreement, management fees are paid by Laredo to the Company at a rate of 5 % of annual theatre revenues up to $ 50,000 and 3 % of annual theatre revenues in excess of $ 50,000 . The Company recorded $ 694 , $ 146 and $ 399 of management fee revenue during the years ended December 31, 2019, 2020 and 2021, respectively. All such amounts are included in the Company’s consolidated financial statements with the intercompany amounts eliminated in consolidation. Walter Hebert, Mr. Mitchell’s brother-in-law, previously served as the Executive Vice President – Purchasing of the Company and retired in July 2021. Mr. Hebert now serves as a consultant to the Company until July 2022. During the year ended December 31, 2021, the Company paid Mr. Hebert $ 122 for consulting services. The Company has an Aircraft Time Sharing Agreement with Copper Beech Capital, LLC to use, on occasion, a private aircraft owned by Copper Beech Capital, LLC. Copper Beech Capital, LLC is owned by Mr. Mitchell and his wife, Tandy Mitchell. The private aircraft is used by Mr. Mitchell and other executives who accompany Mr. Mitchell to business meetings for the Company. The Company reimburses Copper Beech Capital, LLC the actual costs of fuel usage and the expenses of the pilots, landing fees, storage fees and similar expenses incurred during the trip. For the years ended December 31, 2019, 2020 and 2021 , the aggregate amounts paid to Copper Beech Capital, LLC for the use of the aircraft was approximately $ 114 , $ 12 and $ 23 , respectively. The Company currently leases 13 theatres from Syufy Enterprises, LP (“Syufy”) or affiliates of Syufy. Raymond Syufy is one of the Company’s directors and is an officer of the general partner of Syufy. For the years ended December 31, 2019, 2020 and 2021 , the Company paid total rent of approximately $ 25,678 , $ 23,810 and $ 23,317 , respectively, to Syufy. During 2019, the Company began providing digital equipment support to drive-in theatres owned by Syufy. The Company recorded approximately $ 30 , $ 0 and $ 55 of management fees related to these services during the years ended December 31, 2019, 2020 and 2021, respectively. The Company has a 50 % voting interest in FE Concepts, a joint venture with AWSR, an entity owned by Lee Roy Mitchell and Tandy Mitchell. FE Concepts operates a family entertainment center that offers bowling, gaming, movies and other amenities. See Note 9 for further discussion. The Company has a theatre services agreement with FE Concepts under which the Company receives service fees for providing film booking and equipment monitoring services for the facility. The Company recorded $ 64 , $ 34 and $ 62 of service fees during the years ended December 31, 2019, 2020 and 2021, respectively. |
VALUATION AND QUALIFYING ACCOUN
VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
VALUATION AND QUALIFYING ACCOUNTS | 23. VALUATION AND QUALIFYING ACCOUNTS The Company’s valuation allowance for deferred tax assets for the periods presented were as follows: Valuation Allowance for Deferred Taxes Balance at January 1, 2019 $ 54,725 Additions 7,611 Deductions ( 1,977 ) Balance at December 31, 2019 $ 60,359 Additions 144,239 Deductions ( 992 ) Balance at December 31, 2020 $ 203,606 Additions 69,129 Deductions ( 4,267 ) Currency translation ( 4,300 ) Balance at December 31, 2021 $ 264,168 |
CONDENSED FINANCIAL INFORMATION
CONDENSED FINANCIAL INFORMATION OF REGISTRANT | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
CONDENSED FINANCIAL INFORMATION OF REGISTRANT | SCHEDULE 1 - CONDENSED FINANCIAL INFORMATION OF REGISTRANT CINEMARK HOLDINGS, INC. PARENT COMPANY BALANCE SHEETS (in thousands, except share data) December 31, December 31, 2020 2021 Assets Cash and cash equivalents $ 394,800 $ 264,663 Prepaid assets and other 8 7 Investment in subsidiaries 773,999 524,598 Total assets $ 1,168,807 $ 789,268 Liabilities and equity Liabilities Accrued other current liabilities, including accounts payable to subsidiaries $ 38,338 $ 43,951 Long-term debt 352,206 447,558 Other long-term liabilities ( 9,710 ) ( 25,145 ) Total liabilities 380,834 466,364 Commitments and contingencies (see Note 6 ) Equity Common stock, $ 0.001 par value: 300,000,000 shares authorized, 123,627,080 shares issued and 118,576,099 shares outstanding at December 31, 2020 and 125,100,993 shares issued and 119,750,882 shares outstanding at December 31, 2021 124 125 Additional paid-in-capital 1,245,569 1,197,801 Treasury stock, 5,050,981 and 5,350,111 shares, at cost, at December 31, 2020 and December 31, 2021, respectively ( 87,004 ) ( 91,106 ) Retained earnings 27,937 ( 389,402 ) Accumulated other comprehensive loss ( 398,653 ) ( 394,514 ) Total equity 787,973 322,904 Total liabilities and equity $ 1,168,807 $ 789,268 The accompanying notes are an integral part of the condensed financial information of the registrant. CINEMARK HOLDINGS, INC. PARENT COMPANY STATEMENTS OF INCOME (LOSS) (in thousands) Year Ended December 31, 2019 2020 2021 Revenues $ — $ — $ — Cost of operations 2,556 2,236 2,586 Operating loss ( 2,556 ) ( 2,236 ) ( 2,586 ) Interest expense — ( 14,220 ) ( 24,133 ) Other income 20 56 80 Loss before income taxes and equity in income of subsidiaries ( 2,536 ) ( 16,400 ) ( 26,639 ) Income taxes 609 5,740 5,743 Equity in income (loss) of subsidiaries, net of taxes 193,313 ( 606,168 ) ( 401,887 ) Net income (loss) $ 191,386 $ ( 616,828 ) $ ( 422,783 ) The accompanying notes are an integral part of the condensed financial information of the registrant. CINEMARK HOLDINGS, INC. PARENT COMPANY STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in thousands) Year Ended December 31, 2019 2020 2021 Net income (loss) $ 191,386 $ ( 616,828 ) $ ( 422,783 ) Other comprehensive income (loss), net of tax Unrealized gain (loss) due to fair value adjustments on interest rate swap agreements, net of taxes of $ 2,692 , $ 3,532 and $( 741 ), net of settlements ( 8,210 ) ( 14,320 ) 18,481 Other comprehensive income (loss) in equity method investments ( 142 ) - — Foreign currency translation adjustments ( 12,753 ) ( 47,592 ) ( 18,837 ) Total other comprehensive loss, net of tax ( 21,105 ) ( 61,912 ) ( 356 ) Comprehensive income (loss) attributable to Cinemark Holdings, Inc. $ 170,281 $ ( 678,740 ) $ ( 423,139 ) The accompanying notes are an integral part of the condensed financial information of the registrant. CINEMARK HOLDINGS, INC. PARENT COMPANY STATEMENTS OF CASH FLOWS (in thousands) Year Ended December 31, 2019 2020 2021 Operating Activities Net income (loss) $ 191,386 $ ( 616,828 ) $ ( 422,783 ) Adjustments to reconcile net income (loss) to cash provided by operating activities: Share based awards compensation expense 920 919 922 Amortization of debt issuance costs — 973 3,432 Equity in (income) loss of subsidiaries ( 193,313 ) 606,168 401,887 Changes in other assets and liabilities 4,237 19,011 10,507 Net cash provided by (used for) operating activities 3,230 10,243 ( 6,035 ) Investing Activities Dividends received from subsidiaries 158,450 42,000 — Contributions to subsidiaries — — ( 120,000 ) Net cash provided by (used for) investing activities 158,450 42,000 ( 120,000 ) Financing Activities Dividends paid to stockholders ( 159,281 ) ( 42,311 ) — Proceeds from convertible notes issued — 460,000 — Payment of debt issuance costs — ( 17,122 ) — Purchase of convertible note hedges — ( 142,094 ) — Proceeds from warrants issued — 89,424 — Payroll taxes paid as a result of noncash stock option exercises ( 2,308 ) ( 5,437 ) ( 4,102 ) Net cash provided by (used for) financing activities ( 161,589 ) 342,460 ( 4,102 ) Increase (decrease) in cash and cash equivalents 91 394,703 ( 130,137 ) Cash and cash equivalents: Beginning of period 6 97 394,800 End of period $ 97 $ 394,800 $ 264,663 The accompanying notes are an integral part of the condensed financial information of the registrant. 1. BASIS OF PRESENTATION Cinemark Holdings, Inc. conducts substantially all of its operations through its subsidiaries. These statements should be read in conjunction with the Company’s consolidated financial statements and notes included elsewhere in this annual report on Form 10-K. There are significant restrictions over Cinemark Holdings, Inc.’s ability to obtain funds from its subsidiaries through dividends, loans or advances as contained in Cinemark USA, Inc.’s senior secured credit facility and the indentures to each of the 5.250 % Senior Notes, the 5.875 % Senior Notes and the 8.750 % Secured Notes (collectively referred to herein as the “Notes”). These condensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X, as the restricted net assets of Cinemark Holdings, Inc.’s subsidiaries under each of the debt agreements previously noted exceeds 25 percent of the consolidated net assets of Cinemark Holdings, Inc. As of December 31, 2021 , the restricted net assets totaled approximately $ 478,640 and $ 354,888 under the senior secured credit facility and the Notes, respectively. See Note 13 to the Company’s consolidated financial statements included elsewhere in this annual report on Form 10-K. 2. DIVIDEND PAYMENTS Below is a summary of dividends declared for the fiscal periods indicated. Amount per Total Declaration Date Record Date Payable Date Common Stock Dividends (1) 2/23/2019 3/8/2019 3/22/2019 $ 0.34 $ 39,905 5/24/2019 6/10/2019 6/24/2019 $ 0.34 40,012 8/16/2019 9/4/2019 9/18/2019 $ 0.34 40,020 11/22/2019 12/4/2019 12/18/2019 $ 0.34 40,014 Total for year ended December 31, 2019 $ 1.36 $ 159,951 2/21/2020 3/6/2020 3/20/2020 $ 0.36 $ 42,567 Total for year ended December 31, 2020 $ 0.36 $ 42,567 (1) Of the dividends recorded during 2019 and 2020 , $ 670 and $ 256 , respectively, were related to outstanding restricted stock units and are not paid until such units vest. 3. DIVIDENDS AND DISTRIBUTIONS WITH SUBSIDIARIES During the years ended December 31, 2019 and 2020 , Cinemark Holdings, Inc. received cash dividends of $ 158,450 and $ 42,000 , respectively, from its subsidiary, Cinemark USA, Inc. During the year ended December 31, 2021 , Cinemark Holdings, Inc. paid a distribution of $ 120,000 to its subsidiary, Cinemark USA, Inc. 4. LONG-TERM DEBT On August 21, 2020, Cinemark Holdings, Inc. issued $ 460,000 aggregate principal amount of 4.500 % Convertible Senior Notes, which will mature on August 15, 2025. Additionally, certain of Cinemark Holdings, Inc.’s subsidiaries have direct outstanding debt obligations. For a discussion of the debt obligations of Cinemark Holdings, Inc.’ and its subsidiaries, see Note 13 to the Company’s consolidated financial statements included elsewhere in this annual report on Form 10-K. 5. CAPITAL STOCK Cinemark Holdings, Inc.’s capital stock along with its long-term incentive plan and related activity are discussed in Note 17 of the Company’s consolidated financial statements included elsewhere in this annual report on Form 10-K. 6. COMMITMENTS AND CONTINGENCIES Cinemark Holdings, Inc. has no direct commitments and contingencies, but its subsidiaries do. See Note 20 of the Company’s consolidated financial statements included elsewhere in this annual report on Form 10-K |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Business | Business — Cinemark Holdings, Inc. and its subsidiaries (the “Company”) operate in the motion picture exhibition industry, with theatres in the United States (“U.S.”) and in 15 countries in Latin America. |
Principles of Consolidation | Principles of Consolidation — The consolidated financial statements include the accounts of Cinemark Holdings, Inc. and its subsidiaries. Majority-owned subsidiaries that the Company has control of are consolidated while those affiliates of which the Company owns between 20 % and 50 % and does not control are accounted for under the equity method. Those affiliates of which the Company owns less than 20 % are generally accounted for under the cost method, unless the Company is deemed to have the ability to exercise significant influence over the affiliate, in which case the Company would account for its investment under the equity method. The results of these equity method investees are included in the consolidated financial statements effective from their date of formation or from their dates of acquisition. Intercompany balances and transactions are eliminated in consolidation. |
Cash and Cash Equivalents | Cash and Cash Equivalents — Cash and cash equivalents consist of operating funds held in financial institutions, petty cash held by the theatres, highly liquid investments with original maturities of three months or less when purchased and restricted cash. The Company invests its cash primarily in money market funds, certificates of deposit, commercial paper or other similar funds. The Company maintains cash deposits required to support bank letters of credit issued for bank loans of certain of the Company’s international subsidiaries that totaled $ 25,767 as of December 31, 2021 and are considered restricted cash. See Note 13 for further discussion. |
Accounts Receivable | Accounts Receivable – Accounts receivable, which are recorded at net realizable value, consist primarily of receivables related to screen advertising, screen rental, receivables related to discounted tickets and gift cards sold to third party retail locations, receivables from landlords related to theatre construction projects, rebates earned from the Company’s concession vendors and value-added and other non-income tax receivables. |
Inventories | Inventories — Concession inventories are stated at the lower of cost (first-in, first-out method) or net realizable value. |
Theatre Properties and Equipment | Theatre Properties and Equipment — Theatre properties and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets as follows: Category Useful Life Buildings on owned land 40 years Buildings on leased land Lesser of lease term or useful life Land and buildings under finance leases (1) Lease term Theatre furniture and equipment 3 to 15 years Leasehold improvements Lesser of lease term or useful life (1) Amortization of finance lease assets is included in depreciation and amortization expense on the consolidated statements of income. Accumulated amortization of finance lease assets as of December 31, 2020 and 2021 was $ 47,961 and $ 57,778 , respectively. The Company evaluates long-lived assets for impairment indicators on a quarterly basis or whenever events or changes in circumstances indicate the carrying amount of the assets may not be fully recoverable (qualitative evaluation). The Company also performs a full quantitative impairment evaluation on an annual basis. These qualitative and quantitative evaluations are described below: • Quantitative approach The Company performs a quantitative evaluation at the theatre level using estimated undiscounted cash flows from continuing use through the remainder of the theatre’s useful life. The remainder of the theatre’s useful life correlates with the remaining lease period, which includes the probability of the exercise of available renewal periods for leased properties, and the lesser of twenty years or the building’s remaining useful life for owned properties. If the estimated undiscounted cash flows are not sufficient to recover a long-lived asset’s carrying value, the Company then compares the carrying value of the asset group (theatre) with its estimated fair value. Significant judgment, including management’s estimate of future theatre level cash flows for each theatre is involved in estimating fair value. For its 2020 and 2021 long-lived impairment assessments, significant management judgement was involved in estimating impacts of the COVID-19 pandemic and the timing of recovery for each of the Company's theatres based on projected box office. Fair value is estimated based on a multiple of cash flows. Management’s estimates, which fall under Level 3 of the U.S. GAAP fair value hierarchy, as defined by FASB ASC Topic 820-10-35, are based on projected operating performance, market transactions and industry trading multiples. • Qualitative approach The Company’s qualitative assessment considers relevant market transactions, industry trading multiples and recent developments that would impact its estimates of future cash flows as compared to its most recent quantitative impairment assessment. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets — The Company evaluates goodwill for impairment annually during the fourth quarter or whenever events or changes in circumstances indicate the carrying value of the goodwill may not be fully recoverable. The Company evaluates goodwill for impairment at the reporting unit level and has allocated goodwill to the reporting unit based on an estimate of its relative fair value. Management considers the reporting unit to be each of its regions in the U.S. and each of its international countries with Honduras, El Salvador, Nicaragua, Costa Rica, Panama and Guatemala considered one reporting unit (the Company does not have goodwill recorded for all of its international locations). Under ASC Topic 350, Goodwill, Intangibles and Other (“ASC Topic 350”), the Company may perform a qualitative impairment assessment or a quantitative impairment assessment of our goodwill which are described below: • Quantitative approach Under a quantitative goodwill impairment analysis, the Company estimates the fair value of each reporting unit and compares it with its carrying value. Fair value is estimated using the market approach, which is the most common valuation approach for the Company’s industry and considers a multiple of cash flows for each reporting unit as the basis for fair value. Significant judgment including management’s estimate of future theatre level cash flows for each theatre is involved in estimating fair value of a reporting unit. For its 2020 and 2021 goodwill impairment assessments, significant management judgement was involved in estimating impacts of the COVID-19 pandemic and the timing of recovery for each of the Company's theatres based on projected box office. The Company’s estimates, which fall under Level 3 of the U.S. GAAP fair value hierarchy as defined by FASB ASC Topic 820-10-35, are based on projected operating performance of each reporting unit, relevant market transactions and industry trading multiples. • Qualitative approach The Company’s qualitative assessment of goodwill for each reporting unit considers economic and market conditions, industry trading multiples and the impact of recent developments and events on the estimated fair values as determined during its most recent quantitative assessment. Tradename intangible assets are tested for impairment at least annually during the fourth quarter or whenever events or changes in circumstances indicate the carrying value may not be fully recoverable. Under ASC Topic 350, the Company can elect to perform a qualitative or quantitative impairment assessment for our tradename intangible assets as described below: • Quantitative approach The Company compares the carrying values of its tradename assets to their estimated fair values. Fair values are estimated by applying an estimated market royalty rate that could be charged for the use of the tradenames to forecasted future revenues, with an adjustment for the present value of such royalties. Significant judgment, including management’s estimate of market royalty rates and long-term revenue forecasts, is involved in estimating the tradename fair values. For its 2020 and 2021 tradename impairment assessments, significant management judgement was involved in estimating impacts of the COVID-19 pandemic and the timing of recovery for each of the Company's theatres based on projected box office. Management’s estimates, which fall under Level 3 of the U.S. GAAP fair value hierarchy as defined by FASB ASC Topic 820-10-35, were based on projected revenue performance and expected industry trends. • Qualitative approach The Company’s qualitative assessment considers industry and market conditions and recent developments that may impact the revenue forecasts and other estimates as compared to its most recent quantitative assessment. The table below summarizes the Company’s intangible assets and the amortization method used for each type of intangible asset: Intangible Asset Amortization Method Goodwill Indefinite-lived Tradename Indefinite-lived and definite-lived. Definite-lived tradename asset has a remaining useful life of approximately five years . Other intangible assets Straight-line method over the terms of the underlying agreement or the expected useful life of the intangible asset. The remaining useful lives of these intangible assets range from one to four years . |
Lease Accounting | Lease Accounting — See Note 4 for discussion of the Company’s lease accounting policies. |
Deferred Charges | Deferred Charges and Other Assets — Deferred charges and other assets consist of construction, lease and other deposits, equipment to be placed in service, and other assets of a long-term nature. |
Self-Insurance Reserves | Self-Insurance Reserves — In the U.S., the Company is self-insured for general liability claims. For each of the years ended December 31, 2019, 2020 and 2021 , general liability claims were capped at $ 500 per occurrence with no aggregate annual cap. For its international locations, the Company is fully insured for general liability claims with little or no deductibles per occurrence. The Company has a fully-funded deductible workers compensation insurance plan under which the Company is responsible for pre-funding claims and is responsible for claims up to $ 250 per occurrence, with an annual cap of $ 5,000 for the years ended December 31, 2019, 2020 and 2021 . The Company is also self-insured for domestic medical claims with a cap of $ 250 per occurrence for the years ended December 31, 2019, 2020 and 2021. As of December 31, 2020 and 2021 , the Company’s self-insurance reserves were $ 9,034 and $ 6,810 , respectively, and are reflected in accrued other current liabilities on the consolidated balance sheets. |
Revenue and Expense Recognition | Revenue Recognition — See Note 5 for discussion of revenue recognition and deferred revenue. Expenses — Film rental costs are subject to the film licensing arrangement and accrued based on the applicable box office receipts and either; 1) a sliding scale formula, which is generally established with the studio prior to the opening of the film, 2) a firm terms formula as negotiated prior to a film's theatrical run or 3) estimates of the final settlement rate, which occurs at the conclusion of the film run. Under a sliding scale formula, the Company pays a percentage of box office revenues using a pre-determined scale that is based upon box office performance of the film for its full run. Under a firm terms formula, the Company pays the distributor a percentage of box office receipts that can either be an aggregate rate for the full theatrical run or rates that decline over the term of the theatrical run. The settlement process allows for negotiation of film rental fees upon the conclusion of the film's theatrical run based upon how the film performs. Estimates are based on the expected success of a film. The success of a film can generally be determined a few weeks after a film is released when the initial box office performance of the film is known. If actual settlements are different than those estimates, film rental costs are adjusted at that time. |
Accounting for Share Based Awards | Accounting for Share Based Awards — The Company measures the cost of employee services received in exchange for an equity award based on the fair value of the award on the date of the grant. The grant date fair value is based on the Company’s stock price on the grant date. Such costs are recognized over the period during which an employee is required to provide service in exchange for the award (which is usually the vesting period). At the time of the grant, the Company also estimates the number of awards that will ultimately be forfeited. See Note 17 for discussion of the Company’s share based awards and related compensation expense. |
Income Taxes | Income Taxes — The Company uses an asset and liability approach to financial accounting and reporting for income taxes. Deferred income taxes are provided when tax laws and financial accounting standards differ with respect to the amount of income for a year and the basis of assets and liabilities. A valuation allowance is recorded to reduce the carrying amount of deferred tax assets unless it is more likely than not that such assets will be realized. Income taxes are provided on unremitted earnings from foreign subsidiaries unless such earnings are expected to be indefinitely reinvested. Income taxes have also been provided for potential tax assessments. The evaluation of an uncertain tax position is a two-step process. The first step is recognition: The Company determines whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. In evaluating whether a tax position has met the more-likely-than-not recognition threshold, the Company should presume that the position would be examined by the appropriate taxing authority that would have full knowledge of all relevant information. The second step is measurement: A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Differences between tax positions taken in a tax return and amounts recognized in the financial statements result in (1) a change in a liability for income taxes payable or (2) a change in an income tax refund receivable, a deferred tax asset or a deferred tax liability or both (1) and (2). The Company accrues interest and penalties on its uncertain tax positions as a component of income tax expense. See further discussion in Note 19. |
Segments | Segments — For the years ended December 31, 2019, 2020 and 2021 , the Company managed its business under two reportable operating segments, U.S. markets and international markets. See Note 21. |
Use of Estimates | Use of Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. The Company’s consolidated financial statements include amounts that are based on management’s best estimates and judgments. Actual results could differ from those estimates. |
Foreign Currency Translations | Foreign Currency Translations — The assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. dollars at current exchange rates as of the balance sheet date, and revenues and expenses are translated at average monthly exchange rates. The resulting translation adjustments are recorded in the consolidated balance sheets in accumulated other comprehensive loss. See Note 15 for a summary of the translation adjustments recorded in accumulated other comprehensive loss for the years ended December 31, 2019, 2020 and 2021. The Company recognizes foreign currency transaction gains and losses when changes in exchange rates impact transactions, other than intercompany transactions of a long-term investment nature, that have been denominated in a currency other than the functional currency. The Company deemed Argentina to be highly inflationary beginning July 1, 2018. A highly inflationary economy is defined as an economy with a cumulative inflation rate of approximately 100 percent or more over a three-year period. If a country’s economy is classified as highly inflationary, the financial statements of the foreign entity operating in that country must be remeasured to the functional currency of the reporting entity. The financial statements of the Company’s Argentina subsidiaries has been remeasured in U.S. dollars in accordance with ASC Topic 830, Foreign Currency Matters , effective beginning July 1, 2018. See further discussion in Note 15. |
Fair Value Measurements | Fair Value Measurements — According to authoritative guidance, inputs used in fair value measurements fall into three different categories; Level 1, Level 2 and Level 3. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. See Note 14 for a discussion of our fair value measurements for the years ended December 31, 2019, 2020 and 2021. |
Acquisitions | Acquisitions — The Company accounts for acquisitions under the acquisition method of accounting. The acquisition method requires that the acquired assets and liabilities, including contingencies, be recorded at fair value determined on the acquisition date and changes thereafter reflected in income. For certain acquisitions, the Company obtains independent third party valuation studies for certain of the assets acquired and liabilities assumed to assist the Company in determining fair value. The estimation of the fair value of the assets acquired and liabilities assumed involves a number of estimates and assumptions that could differ materially from the actual amounts realized. The Company provides assumptions, including both quantitative and qualitative information, about the specified asset or liability to the third party valuation firms. The Company primarily utilizes the third party to accumulate comparative data from multiple sources and assemble a report that summarizes the information obtained. The Company then uses the information to record estimated fair value. The third party valuation firms are supervised by Company personnel who are knowledgeable about valuations and fair value. The Company evaluates the appropriateness of the assumptions and valuation methodologies utilized by the third party valuation firm. |
Interest Rate Swaps | Interest Rate Swaps – The Company evaluates its interest rate swap agreements, which are designated as cash flow hedges, to determine whether they are effective on a quarterly basis in accordance with ASC Topic 815, Derivatives and Hedging . The fair values of the interest rate swaps are estimated based on future estimated net cash flows considering forecasted interest rates for the terms of the interest rate swap agreements as compared to the fixed interest rates paid under the agreements. If deemed to be effective, fair value estimates are recorded on the consolidated balance sheets as an asset or liability with the related gains or losses reported as a component of accumulated other comprehensive loss. If the swaps are determined to not be effective, the gains or losses are recorded in interest expense on the consolidated income statement. See further discussion in Note 13. |
Restructuring Charges | Restructuring Charges – During the year ended December 31, 2020, the Company recorded restructuring charges based on an approved and announced restructuring plan, specifically related to headcount reductions, the permanent closure of underperforming theatres and the write-down of related theatre assets. The costs of the restructuring actions were accrued based on estimates at the time the plan was formalized. Adjustments made to restructuring charges based on actual costs incurred were recorded during the year ended December 31, 2021. See further discussion in Note 3. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Estimated Useful Life of Assets | Depreciation is recorded using the straight-line method over the estimated useful lives of the assets as follows: Category Useful Life Buildings on owned land 40 years Buildings on leased land Lesser of lease term or useful life Land and buildings under finance leases (1) Lease term Theatre furniture and equipment 3 to 15 years Leasehold improvements Lesser of lease term or useful life (1) Amortization of finance lease assets is included in depreciation and amortization expense on the consolidated statements of income. Accumulated amortization of finance lease assets as of December 31, 2020 and 2021 was $ 47,961 and $ 57,778 , respectively. |
Intangible Assets and Amortization Method | The table below summarizes the Company’s intangible assets and the amortization method used for each type of intangible asset: Intangible Asset Amortization Method Goodwill Indefinite-lived Tradename Indefinite-lived and definite-lived. Definite-lived tradename asset has a remaining useful life of approximately five years . Other intangible assets Straight-line method over the terms of the underlying agreement or the expected useful life of the intangible asset. The remaining useful lives of these intangible assets range from one to four years . |
Impact of The COVID-19 Pandem_2
Impact of The COVID-19 Pandemic (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Unusual Or Infrequent Item [Line Items] | |
Schedule of Restructuring Plan | The following table summarized activity recorded during the years ended December 31, 2020 and 2021: U.S. Operating Segment International Operating Segment Consolidated Employee-related Costs Facility Closure Costs Total Charges Employee-related Costs Facility Closure Costs Total Charges Employee-related Costs Facility Closure Costs Total Charges Restructuring charges recorded during the year ended December 31, 2020 $ 8,964 $ 7,645 $ 16,609 $ 814 $ 2,946 $ 3,760 $ 9,778 $ 10,591 $ 20,369 Amounts paid ( 7,603 ) ( 1,649 ) ( 9,252 ) ( 814 ) ( 590 ) ( 1,404 ) ( 8,417 ) ( 2,239 ) ( 10,656 ) Noncash write-offs ( 521 ) ( 256 ) ( 777 ) — ( 2,195 ) ( 2,195 ) ( 521 ) ( 2,451 ) ( 2,972 ) Reserve balance at December 31, 2020 840 5,740 6,580 — 161 161 840 5,901 6,741 Amounts paid ( 350 ) ( 3,930 ) ( 4,280 ) — ( 27 ) ( 27 ) ( 350 ) ( 3,957 ) ( 4,307 ) Reserve adjustments (1) ( 94 ) ( 887 ) ( 981 ) — ( 20 ) ( 20 ) ( 94 ) ( 907 ) ( 1,001 ) Reserve balance at December 31, 2021 $ 396 $ 923 $ 1,319 $ — $ 114 $ 114 $ 396 $ 1,037 $ 1,433 (1) Amounts are primarily adjustments based on final facility lease payments for certain closed theatres as compared with original estimates recorded. |
Lease Accounting (Tables)
Lease Accounting (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of Operating and Finance Right-of-Use Assets and Lease Liabilities | The following table represents the operating and finance right-of-use assets and lease liabilities as of the periods indicated. As of As of Leases Classification December 31, 2020 December 31, 2021 Assets (1) Operating lease assets Operating lease assets $ 1,278,191 $ 1,230,790 Finance lease assets Theatre properties and equipment, net of accumulated depreciation (2) 99,195 80,513 Total lease assets $ 1,377,386 $ 1,311,303 Liabilities (1) Current Operating Current portion of operating lease obligations $ 208,593 $ 217,092 Finance Current portion of finance lease obligations 16,407 14,605 Noncurrent Operating Operating lease obligations, less current portion 1,138,142 1,078,260 Finance Finance lease obligations, less current portion 124,609 102,571 Total lease liabilities $ 1,487,751 $ 1,412,528 (1) The operating lease right-of-use assets and liabilities recorded on the Company’s consolidated balance sheets generally do not include renewal options that have not yet been exercised. The Company does not consider a lease renewal exercise as reasonably certain until immediately before the necessary notification is provided to the landlord after consideration of market conditions and performance of the theatre. (2) Finance lease assets are net of accumulated amortization of $ 47,961 and $ 57,778 as of December 31, 2020 and 2021, respectively. |
Schedule of Aggregate Lease Costs by Lease Classification | The following table represents the Company’s aggregate lease costs, by lease classification, for the periods indicated. Year Ended Year Ended Year Ended Lease Cost Classification December 31, 2019 December 31, 2020 December 31, 2021 Operating lease costs Equipment (1) Utilities and other $ 9,172 $ 3,324 $ 2,342 Real Estate (2)(3) Facility lease expense 346,222 275,056 280,968 Total operating lease costs $ 355,394 $ 278,380 $ 283,310 Finance lease costs Depreciation of leased assets Depreciation and amortization $ 14,734 $ 14,662 $ 12,634 Interest on lease liabilities Interest expense 7,786 7,014 5,916 Total finance lease costs $ 22,520 $ 21,676 $ 18,550 (1) Includes approximately $ 4,700 , $ ( 465 ) and $ 1,842 of short-term lease payments for the years ended December 31, 2019, 2020 and 2021, respectively. The amount for the year ended December 31, 2020 was impacted by i) a decrease in short term lease payments while theatres were closed and ii) rent abatements on leases that were not recalculated in accordance with the FASB guidance discussed above, which resulted in variable rent credits in the amount of the rent abatements. (2) Includes approximately $ 68,799 , $ 7,058 and $ 11,791 of variable lease payments based on a change in index, such as CPI or inflation, variable payments based on revenues or attendance and variable common area maintenance costs for the years ended December 31, 2019, 2020 and 2021, respectively. The amount for the year ended December 31, 2020 was impacted by rent abatements on leases that were not recalculated in accordance with the FASB guidance discussed above, which resulted in variable rent credits in the amount of the rent abatements. Approximately $ 1,614 , $ 1,445 and $ 1,304 of lease payments are included in general and administrative expenses primarily related to office leases for the years ended December 31, 2019, 2020 and 2021, respectively. |
Schedule of Maturity of Lease Liabilities by Lease Classification | The following table represents the maturity of lease liabilities, by lease classification, as of December 31, 2021. Operating Finance Years Ending Leases Leases Total 2022 (1) $ 274,005 $ 19,820 $ 293,825 2023 252,772 19,131 271,903 2024 220,455 18,050 238,505 2025 193,375 16,453 209,828 2026 156,573 11,984 168,557 After 2026 447,815 58,694 506,509 Total lease payments $ 1,544,995 $ 144,132 $ 1,689,127 Less: Interest 249,643 26,956 276,599 Present value of lease liabilities $ 1,295,352 $ 117,176 $ 1,412,528 (1) Amounts do not include rent payments deferred under amendments as discussed at Lease Deferrals and Abatements above. |
Schedule of Weighted-Average Remaining Lease Term and Discount Rate | The following table represents the weighted-average remaining lease term and discount rate, disaggregated by lease classification, as of December 31, 2021. As of Lease Term and Discount Rate December 31, 2021 Weighted-average remaining lease term (years) (1) Operating leases - equipment 2.9 Operating leases - real estate 7.3 Finance leases - equipment 3.4 Finance leases - real estate 8.9 Weighted-average discount rate (2) Operating leases - equipment 3.8 % Operating leases - real estate 4.9 % Finance leases - equipment 4.7 % Finance leases - real estate 4.9 % (1) The lease assets and liabilities recorded on the Company’s consolidated balance sheets generally do not include renewal options that have not yet been executed. The Company does not consider a lease renewal exercise as reasonably certain until immediately before the necessary notification is provided to the landlord after consideration of market conditions and performance of the theatre. (2) The discount rate for each lease represents the incremental borrowing rate at which the Company would borrow, on a collateralized basis, over a similar term and at an amount equal to the lease payments in a similar economic environment. |
Schedule of Minimum Cash Lease Payments | The following table represents the minimum cash lease payments included in the measurement of lease liabilities and the non-cash addition of right-of-use assets for the periods presented. Year Ended Year Ended Year Ended Other Information December 31, 2019 December 31, 2020 December 31, 2021 Cash paid for amounts included in the measurement of lease liabilities Cash outflows for operating leases $ 281,895 $ 271,787 $ 269,677 Cash outflows for finance leases - operating activities $ 7,576 $ 6,985 $ 5,910 Cash outflows for finance leases - financing activities $ 14,600 $ 15,432 $ 14,689 Non-cash amount of leased assets obtained in exchange for: Operating lease liabilities $ 114,113 $ 132,717 $ 180,055 Finance lease liabilities $ 21,535 $ — $ 725 |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Revenues Disaggregated Based on Type of Good Or Service By Reportable Operating Segment and On Timing of Revenue Recognition | The following tables present revenues for the periods indicated, disaggregated based on major type of good or service and by reportable operating segment. Year Ended December 31, 2021 U.S. International Operating Operating Major Goods/Services Segment (1) Segment Consolidated Admissions revenues $ 671,750 $ 108,290 $ 780,040 Concession revenues 482,750 78,902 561,652 Screen advertising, screen rental and promotional revenues 66,192 17,892 84,084 Other revenues 72,930 11,758 84,688 Total revenues $ 1,293,622 $ 216,842 $ 1,510,464 Year Ended December 31, 2020 U.S. International Operating Operating Major Goods/Services Segment (1) Segment Consolidated Admissions revenues $ 291,636 $ 64,872 $ 356,508 Concession revenues 189,561 41,485 231,046 Screen advertising, screen rental and promotional revenues 46,199 16,332 62,531 Other revenues 29,513 6,712 36,225 Total revenues $ 556,909 $ 129,401 $ 686,310 Year Ended December 31, 2019 U.S. International Operating Operating Major Goods/Services Segment (1) Segment Consolidated Admissions revenues $ 1,431,790 $ 373,531 $ 1,805,321 Concession revenues 936,241 224,842 1,161,083 Screen advertising, screen rental and promotional revenues 128,839 35,888 164,727 Other revenues 84,033 67,935 151,968 Total revenues $ 2,580,903 $ 702,196 $ 3,283,099 (1) U.S. segment revenues exclude intercompany transactions with the international operating segment. See Note 21 for additional information on intercompany eliminations. The following tables present revenues for the periods indicated, disaggregated based on timing of revenue recognition (as discussed above). Year Ended December 31, 2021 U.S. International Operating Operating Segment (1) Segment Consolidated Goods and services transferred at a point in time $ 1,201,206 $ 193,658 $ 1,394,864 Goods and services transferred over time 92,416 23,184 115,600 Total $ 1,293,622 $ 216,842 $ 1,510,464 Year Ended December 31, 2020 U.S. International Operating Operating Segment (1) Segment Consolidated Goods and services transferred at a point in time $ 497,338 $ 109,997 $ 607,335 Goods and services transferred over time 59,571 19,404 78,975 Total $ 556,909 $ 129,401 $ 686,310 Year Ended December 31, 2019 U.S. International Operating Operating Segment (1) Segment Consolidated Goods and services transferred at a point in time $ 2,488,716 $ 621,785 $ 3,110,501 Goods and services transferred over time 92,187 80,411 172,598 Total $ 2,580,903 $ 702,196 $ 3,283,099 (1) U.S. segment revenues exclude intercompany transactions with the international operating segment. See Note 21 for additional information on intercompany eliminations. |
Changes in Deferred Revenues | The following table presents changes in the Company’s deferred revenue for the years ended December 31, 2020 and 2021: Deferred Revenue NCM Screen (1) Other Deferred (2) Balance at January 1, 2020 $ 348,354 $ 138,426 Amounts recognized as accounts receivable — 2,915 Cash received from customers in advance — 56,772 Common units received from NCM (see Note 8) 3,620 — Interest accrued related to significant financing component 23,595 — Revenue recognized during period ( 31,314 ) ( 57,625 ) Foreign currency translation adjustments — ( 1,658 ) Balance at December 31, 2020 344,255 138,830 Amounts recognized as accounts receivable — 2,170 Cash received from customers in advance — 132,179 Common units received from NCM (see Note 8) 10,237 — Interest accrued related to significant financing component 23,612 — Revenue recognized during period ( 32,078 ) ( 111,228 ) Foreign currency translation adjustments — ( 1,693 ) Balance at December 31, 2021 $ 346,026 $ 160,258 (1) See Significant Financing Component in Note 8 for discussion of NCM screen advertising advances and maturity of balances as of December 31, 2021. (2) Includes liabilities associated with outstanding gift cards and discount ticket vouchers, points or rebates outstanding under the Company’s loyalty and membership programs and revenues not yet recognized for screen advertising and other promotional activities. Amount is classified as accounts payable and accrued expenses or other long-term liabilities on the consolidated balance sheets. |
Aggregate Amount of Transaction Price Allocated To Performance Obligation That Are Unsatisfied And Expected To Be Recognized | The table below summarizes the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied for other deferred revenue in the table above as of December 31, 2021 and when the Company expects to recognize this revenue. Year Ended December 31, Remaining Performance Obligations 2022 2023 Thereafter Total Other deferred revenue $ 138,945 21,313 — $ 160,258 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | The following table presents computations of basic and diluted earnings per share under the two class method: Year Ended December 31, 2019 2020 2021 Numerator: Net income (loss) attributable to Cinemark Holdings, Inc. $ 191,386 $ ( 616,828 ) $ ( 422,783 ) (Earnings) loss allocated to participating share-based awards (1) ( 1,174 ) 4,279 6,058 Net income (loss) attributable to common stockholders $ 190,212 $ ( 612,549 ) $ ( 416,725 ) Denominator (shares in thousands): Basic weighted average shares outstanding 116,306 116,667 117,250 Common equivalent shares for restricted stock units (2) 300 — — Common equivalent shares for convertible notes and warrants (3) — — — Diluted weighted average shares outstanding 116,606 116,667 117,250 Basic earnings (loss) per share attributable to common stockholders $ 1.63 $ ( 5.25 ) $ ( 3.55 ) Diluted earnings (loss) per share attributable to common stockholders $ 1.63 $ ( 5.25 ) $ ( 3.55 ) (1) For the years ended December 31, 2019, 2020 and 2021, a weighted average of approximately 721 shares, 815 shares and 1,704 shares, of unvested restricted stock, respectively, are considered participating securities. (2) For the years ended December 31, 2020 and 2021 , approximately 682 and 4 common equivalent shares for restricted stock units were excluded because they were anti-dilutive. (3) For the years ended December 31, 2020 and 2021 , diluted loss per share excludes the conversion of the 4.500 % Convertible Senior Notes into 32,051 shares of common stock, as well as outstanding warrants, as they would be anti-dilutive. See further discussion below. |
DIVIDENDS (Tables)
DIVIDENDS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Summary of Dividends Declared | Below is a summary of dividends declared for the fiscal periods indicated. Amount per Total Declaration Date Record Date Payable Date Common Stock Dividends (1) 2/23/2019 3/8/2019 3/22/2019 $ 0.34 $ 39,905 5/24/2019 6/10/2019 6/24/2019 $ 0.34 40,012 8/16/2019 9/4/2019 9/18/2019 $ 0.34 40,020 11/22/2019 12/4/2019 12/18/2019 $ 0.34 40,014 Total for year ended December 31, 2019 $ 1.36 $ 159,951 2/21/2020 3/6/2020 3/20/2020 $ 0.36 $ 42,567 Total for year ended December 31, 2020 $ 0.36 $ 42,567 (1) Of the dividends recorded during 2019, 2020 and 2021, $ 670 , $ 256 and $( 4 ) , respectively, were related to outstanding restricted stock units and will not be paid until such units vest. See Note 17. |
INVESTMENT IN NATIONAL CINEME_2
INVESTMENT IN NATIONAL CINEMEDIA LLC (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Aggregate Amount of Transaction Price Allocated To Performance Obligation That Are Unsatisfied And Expected To Be Recognized | The table below summarizes the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied for other deferred revenue in the table above as of December 31, 2021 and when the Company expects to recognize this revenue. Year Ended December 31, Remaining Performance Obligations 2022 2023 Thereafter Total Other deferred revenue $ 138,945 21,313 — $ 160,258 |
NCM Screen Advertising Advances | |
Aggregate Amount of Transaction Price Allocated To Performance Obligation That Are Unsatisfied And Expected To Be Recognized | The recognition of revenue related to the deferred revenue or NCM screen advertising advances will continue to be recorded on a straight-line basis over the new term of the amended ESA through February 2041. Year Ended December 31, Remaining Maturity 2022 2023 2024 2025 2026 Thereafter Total NCM screen advertising advances (1) $ 9,119 9,749 10,424 11,147 11,922 293,665 $ 346,026 (1) Amounts are net of the estimated interest to be accrued for the periods presented. |
NCM | |
Summary of Activity With Equity Investee Included in the Company's Consolidated Financial Statements | Summary of Activity with NCM Below is a summary of activity with NCM included in the Company’s consolidated financial statements for the periods indicated. See Note 5 for discussion of related revenue recognition. Investment in NCM NCM Screen Advertising Advances Distributions from NCM (3) Equity Other Revenue Interest Expense Cash Received Balance as of January 1, 2019 $ 275,592 $ ( 350,242 ) Receipt of common units due to annual common unit adjustment 1,552 ( 1,552 ) — — — — — Revenues earned under ESA (1) — — — — ( 13,782 ) — 13,782 Interest accrued related to significant financing component — ( 28,624 ) — — — 28,624 — Receipt of excess cash distributions ( 23,452 ) — ( 11,631 ) — — — 35,083 Receipt under tax receivable agreement ( 2,492 ) — ( 1,242 ) — — — 3,734 Equity in earnings 14,592 — — ( 14,592 ) — — — Amortization of screen advertising advances — 32,064 — — ( 32,064 ) — — Balance as of and for the year ended December 31, 2019 $ 265,792 $ ( 348,354 ) $ ( 12,873 ) $ ( 14,592 ) $ ( 45,846 ) $ 28,624.00 $ 52,599 Receipt of common units due to annual common unit adjustment 3,620 ( 3,620 ) — — — — — Revenues earned under ESA (1) — — — — ( 4,689 ) — 4,689 Interest accrued related to significant financing component — ( 23,595 ) — — — 23,595 — Receipt of excess cash distributions ( 12,022 ) — ( 5,914 ) — — — 17,936 Receipt under tax receivable agreement ( 2,146 ) — ( 1,061 ) — — — 3,207 Equity in loss ( 10,627 ) — — 10,627 — — — Impairment of investment in NCM (2) ( 92,655 ) — — — — — — Amortization of screen advertising advances — 31,314 — — ( 31,314 ) — — Balance as of and for the year ended December 31, 2020 $ 151,962 $ ( 344,255 ) $ ( 6,975 ) $ 10,627 $ ( 36,003 ) $ 23,595 $ 25,832 Receipt of common units due to annual common unit adjustment 10,237 ( 10,237 ) — — — — — Revenues earned under ESA (1) — — — — ( 12,001 ) — 12,001 Interest accrued related to significant financing component — ( 23,612 ) — — — 23,612 — Receipt under tax receivable agreement ( 156 ) — ( 77 ) — — — 233 Equity in loss ( 26,599 ) — — 26,599 — — — Amortization of screen advertising advances — 32,078 — — ( 32,078 ) — — Balance as of and for the year ended December 31, 2021 $ 135,444 $ ( 346,026 ) $ ( 77 ) $ 26,599 $ ( 44,079 ) $ 23,612 $ 12,234 (1) Amounts include the per patron and per digital screen theatre access fees due to the Company, net of amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire. The amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire were approximately $ 11,478 , $ 2,605 and $ 4,952 for the years ended December 31, 2019, 2020 and 2021, respectively. Amounts unpaid to the Company and recorded in accounts receivable on the consolidated balance sheets were $ 636 and $ 4,498 as of the years ended December 31, 2020 and 2021, respectively. (2) Recorded in impairment of long-lived and other assets on the consolidated income statement for the year ended December 31, 2020. See further discussion at Fair Value of Investment in NCM below. (3) Excess cash distributions from NCM decreased beginning in the second quarter of 2020 primarily as a result of the impact of the COVID-19 discussed at Note 3. Excess cash distributions will be restricted through December 2023 in accordance with the credit agreement amendment NCM recently entered into with its lenders. |
Summary of Common Units Received Under Common Unit Adjustment Agreement | Below is a summary of common units received by the Company under the Common Unit Adjustment (“CUA”) Agreement during the years ended December 31, 2019, 2020 and 2021: Event Date Common Units Received Number of Common Units Received Fair Value of Common Units Received 2019 annual common unit adjustment 3/31/2019 219,056 $ 1,552 2020 annual common unit adjustment 3/31/2020 1,112,368 $ 3,620 2021 annual common unit adjustment 4/14/2021 2,311,482 $ 10,237 |
Summary Financial Information | Summary Financial Information for NCM The tables below present summary financial information for NCM for its fiscal periods indicated: Year Ended Year Ended Year Ended December 26, 2019 December 31, 2020 December 30, 2021 Revenues $ 444,800 $ 89,887 $ 114,639 Operating income (loss) $ 155,700 $ ( 59,671 ) $ ( 68,576 ) Net income (loss) $ 98,800 $ ( 115,753 ) $ ( 134,562 ) As of As of December 31, 2020 December 30, 2021 Current assets $ 142,566 $ 114,620 Noncurrent assets $ 685,643 $ 658,438 Current liabilities $ 46,872 $ 66,806 Noncurrent liabilities $ 1,072,207 $ 1,114,712 Members' deficit $ ( 290,870 ) $ ( 408,460 ) |
OTHER INVESTMENTS (Tables)
OTHER INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Activity for Each of Company's Other Investments | Below is a summary of activity for each of the Company’s other investments for the periods indicated: DCIP AC JV, DCDC FE Concepts Other Total Balance at January 1, 2019 $ 125,252 $ 5,266 $ 2,255 $ 19,918 $ 4,075 $ 156,766 Equity in income (loss) 23,281 3,276 1,120 ( 399 ) — 27,278 Equity in comprehensive loss ( 141 ) — — — — ( 141 ) Cash distributions received ( 23,696 ) ( 3,520 ) ( 206 ) — — ( 27,422 ) Other (1) — — — — ( 1,196 ) ( 1,196 ) Balance at December 31, 2019 $ 124,696 $ 5,022 $ 3,169 $ 19,519 $ 2,879 $ 155,285 Equity in loss ( 24,559 ) ( 1,277 ) ( 1,036 ) ( 1,246 ) — ( 28,118 ) Cash contributions 50 — — — — 50 Cash distributions received ( 10,383 ) — ( 878 ) — — ( 11,261 ) Non-cash distribution received (2) ( 89,804 ) — — — — ( 89,804 ) Other (3) — — — — ( 2,426 ) ( 2,426 ) Balance at December 31, 2020 $ — $ 3,745 $ 1,255 $ 18,273 $ 453 $ 23,726 Equity in income (loss) — ( 34 ) 583 1,005 — 1,554 Other (1) — — — — ( 75 ) ( 75 ) Balance at December 31, 2021 $ — $ 3,711 $ 1,838 $ 19,278 $ 378 $ 25,205 (1) Consists primarily of mark-to-market adjustment on an investment in marketable securities. (2) Consists of projectors distributed to the Company from DCIP as discussed below. (3) Consists primarily of the impairment of a cost method investment in the year ended December 31, 2020 (see Note 11 for discussion of impairments recorded) and mark-to-market adjustment on an investment in marketable securities. |
Digital Cinema Implementation Partners | |
Summary Financial Information | Below is summary financial information for DCIP as of and for the years periods indicated: Year ended December 31, 2019 2020 2021 Revenues $ 171,531 $ 30,561 $ 54,383 Operating income (loss) $ 99,812 $ ( 105,691 ) $ 43,062 Net income (loss) $ 95,820 $ ( 114,243 ) $ 45,323 As of December 31, 2020 December 31, 2021 Current assets $ 36,372 $ 22,947 Noncurrent assets $ 205 $ — Current liabilities $ 39,844 $ 11,631 Noncurrent liabilities $ 687 $ — Members' equity (deficit) $ ( 3,954 ) $ 11,316 |
Transactions with DCIP | In addition to the activity presented in the other investments table above, the Company had the following transactions with DCIP during the periods indicated: Year Ended December 31, 2019 2020 2021 Equipment lease payments (1)(2) $ 4,399 $ 1,729 $ — Warranty reimbursements from DCIP (2) $ ( 11,800 ) $ ( 6,997 ) $ ( 798 ) Management services fees (2) $ 596 $ 208 $ 49 Cash distributions from DCIP (3) $ 23,696 $ 10,383 $ 13,139 Non-cash distributions from DCIP (4) $ — $ 12,915 $ — (1) Excludes lease termination payments of $ 695 and $ 3,895 made during the years ended December 31, 2020 and 2021, respectively. See discussion of MELA termination at Distribution of Digital Projectors above. (2) Amounts reflected in utilities and other costs on the consolidated statements of income (loss). (3) Recorded as a reduction in the Company's investment in DCIP for the years ended December 31, 2019 and 2020. Recorded in cash distributions from DCIP on the consolidated statements of income (loss) for the year ended December 31, 2021. See discussion at Distribution of Projectors from DCIP above. Recorded as non-cash distributions from DCIP on the consolidated statements of income (loss). See discussion at Distribution of Projectors from DCIP above. |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS - NET (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Goodwill | The Company’s goodwill was as follows: U.S. International Total Balance at December 31, 2019 (1) $ 1,182,853 $ 100,518 $ 1,283,371 Impairment (2) — ( 16,128 ) ( 16,128 ) Foreign currency translation adjustments — ( 13,403 ) ( 13,403 ) Balance at December 31, 2020 (3) $ 1,182,853 $ 70,987 $ 1,253,840 Foreign currency translation adjustments — ( 5,049 ) ( 5,049 ) Balance at December 31, 2021 (3) $ 1,182,853 $ 65,938 $ 1,248,791 (1) Balances are presented net of historical accumulated impairment losses of $ 214,031 for the U.S. operating segment and $ 27,622 for the international operating segment. (2) See Note 11 for discussion of impairment evaluations performed during the year ended December 31, 2020. (3) Balances are presented net of historical accumulated impairment losses of $ 214,031 for the U.S. operating segment and $ 43,750 for the international operating segment. |
Intangible Assets-Net | : Balance at January 1, 2020 Amortization Other (1) Balance at December 31, 2020 Intangible assets with finite lives: Gross carrying amount $ 84,953 $ — $ ( 2,521 ) $ 82,432 Accumulated amortization ( 63,870 ) ( 4,746 ) 200 ( 68,416 ) Total intangible assets with finite lives, net $ 21,083 $ ( 4,746 ) $ ( 2,321 ) $ 14,016 Intangible assets with indefinite lives: Tradename and other 300,686 — ( 507 ) 300,179 Total intangible assets, net $ 321,769 $ ( 4,746 ) $ ( 2,828 ) $ 314,195 Balance at January 1, 2021 Additions (2) Amortization Other (3) Balance at December 31, 2021 Intangible assets with finite lives: Gross carrying amount $ 82,432 $ — $ — $ ( 665 ) $ 81,767 Accumulated amortization ( 68,416 ) — ( 2,639 ) — ( 71,055 ) Total net intangible assets with finite lives $ 14,016 $ — $ ( 2,639 ) $ ( 665 ) $ 10,712 Intangible assets with indefinite lives: Tradename and other 300,179 146 — ( 194 ) 300,131 Total intangible assets, net $ 314,195 $ 146 $ ( 2,639 ) $ ( 859 ) $ 310,843 (1) Includes the write-off of fully amortized intangible assets, foreign currency translation adjustments and impairment recorded related to a previously acquired theatre leasehold interest in Brazil. See Note 11 for discussion of impairment evaluations performed during the year ended December 31, 2020. (2) Amount represents licenses acquired to sell alcohol beverage for certain theatres. (3) Includes foreign currency translation adjustments and impairment recorded related to a previously acquired theatre leasehold interest in Brazil. See Note 11 for discussion of impairment evaluations performed during the year ended December 31, 2021. |
Estimated Aggregate Future Amortization Expense for Intangible Assets | Estimated aggregate future amortization expense for intangible assets is as follows: Year ended December 31, 2022 $ 2,468 Year ended December 31, 2023 2,416 Year ended December 31, 2024 2,416 Year ended December 31, 2025 1,898 Year ended December 31, 2026 1,514 Total $ 10,712 |
IMPAIRMENT OF LONG-LIVED AND _2
IMPAIRMENT OF LONG-LIVED AND OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |
Summary of Long Lived Asset Impairment Evaluations Performed by Assets Classification | The following table is a summary of the evaluations performed for each quarter by asset classification. Asset Impairment Valuation Valuation Category Test Approach Multiple First and second quarters Goodwill Qualitative N/A N/A Tradename intangible assets Qualitative N/A N/A Other long-lived assets Qualitative N/A N/A Third quarter Goodwill Qualitative N/A N/A Tradename intangible assets Qualitative N/A N/A Other long-lived assets Quantitative Market 3.1 to 6 times Fourth quarter Goodwill Quantitative Market 3.7 to 7 times Tradename intangible assets Quantitative Income N/A Other long-lived assets Quantitative Market 3.7 to 6 times |
Long-Lived Asset Impairment Losses | The Company’s impairment charges were as follows for the periods indicated: Year Ended December 31, 2019 2020 2021 U.S. segment Theatre properties $ 36,005 $ 12,398 $ 6,371 Theatre operating lease right-of-use assets 10,457 13,216 6,804 Investment in NCM (1) — 92,655 — Cost method investment — 2,500 — U.S. total 46,462 120,769 13,175 International segment Theatre properties 8,821 9,951 4,002 Theatre operating lease right-of-use assets 1,718 5,025 3,210 Goodwill — 16,128 — Intangible assets, net — 833 458 International total 10,539 31,937 7,670 Total impairment $ 57,001 $ 152,706 $ 20,845 (1) See Note 8 for discussion of investment in NCM. |
ACCRUED OTHER CURRENT LIABILI_2
ACCRUED OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Other Current Liabilities | Accrued other current liabilities consisted of the following as of the periods presented: December 31, 2020 2021 Gift card liability (1) $ 43,448 $ 54,521 Discount vouchers (SuperSavers) liability (1) 38,882 34,836 Accrued lease payable (2) 48,366 31,903 Other 71,021 103,766 Total $ 201,717 $ 225,026 (1) See discussion at Revenue Recognition Policy in Note 5. See discussion at Lease Deferrals and Abatements in Note 4. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Components of Long-Term Debt | Long-term debt consisted of the following for the periods presented: December 31, 2020 2021 Cinemark Holdings, Inc. 4.500% convertible senior notes due 2025 $ 460,000 $ 460,000 Cinemark USA, Inc. term loan due 2025 639,731 $ 633,136 Cinemark USA, Inc. 8.750% senior secured notes due 2025 250,000 250,000 Cinemark USA, Inc. 5.875% senior notes due 2026 — 405,000 Cinemark USA, Inc. 5.250% senior notes due 2028 — 765,000 Cinemark USA, Inc. 5.125% senior notes due 2022 400,000 — Cinemark USA, Inc. 4.875% senior notes due 2023 755,000 — Other 23,169 30,200 Total long-term debt carrying value 2,527,900 2,543,336 Less: Current portion 18,056 24,254 Less: Debt discounts and debt issuance costs, net of accumulated amortization (1) 132,682 42,832 Long-term debt, less current portion, net of discounts and unamortized debt issuance costs $ 2,377,162 $ 2,476,250 (1) The unamortized debt discount associated with the 4.500 % convertible senior notes was $ 95,409 as of December 31, 2020. The unamortized debt issuance costs associated with the 4.500 % convertible senior notes were $ 12,385 and $ 12,442 as of December 31, 2020 and 2021, respectively. See further discussion at Adoption of ASU 2020-06 below. |
Summary of Borrowings of International Subsidiaries | Below is a summary of loans outstanding as of December 31, 2021: Loan Balances as of Interest Rates as of Loan Description(s) December 31, 2021 December 31, 2021 Covenants Maturity Colombia loans $ 2,741 4.9 % to 5.2 % Negative and maintenance covenants June 2023 and September 2025 Peru loans $ 4,879 1.0 % to 4.8 % Negative covenants June and December 2023 Brazil loans $ 18,376 4.0 % to 8.7 % Negative covenants November 2022 , October 2023 and January 2029 Chile loans $ 4,204 3.5 % Negative and maintenance covenants November 2023 Total $ 30,200 During the year ended December 31, 2021, the Company obtained a waiver of the maintenance covenant related to the bank loans in Chile through June 30, 2022 |
Maturities of Long-Term Debt, Excluding Unamortized Debt Issuance Costs | The Company’s long-term debt, excluding unamortized debt issuance costs, at December 31, 2021 matures as follows: 2022 $ 24,254 2023 12,285 2024 6,983 2025 1,323,538 2026 405,000 Thereafter 771,276 Total $ 2,543,336 |
Summary of Company's Interest Rate Swap Agreements Designated as Cash Flow Hedges | Below is a summary of the Company’s interest rate swap agreements designated as cash flow hedges as of December 31, 2021: Estimated Fair Value at Notional December 31, Amount Effective Date Pay Rate Receive Rate Expiration Date 2021 (1) $ 137,500 December 31, 2018 2.12 % 1-Month LIBOR December 31, 2024 $ 4,313 $ 175,000 December 31, 2018 2.12 % 1-Month LIBOR December 31, 2024 5,537 $ 137,500 December 31, 2018 2.19 % 1-Month LIBOR December 31, 2024 4,611 $ 150,000 March 31, 2020 0.57 % 1-Month LIBOR March 31, 2022 164 Total $ 14,625 (1) Approximately $ 7,884 is included in accrued other current liabilities and $ 6,741 is included in other long-term liabilities on the consolidated balance sheet as of December 31, 2021. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Liabilities Measured at Fair Value on a Recurring Basis | Below is a summary of liabilities measured at fair value on a recurring basis by the Company under FASB ASC Topic 820 as of the periods presented: As of Carrying Fair Value Description December 31, Value Level 1 Level 2 Level 3 Interest rate swap liabilities 2020 $ 33,847 $ — $ 33,847 $ — Interest rate swap liabilities 2021 $ 14,625 $ — $ 14,625 $ — |
Foreign Currency Translation (T
Foreign Currency Translation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Impact of Translating Financial Statements of Company's International Subsidiaries | Below is a summary of the impact of translating the financial statements of the Company’s international subsidiaries, whose functional currency is other than the US dollar, for the periods presented. Other Comprehensive Income (Loss) Exchange Rate as of December 31, Year Ended December 31, Country 2019 2020 2021 2019 2020 2021 Brazil 4.02 5.20 5.57 $ ( 8,140 ) $ ( 42,698 ) $ ( 4,696 ) Colombia 3,277.14 3,432.50 3,981.16 ( 362 ) ( 2,183 ) ( 140 ) Chile 736.86 714.14 852.02 ( 5,158 ) 1,228 ( 10,890 ) Peru 3.37 3.65 4.02 257 ( 3,403 ) ( 2,785 ) All other 650 ( 536 ) ( 326 ) $ ( 12,753 ) $ ( 47,592 ) $ ( 18,837 ) As noted above, beginning July 1, 2018, Argentina was deemed highly inflationary. The impact of translating Argentina financial results to U.S. dollars, subsequent to June 30, 2018, has been recorded in foreign currency exchange gain (loss) on the Company’s consolidated statements of income (loss). A gain of $ 1,243 and $ 195 were recorded for the years ended December 31, 2020 and 2021, respectively. |
NONCONTROLLING INTERESTS IN S_2
NONCONTROLLING INTERESTS IN SUBSIDIARIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests in Subsidiaries | Noncontrolling interests in subsidiaries of the Company were as follows as of the periods presented: December 31, 2020 2021 Cinemark Partners II — 49.2 % interest $ 7,706 $ 7,989 Laredo Theatres – 25 % interest 1,681 2,018 Greeley Ltd. — 49 % interest 1,101 1,048 Other 508 509 Total $ 10,996 $ 11,564 |
CAPITAL STOCK (Tables)
CAPITAL STOCK (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Treasury Stock Activity | Below is a summary of the Company’s treasury stock activity for the years ended December 31, 2019, 2020 and 2021. Number of Cost Balance at January 1, 2019 4,626,191 $ 79,259 Restricted stock withholdings (1) 59,060 2,308 Restricted stock forfeitures (2) 26,608 — Balance at December 31, 2019 4,711,859 $ 81,567 Restricted stock withholdings (1) 264,522 5,437 Restricted stock forfeitures (2) 74,600 — Balance at December 31, 2020 5,050,981 $ 87,004 Restricted stock withholdings (1) 237,416 4,102 Restricted stock forfeitures (2) 61,714 — Balance at December 31, 2021 5,350,111 $ 91,106 (1) The Company withheld restricted shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock and restricted stock units. The Company determined the number of shares to be withheld based upon market values that ranged from $ 36.81 to $ 40.32 during the year ended December 31, 2019, $ 8.03 to $ 32.12 during the year ended December 31, 2020 and $ 15.21 to $ 24.14 during the year ended December 31, 2021. The Company repurchased forfeited restricted shares at a cost of $ 0.001 per share in accordance with the 2017 Omnibus Plan. |
Summary of Restricted Stock Activity | Restricted Stock — Below is a summary of restricted stock activity for the years ended December 31, 2019, 2020 and 2021: Year Ended Year Ended Year Ended December 31, 2019 December 31, 2020 December 31, 2021 Shares of Weighted Shares of Weighted Shares of Weighted Outstanding at January 1 704,353 $ 38.68 783,823 $ 37.53 1,431,975 $ 21.11 Granted 315,899 $ 37.34 1,555,361 $ 17.68 1,241,742 $ 21.91 Vested ( 209,821 ) $ 41.10 ( 832,609 ) $ 29.30 ( 617,607 ) $ 20.92 Forfeited ( 26,608 ) $ 37.69 ( 74,600 ) $ 30.72 ( 61,714 ) $ 18.96 Outstanding at December 31 783,823 $ 37.53 1,431,975 $ 21.11 1,994,396 $ 21.73 |
Summary of Restricted Stock and Restricted Stock Unit Award Activity | Below is a summary of restricted stock award activity recorded for the periods indicated. Year Ended December 31, 2019 2020 2021 Compensation expense recognized during the period (1) $ 10,185 $ 15,473 $ 22,846 Fair value of restricted shares that vested during the period $ 8,024 $ 16,870 $ 10,998 Income tax benefit related to restricted stock awards $ 1,516 $ 5,620 $ 1,048 (1) The former CEO of the Company retired on December 31, 2021, and all of his outstanding unvested shares vested upon his retirement in accordance with his employment agreement. The Company recorded incremental compensation expense of $ 4,277 related to the accelerated vesting of these awards during the year ended December 31, 2021. |
Restricted Stock Units (RSUs) | |
Summary of Restricted Stock and Restricted Stock Unit Award Activity | Below is a summary of activity for restricted stock unit awards for the periods indicated: Year Ended December 31, 2019 2020 2021 Number of restricted stock unit awards that vested during the period 90,895 208,204 232,200 Fair value of restricted stock unit awards that vested during the period $ 3,658 $ 5,050 $ 4,095 Accumulated dividends paid upon vesting of restricted stock unit awards (1) $ 386 $ 942 $ 62 Compensation expense recognized during the period (2) $ 4,430 $ 3,931 $ 6,425 Income tax benefit related to stock unit awards $ 397 $ 788 $ 691 (1) Approximately $ 296 of dividends were payable to the former CEO on December 31, 2021 and were paid in January 2022. These dividends were included in other current liabilities on the consolidated balance sheet as of December 31, 2021. (2) The former CEO of the Company retired on December 31, 2021, and all of his outstanding unvested restricted stock units vested upon his retirement in accordance with his employment agreement. The Company recorded incremental compensation expense of $ 2,374 related to the accelerated vesting of these awards during the year ended December 31, 2021. |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Information to Consolidated Statements of Cash Flows | The following is provided as supplemental information to the consolidated statements of cash flows: Year Ended December 31, 2019 2020 2021 Cash paid for interest $ 93,907 $ 102,859 $ 108,152 Cash paid (refunds received) for income taxes, net $ 88,670 $ ( 116,916 ) $ ( 136,512 ) Cash deposited in restricted accounts (1) $ — $ 13,847 $ 11,920 Noncash operating activities: Interest expense - NCM (see Note 8) $ ( 28,624 ) $ ( 23,595 ) $ ( 23,612 ) Noncash investing activities: Change in accounts payable and accrued expenses for the acquisition of theatre properties and equipment (2) $ 22,013 $ ( 13,259 ) $ 20,100 Theatre properties acquired under finance leases $ 21,535 $ — $ 725 Theatre properties acquired as distribution from equity investee (see Note 9) $ — $ 102,719 $ — Investment in NCM – receipt of common units (see Note 8) $ 1,552 $ 3,620 $ 10,237 Noncash financing activities: Accrual for dividends on unvested restricted stock unit awards $ ( 670 ) $ ( 256 ) $ 4 (1) Funds are held as collateral for letters of credit associated with certain of the Company’s international subsidiary loans. See further discussion in Note 13. (2) Additions to theatre properties and equipment included in accounts payable as of December 31, 2020 and 2021 were $ 28,250 and $ 8,150 , respectively. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Provision for Federal and Foreign Income Tax Expense for Continuing Operations | The Company’s provision for federal and foreign income tax expense for continuing operations consisted of the following: Year Ended December 31, 2019 2020 2021 Income (loss) before income taxes: U.S. $ 235,571 $ ( 784,167 ) $ ( 389,176 ) Foreign 38,189 ( 143,157 ) ( 49,841 ) Total $ 273,760 $ ( 927,324 ) $ ( 439,017 ) |
Current and Deferred Income Taxes | Current and deferred income taxes were as follows: Year Ended December 31, 2019 2020 2021 Current: Federal $ 45,247 $ ( 271,162 ) $ 4,026 Foreign 24,022 397 794 State 12,486 289 1,008 Total current expense $ 81,755 $ ( 270,476 ) $ 5,828 Deferred: Federal $ ( 298 ) $ ( 50,445 ) $ ( 20,204 ) Foreign 5 13,266 409 State ( 1,550 ) ( 1,721 ) ( 2,835 ) Total deferred taxes $ ( 1,843 ) $ ( 38,900 ) $ ( 22,630 ) Income taxes $ 79,912 $ ( 309,376 ) $ ( 16,802 ) |
Reconciliation Between Income Tax Expense and Taxes Computed | A reconciliation between income tax expense and taxes computed by applying the applicable statutory federal income tax rate to income before income taxes is as follows: Year Ended December 31, 2019 2020 2021 Computed statutory tax expense $ 57,490 $ ( 194,739 ) $ ( 92,194 ) State and local income taxes, net of federal income tax impact 8,479 ( 1,153 ) ( 1,465 ) Changes in valuation allowance 2,532 46,731 76,308 Foreign tax rate differential 4,646 ( 6,633 ) ( 4,466 ) Foreign tax credits 4,143 — — Impacts related to COVID-19 pandemic (1) — ( 187,515 ) — Changes in uncertain tax positions 197 24,879 7,524 Other, net 2,425 9,054 ( 2,509 ) Income taxes $ 79,912 $ ( 309,376 ) $ ( 16,802 ) (1) The amount for the year ended December 31, 2020 includes benefits of a rate differential on earnings of $ 122,975 , tax losses with respect to investments in foreign subsidiaries and a write down of certain intercompany receivables associated with the Company’s foreign subsidiaries of $ 135,599 , offset by a tax charge for the remeasurement of deferred taxes and tax attributes of $ 49,866 and dislodged foreign tax credits not benefited of $ 21,193 . |
Tax Effects of Significant Temporary Differences and Tax Loss and Tax Credit Carryforwards | The tax effects of significant temporary differences and tax loss and tax credit carryforwards comprising the net long-term deferred income tax liabilities as of the periods presented consisted of the following: December 31, 2020 2021 Deferred liabilities: Theatre properties and equipment $ 118,051 $ 100,547 Finance lease assets 24,202 19,564 Operating lease right-of-use assets 297,452 288,205 Intangible asset – other 41,297 45,587 Intangible asset – tradenames 72,268 71,877 Investment in partnerships 20,402 16,128 Total deferred liabilities 573,672 541,908 Deferred assets: Deferred revenue – NCM 83,998 84,084 Deferred revenue – Other 6,208 3,661 Prepaid rent 5,255 3,365 Gift Cards 9,265 8,354 Operating lease obligations 313,552 304,462 Finance lease obligations 31,284 25,611 Tax impact of items in accumulated other comprehensive income and additional paid-in-capital 19,475 32,959 Restricted stock 2,611 5,494 Accrued expenses 3,552 4,326 Other tax loss carryforwards 89,320 124,632 Other tax credit and attribute carryforwards 121,698 154,995 Other expenses, not currently deductible for tax purposes 11,535 14,305 Total deferred assets 697,753 766,248 Net deferred income tax (asset) liability before valuation allowance ( 124,081 ) ( 224,340 ) Valuation allowance against deferred assets – non-current 203,606 264,168 Net deferred income tax liability $ 79,525 $ 39,828 Net deferred tax (asset) liability – Foreign $ 7,280 $ 6,737 Net deferred tax liability – U.S. 72,245 33,091 Total $ 79,525 $ 39,828 |
Reconciliation of Total Amounts of Unrecognized Tax Benefits Excluding Interest and Penalties | The following is a reconciliation of the total amounts of unrecognized tax benefits excluding interest and penalties for the periods presented: Year Ended December 31, 2019 2020 2021 Balance at January 1, $ 10,561 $ 10,235 $ 46,528 Gross increases - tax positions in prior periods 1 32,417 7,656 Gross decreases - tax positions in prior periods — ( 88 ) ( 1,611 ) Gross increases - current period tax positions 202 4,010 3,465 Settlements ( 522 ) — ( 122 ) Foreign currency translation adjustments ( 7 ) ( 46 ) ( 11 ) Balance at December 31, $ 10,235 $ 46,528 $ 55,905 |
SEGMENTS (Tables)
SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Selected Financial Information by Reportable Operating Segment | The following table is a breakdown of select financial information by reportable operating segment for the periods presented: Year Ended December 31, 2019 2020 2021 Revenues U.S. $ 2,594,246 $ 559,184 $ 1,296,343 International 702,196 129,401 216,842 Eliminations ( 13,343 ) ( 2,275 ) ( 2,721 ) Total revenues $ 3,283,099 $ 686,310 $ 1,510,464 Adjusted EBITDA (1) U.S. $ 615,161 $ ( 226,981 ) $ 84,223 International 129,884 ( 49,899 ) ( 4,271 ) Total Adjusted EBITDA $ 745,045 $ ( 276,880 ) $ 79,952 Capital expenditures U.S. $ 230,561 $ 64,026 $ 78,305 International 73,066 19,904 17,237 Total capital expenditures $ 303,627 $ 83,930 $ 95,542 Distributions from equity investees are reported entirely within the U.S. operating segment |
Reconciliation of Net Income to Adjusted EBITDA | The following table sets forth a reconciliation of net income to Adjusted EBITDA for the periods presented: Year Ended December 31, 2019 2020 2021 Net income (loss) $ 193,848 $ ( 617,948 ) $ ( 422,215 ) Add (deduct): Income taxes 79,912 ( 309,376 ) ( 16,802 ) Interest expense (1) 99,941 129,871 149,702 Loss on extinguishment of debt — — 6,527 Other (income) expense (2) ( 22,441 ) 62,369 43,532 Distributions from DCIP (3) 23,696 10,383 — Other cash distributions from equity investees (4) 29,670 15,047 156 Non-cash distributions from DCIP (5) — ( 12,915 ) — Depreciation and amortization 261,155 259,776 265,363 Impairment of long-lived and other assets 57,001 152,706 20,845 (Gain) loss on disposal of assets and other 12,008 ( 8,923 ) 8,025 Restructuring charges — 20,369 ( 1,001 ) Non-cash rent expense ( 4,360 ) 2,357 ( 3,451 ) Share based awards compensation expense 14,615 19,404 29,271 Adjusted EBITDA $ 745,045 $ ( 276,880 ) $ 79,952 (1) Includes amortization of debt issuance costs . (2) Includes interest income, foreign currency exchange loss, interest expense – NCM and equity in income (loss) of affiliates and excludes distributions from NCM. (3) See discussion of cash distributions from DCIP, which were recorded as a reduction of the Company’s investment in DCIP for the years ended December 31, 2019 and 2020, in Note 9. These distributions are reported entirely within the U.S. operating segment. (4) Reflects cash distributions received from equity investees, other than those from DCIP noted above, that were recorded as a reduction of the respective investment balances (see Notes 8 and 9). These distributions are reported entirely within the U.S. operating segment. Reflects non-cash distribution of projectors from DCIP (see Note 9). These distributions are reported entirely within the U.S. operating segment . |
Selected Financial Information by Geographic Area | The following tables are a breakdown of select financial information by geographic area for the periods presented: Year Ended December 31, 2019 2020 2021 Revenues U.S. $ 2,594,246 $ 559,184 $ 1,296,343 Brazil 302,074 59,321 73,468 Other international countries 400,122 70,080 143,374 Eliminations ( 13,343 ) ( 2,275 ) ( 2,721 ) Total $ 3,283,099 $ 686,310 $ 1,510,464 As of December 31, 2020 2021 Theatre properties and equipment, net U.S. $ 1,392,780 $ 1,208,701 Brazil 72,080 56,750 Other international countries 150,202 117,395 Total $ 1,615,062 $ 1,382,846 |
VALUATION AND QUALIFYING ACCO_2
VALUATION AND QUALIFYING ACCOUNTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation Allowance for Deferred Tax Assets | The Company’s valuation allowance for deferred tax assets for the periods presented were as follows: Valuation Allowance for Deferred Taxes Balance at January 1, 2019 $ 54,725 Additions 7,611 Deductions ( 1,977 ) Balance at December 31, 2019 $ 60,359 Additions 144,239 Deductions ( 992 ) Balance at December 31, 2020 $ 203,606 Additions 69,129 Deductions ( 4,267 ) Currency translation ( 4,300 ) Balance at December 31, 2021 $ 264,168 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Cash deposits | $ 25,767,000 | ||
General liability claim per occurrence, cap | 500,000 | $ 500,000 | $ 500,000 |
Aggregate annual cap per policy year | 0 | 0 | 0 |
Pre-funding claims and covers claims annual cap | 5,000,000 | 5,000,000 | 5,000,000 |
Medical claim per occurrence, cap | 250,000 | 250,000 | $ 250,000 |
Insurance Reserves | $ 6,810,000 | $ 9,034,000 | |
Minimum Percentage for Tax position measure as largest amount of benefit | 50.00% | ||
Reportable operating segments | 2 | 2 | 2 |
Minimum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Equity method investment, ownership percentage | 20.00% | ||
Maximum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Equity method investment, ownership percentage | 50.00% | ||
Cost method investment, ownership Percentage | 20.00% | ||
Pre-funding claims and covers claims per occurrence | $ 250,000 | $ 250,000 | $ 250,000 |
Estimated Useful Lives of Asset
Estimated Useful Lives of Assets (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Buildings On Owned Land | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of assets | 40 years |
Buildings On Leased Land | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of assets | Lesser of lease term or useful life |
Theatre furniture and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of assets | 3 years |
Theatre furniture and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of assets | 15 years |
Leasehold Improvements | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of assets | Lesser of lease term or useful life |
Estimated Useful Lives of Ass_2
Estimated Useful Lives of Assets (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation and amortization | $ 1,985,927 | $ 1,788,041 |
Property Under Finance Lease | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation and amortization | $ 57,778 | $ 47,961 |
Intangible Assets and Amortizat
Intangible Assets and Amortization Method (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Finite Lived Intangible Assets [Line Items] | |
Goodwill | Indefinite-lived |
Tradename | Indefinite-lived and definite-lived. Definite-lived tradename asset has a remaining useful life of approximately five years. |
Minimum | |
Finite Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 1 year |
Other Intangible Assets | |
Finite Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Amortization Method | Straight-line method over the terms of the underlying agreement or the expected useful life of the intangible asset. The remaining useful lives of these intangible assets range from one to four years. |
Other Intangible Assets | Maximum | |
Finite Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 4 years |
Trade Names | |
Finite Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 5 years |
Impact of The COVID-19 Pandem_3
Impact of The COVID-19 Pandemic - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Unusual Or Infrequent Item [Line Items] | |||
Restructuring costs | $ (1,001) | $ 20,369 | $ 0 |
Impact of COVID-19 | |||
Unusual Or Infrequent Item [Line Items] | |||
Unpaid and accrued restructuring costs | $ 1,433 |
Impact of The COVID-19 Pandem_4
Impact of The COVID-19 Pandemic - Schedule of Restructuring Plan (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Unusual Or Infrequent Item [Line Items] | ||||
Restructuring costs | $ (1,001) | $ 20,369 | $ 0 | |
2020 Restructuring Plan | U.S. Operating Segment | ||||
Unusual Or Infrequent Item [Line Items] | ||||
Restructuring Reserve, Beginning Balance | 6,580 | |||
Restructuring costs | 16,609 | |||
Amounts paid | (4,280) | (9,252) | ||
Noncash write-offs | (777) | |||
Reserve adjustments | [1] | (981) | ||
Restructuring Reserve, Ending Balance | 1,319 | 6,580 | ||
2020 Restructuring Plan | U.S. Operating Segment | Employee Related | ||||
Unusual Or Infrequent Item [Line Items] | ||||
Restructuring Reserve, Beginning Balance | 840 | |||
Restructuring costs | 8,964 | |||
Amounts paid | (350) | (7,603) | ||
Noncash write-offs | (521) | |||
Reserve adjustments | [1] | (94) | ||
Restructuring Reserve, Ending Balance | 396 | 840 | ||
2020 Restructuring Plan | U.S. Operating Segment | Facility Closure Costs | ||||
Unusual Or Infrequent Item [Line Items] | ||||
Restructuring Reserve, Beginning Balance | 5,740 | |||
Restructuring costs | 7,645 | |||
Amounts paid | (3,930) | (1,649) | ||
Noncash write-offs | (256) | |||
Reserve adjustments | [1] | (887) | ||
Restructuring Reserve, Ending Balance | 923 | 5,740 | ||
2020 Restructuring Plan | International Operating Segment | ||||
Unusual Or Infrequent Item [Line Items] | ||||
Restructuring Reserve, Beginning Balance | 161 | |||
Restructuring costs | 3,760 | |||
Amounts paid | (27) | (1,404) | ||
Noncash write-offs | (2,195) | |||
Reserve adjustments | [1] | (20) | ||
Restructuring Reserve, Ending Balance | 114 | 161 | ||
2020 Restructuring Plan | International Operating Segment | Employee Related | ||||
Unusual Or Infrequent Item [Line Items] | ||||
Restructuring Reserve, Beginning Balance | 0 | |||
Restructuring costs | 814 | |||
Amounts paid | 0 | (814) | ||
Noncash write-offs | 0 | |||
Reserve adjustments | [1] | 0 | ||
Restructuring Reserve, Ending Balance | 0 | 0 | ||
2020 Restructuring Plan | International Operating Segment | Facility Closure Costs | ||||
Unusual Or Infrequent Item [Line Items] | ||||
Restructuring Reserve, Beginning Balance | 161 | |||
Restructuring costs | 2,946 | |||
Amounts paid | (27) | (590) | ||
Noncash write-offs | (2,195) | |||
Reserve adjustments | [1] | (20) | ||
Restructuring Reserve, Ending Balance | 114 | 161 | ||
2020 Restructuring Plan | Consolidated | ||||
Unusual Or Infrequent Item [Line Items] | ||||
Restructuring Reserve, Beginning Balance | 6,741 | |||
Restructuring costs | 20,369 | |||
Amounts paid | (4,307) | (10,656) | ||
Noncash write-offs | (2,972) | |||
Reserve adjustments | [1] | (1,001) | ||
Restructuring Reserve, Ending Balance | 1,433 | 6,741 | ||
2020 Restructuring Plan | Consolidated | Employee Related | ||||
Unusual Or Infrequent Item [Line Items] | ||||
Restructuring Reserve, Beginning Balance | 840 | |||
Restructuring costs | 9,778 | |||
Amounts paid | (350) | (8,417) | ||
Noncash write-offs | (521) | |||
Reserve adjustments | [1] | (94) | ||
Restructuring Reserve, Ending Balance | 396 | 840 | ||
2020 Restructuring Plan | Consolidated | Facility Closure Costs | ||||
Unusual Or Infrequent Item [Line Items] | ||||
Restructuring Reserve, Beginning Balance | 5,901 | |||
Restructuring costs | 10,591 | |||
Amounts paid | (3,957) | (2,239) | ||
Noncash write-offs | (2,451) | |||
Reserve adjustments | [1] | (907) | ||
Restructuring Reserve, Ending Balance | $ 1,037 | $ 5,901 | ||
[1] | Amounts are primarily adjustments based on final facility lease payments for certain closed theatres as compared with original estimates recorded. |
Lease Accounting - Additional I
Lease Accounting - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Theatres | ||
Lease [Line Items] | ||
Lease payments withheld or deferred | $ 66,178 | |
Noncancelable lease payments payable under operating lease, lease not yet commenced | $ 90,032 | |
Theatres | Accrued Other Current Liabilities | ||
Lease [Line Items] | ||
Payments withheld or deferred classified as other accrued liabilities | $ 31,903 | 48,366 |
Theatres | Other Noncurrent Liabilities | ||
Lease [Line Items] | ||
Lease payments withheld or deferred classified as other long-term liabilities | $ 17,812 | |
Minimum | Theatres | ||
Lease [Line Items] | ||
Noncancelable operating and finance leases, term | 10 years | |
Minimum | Equipment | ||
Lease [Line Items] | ||
Noncancelable operating leases, term | 5 years | |
Maximum | Theatres | ||
Lease [Line Items] | ||
Noncancelable operating and finance leases, term | 25 years | |
Maximum | Equipment | ||
Lease [Line Items] | ||
Noncancelable operating leases, term | 6 years |
Lease Accounting - Schedule of
Lease Accounting - Schedule of Operating and Finance Right-of-Use Assets and Lease Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Assets | |||
Operating lease assets | [1] | $ 1,230,790 | $ 1,278,191 |
Finance lease assets | [1],[2] | $ 80,513 | $ 99,195 |
Finance Lease Right Of Use Asset Statement Of Financial Position [Extensible List] | Theatre Properties and Equipment - net | Theatre Properties and Equipment - net | |
Total lease assets | [1] | $ 1,311,303 | $ 1,377,386 |
Liabilities, Current | |||
Operating | [1] | 217,092 | 208,593 |
Current portion of finance lease obligations | [1] | 14,605 | 16,407 |
Liabilities, Noncurrent | |||
Operating | [1] | 1,078,260 | 1,138,142 |
Finance lease obligations, less current portion | [1] | 102,571 | 124,609 |
Total lease liabilities | [1] | $ 1,412,528 | $ 1,487,751 |
[1] | The operating lease right-of-use assets and liabilities recorded on the Company’s consolidated balance sheets generally do not include renewal options that have not yet been exercised. | ||
[2] | Finance lease assets are net of accumulated amortization of $ 47,961 and $ 57,778 as of December 31, 2020 and 2021, respectively. |
Lease Accounting - Schedule o_2
Lease Accounting - Schedule of Operating and Finance Right-of-Use Assets and Lease Liabilities (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Finance lease assets, accumulated amortization | $ 57,778 | $ 47,961 |
Lease Accounting - Schedule o_3
Lease Accounting - Schedule of Aggregate Lease Costs by Lease Classification (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Operating lease costs | ||||
Total operating lease costs | $ 283,310 | $ 278,380 | $ 355,394 | |
Finance lease costs | ||||
Total finance lease costs | 18,550 | 21,676 | 22,520 | |
Depreciation and Amortization | ||||
Finance lease costs | ||||
Depreciation of leased assets | 12,634 | 14,662 | 14,734 | |
Interest Expense | ||||
Finance lease costs | ||||
Interest on lease liabilities | 5,916 | 7,014 | 7,786 | |
Equipment | Utilities and Other | ||||
Operating lease costs | ||||
Total operating lease costs | [1] | 2,342 | 3,324 | 9,172 |
Real Estate | Facility Lease Expense | ||||
Operating lease costs | ||||
Total operating lease costs | [2],[3] | $ 280,968 | $ 275,056 | $ 346,222 |
[1] | Includes approximately $ 4,700 , $ ( 465 ) and $ 1,842 of short-term lease payments for the years ended December 31, 2019, 2020 and 2021, respectively. | |||
[2] | Approximately $ 1,614 , $ 1,445 and $ 1,304 of lease payments are included in general and administrative expenses primarily related to office leases for the years ended December 31, 2019, 2020 and 2021, respectively. | |||
[3] | Includes approximately $ 68,799 , $ 7,058 and $ 11,791 of variable lease payments based on a change in index, such as CPI or inflation, variable payments based on revenues or attendance and variable common area maintenance costs for the years ended December 31, 2019, 2020 and 2021, respectively. |
Lease Accounting - Schedule o_4
Lease Accounting - Schedule of Aggregate Lease Costs by Lease Classification (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lease Cost [Line Items] | |||
Lease payments | $ 269,677 | $ 271,787 | $ 281,895 |
Equipment | Utilities and Other | |||
Lease Cost [Line Items] | |||
ShortTermLeasePaymentsNet | 1,842 | 465 | 4,700 |
Real Estate | Facility Lease Expense | |||
Lease Cost [Line Items] | |||
Variable lease payments | 11,791 | 7,058 | 68,799 |
Lease payments | $ 1,304 | $ 1,445 | $ 1,614 |
Lease Accounting - Schedule o_5
Lease Accounting - Schedule of Maturity of Lease Liabilities by Lease Classification (Detail) $ in Thousands | Dec. 31, 2021USD ($) | |
Leases [Abstract] | ||
Operating Leases, 2022 | $ 274,005 | [1] |
Operating Leases, 2023 | 252,772 | |
Operating Leases, 2024 | 220,455 | |
Operating Leases, 2025 | 193,375 | |
Operating Leases, 2026 | 156,573 | |
Operating Leases, After 2026 | 447,815 | |
Operating Leases, Total lease payments | 1,544,995 | |
Operating Leases, Less: Interest | 249,643 | |
Operating Leases, Present value of lease liabilities | 1,295,352 | |
Finance Leases, 2022 | 19,820 | [1] |
Finance Leases, 2023 | 19,131 | |
Finance Leases, 2024 | 18,050 | |
Finance Leases, 2025 | 16,453 | |
Finance Leases, 2026 | 11,984 | |
Finance Leases, After 2026 | 58,694 | |
Finance Leases, Total lease payments | 144,132 | |
Finance Leases, Less: Interest | 26,956 | |
Finance Leases, Present value of lease liabilities | 117,176 | |
Total Leases, 2022 | 293,825 | [1] |
Total Leases, 2023 | 271,903 | |
Total Leases, 2024 | 238,505 | |
Total Leases, 2025 | 209,828 | |
Total Leases, 2026 | 168,557 | |
Total Leases, After 2026 | 506,509 | |
Total Leases, Total lease payments | 1,689,127 | |
Total Leases, Less: Interest | 276,599 | |
Total Leases, Present value of lease liabilities | $ 1,412,528 | |
[1] | Amounts do not include rent payments deferred under amendments as discussed at Lease Deferrals and Abatements above. |
Lease Accounting - Schedule o_6
Lease Accounting - Schedule of Weighted-Average Remaining Lease Term and Discount Rate (Detail) | Dec. 31, 2021 | |
Equipment | ||
Lease [Line Items] | ||
Weighted-average remaining lease term - Operating leases | 2 years 10 months 24 days | |
Weighted-average remaining lease term - Finance leases | 3 years 4 months 24 days | [1] |
Weighted-average discount rate - Operating leases | 3.80% | |
Weighted-average discount rate - Finance leases | 4.70% | [2] |
Real Estate | ||
Lease [Line Items] | ||
Weighted-average remaining lease term - Operating leases | 7 years 3 months 18 days | |
Weighted-average remaining lease term - Finance leases | 8 years 10 months 24 days | [1] |
Weighted-average discount rate - Operating leases | 4.90% | |
Weighted-average discount rate - Finance leases | 4.90% | [2] |
[1] | The lease assets and liabilities recorded on the Company’s consolidated balance sheets generally do not include renewal options that have not yet been executed. The Company does not consider a lease renewal exercise as reasonably certain until immediately before the necessary notification is provided to the landlord after consideration of market conditions and performance of the theatre. | |
[2] | The discount rate for each lease represents the incremental borrowing rate at which the Company would borrow, on a collateralized basis, over a similar term and at an amount equal to the lease payments in a similar economic environment. |
Lease Accounting - Schedule o_7
Lease Accounting - Schedule of Minimum Cash Lease Payments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities | |||
Cash outflows for operating leases | $ 269,677 | $ 271,787 | $ 281,895 |
Cash outflows for finance leases - operating activities | 5,910 | 6,985 | 7,576 |
Cash outflows for finance leases - financing activities | 14,689 | 15,432 | 14,600 |
Non-cash amount of leased assets obtained in exchange for: | |||
Operating lease liabilities | 180,055 | $ 132,717 | 114,113 |
Finance lease liabilities | $ 725 | $ 21,535 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Revenue from Contract with Customer [Abstract] | ||
Receivables related to contracts with customers | $ 23,453 | $ 6,232 |
Assets related to costs to obtain or fulfill contract with customers | $ 0 | $ 0 |
Summary of Revenues Disaggregat
Summary of Revenues Disaggregated Based on Major Type of Good or Service and by Reportable Operating Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 1,510,464 | $ 686,310 | $ 3,283,099 | |
Admissions Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 780,040 | 356,508 | 1,805,321 | |
Concession Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 561,652 | 231,046 | 1,161,083 | |
Screen Advertising, Screen Rental and Promotional Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 84,084 | 62,531 | 164,727 | |
Other Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 84,688 | 36,225 | 151,968 | |
U.S. Operating Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | [1] | 1,293,622 | 556,909 | 2,580,903 |
U.S. Operating Segment | Admissions Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | [1] | 671,750 | 291,636 | 1,431,790 |
U.S. Operating Segment | Concession Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | [1] | 482,750 | 189,561 | 936,241 |
U.S. Operating Segment | Screen Advertising, Screen Rental and Promotional Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | [1] | 66,192 | 46,199 | 128,839 |
U.S. Operating Segment | Other Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | [1] | 72,930 | 29,513 | 84,033 |
International Operating Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 216,842 | 129,401 | 702,196 | |
International Operating Segment | Admissions Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 108,290 | 64,872 | 373,531 | |
International Operating Segment | Concession Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 78,902 | 41,485 | 224,842 | |
International Operating Segment | Screen Advertising, Screen Rental and Promotional Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 17,892 | 16,332 | 35,888 | |
International Operating Segment | Other Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 11,758 | $ 6,712 | $ 67,935 | |
[1] | U.S. segment revenues exclude intercompany transactions with the international operating segment. See Note 21 for additional information on intercompany eliminations. |
Summary of Revenues Disaggreg_2
Summary of Revenues Disaggregated Based on Timing of Revenue Recognition (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 1,510,464 | $ 686,310 | $ 3,283,099 | |
U.S. Operating Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | [1] | 1,293,622 | 556,909 | 2,580,903 |
International Operating Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 216,842 | 129,401 | 702,196 | |
Goods and Services Transferred at a Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 1,394,864 | 607,335 | 3,110,501 | |
Goods and Services Transferred at a Point in Time | U.S. Operating Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | [2] | 1,201,206 | 497,338 | 2,488,716 |
Goods and Services Transferred at a Point in Time | International Operating Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 193,658 | 109,997 | 621,785 | |
Goods and Services Transferred Over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 115,600 | 78,975 | 172,598 | |
Goods and Services Transferred Over Time | U.S. Operating Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | [2] | 92,416 | 59,571 | 92,187 |
Goods and Services Transferred Over Time | International Operating Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 23,184 | $ 19,404 | $ 80,411 | |
[1] | U.S. segment revenues exclude intercompany transactions with the international operating segment. See Note 21 for additional information on intercompany eliminations. | |||
[2] | U.S. segment revenues exclude intercompany transactions with the international operating segment. See Note 21 for additional information on intercompany eliminations. |
Changes in Deferred Revenues (D
Changes in Deferred Revenues (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Change in Contract with Customer Liability [Line Items] | ||||||
Amounts recognized as accounts receivable | $ 4,498 | $ 636 | ||||
NCM | ||||||
Change in Contract with Customer Liability [Line Items] | ||||||
Interest accrued related to significant financing component | (23,612) | (23,595) | $ 0 | |||
NCM Screen Advertising Advances | ||||||
Change in Contract with Customer Liability [Line Items] | ||||||
Beginning Balance | [1] | 344,255 | 348,354 | |||
Amounts recognized as accounts receivable | [1] | 0 | 0 | |||
Cash received from customers in advance | [1] | 0 | 0 | |||
Common units received from NCM (see Note 8) | 10,237 | (3,620) | (1,552) | |||
Interest accrued related to significant financing component | 23,612 | [1] | 23,595 | [1] | 28,624 | |
Revenue recognized during period | [1] | (32,078) | (31,314) | |||
Foreign currency translation adjustments | [1] | 0 | 0 | |||
Ending Balance | [1] | 346,026 | 344,255 | 348,354 | ||
NCM Screen Advertising Advances | NCM | ||||||
Change in Contract with Customer Liability [Line Items] | ||||||
Common units received from NCM (see Note 8) | [1] | 10,237 | 3,620 | |||
Other Deferred Revenues | ||||||
Change in Contract with Customer Liability [Line Items] | ||||||
Beginning Balance | [2] | 138,830 | 138,426 | |||
Amounts recognized as accounts receivable | [2] | 2,170 | 2,915 | |||
Cash received from customers in advance | [2] | 132,179 | 56,772 | |||
Interest accrued related to significant financing component | [2] | 0 | 0 | |||
Revenue recognized during period | [2] | (111,228) | (57,625) | |||
Foreign currency translation adjustments | [2] | (1,693) | (1,658) | |||
Ending Balance | [2] | 160,258 | 138,830 | $ 138,426 | ||
Other Deferred Revenues | NCM | ||||||
Change in Contract with Customer Liability [Line Items] | ||||||
Common units received from NCM (see Note 8) | [2] | $ 0 | $ 0 | |||
[1] | See Significant Financing Component in Note 8 for discussion of NCM screen advertising advances and maturity of balances as of December 31, 2021. | |||||
[2] | Includes liabilities associated with outstanding gift cards and discount ticket vouchers, points or rebates outstanding under the Company’s loyalty and membership programs and revenues not yet recognized for screen advertising and other promotional activities. Amount is classified as accounts payable and accrued expenses or other long-term liabilities on the consolidated balance sheets. |
Aggregate Amount of Transaction
Aggregate Amount of Transaction Price Allocated To Performance Obligation That Are Unsatisfied And Expected To Be Recognized (Detail) - Other Deferred Revenues $ in Thousands | Dec. 31, 2021USD ($) |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | $ 160,258 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Remaining performance obligations | $ 138,945 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Remaining performance obligations | $ 21,313 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period |
Aggregate Amount of Transacti_2
Aggregate Amount of Transaction Price Allocated To Performance Obligation That Are Unsatisfied And Expected To Be Recognized (Detail 1) $ in Thousands | Dec. 31, 2021USD ($) |
Other Deferred Revenues | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | $ 160,258 |
Earnings Per Share - Computatio
Earnings Per Share - Computations of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Earnings Per Share Disclosure [Line Items] | |||||
Net income (loss) attributable to Cinemark Holdings, Inc. | $ (422,783) | $ (616,828) | $ 191,386 | ||
(Earnings) loss allocated to participating share-based awards | [1] | 6,058 | 4,279 | (1,174) | |
Net income (loss) attributable to common stockholders | $ (416,725) | $ (612,549) | $ 190,212 | ||
Basic weighted average shares outstanding | 117,250,000 | 116,667,000 | 116,306,000 | ||
Diluted weighted average shares outstanding | 117,250,000 | 116,667,000 | 116,606,000 | ||
Basic | $ (3.55) | $ (5.25) | $ 1.63 | ||
Diluted | $ (3.55) | $ (5.25) | $ 1.63 | ||
Restricted Stock Units (RSUs) | |||||
Earnings Per Share Disclosure [Line Items] | |||||
Common equivalent shares for restricted stock units | 4,000 | 682,000 | 300,000 | [2] | |
[1] | For the years ended December 31, 2019, 2020 and 2021, a weighted average of approximately 721 shares, 815 shares and 1,704 shares, of unvested restricted stock, respectively, are considered participating securities. | ||||
[2] | For the years ended December 31, 2020 and 2021 , approximately 682 and 4 common equivalent shares for restricted stock units were excluded because they were anti-dilutive. (3) For the years ended December 31, 2020 and 2021 , diluted loss per share excludes the conversion of the 4.500 % Convertible Senior Notes into 32,051 shares of common stock, as well as outstanding warrants, as they would be anti-dilutive. See further discussion below. |
Earnings Per Share - Computat_2
Earnings Per Share - Computations of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) - shares | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 21, 2020 | ||
Earnings Per Share Disclosure [Line Items] | |||||
Weighted average shares of participating unvested restricted stock | 1,704,000 | 815,000 | 721,000 | ||
Interest rate | 4.50% | 4.50% | |||
4.50 % Convertible Senior Notes | |||||
Earnings Per Share Disclosure [Line Items] | |||||
Interest rate | 4.50% | 4.50% | |||
Common shares issued | 32,051,000 | ||||
Restricted Stock Units (RSUs) | |||||
Earnings Per Share Disclosure [Line Items] | |||||
Common equivalent shares for restricted stock units | 4,000 | 682,000 | 300,000 | [1] | |
[1] | For the years ended December 31, 2020 and 2021 , approximately 682 and 4 common equivalent shares for restricted stock units were excluded because they were anti-dilutive. (3) For the years ended December 31, 2020 and 2021 , diluted loss per share excludes the conversion of the 4.500 % Convertible Senior Notes into 32,051 shares of common stock, as well as outstanding warrants, as they would be anti-dilutive. See further discussion below. |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)d$ / sharesshares | Dec. 31, 2020Tradingday$ / shares | Aug. 21, 2020 | |
Earnings Per Share Disclosure [Line Items] | |||
Interest rate | 4.50% | 4.50% | |
Convertible senior note, if-converted value in excess of outstanding principal value | $ | $ 172,458 | ||
4.50 % Convertible Senior Notes | |||
Earnings Per Share Disclosure [Line Items] | |||
Interest rate | 4.50% | 4.50% | |
Common stock, strike price | $ 18.65 | ||
Debt instrument convertible conversion, percentage | 130.00% | ||
Debt Instrument, Convertible, Conversion Price | $ 14.35 | ||
Debt instrument, convertible, threshold trading days | 30 | 20 | |
Common shares issued | shares | 32,051 | ||
4.50 % Convertible Senior Notes | Minimum | |||
Earnings Per Share Disclosure [Line Items] | |||
Debt instrument, convertible, threshold trading days | d | 20 | ||
Warrant | 4.50 % Convertible Senior Notes | |||
Earnings Per Share Disclosure [Line Items] | |||
Common stock, strike price | $ 22.08 |
Dividends (Detail)
Dividends (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Dividend Declared [Line Items] | |||
Amount per Share of Common Stock | $ 0.36 | $ 1.36 | |
Total Dividends | [1] | $ 42,567 | $ 159,951 |
First Quarter Dividend | |||
Dividend Declared [Line Items] | |||
Declaration Date | Feb. 21, 2020 | Feb. 23, 2019 | |
Record Date | Mar. 6, 2020 | Mar. 8, 2019 | |
Payable Date | Mar. 20, 2020 | Mar. 22, 2019 | |
Amount per Share of Common Stock | $ 0.36 | $ 0.34 | |
Total Dividends | [1] | $ 42,567 | $ 39,905 |
Second Quarter Dividend | |||
Dividend Declared [Line Items] | |||
Declaration Date | May 24, 2019 | ||
Record Date | Jun. 10, 2019 | ||
Payable Date | Jun. 24, 2019 | ||
Amount per Share of Common Stock | $ 0.34 | ||
Total Dividends | [1] | $ 40,012 | |
Third Quarter Dividend | |||
Dividend Declared [Line Items] | |||
Declaration Date | Aug. 16, 2019 | ||
Record Date | Sep. 4, 2019 | ||
Payable Date | Sep. 18, 2019 | ||
Amount per Share of Common Stock | $ 0.34 | ||
Total Dividends | [1] | $ 40,020 | |
Fourth Quarter Dividend | |||
Dividend Declared [Line Items] | |||
Declaration Date | Nov. 22, 2019 | ||
Record Date | Dec. 4, 2019 | ||
Payable Date | Dec. 18, 2019 | ||
Amount per Share of Common Stock | $ 0.34 | ||
Total Dividends | [1] | $ 40,014 | |
[1] | Of the dividends recorded during 2019, 2020 and 2021, $ 670 , $ 256 and $( 4 ) , respectively, were related to outstanding restricted stock units and will not be paid until such units vest. See Note 17. |
Dividends (Parenthetical) (Deta
Dividends (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |||
Dividends related to outstanding restricted stock units | $ (4) | $ 256 | $ 670 |
Summary of Activity with NCM In
Summary of Activity with NCM Included in Company's Consolidated Financial Statements (Detail) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Equity in income (loss) of affiliates | $ (25,045,000) | $ (38,745,000) | $ 41,870,000 | |||
Impairment of long-lived and other assets | (20,845,000) | (152,706,000) | (57,001,000) | |||
NCM | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Beginning Balance | 151,962,000 | |||||
Beginning Balance | (344,255,000) | |||||
Interest accrued on NCM screen advertising advances | 23,612,000 | 23,595,000 | 0 | |||
Impairment of long-lived and other assets | 0 | (92,655,000) | ||||
Ending Balance | 135,444,000 | 151,962,000 | ||||
Ending Balance | (346,026,000) | (344,255,000) | ||||
Investment In NCM | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Beginning Balance | 151,962,000 | 265,792,000 | 275,592,000 | |||
Receipt of common units due to annual common unit adjustment | 10,237,000 | 3,620,000 | 1,552,000 | |||
Receipt of excess cash distributions | (12,022,000) | (23,452,000) | ||||
Receipt under tax receivable agreement | (156,000) | (2,146,000) | (2,492,000) | |||
Equity in income (loss) of affiliates | (26,599,000) | (10,627,000) | 14,592,000 | |||
Impairment of long-lived and other assets | [1] | 92,655,000 | ||||
Ending Balance | 135,444,000 | 151,962,000 | 265,792,000 | |||
NCM Screen Advertising Advances | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Beginning Balance | (344,255,000) | (348,354,000) | (350,242,000) | |||
Receipt of common units due to annual common unit adjustment | 10,237,000 | (3,620,000) | (1,552,000) | |||
Interest accrued on NCM screen advertising advances | (23,612,000) | [2] | (23,595,000) | [2] | (28,624,000) | |
Amortization of screen advertising advances | 32,078,000 | 31,314,000 | 32,064,000 | |||
Ending Balance | (346,026,000) | (344,255,000) | (348,354,000) | |||
NCM Screen Advertising Advances | NCM | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Receipt of common units due to annual common unit adjustment | [2] | 10,237,000 | 3,620,000 | |||
Distributions from NCM | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Beginning Balance | (6,975,000) | (12,873,000) | ||||
Receipt of excess cash distributions | (5,914,000) | (11,631,000) | ||||
Receipt under tax receivable agreement | (77,000) | (1,061,000) | (1,242,000) | |||
Ending Balance | (77,000) | (6,975,000) | (12,873,000) | |||
Equity in [Earnings] Loss | NCM | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Beginning Balance | 10,627,000 | (14,592,000) | ||||
Equity in income (loss) of affiliates | 26,599,000 | 10,627,000 | (14,592,000) | |||
Ending Balance | 26,599,000 | 10,627,000 | (14,592,000) | |||
Other Revenue | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Total Revenues | (36,003,000) | (45,846,000) | ||||
Revenues earned under ESA | [3] | (12,001,000) | (4,689,000) | (13,782,000) | ||
Total Revenues | (44,079,000) | (36,003,000) | (45,846,000) | |||
Other Revenue | NCM | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Amortization of screen advertising advances | (32,078,000) | (31,314,000) | (32,064,000) | |||
Interest Expense - NCM | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Beginning Balance | 23,595,000 | 28,624,000 | ||||
Interest accrued on NCM screen advertising advances | 23,612,000 | 23,595,000 | 28,624,000 | |||
Ending Balance | 23,612,000 | 23,595,000 | 28,624,000 | |||
Cash Received | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Total Cash Received | 25,832,000 | 52,599,000 | ||||
Revenues earned under ESA | [3] | 12,001,000 | 4,689,000 | 13,782,000 | ||
Receipt of excess cash distributions | 17,936,000 | 35,083,000 | ||||
Receipt under tax receivable agreement | 233,000 | 3,207,000 | 3,734,000 | |||
Total Cash Received | $ 12,234,000 | $ 25,832,000 | $ 52,599,000 | |||
[1] | Recorded in impairment of long-lived and other assets on the consolidated income statement for the year ended December 31, 2020. See further discussion at Fair Value of Investment in NCM below. (3) Excess cash distributions from NCM decreased beginning in the second quarter of 2020 primarily as a result of the impact of the COVID-19 discussed at Note 3. Excess cash distributions will be restricted through December 2023 in accordance with the credit agreement amendment NCM recently entered into with its lenders. | |||||
[2] | See Significant Financing Component in Note 8 for discussion of NCM screen advertising advances and maturity of balances as of December 31, 2021. | |||||
[3] | Amounts include the per patron and per digital screen theatre access fees due to the Company, net of amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire. The amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire were approximately $ 11,478 , $ 2,605 and $ 4,952 for the years ended December 31, 2019, 2020 and 2021, respectively. Amounts unpaid to the Company and recorded in accounts receivable on the consolidated balance sheets were $ 636 and $ 4,498 as of the years ended December 31, 2020 and 2021, respectively. |
Summary of Activity with NCM _2
Summary of Activity with NCM Included in Company's Consolidated Financial Statements (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Equity Method Investments [Line Items] | |||
Company's beverage concessionaire advertising costs | $ 4,952 | $ 2,605 | $ 11,478 |
Amounts recognized as accounts receivable | $ 4,498 | $ 636 |
Investment in National CineMe_3
Investment in National CineMedia LLC - Additional Information (Detail) - USD ($) | Apr. 14, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule Of Equity Method Investments [Line Items] | ||||||
Number of additional common units of NCM received under common unit adjustment agreement | 2,311,482 | |||||
Value of common units received from NCM | $ (10,237,000) | $ 10,237,000 | $ 3,620,000 | $ 1,552,000 | ||
Interest in common units of NCM acquired by Company | 26.00% | |||||
Number of common units of NCM owned by Company | 43,161,550 | |||||
Impairment of long-lived and other assets | $ 20,845,000 | 152,706,000 | 57,001,000 | |||
Investment In Ncm [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Estimated fair value of investment using NCM's stock price | $ 121,284,000 | |||||
NCMI common stock price | $ 2.81 | |||||
Carrying value | $ 135,444,000 | 151,962,000 | 265,792,000 | $ 275,592,000 | ||
Impairment of long-lived and other assets | [1] | (92,655,000) | ||||
Deferred revenue or NCM screen advertising advances extended term | 2041-02 | |||||
Ncm [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Remaining performance obligations | $ 174,000,000 | |||||
Deferred revenue amortization year and month | 2041-02 | |||||
Carrying value | $ 135,444,000 | 151,962,000 | ||||
Impairment of long-lived and other assets | $ 0 | 92,655,000 | ||||
Ncm [Member] | Minimum [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Percentage Of Incremental Borrowing Rates | 4.40% | |||||
Ncm [Member] | Maximum [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Percentage Of Incremental Borrowing Rates | 8.30% | |||||
Ncm [Member] | Theatre Properties and Equipment | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Payment for installation of certain equipment used for digital advertising | $ 8,000 | $ 9,000 | $ 61,000 | |||
[1] | Recorded in impairment of long-lived and other assets on the consolidated income statement for the year ended December 31, 2020. See further discussion at Fair Value of Investment in NCM below. (3) Excess cash distributions from NCM decreased beginning in the second quarter of 2020 primarily as a result of the impact of the COVID-19 discussed at Note 3. Excess cash distributions will be restricted through December 2023 in accordance with the credit agreement amendment NCM recently entered into with its lenders. |
Summary of Common Units Receive
Summary of Common Units Received Under Adjustment Agreement (Detail) - USD ($) $ in Thousands | Apr. 14, 2021 | Apr. 14, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule Of Equity Method Investments [Line Items] | |||||||
Number of Common Units Received | 2,311,482 | ||||||
Value Of Common Units Received From Company One | $ (10,237) | $ 10,237 | $ 3,620 | $ 1,552 | |||
Annual Common Unit Adjustment [Member] | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Date Common Units Received | Apr. 14, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | ||||
Number of Common Units Received | 2,311,482 | 1,112,368 | 219,056 | ||||
Value Of Common Units Received From Company One | $ 10,237 | $ 3,620 | $ 1,552 |
Summary of Recognition of Reven
Summary of Recognition of Revenue Related To Deferred Revenue (Detail) - N C M Screen Advertising Advances [Member] $ in Thousands | Dec. 31, 2021USD ($) | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Revenue remaining performance obligation, amount | $ 346,026 | [1] |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |
Revenue remaining performance obligation, amount | $ 9,119 | [1] |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |
Revenue remaining performance obligation, amount | $ 9,749 | [1] |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |
Revenue remaining performance obligation, amount | $ 10,424 | [1] |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01 | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |
Revenue remaining performance obligation, amount | $ 11,147 | [1] |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01 | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |
Revenue remaining performance obligation, amount | $ 11,922 | [1] |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01 | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | ||
Revenue remaining performance obligation, amount | $ 293,665 | [1] |
[1] | Amounts are net of the estimated interest to be accrued for the periods presented. |
Summary of Recognition of Rev_2
Summary of Recognition of Revenue Related To Deferred Revenue (Detail 1) $ in Thousands | Dec. 31, 2021USD ($) | |
N C M Screen Advertising Advances [Member] | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Revenue remaining performance obligation, amount | $ 346,026 | [1] |
[1] | Amounts are net of the estimated interest to be accrued for the periods presented. |
Summary Financial Information f
Summary Financial Information for National CineMedia (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 26, 2019 | |
Schedule Of Equity Method Investments [Line Items] | |||||
Operating income (loss) | $ (252,472) | $ (754,974) | $ 338,387 | ||
Net income (loss) attributable to Cinemark Holdings, Inc. | (422,783) | (616,828) | $ 191,386 | ||
Deferred charges and other assets, net | 22,259 | 33,199 | |||
Current liabilities | 769,144 | 606,441 | |||
Noncurrent liabilities | $ 4,127,038 | 4,157,512 | |||
Ncm [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Revenues | $ 114,639 | 89,887 | $ 444,800 | ||
Operating income (loss) | (68,576) | 59,671 | 155,700 | ||
Net income (loss) attributable to Cinemark Holdings, Inc. | (134,562) | 115,753 | $ 98,800 | ||
Current assets | 114,620 | 142,566 | |||
Deferred charges and other assets, net | 658,438 | 685,643 | |||
Current liabilities | 66,806 | 46,872 | |||
Noncurrent liabilities | 1,114,712 | 1,072,207 | |||
Members' deficit | $ (408,460) | $ (290,870) |
Summary of Activity for Each of
Summary of Activity for Each of Company's Other Investments (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Investments, beginning balance | $ 23,726 | |||||
Equity in income (loss) | (25,045) | $ (38,745) | $ 41,870 | |||
Cash distributions from DCIP | (156) | (25,430) | (53,366) | |||
Investments, ending balance | 25,205 | 23,726 | ||||
Digital Cinema Implementation Partners | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Cash distributions from DCIP | [1] | (13,139) | (10,383) | [2] | (23,696) | [2] |
Non-cash distribution received | [3] | 12,915 | ||||
Other | 12,915 | |||||
Other Affiliates | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Investments, beginning balance | 23,726 | 155,285 | 156,766 | |||
Cash contributions | 50 | |||||
Equity in income (loss) | 1,554 | (28,118) | 27,278 | |||
Equity in comprehensive income (loss) | (141) | |||||
Cash distributions from DCIP | (11,261) | (27,422) | ||||
Non-cash distribution received | [4] | (89,804) | ||||
Other | (75) | (2,426) | [5] | (1,196) | [6] | |
Investments, ending balance | 25,205 | 23,726 | 155,285 | |||
Other Affiliates | Digital Cinema Implementation Partners | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Investments, beginning balance | 124,696 | 125,252 | ||||
Cash contributions | 50 | |||||
Equity in income (loss) | (24,559) | 23,281 | ||||
Equity in comprehensive income (loss) | (141) | |||||
Cash distributions from DCIP | (10,383) | (23,696) | ||||
Non-cash distribution received | [4] | (89,804) | ||||
Investments, ending balance | 124,696 | |||||
Other Affiliates | AC JV, LLC | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Investments, beginning balance | 3,745 | 5,022 | 5,266 | |||
Equity in income (loss) | (34) | (1,277) | 3,276 | |||
Cash distributions from DCIP | (3,520) | |||||
Investments, ending balance | 3,711 | 3,745 | 5,022 | |||
Other Affiliates | Digital Cinema Distribution Coalition | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Investments, beginning balance | 1,255 | 3,169 | 2,255 | |||
Equity in income (loss) | 583 | (1,036) | 1,120 | |||
Cash distributions from DCIP | (878) | (206) | ||||
Investments, ending balance | 1,838 | 1,255 | 3,169 | |||
Other Affiliates | FE Concepts, LLC | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Investments, beginning balance | 18,273 | 19,519 | 19,918 | |||
Equity in income (loss) | 1,005 | (1,246) | (399) | |||
Investments, ending balance | 19,278 | 18,273 | 19,519 | |||
Other Affiliates | Other Investments | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Investments, beginning balance | 453 | 2,879 | 4,075 | |||
Other | (75) | (2,426) | [5] | (1,196) | [6] | |
Investments, ending balance | $ 378 | $ 453 | $ 2,879 | |||
[1] | Recorded as a reduction in the Company's investment in DCIP for the years ended December 31, 2019 and 2020. Recorded in cash distributions from DCIP on the consolidated statements of income (loss) for the year ended December 31, 2021. See discussion at Distribution of Projectors from DCIP above. | |||||
[2] | See discussion of cash distributions from DCIP, which were recorded as a reduction of the Company’s investment in DCIP for the years ended December 31, 2019 and 2020, in Note 9. These distributions are reported entirely within the U.S. operating segment. | |||||
[3] | Recorded as non-cash distributions from DCIP on the consolidated statements of income (loss). See discussion at Distribution of Projectors from DCIP above. | |||||
[4] | Consists of projectors distributed to the Company from DCIP as discussed below. | |||||
[5] | Consists primarily of the impairment of a cost method investment in the year ended December 31, 2020 (see Note 11 for discussion of impairments recorded) and mark-to-market adjustment on an investment in marketable securities. | |||||
[6] | primarily of mark-to-market adjustment on an investment in marketable securities. |
OTHER INVESTMENTS - Additional
OTHER INVESTMENTS - Additional Information (Detail) $ in Thousands | Apr. 30, 2018USD ($) | Dec. 31, 2021USD ($)Studio | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Maximum | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Percentage of voting interest | 50.00% | |||
Minimum | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Percentage of voting interest | 20.00% | |||
Digital Cinema Implementation Partners | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Percentage of voting interest | 33.00% | |||
Economic interest in Digital Cinema Implementation Partners | 24.30% | |||
Description of digital cinema deployment agreements | The DCDAs end on the earlier to occur of (i) the tenth anniversary of the "mean deployment date" for all digital projection systems scheduled to be deployed over a period of up to five years, or (ii) the date DCIP achieves "cost recoupment", each as defined in the DCDAs. | |||
Number of major motion picture studio, long-term digital cinema deployment agreements | Studio | 6 | |||
Operating lease right of use asset write off | $ 7,468 | |||
Operating lease right of use liabilities write off | 14,102 | |||
Gain on sale of asset | 6,634 | |||
Lease termination liability | 4,169 | |||
Fair value of projectors | 102,719 | |||
Reduction in investment in DCIP | 89,804 | |||
Other | 12,915 | |||
Digital Cinema Implementation Partners | Maximum | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Deployment period of digital cinema deployment agreements | 5 years | |||
AC JV, LLC | Film rentals and advertising | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Event fees | $ 6,161 | 3,740 | $ 15,376 | |
Digital Cinema Distribution Coalition | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Percentage of voting interest | 14.60% | |||
Payments for content delivery services | $ 574 | 428 | 896 | |
F E Concepts L L C [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Percentage of voting interest | 50.00% | |||
Management fee revenues | $ 62 | 34 | 64 | |
F E Concepts L L C [Member] | AWSR Investments, LLC | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Percentage of voting interest | 50.00% | |||
Payments to Acquire Equity Method Investments | $ 20,000 | |||
Management fee revenues | $ 62 | $ 34 | $ 64 |
Summary Financial Information_2
Summary Financial Information for DCIP (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule Of Equity Method Investments [Line Items] | ||||
Total revenues | $ 1,510,464 | $ 686,310 | $ 3,283,099 | |
Net income (loss) | (422,215) | (617,948) | 193,848 | |
Current assets | 874,472 | 892,747 | ||
Current liabilities | 769,144 | 606,441 | ||
Noncurrent liabilities | 4,127,038 | 4,157,512 | ||
Members' equity (deficit) | 334,468 | 798,969 | 1,448,322 | $ 1,408,570 |
Other Affiliates | Digital Cinema Implementation Partners | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Total revenues | 54,383 | 30,561 | 171,531 | |
Operating income (loss) | 43,062 | (105,691) | 99,812 | |
Net income (loss) | 45,323 | (114,243) | $ 95,820 | |
Current assets | 22,947 | 36,372 | ||
Noncurrent assets | 0 | 205 | ||
Current liabilities | 11,631 | 39,844 | ||
Noncurrent liabilities | 0 | 687 | ||
Members' equity (deficit) | $ 11,316 | $ (3,954) |
Transactions with DCIP (Detail)
Transactions with DCIP (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Cash distributions from DCIP | $ (156) | $ (25,430) | $ (53,366) | |||
Digital Cinema Implementation Partners | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Equipment lease payments | [1],[2] | 0 | 1,729 | 4,399 | ||
Warranty reimbursements from DCIP | [1] | (798) | (6,997) | (11,800) | ||
Management services fees | [1] | 49 | 208 | 596 | ||
Cash distributions from DCIP | [3] | $ (13,139) | (10,383) | [4] | $ (23,696) | [4] |
Non-cash distributions from DCIP | [5] | $ 12,915 | ||||
[1] | Amounts reflected in utilities and other costs on the consolidated statements of income (loss). | |||||
[2] | Excludes lease termination payments of $ 695 and $ 3,895 made during the years ended December 31, 2020 and 2021, respectively. See discussion of MELA termination at Distribution of Digital Projectors above. | |||||
[3] | Recorded as a reduction in the Company's investment in DCIP for the years ended December 31, 2019 and 2020. Recorded in cash distributions from DCIP on the consolidated statements of income (loss) for the year ended December 31, 2021. See discussion at Distribution of Projectors from DCIP above. | |||||
[4] | See discussion of cash distributions from DCIP, which were recorded as a reduction of the Company’s investment in DCIP for the years ended December 31, 2019 and 2020, in Note 9. These distributions are reported entirely within the U.S. operating segment. | |||||
[5] | Recorded as non-cash distributions from DCIP on the consolidated statements of income (loss). See discussion at Distribution of Projectors from DCIP above. |
Transactions with DCIP (Parenth
Transactions with DCIP (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Digital Cinema Implementation Partners [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Lease termination payments | $ 3,895 | $ 695 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS - NET Summary of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||||
Goodwill [Line Items] | |||||||
Beginning Balance | $ 1,253,840 | [1] | $ 1,283,371 | [2] | |||
Impairment | [3] | (16,128) | |||||
Foreign currency translation adjustments | (5,049) | (13,403) | |||||
Ending Balance | 1,248,791 | [1] | 1,253,840 | [1] | $ 1,283,371 | [2] | |
U.S. Operating Segment | |||||||
Goodwill [Line Items] | |||||||
Beginning Balance | 1,182,853 | [1] | 1,182,853 | [2] | |||
Ending Balance | 1,182,853 | [1] | 1,182,853 | [1] | 1,182,853 | [2] | |
International Operating Segment | |||||||
Goodwill [Line Items] | |||||||
Beginning Balance | 70,987 | [1] | 100,518 | [2] | |||
Impairment | (16,128) | [3] | |||||
Foreign currency translation adjustments | (5,049) | (13,403) | |||||
Ending Balance | $ 65,938 | [1] | $ 70,987 | [1] | $ 100,518 | [2] | |
[1] | Balances are presented net of historical accumulated impairment losses of $ 214,031 for the U.S. operating segment and $ 43,750 for the international operating segment. | ||||||
[2] | Balances are presented net of historical accumulated impairment losses of $ 214,031 for the U.S. operating segment and $ 27,622 for the international operating segment. | ||||||
[3] | See Note 11 for discussion of impairment evaluations performed during the year ended December 31, 2020. |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - NET Summary of Goodwill (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
U.S. Operating Segment | ||
Goodwill [Line Items] | ||
Accumulated impairment losses | $ 214,031 | $ 214,031 |
International Operating Segment | ||
Goodwill [Line Items] | ||
Accumulated impairment losses | $ 43,750 | $ 27,622 |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS - NET Intangible Assets-Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | ||||
Intangible Assets [Line Items] | |||||
Intangible assets with finite lives, Beginning balance | $ 82,432 | $ 84,953 | |||
Other, Gross carrying amount | (665) | [1] | (2,521) | [2] | |
Intangible assets with finite lives, Ending balance | 81,767 | 82,432 | |||
Intangible assets with finite lives, Accumulated amortization, Beginning balance | (68,416) | (63,870) | |||
Accumulated amortization | (2,639) | (4,746) | |||
Other Accumulated Amortization of Intangible Assets | [2] | 200 | |||
Intangible assets with finite lives, Accumulated amortization, Ending balance | (71,055) | (68,416) | |||
Net intangible assets with finite lives, Beginning balance | 14,016 | 21,083 | |||
Total | 10,712 | 14,016 | |||
Other, Finite lived intangible assets | (665) | [1] | (2,321) | [2] | |
Net intangible assets with finite lives, Ending balance | 10,712 | 14,016 | |||
Indefinite-lived Intangible Assets, Tradename and Other, Beginning Balance | 300,179 | 300,686 | |||
Indefinite lived intangible assets, additions | [3] | 146 | |||
Amortization, intangible assets | (2,639) | (4,746) | |||
Other, Tradename and Other | (194) | [1] | (507) | [2] | |
Indefinite-lived Intangible Assets, Tradename and Other, Ending Balance | 300,131 | 300,179 | |||
Total intangible assets - net, Beginning balance | 314,195 | 321,769 | |||
Other, Total intangible assets - net | (859) | [1] | (2,828) | [2] | |
Total intangible assets - net, Ending balance | $ 310,843 | $ 314,195 | |||
[1] | Includes foreign currency translation adjustments and impairment recorded related to a previously acquired theatre leasehold interest in Brazil. See Note 11 for discussion of impairment evaluations performed during the year ended December 31, 2021. | ||||
[2] | Includes the write-off of fully amortized intangible assets, foreign currency translation adjustments and impairment recorded related to a previously acquired theatre leasehold interest in Brazil. See Note 11 for discussion of impairment evaluations performed during the year ended December 31, 2020. | ||||
[3] | Amount represents licenses acquired to sell alcohol beverage for certain theatres. |
GOODWILL AND OTHER INTANGIBLE_6
GOODWILL AND OTHER INTANGIBLE ASSETS - NET Estimated Aggregate Future Amortization Expense for Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets, Net [Abstract] | |||
Year ended December 31, 2022 | $ 2,468 | ||
Year ended December 31, 2023 | 2,416 | ||
Year ended December 31, 2024 | 2,416 | ||
Year ended December 31, 2025 | 1,898 | ||
Year ended December 31, 2026 | 1,514 | ||
Total | $ 10,712 | $ 14,016 | $ 21,083 |
Summary of Long Lived Asset Imp
Summary of Long Lived Asset Impairment Evaluations Performed by Assets Classification (Detail) | 3 Months Ended | 6 Months Ended | |
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | |
Goodwill [Member] | Valuation, Market Approach [Member] | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Long lived assets imapirement, Valuation Multiple | 3.7 to 7 times | N/A | |
Goodwill [Member] | Valuation, Income Approach [Member] | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Long lived assets imapirement, Valuation Multiple | N/A | ||
Tradename Intangible Asset [Member] | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Long lived assets imapirement, Valuation Multiple | N/A | ||
Tradename Intangible Asset [Member] | Valuation, Market Approach [Member] | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Long lived assets imapirement, Valuation Multiple | N/A | N/A | |
Other Long Lived Asset [Member] | Valuation, Market Approach [Member] | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Long lived assets imapirement, Valuation Multiple | 3.1 to 6 times | N/A | |
Other Long Lived Asset [Member] | Valuation, Income Approach [Member] | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Long lived assets imapirement, Valuation Multiple | 3.7 to 6 times |
Summary of Long-Lived Asset Imp
Summary of Long-Lived Asset Impairment Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||||
Impairment | [1] | $ 16,128 | |||
Total impairment | $ 20,845 | 152,706 | $ 57,001 | ||
Investment In Ncm [Member] | |||||
Impaired Long Lived Assets Held And Used [Line Items] | |||||
Total impairment | [2] | (92,655) | |||
Us Operating Segment [Member] | |||||
Impaired Long Lived Assets Held And Used [Line Items] | |||||
Theatre properties | 6,371 | 12,398 | 36,005 | ||
Theatre operating lease right-of-use assets | 6,804 | 13,216 | 10,457 | ||
Cost method investment | 0 | 2,500 | 0 | ||
Total impairment | 13,175 | 120,769 | 46,462 | ||
Us Operating Segment [Member] | Investment In Ncm [Member] | |||||
Impaired Long Lived Assets Held And Used [Line Items] | |||||
Investment | 92,655 | [3] | |||
International Operating Segment [Member] | |||||
Impaired Long Lived Assets Held And Used [Line Items] | |||||
Theatre properties | 4,002 | 9,951 | 8,821 | ||
Theatre operating lease right-of-use assets | 3,210 | 5,025 | 1,718 | ||
Impairment | 16,128 | [1] | |||
Intangible assets | 458 | 833 | |||
Total impairment | $ 7,670 | $ 31,937 | $ 10,539 | ||
[1] | See Note 11 for discussion of impairment evaluations performed during the year ended December 31, 2020. | ||||
[2] | Recorded in impairment of long-lived and other assets on the consolidated income statement for the year ended December 31, 2020. See further discussion at Fair Value of Investment in NCM below. (3) Excess cash distributions from NCM decreased beginning in the second quarter of 2020 primarily as a result of the impact of the COVID-19 discussed at Note 3. Excess cash distributions will be restricted through December 2023 in accordance with the credit agreement amendment NCM recently entered into with its lenders. | ||||
[3] | See Note 8 for discussion of investment in NCM. |
Accrued Other Current Liabili_3
Accrued Other Current Liabilities - Schedule of Accrued Other Current Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |||
Gift card liability | [1] | $ 54,521 | $ 43,448 |
Discount vouchers (Supersavers) liability | [1] | 34,836 | 38,882 |
Accrued lease payable | [2] | 31,903 | 48,366 |
Other | 103,766 | 71,021 | |
Total | $ 225,026 | $ 201,717 | |
[1] | See discussion at Revenue Recognition Policy in Note 5. | ||
[2] | See discussion at Lease Deferrals and Abatements in Note 4. |
Long Term Debt (Detail)
Long Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Cinemark USA, Inc. term loan due 2025 | $ 633,136 | $ 639,731 |
Other | 30,200 | 23,169 |
Total | 2,543,336 | 2,527,900 |
Less current portion | 24,254 | 18,056 |
Less: Debt discounts and debt issuance costs, net of accumulated amortization | 42,832 | 132,682 |
Long-term debt, less current portion, net of debt discounts and unamortized debt issuance costs | 2,476,250 | 2,377,162 |
4.500% convertible senior notes due 2025 | ||
Debt Instrument [Line Items] | ||
Senior notes | 460,000 | 460,000 |
8.750% senior secured notes due 2025 | ||
Debt Instrument [Line Items] | ||
Senior notes | 250,000 | 250,000 |
5.875% senior notes due 2026 | ||
Debt Instrument [Line Items] | ||
Senior notes | 405,000 | |
5.250% senior notes due 2028 | ||
Debt Instrument [Line Items] | ||
Senior notes | 765,000 | |
5.125% senior notes due 2022 | ||
Debt Instrument [Line Items] | ||
Senior notes | 400,000 | |
4.875% senior notes due 2023 | ||
Debt Instrument [Line Items] | ||
Senior notes | $ 755,000 |
LONG-TERM DEBT (Parenthetical)
LONG-TERM DEBT (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Unamortized debt discount | $ 95,409 | |
Unamortized debt issuance costs | $ 12,442 | $ 12,385 |
Interest rate | 4.50% | 4.50% |
Long Term Debt - Additional Inf
Long Term Debt - Additional Information (Detail) | Aug. 21, 2020USD ($)$ / shares | Apr. 20, 2020USD ($) | Jun. 15, 2021USD ($) | May 21, 2021USD ($) | Mar. 16, 2021USD ($) | Dec. 31, 2021USD ($)dAgreement | Dec. 31, 2020USD ($)Tradingday | Dec. 31, 2019USD ($) | Jan. 01, 2021USD ($) | Apr. 17, 2020 |
Debt Instrument [Line Items] | ||||||||||
Interest rate | 4.50% | 4.50% | ||||||||
Debt issuance costs | $ 17,272,000 | $ 24,981,000 | $ 0 | |||||||
Amount outstanding under the term loan | $ 633,136,000 | 639,731,000 | ||||||||
Percentage voting stock of foreign subsidiaries | 65.00% | |||||||||
Multiple consolidated interest expense under sub condition two of condition two under dividend restriction | 1.75 | |||||||||
Loans Amount | $ 30,200,000 | |||||||||
Fair value of long-term debt | 2,749,829,000 | 2,652,635,000 | ||||||||
Loss accumulated on swaps prior to the amendments | 29,359,000 | |||||||||
Amortization of accumulated losses for amended swap agreements | 4,495,000 | 3,371,000 | ||||||||
Debt issuance costs | 42,832,000 | 132,682,000 | ||||||||
Loss on extinguishment of debt | 6,527,000 | $ 0 | $ 0 | |||||||
Loans Amount | 35,797,000 | |||||||||
Cash deposited to support issuance of bank letter of credit | $ 25,767,000 | |||||||||
Interest Rate Swap | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of Interest Rate Swap Agreements Amended | Agreement | 3 | |||||||||
Amended Senior Secured Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Quarterly principal payments due | $ 1,649,000 | |||||||||
Last quarterly payment date | Dec. 31, 2024 | |||||||||
Final principal payment | $ 613,351,000 | |||||||||
Disclosure of dividend restrictions associated with the debt agreement | $ 2,700,000,000 | |||||||||
Amended Senior Secured Credit Facility | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior secured leverage ratio required | 4.25% | |||||||||
4.50 % Convertible Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount of add-on to Senior Notes | $ 460,000,000 | |||||||||
Interest rate | 4.50% | 4.50% | ||||||||
Debt instrument, maturity date | Aug. 15, 2025 | |||||||||
Conversion price per share, percentage | 130.00% | |||||||||
Trading price per principal amount of notes | $ 1,000 | |||||||||
Percentage of product of last reported sale price of common stock and conversion rate | 98.00% | |||||||||
Debt conversion, description | (1) during the five business day period after any five consecutive trading day period, or the measurement period, in which the trading price per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such trading day; (2) if the Company distributes to all or substantially all stockholders (i) rights options or warrants entitling them to purchase shares at a discount to the recent average trading price of the Company’s common stock (including due to a stockholder rights plan) or (ii) the Company’s assets or securities or rights, options or warrants to purchase the same with a per share value exceeding 10% of the trading price of the Company’s stock, (3) upon the occurrence of specified corporate events as described further in the indenture, or (4) during any calendar quarter commencing after the calendar quarter ending on September 30, 2020 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price (initially 14.35 per share), on each applicable trading day. Beginning May 15, 2025, holders may convert their 4.500% Convertible Senior Notes at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion of the 4.500% Convertible Senior Notes, the Company will pay or deliver cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election. | |||||||||
Debt instrument, convertible, latest date | May 15, 2025 | |||||||||
Debt instrument, convertible, threshold trading days | 30 | 20 | ||||||||
Debt instrument, convertible, threshold consecutive trading days | Tradingday | 30 | |||||||||
Debt instrument, convertible, conversion ratio per 1000 principal amount | 69.6767 | |||||||||
Total cost of the Hedge Transactions | $ 142,094,000 | |||||||||
Warrants, per share | $ / shares | $ 22.08 | |||||||||
Cash proceeds from the sale of the warrants | $ 89,424,000 | |||||||||
4.50 % Convertible Senior Notes | Cinemark Holdings Inc | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount of add-on to Senior Notes | $ 460,000,000 | |||||||||
Interest rate | 4.50% | |||||||||
4.50 % Convertible Senior Notes | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Sale price per share | $ / shares | $ 14.35 | |||||||||
Debt instrument, convertible, threshold trading days | d | 20 | |||||||||
4.875 % Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount of add-on to Senior Notes | $ 755,000,000 | |||||||||
Interest rate | 4.875% | |||||||||
Tender offer amount | $ 755,000,000 | |||||||||
Remaining principal amount of optional redemption | $ 755,000,000 | |||||||||
Outstanding principal at the redemption price percentage | 100.00% | |||||||||
Loss on extinguishment of debt | $ (3,919,000) | |||||||||
4.875 % Senior Notes | Unamortized Debt Issuance Costs | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Unamortized debt issuance costs | 3,301,000 | |||||||||
4.875 % Senior Notes | Payment of Fees | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Unamortized debt issuance costs | 618,000 | |||||||||
5.125% Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Tender offer amount | $ 333,990,000 | |||||||||
Remaining principal amount of optional redemption | $ 66,010,000 | |||||||||
Outstanding principal at the redemption price percentage | 100.00% | |||||||||
Loss on extinguishment of debt | (2,603,000) | |||||||||
5.125% Senior Notes | Unamortized Debt Issuance Costs | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Unamortized debt issuance costs | 1,168,000 | |||||||||
5.125% Senior Notes | Payment of Fees | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Unamortized debt issuance costs | 1,435,000 | |||||||||
5.250% Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount of add-on to Senior Notes | $ 765,000,000 | |||||||||
Interest rate | 5.25% | |||||||||
Debt instrument, maturity date | Jul. 15, 2028 | |||||||||
Debt Instrument Issue Discount | 101.00% | |||||||||
Debt issuance costs | $ 10,684,000 | |||||||||
5.875% Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount of add-on to Senior Notes | $ 405,000,000 | |||||||||
Interest rate | 5.875% | |||||||||
Disclosure of dividend restrictions associated with the debt agreement | $ 3,000,000,000 | |||||||||
Debt instrument, maturity date | Mar. 15, 2026 | |||||||||
Debt Instrument Issue Discount | 101.00% | 101.00% | ||||||||
Debt covenants, required minimum coverage ratio | 2.00% | |||||||||
Actual coverage ratio | 0.60% | |||||||||
Debt issuance costs | $ 6,021,000 | |||||||||
8.750 % Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount of add-on to Senior Notes | $ 250,000,000 | |||||||||
Interest rate | 8.75% | 8.75% | ||||||||
Debt instrument, maturity date | May 1, 2025 | |||||||||
Debt Instrument Issue Discount | 101.00% | |||||||||
Senior Secured Notes Due 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 8.75% | |||||||||
Convertible Senior Notes Due 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 4.50% | |||||||||
Convertible Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Fair value of long-term debt | $ 691,872,000 | $ 674,314,000 | ||||||||
ASU 2020-06 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Reversed Accretion Of Interest To Retained Earnings | 5,714,000 | |||||||||
Long Term Debt | ASU 2020-06 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Reclassified cash conversion feature equity to long term debt | 101,123,000 | |||||||||
Equity Reclassified To Long Term Debt | 3,764,000 | |||||||||
Adjustment to Retained Earings | ASU 2020-06 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Offsetting Amortization Of Debt Issue Costs As Adjustment To Retained Earnings | 274,000 | |||||||||
Term Loan Credit facility | Senior Secured Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount of add-on to Senior Notes | $ 700,000,000 | |||||||||
Term Loan Credit facility | Amended Senior Secured Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Final principal payment due date | Mar. 29, 2025 | |||||||||
Percentage of Variable rate added to federal funds effective rate | 0.50% | |||||||||
Percentage of variable margin rate added to one-month Eurodollar rate | 1.00% | |||||||||
Percentage of variable margin rate added to Eurodollar rate | 1.75% | |||||||||
Debt instrument description of interest | a Eurodollar-based rate for a period of 1, 2, 3, 6, 9 or 12 months plus a margin of 1.75% per annum. | |||||||||
Amount outstanding under the term loan | $ 633,136,000 | |||||||||
Average interest rate on outstanding borrowings | 3.40% | |||||||||
Term Loan Credit facility | Amended Senior Secured Credit Facility | One Month Eurodollar Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percentage of variable margin rate added to Eurodollar rate | 0.75% | |||||||||
Revolving Credit Line | Senior Secured Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount of add-on to Senior Notes | $ 100,000,000 | |||||||||
Revolving Credit Line | Amended Senior Secured Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percentage of Variable rate added to federal funds effective rate | 0.50% | |||||||||
Percentage of variable margin rate added to one-month Eurodollar rate | 1.00% | |||||||||
Percentage of variable margin rate added to Eurodollar rate | 2.25% | |||||||||
Debt instrument description of interest | a Eurodollar-based rate for a period of 1, 2, 3, 6, 9 or 12 months plus a margin that ranges from 1.50% to 2.25% per annum. | |||||||||
Amount outstanding under the revolving credit line | $ 0 | |||||||||
Revolving Credit Line | Amended Senior Secured Credit Facility | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percentage of variable margin rate added to Eurodollar rate | 1.50% | |||||||||
Revolving Credit Line | Amended Senior Secured Credit Facility | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percentage of variable margin rate added to Eurodollar rate | 2.25% | |||||||||
Revolving Credit Line | Amended Senior Secured Credit Facility | One Month Eurodollar Rate | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percentage of variable margin rate added to Eurodollar rate | 0.50% | |||||||||
Revolving Credit Line | Amended Senior Secured Credit Facility | One Month Eurodollar Rate | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percentage of variable margin rate added to Eurodollar rate | 1.25% | |||||||||
Revolving Credit Line | 5.25% Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt issuance costs | $ 500,000 | |||||||||
Revolving Credit Line | 5.25% Senior Notes | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Revolving credit line, maturity date | Nov. 28, 2022 | |||||||||
Revolving Credit Line | 5.25% Senior Notes | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Revolving credit line, maturity date | Nov. 28, 2024 |
LONG-TERM DEBT (Additional Info
LONG-TERM DEBT (Additional Information) (Details) - Cinemark Holdings, Inc. $ in Thousands | Aug. 21, 2020USD ($) |
Debt Instrument [Line Items] | |
Aggregate principal amount | $ 460,000 |
Convertible senior notes percentage | 4.50% |
Long Term Debt - Summary of Bor
Long Term Debt - Summary of Borrowings of International Subsidiaries (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Loans Amount | $ 30,200 | |
Interest rate | 4.50% | 4.50% |
Colombia Loans | ||
Debt Instrument [Line Items] | ||
Loans Amount | $ 2,741 | |
Colombia Loans | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.90% | |
Debt Instrument Maturity Date Range Start | June 2023 | |
Colombia Loans | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.20% | |
Debt Instrument Maturity Date Range End | September 2025 | |
Peru Loans | ||
Debt Instrument [Line Items] | ||
Loans Amount | $ 4,879 | |
Peru Loans | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.00% | |
Debt Instrument Maturity Date Range Start | June 2023 | |
Peru Loans | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.80% | |
Debt Instrument Maturity Date Range End | December 2023 | |
Brazil Loans | ||
Debt Instrument [Line Items] | ||
Loans Amount | $ 18,376 | |
Debt Instrument Maturity Date Range Start | November 2022 | |
Brazil Loans | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.00% | |
Debt Instrument Maturity Date Range Start | October 2023 | |
Brazil Loans | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate | 8.70% | |
Debt Instrument Maturity Date Range End | January 2029 | |
Chile Loans | ||
Debt Instrument [Line Items] | ||
Loans Amount | $ 4,204 | |
Interest rate | 3.50% | |
Debt Instrument Maturity Date Range Start | November 2023 |
Long-Term Debt - Maturities of
Long-Term Debt - Maturities of Long-Term Debt, Excluding Unamortized Debt Issuance Costs (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
2022 | $ 24,254 | |
2023 | 12,285 | |
2024 | 6,983 | |
2025 | 1,323,538 | |
2026 | 405,000 | |
Thereafter | 771,276 | |
Total | $ 2,543,336 | $ 2,527,900 |
Long Term Debt - Summary of Com
Long Term Debt - Summary of Company's Interest Rate Swap Agreements Designated as Cash Flow Hedges (Detail) - Designated as Hedging Instrument - Cash Flow Hedging $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($) | ||
Debt Instrument [Line Items] | ||
Estimated Fair Value | $ 14,625 | [1] |
Interest Rate Swap Agreement 1 | ||
Debt Instrument [Line Items] | ||
Notional Amount | $ 137,500 | |
Effective Date | Dec. 31, 2018 | |
Pay Rate | 2.12% | |
Receive Rate | 1-Month LIBOR | |
Expiration Date | Dec. 31, 2024 | |
Estimated Fair Value | $ 4,313 | [1] |
Interest Rate Swap Agreement 2 | ||
Debt Instrument [Line Items] | ||
Notional Amount | $ 175,000 | |
Effective Date | Dec. 31, 2018 | |
Pay Rate | 2.12% | |
Receive Rate | 1-Month LIBOR | |
Expiration Date | Dec. 31, 2024 | |
Estimated Fair Value | $ 5,537 | [1] |
Interest Rate Swap Agreement 3 | ||
Debt Instrument [Line Items] | ||
Notional Amount | $ 137,500 | |
Effective Date | Dec. 31, 2018 | |
Pay Rate | 2.19% | |
Receive Rate | 1-Month LIBOR | |
Expiration Date | Dec. 31, 2024 | |
Estimated Fair Value | $ 4,611 | [1] |
Interest Rate Swap Agreement 4 | ||
Debt Instrument [Line Items] | ||
Notional Amount | $ 150,000 | |
Effective Date | Mar. 31, 2020 | |
Pay Rate | 0.57% | |
Receive Rate | 1-Month LIBOR | |
Expiration Date | Mar. 31, 2022 | |
Estimated Fair Value | $ 164 | [1] |
[1] | Approximately $ 7,884 is included in accrued other current liabilities and $ 6,741 is included in other long-term liabilities on the consolidated balance sheet as of December 31, 2021. |
Long Term Debt - Summary of C_2
Long Term Debt - Summary of Company's Interest Rate Swap Agreements Designated as Cash Flow Hedges (Parenthetical) (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Accrued Other Current Liabilities | |
Debt Instrument [Line Items] | |
Estimated Fair Value | $ 7,884 |
Other Noncurrent Liabilities | |
Debt Instrument [Line Items] | |
Estimated Fair Value | $ 6,741 |
Summary of Liabilities Measured
Summary of Liabilities Measured at Fair Value on a Recurring Basis (Detail) - Fair Value Measurements, Recurring - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest rate swap liabilities | $ 14,625 | $ 33,847 |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest rate swap liabilities | $ 14,625 | $ 33,847 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |||
Fair value, asset transfers into Level 3 | $ 0 | ||
Fair value, asset transfers out of Level 3 | $ 0 | $ 0 |
FOREIGN CURRENCY TRANSLATION -
FOREIGN CURRENCY TRANSLATION - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2020 | |
Foreign Currency [Abstract] | |||
Accumulated other comprehensive income (loss) | $ 394,514 | $ 398,653 | |
Cumulative foreign currency losses | $ 394,481 | $ 375,644 | |
Cumulative inflation rate | 100.00% | ||
Cumulative inflation period | 3 years | ||
Reclassification of cumulative foreign currency translation adjustments | $ (21,105) |
FOREIGN CURRENCY TRANSLATION _2
FOREIGN CURRENCY TRANSLATION - Summary of Impact of Translating Financial Statements of Company's International Subsidiaries (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Foreign Currency Translation [Line Items] | |||
Other comprehensive Income (Loss) | $ (18,837) | $ (47,592) | $ (12,753) |
Brazil | |||
Foreign Currency Translation [Line Items] | |||
Exchange Rate | 5.57 | 5.20 | 4.02 |
Other comprehensive Income (Loss) | $ (4,696) | $ (42,698) | $ (8,140) |
Colombia | |||
Foreign Currency Translation [Line Items] | |||
Exchange Rate | 3,981.16 | 3,432.50 | 3,277.14 |
Other comprehensive Income (Loss) | $ (140) | $ (2,183) | $ (362) |
Chile | |||
Foreign Currency Translation [Line Items] | |||
Exchange Rate | 852.02 | 714.14 | 736.86 |
Other comprehensive Income (Loss) | $ (10,890) | $ 1,228 | $ (5,158) |
Peru | |||
Foreign Currency Translation [Line Items] | |||
Exchange Rate | 4.02 | 3.65 | 3.37 |
Other comprehensive Income (Loss) | $ (2,785) | $ (3,403) | $ 257 |
Other foreign countries | |||
Foreign Currency Translation [Line Items] | |||
Other comprehensive Income (Loss) | (326) | (536) | 650 |
International Subsidiaries | Cinemark Holdings, Inc. Stockholders' Equity | |||
Foreign Currency Translation [Line Items] | |||
Other comprehensive Income (Loss) | $ (18,837) | $ (47,592) | $ (12,753) |
FOREIGN CURRENCY TRANSLATION _3
FOREIGN CURRENCY TRANSLATION - Summary of Impact of Translating Financial Statements of Company's International Subsidiaries (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Foreign Currency Translation [Line Items] | |||
Foreign currency exchange loss | $ (1,271) | $ (4,865) | $ (3,394) |
Argentina | |||
Foreign Currency Translation [Line Items] | |||
Foreign currency exchange loss | $ 195 | $ 1,243 |
Non-controlling Interest in Sub
Non-controlling Interest in Subsidiaries (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | $ 11,564 | $ 10,996 |
Cinemark Partners II | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | 7,989 | 7,706 |
Laredo Theatre | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | 2,018 | 1,681 |
Greeley Ltd | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | 1,048 | 1,101 |
Other | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | $ 509 | $ 508 |
Non-controlling Interest in S_2
Non-controlling Interest in Subsidiaries (Parenthetical) (Detail) | Dec. 31, 2021 | Dec. 31, 2020 |
Cinemark Partners II | ||
Noncontrolling Interest [Line Items] | ||
Ownership share | 49.20% | 49.20% |
Laredo Theatre | ||
Noncontrolling Interest [Line Items] | ||
Ownership share | 25.00% | 25.00% |
Greeley Ltd | ||
Noncontrolling Interest [Line Items] | ||
Ownership share | 49.00% | 49.00% |
Noncontrolling Interests in S_3
Noncontrolling Interests in Subsidiaries - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |||
Changes in ownership interest in subsidiaries | $ 0 | $ 0 | $ 0 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stockholders Equity Note [Line Items] | ||||
Preferred stock, shares issued | 0 | |||
Preferred stock, shares outstanding | 0 | |||
Number of restricted shares granted | 1,241,742 | |||
Market value of common stock on the dates of grant | $ 21.91 | |||
Restricted stock grants vested | 617,607 | |||
Incremental stock-based compensation expense arising from the modification | $ 521 | |||
Unrecognized compensation expense | $ 3,616 | |||
Maximum | ||||
Stockholders Equity Note [Line Items] | ||||
Number of hypothetical shares of common stock at maximum IRR level | 344,071 | |||
Restricted Stock | ||||
Stockholders Equity Note [Line Items] | ||||
Number of restricted shares granted | 1,241,742 | 1,555,361 | 315,899 | |
Market value of common stock on the dates of grant | $ 17.68 | $ 37.34 | ||
Restricted stock grants vested | 832,609 | 209,821 | ||
Unrecognized compensation expense | $ 23,234 | |||
Remaining Compensation Expense recognition period (in years) | 2 years | |||
Restricted Stock | Directors | ||||
Stockholders Equity Note [Line Items] | ||||
Award vesting period for restricted stock | 1 year | |||
Restricted Stock | Minimum | ||||
Stockholders Equity Note [Line Items] | ||||
Market value of common stock on the dates of grant | $ 16.09 | |||
Forfeiture rate for restricted stock awards | 0.00% | |||
Restricted Stock | Minimum | Employees | ||||
Stockholders Equity Note [Line Items] | ||||
Award vesting period for restricted stock | 1 year | |||
Restricted Stock | Maximum | ||||
Stockholders Equity Note [Line Items] | ||||
Market value of common stock on the dates of grant | $ 24.48 | |||
Forfeiture rate for restricted stock awards | 10.00% | |||
Restricted Stock | Maximum | Employees | ||||
Stockholders Equity Note [Line Items] | ||||
Award vesting period for restricted stock | 4 years | |||
Restricted Stock Units (RSUs) | ||||
Stockholders Equity Note [Line Items] | ||||
Restricted stock grants vested | 232,200 | 208,204 | 90,895 | |
Weighted average grant date fair value per share as of date of modification | $ 32.12 | $ 36.77 | ||
Remaining Compensation Expense recognition period (in years) | 1 year | |||
Number of hypothetical shares of common stock | 436,681 | 306,651 | ||
Share-based compensation arrangement by share-based payment award, description | The financial performance factors are based on an implied equity value concept that determines an internal rate of return (“IRR”) for a two year measurement period, as defined in the award agreement, based on a formula utilizing a multiple of Adjusted EBITDA subject to certain specified adjustments (as defined in the restricted stock unit award agreement). | |||
Share-based compensation arrangement by share-based payment award, vesting condition | All payouts of restricted stock units that vest will be subject to an additional service requirement and will be paid in the form of common stock if the participant continues to provide services through the fourth anniversary of the grant date. | |||
Internal rate of return, performance period | 2 years | |||
Restricted Stock Units (RSUs) | Minimum | ||||
Stockholders Equity Note [Line Items] | ||||
Expected forfeiture rate | 0.00% | 0.00% | 0.00% | |
Restricted Stock Units (RSUs) | Maximum | ||||
Stockholders Equity Note [Line Items] | ||||
Expected forfeiture rate | 5.00% | 5.00% | 5.00% |
Summary of Treasury Stock Activ
Summary of Treasury Stock Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Treasury Stock, Shares [Abstract] | ||||
Beginning Balance, Shares | 5,050,981 | 4,711,859 | 4,626,191 | |
Restricted stock withholdings | [1] | 237,416 | 264,522 | 59,060 |
Restricted stock forfeitures | [2] | 61,714 | 74,600 | 26,608 |
Ending Balance, Shares | 5,350,111 | 5,050,981 | 4,711,859 | |
Beginning Balance, Cost | $ 87,004 | $ 81,567 | $ 79,259 | |
Restricted stock withholdings | [1] | 4,102 | 5,437 | 2,308 |
Restricted stock forfeitures | [2] | 0 | 0 | 0 |
Ending Balance, Cost | $ 91,106 | $ 87,004 | $ 81,567 | |
[1] | The Company withheld restricted shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock and restricted stock units. The Company determined the number of shares to be withheld based upon market values that ranged from $ 36.81 to $ 40.32 during the year ended December 31, 2019, $ 8.03 to $ 32.12 during the year ended December 31, 2020 and $ 15.21 to $ 24.14 during the year ended December 31, 2021. | |||
[2] | The Company repurchased forfeited restricted shares at a cost of $ 0.001 per share in accordance with the 2017 Omnibus Plan. |
Summary of Treasury Stock Act_2
Summary of Treasury Stock Activity (Detail) (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Treasury Stock [Line Items] | |||
Common stock repurchased value as result of restricted stock forfeitures | $ 0.001 | $ 0.001 | $ 0.001 |
Minimum | |||
Schedule of Treasury Stock [Line Items] | |||
Market Value of Restricted Shares | 15.21 | 8.03 | 36.81 |
Maximum | |||
Schedule of Treasury Stock [Line Items] | |||
Market Value of Restricted Shares | $ 24.14 | $ 32.12 | $ 40.32 |
Summary of Restricted Stock Act
Summary of Restricted Stock Activity (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Shares of Restricted Stock | |||
Shares of Restricted Stock, Granted | 1,241,742 | ||
Shares of Restricted Stock, Vested | (617,607) | ||
Shares of Restricted Stock, Forfeited | (61,714) | ||
Weighted Average Grant Date Fair Value | |||
Weighted Average Grant Date Fair Value, Granted | $ 21.91 | ||
Weighted Average Grant Date Fair Value, Vested | 20.92 | ||
Weighted Average Grant Date Fair Value, Forfeited | 18.96 | ||
Weighted Average Grant Date Fair Value Outstanding, Ending | $ 21.73 | ||
Restricted Stock | |||
Shares of Restricted Stock | |||
Shares of Restricted Stock, Beginning balance | 1,431,975 | 783,823 | 704,353 |
Shares of Restricted Stock, Granted | 1,241,742 | 1,555,361 | 315,899 |
Shares of Restricted Stock, Vested | (832,609) | (209,821) | |
Shares of Restricted Stock, Forfeited | (74,600) | (26,608) | |
Shares of Restricted Stock, Ending balance | 1,994,396 | 1,431,975 | 783,823 |
Weighted Average Grant Date Fair Value | |||
Weighted Average Grant Date Fair Value Outstanding, Beginning | $ 21.11 | $ 37.53 | $ 38.68 |
Weighted Average Grant Date Fair Value, Granted | 17.68 | 37.34 | |
Weighted Average Grant Date Fair Value, Vested | 29.30 | 41.10 | |
Weighted Average Grant Date Fair Value, Forfeited | 30.72 | 37.69 | |
Weighted Average Grant Date Fair Value Outstanding, Ending | $ 21.11 | $ 37.53 |
Summary of Restricted Stock Awa
Summary of Restricted Stock Award Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock grants vested | 617,607 | |||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock grants vested | 832,609 | 209,821 | ||
Compensation expense recognized during the period | [1] | $ 22,846 | $ 15,473 | $ 10,185 |
Fair value of restricted shares that vested during the period | 10,998 | 16,870 | 8,024 | |
Income tax deduction and benefit recognized upon vesting of restricted stock and restricted stock unit awards | $ 1,048 | $ 5,620 | $ 1,516 | |
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock grants vested | 232,200 | 208,204 | 90,895 | |
Accumulated dividends paid upon vesting of restricted stock unit awards | [2] | $ 62 | $ 942 | $ 386 |
Compensation expense recognized during the period | [3] | 6,425 | 3,931 | 4,430 |
Fair value of restricted shares that vested during the period | 4,095 | 5,050 | 3,658 | |
Income tax deduction and benefit recognized upon vesting of restricted stock and restricted stock unit awards | $ 691 | $ 788 | $ 397 | |
[1] | The former CEO of the Company retired on December 31, 2021, and all of his outstanding unvested shares vested upon his retirement in accordance with his employment agreement. The Company recorded incremental compensation expense of $ 4,277 related to the accelerated vesting of these awards during the year ended December 31, 2021. | |||
[2] | Approximately $ 296 of dividends were payable to the former CEO on December 31, 2021 and were paid in January 2022. These dividends were included in other current liabilities on the consolidated balance sheet as of December 31, 2021. | |||
[3] | The former CEO of the Company retired on December 31, 2021, and all of his outstanding unvested restricted stock units vested upon his retirement in accordance with his employment agreement. The Company recorded incremental compensation expense of $ 2,374 related to the accelerated vesting of these awards during the year ended December 31, 2021. |
Summary of Restricted Stock A_2
Summary of Restricted Stock Award Activity (Detail) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Incremental compensation expense | $ 4,277 | |||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Dividends payable to former CEO | [1] | 62 | $ 942 | $ 386 |
Incremental compensation expense | 2,374 | |||
Other Current Liabilities | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Dividends payable to former CEO | $ 296 | |||
[1] | Approximately $ 296 of dividends were payable to the former CEO on December 31, 2021 and were paid in January 2022. These dividends were included in other current liabilities on the consolidated balance sheet as of December 31, 2021. |
Supplemental Information to Con
Supplemental Information to Condensed Consolidated Statements of Cash Flows (Detail) - USD ($) $ in Thousands | Apr. 14, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Cash Flow Supplemental [Line Items] | |||||
Cash paid for interest | $ 108,152 | $ 102,859 | $ 93,907 | ||
Cash paid (refunds received) for income taxes, net | (136,512) | (116,916) | 88,670 | ||
Cash deposited in restricted accounts | [1] | 11,920 | 13,847 | ||
Noncash investing and financing activities: | |||||
Change in accounts payable and accrued expenses for the acquisition of theatre properties and equipment | [2] | 20,100 | (13,259) | 22,013 | |
Theatre properties acquired under finance leases | 725 | 21,535 | |||
Theatre properties acquired as distribution from equity investee (see Note 9) | 102,719 | ||||
Investment in NCM – receipt of common units (see Note 8) | $ (10,237) | 10,237 | 3,620 | 1,552 | |
Dividends Accrued On Unvested Restricted Stock Unit Awards | 4 | (256) | (670) | ||
NCM | |||||
Noncash investing and financing activities: | |||||
Interest expense - NCM (see Note 8) | $ (23,612) | $ (23,595) | $ (28,624) | ||
[1] | Funds are held as collateral for letters of credit associated with certain of the Company’s international subsidiary loans. See further discussion in Note 13. | ||||
[2] | Additions to theatre properties and equipment included in accounts payable as of December 31, 2020 and 2021 were $ 28,250 and $ 8,150 , respectively. |
Supplemental Information to C_2
Supplemental Information to Condensed Consolidated Statements of Cash Flows (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | ||
Additions to theatre properties and equipment included in accounts payable | $ 8,150 | $ 28,250 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Line Items] | |||
Income tax benefits due to NOL carryback provision | $ 16,802 | $ 309,376 | $ (79,912) |
Tax credit carryforwards expiring year description | the Company continued to generate significant pre-tax losses and remained in a three-year cumulative pre-tax loss. Consistent with December 31, 2020, this is heavily weighted as objectively verifiable negative evidence. As a result, the Company is unable to include future projected earnings in assessing the recoverability of its deferred tax assets | ||
Valuation allowance against deferred assets – non-current | $ 264,168 | 203,606 | |
Gross unrecognized tax benefits, including interest and penalties | 62,467 | 51,643 | |
Unrecognized tax benefit that if recognized would impact effective tax rate | 62,467 | 51,643 | |
Accrued for interest and penalties | 6,561 | $ 5,114 | |
Foreign | |||
Income Taxes [Line Items] | |||
Accumulated undistributed earnings and profits | 94,107 | ||
One-time transition tax accumulated undistributed earnings and profits | 168,307 | ||
CARES Act | |||
Income Taxes [Line Items] | |||
Income tax benefits due to NOL carryback provision | $ 187,515 |
Income Taxes - Provision for Fe
Income Taxes - Provision for Federal and Foreign Income Tax Expense for Continuing Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Income (loss) before income taxes, U.S. | $ (389,176) | $ (784,167) | $ 235,571 |
Income (loss) before income taxes, Foreign | (49,841) | (143,157) | 38,189 |
Income (loss) before income taxes | $ (439,017) | $ (927,324) | $ 273,760 |
Income Taxes - Current and Defe
Income Taxes - Current and Deferred Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | |||
Federal | $ 4,026 | $ (271,162) | $ 45,247 |
Foreign | 794 | 397 | 24,022 |
State | 1,008 | 289 | 12,486 |
Total current expense | 5,828 | (270,476) | 81,755 |
Deferred: | |||
Federal | (20,204) | (50,445) | (298) |
Foreign | 409 | 13,266 | 5 |
State | (2,835) | (1,721) | (1,550) |
Total deferred taxes | (22,630) | (38,900) | (1,843) |
Income taxes | $ (16,802) | $ (309,376) | $ 79,912 |
Income Taxes - Reconciliation B
Income Taxes - Reconciliation Between Income Tax Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Income Tax Disclosure [Abstract] | ||||
Computed statutory tax expense | $ (92,194) | $ (194,739) | $ 57,490 | |
State and local income taxes, net of federal income tax impact | (1,465) | (1,153) | 8,479 | |
Changes in valuation allowance | 76,308 | 46,731 | 2,532 | |
Foreign tax rate differential | (4,466) | (6,633) | 4,646 | |
Foreign tax credits | 4,143 | |||
Impacts related to COVID-19 pandemic | [1] | (187,515) | ||
Changes in uncertain tax positions | 7,524 | 24,879 | 197 | |
Other, net | (2,509) | 9,054 | 2,425 | |
Income taxes | $ (16,802) | $ (309,376) | $ 79,912 | |
[1] | The amount for the year ended December 31, 2020 includes benefits of a rate differential on earnings of $ 122,975 , tax losses with respect to investments in foreign subsidiaries and a write down of certain intercompany receivables associated with the Company’s foreign subsidiaries of $ 135,599 , offset by a tax charge for the remeasurement of deferred taxes and tax attributes of $ 49,866 and dislodged foreign tax credits not benefited of $ 21,193 . |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation Between Income Tax Expenses (Parenthetical) (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Income Tax Disclosure [Abstract] | |
Benefit of rate differential on earnings | $ 122,975 |
Tax losses with investment in foreign subsidiaries and write down of intercompany receivables of foreign subsidiaries | 135,599 |
Tax charge for remeasurement of deferred taxes and tax attributes | 49,866 |
Tax Credit, Foreign | $ 21,193 |
Income Taxes - Tax Effects of S
Income Taxes - Tax Effects of Significant Temporary Differences and Tax Loss and Tax Credit Carryforwards (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Deferred Income Tax Assets And Liabilities [Line Items] | ||
Theatre properties and equipment | $ 100,547 | $ 118,051 |
Finance lease assets | 19,564 | 24,202 |
Operating lease right-of-use assets | 288,205 | 297,452 |
Intangible asset — other | 45,587 | 41,297 |
Intangible asset — tradenames | 71,877 | 72,268 |
Investment in partnerships | 16,128 | 20,402 |
Total deferred liabilities | 541,908 | 573,672 |
Prepaid rent | 3,365 | 5,255 |
Gift Cards | 8,354 | 9,265 |
Operating lease obligations | 304,462 | 313,552 |
Finance lease obligations | 25,611 | 31,284 |
Tax impact of items in accumulated other comprehensive income and additional paid-in-capital | 32,959 | 19,475 |
Restricted stock | 5,494 | 2,611 |
Accrued expenses | 4,326 | 3,552 |
Other tax loss carryforwards | 124,632 | 89,320 |
Other tax credit and attribute carryforwards | 154,995 | 121,698 |
Other expenses, not currently deductible for tax purposes | 14,305 | 11,535 |
Total deferred assets | 766,248 | 697,753 |
Net deferred income tax (asset) liability before valuation allowance | (224,340) | (124,081) |
Valuation allowance against deferred assets – non-current | 264,168 | 203,606 |
Net deferred income tax liability | 39,828 | 79,525 |
Other Deferred Revenues | ||
Schedule Of Deferred Income Tax Assets And Liabilities [Line Items] | ||
Deferred revenue | 3,661 | 6,208 |
NCM | ||
Schedule Of Deferred Income Tax Assets And Liabilities [Line Items] | ||
Deferred revenue | 84,084 | 83,998 |
Foreign | ||
Schedule Of Deferred Income Tax Assets And Liabilities [Line Items] | ||
Net deferred Income tax (asset) liability | 6,737 | 7,280 |
U.S. | ||
Schedule Of Deferred Income Tax Assets And Liabilities [Line Items] | ||
Net deferred income tax liability | $ 33,091 | $ 72,245 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Total Amounts of Unrecognized Tax Benefits Excluding Interest and Penalties (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Beginning Balance | $ 46,528 | $ 10,235 | $ 10,561 |
Gross increases - tax positions in prior periods | 7,656 | 32,417 | 1 |
Gross decreases - tax positions in prior periods | (1,611) | (88) | |
Gross increases - current period tax positions | 3,465 | 4,010 | 202 |
Settlements | (122) | (522) | |
Foreign currency translation adjustments | (11) | (46) | (7) |
Ending Balance | $ 55,905 | $ 46,528 | $ 10,235 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Line Items] | ||
Employer matching contribution payments | $ 2,123 | $ 1,562 |
Liability recorded for employer contribution payments | $ 3,728 | |
Messrs. Mitchell, Gamble, Fernandes and Cavalier | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Employment agreements term extension | 1 year |
Selected Financial Information
Selected Financial Information by Reportable Operating Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 1,510,464 | $ 686,310 | $ 3,283,099 | |
Adjusted EBITDA | [1] | 79,952 | (276,880) | 745,045 |
Capital expenditures | 95,542 | 83,930 | 303,627 | |
U.S. Operating Segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | [2] | 1,293,622 | 556,909 | 2,580,903 |
International Operating Segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 216,842 | 129,401 | 702,196 | |
Operating Segments | U.S. Operating Segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,296,343 | 559,184 | 2,594,246 | |
Adjusted EBITDA | [1] | 84,223 | (226,981) | 615,161 |
Capital expenditures | 78,305 | 64,026 | 230,561 | |
Operating Segments | International Operating Segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 216,842 | 129,401 | 702,196 | |
Adjusted EBITDA | [1] | (4,271) | (49,899) | 129,884 |
Capital expenditures | 17,237 | 19,904 | 73,066 | |
Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ (2,721) | $ (2,275) | $ (13,343) | |
[1] | Distributions from equity investees are reported entirely within the U.S. operating segment | |||
[2] | U.S. segment revenues exclude intercompany transactions with the international operating segment. See Note 21 for additional information on intercompany eliminations. |
Reconciliation of Net Income to
Reconciliation of Net Income to Adjusted EBITDA (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Segment Reporting Information [Line Items] | ||||||
Net income (loss) | $ (422,215) | $ (617,948) | $ 193,848 | |||
Add (deduct): | ||||||
Income taxes | (16,802) | (309,376) | 79,912 | |||
Interest expense | [1] | (149,702) | (129,871) | (99,941) | ||
Loss on debt amendments and refinancing | 6,527 | |||||
Other (income) expense | [2] | 43,532 | 62,369 | (22,441) | ||
Distributions and other cash distributions from equity investees | 156 | 25,430 | 53,366 | |||
Depreciation and amortization | 265,363 | 259,776 | 261,155 | |||
Impairment of long-lived and other assets | 20,845 | 152,706 | 57,001 | |||
(Gain) loss on disposal of assets and other | 8,025 | (8,923) | 12,008 | |||
Non-cash rent expense | (3,451) | 2,357 | (4,360) | |||
Share based awards compensation expense | 29,271 | 19,404 | 14,615 | |||
Adjusted EBITDA | [3] | 79,952 | (276,880) | 745,045 | ||
Non-cash distributions from DCIP | 12,915 | 0 | ||||
Restructuring costs | (1,001) | 20,369 | 0 | |||
Digital Cinema Implementation Partners | ||||||
Add (deduct): | ||||||
Distributions and other cash distributions from equity investees | [4] | 13,139 | 10,383 | [5] | 23,696 | [5] |
Other Investees | ||||||
Add (deduct): | ||||||
Distributions and other cash distributions from equity investees | [6] | 156 | 15,047 | $ 29,670 | ||
Other Equity Investees | ||||||
Add (deduct): | ||||||
Non-cash distributions from DCIP | [7] | $ 0 | $ (12,915) | |||
[1] | Includes amortization of debt issuance costs | |||||
[2] | Includes interest income, foreign currency exchange loss, interest expense – NCM and equity in income (loss) of affiliates and excludes distributions from NCM. | |||||
[3] | Distributions from equity investees are reported entirely within the U.S. operating segment | |||||
[4] | Recorded as a reduction in the Company's investment in DCIP for the years ended December 31, 2019 and 2020. Recorded in cash distributions from DCIP on the consolidated statements of income (loss) for the year ended December 31, 2021. See discussion at Distribution of Projectors from DCIP above. | |||||
[5] | See discussion of cash distributions from DCIP, which were recorded as a reduction of the Company’s investment in DCIP for the years ended December 31, 2019 and 2020, in Note 9. These distributions are reported entirely within the U.S. operating segment. | |||||
[6] | Reflects cash distributions received from equity investees, other than those from DCIP noted above, that were recorded as a reduction of the respective investment balances (see Notes 8 and 9). These distributions are reported entirely within the U.S. operating segment. | |||||
[7] | Reflects non-cash distribution of projectors from DCIP (see Note 9). These distributions are reported entirely within the U.S. operating segment |
Selected Financial Informatio_2
Selected Financial Information by Geographic Area (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ 1,510,464 | $ 686,310 | $ 3,283,099 |
Theatre Properties and Equipment - net | 1,382,846 | 1,615,062 | |
Reportable Geographical Components | U.S. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 1,296,343 | 559,184 | 2,594,246 |
Theatre Properties and Equipment - net | 1,208,701 | 1,392,780 | |
Reportable Geographical Components | Brazil | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 73,468 | 59,321 | 302,074 |
Theatre Properties and Equipment - net | 56,750 | 72,080 | |
Reportable Geographical Components | Other international countries | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 143,374 | 70,080 | 400,122 |
Theatre Properties and Equipment - net | 117,395 | 150,202 | |
Eliminations | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ (2,721) | $ (2,275) | $ (13,343) |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)Theatre | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
FE Concepts, LLC | |||
Related Party Transaction [Line Items] | |||
Management fee revenues | $ 62 | $ 34 | $ 64 |
Percentage of voting interest | 50.00% | ||
Laredo Theatre, Ltd | |||
Related Party Transaction [Line Items] | |||
Company's interest in Laredo | 75.00% | ||
Lone Star Theatre's interest in Laredo | 25.00% | ||
Ownership interest held by David Roberts | 100.00% | ||
Percentage of common stock held by Chairman of the Board of Directors | 9.00% | ||
Percentage of management fees based on theatre revenues | 5.00% | ||
Maximum amount of theater revenue used to calculate management fees | $ 50,000 | ||
Percentage of management fees based on theatre revenues in excess | 3.00% | ||
Minimum amount of theater revenue used to calculate management fees | $ 50,000 | ||
Management fee revenues | 399 | 146 | 694 |
Walter Hebert | |||
Related Party Transaction [Line Items] | |||
Consulting services paid | 122 | ||
Copper Beech Capital LLC | |||
Related Party Transaction [Line Items] | |||
Amount paid for the use of aircraft | $ 23 | 12 | 114 |
Syufy Enterprises, LP | |||
Related Party Transaction [Line Items] | |||
Number of theatres leased | Theatre | 13 | ||
Total rent paid to Syufy | $ 23,317 | 23,810 | 25,678 |
Amount billed for digital support provided to Syufy | $ 55 | $ 0 | $ 30 |
Valuation Allowance of Deferred
Valuation Allowance of Deferred Tax Assets (Detail) - Valuation Allowance of Deferred Tax Assets - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | $ 203,606 | $ 60,359 | $ 54,725 |
Additions | 69,129 | 144,239 | 7,611 |
Deductions | (4,267) | (992) | (1,977) |
Currency translation | (4,300) | ||
Ending Balance | $ 264,168 | $ 203,606 | $ 60,359 |
Quarterly Financial Information
Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |||
Revenues | $ 1,510,464 | $ 686,310 | $ 3,283,099 |
Operating income (loss) | (252,472) | (754,974) | 338,387 |
Net income (loss) | (422,215) | (617,948) | 193,848 |
Net income attributable to Cinemark Holdings, Inc. | $ (422,783) | $ (616,828) | $ 191,386 |
Net income per share attributable to Cinemark Holdings, Inc.’s common stockholders: | |||
Basic | $ (3.55) | $ (5.25) | $ 1.63 |
Diluted | $ (3.55) | $ (5.25) | $ 1.63 |
Condensed Parent Company Balanc
Condensed Parent Company Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||||
Cash and cash equivalents | $ 707,339 | $ 655,338 | ||
Prepaid assets and other | 36,209 | 34,400 | ||
Total assets | 5,230,650 | 5,562,922 | ||
Liabilities | ||||
Accrued other current liabilities, including accounts payable to subsidiaries | 225,026 | 201,717 | ||
Other long-term liabilities | 38,161 | 74,594 | ||
Equity | ||||
Common stock, $0.001 par value: 300,000,000 shares authorized, 123,627,080 shares issued and 118,576,099 shares outstanding at December 31, 2020 and 125,100,993 shares issued and 119,750,882 shares outstanding at December 31, 2021 | 125 | 124 | ||
Additional paid-in-capital | 1,197,801 | 1,245,569 | ||
Treasury stock, 5,050,981 and 5,350,111 shares, at cost, at December 31, 2020 and December 31, 2021, respectively | (91,106) | (87,004) | $ (81,567) | $ (79,259) |
Retained earnings (deficit) | (389,402) | 27,937 | ||
Accumulated other comprehensive loss | (394,514) | (398,653) | ||
Total Cinemark Holdings, Inc.'s stockholders' equity | 322,904 | 787,973 | ||
Total liabilities and equity | 5,230,650 | 5,562,922 | ||
Cinemark Holdings, Inc. | ||||
Assets | ||||
Cash and cash equivalents | 264,663 | 394,800 | ||
Prepaid assets and other | 7 | 8 | ||
Investment in subsidiaries | 524,598 | 773,999 | ||
Total assets | 789,268 | 1,168,807 | ||
Liabilities | ||||
Accrued other current liabilities, including accounts payable to subsidiaries | 43,951 | 38,338 | ||
Long-term debt | 447,558 | 352,206 | ||
Other long-term liabilities | (25,145) | (9,710) | ||
Total liabilities | 466,364 | 380,834 | ||
Commitments and contingencies (see Note 6) | ||||
Equity | ||||
Common stock, $0.001 par value: 300,000,000 shares authorized, 123,627,080 shares issued and 118,576,099 shares outstanding at December 31, 2020 and 125,100,993 shares issued and 119,750,882 shares outstanding at December 31, 2021 | 125 | 124 | ||
Additional paid-in-capital | 1,197,801 | 1,245,569 | ||
Treasury stock, 5,050,981 and 5,350,111 shares, at cost, at December 31, 2020 and December 31, 2021, respectively | (91,106) | (87,004) | ||
Retained earnings (deficit) | (389,402) | 27,937 | ||
Accumulated other comprehensive loss | (394,514) | (398,653) | ||
Total Cinemark Holdings, Inc.'s stockholders' equity | 322,904 | 787,973 | ||
Total liabilities and equity | $ 789,268 | $ 1,168,807 |
Condensed Parent Company Bala_2
Condensed Parent Company Balance Sheets (Parenthetical) (Detail) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Condensed Financial Statements, Captions [Line Items] | ||||
Common stock, par value | $ 0.001 | $ 0.001 | ||
Common stock, shares authorized | 300,000,000 | 300,000,000 | ||
Common stock, shares issued | 125,100,993 | 123,627,080 | ||
Common stock, shares outstanding | 119,750,882 | 118,576,099 | ||
Treasury stock, shares | 5,350,111 | 5,050,981 | 4,711,859 | 4,626,191 |
Cinemark Holdings, Inc. | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Common stock, par value | $ 0.001 | $ 0.001 | ||
Common stock, shares authorized | 300,000,000 | 300,000,000 | ||
Common stock, shares issued | 125,100,993 | 123,627,080 | ||
Common stock, shares outstanding | 119,750,882 | 118,576,099 | ||
Treasury stock, shares | 5,350,111 | 5,050,981 |
Condensed Parent Company Statem
Condensed Parent Company Statements of Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | $ 1,510,464 | $ 686,310 | $ 3,283,099 | |
Cost of operations | 1,762,936 | 1,441,284 | 2,944,712 | |
Operating income (loss) | (252,472) | (754,974) | 338,387 | |
Interest expense | [1] | (149,702) | (129,871) | (99,941) |
Other income | (186,545) | (172,350) | (64,627) | |
Income taxes | 16,802 | 309,376 | (79,912) | |
Equity in income (loss) | (25,045) | (38,745) | 41,870 | |
Net income (loss) attributable to Cinemark Holdings, Inc. | (422,783) | (616,828) | 191,386 | |
Cinemark Holdings, Inc. | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | 0 | 0 | 0 | |
Cost of operations | 2,586 | 2,236 | 2,556 | |
Operating income (loss) | (2,586) | (2,236) | (2,556) | |
Interest expense | (24,133) | (14,220) | ||
Other income | 80 | 56 | 20 | |
Loss before income taxes and equity in income of subsidiaries | (26,639) | (16,400) | (2,536) | |
Income taxes | 5,743 | 5,740 | 609 | |
Equity in income (loss) | 401,887 | 606,168 | (193,313) | |
Net income (loss) attributable to Cinemark Holdings, Inc. | $ (422,783) | $ (616,828) | $ 191,386 | |
[1] | Includes amortization of debt issuance costs |
Condensed Parent Company Stat_2
Condensed Parent Company Statements of Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Statement of Income Captions [Line Items] | |||
Net income (loss) | $ (422,215) | $ (617,948) | $ 193,848 |
Other comprehensive income (loss), net of tax | |||
Unrealized gain (loss) due to fair value adjustments on interest rate swap agreements, net of taxes of $2,692, $3,532 and $(741), net of settlements | 18,481 | (14,320) | (8,210) |
Other comprehensive income (loss) in equity method investments | 0 | 0 | (142) |
Foreign currency translation adjustments | (18,837) | (47,592) | (12,753) |
Total other comprehensive loss, net of tax | (356) | (61,912) | (21,105) |
Comprehensive income (loss) attributable to Cinemark Holdings, Inc. | (423,139) | (678,740) | 170,281 |
Cinemark Holdings, Inc. | |||
Condensed Statement of Income Captions [Line Items] | |||
Net income (loss) | 422,783 | 616,828 | 191,386 |
Other comprehensive income (loss), net of tax | |||
Unrealized gain (loss) due to fair value adjustments on interest rate swap agreements, net of taxes of $2,692, $3,532 and $(741), net of settlements | 18,481 | (14,320) | (8,210) |
Other comprehensive income (loss) in equity method investments | 0 | 0 | (142) |
Foreign currency translation adjustments | (18,837) | (47,592) | (12,753) |
Total other comprehensive loss, net of tax | (356) | (61,912) | (21,105) |
Comprehensive income (loss) attributable to Cinemark Holdings, Inc. | $ (423,139) | $ (678,740) | $ 170,281 |
Condensed Parent Company Stat_3
Condensed Parent Company Statements of Comprehensive Income (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Statement of Income Captions [Line Items] | |||
Unrealized gain due to fair value adjustments on interest rate swap agreements, tax | $ (741) | $ 3,532 | $ 2,692 |
Cinemark Holdings, Inc. | |||
Condensed Statement of Income Captions [Line Items] | |||
Unrealized gain due to fair value adjustments on interest rate swap agreements, tax | $ 741 | $ 3,532 | $ 2,692 |
Condensed Parent Company Stat_4
Condensed Parent Company Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Activities | |||
Net income (loss) | $ (422,215) | $ (617,948) | $ 193,848 |
Adjustments to reconcile net income (loss) to cash provided by operating activities: | |||
Share based awards compensation expense | 29,271 | 19,404 | 14,615 |
Amortization of debt issuance costs | 10,714 | 7,332 | 5,311 |
Equity in (income) loss of affiliates | 25,045 | 38,745 | (41,870) |
Net cash provided by (used for) operating activities | 166,219 | (330,098) | 561,995 |
Investing Activities | |||
Net cash used for investing activities | (89,296) | (83,366) | (310,642) |
Financing Activities | |||
Dividends paid to stockholders | 0 | (42,311) | (159,281) |
Proceeds from convertible notes issued | 0 | 460,000 | 0 |
Payment of debt issue costs | (17,272) | (24,981) | 0 |
Proceeds from warrants issued | 0 | 89,424 | 0 |
Payroll taxes paid as a result of restricted stock withholdings | (4,102) | (5,437) | (2,308) |
Net cash provided by (used for) financing activities | (19,930) | 584,408 | (186,506) |
Increase (decrease) in cash and cash equivalents | 52,001 | 167,025 | 62,091 |
Cash and cash equivalents: | |||
Beginning of period | 655,338 | 488,313 | 426,222 |
End of period | 707,339 | 655,338 | 488,313 |
Convertible Notes | |||
Financing Activities | |||
Purchase of convertible note hedges | 0 | (142,094) | 0 |
Cinemark Holdings, Inc. | |||
Operating Activities | |||
Net income (loss) | 422,783 | 616,828 | 191,386 |
Adjustments to reconcile net income (loss) to cash provided by operating activities: | |||
Share based awards compensation expense | 922 | 919 | 920 |
Amortization of debt issuance costs | 3,432 | 973 | 0 |
Equity in (income) loss of affiliates | (401,887) | (606,168) | 193,313 |
Changes in other assets and liabilities | (10,507) | (19,011) | (4,237) |
Net cash provided by (used for) operating activities | (6,035) | 10,243 | 3,230 |
Investing Activities | |||
Dividends (paid to) received from subsidiaries | 0 | 42,000 | 158,450 |
Contributions to subsidiaries | 120,000 | 0 | 0 |
Net cash used for investing activities | (120,000) | 42,000 | 158,450 |
Financing Activities | |||
Dividends paid to stockholders | 0 | 42,311 | 159,281 |
Proceeds from convertible notes issued | 0 | 460,000 | 0 |
Payment of debt issue costs | 0 | 17,122 | 0 |
Purchase of convertible note hedges | 0 | 142,094 | 0 |
Proceeds from warrants issued | 0 | 89,424 | 0 |
Payroll taxes paid as a result of restricted stock withholdings | 4,102 | 5,437 | 2,308 |
Net cash provided by (used for) financing activities | (4,102) | 342,460 | (161,589) |
Increase (decrease) in cash and cash equivalents | (130,137) | 394,703 | 91 |
Cash and cash equivalents: | |||
Beginning of period | 394,800 | 97 | 6 |
End of period | $ 264,663 | $ 394,800 | $ 97 |
Schedule 1 Basis of Presentatio
Schedule 1 Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | May 24, 2013 | Dec. 18, 2012 |
Organization and Summary of Significant Accounting Policies Disclosure [Line Items] | ||||
Interest rate | 4.50% | 4.50% | ||
Cinemark Holdings, Inc. | ||||
Organization and Summary of Significant Accounting Policies Disclosure [Line Items] | ||||
Restricted net assets as a percentage of consolidated net assets | 25.00% | |||
Cinemark Holdings, Inc. | 4.875 % Senior Notes Due June 1, 2023 | ||||
Organization and Summary of Significant Accounting Policies Disclosure [Line Items] | ||||
Interest rate | 5.25% | |||
Cinemark Holdings, Inc. | 5.125% senior notes due 2022 | ||||
Organization and Summary of Significant Accounting Policies Disclosure [Line Items] | ||||
Interest rate | 5.875% | |||
Cinemark Holdings, Inc. | 8.750% senior secured notes due 2025 | ||||
Organization and Summary of Significant Accounting Policies Disclosure [Line Items] | ||||
Interest rate | 8.75% | |||
Senior and Senior Subordinated Notes | Cinemark Holdings, Inc. | ||||
Organization and Summary of Significant Accounting Policies Disclosure [Line Items] | ||||
Restricted net assets | $ 354,888 | |||
Senior Secured Credit Facility | Cinemark Holdings, Inc. | ||||
Organization and Summary of Significant Accounting Policies Disclosure [Line Items] | ||||
Restricted net assets | $ 478,640 |
Schedule 1 Dividend Declared fo
Schedule 1 Dividend Declared for Fiscal Period (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Dividend Declared [Line Items] | |||
Amount per Share of Common Stock | $ 0.36 | $ 1.36 | |
First Quarter Dividend | |||
Dividend Declared [Line Items] | |||
Declaration Date | Feb. 21, 2020 | Feb. 23, 2019 | |
Record Date | Mar. 6, 2020 | Mar. 8, 2019 | |
Payable Date | Mar. 20, 2020 | Mar. 22, 2019 | |
Amount per Share of Common Stock | $ 0.36 | $ 0.34 | |
Second Quarter Dividend | |||
Dividend Declared [Line Items] | |||
Declaration Date | May 24, 2019 | ||
Record Date | Jun. 10, 2019 | ||
Payable Date | Jun. 24, 2019 | ||
Amount per Share of Common Stock | $ 0.34 | ||
Third Quarter Dividend | |||
Dividend Declared [Line Items] | |||
Declaration Date | Aug. 16, 2019 | ||
Record Date | Sep. 4, 2019 | ||
Payable Date | Sep. 18, 2019 | ||
Amount per Share of Common Stock | $ 0.34 | ||
Fourth Quarter Dividend | |||
Dividend Declared [Line Items] | |||
Declaration Date | Nov. 22, 2019 | ||
Record Date | Dec. 4, 2019 | ||
Payable Date | Dec. 18, 2019 | ||
Amount per Share of Common Stock | $ 0.34 | ||
Cinemark Holdings, Inc. | |||
Dividend Declared [Line Items] | |||
Amount per Share of Common Stock | $ 0.36 | $ 1.36 | |
Total Dividends | [1] | $ 42,567 | $ 159,951 |
Cinemark Holdings, Inc. | First Quarter Dividend | |||
Dividend Declared [Line Items] | |||
Declaration Date | Feb. 21, 2020 | Feb. 23, 2019 | |
Record Date | Mar. 6, 2020 | Mar. 8, 2019 | |
Payable Date | Mar. 20, 2020 | Mar. 22, 2019 | |
Amount per Share of Common Stock | $ 0.36 | $ 0.34 | |
Total Dividends | [1] | $ 42,567 | $ 39,905 |
Cinemark Holdings, Inc. | Second Quarter Dividend | |||
Dividend Declared [Line Items] | |||
Declaration Date | May 24, 2019 | ||
Record Date | Jun. 10, 2019 | ||
Payable Date | Jun. 24, 2019 | ||
Amount per Share of Common Stock | $ 0.34 | ||
Total Dividends | [1] | $ 40,012 | |
Cinemark Holdings, Inc. | Third Quarter Dividend | |||
Dividend Declared [Line Items] | |||
Declaration Date | Aug. 16, 2019 | ||
Record Date | Sep. 4, 2019 | ||
Payable Date | Sep. 18, 2019 | ||
Amount per Share of Common Stock | $ 0.34 | ||
Total Dividends | [1] | $ 40,020 | |
Cinemark Holdings, Inc. | Fourth Quarter Dividend | |||
Dividend Declared [Line Items] | |||
Declaration Date | Nov. 22, 2019 | ||
Record Date | Dec. 4, 2019 | ||
Payable Date | Dec. 18, 2019 | ||
Amount per Share of Common Stock | $ 0.34 | ||
Total Dividends | [1] | $ 40,014 | |
[1] | Of the dividends recorded during 2019 and 2020 , $ 670 and $ 256 , respectively, were related to outstanding restricted stock units and are not paid until such units vest. |
Schedule 1 Dividend Declared _2
Schedule 1 Dividend Declared for Fiscal Period (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Dividend Declared [Line Items] | |||
Dividends related to outstanding restricted stock units | $ (4) | $ 256 | $ 670 |
Cinemark Holdings, Inc. | |||
Dividend Declared [Line Items] | |||
Dividends related to outstanding restricted stock units | $ 256 | $ 670 |
Schedule 1 Dividends Received f
Schedule 1 Dividends Received from Subsidiaries - Additional Information (Detail) - Cinemark Holdings, Inc. - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Dividends [Line Items] | |||
Dividends received from Cinemark USA, Inc. | $ 0 | $ 42,000 | $ 158,450 |
Dividends Paid to Cinemark USA, Inc. | $ 120,000 |