Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 17, 2023 | Jun. 30, 2022 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
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 Emerging Growth Company | false | ||
Entity Small Business | false | ||
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 | $ 1,600,000,000 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
ICFR Auditor Attestation Flag | true | ||
Documents Incorporated by Reference | Certain portions of Holdings’ definitive proxy statement, in connection with its 2023 annual meeting of stockholders, to be filed within 120 days of December 31, 2022 , 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 | ||
CUSA [Member] | |||
Entity Information [Line Items] | |||
Entity Registrant Name | Cinemark USA, Inc. | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Shell Company | false | ||
Entity File Number | 33-47040 | ||
Entity Tax Identification Number | 75-2206284 | ||
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 | TX | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | Yes | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Name | Deloitte & Touche LLP | ||
Auditor Firm ID | 34 | ||
Auditor Location | Dallas, Texas | ||
CUSA [Member] | Class A Common Stock | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 1,500 | ||
CUSA [Member] | Class B Common Stock | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 182,648 | ||
CNK [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 120,401,498 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Theatre properties and equipment | |||
Total | $ 3,395.3 | $ 3,368.8 | |
Less: accumulated depreciation and amortization | [1] | 2,163.2 | 1,985.9 |
Total | 1,232.1 | 1,382.9 | |
Operating lease right-of-use assets, net | [2] | 1,102.7 | 1,230.8 |
Other assets | |||
Goodwill | [3] | 1,250.9 | 1,248.8 |
Intangible assets, net | 304.6 | 310.8 | |
Current liabilities | |||
Current portion of operating lease obligations | [2] | 219.3 | 217.1 |
Current portion of finance lease obligations | [2] | 14.4 | 14.6 |
Accrued other current liabilities (see Note 13) | 200.4 | 225 | |
Long-term liabilities | |||
Operating lease obligations, less current portion | [2] | 970.6 | 1,078.3 |
Finance lease obligations, less current portion | [2] | 88 | 102.6 |
Commitments and Contingencies | |||
Cinemark Holdings, Inc.'s stockholders' equity: | |||
Treasury stock | (95.4) | (91.1) | |
Noncontrolling interests | 9.3 | 11.6 | |
CUSA [Member] | |||
Current assets | |||
Cash and cash equivalents | 427.3 | 442.7 | |
Inventories | 23.7 | 15.5 | |
Accounts receivable | 69 | 68.8 | |
Current income tax receivable | 47.8 | 46.6 | |
Prepaid expenses and other | 50.7 | 36.2 | |
Accounts receivable from parent | 53.4 | 46.7 | |
Total current assets | 659.5 | 656.5 | |
Theatre properties and equipment | |||
Less: accumulated depreciation and amortization | 2,165.7 | 1,985.9 | |
Total | 1,235.5 | 1,382.9 | |
Operating lease right-of-use assets, net | 1,107.9 | 1,230.8 | |
Other assets | |||
Goodwill | 1,250.9 | 1,248.8 | |
Intangible assets, net | 304.6 | 310.8 | |
Investments in affiliates | 22.6 | 25.2 | |
Deferred charges and other assets, net | 40.4 | 22.3 | |
Total other assets | 1,628.1 | 1,742.5 | |
Total assets | 4,623.3 | 5,012.7 | |
Current liabilities | |||
Current portion of long-term debt | 10.7 | 24.3 | |
Current portion of operating lease obligations | 219.3 | 217.1 | |
Current portion of finance lease obligations | 14.4 | 14.6 | |
Current income tax payable | 3.2 | 0 | |
Accounts payable | 72.2 | 76 | |
Accrued interest | 31.2 | 33.2 | |
Accrued film rentals | 65.1 | 86.1 | |
Accrued payroll | 54.5 | 54.9 | |
Accrued property taxes | 29.6 | 30 | |
Accrued other current liabilities (see Note 13) | 200.1 | 224.4 | |
Total current liabilities | 703.9 | 760.6 | |
Long-term liabilities | |||
Long-term debt, less current portion | 2,023 | 2,028.7 | |
Operating lease obligations, less current portion | 970.6 | 1,078.3 | |
Finance lease obligations, less current portion | 88 | 102.6 | |
Long-term deferred tax liability | 36.1 | 57.8 | |
Long-term liability for uncertain tax positions | 47.3 | 45.9 | |
NCM screen advertising advances | 338.2 | 346 | |
Other long-term liabilities | 37.3 | 37.9 | |
Total long-term liabilities | 3,538.2 | 3,697.2 | |
Commitments and Contingencies | |||
Cinemark Holdings, Inc.'s stockholders' equity: | |||
Additional paid-in-capital | 1,479.5 | 1,459 | |
Treasury stock | (24.2) | (24.2) | |
Accumulated deficit | (775.9) | (544) | |
Accumulated other comprehensive income (loss) | 356.3 | 397 | |
Total equity | 372.6 | 543.3 | |
Noncontrolling interests | 9.3 | 11.6 | |
Total equity | 381.9 | 554.9 | |
Total liabilities and equity | 4,623.3 | 5,012.7 | |
CUSA [Member] | Class A Common Stock | |||
Cinemark Holdings, Inc.'s stockholders' equity: | |||
Common stock value | 0 | 0 | |
CUSA [Member] | Class B Common Stock | |||
Cinemark Holdings, Inc.'s stockholders' equity: | |||
Common stock value | 49.5 | 49.5 | |
CNK [Member] | |||
Current assets | |||
Cash and cash equivalents | 674.5 | 707.3 | |
Inventories | 23.7 | 15.5 | |
Accounts receivable | 69.6 | 68.8 | |
Current income tax receivable | 45.1 | 46.6 | |
Prepaid expenses and other | 50.7 | 36.2 | |
Total current assets | 863.6 | 874.4 | |
Theatre properties and equipment | |||
Less: accumulated depreciation and amortization | 2,165.7 | 1,985.9 | |
Total | 1,232.1 | 1,382.9 | |
Operating lease right-of-use assets, net | 1,102.7 | 1,230.8 | |
Other assets | |||
Goodwill | 1,250.9 | 1,248.8 | |
Intangible assets, net | 304.6 | 310.8 | |
Investments in affiliates | 22.6 | 25.2 | |
Deferred charges and other assets, net | 31.6 | 22.3 | |
Total other assets | 1,619.3 | 1,742.5 | |
Total assets | 4,817.7 | 5,230.6 | |
Current liabilities | |||
Current portion of long-term debt | 10.7 | 24.3 | |
Current portion of operating lease obligations | 219.3 | 217.1 | |
Current portion of finance lease obligations | 14.4 | 14.6 | |
Current income tax payable | 3.2 | ||
Accounts payable | 72.2 | 76 | |
Accrued interest | 39.1 | 41.1 | |
Accrued film rentals | 65.1 | 86.1 | |
Accrued payroll | 54.5 | 54.9 | |
Accrued property taxes | 29.6 | 30 | |
Accrued other current liabilities (see Note 13) | 200.4 | 225 | |
Total current liabilities | 708.5 | 769.1 | |
Long-term liabilities | |||
Long-term debt, less current portion | [4] | 2,474 | 2,476.3 |
Operating lease obligations, less current portion | 970.6 | 1,078.3 | |
Finance lease obligations, less current portion | 88 | 102.6 | |
Long-term deferred tax liability | 33.7 | 39.8 | |
Long-term liability for uncertain tax positions | 47.9 | 45.9 | |
Other long-term liabilities | 37.3 | 38.1 | |
Total long-term liabilities | 3,989.7 | 4,127 | |
Commitments and Contingencies | |||
Cinemark Holdings, Inc.'s stockholders' equity: | |||
Common stock value | 0.1 | 0.1 | |
Additional paid-in-capital | 1,219.3 | 1,197.8 | |
Treasury stock | (95.4) | (91.1) | |
Accumulated deficit | (660.6) | (389.4) | |
Accumulated other comprehensive income (loss) | 353.2 | 394.5 | |
Total equity | 110.2 | 322.9 | |
Noncontrolling interests | 9.3 | 11.6 | |
Total equity | 119.5 | 334.5 | |
Total liabilities and equity | 4,817.7 | 5,230.6 | |
NCM | CUSA [Member] | |||
Other assets | |||
Investment | 9.6 | 135.4 | |
NCM | CNK [Member] | |||
Other assets | |||
Investment | 9.6 | 135.4 | |
Long-term liabilities | |||
NCM screen advertising advances | $ 338.2 | $ 346 | |
[1] Amortization of finance lease assets is included in depreciation and amortization expense on the consolidated statements of loss. Accumulated amortization of finance lease assets as of December 31, 2021 and 2022 was $ 57.8 and $ 62.5 , respectively. 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. Balances are presented net of accumulated impairment losses of $ 214.0 for the U.S. operating segment and $ 43.8 for the international operating segment. The only differences between the long-term debt for Holdings, as presented above, and the long-term debt for CUSA are the $ 460.0 million 4.50 % Convertible Senior Notes due 2025 and the related debt issuance costs. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Treasury stock, shares | 5,680,000 | 5,350,000 | |
Accumulated depreciation and amortization | [1] | $ 2,163.2 | $ 1,985.9 |
CUSA [Member] | |||
Treasury stock, shares | 57,245 | 57,245 | |
Accumulated depreciation and amortization | $ 2,165.7 | $ 1,985.9 | |
CUSA [Member] | Class A Common Stock | |||
Common stock, par value | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 10,000,000 | 10,000,000 | |
Common stock, shares issued | 1,500 | 1,500 | |
Common stock, shares outstanding | 1,500 | 1,500 | |
CUSA [Member] | Class B Common Stock | |||
Common stock, par value | $ 0 | $ 0 | |
Common stock, shares authorized | 1,000,000 | 1,000,000 | |
Common stock, shares issued | 182,648 | 239,893 | |
Common stock, shares outstanding | 182,648 | 239,893 | |
CNK [Member] | |||
Common stock, par value | $ 0.001 | $ 0.001 | |
Common stock, shares authorized | 300,000,000 | 300,000,000 | |
Common stock, shares issued | 126,082,187 | 125,100,993 | |
Common stock, shares outstanding | 120,403,833 | 119,750,882 | |
Treasury stock, shares | 5,678,354 | 5,350,111 | |
Accumulated depreciation and amortization | $ 2,165.7 | $ 1,985.9 | |
[1] Amortization of finance lease assets is included in depreciation and amortization expense on the consolidated statements of loss. Accumulated amortization of finance lease assets as of December 31, 2021 and 2022 was $ 57.8 and $ 62.5 , respectively. |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Revenue | ||||
Total revenue | $ 2,454.7 | $ 1,510.5 | $ 686.3 | |
Cost of operations | ||||
Depreciation and amortization | 238.2 | 265.4 | 259.8 | |
Impairment of long-lived and other assets | 174.1 | 20.8 | 152.7 | |
Restructuring costs | (0.5) | (1) | 20.3 | |
Other income (expense) | ||||
Interest expense | [1] | (155.3) | (149.7) | (129.9) |
Loss before income taxes | (265) | (439) | (927.3) | |
Income tax benefit | 3 | (16.8) | (309.4) | |
Net loss | (268) | (422.2) | (617.9) | |
Net loss attributable to Cinemark Holdings, Inc. | $ (271.2) | $ (422.8) | $ (616.8) | |
Weighted average shares outstanding | ||||
Basic | 118,200,000 | 117,300,000 | 116,700,000 | |
Diluted | 118,200,000 | 117,300,000 | 116,700,000 | |
Loss per share attributable to Cinemark Holdings, Inc.'s common stockholders | ||||
Basic | $ (2.26) | $ (3.55) | $ (5.25) | |
Diluted | $ (2.26) | $ (3.55) | $ (5.25) | |
CUSA [Member] | ||||
Revenue | ||||
Total revenue | $ 2,454.7 | $ 1,510.5 | $ 686.3 | |
Cost of operations | ||||
Film rentals and advertising | 704.4 | 415 | 186.8 | |
Concession supplies | 169.3 | 97.9 | 48.6 | |
Salaries and wages | 372.7 | 232.9 | 145 | |
Facility lease expense | 308.3 | 280 | 279.8 | |
Utilities and other | 407.2 | 282.9 | 229.5 | |
General and administrative expenses | 174.6 | 158.5 | 125.4 | |
Depreciation and amortization | 238.2 | 265.4 | 259.8 | |
Impairment of long-lived and other assets | 174.1 | 20.8 | 152.7 | |
Restructuring costs | 0.5 | (1) | 20.4 | |
(Gain) loss on disposal of assets and other | 6.8 | 8 | (8.9) | |
Total cost of operations | 2,541.5 | 1,760.4 | 1,439.1 | |
Operating loss | (86.8) | (249.9) | (752.8) | |
Other income (expense) | ||||
Interest expense | (131.2) | (125.6) | (115.7) | |
Interest income | 16.5 | 6.3 | 4.8 | |
Loss on extinguishment of debt | 0 | (6.5) | ||
Foreign currency exchange loss | (11.5) | (1.3) | (4.8) | |
Distributions from NCM | 0 | 0.1 | 7 | |
Cash distributions from DCIP | 3.7 | 13.1 | 0 | |
Non-cash distribution from DCIP | 0 | 12.9 | ||
Interest expense - NCM | (23.2) | (23.6) | (23.6) | |
Equity in income (loss) | (9.3) | (25) | (38.7) | |
Total other expense | (155) | (162.5) | (158.1) | |
Loss before income taxes | (241.8) | (412.4) | (910.9) | |
Income tax benefit | (13.1) | (32.3) | (303.6) | |
Net loss | (228.7) | (380.1) | (607.3) | |
Less: Net income attributable to noncontrolling interests | 3.2 | 0.6 | (1.1) | |
Net loss attributable to Cinemark Holdings, Inc. | (231.9) | (380.7) | (606.2) | |
CNK [Member] | ||||
Revenue | ||||
Total revenue | 2,454.7 | 1,510.5 | 686.3 | |
Cost of operations | ||||
Film rentals and advertising | 704.4 | 415 | 186.8 | |
Concession supplies | 169.3 | 97.9 | 48.6 | |
Salaries and wages | 372.7 | 232.9 | 145 | |
Facility lease expense | 308.3 | 280 | 279.8 | |
Utilities and other | 407.2 | 282.9 | 229.5 | |
General and administrative expenses | 177.6 | 161.1 | 127.6 | |
Depreciation and amortization | 238.2 | 265.4 | 259.8 | |
Impairment of long-lived and other assets | 174.1 | 20.8 | 152.7 | |
Restructuring costs | (0.5) | (1) | 20.4 | |
(Gain) loss on disposal of assets and other | (6.8) | 8 | (8.9) | |
Total cost of operations | 2,544.5 | 1,763 | 1,441.3 | |
Operating loss | (89.8) | (252.5) | (755) | |
Other income (expense) | ||||
Interest expense | (155.3) | (149.7) | (129.9) | |
Interest income | 20.4 | 6.4 | 4.8 | |
Loss on extinguishment of debt | 0 | (6.5) | 0 | |
Foreign currency exchange loss | (11.5) | (1.3) | (4.8) | |
Equity in income (loss) | (9.3) | (25) | (38.7) | |
Total other expense | (175.2) | (186.5) | (172.3) | |
Loss before income taxes | (265) | (439) | (927.3) | |
Income tax benefit | (3) | (16.8) | (309.4) | |
Net loss | (268) | (422.2) | (617.9) | |
Less: Net income attributable to noncontrolling interests | 3.2 | 0.6 | (1.1) | |
Net loss attributable to Cinemark Holdings, Inc. | $ (271.2) | $ (422.8) | $ (616.8) | |
Weighted average shares outstanding | ||||
Basic | 118,200,000 | 117,300,000 | 116,700,000 | |
Diluted | 118,200,000 | 117,300,000 | 116,700,000 | |
Loss per share attributable to Cinemark Holdings, Inc.'s common stockholders | ||||
Basic | $ (2.26) | $ (3.55) | $ (5.25) | |
Diluted | $ (2.26) | $ (3.55) | $ (5.25) | |
NCM | ||||
Cost of operations | ||||
Impairment of long-lived and other assets | $ 113.2 | |||
Other income (expense) | ||||
Interest expense - NCM | (23.2) | $ (23.6) | $ (23.6) | |
NCM | CNK [Member] | ||||
Other income (expense) | ||||
Distributions from NCM | 0 | 0.1 | 7 | |
Interest expense - NCM | (23.2) | (23.6) | (23.6) | |
DCIP | CNK [Member] | ||||
Other income (expense) | ||||
Cash distributions from DCIP | 3.7 | 13.1 | 0 | |
Non-cash distribution from DCIP | 0 | 0 | 12.9 | |
Admissions | CUSA [Member] | ||||
Revenue | ||||
Total revenue | 1,246.9 | 780 | 356.5 | |
Admissions | CNK [Member] | ||||
Revenue | ||||
Total revenue | 1,246.9 | 780 | 356.5 | |
Concession | ||||
Revenue | ||||
Total revenue | 938.3 | 561.7 | 231.1 | |
Concession | CUSA [Member] | ||||
Revenue | ||||
Total revenue | 938.3 | 561.7 | 231.1 | |
Concession | CNK [Member] | ||||
Revenue | ||||
Total revenue | 938.3 | 561.7 | 231.1 | |
Other | CUSA [Member] | ||||
Revenue | ||||
Total revenue | 269.5 | 168.8 | 98.7 | |
Other | CNK [Member] | ||||
Revenue | ||||
Total revenue | $ 269.5 | $ 168.8 | $ 98.7 | |
[1] Includes amortization of debt issuance costs and amortization of accumulated losses for amended swap agreements. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net loss | $ (268) | $ (422.2) | $ (617.9) |
Other comprehensive income (loss), net of tax | |||
Foreign currency translation adjustments | 4.6 | (18.8) | (47.6) |
CUSA [Member] | |||
Net loss | (228.7) | (380.1) | (607.3) |
Other comprehensive income (loss), net of tax | |||
Unrealized gain (loss) due to fair value adjustments on interest rate swap agreements, net of taxes of $3.5, $(3.3) and $________, net of settlements | 31.6 | (16) | (14.3) |
Foreign currency translation adjustments | (4.6) | (18.8) | (47.6) |
Total other comprehensive (loss) income, net of tax | 36.2 | (2.8) | (61.9) |
Total comprehensive income (loss), net of tax | (192.5) | (382.9) | (669.2) |
Comprehensive (income) loss attributable to noncontrolling interests | (3.2) | (0.6) | 1.1 |
Comprehensive income (loss) attributable to Cinemark Holdings, Inc. | (195.7) | (383.5) | (668.1) |
CNK [Member] | |||
Net loss | (268) | (422.2) | (617.9) |
Other comprehensive income (loss), net of tax | |||
Unrealized gain (loss) due to fair value adjustments on interest rate swap agreements, net of taxes of $3.5, $(3.3) and $________, net of settlements | 32.2 | 18.5 | (14.3) |
Foreign currency translation adjustments | 4.6 | (18.8) | (47.6) |
Total other comprehensive (loss) income, net of tax | 36.8 | (0.3) | (61.9) |
Total comprehensive income (loss), net of tax | (231.2) | (422.5) | (679.8) |
Comprehensive (income) loss attributable to noncontrolling interests | (3.2) | (0.6) | 1.1 |
Comprehensive income (loss) attributable to Cinemark Holdings, Inc. | $ (234.4) | $ (423.1) | $ (678.7) |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CUSA [Member] | |||
Unrealized loss due to fair value adjustments on interest rate swap agreements, taxes | $ (3.4) | $ 3.3 | $ 3.5 |
CNK [Member] | |||
Unrealized loss due to fair value adjustments on interest rate swap agreements, taxes | $ (2.8) | $ (0.7) | $ 3.5 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions | Total | CUSA [Member] | CNK [Member] | Common Stock CUSA [Member] Common Class B [Member] | Common Stock CNK [Member] | Treasury Stock CUSA [Member] | Treasury Stock CNK [Member] | Additional Paid-in- Capital CUSA [Member] | Additional Paid-in- Capital CNK [Member] | Retained Earnings CUSA [Member] | Retained Earnings CNK [Member] | Accumulated Other Comprehensive Loss CUSA [Member] | Accumulated Other Comprehensive Loss CNK [Member] | Total Cinemark Holdings, Inc.'s Stockholders' Equity CUSA [Member] | Total Cinemark Holdings, Inc.'s Stockholders' Equity CNK [Member] | Noncontrolling Interests CUSA [Member] | Noncontrolling Interests CNK [Member] | |
Balance at Dec. 31, 2019 | $ 1,474.2 | $ 1,448.3 | $ 49.5 | $ 0.1 | $ (24.2) | $ (81.6) | $ 1,291.6 | $ 1,170.1 | $ 484.9 | $ 687.3 | $ (340.1) | $ (340.1) | $ 1,461.7 | $ 1,435.8 | $ 12.5 | $ 12.5 | ||
Balance (in shares) at Dec. 31, 2019 | 200,000 | 121,900,000 | (100,000) | (4,700,000) | ||||||||||||||
Issuance of restricted stock | $ 1.5 | |||||||||||||||||
Issuance of stock upon vesting of restricted stock units | 0.2 | |||||||||||||||||
Restricted stock forfeitures and stock withholdings related to share based awards that vested during the year | $ (5.4) | [1] | (5.4) | $ (5.4) | (5.4) | |||||||||||||
Restricted stock forfeitures and stock withholdings related to share based awards that vested during the year (in shares) | 400,000 | |||||||||||||||||
Share based awards compensation expense | 19 | 19.9 | 19 | 19.9 | 19 | 19.9 | ||||||||||||
Dividends paid to parent | (42) | (42.3) | (42) | 42.3 | 42 | 42.3 | ||||||||||||
Contributions received from parent | 0 | |||||||||||||||||
Dividends accrued on unvested restricted stock unit awards | (0.3) | 0.3 | 0.3 | 0.3 | ||||||||||||||
Distributions to noncontrolling interests | (0.4) | (0.4) | (0.4) | 0.4 | ||||||||||||||
Net loss | (617.9) | (607.3) | (617.9) | (606.2) | (616.8) | (606.2) | (616.8) | (1.1) | (1.1) | |||||||||
Issuance of convertible senior notes | 108.3 | 108.3 | 108.3 | |||||||||||||||
Call options purchased | (142.1) | (142.1) | (142.1) | |||||||||||||||
Proceeds from issuance of warrants | 89.4 | 89.4 | 89.4 | |||||||||||||||
Amortization of accumulated losses for amended swap agreements | 3.3 | 3.3 | 3.3 | 3.3 | 3.3 | 3.3 | ||||||||||||
Other comprehensive income (loss) | (61.9) | (61.9) | (61.9) | (61.9) | (61.9) | (61.9) | ||||||||||||
Balance at Dec. 31, 2020 | 784.9 | 798.9 | $ 49.5 | $ 0.1 | $ (24.2) | $ (87) | 1,310.6 | 1,245.6 | (163.3) | 27.9 | (398.7) | (398.7) | 773.9 | 787.9 | 11 | 11 | ||
Balance (in shares) at Dec. 31, 2020 | 200,000 | 123,600,000 | (100,000) | (5.1) | ||||||||||||||
Impact of adoption of ASU 2020-06, net of tax | ASU 2020-06 | (71.6) | (77.1) | 5.5 | (71.6) | ||||||||||||||
Issuance of restricted stock (in shares) | 1,300,000 | |||||||||||||||||
Issuance of stock upon vesting of restricted stock units | $ 0.2 | |||||||||||||||||
Restricted stock forfeitures and stock withholdings related to share based awards that vested during the year | (4.1) | [1] | (4.1) | $ (4.1) | (4.1) | |||||||||||||
Restricted stock forfeitures and stock withholdings related to share based awards that vested during the year (in shares) | 300,000 | |||||||||||||||||
Share based awards compensation expense | 28.4 | 29.3 | 28.4 | 29.3 | 28.4 | 29.3 | ||||||||||||
Contributions received from parent | 120 | 120 | 120 | |||||||||||||||
Dividends accrued on unvested restricted stock unit awards | 0 | |||||||||||||||||
Net loss | (422.2) | (380.1) | (422.2) | (380.7) | (422.8) | (380.7) | (422.8) | 0.6 | 0.6 | |||||||||
Amortization of accumulated losses for amended swap agreements | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | ||||||||||||
Other comprehensive income (loss) | (2.8) | (0.3) | (2.8) | (0.3) | (2.8) | (0.3) | ||||||||||||
Balance at Dec. 31, 2021 | 554.9 | 334.5 | $ 49.5 | $ 0.1 | $ (24.2) | $ (91.1) | 1,459 | 1,197.8 | (544) | (389.4) | (397) | (394.5) | 543.3 | 322.9 | 11.6 | 11.6 | ||
Balance (in shares) at Dec. 31, 2021 | 200,000 | 125.1 | (100,000) | (5.4) | ||||||||||||||
Issuance of restricted stock | $ 0.9 | |||||||||||||||||
Issuance of stock upon vesting of restricted stock units (in shares) | 100,000 | |||||||||||||||||
Restricted stock forfeitures and stock withholdings related to share based awards that vested during the year | (4.3) | [1] | (4.3) | $ (4.3) | (4.3) | |||||||||||||
Restricted stock forfeitures and stock withholdings related to share based awards that vested during the year (in shares) | 300,000 | |||||||||||||||||
Share based awards compensation expense | 20.5 | 21.5 | 20.5 | 21.5 | 20.5 | 21.5 | ||||||||||||
Contributions received from parent | 0 | |||||||||||||||||
Dividends accrued on unvested restricted stock unit awards | 0 | |||||||||||||||||
Distributions to noncontrolling interests | (5.5) | (5.5) | (5.5) | 5.5 | ||||||||||||||
Net loss | $ (268) | (228.7) | (268) | (231.9) | (271.2) | (231.9) | (271.2) | 3.2 | 3.2 | |||||||||
Amortization of accumulated losses for amended swap agreements | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | ||||||||||||
Other comprehensive income (loss) | 36.2 | 36.8 | 36.2 | 36.8 | 36.2 | 36.8 | ||||||||||||
Balance at Dec. 31, 2022 | $ 381.9 | $ 119.5 | $ 49.5 | $ 0.1 | $ (24.2) | $ (95.4) | $ 1,479.5 | $ 1,219.3 | $ (775.9) | $ (660.6) | $ (356.3) | $ (353.2) | $ 372.6 | $ 110.2 | $ 9.3 | $ 9.3 | ||
Balance (in shares) at Dec. 31, 2022 | 200,000 | 126.1 | (100,000) | (5.7) | ||||||||||||||
[1] Holdings withheld shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock and restricted stock units. Holdings determined the number of shares to be withheld based upon market values of the common stock of Holdings on the vest dates. Below is a summary of the range of market values per share on the vest dates for the years indicated: Year Ended December 31, 2020 2021 2022 Market Values $ 8.03 to $ 32.12 $ 15.21 to $ 24.14 $ 12.11 to $ 18.33 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Restructuring Costs | |
CUSA [Member] | ||
Share based awards compensation expense | $ 0.5 | |
CNK [Member] | ||
Dividends paid to stockholders, per share | $ 0.36 | |
Cumulative effect of change in accounting principle, taxes | $ 20.3 | |
Share based awards compensation expense | $ 0.5 | |
Tax impact of convertible notes issued | $ 10.9 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities | |||
Net loss | $ (268) | $ (422.2) | $ (617.9) |
Adjustments to reconcile net loss to cash provided by (used for) operating activities: | |||
Impairment of long-lived and other assets | 174.1 | 20.8 | 152.7 |
Share based awards compensation expense | 21.5 | 29.3 | 19.4 |
Non-cash rent expense | 10.8 | 3.4 | (2.3) |
Deferred income tax expenses | (9.3) | (22.6) | (38.9) |
Investing activities | |||
Additions to theatre properties and equipment and other | (110.7) | (95.5) | (83.9) |
Financing activities | |||
Payments on finance leases | (14.3) | (14.7) | (15.4) |
CUSA [Member] | |||
Operating activities | |||
Net loss | (228.7) | (380.1) | (607.3) |
Adjustments to reconcile net loss to cash provided by (used for) operating activities: | |||
Depreciation | 235.7 | 262.7 | 255 |
Amortization of intangible and other assets | 2.5 | 2.7 | 4.8 |
Amortization of debt issuance costs | 7.5 | 7.3 | 6.4 |
Amortization of accumulated losses for amended swap agreements | 4.5 | 4.5 | 3.3 |
Impairment of long-lived and other assets | 174.1 | 20.8 | 152.7 |
Share based awards compensation expense | 20.5 | 28.4 | 18.5 |
(Gain) loss on disposal of assets and other | (6.8) | 8 | (8.9) |
Loss on extinguishment of debt | 0 | 6.5 | 0 |
Non-cash rent expense | (10.8) | (3.4) | 2.4 |
Equity in loss of affiliates | 9.3 | 25 | 38.7 |
Deferred income tax expenses | (25.4) | (38.1) | (39.4) |
Distributions from equity investees | 6.9 | 0.2 | 25.4 |
Non-cash distributions from equity investees | 0 | 0 | (12.9) |
Changes in other assets and liabilities: | |||
Inventories | (8.2) | (2.9) | 9.1 |
Accounts receivable | (3) | (49.3) | 51.4 |
Income tax receivable | 1.5 | 112.3 | (154.8) |
Prepaid expenses and other | (2.3) | (1.8) | 2.8 |
Deferred charges and other assets, net | (1.2) | 0.8 | 9.9 |
Accounts payable and accrued expenses | (24.9) | 175.2 | (104.2) |
Income tax payable | 3.2 | (5.9) | 2.3 |
Liabilities for uncertain tax positions | 2 | 30.2 | 4.9 |
Other long-term liabilities | 6.3 | (17.9) | 13.1 |
Net cash (used for) provided by operating activities | 153.4 | 176.4 | (334.9) |
Investing activities | |||
Additions to theatre properties and equipment and other | (110.7) | (95.5) | (83.9) |
Proceeds from sale of assets and other | 14.4 | 6.2 | 0.6 |
Investment in joint ventures and other, net | 0 | 0 | (0.1) |
Net cash used for investing activities | (96.3) | (89.3) | (83.4) |
Financing activities | |||
Dividends paid to parent | 0 | 0 | (42) |
Contributions received from parent | 0 | 120 | 0 |
Restricted stock withholdings for payroll taxes | (4.3) | (4.1) | (5.4) |
Proceeds from issuance of senior notes | 0 | 1,170 | 250 |
Proceeds from other borrowings | 0 | 13.5 | 22.3 |
Redemption of senior notes | 0 | (1,155) | 0 |
Repayments of long-term debt | (28.1) | (10.3) | (6.7) |
Payment of debt issuance costs | 0 | (17.3) | (7.9) |
Fees paid related to debt refinancing | 0 | (2) | 0 |
Payments on finance leases | (14.3) | (14.7) | (15.4) |
Other | (5.5) | 0 | (0.4) |
Net cash provided by (used for) financing activities | (52.2) | 100.1 | 194.5 |
Effect of exchange rate changes on cash and cash equivalents | (20.3) | (5) | (3.9) |
Increase (decrease) in cash and cash equivalents | (15.4) | 182.2 | (227.7) |
Cash and cash equivalents: | |||
Beginning of period | 442.7 | 260.5 | 488.2 |
End of period | 427.3 | 442.7 | 260.5 |
CNK [Member] | |||
Operating activities | |||
Net loss | (268) | (422.2) | (617.9) |
Adjustments to reconcile net loss to cash provided by (used for) operating activities: | |||
Depreciation | 235.7 | 262.7 | 255 |
Amortization of intangible and other assets | 2.5 | 2.7 | 4.8 |
Amortization of debt issuance costs | 10.9 | 10.7 | 7.3 |
Non-cash interest accretion on convertible notes | 0 | 0 | 5.7 |
Amortization of accumulated losses for amended swap agreements | 4.5 | 4.5 | 3.3 |
Impairment of long-lived and other assets | 174.1 | 20.8 | 152.7 |
Share based awards compensation expense | 21.5 | 29.3 | 19.4 |
(Gain) loss on disposal of assets and other | (6.8) | 8 | (8.9) |
Loss on extinguishment of debt | 0 | 6.5 | 0 |
Non-cash rent expense | (10.8) | (3.4) | 2.4 |
Equity in loss of affiliates | 9.3 | 25 | 38.7 |
Deferred income tax expenses | (9.3) | (22.6) | (38.9) |
Distributions from equity investees | 6.9 | 0.2 | 25.4 |
Non-cash distributions from equity investees | 0 | 0 | (12.9) |
Changes in other assets and liabilities: | |||
Inventories | (8.2) | (2.9) | 9.1 |
Accounts receivable | (1.2) | (43.6) | 58.5 |
Income tax receivable | 1.5 | 118.5 | (161.1) |
Prepaid expenses and other | (2.3) | (1.8) | 2.8 |
Deferred charges and other assets, net | (1.2) | 0.8 | 9.9 |
Accounts payable and accrued expenses | (25.1) | 175.5 | (97.2) |
Income tax payable | 3.2 | (6) | 2.3 |
Liabilities for uncertain tax positions | 2 | 30.2 | 4.9 |
Other long-term liabilities | 6.1 | (17.9) | 12.7 |
Net cash (used for) provided by operating activities | 136 | 166.2 | (330.1) |
Investing activities | |||
Additions to theatre properties and equipment and other | (110.7) | (95.5) | (83.9) |
Proceeds from sale of assets and other | 14.4 | 6.2 | 0.6 |
Investment in joint ventures and other, net | 0 | 0 | (0.1) |
Net cash used for investing activities | (96.3) | (89.3) | (83.4) |
Financing activities | |||
Dividends paid to parent | 0 | 0 | (42.3) |
Restricted stock withholdings for payroll taxes | (4.3) | (4.1) | (5.4) |
Proceeds from issuance of convertible notes | 0 | 0 | 460 |
Proceeds from issuance of senior notes | 0 | 1,170 | 250 |
Proceeds from other borrowings | 0 | 13.5 | 22.3 |
Redemption of senior notes | 0 | (1,155) | 0 |
Repayments of long-term debt | (28.1) | (10.3) | (6.7) |
Payment of debt issuance costs | 0 | (17.3) | (25) |
Proceeds from warrants issued | 0 | 0 | 89.4 |
Fees paid related to debt refinancing | 0 | 2 | 0 |
Payments on finance leases | (14.3) | (14.7) | (15.4) |
Other | (5.5) | 0 | (0.4) |
Net cash provided by (used for) financing activities | (52.2) | (19.9) | 584.4 |
Effect of exchange rate changes on cash and cash equivalents | (20.3) | (5) | (3.9) |
Increase (decrease) in cash and cash equivalents | (32.8) | 52 | 167 |
Cash and cash equivalents: | |||
Beginning of period | 707.3 | 655.3 | 488.3 |
End of period | 674.5 | 707.3 | 655.3 |
Convertible Notes | CNK [Member] | |||
Financing activities | |||
Purchase of convertible note hedges | 0 | 0 | (142.1) |
NCM | |||
Adjustments to reconcile net loss to cash provided by (used for) operating activities: | |||
Impairment of long-lived and other assets | 113.2 | ||
NCM | CUSA [Member] | |||
Adjustments to reconcile net loss to cash provided by (used for) operating activities: | |||
Interest accrued on NCM screen advertising advances | 23.2 | 23.6 | 23.6 |
Amortization of NCM screen advertising advances and other deferred revenues | (32.5) | (32.4) | (31.7) |
NCM | CNK [Member] | |||
Adjustments to reconcile net loss to cash provided by (used for) operating activities: | |||
Interest accrued on NCM screen advertising advances | 23.2 | 23.6 | 23.6 |
Amortization of NCM screen advertising advances and other deferred revenues | $ (32.5) | $ (32.4) | $ (31.7) |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business — Cinemark Holdings, Inc. (“Holdings”) is a holding company and its wholly-owned subsidiary is Cinemark USA, Inc. (“CUSA”). Holdings consolidates CUSA and its subsidiaries for financial statement purposes, and CUSA comprises approximately the entire balance of Holdings’ assets, liabilities and operating cash flows. In addition, CUSA’s operating revenue comprises 100 % and its operating expenses comprise nearly 100 % of Holdings’ revenue and operating expenses, respectively. As such, the following Notes to Consolidated Financial Statements relate to Holdings and CUSA and their respective consolidated subsidiaries in all material aspects, unless otherwise noted. Where it is important to distinguish between Holdings and CUSA, specific reference is made to either Holdings or CUSA. Otherwise, all references to “we”, “our”, “us” and “the Company” relate to Cinemark Holdings, Inc. and its consolidated subsidiaries and all references to CUSA relate to CUSA and its consolidated subsidiaries. We operate in the motion picture exhibition industry, with theatres in the United States (“U.S.”) and in 15 countries in Latin America as of December 31, 2022 . Principles of Consolidation — The consolidated financial statements include the accounts of Cinemark Holdings, Inc. and its subsidiaries and Cinemark USA, Inc. and its subsidiaries. Majority-owned subsidiaries that Holdings or CUSA, as applicable has control of are consolidated while those affiliates of which Holdings or CUSA, as applicable, owns between 20 % and 50 % and does not control are accounted for under the equity method. Those affiliates of which Holdings or CUSA, as applicable, owns less than 20 % are generally accounted for under the cost method, unless Holdings or CUSA, as applicable, is deemed to have the ability to exercise significant influence over the affiliate, in which case Holdings or CUSA, as applicable, would account for its investment under the equity method. The results of these equity method investees are included in the consolidated financial statements of Holdings and CUSA, as applicable, effective from their date of formation or from their date 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 at 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 $ 10.8 as of December 31, 2022 and are considered restricted cash. See Note 14 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 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 40 years Land and buildings under finance leases Lease term Theatre furniture and equipment 3 to 15 years Leasehold improvements Lesser of lease term or useful life 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. When estimated fair value is determined to be lower than the carrying value of the asset group (theatre), the asset group (theatre) is written down to 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. 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 historical and projected operating performance, recent market transactions and current 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 its reporting units to be the U.S. and each of its international countries that has been allocated goodwill (the Company does not have goodwill recorded for all of its international locations). Management evaluates goodwill at the U.S. market level as its U.S. regions have similar economic characteristics. Under ASC Topic 350, Goodwill, Intangibles and Other (“ASC Topic 350”), the Company can elect to perform a qualitative or a quantitative impairment assessment of our goodwill as 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 and income approaches, which consider 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. 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. If the estimated fair value is less than the carrying value, the tradename intangible asset is written down to its estimated fair value. Significant judgment is involved in estimating market royalty rates and long-term revenue forecasts. 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 historical and projected revenue performance and 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 two 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, which are capped at $ 0.3 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 in the U.S. under which the Company is responsible for pre-funding claims and is responsible for claims up to $ 0.3 per occurrence, with an annual cap of $ 5.0 . The Company is also self-insured for domestic medical claims with a cap of $ 0.3 per occurrence. As of December 31, 2021 and 2022 , the Company’s self-insurance reserves were $ 6.8 and $ 10.0 , 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 based on the film licensing arrangements 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’s 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 theatrical 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 Holdings’ 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, Holdings also estimates the number of awards that will ultimately be forfeited. Holdings also periodically estimates the number of awards that will ultimately vest based upon the achievement of pre-established Company performance targets. A cumulative expense adjustment is recognized when that estimate changes. See Note 18 for discussion of Holdings’ 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. CUSA participates in the consolidated return of Holdings; however, CUSA’s provisions for income taxes is computed on a stand-alone basis. 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 20. Segments — For the years ended December 31, 2020, 2021 and 2022 , the Company managed its business under two reportable operating segments, U.S. markets and international markets. See Note 22. 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 16 for a summary of the translation adjustments recorded in accumulated other comprehensive loss for the years ended December 31, 2020, 2021 and 2022. 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 16. 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 15 for a discussion of our fair value measurements for the years ended December 31, 2020, 2021 and 2022 . 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 14. 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 years ended December 31, 2021 and 2022. The balance of accrued and unpaid restructuring charges at December 31, 2022 was $ 0 . See further discussion in Note 3. |
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Dec. 31, 2022 | |
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”), ASU 2021-01, Reference Rate Reform (Topic 848): Scope , (“ASU 2021-01”), and ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 ( “ASU 2022-06”). 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 2022-06 defer the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The amendments in ASU 2020-04 and ASU 2021-01 are effective as of March 12, 2020 through December 31, 2024. The guidance in ASU 2020-04 and ASU 2021-01 has not impacted the consolidated financial statements of Holdings or CUSA to date. The Company will continue to monitor the impact of ASU 2020-04 and ASU 2021-01 on the consolidated financial statements of Holdings or CUSA in the future. 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 for which the entity is 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 c) 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. Holdings and CUSA have provided the disclosures required by ASU 2021-10 for the year ended December 31, 2022 within Note 3. |
IMPACT OF THE COVID-19 PANDEMIC
IMPACT OF THE COVID-19 PANDEMIC | 12 Months Ended |
Dec. 31, 2022 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Impact of The COVID-19 Pandemic | 3. IMPACT OF THE COVID-19 PANDEMIC The COVID-19 pandemic had a significant impact on the global economy and created a strain on the movie exhibition industry along with widespread social and economic effects. We temporarily closed our theatres in the U.S. and Latin America during March of 2020 at the onset of the COVID-19 outbreak. Additionally, we 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 our quarterly dividend. Throughout 2020 and 2021 we reopened theatres as soon as local restrictions and the status of the COVID-19 pandemic would allow. All of our domestic and international theatres were reopened by the end of the fourth quarter of 2021. While we reopened our theatres and were able to operate, we faced ongoing challenges with the significant reduction in new film releases as our distributors considered the impact of COVID-19 on future box office potential, with many studio partners simultaneously launching streaming platforms. The industry’s recovery from the COVID-19 pandemic is still underway and is contingent upon the volume of new film content available, as well as the box office performance of new film content released. The industry continues to adapt to the evolution of the exclusive theatrical release window, competition from streaming platforms, supply chain constraints, inflationary impacts, and other economic factors. Government Assistance During the years ended December 31, 2020, 2021 and 2022 , the Company received an aggregate of approximately $ 6.9 in government assistance pursuant to (i) payroll continuation support programs under the CARES Act, (ii) various grants provided in certain states intended to cover janitorial and personal protection equipment costs incurred by the Company in response to local regulations and (iii) subsidies for certain payroll costs in certain international locations. The Company has met all applicable conditions related to the government assistance received. The government assistance received was reflected as credits to salaries and wages, utilities and other costs, and general and administrative expenses in the consolidated statements of loss. Restructuring Charges During June 2020, Company management approved and 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 summarizes activity recorded during the years ended December 31, 2020, 2021 and 2022: 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 $ 9.0 $ 7.6 $ 16.6 $ 0.8 $ 2.9 $ 3.7 $ 9.8 $ 10.5 $ 20.3 Amounts paid ( 7.6 ) ( 1.6 ) ( 9.2 ) ( 0.8 ) ( 0.6 ) ( 1.4 ) ( 8.4 ) ( 2.2 ) ( 10.6 ) Noncash write-offs ( 0.5 ) ( 0.3 ) ( 0.8 ) — ( 2.2 ) ( 2.2 ) ( 0.5 ) ( 2.5 ) ( 3.0 ) Reserve balance at December 31, 2020 $ 0.9 $ 5.7 $ 6.6 $ — $ 0.1 $ 0.1 $ 0.9 $ 5.8 $ 6.7 Amounts paid ( 0.4 ) ( 3.9 ) ( 4.3 ) — — — ( 0.4 ) ( 3.9 ) ( 4.3 ) Reserve adjustments (1) ( 0.1 ) ( 0.9 ) ( 1.0 ) — — — ( 0.1 ) ( 0.9 ) ( 1.0 ) Reserve balance at December 31, 2021 $ 0.4 $ 0.9 $ 1.3 $ — $ 0.1 $ 0.1 $ 0.4 $ 1.0 $ 1.4 Amounts paid ( 0.4 ) ( 0.5 ) ( 0.9 ) — — — ( 0.4 ) ( 0.5 ) ( 0.9 ) Reserve adjustments (1) — ( 0.4 ) ( 0.4 ) — ( 0.1 ) ( 0.1 ) — ( 0.5 ) ( 0.5 ) Reserve balance at $ — $ — $ — $ — $ — $ — $ — $ — $ — December 31, 2022 Amounts were primarily adjustments based on final facility lease payments for certain closed theatres as compared with original estimates recorded. |
LEASE ACCOUNTING
LEASE ACCOUNTING | 12 Months Ended |
Dec. 31, 2022 | |
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. 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 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 was entitled to rent-free periods while theatres were closed in accordance with local regulations. Total payments deferred as of December 31, 2021 and 2022 were $ 31.9 and $ 0.8 , which is included in other current liabilities on the Holdings and CUSA consolidated balance sheets. 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, 2021 December 31, 2022 Assets (1) Operating lease assets Operating lease right-of-use assets $ 1,230.8 $ 1,102.7 Finance lease assets Theatre properties and equipment, net of accumulated depreciation (2) 80.5 67.8 Total lease assets $ 1,311.3 $ 1,170.5 Liabilities (1) Current Operating Current portion of operating lease obligations $ 217.1 $ 219.3 Finance Current portion of finance lease obligations 14.6 14.4 Noncurrent Operating Operating lease obligations, less current portion 1,078.3 970.6 Finance Finance lease obligations, less current portion 102.6 88.0 Total lease liabilities $ 1,412.6 $ 1,292.3 (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 $ 57.8 and $ 62.5 as of December 31, 2021 and 2022 , respectively. As of December 31, 2022 , the Company had signed lease agreements with total noncancelable lease payments of approximately $ 54.1 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, 2022. 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, 2020 December 31, 2021 December 31, 2022 Operating lease costs Equipment (1) Utilities and other $ 3.3 $ 2.3 $ 4.4 Real Estate (2)(3) Facility lease expense 275.1 281.0 315.7 Total operating lease costs $ 278.4 $ 283.3 $ 320.1 Finance lease costs Depreciation of leased assets Depreciation and amortization $ 14.7 $ 12.6 $ 12.4 Interest on lease liabilities Interest expense 7.0 5.9 5.3 Total finance lease costs $ 21.7 $ 18.5 $ 17.7 (1) Includes approximately $( 0.1 ), $ 1.8 and $ 3.9 of short-term lease payments for the years ended December 31, 2020, 2021 and 2022, 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 $ 7.1 , $ 11.8 and $ 36.4 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, 2020, 2021 and 2022, respectively. (3) Approximately $ 1.4 , $ 1.3 and $ 1.3 of lease payments are included in general and administrative expenses primarily related to office leases for the years ended December 31, 2020, 2021 and 2022, respectively. The following table represents the maturity of lease liabilities, by lease classification, as of December 31, 2022. Operating Finance Years Ending Leases Leases 2023 (1) $ 276.6 $ 19.0 2024 243.2 18.1 2025 216.2 16.4 2026 179.6 12.0 2027 137.3 12.0 Thereafter 382.0 46.7 Total lease payments $ 1,434.9 $ 124.2 Less: Interest 245.0 21.8 Present value of lease liabilities $ 1,189.9 $ 102.4 (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, 2022. As of Lease Term and Discount Rate December 31, 2022 Weighted-average remaining lease term (years) (1) Operating leases - equipment 2.3 Operating leases - real estate 6.9 Finance leases - equipment 3.3 Finance leases - real estate 8.2 Weighted-average discount rate (2) Operating leases - equipment 3.7 % Operating leases - real estate 5.7 % Finance leases - equipment 4.0 % 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, 2020 December 31, 2021 December 31, 2022 Cash paid for amounts included in the measurement of lease liabilities Cash outflows for operating leases $ 271.8 $ 269.7 $ 279.8 Cash outflows for finance leases - operating activities $ 7.0 $ 5.9 $ 5.3 Cash outflows for finance leases - financing activities $ 15.4 $ 14.7 $ 14.3 Non-cash amount of leased assets obtained in exchange for: Operating lease liabilities $ 132.7 $ 180.1 $ 114.1 Finance lease liabilities $ — $ 0.7 $ — 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 9. 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 loss. |
REVENUE RECOGNITION
REVENUE RECOGNITION | 12 Months Ended |
Dec. 31, 2022 | |
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, or if purchased in advance, based on the showtime associated with the customer’s movie ticket. Other revenue primarily consists of screen advertising, screen rental revenue, 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 as the Company does not have sufficient historical data related to the redemption patterns for these programs to estimate breakage. 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 $ 23.5 and $ 22.9 of receivables related to contracts with customers as of December 31, 2021 and 2022 , 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, 2021 or 2022. Disaggregation of Revenue The following tables present revenue for the periods indicated, disaggregated based on major type of good or service and by reportable operating segment. Year Ended December 31, 2022 U.S. International Operating Operating Major Goods/Services Segment (1) Segment Consolidated Admissions Revenue $ 1,010.2 $ 236.7 $ 1,246.9 Concession Revenue 763.0 175.3 938.3 Screen advertising, screen rental and promotional revenue 81.7 45.3 127.0 Other Revenue 115.3 27.2 142.5 Total Revenue $ 1,970.2 $ 484.5 $ 2,454.7 Year Ended December 31, 2021 U.S. International Operating Operating Major Goods/Services Segment (1) Segment Consolidated Admissions Revenue $ 671.7 $ 108.3 $ 780.0 Concession Revenue 482.8 78.9 561.7 Screen advertising, screen rental and promotional revenue 66.2 17.9 84.1 Other Revenue 72.9 11.8 84.7 Total Revenue $ 1,293.6 $ 216.9 $ 1,510.5 Year Ended December 31, 2020 U.S. International Operating Operating Major Goods/Services Segment (1) Segment Consolidated Admissions Revenue $ 291.6 $ 64.9 $ 356.5 Concession Revenue 189.6 41.5 231.1 Screen advertising, screen rental and promotional revenue 46.2 16.3 62.5 Other Revenue 29.5 6.7 36.2 Total Revenue $ 556.9 $ 129.4 $ 686.3 (1) U.S. segment revenues exclude intercompany transactions with the international operating segment. See Note 22 for additional information on intercompany eliminations. The following tables present revenue for the periods indicated, disaggregated based on timing of revenue recognition (as discussed above). Year Ended December 31, 2022 U.S. International Operating Operating Segment (1) Segment Consolidated Goods and services transferred at a point in time $ 1,856.5 $ 428.3 $ 2,284.8 Goods and services transferred over time 113.7 56.2 169.9 Total $ 1,970.2 $ 484.5 $ 2,454.7 Year Ended December 31, 2021 U.S. International Operating Operating Segment (1) Segment Consolidated Goods and services transferred at a point in time $ 1,201.2 $ 193.7 $ 1,394.9 Goods and services transferred over time 92.4 23.2 115.6 Total $ 1,293.6 $ 216.9 $ 1,510.5 Year Ended December 31, 2020 U.S. International Operating Operating Segment (1) Segment Consolidated Goods and services transferred at a point in time $ 497.3 $ 110.0 $ 607.3 Goods and services transferred over time 59.6 19.4 79.0 Total $ 556.9 $ 129.4 $ 686.3 (1) U.S. segment revenues exclude intercompany transactions with the international operating segment. See Note 22 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 periods indicated: Deferred Revenue NCM Screen (1) Other Deferred (2) Balance at January 1, 2021 $ 344.3 $ 138.8 Amounts recognized as accounts receivable — 2.2 Cash received from customers in advance — 132.2 Common units received from NCM (see Note 9) 10.2 — Interest accrued related to significant financing component 23.6 — Revenue recognized during period ( 32.1 ) ( 111.2 ) Foreign currency translation adjustments — ( 1.7 ) Balance at December 31, 2021 346.0 160.3 Amounts recognized as accounts receivable — 1.8 Cash received from customers in advance — 241.1 Common units received from NCM (see Note 9) 1.3 — Interest accrued related to significant financing component 23.2 — Revenue recognized during period ( 32.3 ) ( 206.9 ) Foreign currency translation adjustments — ( 1.4 ) Balance at December 31, 2022 $ 338.2 $ 194.9 (1) See Significant Financing Component in Note 9 for discussion of NCM screen advertising advances and maturity of balances as of December 31, 2022 . (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 revenue 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, 2022 and when the Company expects to recognize this revenue. Year Ended December 31, Remaining Performance Obligations 2023 2024 Thereafter Total Other deferred revenue $ 172.2 22.7 — $ 194.9 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 6. LOSS PER SHARE The following table presents computations of basic and diluted loss per share for Holdings under the two class method: Year Ended December 31, 2020 2021 2022 Numerator: Net loss attributable to Cinemark Holdings, Inc. $ ( 616.8 ) $ ( 422.8 ) $ ( 271.2 ) Loss allocated to participating share-based awards (1) 4.3 6.1 3.8 Net loss attributable to common stockholders $ ( 612.5 ) $ ( 416.7 ) $ ( 267.4 ) Denominator : Basic weighted average shares outstanding 116.7 117.3 118.2 Common equivalent shares for restricted stock units (2) — — — Common equivalent shares for convertible notes and warrants (3) — — — Diluted weighted average shares outstanding 116.7 117.3 118.2 Basic loss per share attributable to common stockholders $ ( 5.25 ) $ ( 3.55 ) $ ( 2.26 ) Diluted loss per share attributable to common stockholders $ ( 5.25 ) $ ( 3.55 ) $ ( 2.26 ) (1) For the years ended December 31, 2020, 2021 and 2022, a weighted average of approximately 0.8 shares, 1.7 shares and 1.7 shares of unvested restricted stock, respectively, are considered participating securities. (2) For the years ended December 31, 2020, 2021 and 2022 , approximately 0.7 , 0 and 0.4 common equivalent shares for restricted stock units were excluded because they were anti-dilutive. (3) For the years ended December 31, 2020, 2021 and 2022 , diluted loss per share excludes the conversion of the 4.50 % Convertible Senior Notes into 32.0 shares of common stock, as well as outstanding warrants, as they would be anti-dilutive. See further discussion below. Share-based awards Holdings 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. Convertible notes, hedges and warrants The 4.50% Convertible Senior Notes, discussed further in Note 14, may be considered dilutive in future periods in which Holdings has net income. The impact of such dilution on earnings per share will be calculated under the if-converted method, which requires that all of the shares of Holdings’ common stock issuable upon conversion of the 4.50% Convertible Senior Notes be included in the calculation of diluted EPS assuming conversion at the beginning of the reporting period. The closing price of Holdings’ common stock did not exceed the strike price of $ 18.66 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, 2022 and, therefore, the 4.50% Convertible Senior Notes will not be convertible during the first quarter of 2023. The if-converted value of the 4.50% Convertible Senior Notes, based on the weighted average closing price of Holdings’ common stock for 2022, exceeded the aggregate outstanding principal of the notes by $3.5 as of December 31, 2022. As noted in Note 14, Holdings entered into hedge transactions with counterparties in connection with the issuance of the 4.50% Convertible Senior Notes. The convertible note hedge transactions cover, subject to anti-dilution adjustments substantially similar to those applicable to the 4.50% Convertible Senior Notes, the number of shares of Holdings’ common stock underlying the 4.50% Convertible Notes, which initially gives Holdings the option to purchase approximately 32.0 shares of its common stock at a price of approximately $ 14.35 per share. Concurrently with entering into the convertible note hedge transactions, Holdings also entered into warrant transactions with each option counterparty whereby Holdings sold to such option counterparty warrants to purchase, subject to customary anti-dilution adjustments, up to the same number of shares of Holdings’ common stock, which initially gives the option counterparties the option to purchase approximately 32.0 shares at a price of approximately $ 22.08 per share. The economic effect of these transactions is to effectively raise the strike price of the 4.50% Convertible Senior Notes from approximately $ 18.66 per share of Holdings’ common stock to approximately $ 22.08 per share. |
DIVIDENDS
DIVIDENDS | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
DIVIDENDS | 7. DIVIDENDS Below is a summary of Holdings’ dividends declared for the fiscal periods indicated. Amount per Total Declaration Date Record Date Payable Date Common Stock Dividends (1) 2/21/2020 3/6/2020 3/20/2020 $ 0.36 $ 42.6 Total for year ended December 31, 2020 $ 0.36 $ 42.6 (1) Of the dividends recorded during 2020, $ 0.3 was related to outstanding restricted stock units and will not be paid until such units vest. See Note 18. The Company suspended its quarterly dividend in March 2020 as a result of the COVID-19 pandemic as discussed in Note 3. |
THEATRE PROPERTIES AND EQUIPMEN
THEATRE PROPERTIES AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment, Net [Abstract] | |
THEATRE PROPERTIES AND EQUIPMENT | 8. THEATRE PROPERTIES AND EQUIPMENT Properties and equipment consisted of the following as of the periods presented: December 31, 2021 2022 Theatre properties and equipment Land $ 102.6 $ 99.7 Buildings 537.0 528.9 Property under finance lease 138.3 130.3 Theatre furniture and equipment 1,402.7 1,429.5 Leasehold interests and improvements 1,188.2 1,206.9 Total 3,368.8 3,395.3 Less: accumulated depreciation and amortization (1) ( 1,985.9 ) ( 2,163.2 ) Theatre properties and equipment, net $ 1,382.9 $ 1,232.1 (1) Amortization of finance lease assets is included in depreciation and amortization expense on the consolidated statements of loss. Accumulated amortization of finance lease assets as of December 31, 2021 and 2022 was $ 57.8 and $ 62.5 , respectively. Theatre Assets Held for Sale During December 2022, the Company entered into a purchase and sale agreement for the sale of the stock of its Ecuador subsidiary. The transaction is expected to close during 2023, pending customary antitrust and regulatory approvals. At December 31, 2022, the assets and liabilities of the Ecuador subsidiary qualified as held for sale upon satisfaction of the criteria set forth for in ASC 360-10-45-9 (205-20-45-1E), Property, Plant, and Equipment . T he sale of the Ecuador subsidiary does not qualify as discontinued operations since it does not represent a strategic shift in the Company’s operations that will have a major effect on its results and operations. At December 31, 2022, the carrying value of Ecuador’s assets were approximately $ 15.3 , primarily including theatre property and equipment, net of $ 5.4 , operating lease right of use assets, net of $ 2.9 , and goodwill of $ 4.2 . The carrying value of its total liabilities was approximately $ 8.5 , resulting in net assets of $ 6.8 . Total revenue and operating loss of the Ecuador subsidiary were $ 13.3 and $ 1.2 , respectively, for the year ended December 31, 2022. |
INVESTMENT IN NATIONAL CINEMEDI
INVESTMENT IN NATIONAL CINEMEDIA LLC | 12 Months Ended |
Dec. 31, 2022 | |
NCM | |
INVESTMENT IN NATIONAL CINEMEDIA LLC | 9. INVESTMENT IN NATIONAL CINEMEDIA LLC Summary of Activity with NCM Below is a summary of activity with NCM included in each of Holdings’ and CUSA’s consolidated financial statements for the periods indicated. See Note 5 for discussion of related revenue recognition. Investment NCM Screen Advertising Advances Distributions from NCM (3) Equity Other Revenue Interest Expense Cash Received Balance as of January 1, 2020 $ 265.8 $ ( 348.4 ) Receipt of common units due to annual common unit adjustment 3.6 ( 3.6 ) — — — — — Revenues earned under ESA (1) — — — — ( 4.7 ) — 4.7 Interest accrued related to significant financing component — ( 23.6 ) — — — 23.6 — Receipt of excess cash distributions ( 12.0 ) — ( 5.9 ) — — — 17.9 Receipt under tax receivable agreement ( 2.1 ) — ( 1.1 ) — — — 3.2 Equity in loss ( 10.6 ) — — 10.6 — — — Impairment of investment in NCM (2) ( 92.7 ) — — — — — Amortization of screen advertising advances — 31.3 — — ( 31.3 ) — — Balance as of and for the year ended December 31, 2020 $ 152.0 $ ( 344.3 ) $ ( 7.0 ) $ 10.6 $ ( 36.0 ) $ 23.6 $ 25.8 Receipt of common units due to annual common unit adjustment 10.2 ( 10.2 ) — — — — — Revenues earned under ESA (1) — — — — ( 12.0 ) — 12.0 Interest accrued related to significant financing component — ( 23.6 ) — — — 23.6 — Receipt under tax receivable agreement ( 0.2 ) — ( 0.1 ) — — — 0.3 Equity in loss ( 26.6 ) — — 26.6 — — — Amortization of screen advertising advances — 32.1 — — ( 32.1 ) — — Balance as of and for the year ended December 31, 2021 $ 135.4 $ ( 346.0 ) $ ( 0.1 ) $ 26.6 $ ( 44.1 ) $ 23.6 $ 12.3 Receipt of common units due to annual common unit adjustment 1.3 ( 1.3 ) — — — — — Revenues earned under ESA (1) — — — — ( 19.9 ) — 19.9 Interest accrued related to significant financing component — ( 23.2 ) — — — 23.2 — Equity in loss ( 13.9 ) — — 13.9 — — — Impairment of investment in NCM (2) ( 113.2 ) — — — — — — Amortization of screen advertising advances — 32.3 — — ( 32.3 ) — — Balance as of and for the year ended December 31, 2022 $ 9.6 $ ( 338.2 ) $ — $ 13.9 $ ( 52.2 ) $ 23.2 $ 19.9 (1) Amounts include the per patron and per digital screen theatre access fees, 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 $ 2.6 , $ 4.9 and $ 7.5 for the years ended December 31, 2020, 2021 and 2022, respectively. Amounts unpaid and reflected in accounts receivable were $ 4.5 and $ 4.9 as of the years ended December 31, 2021 and 2022 , respectively. (2) Reflected in impairment of long-lived and other assets on the consolidated income statement for the year indicated. See further discussion at Fair Value of Investment in NCM below. (3) Excess cash distributions are restricted through December 2023 in accordance with NCM’s credit agreement amendment. In addition to the activity in the table above, the Company made de minimus payments to NCM during the years ended December 31, 2020, 2021 and 2022, 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. that provides cinema advertising. The Company entered into an ESA with NCM, pursuant to which NCM primarily provides advertising to its domestic 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 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 will 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. CUSA recognizes the 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, AMC and Regal, collectively referred to as its Founding Members, 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. 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 recorded as a reduction of its investment basis. During March 2022 , 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 0.5 common units of NCM. The Company recorded these additional common units at an estimated fair value of $ 1.3 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, 2020, 2021 and 2022: Event Date Common Units Received Number of Common Units Received Fair Value of Common Units Received 2020 annual common unit adjustment 3/31/2020 1.1 $ 3.6 2021 annual common unit adjustment 4/14/2021 2.3 $ 10.2 2022 annual common unit adjustment 4/13/2022 0.5 $ 1.3 Fair Value of Investment in NCM As of December 31, 2022, the Company owned a total of 43.7 common units of NCM, which represented an interest of approximately 25.4 %. The estimated fair value of the Company’s investment in NCM was approximately $ 9.6 based on NCMI’s stock price as of December 31, 2022 of $ 0.22 per share (Level 1 input as defined in FASB ASC Topic 820). As the share price of NCMI was significantly below the Company’s carrying value of NCM per common unit and due to the prolonged recovery of NCM’s business, during the year ended December 31, 2022, the Company wrote-down its investment in NCM by $ 113.2 to its estimated fair value, with a corresponding charge to impairment expense, in accordance with ASC 323-10-35. See Note 12 for impairment expense recorded during the years ended December 31, 2020, 2021 and 2022. 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 the Company’s 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. Effective September 17, 2019, the Company signed an amendment to the ESA, under which the Company will provide incremental advertising time to NCM, and extended the term through February 2041 . At the time of the amendment, the Company determined that the amended ESA met the definition of a lease under ASC Topic 842. 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 are reflected in other revenue on the consolidated income statements. The recognition of revenue related to the 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 2023 2024 2025 2026 2027 Thereafter Total NCM screen advertising advances (1) $ 9.8 10.5 11.2 12.0 12.8 281.9 $ 338.2 (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 $ 174.0 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 31, 2020 December 30, 2021 December 29, 2022 Revenue $ 89.9 $ 114.6 $ 249.2 Operating income (loss) $ ( 59.7 ) $ ( 68.6 ) $ 10.9 Net loss $ ( 115.8 ) $ ( 134.6 ) $ ( 69.8 ) As of As of December 30, 2021 December 29, 2022 Current assets $ 114.6 $ 148.6 Noncurrent assets $ 658.4 $ 628.2 Current liabilities $ 66.8 $ 97.5 Noncurrent liabilities $ 1,114.7 $ 1,161.6 Members' deficit $ ( 408.5 ) $ ( 482.3 ) |
OTHER INVESTMENTS
OTHER INVESTMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Financial Support for Nonconsolidated Legal Entity [Abstract] | |
OTHER INVESTMENTS | 10. 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 (1) Total Balance at January 1, 2020 $ 124.7 $ 5.0 $ 3.2 $ 19.5 $ 2.9 $ 155.3 Equity in loss ( 24.6 ) ( 1.3 ) ( 1.0 ) ( 1.2 ) — ( 28.1 ) Cash contributions 0.1 — — — — 0.1 Cash distributions received ( 10.4 ) — ( 0.9 ) — — ( 11.3 ) Non-cash distribution received (2) ( 89.8 ) — — — — ( 89.8 ) Other (3) — — — — ( 2.4 ) ( 2.4 ) Balance at December 31, 2020 — 3.7 1.3 18.3 0.5 23.8 Equity in income — — 0.5 1.0 — 1.5 Other (1) — — — — ( 0.1 ) ( 0.1 ) Balance at December 31, 2021 $ — $ 3.7 $ 1.8 $ 19.3 $ 0.4 $ 25.2 Equity in income — 3.4 — 1.2 — 4.6 Cash distributions received — ( 2.9 ) — ( 4.0 ) — ( 6.9 ) Other (1) — — — — ( 0.3 ) ( 0.3 ) Balance at December 31, 2022 $ — $ 4.2 $ 1.8 $ 16.5 $ 0.1 $ 22.6 (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 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. 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, received a virtual print fee ("VPF") each time the studio booked a film or certain other content on the leased digital projection systems. The DCDAs were set to end on the earlier 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 occurred 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 (as defined below) between the Company and Kasima has been terminated, as discussed below, DCIP and its subsidiaries no longer have regular operations, and a final distribution of $ 3.7 was made to the Company in July 2022. Below is summary financial information for DCIP as of and for the periods indicated: Year Ended December 31, 2020 2021 2022 (1) Revenue $ 30.6 $ 54.4 $ 1.0 Operating income (loss) $ ( 105.7 ) $ 43.1 $ ( 0.9 ) Net income (loss) $ ( 114.2 ) $ 45.3 $ ( 1.1 ) As of December 31, 2021 December 31, 2022 (1) Current assets $ 22.9 $ 0.3 Current liabilities $ 11.6 $ — Members' equity (deficit) $ 11.3 $ 0.3 (1) DCIP ceased operations at the end of the second quarter of 2022. Distribution of Digital Projectors from DCIP Through October 31, 2020, the Company leased digital projection systems under a master equipment lease agreement (“MELA”) with Kasima. The Company amended this MELA effective November 1, 2020, which resulted in the termination of the MELA and a lease termination fee paid by the Company through October 2021. Upon termination of the MELA, DCIP distributed the digital projection equipment to the Company. 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 $ 7.5 and $ 14.1 , respectively, and recorded a gain of $ 6.6 in gain (loss) on sale of assets and other. • The Company recorded a lease termination liability of $ 4.2 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 $ 102.7 as equipment, with a corresponding reduction in its investment in DCIP of $ 89.8 and a $ 12.9 non-cash distribution reflected in non-cash distributions from DCIP on each of Holdings’ and CUSA’s consolidated statements of 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. Cash distributions prior to the suspension of equity method accounting were recorded as a reduction of the Company's investment in DCIP during the year ended December 31, 2020. Additional distributions received after the suspension of equity method accounting were recorded as cash distributions from DCIP on each of Holdings’ and CUSA’s consolidated statement of loss for the year ended December 31, 2021. The investment in DCIP on the consolidated balance sheets of Holdings’ and CUSA as of December 31, 2021 and 2022 was $ 0 . DCIP ceased operations at the end of the second quarter of 2022. 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, 2020 2021 2022 Equipment lease payments (1)(2) $ 1.7 $ — $ — Warranty reimbursements from DCIP (2) $ ( 7.0 ) $ ( 0.8 ) $ — Management services fees (2) $ 0.2 $ — $ — Cash distributions from DCIP (3) $ 10.4 $ 13.1 $ 3.7 Non-cash distributions from DCIP (4) $ 12.9 $ — $ — (1) Excludes lease termination payments of $ 0.7 and $ 3.9 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 loss of Holdings and CUSA. (3) Recorded as a reduction in the Company's investment in DCIP for the year ended December 31, 2020. Recorded in cash distributions from DCIP on the consolidated statements of loss of Holdings and CUSA for the years ended December 31, 2021 and 2022. See discussion at Distribution of Projectors from DCIP above. (4) Recorded as non-cash distributions from DCIP on each of Holdings’ and CUSA’s consolidated statements 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 $ 3.7 , $ 6.2 and $ 13.3 for the years ended December 31, 2020, 2021 and 2022 , respectively, which are included in film rentals and advertising costs on the consolidated statements of loss of Holdings and CUSA. Also, the Company received cash distributions of $ 2.9 during the year ended December 31, 2022, which were recorded as a reduction in the Company’s investment in AC. 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 $ 0.4 , $ 0.6 and $ 0.5 to DCDC during the years ended December 31, 2020, 2021 and 2022, respectively, related to content delivery services, which is included in film rentals and advertising costs on the consolidated statements loss of Holdings and CUSA. 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 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 $ 0 , $ 0.1 and $ 0.1 of related service fees during the years ended December 31, 2020, 2021 and 2022, respectively. During the year ended December 31, 2022 , the Company received cash distributions of $ 4.0 from FE Concepts. The cash distributions received were recorded as a reduction of the Company’s investment in FE Concepts. Additional Considerations Each of these equity investees were adversely impacted by the COVID-19 pandemic. However, their performance has generally recovered in line with the exhibition industry. The Company performed a qualitative impairment analysis for these equity investments during the fourth quarter of 2020, 2021 and 2022. Based on the analysis performed, no impairment was recorded for the years ended December 31, 2020, 2021 and 2022 |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS - NET | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS - NET | 11. GOODWILL AND INTANGIBLE ASSETS, NET The Company’s goodwill was as follows for the periods presented: U.S. International Total Balance at December 31, 2020 (1) $ 1,182.9 $ 71.0 $ 1,253.9 Foreign currency translation adjustments — ( 5.1 ) ( 5.1 ) Balance at December 31, 2021 (1) $ 1,182.9 $ 65.9 $ 1,248.8 Foreign currency translation adjustments — 2.1 2.1 Balance at December 31, 2022 (1) $ 1,182.9 $ 68.0 $ 1,250.9 (1) Balances are presented net of accumulated impairment losses of $ 214.0 for the U.S. operating segment and $ 43.8 for the international operating segment. Intangible assets activity and balances consisted of the following for the periods indicated : Balance at January 1, 2021 Additions (1) Amortization Other (2) Balance at December 31, 2021 Intangible assets with finite lives: Gross carrying amount $ 82.4 $ — $ — $ ( 0.7 ) $ 81.7 Accumulated amortization ( 68.4 ) — ( 2.6 ) ( 71.0 ) Total intangible assets with finite lives, net $ 14.0 $ — $ ( 2.6 ) $ ( 0.7 ) $ 10.7 Intangible assets with indefinite lives: Tradename and other 300.2 0.1 — ( 0.2 ) 300.1 Total intangible assets, net $ 314.2 $ 0.1 $ ( 2.6 ) $ ( 0.9 ) $ 310.8 Balance at January 1, 2022 Additions (1) Amortization Other (3) Balance at December 31, 2022 Intangible assets with finite lives: Gross carrying amount $ 81.7 $ — $ — $ ( 4.0 ) $ 77.7 Accumulated amortization ( 71.0 ) — ( 2.4 ) 0.2 ( 73.2 ) Total intangible assets with finite lives, net $ 10.7 $ — $ ( 2.4 ) $ ( 3.8 ) $ 4.5 Intangible assets with indefinite lives: Tradename and other 300.1 — — — 300.1 Total intangible assets, net $ 310.8 $ — $ ( 2.4 ) $ ( 3.8 ) $ 304.6 (1) Amount represents licenses acquired to sell alcoholic beverages for certain locations. (2) Includes foreign currency translation adjustments and an impairment recorded for a theatre leasehold interest in Brazil during 2021. See Note 12 for discussion of impairment evaluations performed during the year ended December 31, 2021 . (3) Includes foreign currency translation adjustments and an impairment recorded for a U.S. intangible asset during 2022. See Note 12 for discussion of impairment evaluations performed during the year ended December 31, 2022 . Estimated aggregate future amortization expense for intangible assets is as follows: Year ended December 31, 2023 $ 2.0 Year ended December 31, 2024 2.0 Year ended December 31, 2025 0.4 Year ended December 31, 2026 0.1 Year ended December 31, 2027 — Total $ 4.5 |
IMPAIRMENT OF LONG-LIVED AND OT
IMPAIRMENT OF LONG-LIVED AND OTHER ASSETS | 12 Months Ended |
Dec. 31, 2022 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |
IMPAIRMENT OF LONG-LIVED AND OTHER ASSETS | 12. 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. The following table is a summary of the evaluations performed during 2022 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 Qualitative Market 2.2 to 6 times Fourth quarter Goodwill Quantitative Market and Income 2.2 to 7 times Tradename intangible assets Quantitative Income N/A Other long-lived assets Quantitative Market 2.2 to 6 times See Note 1 for a discussion of the Company’s impairment policy and a description of qualitative and quantitative impairment assessments. Below is a summary of impairment charges for the periods indicated: Year Ended December 31, 2020 2021 2022 U.S. segment Theatre properties $ 12.4 $ 6.4 $ 19.7 Theatre operating lease right-of-use assets 13.2 6.8 34.0 Investment in NCM (1) 92.7 — 113.2 Other 2.5 — 3.9 U.S. total 120.8 13.2 170.8 International segment Theatre properties 10.0 4.0 2.2 Theatre operating lease right-of-use assets 5.0 3.2 1.1 Goodwill 16.1 — — Intangible assets, net 0.8 0.4 — International total 31.9 7.6 3.3 Total impairment $ 152.7 $ 20.8 $ 174.1 (1) See discussion at Fair Value of NCM Investment in Note 9 . For the years ended December 31, 2020, 2021 and 2022, 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, 2022 reflected the 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, 2022 | |
Payables and Accruals [Abstract] | |
ACCRUED OTHER CURRENT LIABILITIES | 13. ACCRUED OTHER CURRENT LIABILITIES Accrued other current liabilities consisted of the following as of the periods presented: December 31, 2021 2022 Gift card liability (1) $ 54.5 $ 64.5 Subscription membership program liability (1) 40.1 58.4 Discount vouchers (SuperSavers) liability (1) 34.8 32.8 Accrued lease payable (2) 31.9 0.8 Other (3) 63.7 43.9 Total $ 225.0 $ 200.4 (1) See discussion at Revenue Recognition Policy in Note 5. (2) See discussion at Lease Deferrals and Abatements in Note 4 . (3) The only difference between accrued other current liabilities for Holdings, as presented above, and CUSA is an additional $ 0.6 and $ 0.3 in other as of December 31, 2021 and 2022 , respectively. |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 14. LONG-TERM DEBT Long-term debt of Holdings and CUSA consisted of the following for the periods presented: December 31, 2021 2022 Cinemark Holdings, Inc. 4.50% convertible senior notes due 2025 $ 460.0 $ 460.0 Cinemark USA, Inc. term loan due 2025 633.1 626.5 Cinemark USA, Inc. 8.75% senior secured notes due 2025 250.0 250.0 Cinemark USA, Inc. 5.875% senior notes due 2026 405.0 405.0 Cinemark USA, Inc. 5.25% senior notes due 2028 765.0 765.0 Other 30.2 10.1 Total long-term debt carrying value (1) 2,543.3 2,516.6 Less: Current portion 24.3 10.7 Less: Debt issuance costs, net of accumulated amortization (1) 42.7 31.9 Long-term debt, less current portion, net of unamortized debt issuance costs (1) $ 2,476.3 $ 2,474.0 (1) The only differences between the long-term debt for Holdings, as presented above, and the long-term debt for CUSA are the $ 460.0 million 4.50 % Convertible Senior Notes due 2025 and the related debt issuance costs. The following table sets forth, as of the periods indicated, the total long-term debt carrying value, current portion of long-term debt and debt issuance costs, net of amortization for CUSA: December 31, 2021 2022 Total long-term debt carrying value 2,083.3 2,056.6 Less: Current portion 24.3 10.7 Less: Debt issuance costs, net of accumulated amortization 30.3 22.9 Long-term debt, less current portion, net of unamortized debt issuance costs $ 2,028.7 $ 2,023.0 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, 2021 and 2022 is shown in the table above. The table below presents the fair value of the Company's long-term debt as of the periods presented: As of December 31, 2021 December 31, 2022 Holdings fair value (1) $ 2,749.8 $ 2,210.5 CUSA fair value $ 2,058.0 $ 1,771.3 (1) The fair value of the 4.50 % convertible senior notes was $ 691.9 and $ 439.2 as of December 31, 2021 and , respectively. 4.50% Convertible Senior Notes On August 21, 2020, Holdings issued $ 460.0 aggregate principal amount of 4.50 % convertible senior notes due 2025 (the “4.50% Convertible Senior Notes”). The 4.50% Convertible Senior Notes will mature on August 15, 2025 , unless earlier repurchased or converted in accordance with the indenture. Interest on the 4.50% Convertible Senior Notes is payable on February 15 and August 15 of each year. Holders of the 4.50% Convertible Senior Notes may convert their 4.50% 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 Holdings’ common stock and the conversion rate on each such trading day; (2) if Holdings 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 Holdings’ common stock (including due to a stockholder rights plan) or (ii) Holdings’ assets or securities or rights, options or warrants to purchase the same with a per share value exceeding 10% of the trading price of Holdings’ 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 Holdings’ 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 $ 18.66 per share ( 130 % of the initial conversion price of $ 14.35 per share), on each applicable trading day. Beginning May 15, 2025 , holders may convert their 4.50% 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 4.50% Convertible Senior Notes, Holdings will pay or deliver cash, shares of Holdings’ common stock or a combination of cash and shares of Holdings’ common stock, at Holdings’ election. The initial conversion rate is 69.6767 shares of Holdings’ common stock per one thousand dollars principal amount of the 4.50% 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 4.50% Convertible Senior Notes occurs prior to the maturity date, Holdings will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 4.50% Convertible Senior Notes in connection with such make-whole fundamental change. The 4.50% Convertible Senior Notes are effectively subordinated to any of Holdings’, 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 4.50% Convertible Senior Notes are structurally subordinated to all existing and future debt and other liabilities of our subsidiaries, including trade payables, and including CUSA’s 5.125% Senior Notes, 4.875% Senior Notes and the 8.75% Secured Notes, or, collectively, CUSA’s senior notes (but excluding all obligations under the Credit Agreement which are guaranteed by Holdings). The 4.50% Convertible Senior Notes rank equally in right of payment with all of Holdings’ existing and future unsubordinated debt, including all obligations under the Credit Agreement, which such Credit Agreement is guaranteed by Holdings, and senior in right of payment to any future debt that is expressly subordinated in right of payment to the 4.50% Convertible Senior Notes. The 4.50% Convertible Notes are not guaranteed by any of Holdings’ subsidiaries. Concurrently with the issuance of the 4.50 % Convertible Senior Notes, Holdings entered into privately negotiated convertible note hedge transactions (the “Hedge Transactions”) with one or more of the initial purchasers of the 4.50% Convertible Senior Notes or their respective affiliates (the “Option Counterparties”). The Hedge Transactions cover the number of shares of Holdings’ common stock that will initially underlie the aggregate amount of the 4.50% Convertible Senior Notes, subject to anti-dilution adjustments substantially similar to those applicable to the 4.50% Convertible Senior Notes. The Hedge Transactions are generally expected to reduce potential dilution to Holdings’ common stock upon any conversion of the 4.50% Convertible Senior Notes and/or offset any cash payments Holdings may be required to make in excess of the principal amount of converted 4.50% Convertible Senior Notes, as the case may be. Concurrently with entering into the Hedge Transactions, Holdings 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 Holdings’ 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 Holdings’ common stock exceeds the strike price of the warrants on the applicable expiration dates unless, subject to the terms of the warrants, Holdings 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. Holdings received $ 89.4 in cash proceeds from the Warrant Transactions, which were used along with proceeds from the 4.50% Convertible Senior Notes, to pay approximately $ 142.1 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 4.50% 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. Senior Secured Credit Facility CUSA has a senior secured credit facility that includes a $ 700.0 term loan and a $ 100.0 revolving line of credit (the “Credit Agreement”). Under the amended Credit Agreement, quarterly principal payments of $ 1.6 are due on the term loan through December 31, 2024 , with a final principal payment of $ 613.4 due on March 29, 2025 . Interest on the term loan accrues at CUSA’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 CUSA’s 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, 2022 , the applicable margin was 1.75 %, however, there were no borrowing outstanding under the revolving line of credit. As of December 31, 2022 , there was $ 626.5 outstanding under the term loan. The average interest rate on outstanding term loan borrowings under the Credit Agreement at December 31, 2022 was approximately 4.5 % per annum, after giving effect to the interest rate swaps discussed below. CUSA’s obligations under the Credit Agreement are guaranteed by Holding and certain of CUSA’s domestic subsidiaries and are secured by mortgages on certain fee and leasehold properties and security interests in substantially all of CUSA’s and the guarantors’ personal property, including, without limitation, pledges of all of CUSA’s capital stock, all of the capital stock of certain of CUSA’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 CUSA’s ability, and in certain instances, its subsidiaries’ and Holdings’ 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 CUSA 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 . CUSA’s actual ratio as of December 31, 2022 was 2.5 to 1 . See discussion below regarding recent covenant waivers. The dividend restriction contained in the Credit Agreement prevents Holdings and any of its subsidiaries from paying a dividend or otherwise distributing cash to its stockholders unless (1) Holdings is not in default, and the distribution would not cause CUSA 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 Holdings board of directors, is less than the sum of (a) the aggregate amount of cash and cash equivalents received by Holdings or Cinemark as common equity since December 18, 2012, (b) CUSA’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”). As of December 31, 2022 , CUSA, Inc. could have distributed up to approximately $ 2,850 to its parent company and sole stockholder, Holdings. On April 17, 2020, in conjunction with the issuance of the 8.75 % Secured Notes discussed below, CUSA 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 by Holdings of the 4.50 % Convertible Senior Notes, CUSA further amended the waiver of the leverage covenant through the fiscal quarter ending September 30, 2021. The amendment also (i) modified the leverage 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, permitted substitution of Consolidated EBITDA for the first three fiscal quarters of 2019 in lieu of Consolidated EBITDA for the corresponding fiscal quarters of 2021, (iii) modified the restrictions imposed by the covenant waiver, and (iv) makes such other changes to permit the issuance of the 4.50% Convertible Senior Notes discussed below. The ratio for the period ended December 31, 2022 was calculated using actual Consolidated EBITDA for the trailing twelve month period. 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 . CUSA incurred debt issuance costs of approximately $ 0.5 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, CUSA issued $ 405.0 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 CUSA’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 . CUSA incurred debt issuance costs of approximately $ 6.0 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 CUSA’s subsidiaries that guarantee, assume or become liable with respect to any of CUSA’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 CUSA’s and its guarantor’s existing and future senior debt and are senior in right of payment to all of CUSA’s and its guarantors’ existing and future senior subordinated debt. The 5.875% Senior Notes and the guarantees are effectively subordinated to all of CUSA’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 CUSA’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 CUSA’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 CUSA 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, CUSA 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 CUSA 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. 5.25% Senior Notes On June 15, 2021, CUSA issued $ 765.0 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 CUSA’s 4.875 % $ 755.0 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 . CUSA incurred debt issuance costs of approximately $ 10.7 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 CUSA’s subsidiaries that guarantee, assume or become liable with respect to any of CUSA’s or a guarantor’s debt. The 5.25% Senior Notes and the guarantees will be CUSA’s and the guarantors’ senior unsecured obligations and (i) rank equally in right of payment to CUSA’s and the guarantors’ existing and future senior debt, including borrowings under CUSA’s Credit Agreement (as defined below) and CUSA’s existing senior notes, (ii) rank senior in right of payment to CUSA’s and the guarantors’ future subordinated debt, (iii) are effectively subordinated to all of CUSA’s and the guarantors’ existing and future secured debt, including all obligations under the Credit Agreement and CUSA’s 8.75 % 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 CUSA’s non-guarantor subsidiaries, and (v) are structurally senior to the 4.50 % convertible senior notes due 2025 issued by Holdings. The indenture to the 5.25% Senior Notes contains covenants that limit, among other things, the ability of CUSA 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, CUSA 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 CUSA to incur additional indebtedness if it satisfies 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, CUSA 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, CUSA 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, CUSA 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. 8.75% Secured Notes On April 20, 2020, CUSA issued $ 250.0 in aggregate principal amount of 8.75 % senior secured notes due 2025 (the “8.75% Secured Notes”). The 8.75% Secured Notes will mature on May 1, 2025 . Interest on the 8.75% Secured Notes is payable on May 1 and November 1 of each year. The 8.75% Secured Notes are fully and unconditionally guaranteed on a joint and several senior basis by certain of CUSA’s subsidiaries that guarantee, assume or in any other manner become liable with respect to any of CUSA’s or its guarantors’ other debt. If CUSA cannot make payments on the 8.75% Secured Notes when they are due, CUSA’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 8.75% Secured Notes. The indenture governing the 8.75% Secured Notes contains covenants that limit, among other things, the ability of CUSA 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 8.75 % Secured Notes, CUSA would be required to make an offer to repurchase the 8.75% 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 8.75% Secured Notes allows CUSA 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. 4.875% Senior Notes On May 21, 2021, Cinemark USA, Inc. issued a conditional notice of optional redemption to redeem the $ 755.0 outstanding principal amount of the 4.875% Senior Notes. In connection therewith, CUSA 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 $ 755.0 of outstanding principal at the redemption price equal to 100 % 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 $ 3.9 , which included the write-off of $ 3.3 of unamortized debt issuance costs and the payment of $ 0.6 in legal fees during the year ended December 31, 2021. 5.125% Senior Notes On March 16, 2021, CUSA completed a tender offer to purchase its previously outstanding 5.125% Senior Notes, of which $ 334.0 was tendered at the expiration of the offer. On March 16, 2021, CUSA also issued a notice of optional redemption to redeem the remaining $ 66.0 principal amount of the 5.125% Senior Notes. In connection therewith, CUSA 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 $ 66.0 of outstanding principal at the redemption price equal to 100 % 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 $ 2.6 during the year ended December 31, 2021, which included the write-off of $ 1.2 of unamortized debt issuance costs and the payment of $ 1.4 in tender and legal fees Additional Borrowings of International Subsidiaries During the years ended December 31, 2020 and 2021, certain of the CUSA’s international subsidiaries borrowed an aggregate of $ 35.8 under various local bank loans, with original maturity dates ranging between November 2022 and January 2029. During the year ended December 31, 2022 , the Company repaid $ 21.5 of these bank loans. Below is a summary of loans outstanding as of December 31, 2022: Loan Balances as of Interest Rates as of Loan Description(s) December 31, 2022 December 31, 2022 Covenants Maturity Peru loans $ 2.4 1.0 % to 4.8 % Negative covenants June and December 2023 Brazil loans $ 7.7 4.0 % to 8.1 % Negative covenants October 2023 and January 2029 Total $ 10.1 Additionally, a subsidiary of 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 on deposit as of December 31, 2022 was $ 10.8 and is considered restricted cash. 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, 2022 , Cinemark USA, Inc. could have distributed up to approximately $ 3,140 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 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. The required minimum coverage ratio is 2 to 1 and our actual ratio as of December 31, 2022 was 2.9 to 1. See discussion of dividend restrictions and the consolidated net senior secured leverage ratio under the Credit Agreement at Senior Secured Credit Facility above. As of December 31, 2022, the Company believes it was in full financial compliance with all agreements, including related covenants, governing its outstanding debt. Debt Maturity Holdings' long-term debt, excluding unamortized debt issuance costs, at December 31, 2022 matures as follows: 2023 $ 10.7 2024 7.7 2025 1,324.5 2026 406.1 2027 1.1 Thereafter 766.5 Total (1) $ 2,516.6 (1) The only difference between the long-term debt maturity payments for Holdings, as presented above, and those for CUSA is the $ 460.0 repayment of Holdings’ 4.50 % Convertible Senior Notes in 2025. Interest Rate Swap Agreements Effective March 31, 2020, CUSA amended and extended its three then existing interest rate swap agreements and entered into a fourth interest rate swap agreement, all of which are used to hedge a portion of the interest rate risk associated with the variable interest rates on the Company’s term loan debt and qualify for cash flow hedge accounting. Upon amending the interest rate swap agreements effective March 31, 2020, CUSA determined that the interest payments hedged with the agreements were still probable to occur, therefore the loss that accumulated on the swaps prior to the amendments of $ 29.4 was amortized to interest expense through December 31, 2022, the original maturity dates of the swaps. Approximately $ 3.3 , $ 4.5 and $ 4.5 was recorded in amortization of accumulated losses for amended swaps in the consolidated income statement for the years ended December 31, 2020, 2021 and 2022, respectively. The fourth swap agreement effective March 31, 2020 expired on March 31, 2022. The fair values of the interest rate swaps are recorded on the Company’s consolidated balance sheets as an asset or liability with the related gains or losses reported as a component of accumulated other comprehensive loss. The changes in fair value are reclassified from accumulated other comprehensive loss into earnings in the same period that the hedged items affect earnings. The valuation technique used to determine fair value is the income approach and under this approach, the Company uses projected future interest rates as provided by counterparty to the interest rate swap agreement and the fixed rates that the Company is obligated to pay under the agreement. Therefore, the Company’s measurements use significant unobservable inputs, which fall in Level 2 of the U.S. GAAP hierarchy as defined by FASB ASC Topic 820-10-35. The Company is assessing the impact of reference rate reform, as well as the impact of ASU 2020-04, ASU 2021-01 and ASU 2022-06, on the Company's interest rate swaps. See further discussion at Note 2. Below is a summary of the Company’s interest rate swap agreements designated as cash flow hedges as of December 31, 2022: Estimated Fair Value at Notional December 31, Amount Effective Date Pay Rate Receive Rate Expiration Date 2022 (1) $ 0.1 December 31, 2018 2.12 % 1-Month LIBOR December 31, 2024 $ 6.3 $ 0.2 December 31, 2018 2.12 % 1-Month LIBOR December 31, 2024 8.0 $ 0.1 December 31, 2018 2.19 % 1-Month LIBOR December 31, 2024 6.1 Total $ 20.4 (1) Approximately $ 12.2 of the total is included in prepaid expenses and other and $ 8.2 is included in deferred charges on the consolidated balance sheet as of December 31, 2022 . |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 15. 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 (1) 2021 $ 14.6 $ — $ 14.6 $ — Interest rate swap assets (1) 2022 $ 20.4 $ — $ 20.4 $ — (1) See further discussion of interest rate swaps at Note 14. 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 12). Additionally, the Company uses the market approach to estimate the fair value of its long-term debt (see Note 14). 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, 2020, 2021 and 2022 . |
FOREIGN CURRENCY TRANSLATION
FOREIGN CURRENCY TRANSLATION | 12 Months Ended |
Dec. 31, 2022 | |
Foreign Currency [Abstract] | |
FOREIGN CURRENCY TRANSLATION | 16. FOREIGN CURRENCY TRANSLATION The accumulated other comprehensive loss account in Holdings’ stockholders’ equity of $ 394.5 and $ 353.2 and CUSA’s stockholder’s equity of $ 397.0 and $ 356.3 , each at December 31, 2021 and 2022 , respectively, each primarily includes cumulative foreign currency net losses of $ 394.5 and $ 389.8 , at December 31, 2021 and 2022, from translating the financial statements of the Company’s international subsidiaries and the cumulative changes in fair value of the interest rate swap agreements that are designated as hedges. As of December 31, 2022 , all foreign countries where the Company has operations are non-highly inflationary, other than Argentina. In non-highly inflationary countries, the local currency is the same as the functional currency and 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 information 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 for the periods presented. Other Comprehensive Income (Loss) Exchange Rate as of December 31, Year Ended December 31, Country 2020 2021 2022 2020 2021 2022 Brazil 5.20 5.57 5.29 $ ( 42.7 ) $ ( 4.7 ) $ 2.7 Colombia 3,432.50 3,981.16 4,810.19 ( 2.2 ) ( 0.1 ) — Chile 714.14 852.02 852.00 1.2 ( 10.9 ) 0.3 Peru 3.65 4.02 3.81 ( 3.4 ) ( 2.8 ) 1.3 All other ( 0.5 ) ( 0.3 ) 0.3 $ ( 47.6 ) $ ( 18.8 ) $ 4.6 As noted above, beginning July 1, 2018, Argentina was deemed highly inflationary. The impact of translating Argentina’s 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 loss. A foreign currency exchange gain of $ 1.2 , $ 0.2 , and $ 8.5 was recorded for the years ended December 31, 2020, 2021 and 2022 , respectively. |
NONCONTROLLING INTERESTS IN SUB
NONCONTROLLING INTERESTS IN SUBSIDIARIES | 12 Months Ended |
Dec. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
NONCONTROLLING INTERESTS IN SUBSIDIARIES | 17. NONCONTROLLING INTERESTS IN SUBSIDIARIES Noncontrolling interests in subsidiaries of the Company were as follows as of the periods presented: December 31, 2021 2022 Cinemark Partners II $ 8.0 $ 7.7 Laredo Theatres 2.0 0.2 Greeley Ltd. 1.1 0.9 Other 0.5 0.5 Total $ 11.6 $ 9.3 There were no changes in the Company’s ownership interest in its subsidiaries during the years ended December 31, 2020, 2021 and 2022 . |
CAPITAL STOCK
CAPITAL STOCK | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
CAPITAL STOCK | 18. CAPITAL STOCK Common Stock - Holdings Common stockholders are entitled to vote on all matters submitted to a vote of the Holdings’ stockholders. Subject to the rights of holders of any then outstanding shares of Holdings’ preferred stock, Holdings’ common stockholders are entitled to dividends declared by Holdings’ board of directors. The shares of the Holdings’ common stock are not subject to any redemption provisions. Holdings has no issued and outstanding shares of preferred stock. Holdings’ ability to pay dividends is effectively limited by its status as a holding company and the terms of CUSA’s indentures and senior secured credit facility, which also significantly restricts the ability of certain of CUSA’s subsidiaries to pay dividends directly or indirectly to Holdings. See Note 14 for discussion of restrictions contained within the debt agreements of CUSA. Treasury Stock - Holdings Treasury stock represents shares of common stock repurchased by Holdings and not yet retired. Holdings has applied the cost method in recording its treasury shares. Below is a summary of Holdings’ treasury stock activity for the years ended December 31, 2020, 2021 and 2022. Number of Cost Balance at January 1, 2020 4.71 $ 81.6 Restricted stock withholdings (1) 0.27 5.4 Restricted stock forfeitures (2) 0.07 — Balance at December 31, 2020 5.05 $ 87.0 Restricted stock withholdings (1) 0.24 4.1 Restricted stock forfeitures (2) 0.06 — Balance at December 31, 2021 5.35 $ 91.1 Restricted stock withholdings (1) 0.26 4.3 Restricted stock forfeitures (2) 0.07 — Balance at December 31, 2022 5.68 $ 95.4 (1) Holdings withheld shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock and restricted stock units. Holdings determined the number of shares to be withheld based upon market values of the common stock of Holdings on the vest dates. Below is a summary of the range of market values per share on the vest dates for the years indicated: Year Ended December 31, 2020 2021 2022 Market Values $ 8.03 to $ 32.12 $ 15.21 to $ 24.14 $ 12.11 to $ 18.33 (2) Holdings repurchased forfeited restricted shares at a cost of $ 0.001 per share in accordance with the 2017 Omnibus Plan. As of December 31, 2022, Holdings had no plans to retire any shares of its treasury stock. Common and Preferred Stock - CUSA CUSA has 1.5 shares (in thousands) of Class A common stock and 182.6 shares (in thousands) of Class B common stock outstanding, all of which are held by Holdings. Holders of Class A common stock have exclusive voting rights . Holders of Class B common stock have no voting rights except upon any proposed amendments to the articles of incorporation . However, they may convert their Class B common stock, at their option, to Class A common stock. In the event of any liquidation, holders of the Class A and Class B common stock will be entitled to their pro-rata share of assets remaining after any holders of preferred stock have received their preferential amounts based on their respective shares held. CUSA has 1.0 shares of preferred stock, $ 1.00 par value, authorized with none issued or outstanding. The rights and preferences of preferred stock will be determined by the CUSA Board of Directors at the time of issuance. CUSA’s ability to pay dividends is effectively limited by the terms of its indentures and its senior secured credit facility, which also significantly restricts the ability of certain of CUSA’s subsidiaries to pay dividends directly or indirectly to it. See Note 14 for a discussion of restrictions contained within CUSA’s debt agreements. Restricted Stock Below is a summary of restricted stock activity for the years ended December 31, 2020, 2021 and 2022: Year Ended Year Ended Year Ended December 31, 2020 December 31, 2021 December 31, 2022 Shares of Weighted Shares of Weighted Shares of Weighted Outstanding at January 1 0.78 $ 37.53 1.43 $ 21.11 1.99 $ 21.73 Granted 1.55 $ 17.68 1.24 $ 21.91 0.88 $ 16.40 Vested ( 0.83 ) $ 29.30 ( 0.62 ) $ 20.92 ( 0.95 ) $ 19.13 Forfeited ( 0.07 ) $ 30.72 ( 0.06 ) $ 18.96 ( 0.07 ) $ 18.91 Outstanding at December 31 1.43 $ 21.11 1.99 $ 21.73 1.85 $ 20.64 During the year ended December 31, 2022 , Holdings granted 0.88 shares of its restricted stock to certain CUSA employees and to Holdings’ directors. The fair value of the restricted stock granted was determined based on the market value of the Holdings’ common stock on the grant dates, which ranged $ 13.36 to $ 17.07 per share for the 2022 grants. The Company assumed forfeiture rates ranging from 0 % to 12 % for the restricted stock awards granted in 2022 . The restricted stock granted to employees vests over periods ranging from one to three years based on continued service. The recipients of restricted stock are entitled to receive non-forfeitable dividends to the extent they are declared by Holdings 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, 2020 2021 2022 Compensation expense recognized during the period CUSA employees (1) $ 14.6 $ 22.0 $ 14.8 Holdings directors 0.9 0.9 1.0 Total recognized by Holdings $ 15.5 $ 22.9 $ 15.8 Fair value of vested restricted stock held by: CUSA employees $ 16.5 $ 9.7 $ 15.3 Holdings directors 0.4 1.3 0.6 Holdings total $ 16.9 $ 11.0 $ 15.9 Income tax benefit recognized upon vesting of restricted stock CUSA employees $ 5.5 $ 0.8 $ 2.7 Holdings directors 0.1 0.3 0.1 Holdings total income tax benefit $ 5.6 $ 1.1 $ 2.8 (1) The former CEO of Holdings 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 $ 4.3 related to the accelerated vesting of these awards during the year ended December 31, 2021. As of December 31, 2022, the estimated remaining unrecognized compensation expense related to the unvested restricted stock awards was as follows: Estimated Remaining Expense CUSA employees (1) $ 19.6 Holdings directors 0.5 Total remaining - Holdings (1) $ 20.1 (1) The weighted average period over which this remaining compensation expense will be recognized by both Holdings and CUSA is approximately 1.8 years. Restricted Stock Units Holdings granted performance awards in the form of RSUs in 2020 and 2022. 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 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. At the time of the restricted stock unit grants, the Company assumes the financial performance target will be reached for the defined measurement period 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 level will be achieved, the Company adjusts compensation expense on a prospective basis over the remaining service period. Grantees of restricted stock units are eligible to receive a ratable portion of the common stock issuable if the achievement of the performance goals is within the targets previously noted. All restricted stock units granted will be paid in the form of Holdings’ common stock if the participant continues to provide services through the third anniversary of the respective grant date. Restricted stock unit award participants are eligible to receive dividend equivalent payments from the grant date to the extent declared by Holdings if, and at the time, the restricted stock unit awards vest. 2022 awards - During the year ended December 31, 2022, Holdings granted performance awards in the form of restricted stock units. The maximum number of shares issuable under the performance awards is 0.8 shares of Holdings’ common stock. The grant date fair value for the units issued during the year ended December 31, 2022 was determined based on the closing price of Holdings’ common stock on the date of grant, which was $ 16.65 per share. The financial performance metrics are based upon the achievement of pre-established criteria that consists of revenue and consolidated cash flows as defined in the award agreement. Based upon the terms of the award agreement, RSUs vest based on a combination of performance factors and continued service. The performance measurement period for the financial performance metrics is one year, and there is an additional two-year service requirement. Below is a summary of the performance metrics and measurement period for these performance awards: Performance Measurement Period One year with an additional service requirement to the third anniversary of the date of grant Maximum Performance Target Level 175% of target award Percentage of maximum restricted stock units that vest if performance metrics meet the target level 29 % Percentage of maximum restricted stock units that vest if performance metrics for one-year period at target 57 % Percentage of maximum restricted stock units that vest if performance metrics are at the maximum 100 % Most likely performance metrics outcome estimated to be achieved at the time restricted stock units were issued Target level Most likely performance metrics outcome based on updated performance expectations Maximum performance level Assumed forfeiture rate for restricted stock unit awards 5 % 2019 and 2020 awards - During the years ended December 31, 2019 and 2020, Holdings granted performance awards in the form of restricted stock units. representing hypothetical shares of Holdings’ common stock to certain CUSA employees. Below is a summary of the restricted stock units granted for the periods indicated: Year Ended December 31, 2019 2020 Number of restricted stock units granted during the period 0.31 0.44 Grant date fair value $ 36.77 $ 32.12 Estimated forfeiture rates 5 % 5 % 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). During the year ended December 31, 2021, the Compensation Committee of Holdings’ Board of Directors (“Compensation Committee”) 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 Holdings’ 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 performance awards during 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. Below is a summary of restricted stock unit activity for the periods presented: Year Ended December 31, 2020 2021 2022 Number of restricted stock unit awards that vested during the period 0.21 0.23 0.10 Fair value of restricted stock unit awards that vested during the period $ 5.1 $ 4.1 $ 1.7 Accumulated dividends paid upon vesting of restricted stock unit awards $ 0.9 $ 0.1 $ 0.3 Compensation expense recognized during the period (1) $ 3.9 $ 6.4 $ 5.7 Income tax benefit related to stock unit awards $ 0.8 $ 0.7 $ — (1) The former CEO of Holdings retired on December 31, 2021 and all of his outstanding unvested restricted stock units vested upon his retirement in accordance with his employment agreement. Holdings recorded incremental compensation expense of $ 2.4 related to the accelerated vesting of these awards during the year ended December 31, 2021. As of December 31, 2022, the estimated remaining unrecognized compensation expense related to the outstanding restricted stock unit awards was $ 10.4 . The weighted average period over which this remaining compensation expense will be recognized is approximately 1.8 years. As of December 31, 2022 , Holdings had restricted stock units outstanding that represented a total of 1.0 hypothetical shares of common stock, net of estimated forfeitures, reflecting certified performance levels for restricted stock units granted during 2019 and 2020 and the maximum performance level for the 2022 grant. |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | 19. SUPPLEMENTAL CASH FLOW INFORMATION The following is provided as supplemental information to the consolidated statements of cash flows: Year Ended December 31, 2020 2021 2022 Cash paid for interest by Holdings (1) $ 102.9 $ 108.2 $ 140.7 Cash paid for interest by CUSA $ 102.9 $ 87.8 $ 109.1 Cash paid (refunds received) for income taxes, net $ ( 116.9 ) $ ( 136.5 ) $ 4.6 Cash deposited in (transferred from) restricted accounts (2) $ 13.8 $ 11.9 $ ( 14.9 ) Noncash operating activities: Interest expense - NCM (see Note 9) $ ( 23.6 ) $ ( 23.6 ) $ ( 23.2 ) Noncash investing activities: Change in accounts payable and accrued expenses for the acquisition of theatre properties and equipment (3) $ ( 13.3 ) $ 20.1 $ ( 3.8 ) Theatre properties acquired under finance leases $ — $ 0.7 $ — Theatre properties acquired as distribution from equity investee (see Note 10) $ 102.7 $ — $ — Investment in NCM – receipt of common units (see Note 9) $ 3.6 $ 10.2 $ 1.3 Noncash financing activities: Accrual for dividends on unvested restricted stock unit awards $ ( 0.3 ) $ — $ — (1) Includes the cash interest paid by CUSA (2) Represents cash deposited in a collateral account during the period to support the issuance of letters of credit to lenders, net of returned deposits from such accounts upon the repayment of related debt. See further discussion in Note 14. (3) Additions to theatre properties and equipment included in accounts payable as of December 31, 2021 and 2022 were $ 8.2 and $ 12.0 , respectively. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 20. 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 $ 187.5 related to the NOL carryback provision, which included tax benefits of $ 185.2 attributable to CUSA. Holdings The provision for federal and foreign income tax expense for continuing operations of Holdings consisted of the following: Year Ended December 31, 2020 2021 2022 (Loss) income before income taxes: U.S. $ ( 784.2 ) $ ( 389.2 ) $ ( 286.9 ) Foreign ( 143.1 ) ( 49.8 ) 21.9 Total $ ( 927.3 ) $ ( 439.0 ) $ ( 265.0 ) Current and deferred income taxes for Holdings were as follows: Year Ended December 31, 2020 2021 2022 Current: Federal $ ( 271.2 ) $ 4.0 $ 1.9 Foreign 0.4 0.8 9.2 State 0.3 1.0 1.2 Total current expense ( 270.5 ) 5.8 12.3 Deferred: Federal $ ( 50.5 ) $ ( 20.2 ) $ ( 2.7 ) Foreign 13.3 0.4 ( 2.4 ) State ( 1.7 ) ( 2.8 ) ( 4.2 ) Total deferred taxes ( 38.9 ) ( 22.6 ) ( 9.3 ) Income taxes $ ( 309.4 ) $ ( 16.8 ) $ 3.0 A reconciliation between Holdings’ 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, 2020 2021 2022 Computed statutory tax expense $ ( 194.7 ) $ ( 92.2 ) $ ( 55.7 ) State and local income taxes, net of federal income tax impact ( 1.2 ) ( 1.4 ) ( 2.2 ) Changes in valuation allowance 46.7 76.3 60.6 Foreign tax rate differential ( 6.6 ) ( 4.5 ) 1.3 Foreign tax credits — — ( 4.0 ) Impacts related to COVID-19 pandemic (1) ( 187.5 ) — — Changes in uncertain tax positions 24.9 7.5 1.6 Other, net 9.0 ( 2.5 ) 1.4 Income taxes $ ( 309.4 ) $ ( 16.8 ) $ 3.0 (1) The amount for the year ended December 31, 2020 includes benefits of a rate differential on earnings of $ 123.0 , 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 $ 135.6 , offset by a tax charge for the remeasurement of deferred taxes and tax attributes of $ 49.9 and dislodged foreign tax credits not benefited of $ 21.2 . CUSA The provision for federal and foreign income tax expense for continuing operations of CUSA consisted of the following: Year Ended December 31, 2020 2021 2022 (Loss) income before income taxes: U.S. $ ( 767.8 ) $ ( 362.6 ) $ ( 263.7 ) Foreign ( 143.1 ) ( 49.8 ) 21.9 Total $ ( 910.9 ) $ ( 412.4 ) $ ( 241.8 ) Current and deferred income taxes for CUSA were as follows: Year Ended December 31, 2020 2021 2022 Current: Federal ( 264.9 ) 4.0 1.9 Foreign 0.4 0.8 9.2 State 0.3 1.0 1.2 Total current expense ( 264.2 ) 5.8 12.3 Deferred: Federal ( 50.9 ) ( 36.7 ) ( 16.2 ) Foreign 13.2 0.4 ( 2.4 ) State ( 1.7 ) ( 1.8 ) ( 6.8 ) Total deferred taxes ( 39.4 ) ( 38.1 ) ( 25.4 ) Income taxes ( 303.6 ) ( 32.3 ) ( 13.1 ) A reconciliation between CUSA’s 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, 2020 2021 2022 Computed statutory tax expense $ ( 191.3 ) $ ( 86.6 ) $ ( 50.8 ) State and local income taxes, net of federal income tax impact ( 1.2 ) ( 0.7 ) ( 4.2 ) Changes in valuation allowance 46.7 54.3 41.8 Foreign tax rate differential ( 6.6 ) ( 4.5 ) 1.3 Foreign tax credits — — ( 4.0 ) Impacts related to COVID-19 pandemic (1) ( 185.1 ) — - Changes in uncertain tax positions 24.9 5.7 1.6 Other, net 9.0 ( 0.5 ) 1.2 Income taxes $ ( 303.6 ) $ ( 32.3 ) $ ( 13.1 ) 1) The amount for the year ended December 31, 2020 includes benefits of a rate differential on earnings of $ 120.7 , 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 $ 135.6 , offset by a tax charge for the remeasurement of deferred taxes and tax attributes of $ 49.9 and dislodged foreign tax credits not benefited of $ 21.2 . As of December 31, 2022 , the Company will not indefinitely reinvest $ 4.3 of accumulated undistributed earnings and profits of certain of its foreign subsidiaries. As of December 31, 2022 , the Company had approximately $ 112.5 of accumulated undistributed earnings and profits which it considers to be indefinitely reinvested. Of this indefinitely reinvested amount, approximately $ 159.3 was subject to the one-time transition tax pursuant to the 2017 Tax Cuts and Jobs Act. Additional tax due on the repatriation of these 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 these foreign subsidiaries to be indefinitely reinvested. At this time, the determination of deferred tax liabilities on this amount is not practicable. Deferred Income Taxes Holdings The tax effects of significant temporary differences and tax loss and tax credit carryforwards comprising the net long-term deferred income tax liabilities for Holdings as of the periods presented consisted of the following: December 31, 2021 2022 Deferred liabilities: Theatre properties and equipment $ 100.5 $ 76.9 Finance lease assets 19.6 16.0 Operating lease right-of-use assets 288.2 274.3 Intangible asset – other 45.6 49.6 Intangible asset – tradenames 71.9 68.9 Investment in partnerships 16.1 — Total deferred liabilities 541.9 485.7 Deferred assets: Deferred revenue – NCM and Other 87.7 82.6 Prepaid rent 3.4 4.1 Gift Cards 8.3 8.8 Investment in partnerships — 5.2 Operating lease obligations 304.5 296.1 Finance lease obligations 25.6 21.6 Tax impact of items in accumulated other comprehensive income and additional paid-in-capital 33.0 16.4 Restricted stock 5.5 5.1 Accrued expenses 4.3 3.7 Other tax loss carryforwards 124.6 126.1 Other tax credit and attribute carryforwards 155.0 193.5 Other expenses, not currently deductible for tax purposes 14.3 14.9 Total deferred assets 766.2 778.1 Net deferred income tax (asset) liability before valuation allowance ( 224.3 ) ( 292.4 ) Valuation allowance against deferred assets – non-current 264.1 326.1 Net deferred income tax liability $ 39.8 $ 33.7 Net deferred tax (asset) liability – Foreign $ 6.7 $ 4.7 Net deferred tax liability – U.S. 33.1 29.0 Total $ 39.8 $ 33.7 CUSA The tax effects of significant temporary differences and tax loss and tax credit carryforwards comprising the net long-term deferred income tax liabilities for CUSA as of the periods presented consisted of the following: December 31, 2021 2022 Deferred liabilities: Theatre properties and equipment $ 100.5 $ 76.7 Finance lease assets 19.6 15.9 Operating lease right-of-use assets 288.2 273.9 Intangible asset – other 45.6 49.5 Intangible asset – tradenames 71.9 68.8 Investment in partnerships 16.1 — Tax impact of items in accumulated other comprehensive income and additional paid-in-capital — 5.3 Total deferred liabilities 541.9 490.1 Deferred assets: Deferred revenue – NCM and Other 87.7 82.4 Prepaid rent 3.4 4.1 Gift Cards 8.3 8.8 Investment in partnerships — 5.2 Operating lease obligations 304.5 295.6 Finance lease obligations 25.6 21.6 Tax impact of items in accumulated other comprehensive income and additional paid-in-capital 4.4 — Restricted stock 5.4 4.9 Accrued expenses 4.3 3.7 Other tax loss carryforwards 121.6 122.0 Other tax credit and attribute carryforwards 145.5 174.1 Other expenses, not currently deductible for tax purposes 14.3 14.8 Total deferred assets 725.0 737.2 Net deferred income tax (asset) liability before valuation allowance ( 183.1 ) ( 247.1 ) Valuation allowance against deferred assets – non-current 240.9 283.2 Net deferred income tax liability $ 57.8 $ 36.1 Net deferred tax (asset) liability – Foreign $ 6.8 $ 4.7 Net deferred tax liability – U.S. 51.0 31.4 Total $ 57.8 $ 36.1 The Company generated 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. 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. Foreign tax credits have a 10 year carryforward period. A majority of our foreign tax credit carryforwards expire in 2023, 2026 and 2027, with the remainder expiring in future periods. 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, 2022 the Company continued to generate pre-tax losses and remained in a three-year cumulative pre-tax loss. Consistent with December 31, 2021, 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 $ 264.1 as of December 31, 2021 to $ 326.1 as of December 31, 2022 (see Note 24). CUSA’s valuation allowance changed from $ 240.9 as of December 31, 2021 to $ 283.2 as of December 31, 2022 (see Note 24). The increase relates to certain 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 Holdings for the periods presented: Year Ended December 31, 2020 2021 2022 Balance at January 1, $ 10.2 $ 46.5 $ 55.9 Gross increases - tax positions in prior periods 32.4 7.7 — Gross decreases - tax positions in prior periods ( 0.1 ) ( 1.6 ) ( 0.2 ) Gross increases - current period tax positions 4.0 3.4 0.1 Settlements — ( 0.1 ) — Balance at December 31, $ 46.5 $ 55.9 $ 55.8 The following is a reconciliation of the total amounts of unrecognized tax benefits excluding interest and penalties for CUSA for the periods presented: Year Ended December 31, 2020 2021 2022 Balance at January 1, $ 10.2 $ 46.5 $ 54.0 Gross increases - tax positions in prior periods 32.4 5.8 — Gross decreases - tax positions in prior periods ( 0.1 ) ( 1.6 ) ( 0.2 ) Gross increases - current period tax positions 4.0 3.4 0.1 Settlements — ( 0.1 ) — Balance at December 31, $ 46.5 $ 54.0 $ 53.9 Holdings had $ 62.5 and $ 64.3 of unrecognized tax benefits, including interest and penalties, as of December 31, 2021 and 2022 , respectively. Of these amounts, $ 62.5 and $ 64.3 represent the amount of unrecognized tax benefits that, if recognized, would impact the effective income tax rate for the years ended December 31, 2021 and 2022 , respectively. CUSA had $ 60.6 and $ 62.5 of unrecognized tax benefits, including interest and penalties, as of December 31, 2021 and 2022 , respectively. Of these amounts, $ 60.6 and $ 62.5 represent the amount of unrecognized tax benefits that, if recognized, would impact the effective income tax rate for the years ended December 31, 2021 and 2022 , respectively. Holdings and CUSA had $ 6.6 and $ 8.5 accrued for interest and penalties as of December 31, 2021 and 2022, 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 2018. 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 2007. The Company is currently under IRS audit for tax years 2019 and 2020 and is under audit in the non-U.S. tax jurisdiction of Brazil. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 21. COMMITMENTS AND CONTINGENCIES Employment Agreements — As of December 31, 2022 , the Company had employment agreements with 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 U.S. based employees and makes discretionary matching contributions as determined annually in accordance with the 401(k) Plan. Employer matching contribution payments of $ 2.1 and $ 5.7 were made during the years ended December 31, 2021 and 2022 , respectively. A liability of approximately $ 0.2 was recorded as of December 31, 2022 for employer contribution payments to be made in 2023 for the remaining amounts owed for plan year 2022. 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 . 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, 2022 | |
Segment Reporting [Abstract] | |
SEGMENTS | 22. SEGMENTS - HOLDINGS The international market and U.S. market are managed 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 revenue. Holdings 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 total assets by segment because that information is not used to evaluate the performance or allocate resources between segments. Holdings revenue, Adjusted EBITDA and capital expenditures by reportable operating segment The following table is a breakdown of selected financial information by reportable operating segment for Holdings for the periods presented: Year Ended December 31, 2020 2021 2022 Revenue U.S. $ 559.2 $ 1,296.3 $ 1,977.9 International 129.4 216.9 484.5 Eliminations ( 2.3 ) ( 2.7 ) ( 7.7 ) Total Revenue $ 686.3 $ 1,510.5 $ 2,454.7 Adjusted EBITDA (1) U.S. $ ( 227.0 ) $ 84.2 $ 255.7 International ( 49.9 ) ( 4.2 ) 80.8 Total Adjusted EBITDA $ ( 276.9 ) $ 80.0 $ 336.5 Capital expenditures U.S. $ 64.0 $ 78.3 $ 87.2 International 19.9 17.2 23.5 Total capital expenditures $ 83.9 $ 95.5 $ 110.7 (1) Distributions from equity investees are reported entirely within the U.S. operating segment . The following table sets forth a reconciliation of net loss to Adjusted EBITDA for Holdings for the periods presented: Year Ended December 31, 2020 2021 2022 Net loss $ ( 617.9 ) $ ( 422.2 ) $ ( 268.0 ) Add (deduct): Income taxes ( 309.4 ) ( 16.8 ) 3.0 Interest expense (1) 129.9 149.7 155.3 Loss on extinguishment of debt — 6.5 — Other (income) expense (2) 62.4 43.5 23.6 Distributions from DCIP (3) 10.4 — — Other cash distributions from equity investees (4) 15.0 0.2 6.9 Non-cash distributions from DCIP (5) ( 12.9 ) — — Depreciation and amortization 259.8 265.4 238.2 Impairment of long-lived and other assets 152.7 20.8 174.1 (Gain) loss on disposal of assets and other ( 8.9 ) 8.0 ( 6.8 ) Restructuring charges 20.3 ( 1.0 ) ( 0.5 ) Non-cash rent expense 2.3 ( 3.4 ) ( 10.8 ) Share based awards compensation expense 19.4 29.3 21.5 Adjusted EBITDA $ ( 276.9 ) $ 80.0 $ 336.5 (1) Includes amortization of debt issuance costs and amortization of accumulated losses for amended swap agreements. (2) Includes interest income, foreign currency exchange loss, interest expense – NCM and equity in income (loss) of affiliates and excludes distributions from NCM and DCIP. (3) See discussion of cash distributions from DCIP, which were recorded as a reduction of the Company’s investment in DCIP for the year ended December 31, 2020, in Note 10. 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 9 and 10). These distributions are reported entirely within the U.S. operating segment. (5) Reflects non-cash distribution of projectors from DCIP (see Note 10). These distributions are reported entirely within the U.S. operating segment . Financial Information About Geographic Area The following table sets forth a breakdown of select financial information for Holdings by geographic area for the periods presented: Year Ended December 31, 2020 2021 2022 Revenue U.S. $ 559.2 $ 1,296.3 $ 1,977.9 Brazil 59.3 73.5 179.0 Other international countries 70.1 143.4 305.5 Eliminations ( 2.3 ) ( 2.7 ) ( 7.7 ) Total $ 686.3 $ 1,510.5 $ 2,454.7 As of December 31, 2021 2022 Theatre properties and equipment, net U.S. $ 1,208.7 $ 1,075.3 Brazil 56.7 49.5 Other international countries 117.5 107.3 Total $ 1,382.9 $ 1,232.1 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 23. RELATED PARTY TRANSACTIONS A subsidiary of 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, our founder and a member of Holdings’ Board of Directors, owns, both directly and indirectly, approximately 8.5 % of Holdings’ common stock. Under the agreement, management fees are paid by Laredo to the Company at a rate of 5 % of annual theatre revenue. The Company recorded $ 0.1 , $ 0.4 and $ 0.6 of management fee revenue during the years ended December 31, 2020, 2021 and 2022, respectively. All such amounts are included in each of Holdings’ and CUSA’s consolidated financial statements with the intercompany amounts eliminated in consolidation. During the year ended December 31, 2022 , cash distributions of $ 2.7 were paid to Lone Star Theatres, Inc. as required by the partnership agreement, which were recorded as a reduction of noncontrolling interests on each of Holdings’ and CUSA’s consolidated balance sheet. 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 served as a consultant to the Company until July 2022. During the years ended December 31, 2021 and 2022, the Company paid Mr. Hebert $ 0.1 and $ 0.2 related to consulting services. A subsidiary of 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. The aggregate amount paid to Copper Beech Capital, LLC for the use of the aircraft was less than $ 0.1 for each of the years ended December 31, 2020, 2021 and 2022. A subsidiary of the Company currently leases 12 theatres from Syufy Enterprises, LP (“Syufy”) or affiliates of Syufy. Raymond Syufy is one of Holdings’ directors and is an officer of the general partner of Syufy. For the years ended December 31, 2020, 2021 and 2022 , the Company paid total rent of approximately $ 23.8 , $ 23.3 and $ 22.3 , respectively, to Syufy. CUSA also provides digital equipment support to drive-in theatres owned by Syufy. The Company recorded management fees of approximately $ 0 , $ 0.1 and $ 0 related to these services during the years ended December 31, 2020, 2021 and 2022, respectively. A subsidiary of 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 10 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 services fees of approximately $ 0 , $ 0.1 and $ 0.1 related to this agreement during the years ended December 31, 2020, 2021 and 2022, respectively. During the year ended December 31, 2022 , the Company received cash distributions of $ 4.0 from FE Concepts. |
VALUATION AND QUALIFYING ACCOUN
VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
VALUATION AND QUALIFYING ACCOUNTS | 24. VALUATION AND QUALIFYING ACCOUNTS Holdings’ valuation allowance for deferred tax assets, which includes CUSA’s valuation allowance for deferred tax assets, for the periods presented were as follows: Valuation Allowance for Deferred Taxes Balance at January 1, 2020 $ 60.4 Additions 144.2 Deductions ( 1.0 ) Balance at December 31, 2020 $ 203.6 Additions 69.1 Deductions ( 4.3 ) Currency translation ( 4.3 ) Balance at December 31, 2021 $ 264.1 Additions 67.0 Deductions ( 5.3 ) Currency translation 0.3 Balance at December 31, 2022 $ 326.1 CUSA’s valuation allowance for deferred tax assets for the periods presented were as follows: Valuation Allowance for Deferred Taxes Balance at January 1, 2020 $ 60.4 Additions 144.2 Deductions ( 1.0 ) Balance at December 31, 2020 $ 203.6 Additions 52.5 Deductions ( 10.9 ) Currency translation ( 4.3 ) Balance at December 31, 2021 $ 240.9 Additions 47.0 Deductions ( 4.9 ) Currency translation 0.2 Balance at December 31, 2022 $ 283.2 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 25. SUBSEQUENT EVENTS On February 17, 2023, the Company delivered a redemption notice to NCM pursuant to the redemption right under its operating agreement with NCM to redeem approximately 42.0 of the Company’s 43.7 common units in NCM in exchange for approximately 42.0 newly issued shares of NCMI common stock, with a redemption date of February 23, 2023 (the Redemption). Pursuant to the Redemption, in addition to the 42.0 common shares of NCMI, the Company continues to own 1.7 common units of NCM. The Company will have the same rights and level of influence through its ownership of NCMI common stock following the Redemption as it does through its previous ownership of common units in NCM and will continue to account for its investment in NCM under the equity method of accounting. |
CONDENSED FINANCIAL INFORMATION
CONDENSED FINANCIAL INFORMATION OF REGISTRANT | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
CONDENSED FINANCIAL INFORMATION OF REGISTRANT | CINEMAR K HOLDINGS, INC. PARENT COMPANY BALANCE SHEETS (in millions, except share data) December 31, December 31, 2021 2022 Assets Cash and cash equivalents $ 264.7 $ 247.2 Prepaid assets and other — 0.6 Investment in subsidiaries 524.6 372.5 Total assets $ 789.3 $ 620.3 Liabilities and equity Liabilities Accrued other current liabilities, including accounts payable to subsidiaries $ 43.9 $ 61.5 Long-term debt 447.6 451.0 Other long-term liabilities ( 25.1 ) ( 2.4 ) Total liabilities 466.4 510.1 Commitments and contingencies (see Note 6 ) Equity Common stock, $ 0.001 par value: 300,000,000 shares authorized, 125,100,993 shares issued and 119,750,882 shares outstanding at December 31, 2021 and 126,082,187 shares issued and 120,403,833 shares outstanding at December 31, 2022 0.1 0.1 Additional paid-in-capital 1,197.8 1,219.3 Treasury stock, 5,350,111 and 5,678,354 shares, at cost, at December 31, 2021 and December 31, 2022, respectively ( 91.1 ) ( 95.4 ) Accumulated deficit ( 389.4 ) ( 660.6 ) Accumulated other comprehensive loss ( 394.5 ) ( 353.2 ) Total equity 322.9 110.2 Total liabilities and equity $ 789.3 $ 620.3 The accompanying notes are an integral part of the condensed financial information of Cinemark Holdings Inc. CINEMARK HOLDINGS, INC. PARENT COMPANY STATEMENTS OF LOSS (in millions) Year Ended December 31, 2020 2021 2022 Revenue $ — $ — $ — Cost of operations 2.2 2.6 2.9 Operating loss ( 2.2 ) ( 2.6 ) ( 2.9 ) Interest expense ( 14.2 ) ( 24.1 ) ( 24.1 ) Other income 0.1 0.1 3.8 Loss before income taxes and equity in loss of subsidiaries ( 16.3 ) ( 26.6 ) ( 23.2 ) Income taxes 5.7 5.7 ( 16.1 ) Equity in loss of subsidiaries, net of taxes ( 606.2 ) ( 401.9 ) ( 231.9 ) Net loss $ ( 616.8 ) $ ( 422.8 ) $ ( 271.2 ) The accompanying notes are an integral part of the condensed financial information of Cinemark Holdings, Inc. CINEMARK HOLDINGS, INC. PARENT COMPANY STATEMENTS OF COMPREHENSIVE LOSS (in millions) Year Ended December 31, 2020 2021 2022 Net loss $ ( 616.8 ) $ ( 422.8 ) $ ( 271.2 ) Other comprehensive income (loss), net of tax Unrealized gain (loss) due to fair value adjustments on interest rate swap agreements, net of taxes of $ 3.5 , $( 0.7 ) and $( 2.8 ), net of settlements ( 14.3 ) 18.5 32.2 Foreign currency translation adjustments ( 47.6 ) ( 18.8 ) 4.6 Total other comprehensive (loss) income, net of tax ( 61.9 ) ( 0.3 ) 36.8 Comprehensive loss attributable to Cinemark Holdings, Inc. $ ( 678.7 ) $ ( 423.1 ) $ ( 234.4 ) The accompanying notes are an integral part of the condensed financial information of Cinemark Holdings Inc. CINEMARK HOLDINGS, INC. PARENT COMPANY STATEMENTS OF CASH FLOWS (in millions) Year Ended December 31, 2020 2021 2022 Operating Activities Net loss $ ( 616.8 ) $ ( 422.8 ) $ ( 271.2 ) Adjustments to reconcile net loss to cash provided by (used for) operating activities: Share based awards compensation expense 0.9 0.9 1.0 Amortization of debt issuance costs 0.9 3.5 3.4 Equity in loss of subsidiaries 606.2 401.9 231.9 Changes in other assets and liabilities 19.0 10.5 21.7 Net cash provided by (used for) operating activities 10.2 ( 6.0 ) ( 13.2 ) Investing Activities Dividends received from subsidiaries 42.0 — — Contributions to subsidiaries — ( 120.0 ) — Net cash provided by (used for) investing activities 42.0 ( 120.0 ) — Financing Activities Dividends paid to stockholders ( 42.3 ) — — Proceeds from convertible notes issued 460.0 — — Payment of debt issuance costs ( 17.1 ) — — Purchase of convertible note hedges ( 142.1 ) — — Proceeds from warrants issued 89.4 — — Restricted stock withholdings for payroll taxes ( 5.4 ) ( 4.1 ) ( 4.3 ) Net cash provided by (used for) financing activities 342.5 ( 4.1 ) ( 4.3 ) Increase (decrease) in cash and cash equivalents 394.7 ( 130.1 ) ( 17.5 ) Cash and cash equivalents: Beginning of period 0.1 394.8 264.7 End of period $ 394.8 $ 264.7 $ 247.2 The accompanying notes are an integral part of the condensed financial information of Cinemark Holdings, Inc. CINEMARK HOLDINGS, INC. NOTES TO PARENT COMPANY FINANCIAL STATEMENTS (in millions, except share and per share data) 1. BASIS OF PRESENTATION Cinemark Holdings, Inc. conducts substantially all of its operations through its subsidiaries. These statements should be read in conjunction with Cinemark Holdings Inc. and subsidiaries' 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 CUSA’s senior secured credit facility and the indentures to each of the 5.25 % Senior Notes, the 5.875 % Senior Notes and the 8.75 % 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, 2022 , the restricted net assets totaled approximately $ 332.0 million and $ 226.2 million under the senior secured credit facility and the Notes, respectively. See Note 14 to the 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) 2/21/2020 3/6/2020 3/20/2020 $ 0.36 $ 42.6 Total for year ended December 31, 2020 $ 0.36 $ 42.6 (1) Of the dividends recorded during 2020, $ 0.3 were related to outstanding restricted stock units and are not paid until such units vest. 3. DIVIDENDS AND DISTRIBUTIONS WITH SUBSIDIARIES During the year ended December 31, 2020 , Holdings received cash dividends of $ 42.0 million from its subsidiary, CUSA. During the year ended December 31, 2021 , Holdings paid a distribution of $ 120.0 million to its subsidiary, CUSA. 4. LONG-TERM DEBT On August 21, 2020, Holdings issued $ 460.0 million aggregate principal amount of 4.50 % Convertible Senior Notes, which will mature on August 15, 2025. Additionally, certain of Holdings’ subsidiaries have direct outstanding debt obligations. For a discussion of the debt obligations of Holdings, see Note 14 to the consolidated financial statements included elsewhere in this annual report on Form 10-K. 5. CAPITAL STOCK Holdings’ capital stock along with its long-term incentive plan and related activity are discussed in Note 18 of the consolidated financial statements included elsewhere in this annual report on Form 10-K. 6. COMMITMENTS AND CONTINGENCIES Holdings has no direct commitments and contingencies, but its subsidiaries do. See Note 21 of the consolidated financial statements included elsewhere in this annual report on Form 10-K. |
CONSOLIDATING FINANCIAL INFORMA
CONSOLIDATING FINANCIAL INFORMATION OF SUBSIDIARIES | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
CONSOLIDATING FINANCIAL INFORMATION OF SUBSIDIARIES | UNAUDITED SUPPLEMENTAL SCHEDULES SPECIFIED BY THE SENIOR NOTES INDENTURES CINEMARK USA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2022 (in millions) Restricted Unrestricted Group Group Eliminations Consolidated Assets Current assets Cash and cash equivalents $ 321.1 $ 106.2 $ — $ 427.3 Other current assets 357.1 ( 106.6 ) ( 8.6 ) 241.9 Total current assets 678.2 ( 0.4 ) ( 8.6 ) 669.2 Theatre properties and equipment, net 1,232.1 — — 1,232.1 Operating lease right-of-use assets, net 1,102.7 — — 1,102.7 Other assets 1,716.6 274.2 ( 371.5 ) 1,619.3 Total assets $ 4,729.6 $ 273.8 $ ( 380.1 ) $ 4,623.3 Liabilities and equity Current liabilities Current portion of long-term debt $ 10.7 $ — $ — $ 10.7 Current portion of operating lease obligations 219.3 — — 219.3 Current portion of finance lease obligations 14.4 — — 14.4 Current income tax payable 3.2 — — 3.2 Accounts payable and accrued expenses 461.3 — ( 8.6 ) 452.7 Total current liabilities 708.9 — ( 8.6 ) 700.3 Long-term liabilities Long-term debt, less current portion 2,287.5 — ( 264.5 ) 2,023.0 Operating lease obligations, less current portion 970.6 — — 970.6 Finance lease obligations, less current portion 88.0 — — 88.0 Other long-term liabilities and deferrals 448.4 11.1 — 459.5 Total long-term liabilities 3,794.5 11.1 ( 264.5 ) 3,541.1 Commitments and contingencies Equity 226.2 262.7 ( 107.0 ) 381.9 Total liabilities and equity $ 4,729.6 $ 273.8 $ ( 380.1 ) $ 4,623.3 Note: “Restricted Group” and “Unrestricted Group” are defined in the indentures for the senior notes. CINEMARK USA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF LOSS YEAR ENDED DECEMBER 31, 2022 (in millions) Restricted Unrestricted Group Group Eliminations Consolidated Revenue $ 2,454.7 $ — $ — $ 2,454.7 Cost of operations Theatre operating costs 1,961.9 — — 1,961.9 General and administrative expenses 174.5 0.1 — 174.6 Depreciation and amortization 238.2 — — 238.2 Impairment of long-lived assets 133.2 40.9 — 174.1 Restructuring costs ( 0.5 ) — — ( 0.5 ) Loss on sale of assets and other ( 6.8 ) — ( 6.8 ) Total cost of operations 2,500.5 41.0 — 2,541.5 Operating loss ( 45.8 ) ( 41.0 ) — ( 86.8 ) Interest expense ( 134.1 ) — 2.9 ( 131.2 ) Equity in loss of affiliates ( 7.7 ) ( 1.6 ) — ( 9.3 ) Cash distributions from DCIP — 3.7 — 3.7 Interest expense - NCM ( 23.2 ) — — ( 23.2 ) Other income 3.7 4.2 ( 2.9 ) 5.0 Total other expense ( 161.3 ) 6.3 — ( 155.0 ) Loss before income taxes ( 207.1 ) ( 34.7 ) — ( 241.8 ) Income tax benefit ( 5.3 ) ( 7.8 ) — ( 13.1 ) Net loss ( 201.8 ) ( 26.9 ) — ( 228.7 ) Less: Net income attributable to noncontrolling interests 3.2 — — 3.2 Net loss attributable to Cinemark USA, Inc. $ ( 205.0 ) $ ( 26.9 ) $ — $ ( 231.9 ) Note: “Restricted Group” and “Unrestricted Group” are defined in the indentures for the senior notes. CINEMARK USA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS YEAR ENDED DECEMBER 31, 2022 (in millions) Restricted Unrestricted Group Group Eliminations Consolidated Net loss $ ( 201.8 ) $ ( 26.9 ) $ — $ ( 228.7 ) Other comprehensive income, net of tax Unrealized loss due to fair value adjustments on interest rate swap agreements, net of taxes of $( 3.4 ), net of settlements 31.6 — — 31.6 Foreign currency translation adjustments 4.6 — — 4.6 Total other comprehensive income, net of tax 36.2 — — 36.2 Total comprehensive loss, net of tax ( 165.6 ) ( 26.9 ) — ( 192.5 ) Comprehensive income attributable to noncontrolling interests ( 3.2 ) — — ( 3.2 ) Comprehensive loss attributable to Cinemark USA, Inc. $ ( 168.8 ) $ ( 26.9 ) $ — $ ( 195.7 ) Note: “Restricted Group” and “Unrestricted Group” are defined in the indentures for the senior notes. CINEMARK USA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2022 (in millions) Restricted Unrestricted Group Group Eliminations Consolidated Operating activities Net loss $ ( 201.8 ) $ ( 26.9 ) $ — $ ( 228.7 ) Adjustments to reconcile net loss to cash used for operating activities 359.3 49.3 — 408.6 Changes in assets and liabilities ( 10.2 ) ( 16.3 ) — ( 26.5 ) Net cash provided by operating activities 147.3 6.1 — 153.4 Investing activities Additions to theatre properties and equipment ( 110.7 ) — — ( 110.7 ) Proceeds from sale of theatre properties and equipment and other 14.4 — — 14.4 Net cash used for investing activities ( 96.3 ) — — ( 96.3 ) Financing activities Restricted stock withholdings for payroll taxes ( 4.3 ) — — ( 4.3 ) Repayments on long-term debt ( 28.1 ) — — ( 28.1 ) Payments on finance leases ( 14.3 ) — — ( 14.3 ) Other ( 5.5 ) — — ( 5.5 ) Net cash used for financing activities ( 52.2 ) — — ( 52.2 ) Effect of exchange rate changes on cash and cash equivalents ( 20.3 ) — — ( 20.3 ) Increase (decrease) in cash and cash equivalents ( 21.5 ) 6.1 — ( 15.4 ) Cash and cash equivalents: Beginning of year 342.6 100.1 — 442.7 End of year $ 321.1 $ 106.2 $ — $ 427.3 Note: “Restricted Group” and “Unrestricted Group” are defined in the indentures for the senior notes. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Business | Business — Cinemark Holdings, Inc. (“Holdings”) is a holding company and its wholly-owned subsidiary is Cinemark USA, Inc. (“CUSA”). Holdings consolidates CUSA and its subsidiaries for financial statement purposes, and CUSA comprises approximately the entire balance of Holdings’ assets, liabilities and operating cash flows. In addition, CUSA’s operating revenue comprises 100 % and its operating expenses comprise nearly 100 % of Holdings’ revenue and operating expenses, respectively. As such, the following Notes to Consolidated Financial Statements relate to Holdings and CUSA and their respective consolidated subsidiaries in all material aspects, unless otherwise noted. Where it is important to distinguish between Holdings and CUSA, specific reference is made to either Holdings or CUSA. Otherwise, all references to “we”, “our”, “us” and “the Company” relate to Cinemark Holdings, Inc. and its consolidated subsidiaries and all references to CUSA relate to CUSA and its consolidated subsidiaries. We operate in the motion picture exhibition industry, with theatres in the United States (“U.S.”) and in 15 countries in Latin America as of December 31, 2022 . |
Principles of Consolidation | Principles of Consolidation — The consolidated financial statements include the accounts of Cinemark Holdings, Inc. and its subsidiaries and Cinemark USA, Inc. and its subsidiaries. Majority-owned subsidiaries that Holdings or CUSA, as applicable has control of are consolidated while those affiliates of which Holdings or CUSA, as applicable, owns between 20 % and 50 % and does not control are accounted for under the equity method. Those affiliates of which Holdings or CUSA, as applicable, owns less than 20 % are generally accounted for under the cost method, unless Holdings or CUSA, as applicable, is deemed to have the ability to exercise significant influence over the affiliate, in which case Holdings or CUSA, as applicable, would account for its investment under the equity method. The results of these equity method investees are included in the consolidated financial statements of Holdings and CUSA, as applicable, effective from their date of formation or from their date 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 at 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 $ 10.8 as of December 31, 2022 and are considered restricted cash. See Note 14 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 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 40 years Land and buildings under finance leases Lease term Theatre furniture and equipment 3 to 15 years Leasehold improvements Lesser of lease term or useful life 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. When estimated fair value is determined to be lower than the carrying value of the asset group (theatre), the asset group (theatre) is written down to 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. 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 historical and projected operating performance, recent market transactions and current 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 its reporting units to be the U.S. and each of its international countries that has been allocated goodwill (the Company does not have goodwill recorded for all of its international locations). Management evaluates goodwill at the U.S. market level as its U.S. regions have similar economic characteristics. Under ASC Topic 350, Goodwill, Intangibles and Other (“ASC Topic 350”), the Company can elect to perform a qualitative or a quantitative impairment assessment of our goodwill as 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 and income approaches, which consider 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. 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. If the estimated fair value is less than the carrying value, the tradename intangible asset is written down to its estimated fair value. Significant judgment is involved in estimating market royalty rates and long-term revenue forecasts. 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 historical and projected revenue performance and 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 two 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, which are capped at $ 0.3 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 in the U.S. under which the Company is responsible for pre-funding claims and is responsible for claims up to $ 0.3 per occurrence, with an annual cap of $ 5.0 . The Company is also self-insured for domestic medical claims with a cap of $ 0.3 per occurrence. As of December 31, 2021 and 2022 , the Company’s self-insurance reserves were $ 6.8 and $ 10.0 , 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 based on the film licensing arrangements 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’s 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 theatrical 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 Holdings’ 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, Holdings also estimates the number of awards that will ultimately be forfeited. Holdings also periodically estimates the number of awards that will ultimately vest based upon the achievement of pre-established Company performance targets. A cumulative expense adjustment is recognized when that estimate changes. See Note 18 for discussion of Holdings’ 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. CUSA participates in the consolidated return of Holdings; however, CUSA’s provisions for income taxes is computed on a stand-alone basis. 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 20. |
Segments | Segments — For the years ended December 31, 2020, 2021 and 2022 , the Company managed its business under two reportable operating segments, U.S. markets and international markets. See Note 22. |
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 16 for a summary of the translation adjustments recorded in accumulated other comprehensive loss for the years ended December 31, 2020, 2021 and 2022. 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 16. |
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 15 for a discussion of our fair value measurements for the years ended December 31, 2020, 2021 and 2022 . |
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 14. |
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 years ended December 31, 2021 and 2022. The balance of accrued and unpaid restructuring charges at December 31, 2022 was $ 0 . See further discussion in Note 3. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 40 years Land and buildings under finance leases Lease term Theatre furniture and equipment 3 to 15 years Leasehold improvements Lesser of lease term or useful life |
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 two 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, 2022 | |
Unusual Or Infrequent Item [Line Items] | |
Schedule of Restructuring Plan | The following table summarizes activity recorded during the years ended December 31, 2020, 2021 and 2022: 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 $ 9.0 $ 7.6 $ 16.6 $ 0.8 $ 2.9 $ 3.7 $ 9.8 $ 10.5 $ 20.3 Amounts paid ( 7.6 ) ( 1.6 ) ( 9.2 ) ( 0.8 ) ( 0.6 ) ( 1.4 ) ( 8.4 ) ( 2.2 ) ( 10.6 ) Noncash write-offs ( 0.5 ) ( 0.3 ) ( 0.8 ) — ( 2.2 ) ( 2.2 ) ( 0.5 ) ( 2.5 ) ( 3.0 ) Reserve balance at December 31, 2020 $ 0.9 $ 5.7 $ 6.6 $ — $ 0.1 $ 0.1 $ 0.9 $ 5.8 $ 6.7 Amounts paid ( 0.4 ) ( 3.9 ) ( 4.3 ) — — — ( 0.4 ) ( 3.9 ) ( 4.3 ) Reserve adjustments (1) ( 0.1 ) ( 0.9 ) ( 1.0 ) — — — ( 0.1 ) ( 0.9 ) ( 1.0 ) Reserve balance at December 31, 2021 $ 0.4 $ 0.9 $ 1.3 $ — $ 0.1 $ 0.1 $ 0.4 $ 1.0 $ 1.4 Amounts paid ( 0.4 ) ( 0.5 ) ( 0.9 ) — — — ( 0.4 ) ( 0.5 ) ( 0.9 ) Reserve adjustments (1) — ( 0.4 ) ( 0.4 ) — ( 0.1 ) ( 0.1 ) — ( 0.5 ) ( 0.5 ) Reserve balance at $ — $ — $ — $ — $ — $ — $ — $ — $ — December 31, 2022 Amounts were 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, 2022 | |
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, 2021 December 31, 2022 Assets (1) Operating lease assets Operating lease right-of-use assets $ 1,230.8 $ 1,102.7 Finance lease assets Theatre properties and equipment, net of accumulated depreciation (2) 80.5 67.8 Total lease assets $ 1,311.3 $ 1,170.5 Liabilities (1) Current Operating Current portion of operating lease obligations $ 217.1 $ 219.3 Finance Current portion of finance lease obligations 14.6 14.4 Noncurrent Operating Operating lease obligations, less current portion 1,078.3 970.6 Finance Finance lease obligations, less current portion 102.6 88.0 Total lease liabilities $ 1,412.6 $ 1,292.3 (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 $ 57.8 and $ 62.5 as of December 31, 2021 and 2022 , 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, 2020 December 31, 2021 December 31, 2022 Operating lease costs Equipment (1) Utilities and other $ 3.3 $ 2.3 $ 4.4 Real Estate (2)(3) Facility lease expense 275.1 281.0 315.7 Total operating lease costs $ 278.4 $ 283.3 $ 320.1 Finance lease costs Depreciation of leased assets Depreciation and amortization $ 14.7 $ 12.6 $ 12.4 Interest on lease liabilities Interest expense 7.0 5.9 5.3 Total finance lease costs $ 21.7 $ 18.5 $ 17.7 (1) Includes approximately $( 0.1 ), $ 1.8 and $ 3.9 of short-term lease payments for the years ended December 31, 2020, 2021 and 2022, 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 $ 7.1 , $ 11.8 and $ 36.4 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, 2020, 2021 and 2022, respectively. Approximately $ 1.4 , $ 1.3 and $ 1.3 of lease payments are included in general and administrative expenses primarily related to office leases for the years ended December 31, 2020, 2021 and 2022, 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, 2022. Operating Finance Years Ending Leases Leases 2023 (1) $ 276.6 $ 19.0 2024 243.2 18.1 2025 216.2 16.4 2026 179.6 12.0 2027 137.3 12.0 Thereafter 382.0 46.7 Total lease payments $ 1,434.9 $ 124.2 Less: Interest 245.0 21.8 Present value of lease liabilities $ 1,189.9 $ 102.4 (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, 2022. As of Lease Term and Discount Rate December 31, 2022 Weighted-average remaining lease term (years) (1) Operating leases - equipment 2.3 Operating leases - real estate 6.9 Finance leases - equipment 3.3 Finance leases - real estate 8.2 Weighted-average discount rate (2) Operating leases - equipment 3.7 % Operating leases - real estate 5.7 % Finance leases - equipment 4.0 % 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, 2020 December 31, 2021 December 31, 2022 Cash paid for amounts included in the measurement of lease liabilities Cash outflows for operating leases $ 271.8 $ 269.7 $ 279.8 Cash outflows for finance leases - operating activities $ 7.0 $ 5.9 $ 5.3 Cash outflows for finance leases - financing activities $ 15.4 $ 14.7 $ 14.3 Non-cash amount of leased assets obtained in exchange for: Operating lease liabilities $ 132.7 $ 180.1 $ 114.1 Finance lease liabilities $ — $ 0.7 $ — |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 revenue for the periods indicated, disaggregated based on major type of good or service and by reportable operating segment. Year Ended December 31, 2022 U.S. International Operating Operating Major Goods/Services Segment (1) Segment Consolidated Admissions Revenue $ 1,010.2 $ 236.7 $ 1,246.9 Concession Revenue 763.0 175.3 938.3 Screen advertising, screen rental and promotional revenue 81.7 45.3 127.0 Other Revenue 115.3 27.2 142.5 Total Revenue $ 1,970.2 $ 484.5 $ 2,454.7 Year Ended December 31, 2021 U.S. International Operating Operating Major Goods/Services Segment (1) Segment Consolidated Admissions Revenue $ 671.7 $ 108.3 $ 780.0 Concession Revenue 482.8 78.9 561.7 Screen advertising, screen rental and promotional revenue 66.2 17.9 84.1 Other Revenue 72.9 11.8 84.7 Total Revenue $ 1,293.6 $ 216.9 $ 1,510.5 Year Ended December 31, 2020 U.S. International Operating Operating Major Goods/Services Segment (1) Segment Consolidated Admissions Revenue $ 291.6 $ 64.9 $ 356.5 Concession Revenue 189.6 41.5 231.1 Screen advertising, screen rental and promotional revenue 46.2 16.3 62.5 Other Revenue 29.5 6.7 36.2 Total Revenue $ 556.9 $ 129.4 $ 686.3 (1) U.S. segment revenues exclude intercompany transactions with the international operating segment. See Note 22 for additional information on intercompany eliminations. The following tables present revenue for the periods indicated, disaggregated based on timing of revenue recognition (as discussed above). Year Ended December 31, 2022 U.S. International Operating Operating Segment (1) Segment Consolidated Goods and services transferred at a point in time $ 1,856.5 $ 428.3 $ 2,284.8 Goods and services transferred over time 113.7 56.2 169.9 Total $ 1,970.2 $ 484.5 $ 2,454.7 Year Ended December 31, 2021 U.S. International Operating Operating Segment (1) Segment Consolidated Goods and services transferred at a point in time $ 1,201.2 $ 193.7 $ 1,394.9 Goods and services transferred over time 92.4 23.2 115.6 Total $ 1,293.6 $ 216.9 $ 1,510.5 Year Ended December 31, 2020 U.S. International Operating Operating Segment (1) Segment Consolidated Goods and services transferred at a point in time $ 497.3 $ 110.0 $ 607.3 Goods and services transferred over time 59.6 19.4 79.0 Total $ 556.9 $ 129.4 $ 686.3 (1) U.S. segment revenues exclude intercompany transactions with the international operating segment. See Note 22 for additional information on intercompany eliminations. |
Changes in Deferred Revenues | The following table presents changes in the Company’s deferred revenue for the periods indicated: Deferred Revenue NCM Screen (1) Other Deferred (2) Balance at January 1, 2021 $ 344.3 $ 138.8 Amounts recognized as accounts receivable — 2.2 Cash received from customers in advance — 132.2 Common units received from NCM (see Note 9) 10.2 — Interest accrued related to significant financing component 23.6 — Revenue recognized during period ( 32.1 ) ( 111.2 ) Foreign currency translation adjustments — ( 1.7 ) Balance at December 31, 2021 346.0 160.3 Amounts recognized as accounts receivable — 1.8 Cash received from customers in advance — 241.1 Common units received from NCM (see Note 9) 1.3 — Interest accrued related to significant financing component 23.2 — Revenue recognized during period ( 32.3 ) ( 206.9 ) Foreign currency translation adjustments — ( 1.4 ) Balance at December 31, 2022 $ 338.2 $ 194.9 (1) See Significant Financing Component in Note 9 for discussion of NCM screen advertising advances and maturity of balances as of December 31, 2022 . (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 revenue 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, 2022 and when the Company expects to recognize this revenue. Year Ended December 31, Remaining Performance Obligations 2023 2024 Thereafter Total Other deferred revenue $ 172.2 22.7 — $ 194.9 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Loss Per Share | The following table presents computations of basic and diluted loss per share for Holdings under the two class method: Year Ended December 31, 2020 2021 2022 Numerator: Net loss attributable to Cinemark Holdings, Inc. $ ( 616.8 ) $ ( 422.8 ) $ ( 271.2 ) Loss allocated to participating share-based awards (1) 4.3 6.1 3.8 Net loss attributable to common stockholders $ ( 612.5 ) $ ( 416.7 ) $ ( 267.4 ) Denominator : Basic weighted average shares outstanding 116.7 117.3 118.2 Common equivalent shares for restricted stock units (2) — — — Common equivalent shares for convertible notes and warrants (3) — — — Diluted weighted average shares outstanding 116.7 117.3 118.2 Basic loss per share attributable to common stockholders $ ( 5.25 ) $ ( 3.55 ) $ ( 2.26 ) Diluted loss per share attributable to common stockholders $ ( 5.25 ) $ ( 3.55 ) $ ( 2.26 ) (1) For the years ended December 31, 2020, 2021 and 2022, a weighted average of approximately 0.8 shares, 1.7 shares and 1.7 shares of unvested restricted stock, respectively, are considered participating securities. (2) For the years ended December 31, 2020, 2021 and 2022 , approximately 0.7 , 0 and 0.4 common equivalent shares for restricted stock units were excluded because they were anti-dilutive. (3) For the years ended December 31, 2020, 2021 and 2022 , diluted loss per share excludes the conversion of the 4.50 % Convertible Senior Notes into 32.0 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, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Summary of Dividends Declared | Below is a summary of Holdings’ dividends declared for the fiscal periods indicated. Amount per Total Declaration Date Record Date Payable Date Common Stock Dividends (1) 2/21/2020 3/6/2020 3/20/2020 $ 0.36 $ 42.6 Total for year ended December 31, 2020 $ 0.36 $ 42.6 (1) Of the dividends recorded during 2020, $ 0.3 was related to outstanding restricted stock units and will not be paid until such units vest. See Note 18. |
THEATRE PROPERTIES AND EQUIPM_2
THEATRE PROPERTIES AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment, Net [Abstract] | |
Schedule Of Properties And Equipment | Properties and equipment consisted of the following as of the periods presented: December 31, 2021 2022 Theatre properties and equipment Land $ 102.6 $ 99.7 Buildings 537.0 528.9 Property under finance lease 138.3 130.3 Theatre furniture and equipment 1,402.7 1,429.5 Leasehold interests and improvements 1,188.2 1,206.9 Total 3,368.8 3,395.3 Less: accumulated depreciation and amortization (1) ( 1,985.9 ) ( 2,163.2 ) Theatre properties and equipment, net $ 1,382.9 $ 1,232.1 (1) Amortization of finance lease assets is included in depreciation and amortization expense on the consolidated statements of loss. Accumulated amortization of finance lease assets as of December 31, 2021 and 2022 was $ 57.8 and $ 62.5 , respectively. |
INVESTMENT IN NATIONAL CINEME_2
INVESTMENT IN NATIONAL CINEMEDIA LLC (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and when the Company expects to recognize this revenue. Year Ended December 31, Remaining Performance Obligations 2023 2024 Thereafter Total Other deferred revenue $ 172.2 22.7 — $ 194.9 |
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 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 2023 2024 2025 2026 2027 Thereafter Total NCM screen advertising advances (1) $ 9.8 10.5 11.2 12.0 12.8 281.9 $ 338.2 (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 each of Holdings’ and CUSA’s consolidated financial statements for the periods indicated. See Note 5 for discussion of related revenue recognition. Investment NCM Screen Advertising Advances Distributions from NCM (3) Equity Other Revenue Interest Expense Cash Received Balance as of January 1, 2020 $ 265.8 $ ( 348.4 ) Receipt of common units due to annual common unit adjustment 3.6 ( 3.6 ) — — — — — Revenues earned under ESA (1) — — — — ( 4.7 ) — 4.7 Interest accrued related to significant financing component — ( 23.6 ) — — — 23.6 — Receipt of excess cash distributions ( 12.0 ) — ( 5.9 ) — — — 17.9 Receipt under tax receivable agreement ( 2.1 ) — ( 1.1 ) — — — 3.2 Equity in loss ( 10.6 ) — — 10.6 — — — Impairment of investment in NCM (2) ( 92.7 ) — — — — — Amortization of screen advertising advances — 31.3 — — ( 31.3 ) — — Balance as of and for the year ended December 31, 2020 $ 152.0 $ ( 344.3 ) $ ( 7.0 ) $ 10.6 $ ( 36.0 ) $ 23.6 $ 25.8 Receipt of common units due to annual common unit adjustment 10.2 ( 10.2 ) — — — — — Revenues earned under ESA (1) — — — — ( 12.0 ) — 12.0 Interest accrued related to significant financing component — ( 23.6 ) — — — 23.6 — Receipt under tax receivable agreement ( 0.2 ) — ( 0.1 ) — — — 0.3 Equity in loss ( 26.6 ) — — 26.6 — — — Amortization of screen advertising advances — 32.1 — — ( 32.1 ) — — Balance as of and for the year ended December 31, 2021 $ 135.4 $ ( 346.0 ) $ ( 0.1 ) $ 26.6 $ ( 44.1 ) $ 23.6 $ 12.3 Receipt of common units due to annual common unit adjustment 1.3 ( 1.3 ) — — — — — Revenues earned under ESA (1) — — — — ( 19.9 ) — 19.9 Interest accrued related to significant financing component — ( 23.2 ) — — — 23.2 — Equity in loss ( 13.9 ) — — 13.9 — — — Impairment of investment in NCM (2) ( 113.2 ) — — — — — — Amortization of screen advertising advances — 32.3 — — ( 32.3 ) — — Balance as of and for the year ended December 31, 2022 $ 9.6 $ ( 338.2 ) $ — $ 13.9 $ ( 52.2 ) $ 23.2 $ 19.9 (1) Amounts include the per patron and per digital screen theatre access fees, 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 $ 2.6 , $ 4.9 and $ 7.5 for the years ended December 31, 2020, 2021 and 2022, respectively. Amounts unpaid and reflected in accounts receivable were $ 4.5 and $ 4.9 as of the years ended December 31, 2021 and 2022 , respectively. (2) Reflected in impairment of long-lived and other assets on the consolidated income statement for the year indicated. See further discussion at Fair Value of Investment in NCM below. (3) Excess cash distributions are restricted through December 2023 in accordance with NCM’s credit agreement amendment. |
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, 2020, 2021 and 2022: Event Date Common Units Received Number of Common Units Received Fair Value of Common Units Received 2020 annual common unit adjustment 3/31/2020 1.1 $ 3.6 2021 annual common unit adjustment 4/14/2021 2.3 $ 10.2 2022 annual common unit adjustment 4/13/2022 0.5 $ 1.3 |
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 31, 2020 December 30, 2021 December 29, 2022 Revenue $ 89.9 $ 114.6 $ 249.2 Operating income (loss) $ ( 59.7 ) $ ( 68.6 ) $ 10.9 Net loss $ ( 115.8 ) $ ( 134.6 ) $ ( 69.8 ) As of As of December 30, 2021 December 29, 2022 Current assets $ 114.6 $ 148.6 Noncurrent assets $ 658.4 $ 628.2 Current liabilities $ 66.8 $ 97.5 Noncurrent liabilities $ 1,114.7 $ 1,161.6 Members' deficit $ ( 408.5 ) $ ( 482.3 ) |
OTHER INVESTMENTS (Tables)
OTHER INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 (1) Total Balance at January 1, 2020 $ 124.7 $ 5.0 $ 3.2 $ 19.5 $ 2.9 $ 155.3 Equity in loss ( 24.6 ) ( 1.3 ) ( 1.0 ) ( 1.2 ) — ( 28.1 ) Cash contributions 0.1 — — — — 0.1 Cash distributions received ( 10.4 ) — ( 0.9 ) — — ( 11.3 ) Non-cash distribution received (2) ( 89.8 ) — — — — ( 89.8 ) Other (3) — — — — ( 2.4 ) ( 2.4 ) Balance at December 31, 2020 — 3.7 1.3 18.3 0.5 23.8 Equity in income — — 0.5 1.0 — 1.5 Other (1) — — — — ( 0.1 ) ( 0.1 ) Balance at December 31, 2021 $ — $ 3.7 $ 1.8 $ 19.3 $ 0.4 $ 25.2 Equity in income — 3.4 — 1.2 — 4.6 Cash distributions received — ( 2.9 ) — ( 4.0 ) — ( 6.9 ) Other (1) — — — — ( 0.3 ) ( 0.3 ) Balance at December 31, 2022 $ — $ 4.2 $ 1.8 $ 16.5 $ 0.1 $ 22.6 (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 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 periods indicated: Year Ended December 31, 2020 2021 2022 (1) Revenue $ 30.6 $ 54.4 $ 1.0 Operating income (loss) $ ( 105.7 ) $ 43.1 $ ( 0.9 ) Net income (loss) $ ( 114.2 ) $ 45.3 $ ( 1.1 ) As of December 31, 2021 December 31, 2022 (1) Current assets $ 22.9 $ 0.3 Current liabilities $ 11.6 $ — Members' equity (deficit) $ 11.3 $ 0.3 (1) DCIP ceased operations at the end of the second quarter of 2022. |
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, 2020 2021 2022 Equipment lease payments (1)(2) $ 1.7 $ — $ — Warranty reimbursements from DCIP (2) $ ( 7.0 ) $ ( 0.8 ) $ — Management services fees (2) $ 0.2 $ — $ — Cash distributions from DCIP (3) $ 10.4 $ 13.1 $ 3.7 Non-cash distributions from DCIP (4) $ 12.9 $ — $ — (1) Excludes lease termination payments of $ 0.7 and $ 3.9 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 loss of Holdings and CUSA. (3) Recorded as a reduction in the Company's investment in DCIP for the year ended December 31, 2020. Recorded in cash distributions from DCIP on the consolidated statements of loss of Holdings and CUSA for the years ended December 31, 2021 and 2022. See discussion at Distribution of Projectors from DCIP above. Recorded as non-cash distributions from DCIP on each of Holdings’ and CUSA’s consolidated statements 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, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Goodwill | The Company’s goodwill was as follows for the periods presented: U.S. International Total Balance at December 31, 2020 (1) $ 1,182.9 $ 71.0 $ 1,253.9 Foreign currency translation adjustments — ( 5.1 ) ( 5.1 ) Balance at December 31, 2021 (1) $ 1,182.9 $ 65.9 $ 1,248.8 Foreign currency translation adjustments — 2.1 2.1 Balance at December 31, 2022 (1) $ 1,182.9 $ 68.0 $ 1,250.9 (1) Balances are presented net of accumulated impairment losses of $ 214.0 for the U.S. operating segment and $ 43.8 for the international operating segment. |
Intangible Assets-Net | : Balance at January 1, 2021 Additions (1) Amortization Other (2) Balance at December 31, 2021 Intangible assets with finite lives: Gross carrying amount $ 82.4 $ — $ — $ ( 0.7 ) $ 81.7 Accumulated amortization ( 68.4 ) — ( 2.6 ) ( 71.0 ) Total intangible assets with finite lives, net $ 14.0 $ — $ ( 2.6 ) $ ( 0.7 ) $ 10.7 Intangible assets with indefinite lives: Tradename and other 300.2 0.1 — ( 0.2 ) 300.1 Total intangible assets, net $ 314.2 $ 0.1 $ ( 2.6 ) $ ( 0.9 ) $ 310.8 Balance at January 1, 2022 Additions (1) Amortization Other (3) Balance at December 31, 2022 Intangible assets with finite lives: Gross carrying amount $ 81.7 $ — $ — $ ( 4.0 ) $ 77.7 Accumulated amortization ( 71.0 ) — ( 2.4 ) 0.2 ( 73.2 ) Total intangible assets with finite lives, net $ 10.7 $ — $ ( 2.4 ) $ ( 3.8 ) $ 4.5 Intangible assets with indefinite lives: Tradename and other 300.1 — — — 300.1 Total intangible assets, net $ 310.8 $ — $ ( 2.4 ) $ ( 3.8 ) $ 304.6 (1) Amount represents licenses acquired to sell alcoholic beverages for certain locations. (2) Includes foreign currency translation adjustments and an impairment recorded for a theatre leasehold interest in Brazil during 2021. See Note 12 for discussion of impairment evaluations performed during the year ended December 31, 2021 . (3) Includes foreign currency translation adjustments and an impairment recorded for a U.S. intangible asset during 2022. See Note 12 for discussion of impairment evaluations performed during the year ended December 31, 2022 . |
Estimated Aggregate Future Amortization Expense for Intangible Assets | Estimated aggregate future amortization expense for intangible assets is as follows: Year ended December 31, 2023 $ 2.0 Year ended December 31, 2024 2.0 Year ended December 31, 2025 0.4 Year ended December 31, 2026 0.1 Year ended December 31, 2027 — Total $ 4.5 |
IMPAIRMENT OF LONG-LIVED AND _2
IMPAIRMENT OF LONG-LIVED AND OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 during 2022 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 Qualitative Market 2.2 to 6 times Fourth quarter Goodwill Quantitative Market and Income 2.2 to 7 times Tradename intangible assets Quantitative Income N/A Other long-lived assets Quantitative Market 2.2 to 6 times |
Long-Lived Asset Impairment Losses | Below is a summary of impairment charges for the periods indicated: Year Ended December 31, 2020 2021 2022 U.S. segment Theatre properties $ 12.4 $ 6.4 $ 19.7 Theatre operating lease right-of-use assets 13.2 6.8 34.0 Investment in NCM (1) 92.7 — 113.2 Other 2.5 — 3.9 U.S. total 120.8 13.2 170.8 International segment Theatre properties 10.0 4.0 2.2 Theatre operating lease right-of-use assets 5.0 3.2 1.1 Goodwill 16.1 — — Intangible assets, net 0.8 0.4 — International total 31.9 7.6 3.3 Total impairment $ 152.7 $ 20.8 $ 174.1 (1) See discussion at Fair Value of NCM Investment in Note 9 . |
ACCRUED OTHER CURRENT LIABILI_2
ACCRUED OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2021 2022 Gift card liability (1) $ 54.5 $ 64.5 Subscription membership program liability (1) 40.1 58.4 Discount vouchers (SuperSavers) liability (1) 34.8 32.8 Accrued lease payable (2) 31.9 0.8 Other (3) 63.7 43.9 Total $ 225.0 $ 200.4 (1) See discussion at Revenue Recognition Policy in Note 5. (2) See discussion at Lease Deferrals and Abatements in Note 4 . (3) The only difference between accrued other current liabilities for Holdings, as presented above, and CUSA is an additional $ 0.6 and $ 0.3 in other as of December 31, 2021 and 2022 , respectively. |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Components of Long-Term Debt | Long-term debt of Holdings and CUSA consisted of the following for the periods presented: December 31, 2021 2022 Cinemark Holdings, Inc. 4.50% convertible senior notes due 2025 $ 460.0 $ 460.0 Cinemark USA, Inc. term loan due 2025 633.1 626.5 Cinemark USA, Inc. 8.75% senior secured notes due 2025 250.0 250.0 Cinemark USA, Inc. 5.875% senior notes due 2026 405.0 405.0 Cinemark USA, Inc. 5.25% senior notes due 2028 765.0 765.0 Other 30.2 10.1 Total long-term debt carrying value (1) 2,543.3 2,516.6 Less: Current portion 24.3 10.7 Less: Debt issuance costs, net of accumulated amortization (1) 42.7 31.9 Long-term debt, less current portion, net of unamortized debt issuance costs (1) $ 2,476.3 $ 2,474.0 (1) The only differences between the long-term debt for Holdings, as presented above, and the long-term debt for CUSA are the $ 460.0 million 4.50 % Convertible Senior Notes due 2025 and the related debt issuance costs. The following table sets forth, as of the periods indicated, the total long-term debt carrying value, current portion of long-term debt and debt issuance costs, net of amortization for CUSA: December 31, 2021 2022 Total long-term debt carrying value 2,083.3 2,056.6 Less: Current portion 24.3 10.7 Less: Debt issuance costs, net of accumulated amortization 30.3 22.9 Long-term debt, less current portion, net of unamortized debt issuance costs $ 2,028.7 $ 2,023.0 |
Schedule of carrying values and fair values of debt instruments | The table below presents the fair value of the Company's long-term debt as of the periods presented: As of December 31, 2021 December 31, 2022 Holdings fair value (1) $ 2,749.8 $ 2,210.5 CUSA fair value $ 2,058.0 $ 1,771.3 (1) The fair value of the 4.50 % convertible senior notes was $ 691.9 and $ 439.2 as of December 31, 2021 and , respectively. |
Summary of Borrowings of International Subsidiaries | Below is a summary of loans outstanding as of December 31, 2022: Loan Balances as of Interest Rates as of Loan Description(s) December 31, 2022 December 31, 2022 Covenants Maturity Peru loans $ 2.4 1.0 % to 4.8 % Negative covenants June and December 2023 Brazil loans $ 7.7 4.0 % to 8.1 % Negative covenants October 2023 and January 2029 Total $ 10.1 |
Maturities of Long-Term Debt, Excluding Unamortized Debt Issuance Costs | Holdings' long-term debt, excluding unamortized debt issuance costs, at December 31, 2022 matures as follows: 2023 $ 10.7 2024 7.7 2025 1,324.5 2026 406.1 2027 1.1 Thereafter 766.5 Total (1) $ 2,516.6 (1) The only difference between the long-term debt maturity payments for Holdings, as presented above, and those for CUSA is the $ 460.0 repayment of Holdings’ 4.50 % Convertible Senior Notes in 2025. |
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, 2022: Estimated Fair Value at Notional December 31, Amount Effective Date Pay Rate Receive Rate Expiration Date 2022 (1) $ 0.1 December 31, 2018 2.12 % 1-Month LIBOR December 31, 2024 $ 6.3 $ 0.2 December 31, 2018 2.12 % 1-Month LIBOR December 31, 2024 8.0 $ 0.1 December 31, 2018 2.19 % 1-Month LIBOR December 31, 2024 6.1 Total $ 20.4 (1) Approximately $ 12.2 of the total is included in prepaid expenses and other and $ 8.2 is included in deferred charges on the consolidated balance sheet as of December 31, 2022 . |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 (1) 2021 $ 14.6 $ — $ 14.6 $ — Interest rate swap assets (1) 2022 $ 20.4 $ — $ 20.4 $ — (1) See further discussion of interest rate swaps at Note 14. |
FOREIGN CURRENCY TRANSLATION (T
FOREIGN CURRENCY TRANSLATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 for the periods presented. Other Comprehensive Income (Loss) Exchange Rate as of December 31, Year Ended December 31, Country 2020 2021 2022 2020 2021 2022 Brazil 5.20 5.57 5.29 $ ( 42.7 ) $ ( 4.7 ) $ 2.7 Colombia 3,432.50 3,981.16 4,810.19 ( 2.2 ) ( 0.1 ) — Chile 714.14 852.02 852.00 1.2 ( 10.9 ) 0.3 Peru 3.65 4.02 3.81 ( 3.4 ) ( 2.8 ) 1.3 All other ( 0.5 ) ( 0.3 ) 0.3 $ ( 47.6 ) $ ( 18.8 ) $ 4.6 As noted above, beginning July 1, 2018, Argentina was deemed highly inflationary. The impact of translating Argentina’s 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 loss. A foreign currency exchange gain of $ 1.2 , $ 0.2 , and $ 8.5 was recorded for the years ended December 31, 2020, 2021 and 2022 , respectively. |
NONCONTROLLING INTERESTS IN S_2
NONCONTROLLING INTERESTS IN SUBSIDIARIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests in Subsidiaries | Noncontrolling interests in subsidiaries of the Company were as follows as of the periods presented: December 31, 2021 2022 Cinemark Partners II $ 8.0 $ 7.7 Laredo Theatres 2.0 0.2 Greeley Ltd. 1.1 0.9 Other 0.5 0.5 Total $ 11.6 $ 9.3 |
CAPITAL STOCK (Tables)
CAPITAL STOCK (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Treasury Stock Activity | Below is a summary of Holdings’ treasury stock activity for the years ended December 31, 2020, 2021 and 2022. Number of Cost Balance at January 1, 2020 4.71 $ 81.6 Restricted stock withholdings (1) 0.27 5.4 Restricted stock forfeitures (2) 0.07 — Balance at December 31, 2020 5.05 $ 87.0 Restricted stock withholdings (1) 0.24 4.1 Restricted stock forfeitures (2) 0.06 — Balance at December 31, 2021 5.35 $ 91.1 Restricted stock withholdings (1) 0.26 4.3 Restricted stock forfeitures (2) 0.07 — Balance at December 31, 2022 5.68 $ 95.4 (1) Holdings withheld shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock and restricted stock units. Holdings determined the number of shares to be withheld based upon market values of the common stock of Holdings on the vest dates. Below is a summary of the range of market values per share on the vest dates for the years indicated: Year Ended December 31, 2020 2021 2022 Market Values $ 8.03 to $ 32.12 $ 15.21 to $ 24.14 $ 12.11 to $ 18.33 Holdings repurchased forfeited restricted shares at a cost of $ 0.001 per share in accordance with the 2017 Omnibus Plan. |
Summary of Restricted Stock Activity | Below is a summary of restricted stock activity for the years ended December 31, 2020, 2021 and 2022: Year Ended Year Ended Year Ended December 31, 2020 December 31, 2021 December 31, 2022 Shares of Weighted Shares of Weighted Shares of Weighted Outstanding at January 1 0.78 $ 37.53 1.43 $ 21.11 1.99 $ 21.73 Granted 1.55 $ 17.68 1.24 $ 21.91 0.88 $ 16.40 Vested ( 0.83 ) $ 29.30 ( 0.62 ) $ 20.92 ( 0.95 ) $ 19.13 Forfeited ( 0.07 ) $ 30.72 ( 0.06 ) $ 18.96 ( 0.07 ) $ 18.91 Outstanding at December 31 1.43 $ 21.11 1.99 $ 21.73 1.85 $ 20.64 |
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, 2020 2021 2022 Compensation expense recognized during the period CUSA employees (1) $ 14.6 $ 22.0 $ 14.8 Holdings directors 0.9 0.9 1.0 Total recognized by Holdings $ 15.5 $ 22.9 $ 15.8 Fair value of vested restricted stock held by: CUSA employees $ 16.5 $ 9.7 $ 15.3 Holdings directors 0.4 1.3 0.6 Holdings total $ 16.9 $ 11.0 $ 15.9 Income tax benefit recognized upon vesting of restricted stock CUSA employees $ 5.5 $ 0.8 $ 2.7 Holdings directors 0.1 0.3 0.1 Holdings total income tax benefit $ 5.6 $ 1.1 $ 2.8 (1) The former CEO of Holdings 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 $ 4.3 related to the accelerated vesting of these awards during the year ended December 31, 2021. |
Schedule of Estimated Remaining expense | As of December 31, 2022, the estimated remaining unrecognized compensation expense related to the unvested restricted stock awards was as follows: Estimated Remaining Expense CUSA employees (1) $ 19.6 Holdings directors 0.5 Total remaining - Holdings (1) $ 20.1 (1) The weighted average period over which this remaining compensation expense will be recognized by both Holdings and CUSA is approximately 1.8 years. |
Summary of Performance Metrics and Measurement Period of Performance Award | Below is a summary of the performance metrics and measurement period for these performance awards: Performance Measurement Period One year with an additional service requirement to the third anniversary of the date of grant Maximum Performance Target Level 175% of target award Percentage of maximum restricted stock units that vest if performance metrics meet the target level 29 % Percentage of maximum restricted stock units that vest if performance metrics for one-year period at target 57 % Percentage of maximum restricted stock units that vest if performance metrics are at the maximum 100 % Most likely performance metrics outcome estimated to be achieved at the time restricted stock units were issued Target level Most likely performance metrics outcome based on updated performance expectations Maximum performance level Assumed forfeiture rate for restricted stock unit awards 5 % |
Summary of Restricted Stock Units Granted | Below is a summary of the restricted stock units granted for the periods indicated: Year Ended December 31, 2019 2020 Number of restricted stock units granted during the period 0.31 0.44 Grant date fair value $ 36.77 $ 32.12 Estimated forfeiture rates 5 % 5 % 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). |
Restricted Stock Units (RSUs) | |
Summary of Restricted Stock and Restricted Stock Unit Award Activity | Below is a summary of restricted stock unit activity for the periods presented: Year Ended December 31, 2020 2021 2022 Number of restricted stock unit awards that vested during the period 0.21 0.23 0.10 Fair value of restricted stock unit awards that vested during the period $ 5.1 $ 4.1 $ 1.7 Accumulated dividends paid upon vesting of restricted stock unit awards $ 0.9 $ 0.1 $ 0.3 Compensation expense recognized during the period (1) $ 3.9 $ 6.4 $ 5.7 Income tax benefit related to stock unit awards $ 0.8 $ 0.7 $ — (1) The former CEO of Holdings retired on December 31, 2021 and all of his outstanding unvested restricted stock units vested upon his retirement in accordance with his employment agreement. Holdings recorded incremental compensation expense of $ 2.4 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, 2022 | |
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, 2020 2021 2022 Cash paid for interest by Holdings (1) $ 102.9 $ 108.2 $ 140.7 Cash paid for interest by CUSA $ 102.9 $ 87.8 $ 109.1 Cash paid (refunds received) for income taxes, net $ ( 116.9 ) $ ( 136.5 ) $ 4.6 Cash deposited in (transferred from) restricted accounts (2) $ 13.8 $ 11.9 $ ( 14.9 ) Noncash operating activities: Interest expense - NCM (see Note 9) $ ( 23.6 ) $ ( 23.6 ) $ ( 23.2 ) Noncash investing activities: Change in accounts payable and accrued expenses for the acquisition of theatre properties and equipment (3) $ ( 13.3 ) $ 20.1 $ ( 3.8 ) Theatre properties acquired under finance leases $ — $ 0.7 $ — Theatre properties acquired as distribution from equity investee (see Note 10) $ 102.7 $ — $ — Investment in NCM – receipt of common units (see Note 9) $ 3.6 $ 10.2 $ 1.3 Noncash financing activities: Accrual for dividends on unvested restricted stock unit awards $ ( 0.3 ) $ — $ — (1) Includes the cash interest paid by CUSA (2) Represents cash deposited in a collateral account during the period to support the issuance of letters of credit to lenders, net of returned deposits from such accounts upon the repayment of related debt. See further discussion in Note 14. (3) Additions to theatre properties and equipment included in accounts payable as of December 31, 2021 and 2022 were $ 8.2 and $ 12.0 , respectively. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes [Line Items] | |
Provision for Federal and Foreign Income Tax Expense for Continuing Operations | The provision for federal and foreign income tax expense for continuing operations of Holdings consisted of the following: Year Ended December 31, 2020 2021 2022 (Loss) income before income taxes: U.S. $ ( 784.2 ) $ ( 389.2 ) $ ( 286.9 ) Foreign ( 143.1 ) ( 49.8 ) 21.9 Total $ ( 927.3 ) $ ( 439.0 ) $ ( 265.0 ) |
Current and Deferred Income Taxes | Current and deferred income taxes for Holdings were as follows: Year Ended December 31, 2020 2021 2022 Current: Federal $ ( 271.2 ) $ 4.0 $ 1.9 Foreign 0.4 0.8 9.2 State 0.3 1.0 1.2 Total current expense ( 270.5 ) 5.8 12.3 Deferred: Federal $ ( 50.5 ) $ ( 20.2 ) $ ( 2.7 ) Foreign 13.3 0.4 ( 2.4 ) State ( 1.7 ) ( 2.8 ) ( 4.2 ) Total deferred taxes ( 38.9 ) ( 22.6 ) ( 9.3 ) Income taxes $ ( 309.4 ) $ ( 16.8 ) $ 3.0 |
Reconciliation Between Income Tax Expense and Taxes Computed | A reconciliation between Holdings’ 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, 2020 2021 2022 Computed statutory tax expense $ ( 194.7 ) $ ( 92.2 ) $ ( 55.7 ) State and local income taxes, net of federal income tax impact ( 1.2 ) ( 1.4 ) ( 2.2 ) Changes in valuation allowance 46.7 76.3 60.6 Foreign tax rate differential ( 6.6 ) ( 4.5 ) 1.3 Foreign tax credits — — ( 4.0 ) Impacts related to COVID-19 pandemic (1) ( 187.5 ) — — Changes in uncertain tax positions 24.9 7.5 1.6 Other, net 9.0 ( 2.5 ) 1.4 Income taxes $ ( 309.4 ) $ ( 16.8 ) $ 3.0 (1) The amount for the year ended December 31, 2020 includes benefits of a rate differential on earnings of $ 123.0 , 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 $ 135.6 , offset by a tax charge for the remeasurement of deferred taxes and tax attributes of $ 49.9 and dislodged foreign tax credits not benefited of $ 21.2 . |
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 for Holdings as of the periods presented consisted of the following: December 31, 2021 2022 Deferred liabilities: Theatre properties and equipment $ 100.5 $ 76.9 Finance lease assets 19.6 16.0 Operating lease right-of-use assets 288.2 274.3 Intangible asset – other 45.6 49.6 Intangible asset – tradenames 71.9 68.9 Investment in partnerships 16.1 — Total deferred liabilities 541.9 485.7 Deferred assets: Deferred revenue – NCM and Other 87.7 82.6 Prepaid rent 3.4 4.1 Gift Cards 8.3 8.8 Investment in partnerships — 5.2 Operating lease obligations 304.5 296.1 Finance lease obligations 25.6 21.6 Tax impact of items in accumulated other comprehensive income and additional paid-in-capital 33.0 16.4 Restricted stock 5.5 5.1 Accrued expenses 4.3 3.7 Other tax loss carryforwards 124.6 126.1 Other tax credit and attribute carryforwards 155.0 193.5 Other expenses, not currently deductible for tax purposes 14.3 14.9 Total deferred assets 766.2 778.1 Net deferred income tax (asset) liability before valuation allowance ( 224.3 ) ( 292.4 ) Valuation allowance against deferred assets – non-current 264.1 326.1 Net deferred income tax liability $ 39.8 $ 33.7 Net deferred tax (asset) liability – Foreign $ 6.7 $ 4.7 Net deferred tax liability – U.S. 33.1 29.0 Total $ 39.8 $ 33.7 |
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 Holdings for the periods presented: Year Ended December 31, 2020 2021 2022 Balance at January 1, $ 10.2 $ 46.5 $ 55.9 Gross increases - tax positions in prior periods 32.4 7.7 — Gross decreases - tax positions in prior periods ( 0.1 ) ( 1.6 ) ( 0.2 ) Gross increases - current period tax positions 4.0 3.4 0.1 Settlements — ( 0.1 ) — Balance at December 31, $ 46.5 $ 55.9 $ 55.8 |
CUSA | |
Income Taxes [Line Items] | |
Provision for Federal and Foreign Income Tax Expense for Continuing Operations | The provision for federal and foreign income tax expense for continuing operations of CUSA consisted of the following: Year Ended December 31, 2020 2021 2022 (Loss) income before income taxes: U.S. $ ( 767.8 ) $ ( 362.6 ) $ ( 263.7 ) Foreign ( 143.1 ) ( 49.8 ) 21.9 Total $ ( 910.9 ) $ ( 412.4 ) $ ( 241.8 ) |
Current and Deferred Income Taxes | Current and deferred income taxes for CUSA were as follows: Year Ended December 31, 2020 2021 2022 Current: Federal ( 264.9 ) 4.0 1.9 Foreign 0.4 0.8 9.2 State 0.3 1.0 1.2 Total current expense ( 264.2 ) 5.8 12.3 Deferred: Federal ( 50.9 ) ( 36.7 ) ( 16.2 ) Foreign 13.2 0.4 ( 2.4 ) State ( 1.7 ) ( 1.8 ) ( 6.8 ) Total deferred taxes ( 39.4 ) ( 38.1 ) ( 25.4 ) Income taxes ( 303.6 ) ( 32.3 ) ( 13.1 ) |
Reconciliation Between Income Tax Expense and Taxes Computed | A reconciliation between CUSA’s 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, 2020 2021 2022 Computed statutory tax expense $ ( 191.3 ) $ ( 86.6 ) $ ( 50.8 ) State and local income taxes, net of federal income tax impact ( 1.2 ) ( 0.7 ) ( 4.2 ) Changes in valuation allowance 46.7 54.3 41.8 Foreign tax rate differential ( 6.6 ) ( 4.5 ) 1.3 Foreign tax credits — — ( 4.0 ) Impacts related to COVID-19 pandemic (1) ( 185.1 ) — - Changes in uncertain tax positions 24.9 5.7 1.6 Other, net 9.0 ( 0.5 ) 1.2 Income taxes $ ( 303.6 ) $ ( 32.3 ) $ ( 13.1 ) 1) The amount for the year ended December 31, 2020 includes benefits of a rate differential on earnings of $ 120.7 , 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 $ 135.6 , offset by a tax charge for the remeasurement of deferred taxes and tax attributes of $ 49.9 and dislodged foreign tax credits not benefited of $ 21.2 . |
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 for CUSA as of the periods presented consisted of the following: December 31, 2021 2022 Deferred liabilities: Theatre properties and equipment $ 100.5 $ 76.7 Finance lease assets 19.6 15.9 Operating lease right-of-use assets 288.2 273.9 Intangible asset – other 45.6 49.5 Intangible asset – tradenames 71.9 68.8 Investment in partnerships 16.1 — Tax impact of items in accumulated other comprehensive income and additional paid-in-capital — 5.3 Total deferred liabilities 541.9 490.1 Deferred assets: Deferred revenue – NCM and Other 87.7 82.4 Prepaid rent 3.4 4.1 Gift Cards 8.3 8.8 Investment in partnerships — 5.2 Operating lease obligations 304.5 295.6 Finance lease obligations 25.6 21.6 Tax impact of items in accumulated other comprehensive income and additional paid-in-capital 4.4 — Restricted stock 5.4 4.9 Accrued expenses 4.3 3.7 Other tax loss carryforwards 121.6 122.0 Other tax credit and attribute carryforwards 145.5 174.1 Other expenses, not currently deductible for tax purposes 14.3 14.8 Total deferred assets 725.0 737.2 Net deferred income tax (asset) liability before valuation allowance ( 183.1 ) ( 247.1 ) Valuation allowance against deferred assets – non-current 240.9 283.2 Net deferred income tax liability $ 57.8 $ 36.1 Net deferred tax (asset) liability – Foreign $ 6.8 $ 4.7 Net deferred tax liability – U.S. 51.0 31.4 Total $ 57.8 $ 36.1 |
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 CUSA for the periods presented: Year Ended December 31, 2020 2021 2022 Balance at January 1, $ 10.2 $ 46.5 $ 54.0 Gross increases - tax positions in prior periods 32.4 5.8 — Gross decreases - tax positions in prior periods ( 0.1 ) ( 1.6 ) ( 0.2 ) Gross increases - current period tax positions 4.0 3.4 0.1 Settlements — ( 0.1 ) — Balance at December 31, $ 46.5 $ 54.0 $ 53.9 |
SEGMENTS (Tables)
SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Selected Financial Information by Reportable Operating Segment | The following table is a breakdown of selected financial information by reportable operating segment for Holdings for the periods presented: Year Ended December 31, 2020 2021 2022 Revenue U.S. $ 559.2 $ 1,296.3 $ 1,977.9 International 129.4 216.9 484.5 Eliminations ( 2.3 ) ( 2.7 ) ( 7.7 ) Total Revenue $ 686.3 $ 1,510.5 $ 2,454.7 Adjusted EBITDA (1) U.S. $ ( 227.0 ) $ 84.2 $ 255.7 International ( 49.9 ) ( 4.2 ) 80.8 Total Adjusted EBITDA $ ( 276.9 ) $ 80.0 $ 336.5 Capital expenditures U.S. $ 64.0 $ 78.3 $ 87.2 International 19.9 17.2 23.5 Total capital expenditures $ 83.9 $ 95.5 $ 110.7 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 loss to Adjusted EBITDA for Holdings for the periods presented: Year Ended December 31, 2020 2021 2022 Net loss $ ( 617.9 ) $ ( 422.2 ) $ ( 268.0 ) Add (deduct): Income taxes ( 309.4 ) ( 16.8 ) 3.0 Interest expense (1) 129.9 149.7 155.3 Loss on extinguishment of debt — 6.5 — Other (income) expense (2) 62.4 43.5 23.6 Distributions from DCIP (3) 10.4 — — Other cash distributions from equity investees (4) 15.0 0.2 6.9 Non-cash distributions from DCIP (5) ( 12.9 ) — — Depreciation and amortization 259.8 265.4 238.2 Impairment of long-lived and other assets 152.7 20.8 174.1 (Gain) loss on disposal of assets and other ( 8.9 ) 8.0 ( 6.8 ) Restructuring charges 20.3 ( 1.0 ) ( 0.5 ) Non-cash rent expense 2.3 ( 3.4 ) ( 10.8 ) Share based awards compensation expense 19.4 29.3 21.5 Adjusted EBITDA $ ( 276.9 ) $ 80.0 $ 336.5 (1) Includes amortization of debt issuance costs and amortization of accumulated losses for amended swap agreements. (2) Includes interest income, foreign currency exchange loss, interest expense – NCM and equity in income (loss) of affiliates and excludes distributions from NCM and DCIP. (3) See discussion of cash distributions from DCIP, which were recorded as a reduction of the Company’s investment in DCIP for the year ended December 31, 2020, in Note 10. 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 9 and 10). These distributions are reported entirely within the U.S. operating segment. Reflects non-cash distribution of projectors from DCIP (see Note 10). These distributions are reported entirely within the U.S. operating segment . |
Selected Financial Information by Geographic Area | The following table sets forth a breakdown of select financial information for Holdings by geographic area for the periods presented: Year Ended December 31, 2020 2021 2022 Revenue U.S. $ 559.2 $ 1,296.3 $ 1,977.9 Brazil 59.3 73.5 179.0 Other international countries 70.1 143.4 305.5 Eliminations ( 2.3 ) ( 2.7 ) ( 7.7 ) Total $ 686.3 $ 1,510.5 $ 2,454.7 As of December 31, 2021 2022 Theatre properties and equipment, net U.S. $ 1,208.7 $ 1,075.3 Brazil 56.7 49.5 Other international countries 117.5 107.3 Total $ 1,382.9 $ 1,232.1 |
VALUATION AND QUALIFYING ACCO_2
VALUATION AND QUALIFYING ACCOUNTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation Allowance for Deferred Tax Assets | valuation allowance for deferred tax assets, which includes CUSA’s valuation allowance for deferred tax assets, for the periods presented were as follows: Valuation Allowance for Deferred Taxes Balance at January 1, 2020 $ 60.4 Additions 144.2 Deductions ( 1.0 ) Balance at December 31, 2020 $ 203.6 Additions 69.1 Deductions ( 4.3 ) Currency translation ( 4.3 ) Balance at December 31, 2021 $ 264.1 Additions 67.0 Deductions ( 5.3 ) Currency translation 0.3 Balance at December 31, 2022 $ 326.1 CUSA’s valuation allowance for deferred tax assets for the periods presented were as follows: Valuation Allowance for Deferred Taxes Balance at January 1, 2020 $ 60.4 Additions 144.2 Deductions ( 1.0 ) Balance at December 31, 2020 $ 203.6 Additions 52.5 Deductions ( 10.9 ) Currency translation ( 4.3 ) Balance at December 31, 2021 $ 240.9 Additions 47.0 Deductions ( 4.9 ) Currency translation 0.2 Balance at December 31, 2022 $ 283.2 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Segments | Dec. 31, 2021 USD ($) Segments | Dec. 31, 2020 USD ($) Segments | |
Summary Of Significant Accounting Policies [Line Items] | |||
Unpaid and accrued restructuring costs | $ 0 | ||
Operating revenues comprise | 100% | ||
Operating expenses comprise | 100% | ||
Description Of Motion Picture Exhibition Industry | We operate in the motion picture exhibition industry, with theatres in the United States (“U.S.”) and in 15 countries in Latin America as of December 31, 2022. | ||
Cash deposits | $ 10.8 | ||
General liability claim per occurrence, cap | 0.3 | ||
Aggregate annual cap per policy year | $ 0 | ||
Pre-funding claims and covers claims annual cap | 5 | ||
Medical claim per occurrence, cap | 0.3 | $ 0.3 | $ 0.3 |
Insurance Reserves | $ 10 | $ 6.8 | |
Minimum Percentage for Tax position measure as largest amount of benefit | 50% | ||
Reportable operating segments | Segments | 2 | 2 | 2 |
Minimum | Cinemark Holdings Inc | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Equity method investment, ownership percentage | 20% | ||
Maximum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Cost method investment, ownership Percentage | 20% | ||
Pre-funding claims and covers claims per occurrence | $ 0.3 | ||
Maximum | Cinemark Holdings Inc | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Equity method investment, ownership percentage | 50% |
Estimated Useful Lives of Asset
Estimated Useful Lives of Assets (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
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 | 40 years |
Estimated useful life of assets | Lesser of lease term or 40 years |
Land And Buildings Under Finance Leases | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of assets | Lease term |
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 |
Intangible Assets and Amortizat
Intangible Assets and Amortization Method (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
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 two years. |
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 | Minimum | |
Finite Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 1 year |
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 | 2 years |
IMPACT OF THE COVID-19 PANDEM_3
IMPACT OF THE COVID-19 PANDEMIC - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Unusual Or Infrequent Item [Line Items] | |||
Restructuring costs | $ (0.5) | $ (1) | $ 20.3 |
Government assistance received | $ 6.9 | $ 6.9 | $ 6.9 |
Government Assistance, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Cost and Expense, Operating | Other Cost and Expense, Operating | Other Cost and Expense, Operating |
Unpaid and accrued restructuring costs | $ 0 |
IMPACT OF THE COVID-19 PANDEM_4
IMPACT OF THE COVID-19 PANDEMIC - Schedule of Restructuring Plan (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Unusual Or Infrequent Item [Line Items] | ||||
Restructuring costs | $ (0.5) | $ (1) | $ 20.3 | |
Restructuring Reserve, Ending Balance | 0 | |||
2020 Restructuring Plan | U.S. Operating Segment | ||||
Unusual Or Infrequent Item [Line Items] | ||||
Restructuring Reserve, Beginning Balance | 1.3 | 6.6 | ||
Restructuring costs | 16.6 | |||
Amounts paid | (0.9) | (4.3) | (9.2) | |
Noncash write-offs | (0.8) | |||
Reserve adjustments | [1] | (0.4) | (1) | |
Restructuring Reserve, Ending Balance | 0 | 1.3 | 6.6 | |
2020 Restructuring Plan | U.S. Operating Segment | Employee Related | ||||
Unusual Or Infrequent Item [Line Items] | ||||
Restructuring Reserve, Beginning Balance | 0.4 | 0.9 | ||
Restructuring costs | 9 | |||
Amounts paid | (0.4) | (0.4) | (7.6) | |
Noncash write-offs | (0.5) | |||
Reserve adjustments | [1] | 0 | (0.1) | |
Restructuring Reserve, Ending Balance | 0 | 0.4 | 0.9 | |
2020 Restructuring Plan | U.S. Operating Segment | Facility Closure Costs | ||||
Unusual Or Infrequent Item [Line Items] | ||||
Restructuring Reserve, Beginning Balance | 0.9 | 5.7 | ||
Restructuring costs | 7.6 | |||
Amounts paid | (0.5) | (3.9) | (1.6) | |
Noncash write-offs | (0.3) | |||
Reserve adjustments | [1] | (0.4) | (0.9) | |
Restructuring Reserve, Ending Balance | 0 | 0.9 | 5.7 | |
2020 Restructuring Plan | International Operating Segment | ||||
Unusual Or Infrequent Item [Line Items] | ||||
Restructuring Reserve, Beginning Balance | 0.1 | 0.1 | ||
Restructuring costs | 3.7 | |||
Amounts paid | 0 | 0 | (1.4) | |
Noncash write-offs | (2.2) | |||
Reserve adjustments | [1] | (0.1) | 0 | |
Restructuring Reserve, Ending Balance | 0 | 0.1 | 0.1 | |
2020 Restructuring Plan | International Operating Segment | Employee Related | ||||
Unusual Or Infrequent Item [Line Items] | ||||
Restructuring Reserve, Beginning Balance | 0 | 0 | ||
Restructuring costs | 0.8 | |||
Amounts paid | 0 | 0 | (0.8) | |
Noncash write-offs | 0 | |||
Reserve adjustments | [1] | 0 | 0 | |
Restructuring Reserve, Ending Balance | 0 | 0 | 0 | |
2020 Restructuring Plan | International Operating Segment | Facility Closure Costs | ||||
Unusual Or Infrequent Item [Line Items] | ||||
Restructuring Reserve, Beginning Balance | 0.1 | 0.1 | ||
Restructuring costs | 2.9 | |||
Amounts paid | 0 | 0 | (0.6) | |
Noncash write-offs | (2.2) | |||
Reserve adjustments | [1] | (0.1) | 0 | |
Restructuring Reserve, Ending Balance | 0 | 0.1 | 0.1 | |
2020 Restructuring Plan | Consolidated | ||||
Unusual Or Infrequent Item [Line Items] | ||||
Restructuring Reserve, Beginning Balance | 1.4 | 6.7 | ||
Restructuring costs | 20.3 | |||
Amounts paid | (0.9) | (4.3) | (10.6) | |
Noncash write-offs | (3) | |||
Reserve adjustments | [1] | (0.5) | (1) | |
Restructuring Reserve, Ending Balance | 0 | 1.4 | 6.7 | |
2020 Restructuring Plan | Consolidated | Employee Related | ||||
Unusual Or Infrequent Item [Line Items] | ||||
Restructuring Reserve, Beginning Balance | 0.4 | 0.9 | ||
Restructuring costs | 9.8 | |||
Amounts paid | (0.4) | (0.4) | (8.4) | |
Noncash write-offs | (0.5) | |||
Reserve adjustments | [1] | 0 | (0.1) | |
Restructuring Reserve, Ending Balance | 0 | 0.4 | 0.9 | |
2020 Restructuring Plan | Consolidated | Facility Closure Costs | ||||
Unusual Or Infrequent Item [Line Items] | ||||
Restructuring Reserve, Beginning Balance | 1 | 5.8 | ||
Restructuring costs | 10.5 | |||
Amounts paid | (0.5) | (3.9) | (2.2) | |
Noncash write-offs | (2.5) | |||
Reserve adjustments | [1] | (0.5) | (0.9) | |
Restructuring Reserve, Ending Balance | $ 0 | $ 1 | $ 5.8 | |
[1] Amounts were 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 Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Theatres | ||
Lease [Line Items] | ||
Contractual minimum lease payments payable under operating lease, lease not yet commenced | $ 54.1 | |
Theatres | Other Noncurrent Liabilities | ||
Lease [Line Items] | ||
Lease payments withheld or deferred | $ 0.8 | $ 31.9 |
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 Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Assets | |||
Operating lease assets | [1] | $ 1,102.7 | $ 1,230.8 |
Finance lease assets | [1],[2] | $ 67.8 | $ 80.5 |
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] | $ 1,170.5 | $ 1,311.3 |
Liabilities, Current | |||
Operating | [1] | 219.3 | 217.1 |
Current portion of finance lease obligations | [1] | 14.4 | 14.6 |
Liabilities, Noncurrent | |||
Operating | [1] | 970.6 | 1,078.3 |
Finance lease obligations, less current portion | [1] | 88 | 102.6 |
Total lease liabilities | [1] | $ 1,292.3 | $ 1,412.6 |
[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. Finance lease assets are net of accumulated amortization of $ 57.8 and $ 62.5 as of December 31, 2021 and 2022 , respectively. |
LEASE ACCOUNTING - Schedule o_2
LEASE ACCOUNTING - Schedule of Operating and Finance Right-of-Use Assets and Lease Liabilities (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Finance lease assets, accumulated amortization | $ 62.5 | $ 57.8 |
LEASE ACCOUNTING - Schedule o_3
LEASE ACCOUNTING - Schedule of Aggregate Lease Costs by Lease Classification (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Operating lease costs | ||||
Total operating lease costs | $ 320.1 | $ 283.3 | $ 278.4 | |
Finance lease costs | ||||
Depreciation of leased assets | 62.5 | 57.8 | ||
Total finance lease costs | 17.7 | 18.5 | 21.7 | |
Depreciation and Amortization | ||||
Finance lease costs | ||||
Depreciation of leased assets | 12.4 | 12.6 | 14.7 | |
Interest Expense | ||||
Finance lease costs | ||||
Interest on lease liabilities | 5.3 | 5.9 | 7 | |
Equipment | Utilities and Other | ||||
Operating lease costs | ||||
Total operating lease costs | [1] | 4.4 | 2.3 | 3.3 |
Real Estate | Facility Lease Expense | ||||
Operating lease costs | ||||
Total operating lease costs | [2],[3] | $ 315.7 | $ 281 | $ 275.1 |
[1] Includes approximately $( 0.1 ), $ 1.8 and $ 3.9 of short-term lease payments for the years ended December 31, 2020, 2021 and 2022, respectively. Approximately $ 1.4 , $ 1.3 and $ 1.3 of lease payments are included in general and administrative expenses primarily related to office leases for the years ended December 31, 2020, 2021 and 2022, respectively. Includes approximately $ 7.1 , $ 11.8 and $ 36.4 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, 2020, 2021 and 2022, respectively. |
LEASE ACCOUNTING - Schedule o_4
LEASE ACCOUNTING - Schedule of Aggregate Lease Costs by Lease Classification (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lease Cost [Line Items] | |||
Lease payments | $ 279.8 | $ 269.7 | $ 271.8 |
Equipment | Utilities and Other | |||
Lease Cost [Line Items] | |||
ShortTermLeasePaymentsNet | 3.9 | 1.8 | 0.1 |
Real Estate | Facility Lease Expense | |||
Lease Cost [Line Items] | |||
Variable lease payments | 36.4 | 11.8 | 7.1 |
Lease payments | $ 1.3 | $ 1.3 | $ 1.4 |
LEASE ACCOUNTING - Schedule o_5
LEASE ACCOUNTING - Schedule of Maturity of Lease Liabilities by Lease Classification (Detail) $ in Millions | Dec. 31, 2022 USD ($) | |
Leases [Abstract] | ||
Operating Leases, 2023 | $ 276.6 | [1] |
Operating Leases, 2024 | 243.2 | |
Operating Leases, 2025 | 216.2 | |
Operating Leases, 2026 | 179.6 | |
Operating Leases, 2027 | 137.3 | |
Operating Leases, Thereafter | 382 | |
Operating Leases, Total lease payments | 1,434.9 | |
Operating Leases, Less: Interest | 245 | |
Operating Leases, Present value of lease liabilities | 1,189.9 | |
Finance Leases, 2023 | 19 | [1] |
Finance Leases, 2024 | 18.1 | |
Finance Leases, 2025 | 16.4 | |
Finance Leases, 2026 | 12 | |
Finance Leases, 2027 | 12 | |
Finance Leases, Thereafter | 46.7 | |
Finance Leases, Total lease payments | 124.2 | |
Finance Leases, Less: Interest | 21.8 | |
Finance Leases, Present value of lease liabilities | $ 102.4 | |
[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, 2022 | |
Equipment | ||
Lease [Line Items] | ||
Weighted-average remaining lease term - Operating leases | 2 years 3 months 18 days | [1] |
Weighted-average remaining lease term - Finance leases | 3 years 3 months 18 days | [1] |
Weighted-average discount rate - Operating leases | 3.70% | [2] |
Weighted-average discount rate - Finance leases | 4% | [2] |
Real Estate | ||
Lease [Line Items] | ||
Weighted-average remaining lease term - Operating leases | 6 years 10 months 24 days | [1] |
Weighted-average remaining lease term - Finance leases | 8 years 2 months 12 days | [1] |
Weighted-average discount rate - Operating leases | 5.70% | [2] |
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. 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 Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities | |||
Cash outflows for operating leases | $ 279.8 | $ 269.7 | $ 271.8 |
Cash outflows for finance leases - operating activities | 5.3 | 5.9 | 7 |
Cash outflows for finance leases - financing activities | 14.3 | 14.7 | 15.4 |
Non-cash amount of leased assets obtained in exchange for: | |||
Operating lease liabilities | $ 114.1 | 180.1 | $ 132.7 |
Finance lease liabilities | $ 0.7 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Revenue from Contract with Customer [Abstract] | ||
Receivables related to contracts with customers | $ 22.9 | $ 23.5 |
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 Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 2,454.7 | $ 1,510.5 | $ 686.3 | |
Admissions Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,246.9 | 780 | 356.5 | |
Concession Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 938.3 | 561.7 | 231.1 | |
Screen Advertising, Screen Rental and Promotional Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 127 | 84.1 | 62.5 | |
Other Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 142.5 | 84.7 | 36.2 | |
U.S. Operating Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | [1] | 1,970.2 | 1,293.6 | 556.9 |
U.S. Operating Segment | Admissions Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | [1] | 1,010.2 | 671.7 | 291.6 |
U.S. Operating Segment | Concession Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | [1] | 763 | 482.8 | 189.6 |
U.S. Operating Segment | Screen Advertising, Screen Rental and Promotional Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | [1] | 81.7 | 66.2 | 46.2 |
U.S. Operating Segment | Other Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | [1] | 115.3 | 72.9 | 29.5 |
International Operating Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 484.5 | 216.9 | 129.4 | |
International Operating Segment | Admissions Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 236.7 | 108.3 | 64.9 | |
International Operating Segment | Concession Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 175.3 | 78.9 | 41.5 | |
International Operating Segment | Screen Advertising, Screen Rental and Promotional Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 45.3 | 17.9 | 16.3 | |
International Operating Segment | Other Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 27.2 | $ 11.8 | $ 6.7 | |
[1] U.S. segment revenues exclude intercompany transactions with the international operating segment. See Note 22 for additional information on intercompany eliminations. |
Summary of Revenues Disaggreg_2
Summary of Revenues Disaggregated Based on Timing of Revenue Recognition (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 2,454.7 | $ 1,510.5 | $ 686.3 | |
U.S. Operating Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | [1] | 1,970.2 | 1,293.6 | 556.9 |
International Operating Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 484.5 | 216.9 | 129.4 | |
Goods and Services Transferred at a Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2,284.8 | 1,394.9 | 607.3 | |
Goods and Services Transferred at a Point in Time | U.S. Operating Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | [2] | 1,856.5 | 1,201.2 | 497.3 |
Goods and Services Transferred at a Point in Time | International Operating Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 428.3 | 193.7 | 110 | |
Goods and Services Transferred Over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 169.9 | 115.6 | 79 | |
Goods and Services Transferred Over Time | U.S. Operating Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | [2] | 113.7 | 92.4 | 59.6 |
Goods and Services Transferred Over Time | International Operating Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 56.2 | $ 23.2 | $ 19.4 | |
[1] U.S. segment revenues exclude intercompany transactions with the international operating segment. See Note 22 for additional information on intercompany eliminations. U.S. segment revenues exclude intercompany transactions with the international operating segment. See Note 22 for additional information on intercompany eliminations. |
Changes in Deferred Revenues (D
Changes in Deferred Revenues (Detail) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||||
Change in Contract with Customer Liability [Line Items] | ||||||
Amounts recognized as accounts receivable | $ 4.9 | $ 4.5 | ||||
NCM Screen Advertising Advances | ||||||
Change in Contract with Customer Liability [Line Items] | ||||||
Beginning Balance | [1] | 346 | 344.3 | |||
Amounts recognized as accounts receivable | [1] | 0 | 0 | |||
Cash received from customers in advance | [1] | 0 | 0 | |||
Common units received from NCM (see Note 9) | (1.3) | (10.2) | $ (3.6) | |||
Interest accrued related to significant financing component | 23.2 | [1] | 23.6 | [1] | 23.6 | |
Revenue recognized during period | [1] | 32.3 | (32.1) | |||
Foreign currency translation adjustments | [1] | 0 | 0 | |||
Ending Balance | [1] | 338.2 | 346 | 344.3 | ||
NCM Screen Advertising Advances | NCM | ||||||
Change in Contract with Customer Liability [Line Items] | ||||||
Common units received from NCM (see Note 9) | [1] | 1.3 | 10.2 | |||
Other Deferred Revenues | ||||||
Change in Contract with Customer Liability [Line Items] | ||||||
Beginning Balance | [2] | 160.3 | 138.8 | |||
Amounts recognized as accounts receivable | [2] | 1.8 | 2.2 | |||
Cash received from customers in advance | [2] | 241.1 | 132.2 | |||
Interest accrued related to significant financing component | [2] | 0 | 0 | |||
Revenue recognized during period | [2] | 206.9 | (111.2) | |||
Foreign currency translation adjustments | [2] | (1.4) | (1.7) | |||
Ending Balance | [2] | 194.9 | 160.3 | $ 138.8 | ||
Other Deferred Revenues | NCM | ||||||
Change in Contract with Customer Liability [Line Items] | ||||||
Common units received from NCM (see Note 9) | [2] | $ 0 | $ 0 | |||
[1] See Significant Financing Component in Note 9 for discussion of NCM screen advertising advances and maturity of balances as of December 31, 2022 . Includes liabilities associated with outstanding gift cards and discount ticket vouchers, points or rebates outstanding under the Company’s loyalty and membership programs and revenue 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 Millions | Dec. 31, 2022 USD ($) |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | $ 194.9 |
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 | $ 172.2 |
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 |
Remaining performance obligations | $ 22.7 |
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 |
Remaining performance obligations | $ 0 |
Aggregate Amount of Transacti_2
Aggregate Amount of Transaction Price Allocated To Performance Obligation That Are Unsatisfied And Expected To Be Recognized (Detail1) $ in Millions | Dec. 31, 2022 USD ($) |
Other Deferred Revenues [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 194.9 |
LOSS PER SHARE - Computations o
LOSS PER SHARE - Computations of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Earnings Per Share Disclosure [Line Items] | ||||
Net loss | $ (271.2) | $ (422.8) | $ (616.8) | |
(Earnings) loss allocated to participating share-based awards | [1] | (3.8) | 6.1 | 4.3 |
Net income (loss) attributable to common stockholders | $ (267.4) | $ (416.7) | $ (612.5) | |
Basic weighted average shares outstanding | 118,200,000 | 117,300,000 | 116,700,000 | |
Common equivalent shares for restricted stock units | [2] | 0 | 0 | 0 |
Common equivalent shares for convertible notes and warrants | [3] | 0 | 0 | 0 |
Diluted weighted average shares outstanding | 118,200,000 | 117,300,000 | 116,700,000 | |
Basic | $ (2.26) | $ (3.55) | $ (5.25) | |
Diluted | $ (2.26) | $ (3.55) | $ (5.25) | |
Restricted Stock Units (RSUs) | ||||
Earnings Per Share Disclosure [Line Items] | ||||
Common equivalent shares for restricted stock units | 400,000 | 0 | 700,000 | |
[1] For the years ended December 31, 2020, 2021 and 2022, a weighted average of approximately 0.8 shares, 1.7 shares and 1.7 shares of unvested restricted stock, respectively, are considered participating securities. For the years ended December 31, 2020, 2021 and 2022 , approximately 0.7 , 0 and 0.4 common equivalent shares for restricted stock units were excluded because they were anti-dilutive. For the years ended December 31, 2020, 2021 and 2022 , diluted loss per share excludes the conversion of the 4.50 % Convertible Senior Notes into 32.0 shares of common stock, as well as outstanding warrants, as they would be anti-dilutive. See further discussion below. |
LOSS PER SHARE - Computations_2
LOSS PER SHARE - Computations of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) - shares | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Aug. 21, 2020 | ||
Earnings Per Share Disclosure [Line Items] | |||||
Weighted average shares of participating unvested restricted stock | 1,700,000 | 1,700,000 | 800,000 | ||
Common equivalent shares for restricted stock units | [1] | 0 | 0 | 0 | |
Interest rate | 4.50% | ||||
4.50 % Convertible Senior Notes | |||||
Earnings Per Share Disclosure [Line Items] | |||||
Interest rate | 4.50% | 4.50% | 4.50% | 4.50% | |
Common shares issued | 32,000,000 | 32,000,000 | 32,000,000 | ||
Restricted Stock Units (RSUs) | |||||
Earnings Per Share Disclosure [Line Items] | |||||
Common equivalent shares for restricted stock units | 400,000 | 0 | 700,000 | ||
[1] For the years ended December 31, 2020, 2021 and 2022 , approximately 0.7 , 0 and 0.4 common equivalent shares for restricted stock units were excluded because they were anti-dilutive. |
LOSS PER SHARE - Additional Inf
LOSS PER SHARE - Additional Information (Detail) | 12 Months Ended | |||
Aug. 21, 2020 Tradingday $ / shares | Dec. 31, 2022 Tradingday $ / shares shares | Dec. 31, 2021 shares | Dec. 31, 2020 shares | |
Earnings Per Share Disclosure [Line Items] | ||||
Interest rate | 4.50% | |||
4.50 % Convertible Senior Notes | ||||
Earnings Per Share Disclosure [Line Items] | ||||
Interest rate | 4.50% | 4.50% | 4.50% | 4.50% |
Common stock, strike price | $ 18.66 | |||
Debt Instrument, Convertible, Associated Derivative Transactions, Description | The if-converted value of the 4.50% Convertible Senior Notes, based on the weighted average closing price of Holdings’ common stock for 2022, exceeded the aggregate outstanding principal of the notes by $3.5 as of December 31, 2022. | |||
Debt instrument convertible conversion, percentage | 130% | |||
Debt Instrument, Convertible, Conversion Price | $ 14.35 | $ 14.35 | ||
Debt instrument, convertible, threshold trading days | Tradingday | 20 | |||
ShareBased Compensation Arrangements By ShareBased Payment Award Options Grants In Period Weighted Average Exercise Price | $ 14.35 | |||
ShareBased Compensation Arrangement By ShareBased Payment Award Options Grants In Period Gross | shares | 32,000,000 | |||
Common Stock Convertible Conversion Price Increase | $ 22.08 | |||
CommonStock Convertible Conversion Price | $ 18.66 | |||
Common shares issued | shares | 32,000,000 | 32,000,000 | 32,000,000 | |
4.50 % Convertible Senior Notes | Minimum | ||||
Earnings Per Share Disclosure [Line Items] | ||||
Debt instrument, convertible, threshold trading days | Tradingday | 20 | |||
4.50 % Convertible Senior Notes | Maximum | ||||
Earnings Per Share Disclosure [Line Items] | ||||
Debt instrument, convertible, threshold trading days | Tradingday | 30 | |||
Warrant | 4.50 % Convertible Senior Notes | ||||
Earnings Per Share Disclosure [Line Items] | ||||
ShareBased Compensation Arrangements By ShareBased Payment Award Options Grants In Period Weighted Average Exercise Price | $ 22.08 | |||
ShareBased Compensation Arrangement By ShareBased Payment Award Options Grants In Period Gross | shares | 32,000,000 |
Dividends (Detail)
Dividends (Detail) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2020 USD ($) $ / shares | ||
Dividend Declared [Line Items] | ||
Amount per Share of Common Stock | $ / shares | $ 0.36 | |
Total Dividends | $ | $ 42.6 | [1] |
First Quarter Dividend | ||
Dividend Declared [Line Items] | ||
Declaration Date | Feb. 21, 2020 | |
Record Date | Mar. 06, 2020 | |
Payable Date | Mar. 20, 2020 | |
Amount per Share of Common Stock | $ / shares | $ 0.36 | |
Total Dividends | $ | $ 42.6 | [1] |
[1] Of the dividends recorded during 2020, $ 0.3 was related to outstanding restricted stock units and will not be paid until such units vest. See Note 18. |
Dividends (Parenthetical) (Deta
Dividends (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2020 USD ($) | |
Supplemental Cash Flow Elements [Abstract] | |
Dividends related to outstanding restricted stock units | $ 0.3 |
THEATRE PROPERTIES AND EQUIPM_3
THEATRE PROPERTIES AND EQUIPMENT - Shedule Of Properties And Equipment (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Total | $ 3,395.3 | $ 3,368.8 | |
Less: accumulated depreciation and amortization | [1] | 2,163.2 | 1,985.9 |
Total | 1,232.1 | 1,382.9 | |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Total | 99.7 | 102.6 | |
Building | |||
Property, Plant and Equipment [Line Items] | |||
Total | 528.9 | 537 | |
Property Under Finance Lease | |||
Property, Plant and Equipment [Line Items] | |||
Total | 130.3 | 138.3 | |
Theatre furniture and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total | 1,429.5 | 1,402.7 | |
Leasehold interests and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Total | $ 1,206.9 | $ 1,188.2 | |
[1] Amortization of finance lease assets is included in depreciation and amortization expense on the consolidated statements of loss. Accumulated amortization of finance lease assets as of December 31, 2021 and 2022 was $ 57.8 and $ 62.5 , respectively. |
THEATRE PROPERTIES AND EQUIPM_4
THEATRE PROPERTIES AND EQUIPMENT - Shedule Of Properties And Equipment (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Accumulated amortization of finance lease assets | $ 62.5 | $ 57.8 |
THEATRE PROPERTIES AND EQUIPM_5
THEATRE PROPERTIES AND EQUIPMENT (Additional Information) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Long-Lived Assets Held-for-sale [Line Items] | ||||
Property, Plant and Equipment, Net | $ 1,232.1 | $ 1,382.9 | ||
Operating Lease, Right-of-Use Asset | [1] | 1,102.7 | 1,230.8 | |
Goodwill | [2] | 1,250.9 | 1,248.8 | $ 1,253.9 |
Finite-Lived Intangible Assets, Net | 4.5 | $ 10.7 | $ 14 | |
Theatre Assets Held for Sale | ||||
Long-Lived Assets Held-for-sale [Line Items] | ||||
Assets | 15.3 | |||
Net assets | 6.8 | |||
Property, Plant and Equipment, Net | 5.4 | |||
Operating Lease, Right-of-Use Asset | 2.9 | |||
Goodwill | 4.2 | |||
Liabilities | 8.5 | |||
Revenues | 13.3 | |||
Operating Income (Loss) | $ 1.2 | |||
[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. Balances are presented net of accumulated impairment losses of $ 214.0 for the U.S. operating segment and $ 43.8 for the international operating segment. |
Summary of Activity with NCM In
Summary of Activity with NCM Included in Company's Consolidated Financial Statements (Detail) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Impairment of long-lived and other assets | $ (174.1) | $ (20.8) | $ (152.7) | |||
NCM | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Impairment of long-lived and other assets | (113.2) | |||||
Investment In NCM | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Beginning Balance | 135.4 | 152 | 265.8 | |||
Receipt of common units due to annual common unit adjustment | 1.3 | 10.2 | 3.6 | |||
Receipt of excess cash distributions | (12) | |||||
Receipt under tax receivable agreement | (0.2) | (2.1) | ||||
Equity in (income) loss of affiliates | (13.9) | (26.6) | (10.6) | |||
Impairment of long-lived and other assets | [1] | 113.2 | 92.7 | |||
Ending Balance | 9.6 | 135.4 | 152 | |||
NCM Screen Advertising Advances | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Beginning Balance | (346) | (344.3) | ||||
Beginning Balance | (348.4) | |||||
Receipt of common units due to annual common unit adjustment | (1.3) | (10.2) | (3.6) | |||
Interest accrued on NCM screen advertising advances | (23.2) | [2] | (23.6) | [2] | (23.6) | |
Amortization of screen advertising advances | 32.3 | 32.1 | 31.3 | |||
Ending Balance | (338.2) | (346) | (344.3) | |||
NCM Screen Advertising Advances | NCM | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Receipt of common units due to annual common unit adjustment | [2] | 1.3 | 10.2 | |||
Distributions from NCM | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Beginning Balance | [3] | (0.1) | (7) | |||
Receipt of excess cash distributions | [3] | (5.9) | ||||
Receipt under tax receivable agreement | [3] | (0.1) | (1.1) | |||
Ending Balance | [3] | (0.1) | (7) | |||
Equity in Loss | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Beginning Balance | 26.6 | 10.6 | ||||
Equity in (income) loss of affiliates | 13.9 | 26.6 | 10.6 | |||
Ending Balance | 13.9 | 26.6 | 10.6 | |||
Other Revenue | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Beginning Balance | (44.1) | (36) | ||||
Revenues earned under ESA | [4] | (19.9) | (12) | (4.7) | ||
Amortization of screen advertising advances | (32.3) | (32.1) | (31.3) | |||
Ending Balance | (52.2) | (44.1) | (36) | |||
Interest Expense - NCM | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Beginning Balance | 23.6 | 23.6 | ||||
Interest accrued on NCM screen advertising advances | 23.2 | 23.6 | 23.6 | |||
Ending Balance | 23.2 | 23.6 | 23.6 | |||
Cash Received | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Beginning Balance | 12.3 | 25.8 | ||||
Revenues earned under ESA | [4] | 19.9 | 12 | 4.7 | ||
Receipt of excess cash distributions | 17.9 | |||||
Receipt under tax receivable agreement | 0.3 | 3.2 | ||||
Ending Balance | $ 19.9 | $ 12.3 | $ 25.8 | |||
[1] Reflected in impairment of long-lived and other assets on the consolidated income statement for the year indicated. See further discussion at Fair Value of Investment in NCM below. See Significant Financing Component in Note 9 for discussion of NCM screen advertising advances and maturity of balances as of December 31, 2022 . Excess cash distributions are restricted through December 2023 in accordance with NCM’s credit agreement amendment. Amounts include the per patron and per digital screen theatre access fees, 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 $ 2.6 , $ 4.9 and $ 7.5 for the years ended December 31, 2020, 2021 and 2022, respectively. Amounts unpaid and reflected in accounts receivable were $ 4.5 and $ 4.9 as of the years ended December 31, 2021 and 2022 , respectively. |
Summary of Activity with NCM _2
Summary of Activity with NCM Included in Company's Consolidated Financial Statements (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Equity Method Investments [Line Items] | |||
Company's beverage concessionaire advertising costs | $ 7.5 | $ 4.9 | $ 2.6 |
Amounts recognized as accounts receivable | $ 4.9 | $ 4.5 |
Summary of Recognition of Reven
Summary of Recognition of Revenue Related To Deferred Revenue (Detail) $ in Millions | Dec. 31, 2022 USD ($) | |
NCM Screen Advertising Advances | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Revenue remaining performance obligation, amount | $ 338.2 | |
NCM Screen Advertising Advances | 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 | $ 9.8 | [1] |
NCM Screen Advertising Advances | 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 | $ 10.5 | [1] |
NCM Screen Advertising Advances | 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 | $ 11.2 | [1] |
NCM Screen Advertising Advances | 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 | $ 12 | [1] |
NCM Screen Advertising Advances | 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 | 1 year | |
Revenue remaining performance obligation, amount | $ 12.8 | [1] |
NCM Screen Advertising Advances | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2028-01-01 | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | ||
Revenue remaining performance obligation, amount | $ 281.9 | [1] |
Other Deferred Revenues | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Revenue remaining performance obligation, amount | $ 194.9 | |
Other Deferred Revenues | 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 | $ 172.2 | |
Other Deferred Revenues | 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 | $ 22.7 | |
Other Deferred Revenues | 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 | $ 0 | |
[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 (Detail1) $ in Millions | Dec. 31, 2022 USD ($) |
N C M Screen Advertising Advances [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 338.2 |
Other Deferred Revenues [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 194.9 |
Investment in National CineMe_3
Investment in National CineMedia LLC - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Schedule Of Equity Method Investments [Line Items] | |||||
Number of additional common units of NCM received under common unit adjustment agreement | 500,000 | ||||
Value of common units received from NCM | $ 1.3 | $ 10.2 | $ 3.6 | ||
Impairment of long-lived and other assets | $ 174.1 | 20.8 | 152.7 | ||
Investment In Ncm [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Interest in common units of NCM acquired by Company | 25.40% | ||||
Number of common units of NCM owned by Company | 43,700,000 | ||||
Estimated fair value of investment using NCM's stock price | $ 9.6 | ||||
NCMI common stock price | $ 0.22 | ||||
Carrying value | $ 9.6 | $ 135.4 | 152 | $ 265.8 | |
Impairment of long-lived and other assets | [1] | $ (113.2) | $ (92.7) | ||
Deferred revenue or NCM screen advertising advances extended term | 2041-02 | ||||
Ncm [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Remaining performance obligations | $ 174 | ||||
Deferred revenue amortization year and month | 2041-02 | ||||
Impairment of long-lived and other assets | $ 113.2 | ||||
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% | ||||
[1] Reflected in impairment of long-lived and other assets on the consolidated income statement for the year indicated. See further discussion at Fair Value of Investment in NCM below. |
Summary of Common Units Receive
Summary of Common Units Received Under Adjustment Agreement (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Apr. 13, 2022 | Apr. 14, 2021 | Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Equity Method Investments [Line Items] | ||||||
Number of Common Units Received | 500,000 | |||||
Value Of Common Units Received From Company One | $ 1.3 | $ 10.2 | $ 3.6 | |||
Annual Common Unit Adjustment [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Date Common Units Received | Apr. 13, 2022 | Apr. 14, 2021 | Mar. 31, 2020 | |||
Number of Common Units Received | 500,000 | 2,300,000 | 1,100,000 | |||
Value Of Common Units Received From Company One | $ 1.3 | $ 10.2 | $ 3.6 |
Summary Financial Information f
Summary Financial Information for National CineMedia (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 29, 2022 | Dec. 31, 2021 | Dec. 30, 2021 | Dec. 31, 2020 | |
Schedule Of Equity Method Investments [Line Items] | |||||
Net loss | $ (271.2) | $ (422.8) | $ (616.8) | ||
Ncm [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Revenues | $ 249.2 | $ 114.6 | 89.9 | ||
Operating income (loss) | 10.9 | (68.6) | (59.7) | ||
Net loss | (69.8) | (134.6) | $ (115.8) | ||
Current assets | 148.6 | 114.6 | |||
Noncurrent assets | 628.2 | 658.4 | |||
Current liabilities | 97.5 | 66.8 | |||
Noncurrent liabilities | 1,161.6 | 1,114.7 | |||
Members' deficit | $ (482.3) | $ (408.5) |
OTHER INVESTMENTS - Additional
OTHER INVESTMENTS - Additional Information (Detail) $ in Millions | 12 Months Ended | ||||
Apr. 30, 2018 USD ($) | Dec. 31, 2022 USD ($) Studio | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | ||
Digital Cinema Implementation Partners | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Description of digital cinema deployment agreements | The DCDAs were set to end on the earlier 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 | $ 7.5 | ||||
Operating lease right of use liabilities write off | 14.1 | ||||
Gain on sale of asset | 6.6 | ||||
Lease termination liability | 4.2 | ||||
Cash distributions from DCIP | [1] | $ 3.7 | $ 13.1 | 10.4 | |
Fair value of projectors | 102.7 | ||||
Reduction in investment in DCIP | 89.8 | ||||
Other | 12.9 | ||||
Final Distribution | 3.7 | ||||
Investments in affiliates | $ 0 | 0 | |||
Digital Cinema Implementation Partners | Maximum | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Deployment period of digital cinema deployment agreements | 5 years | ||||
AC JV, LLC | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Cash distributions from DCIP | $ 2.9 | ||||
AC JV, LLC | Film rentals and advertising | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Event fees | $ 13.3 | 6.2 | 3.7 | ||
Digital Cinema Distribution Coalition | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Percentage of voting interest | 14.60% | ||||
Payments for content delivery services | $ 0.5 | 0.6 | 0.4 | ||
F E Concepts L L C [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Percentage of voting interest | 50% | ||||
F E Concepts L L C [Member] | AWSR Investments, LLC | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Percentage of voting interest | 50% | ||||
Cash distributions from DCIP | $ 4 | ||||
Payments to Acquire Equity Method Investments | $ 20 | ||||
Management fee revenues | $ 0.1 | $ 0.1 | $ 0 | ||
[1] Recorded as a reduction in the Company's investment in DCIP for the year ended December 31, 2020. Recorded in cash distributions from DCIP on the consolidated statements of loss of Holdings and CUSA for the years ended December 31, 2021 and 2022. See discussion at Distribution of Projectors from DCIP above. |
OTHER INVESTMENTS - Summary of
OTHER INVESTMENTS - Summary of Activity for Each of Company's Other Investments (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||||
Other Affiliates | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Investments, beginning balance | $ 25.2 | $ 23.8 | $ 155.3 | ||||
Cash contributions | 0.1 | ||||||
Equity in income (loss) | 4.6 | 1.5 | (28.1) | ||||
Cash distributions from DCIP | (6.9) | (11.3) | |||||
Non-cash distribution received | [1] | (89.8) | |||||
Other | (0.3) | [2] | (0.1) | [2] | (2.4) | [3] | |
Investments, ending balance | 22.6 | 25.2 | 23.8 | ||||
Other Investments | Other Affiliates | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Investments, beginning balance | [2] | 0.4 | 0.5 | 2.9 | |||
Other | [2] | (0.3) | (0.1) | (2.4) | [3] | ||
Investments, ending balance | [2] | 0.1 | 0.4 | 0.5 | |||
Digital Cinema Distribution Coalition | Other Affiliates | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Investments, beginning balance | 1.8 | 1.3 | 3.2 | ||||
Equity in income (loss) | 0.5 | (1) | |||||
Cash distributions from DCIP | (0.9) | ||||||
Investments, ending balance | 1.8 | 1.8 | 1.3 | ||||
AC JV, LLC | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Cash distributions from DCIP | (2.9) | ||||||
AC JV, LLC | Other Affiliates | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Investments, beginning balance | 3.7 | 3.7 | 5 | ||||
Equity in income (loss) | 3.4 | (1.3) | |||||
Cash distributions from DCIP | (2.9) | ||||||
Investments, ending balance | 4.2 | 3.7 | 3.7 | ||||
Digital Cinema Implementation Partners | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Investments, beginning balance | 0 | ||||||
Cash distributions from DCIP | [4] | (3.7) | (13.1) | (10.4) | |||
Non-cash distribution received | [5] | 12.9 | |||||
Other | 12.9 | ||||||
Investments, ending balance | 0 | 0 | |||||
Digital Cinema Implementation Partners | Other Affiliates | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Investments, beginning balance | 124.7 | ||||||
Cash contributions | 0.1 | ||||||
Equity in income (loss) | (24.6) | ||||||
Cash distributions from DCIP | (10.4) | ||||||
Non-cash distribution received | [1] | (89.8) | |||||
FE Concepts, LLC | Other Affiliates | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Investments, beginning balance | 19.3 | 18.3 | 19.5 | ||||
Equity in income (loss) | 1.2 | 1 | (1.2) | ||||
Cash distributions from DCIP | (4) | ||||||
Investments, ending balance | $ 16.5 | $ 19.3 | $ 18.3 | ||||
[1] Consists of projectors distributed to the Company from DCIP as discussed below. Consists primarily of mark-to-market adjustment on an investment in marketable securities. Consists primarily of the impairment of a cost method investment in the year ended December 31, 2020 and mark-to-market adjustment on an investment in marketable securities. Recorded as a reduction in the Company's investment in DCIP for the year ended December 31, 2020. Recorded in cash distributions from DCIP on the consolidated statements of loss of Holdings and CUSA for the years ended December 31, 2021 and 2022. See discussion at Distribution of Projectors from DCIP above. Recorded as non-cash distributions from DCIP on each of Holdings’ and CUSA’s consolidated statements loss. See discussion at Distribution of Projectors from DCIP above. |
OTHER INVESTMENTS - Summary Fin
OTHER INVESTMENTS - Summary Financial Information for DCIP (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Schedule Of Equity Method Investments [Line Items] | ||||
Revenue | $ 2,454.7 | $ 1,510.5 | $ 686.3 | |
Net income (loss) | (268) | (422.2) | (617.9) | |
Digital Cinema Implementation Partners | Other Affiliates | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Revenue | 1 | [1] | 54.4 | 30.6 |
Operating income (loss) | (0.9) | [1] | 43.1 | (105.7) |
Net income (loss) | (1.1) | [1] | 45.3 | $ (114.2) |
Current assets | 0.3 | [1] | 22.9 | |
Current liabilities | 0 | [1] | 11.6 | |
Members' equity (deficit) | $ 0.3 | [1] | $ 11.3 | |
[1] DCIP ceased operations at the end of the second quarter of 2022. |
OTHER INVESTMENTS - Transaction
OTHER INVESTMENTS - Transactions with DCIP (Detail) - Digital Cinema Implementation Partners - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Schedule Of Equity Method Investments [Line Items] | ||||
Equipment lease payments | [1],[2] | $ 1.7 | ||
Warranty reimbursements from DCIP | [1] | $ (0.8) | (7) | |
Management services fees | [1] | 0.2 | ||
Cash distributions from DCIP | [3] | $ 3.7 | $ 13.1 | 10.4 |
Non-cash distributions from DCIP | [4] | $ 12.9 | ||
[1] Amounts reflected in utilities and other costs on the consolidated statements of loss of Holdings and CUSA. Excludes lease termination payments of $ 0.7 and $ 3.9 made during the years ended December 31, 2020 and 2021, respectively. See discussion of MELA termination at Distribution of Digital Projectors above. Recorded as a reduction in the Company's investment in DCIP for the year ended December 31, 2020. Recorded in cash distributions from DCIP on the consolidated statements of loss of Holdings and CUSA for the years ended December 31, 2021 and 2022. See discussion at Distribution of Projectors from DCIP above. Recorded as non-cash distributions from DCIP on each of Holdings’ and CUSA’s consolidated statements loss. See discussion at Distribution of Projectors from DCIP above. |
OTHER INVESTMENTS - Transacti_2
OTHER INVESTMENTS - Transactions with DCIP (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Digital Cinema Implementation Partners [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Lease termination payments | $ 3.9 | $ 0.7 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS - NET Summary of Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Goodwill [Line Items] | ||||
Beginning Balance | [1] | $ 1,248.8 | $ 1,253.9 | |
Foreign currency translation adjustments | 2.1 | (5.1) | ||
Ending Balance | [1] | 1,250.9 | 1,248.8 | $ 1,253.9 |
U.S. Operating Segment | ||||
Goodwill [Line Items] | ||||
Beginning Balance | [1] | 1,182.9 | 1,182.9 | |
Foreign currency translation adjustments | 0 | 0 | ||
Ending Balance | [1] | 1,182.9 | 1,182.9 | 1,182.9 |
International Operating Segment | ||||
Goodwill [Line Items] | ||||
Beginning Balance | [1] | 65.9 | 71 | |
Impairment | 0 | 0 | (16.1) | |
Foreign currency translation adjustments | 2.1 | (5.1) | ||
Ending Balance | [1] | $ 68 | $ 65.9 | $ 71 |
[1] Balances are presented net of accumulated impairment losses of $ 214.0 for the U.S. operating segment and $ 43.8 for the international operating segment. |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - NET Summary of Goodwill (Parenthetical) (Detail) $ in Millions | Dec. 31, 2022 USD ($) |
U.S. Operating Segment | |
Goodwill [Line Items] | |
Accumulated impairment losses | $ 214 |
International Operating Segment | |
Goodwill [Line Items] | |
Accumulated impairment losses | $ 43.8 |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS - NET Intangible Assets-Net (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | ||||
Intangible Assets [Line Items] | |||||
Intangible assets with finite lives, Beginning balance | $ 81.7 | $ 82.4 | |||
Other, Gross carrying amount | (4) | [1] | (0.7) | [2] | |
Intangible assets with finite lives, Ending balance | 77.7 | 81.7 | |||
Intangible assets with finite lives, Accumulated amortization, Beginning balance | (71) | (68.4) | |||
Accumulated amortization | (2.4) | (2.6) | |||
Other Accumulated Amortization of Intangible Assets | [1] | 0.2 | |||
Intangible assets with finite lives, Accumulated amortization, Ending balance | (73.2) | (71) | |||
Net intangible assets with finite lives, Beginning balance | 10.7 | 14 | |||
Total | 4.5 | 10.7 | |||
Other, Finite lived intangible assets | (3.8) | [1] | (0.7) | [2] | |
Net intangible assets with finite lives, Ending balance | 4.5 | 10.7 | |||
Indefinite-lived Intangible Assets, Tradename and Other, Beginning Balance | 300.1 | 300.2 | |||
Indefinite lived intangible assets, additions | [3] | 0.1 | |||
Amortization, intangible assets | (2.4) | (2.6) | |||
Other, Tradename and Other | [2] | (0.2) | |||
Indefinite-lived Intangible Assets, Tradename and Other, Ending Balance | 300.1 | 300.1 | |||
Total intangible assets - net, Beginning balance | 310.8 | 314.2 | |||
Amortization, intangible assets | 2.4 | 2.6 | |||
Other, Total intangible assets - net | (3.8) | [1] | (0.9) | [2] | |
Total intangible assets - net, Ending balance | $ 304.6 | $ 310.8 | |||
[1] Includes foreign currency translation adjustments and an impairment recorded for a U.S. intangible asset during 2022. See Note 12 for discussion of impairment evaluations performed during the year ended December 31, 2022 . Includes foreign currency translation adjustments and an impairment recorded for a theatre leasehold interest in Brazil during 2021. See Note 12 for discussion of impairment evaluations performed during the year ended December 31, 2021 . Amount represents licenses acquired to sell alcoholic beverages for certain locations. |
GOODWILL AND OTHER INTANGIBLE_6
GOODWILL AND OTHER INTANGIBLE ASSETS - NET Estimated Aggregate Future Amortization Expense for Intangible Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets, Net [Abstract] | |||
Year ended December 31, 2023 | $ 2 | ||
Year ended December 31, 2024 | 2 | ||
Year ended December 31, 2025 | 0.4 | ||
Year ended December 31, 2026 | 0.1 | ||
Year ended December 31, 2027 | 0 | ||
Total | $ 4.5 | $ 10.7 | $ 14 |
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, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | |
Goodwill [Member] | Valuation, Market Approach [Member] | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Long lived assets imapirement, Valuation Multiple | 2.2 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 | 2.2 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 | 2.2 to 6 times |
Summary of Long-Lived Asset Imp
Summary of Long-Lived Asset Impairment Losses (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Impaired Long Lived Assets Held And Used [Line Items] | ||||
Total impairment | $ 174.1 | $ 20.8 | $ 152.7 | |
Investment In Ncm [Member] | ||||
Impaired Long Lived Assets Held And Used [Line Items] | ||||
Total impairment | [1] | (113.2) | (92.7) | |
Us Operating Segment [Member] | ||||
Impaired Long Lived Assets Held And Used [Line Items] | ||||
Theatre properties | 19.7 | 6.4 | 12.4 | |
Theatre operating lease right-of-use assets | 34 | 6.8 | 13.2 | |
Other | 3.9 | 0 | 2.5 | |
Total impairment | 170.8 | 13.2 | 120.8 | |
Us Operating Segment [Member] | Investment In Ncm [Member] | ||||
Impaired Long Lived Assets Held And Used [Line Items] | ||||
Investment | [2] | 113.2 | 0 | 92.7 |
International Operating Segment [Member] | ||||
Impaired Long Lived Assets Held And Used [Line Items] | ||||
Theatre properties | 2.2 | 4 | 10 | |
Theatre operating lease right-of-use assets | 1.1 | 3.2 | 5 | |
Impairment | 0 | 0 | 16.1 | |
Intangible assets | 0 | 0.4 | 0.8 | |
Total impairment | $ 3.3 | $ 7.6 | $ 31.9 | |
[1] Reflected in impairment of long-lived and other assets on the consolidated income statement for the year indicated. See further discussion at Fair Value of Investment in NCM below. See discussion at Fair Value of NCM Investment in Note 9 . |
Accrued Other Current Liabili_3
Accrued Other Current Liabilities - Schedule of Accrued Other Current Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |||
Gift card liability | [1] | $ 64.5 | $ 54.5 |
Subscription membership program liability | [1] | 58.4 | 40.1 |
Discount vouchers (Supersavers) liability | [1] | 32.8 | 34.8 |
Accrued lease payable | [2] | 0.8 | 31.9 |
Other | [3] | 43.9 | 63.7 |
Total | $ 200.4 | $ 225 | |
[1] See discussion at Revenue Recognition Policy in Note 5. See discussion at Lease Deferrals and Abatements in Note 4 The only difference between accrued other current liabilities for Holdings, as presented above, and CUSA is an additional $ 0.6 and $ 0.3 in other as of December 31, 2021 and 2022 , respectively. |
Accrued Other Current Liabili_4
Accrued Other Current Liabilities - Schedule of Accrued Other Current Liabilities (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accrued other current liabilities | $ 200.4 | $ 225 |
Additional gap amount | $ 0.3 | $ 0.6 |
LONG-TERM DEBT - Components of
LONG-TERM DEBT - Components of Long-Term Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Cinemark USA, Inc. term loan due 2025 | $ 626.5 | ||
Total | 2,516.6 | ||
CUSA [Member] | |||
Debt Instrument [Line Items] | |||
Total | 2,056.6 | $ 2,083.3 | |
Less current portion | 10.7 | 24.3 | |
Less: Debt discounts and debt issuance costs, net of accumulated amortization | 22.9 | 30.3 | |
Long-term debt, less current portion, net of debt discounts and unamortized debt issuance costs | 2,023 | 2,028.7 | |
CNK [Member] | |||
Debt Instrument [Line Items] | |||
Cinemark USA, Inc. term loan due 2025 | 626.5 | 633.1 | |
Other | 10.1 | 30.2 | |
Total | [1] | 2,516.6 | 2,543.3 |
Less current portion | 10.7 | 24.3 | |
Less: Debt discounts and debt issuance costs, net of accumulated amortization | [1] | 31.9 | 42.7 |
Long-term debt, less current portion, net of debt discounts and unamortized debt issuance costs | [1] | 2,474 | 2,476.3 |
4.500% convertible senior notes due 2025 | CNK [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | 460 | 460 | |
8.750% senior secured notes due 2025 | CNK [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | 250 | 250 | |
5.875% senior notes due 2026 | CNK [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | 405 | 405 | |
5.250% senior notes due 2028 | CNK [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | $ 765 | $ 765 | |
[1] The only differences between the long-term debt for Holdings, as presented above, and the long-term debt for CUSA are the $ 460.0 million 4.50 % Convertible Senior Notes due 2025 and the related debt issuance costs. |
LONG-TERM DEBT - Components o_2
LONG-TERM DEBT - Components of Long-Term Debt (Parenthetical) (Detail) - Parent Company [Member] - USD ($) $ in Millions | Dec. 31, 2022 | Aug. 21, 2020 |
Debt Instrument [Line Items] | ||
Aggregate principal amount | $ 460 | $ 460 |
Convertible senior notes percentage | 4.50% | 4.50% |
LONG-TERM DEBT - Schedule of ca
LONG-TERM DEBT - Schedule of carrying values and fair values of debt instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
CNK [Member] | |||
Debt Instrument [Line Items] | |||
Long-Term Debt, Fair Value | [1] | $ 2,210.5 | $ 2,749.8 |
CUSA [Member] | |||
Debt Instrument [Line Items] | |||
Long-Term Debt, Fair Value | $ 1,771.3 | $ 2,058 | |
[1] The fair value of the 4.50 % convertible senior notes was $ 691.9 and $ 439.2 as of December 31, 2021 and , respectively. |
LONG-TERM DEBT - Schedule of _2
LONG-TERM DEBT - Schedule of carrying values and fair values of debt instruments (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Interest rate | 4.50% | |
Convertible Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-Term Debt, Fair Value | $ 439.2 | $ 691.9 |
LONG-TERM DEBT - Additional Inf
LONG-TERM DEBT - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||||||
Aug. 21, 2020 USD ($) Tradingday $ / shares | Apr. 20, 2020 USD ($) | Jun. 15, 2021 USD ($) | May 21, 2021 USD ($) | Mar. 16, 2021 USD ($) | Dec. 31, 2022 USD ($) Agreement Tradingday $ / shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) Tradingday | Apr. 17, 2020 | |
Debt Instrument [Line Items] | |||||||||
Interest rate | 4.50% | ||||||||
Amount outstanding under the term loan | $ 626,500,000 | ||||||||
Average interest rate on outstanding borrowings | 4.50% | ||||||||
Percentage voting stock of foreign subsidiaries | 65% | ||||||||
Multiple consolidated interest expense under sub condition two of condition two under dividend restriction | 1.75 | ||||||||
Loans Amount | $ 10,100,000 | ||||||||
Loss accumulated on swaps prior to the amendments | 29,400,000 | ||||||||
Amortization of accumulated losses for amended swap agreements | 4,500,000 | $ 4,500,000 | $ 3,300,000 | ||||||
Loans Amount | 35,800,000 | 35,800,000 | |||||||
Repayments of principal loan amount | 21,500,000 | ||||||||
Cash deposited to support issuance of bank letter of credit | 10,800,000 | ||||||||
CUSA [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt issuance costs | 0 | 17,300,000 | 7,900,000 | ||||||
Fair value of long-term debt | 1,771,300,000 | 2,058,000,000 | |||||||
Debt issuance costs | 22,900,000 | 30,300,000 | |||||||
Loss on extinguishment of debt | $ 0 | $ 6,500,000 | $ 0 | ||||||
Interest Rate Swap | |||||||||
Debt Instrument [Line Items] | |||||||||
Number of Interest Rate Swap Agreements Amended | Agreement | 3 | ||||||||
Minimum | CUSA [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Actual leverage ratio | 1% | ||||||||
Maximum | CUSA [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Actual leverage ratio | 2.50% | ||||||||
Amended Senior Secured Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Disclosure of dividend restrictions associated with the debt agreement | $ 2,850,000,000 | ||||||||
Amended Senior Secured Credit Facility | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior secured leverage ratio required | 1% | ||||||||
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% | 4.50% | 4.50% | |||||
Debt instrument, maturity date | Aug. 15, 2025 | ||||||||
Conversion price per share, percentage | 130% | ||||||||
Initial conversion price | $ / shares | $ 14.35 | $ 14.35 | |||||||
Trading price per principal amount of notes | $ 1,000 | ||||||||
Percentage of product of last reported sale price of common stock and conversion rate | 98% | ||||||||
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 Holdings’ common stock and the conversion rate on each such trading day; (2) if Holdings 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 Holdings’ common stock (including due to a stockholder rights plan) or (ii) Holdings’ assets or securities or rights, options or warrants to purchase the same with a per share value exceeding 10% of the trading price of Holdings’ 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 Holdings’ 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 $18.66 per share (130% of the initial conversion price of $14.35 per share), on each applicable trading day. Beginning May 15, 2025, holders may convert their 4.50% 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 4.50% Convertible Senior Notes, Holdings will pay or deliver cash, shares of Holdings’ common stock or a combination of cash and shares of Holdings’ common stock, at Holdings’ election. | ||||||||
Debt instrument, convertible, latest date | May 15, 2025 | ||||||||
Debt instrument, convertible, threshold trading days | Tradingday | 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 | $ 142,100,000 | ||||||||
Warrants, per share | $ / shares | $ 22.08 | ||||||||
Cash proceeds from the sale of the warrants | $ 89,400,000 | ||||||||
4.50 % Convertible Senior Notes | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Sale price per share | $ / shares | $ 18.66 | ||||||||
Debt instrument, convertible, threshold trading days | Tradingday | 20 | ||||||||
4.50 % Convertible Senior Notes | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, convertible, threshold trading days | Tradingday | 30 | ||||||||
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% | ||||||||
Loss on extinguishment of debt | $ (3,900,000) | ||||||||
4.875 % Senior Notes | Unamortized Debt Issuance Costs | |||||||||
Debt Instrument [Line Items] | |||||||||
Unamortized debt issuance costs | 3,300,000 | ||||||||
4.875 % Senior Notes | Payment of Fees | |||||||||
Debt Instrument [Line Items] | |||||||||
Unamortized debt issuance costs | 600,000 | ||||||||
5.125% Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Tender offer amount | $ 334,000,000 | ||||||||
Remaining principal amount of optional redemption | $ 66,000,000 | ||||||||
Outstanding principal at the redemption price percentage | 100% | ||||||||
Loss on extinguishment of debt | (2,600,000) | ||||||||
5.125% Senior Notes | Unamortized Debt Issuance Costs | |||||||||
Debt Instrument [Line Items] | |||||||||
Unamortized debt issuance costs | 1,200,000 | ||||||||
5.125% Senior Notes | Payment of Fees | |||||||||
Debt Instrument [Line Items] | |||||||||
Unamortized debt issuance costs | 1,400,000 | ||||||||
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% | ||||||||
Debt issuance costs | $ 10,700,000 | ||||||||
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 | $ 3,140,000,000 | ||||||||
Debt instrument, maturity date | Mar. 15, 2026 | ||||||||
Debt Instrument Issue Discount | 101% | 101% | |||||||
Debt covenants, required minimum coverage ratio | 2% | ||||||||
Actual coverage ratio | 2.90% | ||||||||
Debt issuance costs | $ 6,000,000 | ||||||||
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 01, 2025 | ||||||||
Debt Instrument Issue Discount | 101% | ||||||||
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 | $ 439,200,000 | $ 691,900,000 | |||||||
Term Loan Credit facility | Senior Secured Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount of add-on to Senior Notes | $ 700,000,000 | ||||||||
Final principal payment due date | Mar. 29, 2025 | ||||||||
Quarterly principal payments due | $ 1,600,000 | ||||||||
Last quarterly payment date | Dec. 31, 2024 | ||||||||
Final principal payment | $ 613,400,000 | ||||||||
Term Loan Credit facility | 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% | ||||||||
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. | ||||||||
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% | ||||||||
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 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 - Summary of Bor
LONG-TERM DEBT - Summary of Borrowings of International Subsidiaries (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | |
Interest rate | 4.50% |
Loans Amount | $ 10.1 |
Peru Loan [Member] | |
Debt Instrument [Line Items] | |
Loans Amount | 2.4 |
Brazil Loan [Member] | |
Debt Instrument [Line Items] | |
Loans Amount | $ 7.7 |
Minimum [Member] | Peru Loan [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 1% |
Debt Instrument Maturity Date Range Start | June |
Minimum [Member] | Brazil Loan [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 4% |
Debt Instrument Maturity Date Range Start | October 2023 |
Maximum [Member] | Peru Loan [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 4.80% |
Debt Instrument Maturity Date Range End | December 2023 |
Maximum [Member] | Brazil Loan [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 8.10% |
Debt Instrument Maturity Date Range Start | January 2029 |
LONG-TERM DEBT - Maturities of
LONG-TERM DEBT - Maturities of Long-Term Debt, Excluding Unamortized Debt Issuance Costs (Detail) $ in Millions | Dec. 31, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 10.7 |
2024 | 7.7 |
2025 | 1,324.5 |
2026 | 406.1 |
2027 | 1.1 |
Thereafter | 766.5 |
Total | $ 2,516.6 |
LONG-TERM DEBT - Maturities o_2
LONG-TERM DEBT - Maturities of Long-Term Debt, Excluding Unamortized Debt Issuance Costs (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | |
Interest rate | 4.50% |
CNK [Member] | |
Debt Instrument [Line Items] | |
Repayments of holding's | $ 460 |
Interest rate | 4.50% |
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 Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) | ||
Debt Instrument [Line Items] | ||
Estimated Fair Value | $ 20.4 | [1] |
Interest Rate Swap Agreement 1 | ||
Debt Instrument [Line Items] | ||
Notional Amount | $ 0.1 | |
Effective Date | Dec. 31, 2018 | |
Pay Rate | 2.12% | |
Receive Rate | 1-Month LIBOR | |
Expiration Date | Dec. 31, 2024 | |
Estimated Fair Value | $ 6.3 | [1] |
Interest Rate Swap Agreement 2 | ||
Debt Instrument [Line Items] | ||
Notional Amount | $ 0.2 | |
Effective Date | Dec. 31, 2018 | |
Pay Rate | 2.12% | |
Receive Rate | 1-Month LIBOR | |
Expiration Date | Dec. 31, 2024 | |
Estimated Fair Value | $ 8 | [1] |
Interest Rate Swap Agreement 3 | ||
Debt Instrument [Line Items] | ||
Notional Amount | $ 0.1 | |
Effective Date | Dec. 31, 2018 | |
Pay Rate | 2.19% | |
Receive Rate | 1-Month LIBOR | |
Expiration Date | Dec. 31, 2024 | |
Estimated Fair Value | $ 6.1 | [1] |
[1] Approximately $ 12.2 of the total is included in prepaid expenses and other and $ 8.2 is included in deferred charges on the consolidated balance sheet as of December 31, 2022 . |
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 Millions | Dec. 31, 2022 USD ($) |
prepaid Expenses and Other | |
Debt Instrument [Line Items] | |
Estimated Fair Value | $ 12.2 |
Other Assets | |
Debt Instrument [Line Items] | |
Estimated Fair Value | $ 8.2 |
Summary of Liabilities Measured
Summary of Liabilities Measured at Fair Value on a Recurring Basis (Detail) - Fair Value Measurements, Recurring - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Interest rate swap liabilities | [1] | $ 14.6 | |
Interest rate swap assets | [1] | $ 20.4 | |
Level 1 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Interest rate swap liabilities | [1] | 0 | |
Interest rate swap assets | [1] | 0 | |
Level 2 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Interest rate swap liabilities | [1] | 14.6 | |
Interest rate swap assets | [1] | 20.4 | |
Level 3 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Interest rate swap liabilities | [1] | $ 0 | |
Interest rate swap assets | [1] | $ 0 | |
[1] See further discussion of interest rate swaps at Note 14. |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |||
Fair value, asset transfers out of Level 3 | $ 0 | $ 0 | $ 0 |
FOREIGN CURRENCY TRANSLATION -
FOREIGN CURRENCY TRANSLATION - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Foreign Currency Translation [Line Items] | ||
Cumulative foreign currency losses | $ 389.8 | $ 394.5 |
Cumulative inflation rate | 100% | |
Cumulative inflation period | 3 years | |
CNK [Member] | ||
Foreign Currency Translation [Line Items] | ||
Accumulated other comprehensive income (loss) | $ 353.2 | 394.5 |
CUSA [Member] | ||
Foreign Currency Translation [Line Items] | ||
Accumulated other comprehensive income (loss) | $ 356.3 | $ 397 |
FOREIGN CURRENCY TRANSLATION _2
FOREIGN CURRENCY TRANSLATION - Summary of Impact of Translating Financial Statements of Company's International Subsidiaries (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Foreign Currency Translation [Line Items] | |||
Other comprehensive Income (Loss) | $ 4.6 | $ (18.8) | $ (47.6) |
Brazil | |||
Foreign Currency Translation [Line Items] | |||
Exchange Rate | 5.29 | 5.57 | 5.20 |
Other comprehensive Income (Loss) | $ 2.7 | $ (4.7) | $ (42.7) |
Colombia | |||
Foreign Currency Translation [Line Items] | |||
Exchange Rate | 4,810.19 | 3,981.16 | 3,432.50 |
Other comprehensive Income (Loss) | $ 0 | $ (0.1) | $ (2.2) |
Chile | |||
Foreign Currency Translation [Line Items] | |||
Exchange Rate | 852 | 852.02 | 714.14 |
Other comprehensive Income (Loss) | $ 0.3 | $ (10.9) | $ 1.2 |
Peru | |||
Foreign Currency Translation [Line Items] | |||
Exchange Rate | 3.81 | 4.02 | 3.65 |
Other comprehensive Income (Loss) | $ 1.3 | $ (2.8) | $ (3.4) |
Other foreign countries | |||
Foreign Currency Translation [Line Items] | |||
Other comprehensive Income (Loss) | $ 0.3 | $ (0.3) | $ (0.5) |
FOREIGN CURRENCY TRANSLATION _3
FOREIGN CURRENCY TRANSLATION - Summary of Impact of Translating Financial Statements of Company's International Subsidiaries (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Argentina | |||
Foreign Currency Translation [Line Items] | |||
Foreign currency exchange loss | $ 8.5 | $ 0.2 | $ 1.2 |
Non-controlling Interest in Sub
Non-controlling Interest in Subsidiaries (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | $ 9.3 | $ 11.6 |
Cinemark Partners Second | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | 7.7 | 8 |
Laredo Theatre | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | 0.2 | 2 |
Greeley Ltd | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | 0.9 | 1.1 |
Other | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | $ 0.5 | $ 0.5 |
Noncontrolling Interests in S_3
Noncontrolling Interests in Subsidiaries - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
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 Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stockholders Equity Note [Line Items] | |||
Preferred stock, shares issued | 0 | ||
Preferred stock, shares outstanding | 0 | ||
CUSA | |||
Stockholders Equity Note [Line Items] | |||
Preferred stock, shares issued | 0 | ||
Preferred stock, shares outstanding | 0 | ||
Preferred stock shares authorized | 1,000,000 | ||
Preferred stock par value | $ 1 | ||
CUSA | Class A Common Stock | |||
Stockholders Equity Note [Line Items] | |||
Common stock, shares outstanding | 1,500 | ||
Common stock voting rights | Holders of Class A common stock have exclusive voting rights | ||
CUSA | Class B Common Stock | |||
Stockholders Equity Note [Line Items] | |||
Common stock, shares outstanding | 182,600 | ||
Common stock voting rights | Holders of Class B common stock have no voting rights except upon any proposed amendments to the articles of incorporation | ||
Restricted Stock | |||
Stockholders Equity Note [Line Items] | |||
Number of restricted shares granted | 880,000 | 1,240,000 | 1,550,000 |
Market value of common stock on the dates of grant | $ 16.40 | $ 21.91 | $ 17.68 |
Number of restricted stock unit awards that vested during the period | 950,000 | 620,000 | 830,000 |
Restricted Stock | CUSA Employees and Holdings Directors | |||
Stockholders Equity Note [Line Items] | |||
Number of restricted shares granted | 880,000 | ||
Restricted Stock | Minimum | CUSA Employees and Holdings Directors | |||
Stockholders Equity Note [Line Items] | |||
Market value of common stock on the dates of grant | $ 13.36 | ||
Forfeiture rate for restricted stock awards | 0% | ||
Award vesting period for restricted stock | 1 year | ||
Restricted Stock | Maximum | CUSA Employees and Holdings Directors | |||
Stockholders Equity Note [Line Items] | |||
Market value of common stock on the dates of grant | $ 17.07 | ||
Forfeiture rate for restricted stock awards | 12% | ||
Award vesting period for restricted stock | 3 years | ||
Restricted Stock Units (RSUs) | |||
Stockholders Equity Note [Line Items] | |||
Market value of common stock on the dates of grant | $ 16.65 | ||
Number of restricted stock unit awards that vested during the period | 100,000 | 230,000 | 210,000 |
Unrecognized compensation expense | $ 10.4 | ||
Remaining Compensation Expense recognition period (in years) | 1 year 9 months 18 days | ||
Number of hypothetical shares of common stock | 800,000 | ||
Number of hypothetical shares of common stock at maximum IRR level | 1,000,000 |
Summary of Treasury Stock Activ
Summary of Treasury Stock Activity (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||||
Treasury Stock, Shares [Abstract] | |||||||
Beginning Balance, Shares | 5,350,000 | 5,050,000 | 4,710,000 | ||||
Restricted stock withholdings | [1] | 260,000 | 240,000 | 270,000 | |||
Restricted stock forfeitures | [2] | 70,000 | 60,000 | 70,000 | |||
Ending Balance, Shares | 5,680,000 | 5,350,000 | 5,050,000 | ||||
Beginning Balance, Cost | $ 91.1 | $ 87 | $ 81.6 | ||||
Restricted stock withholdings | [1] | 4.3 | 4.1 | 5.4 | |||
Restricted stock forfeitures | 0 | [1] | 0 | [2] | 0 | [2] | |
Ending Balance, Cost | $ 95.4 | $ 91.1 | $ 87 | ||||
[1] Holdings withheld shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock and restricted stock units. Holdings determined the number of shares to be withheld based upon market values of the common stock of Holdings on the vest dates. Below is a summary of the range of market values per share on the vest dates for the years indicated: Year Ended December 31, 2020 2021 2022 Market Values $ 8.03 to $ 32.12 $ 15.21 to $ 24.14 $ 12.11 to $ 18.33 Holdings repurchased forfeited restricted shares at a cost of $ 0.001 per share in accordance with the 2017 Omnibus Plan. |
CAPITAL STOCK - Summary of Trea
CAPITAL STOCK - Summary of Treasury Stock Activity (Detail) (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
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 | 12.11 | 15.21 | 8.03 |
Maximum | |||
Schedule of Treasury Stock [Line Items] | |||
Market Value of Restricted Shares | $ 18.33 | $ 24.14 | $ 32.12 |
CAPITAL STOCK - Summary of Rest
CAPITAL STOCK - Summary of Restricted Stock Activity (Detail) - Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Shares of Restricted Stock | |||
Shares of Restricted Stock, Beginning balance | 1,990,000 | 1,430,000 | 780,000 |
Shares of Restricted Stock, Granted | 880,000 | 1,240,000 | 1,550,000 |
Shares of Restricted Stock, Vested | (950,000) | (620,000) | (830,000) |
Shares of Restricted Stock, Forfeited | (70,000) | (60,000) | (70,000) |
Shares of Restricted Stock, Ending balance | 1,850,000 | 1,990,000 | 1,430,000 |
Weighted Average Grant Date Fair Value | |||
Weighted Average Grant Date Fair Value Outstanding, Beginning | $ 21.73 | $ 21.11 | $ 37.53 |
Weighted Average Grant Date Fair Value, Granted | 16.40 | 21.91 | 17.68 |
Weighted Average Grant Date Fair Value, Vested | 19.13 | 20.92 | 29.30 |
Weighted Average Grant Date Fair Value, Forfeited | 18.91 | 18.96 | 30.72 |
Weighted Average Grant Date Fair Value Outstanding, Ending | $ 20.64 | $ 21.73 | $ 21.11 |
CAPITAL STOCK - Summary of Re_2
CAPITAL STOCK - Summary of Restricted Stock and Restricted Stock Unit Award Activity (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of restricted stock unit awards that vested during the period | 950,000 | 620,000 | 830,000 | |
Fair value of vested restricted stock held by: | $ 15.9 | $ 11 | $ 16.9 | |
Compensation expense recognized during the period | 15.8 | 22.9 | 15.5 | |
Income tax benefit recognized upon vesting of restricted stock awards held by: | 2.8 | 1.1 | 5.6 | |
Restricted Stock | CUSA Employees | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of vested restricted stock held by: | 15.3 | 9.7 | 16.5 | |
Compensation expense recognized during the period | 14.8 | 22 | 14.6 | |
Income tax benefit recognized upon vesting of restricted stock awards held by: | 2.7 | 0.8 | 5.5 | |
Restricted Stock | Holdings Directors | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of vested restricted stock held by: | 0.6 | 1.3 | 0.4 | |
Compensation expense recognized during the period | 1 | 0.9 | 0.9 | |
Income tax benefit recognized upon vesting of restricted stock awards held by: | $ 0.1 | $ 0.3 | $ 0.1 | |
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of restricted stock unit awards that vested during the period | 100,000 | 230,000 | 210,000 | |
Fair value of vested restricted stock held by: | $ 1.7 | $ 4.1 | $ 5.1 | |
Accumulated dividends paid upon vesting of restricted stock unit awards | 0.3 | 0.1 | 0.9 | |
Compensation expense recognized during the period | [1] | 5.7 | 6.4 | 3.9 |
Income tax benefit recognized upon vesting of restricted stock awards held by: | $ 0.7 | $ 0.8 | ||
[1] The former CEO of Holdings retired on December 31, 2021 and all of his outstanding unvested restricted stock units vested upon his retirement in accordance with his employment agreement. Holdings recorded incremental compensation expense of $ 2.4 related to the accelerated vesting of these awards during the year ended December 31, 2021. |
CAPITAL STOCK - Summary of Re_3
CAPITAL STOCK - Summary of Restricted Stock and Restricted Stock Unit Award Activity (Detail) (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted Stock | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Incremental compensation expense | $ 4.3 | ||
Restricted Stock Units (RSUs) | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Dividends payable to former CEO | $ 0.3 | 0.1 | $ 0.9 |
Incremental compensation expense | $ 2.4 |
CAPITAL STOCK - Schedule of Est
CAPITAL STOCK - Schedule of Estimated Remaining expense (Detail) - Restricted Stock Units (RSUs) [Member] $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Estimated remaining expense | $ 20.1 | [1] |
Cinemark Partners Second [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Estimated remaining expense | 19.6 | [1] |
Cinemark Holdings Inc [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Estimated remaining expense | $ 0.5 | |
[1] The weighted average period over which this remaining compensation expense will be recognized by both Holdings and CUSA is approximately 1.8 years. |
CAPITAL STOCK - Schedule of E_2
CAPITAL STOCK - Schedule of Estimated Remaining expense (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Cinemark Partners Second [Member] | Restricted Stock Units (RSUs) [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Weighted average period remaining | 1 year 9 months 18 days |
CAPITAL STOCK - Summary of Perf
CAPITAL STOCK - Summary of Performance Metrics and Measurement Period of Performance Award (Detail) - Restricted Stock Units (RSUs) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Performance Measurement Period | One year with an additional service requirement to the third anniversary of the date of grant | |
Maximum Performance Target Level | 175% of target award | |
Most likely performance metrics outcome estimated | Maximum performance level | |
Incremental compensation expense | $ 2.4 | |
Estimated forfeiture rates | 5% | |
If performance metrics meet the target level | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Percentage of maximum restricted stock units vest | 29% | |
If performance metrics for one-year period at target | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Percentage of maximum restricted stock units vest | 57% | |
If performance metrics are at the maximum | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Percentage of maximum restricted stock units vest | 100% | |
Estimated to be achieved at the time units were issued | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Most likely performance metrics outcome estimated | Target level |
CAPITAL STOCK - Summary of Re_4
CAPITAL STOCK - Summary of Restricted Stock Units Granted (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2020 | Dec. 31, 2019 | |
CUSA Employees | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Number of restricted stock units granted during the period | 0.44 | 0.31 | |
Grant date fair value | $ 32.12 | $ 36.77 | |
Estimated forfeiture rates | 5% | 5% | |
Restricted Stock Units (RSUs) | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Estimated forfeiture rates | 5% |
Supplemental Information to Con
Supplemental Information to Condensed Consolidated Statements of Cash Flows (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Schedule Of Cash Flow Supplemental [Line Items] | ||||
Cash paid (refunds received) for income taxes, net | $ 4.6 | $ (136.5) | $ (116.9) | |
Cash deposited in restricted accounts | [1] | 14.9 | 11.9 | 13.8 |
Noncash investing and financing activities: | ||||
Change in accounts payable and accrued expenses for the acquisition of theatre properties and equipment | [2] | (3.8) | 20.1 | (13.3) |
Theatre properties acquired under finance leases | 0 | 0.7 | 0 | |
Theatre properties acquired as distribution from equity investee (see Note 10) | 0 | 0 | 102.7 | |
Investment in NCM - receipt of common units (see Note 9) | 1.3 | 10.2 | 3.6 | |
Dividends accrued on unvested restricted stock unit awards | 0 | 0 | (0.3) | |
Cinemark Holdings Inc | ||||
Schedule Of Cash Flow Supplemental [Line Items] | ||||
Cash paid for interest by Holdings | [3] | 140.7 | 108.2 | 102.9 |
Cinemark Partners Second | ||||
Schedule Of Cash Flow Supplemental [Line Items] | ||||
Cash paid for interest by CUSA | 109.1 | 87.8 | 102.9 | |
NCM | ||||
Noncash investing and financing activities: | ||||
Interest expense - NCM (see Note 9) | $ (23.2) | $ (23.6) | $ (23.6) | |
[1] Represents cash deposited in a collateral account during the period to support the issuance of letters of credit to lenders, net of returned deposits from such accounts upon the repayment of related debt. See further discussion in Note 14. Additions to theatre properties and equipment included in accounts payable as of December 31, 2021 and 2022 were $ 8.2 and $ 12.0 , respectively. Includes the cash interest paid by CUSA |
Supplemental Information to C_2
Supplemental Information to Condensed Consolidated Statements of Cash Flows (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | ||
Additions to theatre properties and equipment included in accounts payable | $ 12 | $ 8.2 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Line Items] | |||
Income tax benefits due to NOL carryback provision | $ (3) | $ 16.8 | $ 309.4 |
Tax credit carryforwards expiring year description | the Company continued to generate pre-tax losses and remained in a three-year cumulative pre-tax loss. Consistent with December 31, 2021, 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 | ||
Deferred tax assets valuation allowance | 326.1 | $ 264.1 | |
Gross unrecognized tax benefits, including interest and penalties | 64.3 | 62.5 | |
Unrecognized tax benefit that if recognized would impact effective tax rate | 64.3 | 62.5 | |
Accrued for interest and penalties | 8.5 | 6.6 | |
CUSA | |||
Income Taxes [Line Items] | |||
Income tax benefits due to NOL carryback provision | 13.1 | 32.3 | 303.6 |
Deferred tax assets valuation allowance | 283.2 | 240.9 | |
Gross unrecognized tax benefits, including interest and penalties | 62.5 | 60.6 | |
Unrecognized tax benefit that if recognized would impact effective tax rate | 62.5 | 60.6 | |
Accrued for interest and penalties | 8.5 | $ 6.6 | |
Foreign | |||
Income Taxes [Line Items] | |||
Accumulated undistributed earnings and profits | 112.5 | ||
Reinvestment of undistributed earnings of foreign subsidiaries | 4.3 | ||
One-time transition tax accumulated undistributed earnings and profits | $ 159.3 | ||
Tax credits carryforward period | 10 years | ||
CARES Act | |||
Income Taxes [Line Items] | |||
Income tax benefits due to NOL carryback provision | 187.5 | ||
CARES Act | CUSA | |||
Income Taxes [Line Items] | |||
Income tax benefits due to NOL carryback provision | $ (185.2) |
Income Taxes - Provision for Fe
Income Taxes - Provision for Federal and Foreign Income Tax Expense for Continuing Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Line Items] | |||
Loss before income taxes, U.S. | $ (286.9) | $ (389.2) | $ (784.2) |
Loss before income taxes, Foreign | 21.9 | (49.8) | (143.1) |
Loss before income taxes | (265) | (439) | (927.3) |
CUSA | |||
Income Taxes [Line Items] | |||
Loss before income taxes, U.S. | (263.7) | (362.6) | (767.8) |
Loss before income taxes, Foreign | 21.9 | (49.8) | (143.1) |
Loss before income taxes | $ (241.8) | $ (412.4) | $ (910.9) |
Income Taxes - Current and Defe
Income Taxes - Current and Deferred Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current: | |||
Federal | $ 1.9 | $ 4 | $ (271.2) |
Foreign | 9.2 | 0.8 | 0.4 |
State | 1.2 | 1 | 0.3 |
Total current expense | 12.3 | 5.8 | (270.5) |
Deferred: | |||
Federal | (2.7) | (20.2) | (50.5) |
Foreign | (2.4) | 0.4 | 13.3 |
State | (4.2) | (2.8) | (1.7) |
Total deferred taxes | (9.3) | (22.6) | (38.9) |
Income taxes | 3 | (16.8) | (309.4) |
CUSA | |||
Current: | |||
Federal | 1.9 | 4 | (264.9) |
Foreign | 9.2 | 0.8 | 0.4 |
State | 1.2 | 1 | 0.3 |
Total current expense | 12.3 | 5.8 | (264.2) |
Deferred: | |||
Federal | (16.2) | (36.7) | (50.9) |
Foreign | (2.4) | 0.4 | 13.2 |
State | (6.8) | (1.8) | (1.7) |
Total deferred taxes | (25.4) | (38.1) | (39.4) |
Income taxes | $ (13.1) | $ (32.3) | $ (303.6) |
Income Taxes - Reconciliation B
Income Taxes - Reconciliation Between Income Tax Expenses (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Income Taxes [Line Items] | ||||
Computed statutory tax expense | $ (55.7) | $ (92.2) | $ (194.7) | |
State and local income taxes, net of federal income tax impact | (2.2) | (1.4) | (1.2) | |
Changes in valuation allowance | 60.6 | 76.3 | 46.7 | |
Foreign tax rate differential | 1.3 | (4.5) | (6.6) | |
Foreign tax credits | (4) | |||
Impacts related to COVID-19 pandemic | [1] | (187.5) | ||
Changes in uncertain tax positions | 1.6 | 7.5 | 24.9 | |
Other, net | 1.4 | (2.5) | 9 | |
Income taxes | 3 | (16.8) | (309.4) | |
CUSA | ||||
Income Taxes [Line Items] | ||||
Computed statutory tax expense | (50.8) | (86.6) | (191.3) | |
State and local income taxes, net of federal income tax impact | (4.2) | (0.7) | (1.2) | |
Changes in valuation allowance | 41.8 | 54.3 | 46.7 | |
Foreign tax rate differential | 1.3 | (4.5) | (6.6) | |
Foreign tax credits | (4) | 0 | 0 | |
Impacts related to COVID-19 pandemic | [2] | 0 | (185.1) | |
Changes in uncertain tax positions | 1.6 | 5.7 | 24.9 | |
Other, net | 1.2 | (0.5) | (9) | |
Income taxes | $ (13.1) | $ (32.3) | $ (303.6) | |
[1] The amount for the year ended December 31, 2020 includes benefits of a rate differential on earnings of $ 123.0 , 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 $ 135.6 , offset by a tax charge for the remeasurement of deferred taxes and tax attributes of $ 49.9 and dislodged foreign tax credits not benefited of $ 21.2 . The amount for the year ended December 31, 2020 includes benefits of a rate differential on earnings of $ 120.7 , 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 $ 135.6 , offset by a tax charge for the remeasurement of deferred taxes and tax attributes of $ 49.9 and dislodged foreign tax credits not benefited of $ 21.2 . |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation Between Income Tax Expenses (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2020 USD ($) | |
Income Taxes [Line Items] | |
Benefit of rate differential on earnings | $ 123 |
Tax losses with investment in foreign subsidiaries and write down of intercompany receivables of foreign subsidiaries | 135.6 |
Tax charge for remeasurement of deferred taxes and tax attributes | 49.9 |
Tax Credit, Foreign | 21.2 |
CUSA | |
Income Taxes [Line Items] | |
Benefit of rate differential on earnings | 120.7 |
Tax losses with investment in foreign subsidiaries and write down of intercompany receivables of foreign subsidiaries | 135.6 |
Tax charge for remeasurement of deferred taxes and tax attributes | 49.9 |
Tax Credit, Foreign | $ 21.2 |
Income Taxes - Tax Effects of S
Income Taxes - Tax Effects of Significant Temporary Differences and Tax Loss and Tax Credit Carryforwards (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule Of Deferred Income Tax Assets And Liabilities [Line Items] | ||
Theatre properties and equipment | $ 76.9 | $ 100.5 |
Finance lease assets | 16 | 19.6 |
Operating lease right-of-use assets | 274.3 | 288.2 |
Intangible asset — other | 49.6 | 45.6 |
Intangible asset — tradenames | 68.9 | 71.9 |
Investment in partnerships | 0 | 16.1 |
Total deferred liabilities | 485.7 | 541.9 |
Deferred revenue - NCM and other | 82.6 | 87.7 |
Prepaid rent | 4.1 | 3.4 |
Gift Cards | 8.8 | 8.3 |
Investment in partnerships | 5.2 | 0 |
Operating lease obligations | 296.1 | 304.5 |
Finance lease obligations | 21.6 | 25.6 |
Tax impact of items in accumulated other comprehensive income and additional paid-in-capital | 16.4 | 33 |
Restricted stock | 5.1 | 5.5 |
Accrued expenses | 3.7 | 4.3 |
Other tax loss carryforwards | 126.1 | 124.6 |
Other tax credit and attribute carryforwards | 193.5 | 155 |
Other expenses, not currently deductible for tax purposes | 14.9 | 14.3 |
Total deferred assets | 778.1 | 766.2 |
Net deferred income tax (asset) liability before valuation allowance | (292.4) | (224.3) |
Valuation allowance against deferred assets – non-current | 326.1 | 264.1 |
Net deferred income tax liability | 33.7 | 39.8 |
CUSA | ||
Schedule Of Deferred Income Tax Assets And Liabilities [Line Items] | ||
Theatre properties and equipment | 76.7 | 100.5 |
Finance lease assets | 15.9 | 19.6 |
Operating lease right-of-use assets | 273.9 | 288.2 |
Intangible asset — other | 49.5 | 45.6 |
Intangible asset — tradenames | 68.8 | 71.9 |
Investment in partnerships | 0 | 16.1 |
Tax impact of items in accumulated other comprehensive income and additional paid-in-capital | 5.3 | 0 |
Total deferred liabilities | 490.1 | 541.9 |
Deferred revenue - NCM and other | 82.4 | 87.7 |
Prepaid rent | 4.1 | 3.4 |
Gift Cards | 8.8 | 8.3 |
Investment in partnerships | 5.2 | 0 |
Operating lease obligations | 295.6 | 304.5 |
Finance lease obligations | 21.6 | 25.6 |
Tax impact of items in accumulated other comprehensive income and additional paid-in-capital | 0 | 4.4 |
Restricted stock | 4.9 | 5.4 |
Accrued expenses | 3.7 | 4.3 |
Other tax loss carryforwards | 122 | 121.6 |
Other tax credit and attribute carryforwards | 174.1 | 145.5 |
Other expenses, not currently deductible for tax purposes | 14.8 | 14.3 |
Total deferred assets | 737.2 | 725 |
Net deferred income tax (asset) liability before valuation allowance | (247.1) | (183.1) |
Valuation allowance against deferred assets – non-current | 283.2 | 240.9 |
Net deferred income tax liability | 36.1 | 57.8 |
Foreign | ||
Schedule Of Deferred Income Tax Assets And Liabilities [Line Items] | ||
Net deferred Income tax (asset) liability | 4.7 | 6.7 |
Foreign | CUSA | ||
Schedule Of Deferred Income Tax Assets And Liabilities [Line Items] | ||
Net deferred Income tax (asset) liability | 4.7 | 6.8 |
U.S. | ||
Schedule Of Deferred Income Tax Assets And Liabilities [Line Items] | ||
Net deferred income tax liability | 29 | 33.1 |
U.S. | CUSA | ||
Schedule Of Deferred Income Tax Assets And Liabilities [Line Items] | ||
Net deferred income tax liability | $ 31.4 | $ 51 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Total Amounts of Unrecognized Tax Benefits Excluding Interest and Penalties (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Line Items] | |||
Beginning Balance | $ 55.9 | $ 46.5 | $ 10.2 |
Gross increases - tax positions in prior periods | 0 | 7.7 | 32.4 |
Gross decreases - tax positions in prior periods | (0.2) | (1.6) | (0.1) |
Gross increases - current period tax positions | 0.1 | 3.4 | 4 |
Settlements | 0 | (0.1) | 0 |
Ending Balance | 55.8 | 55.9 | 46.5 |
CUSA | |||
Income Taxes [Line Items] | |||
Beginning Balance | 54 | 46.5 | 10.2 |
Gross increases - tax positions in prior periods | 0 | 5.8 | 32.4 |
Gross decreases - tax positions in prior periods | (0.2) | (1.6) | (0.1) |
Gross increases - current period tax positions | 0.1 | 3.4 | 4 |
Settlements | 0 | (0.1) | 0 |
Ending Balance | $ 53.9 | $ 54 | $ 46.5 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Line Items] | ||
Employer matching contribution payments | $ 5.7 | $ 2.1 |
Liability recorded for employer contribution payments | $ 0.2 | |
Messrs. Thomas, 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 Millions | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||||
Segment Reporting Information [Line Items] | ||||||
Revenue | $ 2,454.7 | $ 1,510.5 | $ 686.3 | |||
Adjusted EBITDA | 336.5 | 80 | [1] | (276.9) | [1] | |
Capital expenditures | 110.7 | 95.5 | 83.9 | |||
U.S. Operating Segment | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue | [2] | 1,970.2 | 1,293.6 | 556.9 | ||
International Operating Segment | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue | 484.5 | 216.9 | 129.4 | |||
Operating Segments | U.S. Operating Segment | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue | 1,977.9 | 1,296.3 | 559.2 | |||
Adjusted EBITDA | 255.7 | 84.2 | [1] | (227) | [1] | |
Capital expenditures | 87.2 | 78.3 | 64 | [1] | ||
Operating Segments | International Operating Segment | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue | 484.5 | 216.9 | 129.4 | |||
Adjusted EBITDA | 80.8 | (4.2) | [1] | (49.9) | [1] | |
Capital expenditures | 23.5 | 17.2 | 19.9 | |||
Eliminations | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue | $ (7.7) | $ (2.7) | $ (2.3) | |||
[1] Distributions from equity investees are reported entirely within the U.S. operating segment U.S. segment revenues exclude intercompany transactions with the international operating segment. See Note 22 for additional information on intercompany eliminations. |
Reconciliation of Net Income to
Reconciliation of Net Income to Adjusted EBITDA (Detail) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||||
Segment Reporting Information [Line Items] | ||||||
Net loss | $ (268) | $ (422.2) | $ (617.9) | |||
Add (deduct): | ||||||
Income taxes | 3 | (16.8) | (309.4) | |||
Interest expense | [1] | (155.3) | (149.7) | (129.9) | ||
Loss on debt amendments and refinancing | 0 | 6.5 | 0 | |||
Other (income) expense | [2] | (23.6) | (43.5) | (62.4) | ||
Depreciation and amortization | 238.2 | 265.4 | 259.8 | |||
Impairment of long-lived and other assets | 174.1 | 20.8 | 152.7 | |||
(Gain) loss on disposal of assets and other | (6.8) | 8 | (8.9) | |||
Restructuring costs | (0.5) | (1) | 20.3 | |||
Non-cash rent expense | 10.8 | 3.4 | (2.3) | |||
Share based awards compensation expense | 21.5 | 29.3 | 19.4 | |||
Adjusted EBITDA | 336.5 | 80 | [3] | (276.9) | [3] | |
Other Equity Investees | ||||||
Add (deduct): | ||||||
Non-cash distributions from DCIP | [4] | 0 | 0 | 12.9 | ||
Other Cash Distributions From Equity Investees [Member] | ||||||
Add (deduct): | ||||||
Distributions from equity investees | [5] | $ 6.9 | $ 0.2 | 15 | ||
Digital Cinema Implementation [Member] | ||||||
Add (deduct): | ||||||
Distributions from equity investees | [6] | $ 10.4 | ||||
[1] Includes amortization of debt issuance costs and amortization of accumulated losses for amended swap agreements. Includes interest income, foreign currency exchange loss, interest expense – NCM and equity in income (loss) of affiliates and excludes distributions from NCM and DCIP. Distributions from equity investees are reported entirely within the U.S. operating segment Reflects non-cash distribution of projectors from DCIP (see Note 10). These distributions are reported entirely within the U.S. operating segment 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 9 and 10). These distributions are reported entirely within the U.S. operating segment. See discussion of cash distributions from DCIP, which were recorded as a reduction of the Company’s investment in DCIP for the year ended December 31, 2020, in Note 10. These distributions are reported entirely within the U.S. operating segment. |
Selected Financial Informatio_2
Selected Financial Information by Geographic Area (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | $ 2,454.7 | $ 1,510.5 | $ 686.3 |
Theatre properties and equipment, net | 1,232.1 | 1,382.9 | |
Reportable Geographical Components | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 2,454.7 | 1,510.5 | 686.3 |
Theatre properties and equipment, net | 1,232.1 | 1,382.9 | |
Reportable Geographical Components | U.S. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 1,977.9 | 1,296.3 | 559.2 |
Theatre properties and equipment, net | 1,075.3 | 1,208.7 | |
Reportable Geographical Components | Brazil | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 179 | 73.5 | 59.3 |
Theatre properties and equipment, net | 49.5 | 56.7 | |
Reportable Geographical Components | Other international countries | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 305.5 | 143.4 | 70.1 |
Theatre properties and equipment, net | 107.3 | 117.5 | |
Reportable Geographical Components | Eliminations | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | $ (7.7) | $ (2.7) | $ (2.3) |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Theatre | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
FE Concepts, LLC | |||
Related Party Transaction [Line Items] | |||
Service fees | $ 0.1 | $ 0.1 | $ 0 |
Percentage of voting interest | 50% | ||
Contributions from parent | $ 4 | ||
Laredo Theatre, Ltd | |||
Related Party Transaction [Line Items] | |||
Company's interest in Laredo | 75% | ||
Lone Star Theatre's interest in Laredo | 25% | ||
Ownership interest held by David Roberts | 100% | ||
Percentage of stock owned by founder | 8.50% | ||
Percentage of management fees based on theatre revenues | 5% | ||
Management fee revenues | $ 0.6 | 0.4 | 0.1 |
Distribution Made to Limited Partner, Cash Distributions Paid | 2.7 | ||
Walter Hebert | |||
Related Party Transaction [Line Items] | |||
Consulting services paid | 0.2 | 0.1 | |
Copper Beech Capital LLC | |||
Related Party Transaction [Line Items] | |||
Amount paid for the use of aircraft | 0.1 | 0.1 | 0.1 |
Syufy Enterprises, LP | |||
Related Party Transaction [Line Items] | |||
Management fee revenues | $ 0 | 0.1 | 0 |
Number of theatres leased | Theatre | 12 | ||
Total rent paid to Syufy | $ 22.3 | $ 23.3 | $ 23.8 |
Valuation Allowance of Deferred
Valuation Allowance of Deferred Tax Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | $ 264.1 | $ 203.6 | $ 60.4 |
Additions | 67 | 69.1 | 144.2 |
Deductions | (5.3) | (4.3) | (1) |
Currency translation | (0.3) | (4.3) | |
Ending Balance | 326.1 | 264.1 | 203.6 |
CUSA [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | 240.9 | 203.6 | 60.4 |
Additions | 47 | 52.5 | 144.2 |
Deductions | (4.9) | (10.9) | (1) |
Currency translation | (0.2) | (4.3) | |
Ending Balance | $ 283.2 | $ 240.9 | $ 203.6 |
Quarterly Financial Information
Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |||
Revenue | $ 2,454.7 | $ 1,510.5 | $ 686.3 |
Net loss | (268) | (422.2) | (617.9) |
Net loss attributable to Cinemark USA, Inc. | $ (271.2) | $ (422.8) | $ (616.8) |
Net income per share attributable to Cinemark Holdings, Inc.’s common stockholders: | |||
Basic | $ (2.26) | $ (3.55) | $ (5.25) |
Diluted | $ (2.26) | $ (3.55) | $ (5.25) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - shares | Feb. 17, 2023 | Dec. 31, 2022 |
Investment In NCM | ||
Subsequent Event [Line Items] | ||
Number of common units of NCM owned by Company | 43,700,000 | |
Subsequent Event [Member] | Investment In NCM | ||
Subsequent Event [Line Items] | ||
Number Of Redemption Common Units Owned By Company | 42,000,000 | |
Number of common units of NCM owned by Company | 43,700,000 | |
Number of Common Units Owned By Company | 1,700,000 | |
Subsequent Event [Member] | Investment in NCMI | ||
Subsequent Event [Line Items] | ||
Number Of Newly Issued Shares Held By Company | 42,000,000 | |
Common shares owned by the Company relates to acquired shares after redemption of the units | 42,000,000 |
Condensed Parent Company Balanc
Condensed Parent Company Balance Sheets (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Liabilities | ||||
Accrued other current liabilities | $ 200.4 | $ 225 | ||
Commitments and contingencies (see Note 6) | ||||
Equity | ||||
Treasury stock | (95.4) | (91.1) | $ (87) | $ (81.6) |
Cinemark Holdings, Inc. | ||||
Assets | ||||
Cash and cash equivalents | 247.2 | 264.7 | ||
Prepaid assets and other | 0.6 | 0 | ||
Investment in subsidiaries | 372.5 | 524.6 | ||
Total assets | 620.3 | 789.3 | ||
Liabilities | ||||
Accrued other current liabilities | 61.5 | 43.9 | ||
Long-term debt | 451 | 447.6 | ||
Other long-term liabilities | (2.4) | (25.1) | ||
Total liabilities | 510.1 | 466.4 | ||
Commitments and contingencies (see Note 6) | ||||
Equity | ||||
Common stock value | 0.1 | 0.1 | ||
Additional paid-in-capital | 1,219.3 | 1,197.8 | ||
Treasury stock | (95.4) | (91.1) | ||
Accumulated deficit | (660.6) | (389.4) | ||
Accumulated other comprehensive loss | (353.2) | (394.5) | ||
Total equity | 110.2 | 322.9 | ||
Total liabilities and equity | $ 620.3 | $ 789.3 |
Condensed Parent Company Bala_2
Condensed Parent Company Balance Sheets (Parenthetical) (Detail) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Condensed Financial Statements, Captions [Line Items] | ||||
Treasury stock, shares | 5,680,000 | 5,350,000 | 5,050,000 | 4,710,000 |
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 | 126,082,187 | 125,100,993 | ||
Common stock, shares outstanding | 120,403,833 | 119,750,882 | ||
Treasury stock, shares | 5,678,354 | 5,350,111 |
Condensed Parent Company Statem
Condensed Parent Company Statements of Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | $ 2,454.7 | $ 1,510.5 | $ 686.3 | |
Interest expense | [1] | (155.3) | (149.7) | (129.9) |
Income taxes | (3) | 16.8 | 309.4 | |
Net loss | (271.2) | (422.8) | (616.8) | |
Cinemark Holdings, Inc. | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 0 | 0 | 0 | |
Cost of operations | 2.9 | 2.6 | 2.2 | |
Operating loss | (2.9) | (2.6) | (2.2) | |
Interest expense | (24.1) | (24.1) | (14.2) | |
Other income | 3.8 | 0.1 | 0.1 | |
Loss before income taxes and equity in loss of subsidiaries | (23.2) | (26.6) | (16.3) | |
Income taxes | (16.1) | (5.7) | 5.7 | |
Equity in loss of affiliates | (231.9) | (401.9) | (606.2) | |
Net loss | $ (271.2) | $ (422.8) | $ (616.8) | |
[1] Includes amortization of debt issuance costs and amortization of accumulated losses for amended swap agreements. |
Condensed Parent Company Stat_2
Condensed Parent Company Statements of Comprehensive Income (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Condensed Statement of Income Captions [Line Items] | |||
Net loss | $ (268) | $ (422.2) | $ (617.9) |
Other comprehensive income (loss), net of tax | |||
Foreign currency translation adjustments | 4.6 | (18.8) | (47.6) |
Cinemark Holdings, Inc. | |||
Condensed Statement of Income Captions [Line Items] | |||
Net loss | (271.2) | (422.8) | (616.8) |
Other comprehensive income (loss), net of tax | |||
Unrealized gain (loss) due to fair value adjustments on interest rate swap agreements, net of taxes of $3.5, $(0.7) and $(___), net of settlements | 32.2 | 18.5 | (14.3) |
Foreign currency translation adjustments | 4.6 | (18.8) | (47.6) |
Total other comprehensive (loss) income, net of tax | 36.8 | (0.3) | (61.9) |
Comprehensive income (loss) attributable to Cinemark Holdings, Inc. | $ (234.4) | $ (423.1) | $ (678.7) |
Condensed Parent Company Stat_3
Condensed Parent Company Statements of Comprehensive Income (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cinemark Holdings, Inc. | |||
Condensed Statement of Income Captions [Line Items] | |||
Unrealized gain due to fair value adjustments on interest rate swap agreements, tax | $ (2.8) | $ (0.7) | $ 3.5 |
Condensed Parent Company Stat_4
Condensed Parent Company Statements of Cash Flows (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Activities | |||
Net loss | $ (268) | $ (422.2) | $ (617.9) |
Adjustments to reconcile net income (loss) to cash provided by operating activities: | |||
Share based awards compensation expense | 21.5 | 29.3 | 19.4 |
Cinemark Holdings, Inc. | |||
Operating Activities | |||
Net loss | (271.2) | (422.8) | (616.8) |
Adjustments to reconcile net income (loss) to cash provided by operating activities: | |||
Share based awards compensation expense | 1 | 0.9 | 0.9 |
Amortization of debt issuance costs | 3.4 | 3.5 | 0.9 |
Equity in (income) loss of affiliates | 231.9 | 401.9 | 606.2 |
Changes in other assets and liabilities | 21.7 | 10.5 | 19 |
Net cash (used for) provided by operating activities | (13.2) | (6) | 10.2 |
Investing Activities | |||
Dividends received from subsidiaries | 0 | 0 | 42 |
Contributions to subsidiaries | (120) | 0 | |
Net cash used for investing activities | 0 | (120) | 42 |
Financing Activities | |||
Dividends paid to parent | 0 | 0 | (42.3) |
Proceeds from convertible notes issued | 0 | 0 | 460 |
Payment of debt issuance costs | 0 | 0 | (17.1) |
Purchase of convertible note hedges | 0 | 0 | (142.1) |
Proceeds from warrants issued | 0 | 0 | 89.4 |
Restricted stock withholdings for payroll taxes | (4.3) | (4.1) | (5.4) |
Net cash provided by (used for) financing activities | (4.3) | (4.1) | 342.5 |
Increase (decrease) in cash and cash equivalents | (17.5) | (130.1) | 394.7 |
Cash and cash equivalents: | |||
Beginning of period | 264.7 | 394.8 | 0.1 |
End of period | $ 247.2 | $ 264.7 | $ 394.8 |
Schedule 1 Basis of Presentatio
Schedule 1 Basis of Presentation - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | May 24, 2013 | Dec. 18, 2012 |
Organization and Summary of Significant Accounting Policies Disclosure [Line Items] | ||||
Interest rate | 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% | |||
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 Secured Credit Facility | Cinemark Holdings, Inc. | ||||
Organization and Summary of Significant Accounting Policies Disclosure [Line Items] | ||||
Restricted net assets | $ 332 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 226.2 |
Schedule 1 Dividend Declared fo
Schedule 1 Dividend Declared for Fiscal Period (Detail) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2020 USD ($) $ / shares | ||
Dividend Declared [Line Items] | ||
Amount per Share of Common Stock | $ 0.36 | |
First Quarter Dividend | ||
Dividend Declared [Line Items] | ||
Declaration Date | Feb. 21, 2020 | |
Record Date | Mar. 06, 2020 | |
Payable Date | Mar. 20, 2020 | |
Amount per Share of Common Stock | $ 0.36 | |
Cinemark Holdings, Inc. | ||
Dividend Declared [Line Items] | ||
Amount per Share of Common Stock | $ 0.36 | |
Total Dividends | $ | $ 42.6 | [1] |
Cinemark Holdings, Inc. | First Quarter Dividend | ||
Dividend Declared [Line Items] | ||
Declaration Date | Feb. 21, 2020 | |
Record Date | Mar. 06, 2020 | |
Payable Date | Mar. 20, 2020 | |
Amount per Share of Common Stock | $ 0.36 | |
Total Dividends | $ | $ 42.6 | [1] |
[1] Of the dividends recorded during 2020, $ 0.3 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 Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2020 | |
Dividend Declared [Line Items] | ||
Dividends related to outstanding restricted stock units | $ 0.3 | |
Cinemark Holdings, Inc. | ||
Dividend Declared [Line Items] | ||
Dividends related to outstanding restricted stock units | $ 0.3 |
Schedule 1 Dividends Received f
Schedule 1 Dividends Received from Subsidiaries - Additional Information (Detail) - Cinemark Holdings, Inc. - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Dividends [Line Items] | |||
Dividends received from Cinemark USA, Inc. | $ 0 | $ 0 | $ 42 |
Dividends Paid to Cinemark USA, Inc. | $ 120 |
LONG-TERM DEBT (Additional Info
LONG-TERM DEBT (Additional Information) (Details) - Cinemark Holdings, Inc. - USD ($) $ in Millions | Dec. 31, 2022 | Aug. 21, 2020 |
Debt Instrument [Line Items] | ||
Aggregate principal amount | $ 460 | $ 460 |
Convertible senior notes percentage | 4.50% | 4.50% |
SUBSIDIARIES - CONDENSED CONSOL
SUBSIDIARIES - CONDENSED CONSOLIDATING BALANCE SHEET (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Current assets | |||
Theatre properties and equipment, net | $ 1,232.1 | $ 1,382.9 | |
Operating lease right-of-use assets, net | [1] | 1,102.7 | 1,230.8 |
Current liabilities | |||
Current portion of operating lease obligations | [1] | 219.3 | 217.1 |
Current portion of finance lease obligations | [1] | 14.4 | 14.6 |
Long-term liabilities | |||
Operating lease obligations, less current portion | [1] | 970.6 | 1,078.3 |
Finance lease obligations, less current portion | [1] | 88 | $ 102.6 |
Commitments and Contingencies | |||
CINEMARK USA, INC. AND SUBSIDIARIES | |||
Current assets | |||
Cash and cash equivalents | 427.3 | ||
Other current assets | 241.9 | ||
Total current assets | 669.2 | ||
Theatre properties and equipment, net | 1,232.1 | ||
Operating lease right-of-use assets, net | 1,102.7 | ||
Other assets | 1,619.3 | ||
Total assets | 4,623.3 | ||
Current liabilities | |||
Current portion of long-term debt | 10.7 | ||
Current portion of operating lease obligations | 219.3 | ||
Current portion of finance lease obligations | 14.4 | ||
Current income tax payable | 3.2 | ||
Accounts payable and accrued expenses | 452.7 | ||
Total current liabilities | 700.3 | ||
Long-term liabilities | |||
Long-term debt, less current portion | 2,023 | ||
Operating lease obligations, less current portion | 970.6 | ||
Finance lease obligations, less current portion | 88 | ||
Other long-term liabilities and deferrals | 459.5 | ||
Total long-term liabilities | 3,541.1 | ||
Equity | 381.9 | ||
Total liabilities and equity | 4,623.3 | ||
Restricted Group [Member] | CINEMARK USA, INC. AND SUBSIDIARIES | |||
Current assets | |||
Cash and cash equivalents | 321.1 | ||
Other current assets | 357.1 | ||
Total current assets | 678.2 | ||
Theatre properties and equipment, net | 1,232.1 | ||
Operating lease right-of-use assets, net | 1,102.7 | ||
Other assets | 1,716.6 | ||
Total assets | 4,729.6 | ||
Current liabilities | |||
Current portion of long-term debt | 10.7 | ||
Current portion of operating lease obligations | 219.3 | ||
Current portion of finance lease obligations | 14.4 | ||
Current income tax payable | 3.2 | ||
Accounts payable and accrued expenses | 461.3 | ||
Total current liabilities | 708.9 | ||
Long-term liabilities | |||
Long-term debt, less current portion | 2,287.5 | ||
Operating lease obligations, less current portion | 970.6 | ||
Finance lease obligations, less current portion | 88 | ||
Other long-term liabilities and deferrals | 448.4 | ||
Total long-term liabilities | 3,794.5 | ||
Equity | 226.2 | ||
Total liabilities and equity | 4,729.6 | ||
Unrestricted Group [Member] | CINEMARK USA, INC. AND SUBSIDIARIES | |||
Current assets | |||
Cash and cash equivalents | 106.2 | ||
Other current assets | (106.6) | ||
Total current assets | (0.4) | ||
Theatre properties and equipment, net | 0 | ||
Operating lease right-of-use assets, net | 0 | ||
Other assets | 274.2 | ||
Total assets | 273.8 | ||
Current liabilities | |||
Current portion of long-term debt | 0 | ||
Current portion of operating lease obligations | 0 | ||
Current portion of finance lease obligations | 0 | ||
Current income tax payable | 0 | ||
Accounts payable and accrued expenses | 0 | ||
Total current liabilities | 0 | ||
Long-term liabilities | |||
Long-term debt, less current portion | 0 | ||
Operating lease obligations, less current portion | 0 | ||
Finance lease obligations, less current portion | 0 | ||
Other long-term liabilities and deferrals | 11.1 | ||
Total long-term liabilities | 11.1 | ||
Equity | 262.7 | ||
Total liabilities and equity | 273.8 | ||
Eliminations [Member] | CINEMARK USA, INC. AND SUBSIDIARIES | |||
Current assets | |||
Cash and cash equivalents | 0 | ||
Other current assets | (8.6) | ||
Total current assets | (8.6) | ||
Theatre properties and equipment, net | 0 | ||
Operating lease right-of-use assets, net | 0 | ||
Other assets | (371.5) | ||
Total assets | (380.1) | ||
Current liabilities | |||
Current portion of long-term debt | 0 | ||
Current portion of operating lease obligations | 0 | ||
Current portion of finance lease obligations | 0 | ||
Current income tax payable | 0 | ||
Accounts payable and accrued expenses | (8.6) | ||
Total current liabilities | (8.6) | ||
Long-term liabilities | |||
Long-term debt, less current portion | (264.5) | ||
Operating lease obligations, less current portion | 0 | ||
Finance lease obligations, less current portion | 0 | ||
Other long-term liabilities and deferrals | 0 | ||
Total long-term liabilities | (264.5) | ||
Equity | (107) | ||
Total liabilities and equity | $ (380.1) | ||
[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. |
SUBSIDIARIES - CONDENSED CONS_2
SUBSIDIARIES - CONDENSED CONSOLIDATING STATEMENT OF LOSS (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Revenue | $ 2,454.7 | $ 1,510.5 | $ 686.3 | |
Cost of operations | ||||
Depreciation and amortization | 2.4 | 2.6 | ||
Depreciation and amortization | 238.2 | 265.4 | 259.8 | |
Asset Impairment Charges | 174.1 | 20.8 | 152.7 | |
Restructuring costs | (0.5) | (1) | 20.3 | |
Loss on sale of assets and other | (6.8) | 8 | (8.9) | |
Interest expense | [1] | (155.3) | (149.7) | (129.9) |
Other income (expense) | [2] | (23.6) | (43.5) | (62.4) |
Loss before income taxes | (286.9) | (389.2) | (784.2) | |
Net loss | (271.2) | (422.8) | (616.8) | |
Net loss attributable to Cinemark USA, Inc. | (271.2) | (422.8) | (616.8) | |
Cinemark USA, Inc. [Member] | ||||
Cost of operations | ||||
Net loss | (231.9) | |||
Net loss attributable to Cinemark USA, Inc. | (231.9) | |||
CINEMARK USA, INC. AND SUBSIDIARIES | ||||
Revenue | 2,454.7 | |||
Cost of operations | ||||
Theatre operating costs | 1,961.9 | |||
General and administrative expenses | 174.6 | |||
Depreciation and amortization | 238.2 | |||
Asset Impairment Charges | 174.1 | |||
Restructuring costs | (0.5) | |||
Loss on sale of assets and other | (6.8) | |||
Total cost of operations | 2,541.5 | |||
Operating loss | (86.8) | |||
Interest expense | (131.2) | |||
Equity in (income) loss of affiliates | (9.3) | |||
Other income (expense) | (5) | |||
Total other expense | (155) | |||
Loss before income taxes | (241.8) | |||
Income taxes | (13.1) | |||
Net loss | (228.7) | |||
Less: Net income attributable to noncontrolling interests | 3.2 | |||
Net loss attributable to Cinemark USA, Inc. | (228.7) | |||
NCM | ||||
Cost of operations | ||||
Asset Impairment Charges | 113.2 | |||
Interest expense - NCM | (23.2) | $ (23.6) | $ (23.6) | |
NCM | CINEMARK USA, INC. AND SUBSIDIARIES | ||||
Cost of operations | ||||
Interest expense - NCM | 23.2 | |||
DCIP | CINEMARK USA, INC. AND SUBSIDIARIES | ||||
Cost of operations | ||||
Cash distributions from DCIP | 3.7 | |||
Restricted Group [Member] | ||||
Revenue | 2,454.7 | |||
Cost of operations | ||||
Theatre operating costs | 1,961.9 | |||
General and administrative expenses | 174.5 | |||
Depreciation and amortization | 238.2 | |||
Asset Impairment Charges | 133.2 | |||
Restructuring costs | (0.5) | |||
Loss on sale of assets and other | (6.8) | |||
Total cost of operations | 2,500.5 | |||
Operating loss | (45.8) | |||
Interest expense | (134.1) | |||
Other income (expense) | (3.7) | |||
Total other expense | (161.3) | |||
Loss before income taxes | (207.1) | |||
Income taxes | (5.3) | |||
Net loss | (205) | |||
Less: Net income attributable to noncontrolling interests | 3.2 | |||
Net loss attributable to Cinemark USA, Inc. | (205) | |||
Restricted Group [Member] | CINEMARK USA, INC. AND SUBSIDIARIES | ||||
Cost of operations | ||||
Equity in (income) loss of affiliates | (7.7) | |||
Net loss | (201.8) | |||
Net loss attributable to Cinemark USA, Inc. | (201.8) | |||
Restricted Group [Member] | NCM | ||||
Cost of operations | ||||
Interest expense - NCM | (23.2) | |||
Restricted Group [Member] | DCIP | ||||
Cost of operations | ||||
Cash distributions from DCIP | 0 | |||
Unrestricted Group [Member] | Cinemark USA, Inc. [Member] | ||||
Cost of operations | ||||
Net loss | (26.9) | |||
Net loss attributable to Cinemark USA, Inc. | (26.9) | |||
Unrestricted Group [Member] | CINEMARK USA, INC. AND SUBSIDIARIES | ||||
Revenue | 0 | |||
Cost of operations | ||||
Theatre operating costs | 0 | |||
General and administrative expenses | 0.1 | |||
Depreciation and amortization | 0 | |||
Asset Impairment Charges | 40.9 | |||
Restructuring costs | 0 | |||
Total cost of operations | 41 | |||
Operating loss | (41) | |||
Interest expense | 0 | |||
Equity in (income) loss of affiliates | (1.6) | |||
Other income (expense) | (4.2) | |||
Total other expense | 6.3 | |||
Loss before income taxes | (34.7) | |||
Income taxes | (7.8) | |||
Net loss | (26.9) | |||
Less: Net income attributable to noncontrolling interests | 0 | |||
Net loss attributable to Cinemark USA, Inc. | (26.9) | |||
Unrestricted Group [Member] | NCM | CINEMARK USA, INC. AND SUBSIDIARIES | ||||
Cost of operations | ||||
Interest expense - NCM | 0 | |||
Unrestricted Group [Member] | DCIP | CINEMARK USA, INC. AND SUBSIDIARIES | ||||
Cost of operations | ||||
Cash distributions from DCIP | 3.7 | |||
Eliminations [Member] | Cinemark USA, Inc. [Member] | ||||
Cost of operations | ||||
Net loss | 0 | |||
Net loss attributable to Cinemark USA, Inc. | 0 | |||
Eliminations [Member] | CINEMARK USA, INC. AND SUBSIDIARIES | ||||
Revenue | 0 | |||
Cost of operations | ||||
Theatre operating costs | 0 | |||
General and administrative expenses | 0 | |||
Depreciation and amortization | 0 | |||
Asset Impairment Charges | 0 | |||
Restructuring costs | 0 | |||
Loss on sale of assets and other | 0 | |||
Total cost of operations | 0 | |||
Operating loss | 0 | |||
Interest expense | (2.9) | |||
Equity in (income) loss of affiliates | 0 | |||
Other income (expense) | (2.9) | |||
Total other expense | 0 | |||
Loss before income taxes | 0 | |||
Income taxes | 0 | |||
Net loss | 0 | |||
Less: Net income attributable to noncontrolling interests | 0 | |||
Net loss attributable to Cinemark USA, Inc. | 0 | |||
Eliminations [Member] | NCM | CINEMARK USA, INC. AND SUBSIDIARIES | ||||
Cost of operations | ||||
Interest expense - NCM | 0 | |||
Eliminations [Member] | DCIP | CINEMARK USA, INC. AND SUBSIDIARIES | ||||
Cost of operations | ||||
Cash distributions from DCIP | $ 0 | |||
[1] Includes amortization of debt issuance costs and amortization of accumulated losses for amended swap agreements. Includes interest income, foreign currency exchange loss, interest expense – NCM and equity in income (loss) of affiliates and excludes distributions from NCM and DCIP. |
SUBSIDIARIES - CONDENSED CONS_3
SUBSIDIARIES - CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net loss | $ (271.2) | $ (422.8) | $ (616.8) |
Other comprehensive income, net of tax | |||
Foreign currency translation adjustments | 4.6 | $ (18.8) | $ (47.6) |
CINEMARK USA, INC. AND SUBSIDIARIES | |||
Net loss | (228.7) | ||
Other comprehensive income, net of tax | |||
Unrealized gain (loss) due to fair value adjustments on interest rate swap agreements, net of taxes of $3.5, $(0.7) and $(___), net of settlements | 31.6 | ||
Foreign currency translation adjustments | 4.6 | ||
Total other comprehensive (loss) income, net of tax | 36.2 | ||
Total comprehensive income (loss), net of tax | (192.5) | ||
Comprehensive income attributable to noncontrolling interests | 3.2 | ||
Comprehensive income (loss) attributable to Cinemark Holdings, Inc. | (195.7) | ||
Restricted Group [Member] | |||
Net loss | (205) | ||
Restricted Group [Member] | CINEMARK USA, INC. AND SUBSIDIARIES | |||
Net loss | (201.8) | ||
Other comprehensive income, net of tax | |||
Unrealized gain (loss) due to fair value adjustments on interest rate swap agreements, net of taxes of $3.5, $(0.7) and $(___), net of settlements | 31.6 | ||
Foreign currency translation adjustments | 4.6 | ||
Total other comprehensive (loss) income, net of tax | 36.2 | ||
Total comprehensive income (loss), net of tax | (165.6) | ||
Comprehensive income attributable to noncontrolling interests | 3.2 | ||
Comprehensive income (loss) attributable to Cinemark Holdings, Inc. | (168.8) | ||
Unrestricted Group [Member] | CINEMARK USA, INC. AND SUBSIDIARIES | |||
Net loss | (26.9) | ||
Other comprehensive income, net of tax | |||
Unrealized gain (loss) due to fair value adjustments on interest rate swap agreements, net of taxes of $3.5, $(0.7) and $(___), net of settlements | 0 | ||
Foreign currency translation adjustments | 0 | ||
Total other comprehensive (loss) income, net of tax | 0 | ||
Total comprehensive income (loss), net of tax | (26.9) | ||
Comprehensive income attributable to noncontrolling interests | 0 | ||
Comprehensive income (loss) attributable to Cinemark Holdings, Inc. | (26.9) | ||
Eliminations [Member] | CINEMARK USA, INC. AND SUBSIDIARIES | |||
Net loss | 0 | ||
Other comprehensive income, net of tax | |||
Unrealized gain (loss) due to fair value adjustments on interest rate swap agreements, net of taxes of $3.5, $(0.7) and $(___), net of settlements | 0 | ||
Foreign currency translation adjustments | 0 | ||
Total other comprehensive (loss) income, net of tax | 0 | ||
Total comprehensive income (loss), net of tax | 0 | ||
Comprehensive income attributable to noncontrolling interests | 0 | ||
Comprehensive income (loss) attributable to Cinemark Holdings, Inc. | $ 0 |
SUBSIDIARIES - CONDENSED CONS_4
SUBSIDIARIES - CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS (Parenthetical) (Detail) - CUSA [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | $ (3.4) | $ 3.3 | $ 3.5 |
CINEMARK USA, INC. AND SUBSIDIARIES | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | $ (3.4) |
SUBSIDIARIES - CONDENSED CONS_5
SUBSIDIARIES - CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities | |||
Net loss | $ (271.2) | $ (422.8) | $ (616.8) |
Financing activities | |||
Payments on finance leases | (14.3) | (14.7) | $ (15.4) |
CINEMARK USA, INC. AND SUBSIDIARIES | |||
Operating activities | |||
Net loss | (228.7) | ||
Adjustments to reconcile net loss to cash used for operating activities | 408.6 | ||
Changes in assets and liabilities | (26.5) | ||
Net cash provided by (used for) operating activities | 153.4 | ||
Investing activities | |||
Additions to theatre properties and equipment | (110.7) | ||
Proceeds from sale of theatre properties and equipment and other | 14.4 | ||
Net cash used for investing activities | (96.3) | ||
Financing activities | |||
Restricted stock withholdings for payroll taxes | (4.3) | ||
Repayments on long-term debt | (28.1) | ||
Payments on finance leases | (14.3) | ||
Other | (5.5) | ||
Net cash provided by (used for) financing activities | (52.2) | ||
Effect of exchange rate changes on cash and cash equivalents | (20.3) | ||
Increase (decrease) in cash and cash equivalents | (15.4) | ||
Cash and cash equivalents: | |||
Beginning of period | 442.7 | ||
End of period | 427.3 | 442.7 | |
Restricted Group [Member] | |||
Operating activities | |||
Net loss | (205) | ||
Restricted Group [Member] | CINEMARK USA, INC. AND SUBSIDIARIES | |||
Operating activities | |||
Net loss | (201.8) | ||
Adjustments to reconcile net loss to cash used for operating activities | 359.3 | ||
Changes in assets and liabilities | (10.2) | ||
Net cash provided by (used for) operating activities | 147.3 | ||
Investing activities | |||
Additions to theatre properties and equipment | (110.7) | ||
Proceeds from sale of theatre properties and equipment and other | 14.4 | ||
Net cash used for investing activities | (96.3) | ||
Financing activities | |||
Restricted stock withholdings for payroll taxes | (4.3) | ||
Repayments on long-term debt | (28.1) | ||
Payments on finance leases | (14.3) | ||
Other | (5.5) | ||
Net cash provided by (used for) financing activities | (52.2) | ||
Effect of exchange rate changes on cash and cash equivalents | (20.3) | ||
Increase (decrease) in cash and cash equivalents | (21.5) | ||
Cash and cash equivalents: | |||
Beginning of period | 342.6 | ||
End of period | 321.1 | 342.6 | |
Unrestricted Group [Member] | CINEMARK USA, INC. AND SUBSIDIARIES | |||
Operating activities | |||
Net loss | (26.9) | ||
Adjustments to reconcile net loss to cash used for operating activities | 49.3 | ||
Changes in assets and liabilities | (16.3) | ||
Net cash provided by (used for) operating activities | 6.1 | ||
Investing activities | |||
Additions to theatre properties and equipment | 0 | ||
Proceeds from sale of theatre properties and equipment and other | 0 | ||
Net cash used for investing activities | 0 | ||
Financing activities | |||
Restricted stock withholdings for payroll taxes | 0 | ||
Repayments on long-term debt | 0 | ||
Payments on finance leases | 0 | ||
Other | 0 | ||
Net cash provided by (used for) financing activities | 0 | ||
Effect of exchange rate changes on cash and cash equivalents | 0 | ||
Increase (decrease) in cash and cash equivalents | 6.1 | ||
Cash and cash equivalents: | |||
Beginning of period | 100.1 | ||
End of period | 106.2 | 100.1 | |
Eliminations [Member] | CINEMARK USA, INC. AND SUBSIDIARIES | |||
Operating activities | |||
Net loss | 0 | ||
Adjustments to reconcile net loss to cash used for operating activities | 0 | ||
Changes in assets and liabilities | 0 | ||
Net cash provided by (used for) operating activities | 0 | ||
Investing activities | |||
Additions to theatre properties and equipment | 0 | ||
Proceeds from sale of theatre properties and equipment and other | 0 | ||
Net cash used for investing activities | 0 | ||
Financing activities | |||
Restricted stock withholdings for payroll taxes | 0 | ||
Repayments on long-term debt | 0 | ||
Payments on finance leases | 0 | ||
Other | 0 | ||
Net cash provided by (used for) financing activities | 0 | ||
Effect of exchange rate changes on cash and cash equivalents | 0 | ||
Increase (decrease) in cash and cash equivalents | 0 | ||
Cash and cash equivalents: | |||
Beginning of period | 0 | ||
End of period | $ 0 | $ 0 |