Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 02, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ck0000885975 | ||
Entity Registrant Name | CINEMARK USA INC /TX | ||
Entity Central Index Key | 885,975 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Public Float | $ 0 | ||
Class A common stock | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 1,500 | ||
Class B common stock | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 182,648 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Current assets | |||
Cash and cash equivalents | $ 522,415 | $ 561,138 | |
Inventories | 17,507 | 16,961 | |
Accounts receivable | 89,248 | 74,993 | |
Current income tax receivable | 11,730 | 7,367 | |
Prepaid expenses and other | 16,536 | 15,754 | |
Accounts receivable from parent | 14,581 | 10,080 | |
Total current assets | 672,017 | 686,293 | |
Theatre properties and equipment | |||
Land | 104,207 | 103,080 | |
Buildings | 490,394 | 474,453 | |
Property under capital lease | 430,764 | 383,826 | |
Theatre furniture and equipment | 1,199,702 | 1,089,040 | |
Leasehold interests and improvements | 1,103,522 | 1,009,355 | |
Total | 3,328,589 | 3,059,754 | |
Less: accumulated depreciation and amortization | 1,500,535 | 1,355,218 | |
Theatre properties and equipment, net | 1,828,054 | 1,704,536 | |
Other assets | |||
Goodwill | [1] | 1,284,079 | 1,262,963 |
Intangible assets - net | 336,761 | 334,899 | |
Investments in and advances to affiliates | 120,045 | 98,317 | |
Long-term deferred tax asset | 4,067 | 2,051 | |
Deferred charges and other assets - net | 39,767 | 37,555 | |
Total other assets | 1,985,269 | 1,925,780 | |
Total assets | 4,485,340 | 4,316,609 | |
Current liabilities | |||
Current portion of long-term debt | 7,099 | 5,671 | |
Current portion of capital lease obligations | 25,511 | 21,139 | |
Current income tax payable | 5,509 | 5,071 | |
Current liability for uncertain tax positions | 11,873 | 10,085 | |
Accounts payable | 109,984 | 110,150 | |
Accrued film rentals | 106,738 | 97,504 | |
Accrued payroll | 50,349 | 49,707 | |
Accrued property taxes | 31,353 | 33,043 | |
Accrued other current liabilities | 119,870 | 110,432 | |
Total current liabilities | 468,286 | 442,802 | |
Long-term liabilities | |||
Long-term debt, less current portion | 1,780,381 | 1,782,441 | |
Capital lease obligations, less current portion | 251,151 | 234,281 | |
Long-term deferred tax liability | 121,787 | 135,014 | |
Long-term liability for uncertain tax positions | 8,358 | 8,105 | |
Deferred lease expenses | 40,929 | 42,378 | |
Other long-term liabilities | 41,247 | 43,580 | |
Total long-term liabilities | 2,595,559 | 2,589,727 | |
Commitments and contingencies (see Note 15) | |||
Cinemark USA, Inc.'s stockholder's equity: | |||
Common stock | 49,543 | 49,543 | |
Treasury stock, 57,245 Class B shares at cost | (24,233) | (24,233) | |
Additional paid-in-capital | 1,264,505 | 1,252,715 | |
Retained earnings | 373,069 | 241,926 | |
Accumulated other comprehensive loss | (253,282) | (247,013) | |
Total Cinemark USA, Inc.'s stockholder's equity | 1,409,602 | 1,272,938 | |
Noncontrolling interests | 11,893 | 11,142 | |
Total equity | 1,421,495 | 1,284,080 | |
Total liabilities and equity | 4,485,340 | 4,316,609 | |
NCM | |||
Other assets | |||
Investment in NCM | 200,550 | 189,995 | |
Long-term liabilities | |||
Deferred revenue - NCM | 351,706 | 343,928 | |
Class A common stock | |||
Cinemark USA, Inc.'s stockholder's equity: | |||
Common stock | 0 | 0 | |
Class B common stock | |||
Cinemark USA, Inc.'s stockholder's equity: | |||
Common stock | 49,543 | 49,543 | |
Total equity | $ 49,543 | $ 49,543 | |
[1] | Balances are presented net of accumulated impairment losses of $214,031 for the U.S. operating segment and $27,622 for the international operating segment. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Treasury Stock, Shares | 57,245 | 57,245 |
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 |
Class B common stock | ||
Common stock, shares authorized | 1,000,000 | 1,000,000 |
Common stock, shares issued | 239,893 | 239,893 |
Common stock, shares outstanding | 182,648 | 182,648 |
Common stock, par value | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Revenues | ||||
Admissions | $ 1,794,982 | $ 1,789,137 | $ 1,765,519 | |
Concession | 1,038,788 | 990,103 | 936,970 | |
Other | 157,777 | 139,525 | 150,120 | |
Total revenues | 2,991,547 | 2,918,765 | 2,852,609 | |
Cost of operations | ||||
Film rentals and advertising | 966,510 | 962,655 | 945,640 | |
Concession supplies | 166,320 | 154,469 | 144,270 | |
Salaries and wages | 354,510 | 325,765 | 301,099 | |
Facility lease expense | 328,197 | 321,294 | 319,761 | |
Utilities and other | 355,041 | 355,926 | 355,801 | |
General and administrative expenses | 150,911 | 140,637 | 154,052 | |
Depreciation and amortization | 237,513 | 209,071 | 189,206 | |
Impairment of long-lived assets | 15,084 | 2,836 | 8,801 | |
Loss on sale of assets and other | 22,812 | 20,459 | 8,143 | |
Total cost of operations | 2,596,898 | 2,493,112 | 2,426,773 | |
Operating income | 394,649 | 425,653 | 425,836 | |
Other income (expense) | ||||
Interest expense | [1] | (105,918) | (108,313) | (112,741) |
Loss on debt amendments and refinancing | (521) | (13,445) | (925) | |
Interest income | 6,243 | 6,396 | 8,708 | |
Foreign currency exchange gain (loss) | 893 | 6,455 | (16,793) | |
Distributions from NCM | 16,407 | 14,656 | 18,140 | |
Equity in income of affiliates | 35,985 | 31,962 | 28,126 | |
Total other income (expense) | (46,911) | (62,289) | (75,485) | |
Income before income taxes | 347,738 | 363,364 | 350,351 | |
Income taxes | 80,256 | 104,851 | 129,960 | |
Net income | 267,482 | 258,513 | 220,391 | |
Less: Net income attributable to noncontrolling interests | 1,839 | 1,736 | 1,859 | |
Net income attributable to Cinemark USA, Inc. | $ 265,643 | $ 256,777 | $ 218,532 | |
[1] | Includes amortization of debt issue costs. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 267,482 | $ 258,513 | $ 220,391 |
Other comprehensive income (loss), net of tax | |||
Unrealized gain due to fair value adjustments on interest rate swap agreements, net of taxes of $1,562, $138 and $0, net of settlements | 0 | 234 | 2,636 |
Unrealized loss due to fair value adjustments on available-for-sale securities, net of taxes of $572, $0 and $0 | 0 | 0 | (957) |
Other comprehensive income (loss) in equity method investments | 248 | 89 | (3,119) |
Foreign currency translation adjustments | (4,966) | 26,394 | (125,512) |
Total other comprehensive income (loss), net of tax | (4,718) | 26,717 | (126,952) |
Total comprehensive income, net of tax | 262,764 | 285,230 | 93,439 |
Comprehensive income attributable to noncontrolling interests | (1,839) | (1,769) | (1,821) |
Comprehensive income attributable to Cinemark USA, Inc. | $ 260,925 | $ 283,461 | $ 91,618 |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Unrealized gain due to fair value adjustments on interest rate swap agreements, taxes | $ 0 | $ 138 | $ 1,562 |
Unrealized loss due to fair value adjustments on available-for-sale securities, taxes | $ 0 | $ 0 | $ 572 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Class A common stock | Class B common stock | Treasury Stock | Additional Paid-in- Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total Cinemark USA, Inc.'s Stockholder's Equity | Noncontrolling Interests |
Balance at Dec. 31, 2014 | $ 1,136,723 | $ 49,543 | $ (24,233) | $ 1,221,179 | $ 24,677 | $ (144,772) | $ 1,126,394 | $ 10,329 | |
Balance (in shares) at Dec. 31, 2014 | 2 | 240 | (57) | ||||||
Share based awards compensation expense | 14,873 | 14,873 | 14,873 | ||||||
Tax benefit (expense) related to share based award vestings | 2,421 | 2,421 | 2,421 | ||||||
Dividends paid to parent | (115,225) | (115,225) | (115,225) | ||||||
Noncash dividends paid to parent | (17,935) | (17,935) | (17,935) | ||||||
Dividends paid to noncontrolling interests | (1,045) | (1,045) | |||||||
Net income | 220,391 | 218,532 | 218,532 | 1,859 | |||||
Other comprehensive income (loss) | (126,952) | (126,914) | (126,914) | (38) | |||||
Balance at Dec. 31, 2015 | 1,113,251 | $ 49,543 | $ (24,233) | 1,238,473 | 110,049 | (271,686) | 1,102,146 | 11,105 | |
Balance (in shares) at Dec. 31, 2015 | 2 | 240 | (57) | ||||||
Share based awards compensation expense | 12,413 | 12,413 | 12,413 | ||||||
Tax benefit (expense) related to share based award vestings | 1,856 | 1,856 | 1,856 | ||||||
Dividends paid to parent | (124,900) | (124,900) | (124,900) | ||||||
Dividends paid to noncontrolling interests | (1,309) | (1,309) | |||||||
Buyout of noncontrolling interests' share of Chilean subsidiary | (450) | (27) | (27) | (423) | |||||
Gain realized on available-for-sale securities, net of taxes | (2,011) | (2,011) | (2,011) | ||||||
Net income | 258,513 | 256,777 | 256,777 | 1,736 | |||||
Other comprehensive income (loss) | 26,717 | 26,684 | 26,684 | 33 | |||||
Balance at Dec. 31, 2016 | 1,284,080 | $ 49,543 | $ (24,233) | 1,252,715 | 241,926 | (247,013) | 1,272,938 | 11,142 | |
Balance (in shares) at Dec. 31, 2016 | 2 | 240 | (57) | ||||||
Share based awards compensation expense | 11,825 | 11,825 | 11,825 | ||||||
Tax benefit (expense) related to share based award vestings | (35) | (35) | (35) | ||||||
Dividends paid to parent | (134,500) | (134,500) | (134,500) | ||||||
Dividends paid to noncontrolling interests | (1,088) | (1,088) | |||||||
Net income | 267,482 | 265,643 | 265,643 | 1,839 | |||||
Reclassification of cumulative translation adjustments for a former Canadian subsidiary | (1,551) | (1,551) | (1,551) | ||||||
Other comprehensive income (loss) | (4,718) | (4,718) | (4,718) | ||||||
Balance at Dec. 31, 2017 | $ 1,421,495 | $ 49,543 | $ (24,233) | $ 1,264,505 | $ 373,069 | $ (253,282) | $ 1,409,602 | $ 11,893 | |
Balance (in shares) at Dec. 31, 2017 | 2 | 240 | (57) |
CONSOLIDATED STATEMENTS OF EQU8
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Statement Of Stockholders Equity [Abstract] | |
Gain realized on available-for-sale securities, taxes | $ 1,180 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Operating activities | ||||
Net income | $ 267,482 | $ 258,513 | $ 220,391 | |
Adjustments to reconcile net income to cash provided by operating activities: | ||||
Depreciation | 235,093 | 207,091 | 186,898 | |
Amortization of intangible and other assets and favorable/unfavorable leases | 2,420 | 1,980 | 2,308 | |
Amortization of long-term prepaid rents | 2,274 | 1,826 | 2,361 | |
Amortization of debt issue costs | 6,197 | 5,492 | 5,151 | |
Amortization of deferred revenues, deferred lease incentives and other | (16,211) | (16,731) | (17,163) | |
Impairment of long-lived assets | 15,084 | 2,836 | 8,801 | |
Share based awards compensation expense | 11,825 | 12,413 | 14,873 | |
Loss on sale of assets and other | 22,812 | 20,459 | 8,143 | |
Write-off of unamortized debt issue costs associated with early retirement of debt | 2,369 | |||
Deferred lease expenses | (1,268) | (990) | (1,806) | |
Reclassification of cumulative translation adjustments for a former Canadian subsidiary | (1,551) | |||
Equity in income of affiliates | (35,985) | (31,962) | (28,126) | |
Deferred income tax expenses | (15,015) | (5,467) | 11,095 | |
Distributions from equity investees | [1] | 25,973 | 21,916 | 19,027 |
Changes in assets and liabilities and other | ||||
Inventories | (541) | (1,007) | (2,535) | |
Accounts receivable | (14,753) | (2,781) | (28,069) | |
Income tax receivable | (4,363) | 15,510 | (3,527) | |
Prepaid expenses and other | (782) | (2,260) | (2,612) | |
Deferred charges and other assets - net | (4,956) | (1,619) | 8,126 | |
Accounts payable and accrued expenses | 23,355 | (30,250) | 43,859 | |
Income tax payable | 438 | (2,261) | 936 | |
Liabilities for uncertain tax positions | 2,041 | 1,182 | 1,315 | |
Other long-term liabilities | 8,294 | (5,076) | 5,779 | |
Net cash provided by operating activities | 527,863 | 451,183 | 455,225 | |
Investing activities | ||||
Additions to theatre properties and equipment and other | (380,862) | (326,908) | (331,726) | |
Proceeds from sale of theatre properties and equipment and other | 15,098 | 3,570 | 9,966 | |
Acquisitions of theatres in the U.S. and international markets, net of cash acquired | (40,997) | (15,300) | (2,651) | |
Acquisition of screen advertising business | (1,450) | |||
Proceeds from sale of marketable securities | 13,451 | |||
Investment in joint ventures and other | (3,715) | (1,132) | (3,711) | |
Net cash used for investing activities | (410,476) | (327,769) | (328,122) | |
Financing activities | ||||
Dividends paid to parent | (134,500) | (124,900) | (115,225) | |
Payroll taxes paid as a result of restricted stock withholdings | (2,943) | (6,834) | (4,770) | |
Proceeds from issuance of Senior Notes, net of discount | 222,750 | |||
Retirement of Senior Subordinated Notes | (200,000) | |||
Repayments of long-term debt | (5,671) | (16,605) | (8,420) | |
Payment of debt issue costs | (1,146) | (7,217) | (6,957) | |
Payments on capital leases | (21,725) | (19,343) | (16,513) | |
Proceeds from financing lease | 10,200 | |||
Purchases of non-controlling interests | (450) | |||
Other | (1,123) | 554 | 1,376 | |
Net cash used for financing activities | (156,908) | (152,045) | (150,509) | |
Effect of exchange rate changes on cash and cash equivalents | 798 | 1,266 | (26,932) | |
Increase (decrease) in cash and cash equivalents | (38,723) | (27,365) | (50,338) | |
Cash and cash equivalents: | ||||
Beginning of period | 561,138 | 588,503 | 638,841 | |
End of period | $ 522,415 | $ 561,138 | $ 588,503 | |
[1] | Includes distributions received from equity investees that were recorded as a reduction of the respective investment balances. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business — Cinemark USA, Inc. and subsidiaries (the “Company”), a wholly-owned subsidiary of Cinemark Holdings, Inc., operates in the motion picture exhibition industry, with theatres in the United States (“U.S.”), Brazil, Argentina, Chile, Colombia, Peru, Ecuador, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Bolivia, Curaçao and Paraguay. Principles of Consolidation — The consolidated financial statements include the accounts of Cinemark USA, Inc. and its subsidiaries. Majority-owned subsidiaries that the Company has control of are consolidated while those affiliates of which the Company owns between 20% and 50% and does not control are accounted for under the equity method. Those affiliates of which the Company owns less than 20% are generally accounted for under the cost method, unless the Company is deemed to have the ability to exercise significant influence over the affiliate, in which case the Company would account for its investment under the equity method. The results of these equity method investees are included in the consolidated financial statements effective with their formation or from their dates of acquisition. Intercompany balances and transactions are eliminated in consolidation. Cash and Cash Equivalents — Cash and cash equivalents consist of operating funds held in financial institutions, petty cash held by the theatres and highly liquid investments with original maturities of three months or less when purchased. Cash investments are primarily in money market funds or other similar funds. Accounts Receivable – Accounts receivable, which are recorded at net realizable value, consist primarily of receivables related to screen advertising, receivables related to discounted tickets sold to retail locations, receivables from landlords related to theatre construction and remodels, rebates earned from the Company’s concession vendors and value-added and other non-income tax receivables. Inventories — Concession and theatre supplies inventories are stated at the lower of cost (first-in, first-out method) or market. Theatre Properties and Equipment — Theatre properties and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is provided using the straight-line method over the estimated useful lives of the assets as follows: Category Useful Life Buildings on owned land 40 years Buildings on leased land Lesser of lease term or useful life Land and buildings under capital lease (1) Lesser of lease term or useful life Theatre furniture and equipment 3 to 15 years Leasehold improvements Lesser of lease term or useful life (1) The Company reviews 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. The Company also performs a full quantitative impairment evaluation on an annual basis. The Company considers actual theatre level cash flows, budgeted theatre level cash flows, theatre property and equipment carrying values, amortizing intangible asset carrying values, the age of a recently built theatre, competitive theatres in the marketplace, the impact of recent ticket price changes, the impact of recent theatre remodels or other substantial improvements, available lease renewal options and other factors considered relevant in its assessment of impairment of individual theatre assets. Long-lived assets are evaluated for impairment on an individual theatre basis, which the Company believes is the lowest applicable level for which there are identifiable cash flows. The impairment evaluation is based on the 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 available remaining lease period, which includes the probability the exercise of available renewal periods or extensions, for leased properties and the lesser of twenty years or the building’s remaining useful life for fee-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 the estimated fair value is determined to be lower than the carrying value of the asset group, the asset group is written down to its estimated fair value. Significant judgment is involved in estimating cash flows and fair value. Management’s estimates, which fall under Level 3 of the U.S. GAAP fair value hierarchy as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820-10-35, are based on historical and projected operating performance, recent market transactions and current industry trading multiples. Fair value is determined based on a multiple of cash flows, which was six and a half times for the evaluations performed during 2015, 2016 and 2017. The long-lived asset impairment charges recorded during each of the periods presented are specific to theatres that were directly and individually impacted by increased competition, adverse changes in market demographics, or adverse changes in the development or the conditions of the areas surrounding the theatre. See Note 6. 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. Management considers the reporting unit to be each of its nineteen regions in the U.S. and seven countries internationally with Honduras, El Salvador, Nicaragua, Costa Rica, Panama and Guatemala considered one reporting unit (the Company does not have goodwill recorded for all of its international locations). Significant judgment is involved in estimating cash flows and fair value. 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. Fair value is determined based on a multiple of estimated cash flows, which was eight times, for the evaluations performed during 2015 and 2017. During the year ended December 31, 2015, the Company performed a qualitative goodwill impairment assessment on all reporting units except one, in accordance with ASU 2011-08 Testing Goodwill for Impairment During the year ended December 31, 2016, the Company performed a qualitative goodwill impairment assessment on all reporting units. Based on the qualitative assessment performed, the Company determined that it was not more likely than not that the fair value of the reporting units were less than their carrying values. During the year ended December 31, 2017, the Company performed a quantitative goodwill impairment assessment for all reporting units. As of December 31, 2017, the estimated fair value of the Company’s goodwill exceeded their carrying values by more than 10%. 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. The Company estimates the fair value of its tradenames by applying an estimated market royalty rate that could be charged for the use of its tradename 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. During the year ended December 31, 2015, the Company performed a qualitative tradename intangible asset impairment assessment in accordance with ASU 2011-08. The qualitative assessments included consideration of the Company’s historical and forecasted revenues and estimated royalty rates for each tradename intangible asset. Based on the qualitative assessment performed, the Company determined that it was not more likely than not that the fair values of the tradename assets were less than their carrying values as of December 31, 2015. During the year ended December 31, 2016, the Company performed a qualitative assessment for all indefinite-lived tradename assets other than our tradename in Ecuador, for which the Company performed a quantitative assessment. The qualitative assessments included consideration of the Company’s historical and forecasted revenues and estimated royalty rates for each tradename intangible asset. The quantitative test for our tradename in Ecuador included estimating the fair value of the tradename based on forecasted revenues for our Ecuador theatres multiplied by an estimated market royalty rate that could be charged for the use of the tradename, with an adjustment for the present value of such royalties. Based on the qualitative and quantitative assessments performed, the Company determined that it was not more likely than not that the fair values of tradename intangible assets were less than their carrying values as of December 31, 2016. During the year ended December 31, 2016, the Company also performed a quantitative test on its definite-lived tradename associated with the Rave theatres acquired in 2013. During the year ended December 31, 2016, the Company rebranded certain of these theatres with Cinemark signage as part of recliner conversions and other renovations. The Company estimated the fair value of the Rave tradename by applying an estimated market royalty rate that could be charged for the use of the tradename to forecasted future revenues for the theatres using the Rave tradename, with an adjustment for the present value of such royalties. As of December 31, 2016, the estimated fair value of the Rave tradename intangible asset exceeded their carrying value by more than 10%. During the year ended 2017, the Company performed a quantitative test on all indefinite and definite-lived tradename assets. As of December 31, 2017, the estimated fair value of the Company’s tradename assets exceeded their carrying values by more than 10% 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 Vendor contracts Straight-line method over the terms of the underlying contracts. The remaining terms of the underlying contracts range from one to three years. Favorable/unfavorable leases Based on the pattern in which the economic benefits are realized over the terms of the lease agreements. The remaining terms of the lease agreements range from approximately two to nineteen 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 twelve years. Deferred Charges and Other Assets — Deferred charges and other assets consist of long-term prepaid rents, construction and other deposits, equipment to be placed in service, and other assets of a long-term nature. Long-term prepaid rents represent prepayments of rent on operating leases. These payments are recognized as facility lease expense over the period for which the rent was paid in advance as outlined in the lease agreements. The remaining amortization periods generally range from one to fifteen years. Lease Accounting — The Company evaluates each lease for classification as either a capital lease or an operating lease. The Company records the lease as a capital lease at its inception if 1) the present value of future minimum lease payments exceeds 90% of the leased property’s estimated fair value; 2) the lease term exceeds 75% of the property’s estimated useful life; 3) the lease contains a bargain purchase option; or 4) ownership transfers to the Company at the end of the lease. The Company performs this evaluation at the inception of the lease and when a modification is made to a lease. If the lease agreement calls for a scheduled rent increase during the lease term, the Company recognizes the lease expense on a straight-line basis over the lease term. The Company determines the straight-line rent expense impact of an operating lease upon inception of the lease. For some new build theatres, the landlord is responsible for constructing a theatre using guidelines and specifications agreed to by the Company and assumes substantially all of the risk of construction. For other theatres, the Company is responsible for managing construction of the theatre and the landlord contributes an agreed upon amount to the costs of construction. If the Company concludes that it has substantially all of the construction period risks, it records a construction asset and related liability for the amount of total project costs incurred during the construction period. At the end of the construction period, the Company determines if the transaction qualifies for sale-leaseback accounting treatment in regards to lease classification. If the Company receives a lease incentive payment from a landlord, the Company records the proceeds as a deferred lease incentive liability and amortizes the liability as a reduction in rent expense over the initial term of the respective lease if a new theatre, or over the remaining lease term if an existing theatre. Deferred Revenues — Advances collected on long-term screen advertising, concession and other contracts are recorded as deferred revenues. In accordance with the terms of the agreements, the advances collected on such contracts are recognized during the period in which the advances are earned, which may differ from the period in which the advances are collected. These advances are recognized on either a straight-line basis over the term of the contracts or as such revenues are earned in accordance with the terms of the contracts. The remaining amortization periods generally range from one to twenty years. See Note 2 for discussion of impact of new revenue recognition accounting pronouncement and Note 3 for discussion of deferred revenue – NCM. Self-Insurance Reserves — The Company is self-insured for general liability claims subject to an annual cap. For the years ended December 31, 2015, 2016 and 2017, general liability claims were capped at $100, $100 and $250, respectively, per occurrence with annual caps of approximately $2,900, $3,350 and $3,900, respectively. The Company was fully insured for workers compensation claims during the years ended December 31, 2015 and 2016. During 2017, the Company implemented a fully-funded deductible workers compensation insurance plan under which the Company is responsible for pre-funding claims and is responsible for claims up to $250 per occurrence, with an annual cap of $5,000. The Company was also self-insured for medical claims up to $125, $150 and $250 per occurrence for the years ended December 31, 2015, 2016 and 2017, respectively. As of December 31, 2016 and 2017, the Company’s insurance reserves were $7,837 and $8,252, respectively, and are reflected in accrued other current liabilities in the consolidated balance sheets. Revenue and Expense Recognition — Revenues are recognized when admissions and concession sales are received at the box office. Other revenues include screen advertising and other ancillary revenues such as vendor marketing promotions, meeting rentals and electronic video games located in the Company’s theatres. Screen advertising revenues are recognized over the period that the related advertising is delivered on-screen or in-theatre. The Company records proceeds from the sale of gift cards and other advanced sale-type certificates in current liabilities and recognizes admissions or concession revenue when a holder redeems the card or certificate. The Company recognizes unredeemed gift cards and other advanced sale-type certificates as revenue only after such a period of time indicates, based on historical experience, the likelihood of redemption is remote, and based on applicable laws and regulations. In evaluating the likelihood of redemption, the Company considers the period outstanding, the level and frequency of activity, and the period of inactivity. As of December 31, 2016 and 2017, the Company’s liabilities for advanced sale-type certificates were approximately $70,247 and $77,623, respectively, and are reflected in accrued other current liabilities on the consolidated balance sheets. The Company recognized unredeemed gift cards and other advanced sale-type certificates as revenues in the amount of $11,786, $11,522 and $11,861 during the years ended December 31, 2015, 2016 and 2017, respectively. See Note 2 for discussion of impact of new revenue recognition accounting pronouncements. Film rental costs are accrued based on the applicable box office receipts and either firm terms or a sliding scale formula, which are generally established prior to the opening of the film, or estimates of the final settlement rate, which occurs at the conclusion of the film run, subject to the film licensing arrangement. Under a firm terms formula, the Company pays the distributor a percentage of box office receipts, which reflects either an aggregate rate for the life of the film or rates that decline over the term of the run. Under a sliding scale formula, film rental is paid as a percentage of box office revenues using a pre-determined matrix based upon box office performance of the film. The settlement process allows for negotiation of film rental fees upon the conclusion of the film run based upon how the film performs. Estimates are based on the expected success of a film. The success of a film can typically be determined a few weeks after a film is released when initial box office performance of the film is known. Accordingly, final settlements typically approximate estimates since box office receipts are known at the time the estimate is made and the expected success of a film can typically be estimated early in the film’s run. If actual settlements are different than those estimates, film rental costs are adjusted at the time of settlement. Loyalty Programs — The Company launched its app-based Connections loyalty program for its domestic markets in February 2016. Customers earn points for initial sign-up and for various transactions as tracked within the app. Points may be redeemed for concessions items, concession discounts and experiential rewards, each of which are offered for limited periods of time and at varying times during the year. The Company has determined that the values of the rewards offered to the customer are insignificant to the original transactions required to earn such rewards and has applied the incremental cost approach to accounting for the rewards earned. The Company also has loyalty programs in certain of its international markets, which generally consist of the customer paying a membership fee in exchange for discounts during the membership period. The Company had approximately $5,527 recorded in accrued other current liabilities for its loyalty programs as of December 31, 2017. See Note 2 for discussion of impact of new revenue recognition accounting pronouncements. 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 estimated using a market observed price. Such costs are recognized over the period during which an employee is required to provide service in exchange for the award (which is usually the vesting period). At the time of the grant, the Company also estimates the number of awards that will ultimately be forfeited. See Note 12 for discussion of the Company’s share based awards and related compensation expense. Income Taxes — The Company participates in the consolidated return of Cinemark Holdings, Inc. However, the Company’s provision for income taxes is computed on a stand-alone basis. The Company uses an asset and liability approach to financial accounting and reporting for income taxes. Deferred income taxes are provided when tax laws and financial accounting standards differ with respect to the amount of income for a year and the basis of assets and liabilities. A valuation allowance is recorded to reduce the carrying amount of deferred tax assets unless it is more likely than not that such assets will be realized. Income taxes are provided on unremitted earnings from foreign subsidiaries unless such earnings are expected to be indefinitely reinvested. Income taxes have also been provided for potential tax assessments. The evaluation of an uncertain tax position is a two-step process. The first step is recognition: The Company determines whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. In evaluating whether a tax position has met the more-likely-than-not recognition threshold, the Company should presume that the position would be examined by the appropriate taxing authority that would have full knowledge of all relevant information. The second step is measurement: A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Differences between tax positions taken in a tax return and amounts recognized in the financial statements result in (1) a change in a liability for income taxes payable or (2) a change in an income tax refund receivable, a deferred tax asset or a deferred tax liability or both (1) and (2). The Company accrues interest and penalties on its uncertain tax positions as a component of income tax expense. Segments — For the years ended December 31, 2015, 2016 and 2017, the Company managed its business under two reportable operating segments, U.S. markets and international markets. See Note 16. 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 10 for a summary of the translation adjustments recorded in accumulated other comprehensive loss for the years ended December 31, 2015, 2016 and 2017. 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. 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. The Company had an interest rate swap agreement and investments in marketable securities that were adjusted to fair value on a recurring basis (quarterly). With respect to its interest rate swap agreement, the Company used the income approach to determine the fair value of its interest rate swap agreement and under this approach, the Company used projected future interest rates as provided by the counterparties to the interest rate swap agreement and the fixed rate that the Company was obligated to pay under the agreement. Therefore, the Company’s fair value measurements for its interest rate swap used significant unobservable inputs, which fall in Level 3. The interest rate swap agreement expired in April 2016. With respect to its investments in marketable securities, the Company used quoted market prices, which fall under Level 1 of the hierarchy. There were no changes in valuation techniques during the period and no transfers in or out of Level 1, Level 2 or Level 3 during the years ended December 31, 2015, 2016 and 2017. See Note 9 for further discussion of the Company’s fair value measurements. The Company also uses fair value measurements on a nonrecurring basis, primarily in the impairment evaluations for goodwill, intangible assets and other long-lived assets. See and included above for discussion of such fair value measurements. Acquisitions — The Company accounts for acquisitions under the acquisition method of accounting. The acquisition method requires that the acquired assets and liabilities, including contingencies, be recorded at fair value determined on the acquisition date and changes thereafter reflected in income. For significant acquisitions, the Company obtains independent third party valuation studies for certain of the assets acquired and liabilities assumed to assist the Company in determining fair value. The estimation of the fair values of the assets acquired and liabilities assumed involves a number of estimates and assumptions that could differ materially from the actual amounts realized. The Company provides assumptions, including both quantitative and qualitative information, about the specified asset or liability to the third party valuation firms. The Company primarily utilizes the third parties to accumulate comparative data from multiple sources and assemble a report that summarizes the information obtained. The Company then uses the information to record estimated fair value. The third party valuation firms are supervised by Company personnel who are knowledgeable about valuations and fair value. The Company evaluates the appropriateness of the assumptions and valuation methodologies utilized by the third party valuation firm. |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Changes And Error Corrections [Abstract] | |
New Accounting Pronouncements | 2. NEW ACCOUNTING PRONOUNCEMENTS Impact of New Revenue Recognition Standard In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) ASC 606 permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (modified retrospective method). The Company adopted ASC 606 as of January 1, 2018 using the modified retrospective method. The new standard will therefore be applied to all contracts not completed as of January 1, 2018. While the Company does not believe the adoption of ASC 606 will have a material impact to its results of operations or cash flows, it does expect ASC 606 to have an impact on the classification of certain revenues and related expenses, as summarized below. Quantitative amounts included below are estimates of the expected effects of the Company’s adoption of ASC 606 and represent management’s best estimates of the impact of adopting ASC 606 at the time of the preparation of this Annual Report on Form 10-K. The actual impact of ASC 606 is subject to change from these estimates, pending the completion of the Company’s assessment during the first quarter of 2018. • The Company believes its Exhibitor’s Services Agreement (“ESA”) with National CineMedia, LLC (“NCM”) includes a significant financing component due to the length of time necessary to fulfill the performance obligations under the ESA as compared to the timing of receipt of the advanced payment. Similarly, the Company believes its Common Unit Adjustment (“CUA”) Agreement with NCM includes a significant financing component due to the receipt of common units in advance of the fulfillment of the performance obligations. As a result, the Company expects other revenues, specifically screen advertising revenues, will increase with a similar offsetting increase in noncash interest expense, but will not have a material impact on the Company’s results of operations. • In addition to recording the impact of significant financing components associated with its NCM ESA and CUA agreement, the Company has determined that based on how the performance obligations are fulfilled under these agreements, the related deferred revenues will be amortized on a straight-line basis under ASC 606 versus the units of revenue method followed prior to adoption of ASC 606. As a result of the change in amortization method, the Company expects to record a cumulative effect of accounting change adjustment of no more than $55,000 in retained earnings effective January 1, 2018, with an offsetting decrease in deferred revenue - NCM. • The Company currently records online surcharges net of service fees as amounts have been immaterial. The Company has determined that it is the principal in the arrangement, and therefore, in accordance with ASC 606 guidance, the Company will recognize online surcharges in revenues on a gross basis and record all related service fees as an operating expense. As a result of this change, the Company’s other revenues and utilities and other costs will increase on a prospective basis, but will not have a material impact on the Company’s results of operations. • The Company currently has a domestic loyalty program that awards points to its members upon completion of various purchases and other transactions. Under ASC 606, the Company will have to defer a portion of the proceeds received from each purchase as a liability to provide future goods and services (or rewards in exchange for points) to program members. The Company expects this will result in slight reductions in admissions and concessions revenues with an offsetting increase in other long-term liabilities, but will not have a material impact on the consolidated financial statements. The timing of revenue recognition for other revenue streams, including revenues for unredeemed gift cards and other advanced sales-type certificates, will also be impacted by the adoption of ASC 606, but we do not expect such changes to be material. Other New Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (Topic 842) In March 2016, the FASB issued Accounting Standards Update 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In August 2016, the FASB issued Accounting Standards Update 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments – a consensus of the FASB Emerging Issues Task Force In January 2017, the FASB issued Accounting Standards Update 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In May 2017, the FASB issued Accounting Standards Update 2017-09, Compensation – Stock Compensation (Topic 718): Scope Modification Accounting In August 2017, the FASB issued Accounting Standards Update 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities |
Investment in National CineMedi
Investment in National CineMedia LLC | 12 Months Ended |
Dec. 31, 2017 | |
NCM | |
Investment in National CineMedia LLC | 3. INVESTMENT IN NATIONAL CINEMEDIA LLC The Company has an investment in National CineMedia, LLC (“NCM”). NCM operates a digital in-theatre network in the U.S. for providing cinema advertising and non-film events. Upon joining NCM, the Company entered into an Exhibitor Services Agreement, or the ESA, with NCM, pursuant to which NCM provides advertising, promotion and event services to our theatres. On February 13, 2007, The ESA modification reflected a shift from circuit share expense under the prior ESA, which obligated NCM to pay the Company a percentage of revenue, to a monthly theatre access fee, which significantly reduced the contractual amounts paid to us by NCM. The Company recorded the proceeds related to the ESA modification as deferred revenue, which is being amortized into other revenues over the life of the agreement using the units of revenue method. As a result of the application of a portion of the proceeds it received from the NCMI initial public offering, the Company had a negative basis in its original membership units in NCM, which is referred to herein as the Company’s Tranche 1 Investment. Following the NCMI IPO, the Company does not recognize undistributed equity in the earnings on its Tranche 1 Investment until NCM's net earnings, less distributions received, surpass the amount of the excess distribution. The Company recognizes equity in earnings on its Tranche 1 Investment only to the extent it receives cash distributions from NCM. The Company The Company believes that the accounting model provided by ASC 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 Pursuant to a Common Unit Adjustment Agreement dated as of February 13, 2007 between NCMI and the Company, AMC and Regal, which we refer to collectively as the 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. To account for the receipt of additional common units under the Common Unit Adjustment Agreement, we follow the guidance in FASB ASC 323-10-35-29 (formerly EITF 02-18, “Accounting for Subsequent Investments in an Investee after Suspension of Equity Loss Recognition” Below is a summary of common units received by the Company under the Common Unit Adjustment Agreement during the years ended December 31, 2015, 2016 and 2017: Date Number Fair Value Common Units of Common Units of Common Units Event Received Received Received 2015 Annual common unit adjustment 3/31/2015 1,074,910 $ 15,421 2016 Annual common unit adjustment 3/31/2016 753,598 $ 11,111 2017 Annual common unit adjustment 3/31/2017 1,487,218 $ 18,363 Each common unit received by the Company is convertible into one share of NCMI common stock. The fair value of the common units received was estimated based on the market price of NCMI stock at the time that the common units were received, adjusted for volatility associated with the estimated period of time it would take to convert the common units and register the respective shares. The fair value measurement used for the common units falls under Level 2 of the U.S. GAAP fair value hierarchy as defined by ASC Topic 820-10-35. The Company records additional common units it receives as part of its Tranche 2 Investment at estimated fair value with a corresponding adjustment to deferred revenue. As of December 31, 2017, the Company owned a total of 27,871,862 common units of NCM, which represented an interest of approximately 18%. Each common unit is convertible into one share of NCMI common stock. The estimated fair value of the Company’s investment in NCM was approximately $191,201 based on NCM, Inc.’s stock price as of December 31, 2017 of $6.86 per share (Level 1 input as defined in FASB ASC Topic 820), which was less than the Company’s carrying value of $200,550. The Company does not believe that the decline in NCM, Inc.’s stock price is other than temporary and therefore, no impairment of the Company’s investment in NCM was recorded during the year ended December 31, 2017. The market value of NCM, Inc.’s stock price may continue to vary due to the performance of the business, industry trends, general and economic conditions and other factors. Summary of Activity with NCM Below is a summary of activity with NCM included in the Company’s consolidated financial statements for the periods indicated. See Note 2 for discussion of impact of new revenue recognition accounting pronouncements. Investment Deferred Distributions from Equity in Other Other Comprehensive Cash in NCM Revenue NCM Earnings Revenue Loss Received Balance as of January 1, 2015 $ 178,939 $ (335,219 ) Receipt of common units due to annual common unit adjustment 15,421 (15,421 ) $ — $ — $ — $ — $ — Revenues earned under ESA (1) — — — — (11,330 ) — 11,330 Receipt of excess cash distributions (14,072 ) — (15,396 ) — — — 29,468 Receipt under tax receivable agreement (2,308 ) — (2,744 ) — — — 5,052 Equity in earnings 8,510 — — (8,510 ) — — — Equity in other comprehensive loss (2,735 ) — — — — 2,735 Amortization of deferred revenue — 8,506 — — (8,506 ) — — Balance as of and for the twelve months ended December 31, 2015 $ 183,755 $ (342,134 ) $ (18,140 ) $ (8,510 ) $ (19,836 ) $ 2,735 $ 45,850 Receipt of common units due to annual common unit adjustment 11,111 (11,111 ) $ — $ — $ — $ — $ — Revenues earned under ESA (1) — — — — (11,048 ) — 11,048 Receipt of excess cash distributions (11,233 ) — (11,483 ) — — — 22,716 Receipt under tax receivable agreement (2,985 ) — (3,173 ) — — — 6,158 Equity in earnings 9,347 — — (9,347 ) — — — Amortization of deferred revenue — 9,317 — — (9,317 ) — — Balance as of and for the twelve months ended December 31, 2016 $ 189,995 $ (343,928 ) $ (14,656 ) $ (9,347 ) $ (20,365 ) $ — $ 39,922 Receipt of common units due to annual common unit adjustment 18,363 (18,363 ) $ — $ — $ — $ — $ — Revenues earned under ESA (1) — — — — (11,274 ) — 11,274 Receipt of excess cash distributions (15,093 ) — (14,158 ) — — — 29,251 Receipt under tax receivable agreement (2,265 ) — (2,249 ) — — — 4,514 Equity in earnings 9,550 — — (9,550 ) — — — Amortization of deferred revenue — 10,585 — — (10,585 ) — — Balance as of and for the twelve months ended December 31, 2017 $ 200,550 $ (351,706 ) $ (16,407 ) $ (9,550 ) $ (21,859 ) $ — $ 45,039 (1) Amounts include the per patron and per digital screen theatre access fees due to the Company, net of amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire. The amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire were approximately $9,819, $10,523 and $11,110 for the years ended December 31, 2015, 2016 and 2017, respectively. The Company made payments to NCM of approximately $50, $49 and $102 during the years ended December 31, 2015, 2016 and 2017, respectively, related to installation of certain equipment used for digital advertising, which is included in theatre furniture and equipment on the consolidated balance sheets. The tables below present summary financial information for NCM for the periods indicated (financial information for NCM’s fiscal year ended December 29, 2017 is not yet available): Year Ended Year Ended Nine Months Ended December 31, 2015 December 29, 2016 September 28, 2017 Revenues $ 446,500 $ 447,600 $ 285,400 Operating income $ 140,500 $ 173,000 $ 83,700 Net income $ 87,500 $ 109,300 $ 44,800 As of As of December 29, 2016 September 28, 2017 Current assets $ 180,900 $ 130,100 Noncurrent assets $ 607,600 $ 776,900 Current liabilities $ 121,100 $ 96,700 Noncurrent liabilities $ 924,300 $ 910,800 Members' deficit $ (256,900 ) $ (100,500 ) |
Other Investments
Other Investments | 12 Months Ended |
Dec. 31, 2017 | |
Financial Support For Nonconsolidated Legal Entity [Abstract] | |
Other Investments | 4. OTHER INVESTMENTS Below is a summary of activity for each of the Company’s other investments for the periods indicated: DCIP RealD AC LLC DCDC Other Total Balance at December 31, 2014 $ 51,277 $ 14,429 $ 7,899 $ 2,438 $ 1,615 $ 77,658 Cash contributions 3,211 — — — 500 3,711 Equity in income 18,522 — 970 124 — 19,616 Equity in comprehensive loss (384 ) — — — — (384 ) Unrealized holding loss — (1,529 ) — — — (1,529 ) Sale of investment in Taiwan (1) — — — — (1,383 ) (1,383 ) Cash distributions received (1,047 ) — (1,600 ) — — (2,647 ) Other — — — — (69 ) (69 ) Balance at December 31, 2015 $ 71,579 $ 12,900 $ 7,269 $ 2,562 $ 663 $ 94,973 Cash contributions 717 — — — 415 1,132 Equity in income 21,434 — 311 870 — 22,615 Equity in comprehensive income 89 — — — — 89 Sale of investment (2) — (12,900 ) — — — (12,900 ) Cash distributions received (6,000 ) — (1,600 ) (98 ) — (7,698 ) Other — — — (584 ) 690 106 Balance at December 31, 2016 $ 87,819 $ — $ 5,980 $ 2,750 $ 1,768 $ 98,317 Cash contributions 1,112 — — — 2,603 3,715 Equity in income 22,900 — 2,336 1,199 — 26,435 Equity in comprehensive income 248 — — — — 248 Cash distributions received (5,864 ) — (2,400 ) (351 ) — (8,615 ) Other — — — — (55 ) (55 ) Balance at December 31, 2017 $ 106,215 $ — $ 5,916 $ 3,598 $ 4,316 $ 120,045 (1) (2) RealD, Inc Digital Cinema Implementation Partners LLC (“DCIP”) On February 12, 2007, the Company, AMC and Regal 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. As of December 31, 2017, the Company had a 33% voting interest in DCIP and a 24.3% economic interest in DCIP. The Company accounts for its investment in DCIP and its subsidiaries under the equity method of accounting. Below is summary financial information for DCIP as of and for the years ended December 31, 2015, 2016 and 2017. Year ended December 31, 2015 2016 2017 Revenues $ 171,203 $ 178,836 $ 177,382 Operating income $ 103,449 $ 107,919 $ 106,687 Net income $ 79,255 $ 89,152 $ 93,103 As of December 31, 2016 December 31, 2017 Current assets $ 45,087 $ 56,296 Noncurrent assets $ 861,290 $ 772,438 Current liabilities $ 44,771 $ 59,153 Noncurrent liabilities $ 464,246 $ 296,889 Members' equity $ 397,360 $ 472,692 The digital projection systems are being leased from Kasima LLC (“Kasima”), which is an indirect subsidiary of DCIP and a related party to the Company, under an operating lease with an initial term of twelve years that contains ten one-year fair value renewal options. The equipment lease agreement also contains a fair value purchase option. Under the equipment lease agreement, the Company pays annual rent of one thousand dollars per digital projection system. The Company may also be subject to various types of other rent if such digital projection systems do not meet minimum performance requirements as outlined in the agreements. Certain of the other rent payments are subject to either a monthly or an annual maximum. As of December 31, 2017, the Company had 3,805 digital projection systems being leased under the master equipment lease agreement with Kasima. The Company had the following transactions with DCIP during the years ended December 31, 2015, 2016 and 2017: Year Ended December 31, 2015 2016 2017 Equipment lease payments $ 4,474 $ 5,217 $ 5,743 Warranty reimbursements from DCIP $ (4,329 ) $ (6,091 ) $ (8,511 ) Management services fees $ 825 $ 825 $ 823 RealD, Inc. (“RealD”) The Company licenses 3-D systems from RealD. Under its license agreement with RealD, the Company earned options to purchase shares of RealD common stock as it installed a certain number of 3-D systems as outlined in the license agreement. During 2010 and 2011, the Company vested in a total of 1,222,780 RealD options. Upon vesting in these options, the Company recorded an investment in RealD and a deferred lease incentive liability using the estimated fair value of the RealD options at the time of vesting. During March 2011, the Company exercised all of its options to purchase shares of common stock in RealD for $0.00667 per share. The Company owned 1,222,780 shares of RealD and accounted for its investment in RealD as a marketable security, specifically an available-for-sale security, in accordance with ASC Topic 320-10-35-1, therefore unrealized holding gains and losses were reported as a component of accumulated other comprehensive loss until realized. On March 22, 2016, an affiliate of Rizvi Traverse Management, LLC acquired RealD for $11.00 per share. As a result of the transaction, the Company sold its shares for approximately $13,451 and recognized a gain of $3,742, which included the recognition of a cumulative unrealized holding gain of $3,191 previously recorded in accumulated other comprehensive loss. The gain is reflected within loss on sale of assets and other on the consolidated statement of income for the year ended December 31, 2016. The Company used the proceeds to make a pre-payment on its term loan in accordance with the terms of its senior secured credit facility (see Note 8). 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 new joint venture that now 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 Fathom Consumer Events business includes live and pre-recorded concerts featuring contemporary music, opera and symphony, DVD product releases and marketing events, theatrical premieres, Broadway plays, live sporting events and other special events. The Company paid event fees to AC of $11,440, $10,871 and $13,950 for the years ended December 31, 2015, 2016 and 2017, respectively, which are included in film rentals and advertising costs on the consolidated statements of income. AC was formed by the AC Founding Members and NCM. NCM, under a contribution agreement, contributed the assets associated with its Fathom Events division to AC in exchange for 97% ownership of the Class A Units of AC. Under a separate contribution agreement, the Founding Members each contributed cash of approximately $268 to AC in exchange for 1% of the Class A Units of AC. Subsequently, NCM and the Founding Members entered into a Membership Interest Purchase Agreement, under which NCM sold each of the Founding Members 31% of its Class A Units in AC, the aggregate value of which was determined to be $25,000, in exchange for a six-year Promissory Note. Each of the Founding Members’ Promissory Notes were originally for $8,333, bear interest at 5% per annum and require annual principal and interest payments. The remaining outstanding balance of the note payable from the Company to NCM as of December 31, 2017 was $2,778. 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 $807, $939 and $848 to DCDC during the years ended December 31, 2015, 2016 and 2017, respectively, related to content delivery services, which is included in film rentals and advertising costs on the consolidated statements of income. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS - NET | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS - NET | 5. GOODWILL AND OTHER INTANGIBLE ASSETS — NET The Company’s goodwill was as follows: U.S. Operating Segment International Operating Segment Total Balance at December 31, 2015 (1) $ 1,156,556 $ 90,992 $ 1,247,548 Acquisitions of theatres 7,607 — 7,607 Other acquisitions (2) — 1,410 1,410 Foreign currency translation adjustments — 6,398 6,398 Balance at December 31, 2016 (1) $ 1,164,163 $ 98,800 $ 1,262,963 Acquisitions of theatres (3) 9,878 13,211 23,089 Foreign currency translation adjustments — (1,973 ) (1,973 ) Balance at December 31, 2017 (1) $ 1,174,041 $ 110,038 $ 1,284,079 (1) Balances are presented net of accumulated impairment losses of $214,031 for the U.S. operating segment and $27,622 for the international operating segment. (2) (3) Acquisition of theatres in the U.S. and international markets. As of December 31, intangible assets-net, consisted of the following: Balance at Balance at January 1, December 31, 2016 Additions (1) Amortization Other (2) 2016 Intangible assets with finite lives: Gross carrying amount $ 99,968 $ 503 $ — $ (675 ) $ 99,796 Accumulated amortization (59,706 ) ― (5,538 ) 638 (64,606 ) Total net intangible assets with finite lives $ 40,262 $ 503 $ (5,538 ) $ (37 ) $ 35,190 Intangible assets with indefinite lives: Tradename 299,382 ― ― 327 299,709 Total intangible assets — net $ 339,644 $ 503 $ (5,538 ) $ 290 $ 334,899 Balance at Balance at January 1, December 31, 2017 Additions (3) Amortization Other (2) 2017 Intangible assets with finite lives: Gross carrying amount $ 99,796 $ 11,584 $ — $ (5,485 ) $ 105,895 Accumulated amortization (64,606 ) — (5,563 ) 1,300 (68,869 ) Total net intangible assets with finite lives $ 35,190 $ 11,584 $ (5,563 ) $ (4,185 ) $ 37,026 Intangible assets with indefinite lives: Tradename 299,709 — — 26 299,735 Total intangible assets — net $ 334,899 $ 11,584 $ (5,563 ) $ (4,159 ) $ 336,761 (1) Activity for 2016 reflects addition of non-compete agreement and favorable lease associated with theatres acquired in the U.S. (2) Amounts represent foreign currency translation adjustments and the write-off of certain lease intangibles for theatre closures and lease amendments. (3) Amounts represent fair values allocated to intangible assets acquired as part of acquisitions of theatres in the U.S. and international markets. Estimated aggregate future amortization expense for intangible assets is as follows: For the year ended December 31, 2018 $ 5,725 For the year ended December 31, 2019 5,267 For the year ended December 31, 2020 5,535 For the year ended December 31, 2021 3,685 For the year ended December 31, 2022 3,280 Thereafter 13,534 Total $ 37,026 |
IMPAIRMENT OF LONG-LIVED ASSETS
IMPAIRMENT OF LONG-LIVED ASSETS | 12 Months Ended |
Dec. 31, 2017 | |
Impairment Or Disposal Of Tangible Assets Disclosure [Abstract] | |
IMPAIRMENT OF LONG-LIVED ASSETS | 6. IMPAIRMENT OF LONG-LIVED ASSETS The Company reviews 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. See Note 1 for discussion of the Company’s impairment policy. The Company’s long-lived asset impairment losses are summarized in the following table: Year Ended December 31, 2015 2016 2017 U.S. theatre properties $ 7,052 $ 1,929 $ 5,227 International theatre properties 757 907 9,857 Subtotal 7,809 2,836 15,084 Intangible assets (1) 992 — — Impairment of long-lived assets $ 8,801 $ 2,836 $ 15,084 (1) Activity for 2015 was related to the impairment of a favorable lease for one theatre. The long-lived asset impairment charges recorded during each of the years presented are specific to theatres that were directly and individually impacted by increased competition, adverse changes in market demographics, or adverse changes in the development or the conditions of the areas surrounding the theatre. As of December 31, 2017, the estimated aggregate remaining fair value of the long-lived assets impaired during the year ended December 31, 2017 was approximately $8,953. |
Deferred Charges and Other Ass
Deferred Charges and Other Assets - Net | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Deferred Charges and Other Assets - Net | 7. DEFERRED CHARGES AND OTHER ASSETS — NET As of December 31, deferred charges and other assets — net consisted of the following: December 31, 2016 2017 Long-term prepaid rents $ 5,996 $ 7,762 Construction and other deposits 10,881 12,167 Equipment to be placed in service 12,856 13,868 Other 7,822 5,970 Total $ 37,555 $ 39,767 |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | 8. LONG-TERM DEBT As of December 31, long-term debt consisted of the following: December 31, 2016 2017 Cinemark USA, Inc. term loan $ 663,799 $ 659,517 Cinemark USA, Inc. 4.875% senior notes due 2023 755,000 755,000 Cinemark USA, Inc. 5.125% senior notes due 2022 400,000 400,000 Other (1) 4,167 2,778 Total long-term debt 1,822,966 1,817,295 Less current portion 5,671 7,099 Less debt issuance costs, net of accumulated amortization of $19,364 and $25,549, respectively 34,854 29,815 Long-term debt, less current portion $ 1,782,441 $ 1,780,381 (1) Primarily represents debt owed to NCM in relation to the recently-formed joint venture AC JV, LLC. See Note 4. Senior Secured Credit Facility Cinemark USA, Inc. has a senior secured credit facility that includes a seven year $700,000 term loan and a five year $100,000 revolving credit line (the “Credit Agreement”). On May 8, 2015, Cinemark USA, Inc. amended its Credit Agreement to extend the maturity of the $700,000 term loan from December 2019 to May 2022. After the amendment, quarterly principal payments in the amount of $1,750 were due on the term loan through March 31, 2022, with the remaining principal of $635,250 due on May 8, 2022. The Company incurred debt issue costs of approximately $6,957 in connection with the amendment, which is reflected as a reduction of long-term debt on the consolidated balance sheets. In addition, the Company incurred approximately $925 in legal and other fees that are reflected as loss on debt amendments and refinancing on the consolidated statement of income for the year ended December 31, 2015. On May 16, 2016, Cinemark USA, Inc. made a pre-payment of $13,451 on its term loan using the net proceeds received from the sale of shares of RealD (see Note 4). In accordance with the terms of the Credit Agreement, the pre-payment was applied first to the next four principal installments, and second, to the remaining installments pro-rata based on the remaining outstanding principal amount of such installments. Therefore, subsequent to the prepayment, quarterly payments in the amount of $1,427 are due on the term loan beginning June 30, 2017 through March 31, 2022, with the remaining principal of $635,250 due on May 8, 2022. The Company did not incur any fees as a result of the pre-payment. Cinemark USA, Inc. amended its Credit Agreement as follows during 2016 and 2017: Debt Issue Loss on Debt Effective Date Nature of Amendment Costs Paid (1) Amendment (2) June 13, 2016 Reduced term loan interest rate by 0.25% $ 783 $ 249 December 15, 2016 Reduced term loan interest rate by 0.50% $ 2,446 $ 161 June 16, 2017 Reduced term loan interest rate by 0.25%; modified certain definitions and other provisions in the Credit Agreement $ 521 $ 190 November 28, 2017 Extended maturity of revolving credit line to December 2022; reduced the interest rate applicable to borrowings under the credit line $ 330 $ 331 (1) Reflected as a reduction of long term debt on the consolidated balance sheet as of December 31, 2016 and 2017. (2) Reflected as a loss on debt amendments and refinancing on the consolidated statement of income for the year in which the amendments were effective. Subsequent to the amendments noted above, interest on the term loan accrues at Cinemark USA, Inc.’s option at: (A) the base rate equal to the greater of (1) the US “Prime Rate” as quoted in The Wall Street Journal or if no such rate is quoted therein, in a Federal Reserve Board statistical release, (2) the federal funds effective rate plus 0.50%, and (3) a one-month Eurodollar-based rate plus 1.0%, plus, in each case, a margin of 1.00% per annum, or (B) a Eurodollar-based rate for a period of 1, 2, 3, 6, 9 or 12 months plus a margin of 2.00% per annum. Interest on the revolving credit line accrues, at our option, at: (A) a base rate equal to the greater of (1) the US “Prime Rate” as quoted in The Wall Street Journal or if no such rate is quoted therein, in a Federal Reserve Board statistical release, (2) the federal funds effective rate plus 0.50%, and (3) a one-month Eurodollar-based rate plus 1.0%, plus, in each case, a margin that ranges from 0.50% to 1.25% per annum, or (B) a Eurodollar-based rate for a period of 1, 2, 3, 6, 9 or 12 months plus a margin that ranges from 1.50% to 2.25% per annum. The margin of the revolving credit line is determined by the consolidated net senior secured leverage ratio as defined in the Credit Agreement. At December 31, 2017, there was $ 659,517 Cinemark USA, Inc.’s obligations under the Credit Agreement are guaranteed by Cinemark Holdings, Inc. and certain of Cinemark USA, Inc.’s domestic subsidiaries and are secured by mortgages on certain fee and leasehold properties and security interests in substantially all of Cinemark USA, Inc.’s and the guarantors’ personal property, including, without limitation, pledges of all of Cinemark USA, Inc.’s capital stock, all of the capital stock of certain of Cinemark USA, Inc.’s domestic subsidiaries and 65% of the voting stock of certain of its foreign subsidiaries. The Credit Agreement contains usual and customary negative covenants for agreements of this type, including, but not limited to, restrictions on Cinemark USA, Inc.’s ability, and in certain instances, its subsidiaries’ and our ability, to consolidate or merge or liquidate, wind up or dissolve; substantially change the nature of its business; sell, transfer or dispose of assets; create or incur indebtedness; create liens; pay dividends or repurchase stock; and make capital expenditures and investments. If Cinemark USA, Inc. has borrowings outstanding on the revolving credit line, it is required to satisfy a consolidated net senior secured leverage ratio covenant as defined in the Credit Agreement. The dividend restriction contained in the Credit Agreement prevents the Company and any of its subsidiaries from paying a dividend or otherwise distributing cash to its stockholders unless (1) the Company is not in default, and the distribution would not cause Cinemark USA, Inc. to be in default, under the Credit Agreement; and (2) the aggregate amount of certain dividends, distributions, investments, redemptions and capital expenditures made since December 18, 2012, including dividends declared by the board of directors, is less than the sum of (a) the aggregate amount of cash and cash equivalents received by Cinemark Holdings, Inc. or Cinemark USA, Inc. as common equity since December 18, 2012, (b) Cinemark USA, Inc.’s consolidated EBITDA minus 1.75 times its consolidated interest expense, each as defined in the Credit Agreement, and (c) certain other defined amounts. As of December 31, 2017, Cinemark USA, Inc. could have distributed up to approximately $2,620,026 to its parent company and sole stockholder, Cinemark Holdings, Inc. 4.875% Senior Notes On May 24, 2013, Cinemark USA, Inc. issued $530,000 aggregate principal amount of 4.875% senior notes due 2023, at par value, (the “4.875% Senior Notes”). Interest on the 4.875% Senior Notes is payable on June 1 and December 1 of each year. The 4.875% Senior Notes mature on June 1, 2023. On March 21, 2016, Cinemark USA, Inc. issued an additional $225,000 aggregate principal amount of the 4.875% Senior Notes, at 99.0% of the principal amount plus accrued and unpaid interest from December 1, 2015. Proceeds, after payment of fees, were used to finance the redemption of Cinemark, USA, Inc.’s previously outstanding $200,000 7.375% senior subordinated notes due 2021 (the “7.375% Senior Subordinated Notes”), as discussed below. These additional notes have identical terms, other than the issue date, the issue price and the first interest payment date, and constitute part of the same series as Cinemark USA, Inc.’s existing 4.875% Senior Notes. The aggregate principal amount of $755,000 of 4.875% Senior Notes mature on June 1, 2023. The Company incurred debt issue costs of approximately $3,702 in connection with the issuance of the additional notes, which, along with the discount of $2,250, are reflected as a reduction of long term debt, net of accumulated amortization, on the consolidated balance sheets as of December 31, 2016 and 2017. The 4.875% Senior Notes are fully and unconditionally guaranteed on a joint and several senior unsecured basis by certain of Cinemark USA, Inc.’s subsidiaries that guarantee, assume or become liable with respect to any of Cinemark USA, Inc.’s or a guarantor’s debt. The 4.875% Senior Notes and the guarantees are senior unsecured obligations and rank equally in right of payment with all of Cinemark USA, Inc.’s and its guarantor’s existing and future senior unsecured debt and senior in right of payment to all of Cinemark USA, Inc.’s and its guarantor’s existing and future senior subordinated debt. The 4.875% Senior Notes and the guarantees are effectively subordinated to all of Cinemark USA, Inc.’s and its guarantor’s existing and future secured debt to the extent of the value of the assets securing such debt, including all borrowings under Cinemark USA, Inc.’s Credit Agreement. The 4.875% Senior Notes and the guarantees are structurally subordinated to all existing and future debt and other liabilities of Cinemark USA, Inc.’s subsidiaries that do not guarantee the 4.875% Senior Notes. The indenture to the 4.875% Senior Notes contains covenants that limit, among other things, the ability of Cinemark USA, Inc. and certain of its subsidiaries to (1) make investments or other restricted payments, including paying dividends, making other distributions or repurchasing subordinated debt or equity, (2) incur additional indebtedness and issue preferred stock, (3) enter into transactions with affiliates, (4) enter new lines of business, (5) merge or consolidate with, or sell all or substantially all of its assets to, another person and (6) create liens. As of December 31, 2017, Cinemark USA, Inc. could have distributed up to approximately $2,608,237 to its parent company and sole stockholder, Cinemark Holdings, Inc., under the terms of the indenture to the 4.875% Senior Notes, subject to its available cash and other borrowing restrictions outlined in the indenture. The required minimum coverage ratio is 2 to 1 and our actual ratio as of December 31, 2017 was approximately 6.1 to 1. 5.125% Senior Notes On December 18, 2012, Cinemark USA, Inc. issued $400,000 aggregate principal amount of 5.125% senior notes due 2022, at par value (the “5.125% Senior Notes”). Interest on the 5.125% Senior Notes is payable on June 15 and December 15 of each year. The 5.125% Senior Notes mature on December 15, 2022. The 5.125% Senior Notes are fully and unconditionally guaranteed on a joint and several senior unsecured basis by certain of Cinemark USA, Inc.’s subsidiaries that guarantee, assume or become liable with respect to any of Cinemark USA, Inc.’s or a guarantor’s debt. The 5.125% Senior Notes and the guarantees are senior unsecured obligations and rank equally in right of payment with all of Cinemark USA, Inc.’s and its guarantor’s existing and future senior unsecured debt and senior in right of payment to all of Cinemark USA, Inc.’s and its guarantor’s existing and future subordinated debt. The 5.125% Senior Notes and the guarantees are effectively subordinated to all of Cinemark USA, Inc.’s and its guarantor’s existing and future secured debt to the extent of the value of the assets securing such debt, including all borrowings under Cinemark USA, Inc.’s Credit Agreement. The 5.125% Senior Notes and the guarantees are structurally subordinated to all existing and future debt and other liabilities of Cinemark USA, Inc.’s subsidiaries that do not guarantee the 5.125% Senior Notes. The indenture to the 5.125% Senior Notes contains covenants that limit, among other things, the ability of Cinemark USA, Inc. and certain of its subsidiaries to (1) make investments or other restricted payments, including paying dividends, making other distributions or repurchasing subordinated debt or equity, (2) incur additional indebtedness and issue preferred stock, (3) enter into transactions with affiliates, (4) enter new lines of business, (5) merge or consolidate with, or sell all or substantially all of its assets to, another person and (6) create liens. As of December 31, 2016, Cinemark USA, Inc. could have distributed up to approximately $2,613,268 to its parent company and sole stockholder, Cinemark Holdings, Inc., under the terms of the indenture to the 5.125% Senior Notes, subject to its available cash and other borrowing restrictions outlined in the indenture. The required minimum coverage ratio is 2 to 1 and our actual ratio as of December 31, 2017 was approximately 6.1 to 1. 7. 375 On June 3, 2011, Cinemark USA, Inc. issued $200,000 aggregate principal amount of 7.375% senior subordinated notes due 2021, at par value (the “Senior Subordinated Notes”). On March 21, 2016, Cinemark USA, Inc. redeemed its Senior Subordinated Notes at a make-whole premium of approximately 104% plus accrued and unpaid interest, utilizing the proceeds from the issuance of the additional $225,000 Cinemark USA, Inc. 4.875% Senior Notes discussed above. As a result of the redemption, the Company wrote-off approximately $2,369 in unamortized debt issue costs, paid a make-whole premium of $9,444 and paid other fees of $1,222, all of which are reflected in loss on debt amendments and refinancing during the year ended December 31, 2016. 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 was $1,822,966 and $1,817,295 as of December 31, 2016 and 2017, respectively, excluding debt issuance costs of $34,854 and $29,815, respectively. The fair value of the Company’s long term debt was $1,850,212 and $1,840,918 as of December 31, 2016 and 2017, respectively. Covenant Compliance and Debt Maturity As of December 31, 2017, the Company believes it was in full financial compliance with all agreements, including related covenants, governing its outstanding debt. The Company’s long-term debt, excluding unamortized debt issuance costs, at December 31, 2017 matures as follows: 2018 $ 7,099 2019 7,099 2020 5,710 2021 5,710 2022 1,036,677 Thereafter 755,000 Total $ 1,817,295 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 9. 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. As of December 31, 2017, the Company did not have any assets or liabilities measured at fair value on a recurring basis under FASB ASC Topic 820. Below is a reconciliation of the beginning and ending balance for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3): Liabilities Liabilities 2016 2017 Beginning balance - January 1 $ 373 $ — Total loss included in accumulated other comprehensive loss 71 — Settlements included in interest expense (444 ) — Ending balance - December 31 $ — $ — The Company also uses the market approach for fair value measurements on a nonrecurring basis in the impairment evaluations of its long-lived assets (see Note 5 and Note 6). Additionally, the Company uses the market approach to estimate the fair value of its long-term debt (see Note 8). 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, 2015, 2016 and 2017. |
FOREIGN CURRENCY TRANSLATION
FOREIGN CURRENCY TRANSLATION | 12 Months Ended |
Dec. 31, 2017 | |
Foreign Currency [Abstract] | |
FOREIGN CURRENCY TRANSLATION | 10. FOREIGN CURRENCY TRANSLATION The accumulated other comprehensive loss account in stockholder’s equity of $247,013 and $253,282 at December 31, 2016 and 2017, respectively, includes the cumulative foreign currency losses of $247,046 and $253,565, respectively, from translating the financial statements of the Company’s international subsidiaries, the change in fair values of the Company’s interest rate swap agreements that were designated as hedges and the changes in fair value of the Company’s previously held available-for-sale securities. All foreign countries where the Company has operations are non-highly inflationary and the local currency is the same as the functional currency in all of the locations. Thus, any fluctuation in the currency results in a cumulative foreign currency translation adjustment recorded to accumulated other comprehensive loss. 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. There has been a steady devaluation of the Argentine peso relative to the U.S. dollar in recent years. As of December 31, 2017, the Company has not designated Argentina as highly inflationary for accounting purposes. The Company will continue to monitor the inflation on a quarterly basis to determine whether remeasurement is necessary. Below is a summary of the impact of translating the financial statements of the Company’s international subsidiaries as of and for the years ended December 31, 2015, 2016 and 2017. Other Comprehensive Income (Loss) Exchange Rate as of December 31, For the Year Ended December 31, Country 2015 2016 2017 2015 2016 2017 Brazil 3.96 3.26 3.31 $ (74,559 ) $ 37,286 $ (4,567 ) Argentina 12.95 16.04 18.65 (30,520 ) (13,362 ) (8,200 ) Colombia 3,149.47 3,000.71 2,936.67 (8,043 ) 1,278 246 Chile 709.16 679.09 615.97 (6,572 ) 1,855 5,672 Peru 3.46 3.45 3.24 (4,882 ) 87 2,752 All other (898 ) (783 ) (869 ) $ (125,474 ) $ 26,361 $ (4,966 ) During the year ended December 31, 2017, the Company reclassified $1,551 of cumulative foreign currency translation adjustments, related to a Canadian subsidiary that was liquidated, from accumulated other comprehensive loss to foreign currency exchange gain on the consolidated statement of income. |
NONCONTROLLING INTERESTS IN SUB
NONCONTROLLING INTERESTS IN SUBSIDIARIES | 12 Months Ended |
Dec. 31, 2017 | |
Noncontrolling Interest [Abstract] | |
NONCONTROLLING INTERESTS IN SUBSIDIARIES | 11. NONCONTROLLING INTERESTS IN SUBSIDIARIES Noncontrolling interests in subsidiaries of the Company were as follows at December 31: December 31, 2016 2017 Cinemark Partners II — 24.6% interest (in one theatre) $ 8,249 $ 8,795 Laredo Theatres – 25% interest (in two theatres) 1,695 1,746 Greeley Ltd. — 49% interest (in one theatre) 689 843 Other 509 509 Total $ 11,142 $ 11,893 During December 2016 the Company purchased the remaining 25% noncontrolling interest of one of its Chilean subsidiaries, Flix Impirica S.A. (“Flix Impirica”), for approximately $450 in cash. The increase in the Company’s ownership interest in the Chilean subsidiary was accounted for as an equity transaction in accordance with ASC Topic 810-10-45-23. The Company recorded a decrease in additional paid-in-capital of approximately $27, which represented the difference between the cash paid and the book value of the Chilean subsidiary’s noncontrolling interest account, which was approximately $423. As a result of this transaction, the Company now owns 100% of the shares in Flix Impirica. Below is a summary of the impact of changes in the Company’s ownership interest in its subsidiaries on its equity: Year ended December 31, 2015 2016 2017 Net income attributable to Cinemark USA, Inc. $ 218,532 $ 256,777 $ 265,643 Transfers from noncontrolling interests Decrease in Cinemark USA, Inc. additional paid-in-capital for the buyout of Flix Impirica non-controlling interest — (27 ) — Net transfers from non-controlling interests — (27 ) — Change from net income attributable to Cinemark USA, Inc. and transfers from noncontrolling interests $ 218,532 $ 256,750 $ 265,643 |
CAPITAL STOCK
CAPITAL STOCK | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
CAPITAL STOCK | 12. CAPITAL STOCK Common and Preferred Stock — Cinemark USA, Inc. has 1,500 shares of Class A common stock and 182,648 shares of Class B common stock outstanding, all of which are held by Cinemark Holdings, Inc. 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. The Company has 1,000,000 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 Board of Directors at the time of issuance. The Company’s ability to pay dividends is effectively limited by the terms of its senior notes indentures, its senior notes indentures and its senior secured credit facility, which also significantly restricts the ability of certain of the Company’s subsidiaries to pay dividends directly or indirectly to it. See Note 8. Furthermore, certain of the Company’s foreign subsidiaries currently have a deficit in retained earnings which prevents the Company from declaring and paying dividends from those subsidiaries. Restricted Stock — Below is a summary of restricted stock activity for Cinemark Holdings, Inc. for the years ended December 31, 2015, 2016 and 2017: Year Ended Year Ended Year Ended December 31, 2015 December 31, 2016 December 31, 2017 Shares of Restricted Stock Weighted Average Grant Date Fair Value Shares of Restricted Stock Weighted Average Grant Date Fair Value Shares of Restricted Stock Weighted Average Grant Date Fair Value Outstanding at January 1 878,897 $ 24.92 757,775 $ 30.73 606,618 $ 33.51 Granted 226,212 $ 42.79 335,707 $ 30.98 246,534 $ 41.70 Vested (329,437 ) $ 23.72 (430,056 ) $ 26.60 (192,230 ) $ 36.26 Forfeited (17,897 ) $ 27.58 (56,808 ) $ 33.81 (10,341 ) $ 33.48 Outstanding at December 31 757,775 $ 30.73 606,618 $ 33.51 650,581 $ 35.81 During the year ended December 31, 2017, Cinemark Holdings, Inc. granted 246,534 shares of restricted stock to its directors and employees of the Company. The fair value of the restricted stock granted was determined based on the market value of Cinemark Holdings, Inc.’s common stock on the date of grant, which ranged from $34.82 to $42.37 per share. The Company assumed forfeiture rates ranging from 0% to 10% for the restricted stock awards. Restricted stock granted to directors vests over a one-year period. Restricted stock granted to employees vests over periods ranging from one year to four years based on continued service. The recipients of restricted stock are entitled to receive dividends and to vote their respective shares, however, the sale and transfer of the restricted shares is prohibited during the restriction period. Below is a summary of restricted stock award activity recorded for the periods indicated. Year Ended December 31, 2015 2016 2017 Compensation expense recognized by the Company during the period $ 8,715 $ 7,269 $ 7,528 Additional compensation expense recognized by Cinemark Holdings, Inc. during the period $ 885 $ 981 $ 856 Fair value of restricted shares held by Company employees that vested during the period $ 13,276 $ 13,739 $ 7,255 Fair value of restricted shares held by Cinemark Holdings, Inc.’s directors that vested during the period $ 1,148 $ 923 $ 917 Income tax benefit recognized upon vesting of restricted stock awards held by Company employees $ 3,341 $ 5,167 $ 2,281 Additional income tax benefit recognized upon vesting of restricted stock awards held by Cinemark Holdings, Inc.'s directors $ 482 $ 388 $ 386 As of December 31, 2017, the remaining unrecognized compensation expense related to these restricted stock awards was approximately $13,049, of which $12,633 will be recognized by the Company and $416 of which will be recognized by Cinemark Holdings, Inc. The weighted average period over which this remaining compensation expense will be recognized is approximately two years. Restricted Stock Units — During the years ended December 31, 2015, 2016 and 2017, Cinemark Holdings, Inc. granted restricted stock units representing 142,917, 253,661 and 175,634 hypothetical shares of Cinemark Holdings, Inc.’s common stock, respectively, to employees of the Company. The restricted stock units vest based on a combination of financial performance factors and continued service. The financial performance factors are based on an implied equity value concept that determines an internal rate of return (“IRR”) for a two year measurement period, as defined in the award agreement, based on a formula utilizing a multiple of Adjusted EBITDA subject to certain specified adjustments (as defined in the restricted stock unit award agreement). The financial performance factors for the restricted stock units have a threshold, target and maximum level of payment opportunity and vest on a prorata basis according to the IRR achieved by the Company during the performance period. As an example, if the Company achieves an IRR equal to 11.0% for the 2015 grant, the number of restricted stock units that shall vest will be greater than the target but less than the maximum number that would have vested had the Company achieved the highest IRR. All payouts of restricted stock units that vest will be subject to an additional service requirement and will be paid in the form of Cinemark Holdings, Inc.’s common stock if the participant continues to provide services through the fourth anniversary of the grant date. The financial performance factors and respective vesting rates for each of the 2015, 2016 and 2017 grants are as follows: Year Ended December 31, Percentage of Shares Vesting 2015 2016 2017 Threshold IRR 7.5% 6.0% 7.0% 33.3% Target IRR 9.5% 8.0% 9.5% 66.6% Maximum IRR 11.5% 10.0% 13.0% 100.0% At the time of each of the restricted stock unit grants, the Company assumes the IRR level to be reached for the defined measurement period will be the mid-point IRR level in determining the amount of compensation expense to record for such grants. If and when additional information becomes available to indicate that something other than the mid-point IRR level will be achieved, the Company adjusts compensation expense on a prospective basis over the remaining service period. The Company assumed a forfeiture rate of 5% for the restricted stock unit awards granted during 2017. Restricted stock unit award participants are eligible to receive dividend equivalent payments if and at the time the restricted stock unit awards vest. Below is a table summarizing the potential number of units that could vest under restricted stock unit awards granted during the years ended December 31, 2015, 2016 and 2017 at each of the three levels of financial performance (excluding forfeitures): Granted During the Year Ended December 31, 2015 2016 2017 Number of Value at Number of Value at Number of Value at Units Grant (1) Units Grant (1) Units Grant (1) at threshold IRR 47,640 $ 2,057 84,554 $ 2,522 58,545 $ 2,481 at target IRR 95,282 $ 4,115 169,107 $ 5,044 117,089 $ 4,961 at maximum IRR 142,917 $ 6,173 253,661 $ 7,568 175,634 $ 7,442 (1) The grant date fair values for units issued during the years ended December 31, 2015, 2016, and 2017 were $43.19, $29.83 and $42.37, respectively. Below is a summary of activity for restricted stock unit awards for Cinemark Holdings, Inc. for the periods indicated: Year Ended December 31, 2015 2016 2017 Number of restricted stock unit awards that vested during the period 123,769 213,984 97,115 Fair value of restricted stock unit awards that vested during the period $ 5,483 $ 7,260 $ 4,155 Accumulated dividends paid upon vesting of restricted stock unit awards $ 442 $ 662 $ 558 Income tax benefit recognized upon vesting of restricted stock unit awards $ 2,303 $ 3,049 $ 1,745 Compensation expense recognized during the period $ 6,158 $ 5,144 $ 4,297 During the year ended December 31, 2015, the Compensation Committee of Cinemark Holdings, Inc.’s Board of Directors approved a modification to each of the 2013 and 2014 restricted stock unit grants. The modifications resulted in a cap on the foreign currency exchange rate devaluation impact to be used in calculating the IRR for the respective measurement periods. The Company revalued each of the grants based on Cinemark Holdings, Inc.’s stock price at the date of modification, which was $33.02. The modifications resulted in incremental compensation expense of approximately $2,460 for the year ended December 31, 2015. During the year ended December 31, 2016, the Compensation Committee of Cinemark Holdings, Inc.’s Board of Directors approved a modification to the 2015 restricted stock unit grants. The modification resulted in a cap on the foreign currency exchange rate devaluation impact to be used in calculating the IRR for the respective measurement periods. The Company revalued each of the grants based on Cinemark Holdings, Inc.’s stock price at the date of modification, which was $37.98. The modifications resulted in incremental compensation expense of approximately $562 for the year ended December 31, 2016. As of December 31, 2017, the Company had restricted stock units outstanding that represented a total 628,189 hypothetical shares of Cinemark Holdings, Inc.’s common stock, net of actual cumulative forfeitures of 7,407 units, assuming the maximum IRR is achieved for all of the outstanding restricted stock unit awards. As of December 31, 2017, the remaining unrecognized compensation expense related to the outstanding restricted stock unit awards was $6,820, which reflects the maximum IRR level that was achieved for the 2014 and 2015 grants, an IRR level of 8.0% that is estimated for the 2016 grants and an IRR level of 9.5% that is estimated for the 2017 grants. The weighted average period over which this remaining compensation expense will be recognized is approximately two years. |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | 13. SUPPLEMENTAL CASH FLOW INFORMATION The following is provided as supplemental information to the consolidated statements of cash flows: Year Ended December 31, 2015 2016 2017 Cash paid for interest $ 105,155 $ 108,101 $ 99,232 Cash paid for income taxes, net of refunds received $ 108,435 $ 93,368 $ 95,043 Noncash investing and financing activities: Change in accounts payable and accrued expenses for the acquisition of theatre properties and equipment (1) $ 2,491 $ (29,471 ) $ 9,349 Theatre properties and equipment acquired under capital lease $ 36,544 $ 33,282 $ 46,727 Investment in NCM - receipt of common units (see Note 3) $ 15,421 $ 11,111 $ 18,363 Noncash distributions to Cinemark Holdings, Inc. $ (17,935 ) $ — $ — Receipt of promissory note related to sale of investment in a Taiwan joint venture $ 2,304 $ — $ — (1) Additions to theatre properties and equipment included in accounts payable as of December 31, 2016 and 2017 were $40,625 and $31,276, respectively. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 14. INCOME TAXES On December 22, 2017, the President signed the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act, among other things, lowered the U.S. corporate income tax rate from 35% to 21% effective January 1, 2018. The Company recorded a net one-time benefit of $44,889, all non-cash, related to enactment of the Tax Act, including a re-measurement of deferred tax liabilities using the lower U.S. corporate income tax rate, a reassessment of permanently reinvested earnings, a deemed repatriation tax, and a reduction in a deferred tax asset with regard to foreign tax credit carryforwards. The adjustments to deferred tax assets and liabilities and the liability related to the transition tax are provisional amounts based on information available as of December 31, 2017. These amounts may change due to, among other things, further refinement of the Company’s calculations, changes in interpretations and assumptions that the Company has made, and additional guidance that may be issued by the U.S. government. The Company will complete its analysis over a one-year measurement period ending December 22, 2018, and any adjustments during this measurement period will be included in net income from continuing operations as an adjustment to income tax expense in the reporting period when such adjustments are determined. The Company’s provision for federal and foreign income tax expense for continuing operations consisted of the following: Year Ended December 31, 2015 2016 2017 Income before income taxes: U.S. $ 262,336 $ 277,474 $ 282,896 Foreign 88,015 85,890 64,842 Total $ 350,351 $ 363,364 $ 347,738 Current and deferred income taxes were as follows: Year Ended December 31, 2015 2016 2017 Current: Federal $ 72,185 $ 66,210 $ 55,224 Foreign 35,874 32,047 29,306 State 10,806 12,061 10,741 Total current expense $ 118,865 $ 110,318 $ 95,271 Deferred: Federal $ 10,420 $ (13,667 ) $ (14,046 ) Foreign (3,339 ) 1,674 (4,270 ) State 4,014 6,526 3,301 Total deferred taxes $ 11,095 $ (5,467 ) $ (15,015 ) Income taxes $ 129,960 $ 104,851 $ 80,256 A reconciliation between income tax expense and taxes computed by applying the applicable statutory federal income tax rate to income before income taxes follows: Year Ended December 31, 2015 2016 2017 Computed statutory tax expense $ 122,623 $ 127,176 $ 121,708 Foreign inflation adjustments (1,295 ) (281 ) — State and local income taxes, net of federal income tax impact 9,640 12,081 12,857 Foreign losses not benefited and changes in valuation allowance (2,408 ) (34,757 ) 249 Foreign tax rate differential (2,660 ) (942 ) (245 ) Foreign dividends — 68,684 13,662 Foreign tax credits — (62,815 ) (21,647 ) Impacts related to 2017 Tax Act (1) — — (44,889 ) Changes in uncertain tax positions 3,717 921 983 Other — net 343 (5,216 ) (2,422 ) Income taxes $ 129,960 $ 104,851 $ 80,256 (1) Includes one-time benefit due to re-measurement of net deferred tax liabilities using a lower U.S. corporate tax rate and a reassessment of permanently reinvested earnings of ($79,834), a deemed repatriation tax of $14,512, and a reduction in deferred tax assets with regard to foreign tax credit carryforwards of $20,433. U.S. income taxes have been provided on deemed repatriated earnings of $352,632 related to the Company’s non-U.S. companies as of December 31, 2017 as a result of the enactment of the Tax Act. The Company recorded a net transition tax of $14,512 on the deemed repatriated earnings during the year ended December 31, 2017. Before the Tax Act, U.S. income taxes and foreign withholding taxes had not been provided on earnings of $316,346 and $251,439 that had not been distributed by the Company’s non-U.S. companies as of December 31, 2015 and 2016, respectively. The Company’s intention before enactment of the Tax Act was to permanently reinvest these earnings, thereby indefinitely postponing their remittance to the U.S. While the Company’s investment in foreign subsidiaries continues to be permanent in duration, the Company may periodically repatriate a portion of these earnings to the extent that it does not incur additional U.S. tax liability. The Company considers any excess of the amount for financial reporting over the tax basis of its investment in its foreign subsidiaries to be indefinitely reinvested. At this time, the determination of deferred tax liabilities on this amount is not practicable. Deferred Income Taxes The tax effects of significant temporary differences and tax loss and tax credit carryforwards comprising the net long-term deferred income tax liabilities as of December 31, 2016 and 2017 consisted of the following: December 31, 2016 2017 Deferred liabilities: Theatre properties and equipment $ 176,781 $ 147,208 Intangible asset — other 36,052 30,770 Intangible asset — tradenames 112,747 72,967 Investment in partnerships 107,066 67,449 Total deferred liabilities 432,646 318,394 Deferred assets: Deferred lease expenses 24,026 14,714 Exchange (gain) loss (731 ) 220 Deferred revenue - NCM 130,005 85,816 Capital lease obligations 85,721 67,369 Other tax loss carryforwards 15,883 15,564 Other tax credit carryforwards 48,033 38,436 Other expenses, not currently deductible for tax purposes 11,270 13,801 Total deferred assets 314,207 235,920 Net deferred income tax liability before valuation allowance 118,439 82,474 Valuation allowance against deferred assets – non-current 14,524 35,246 Net deferred income tax liability $ 132,963 $ 117,720 Net deferred tax liability — Foreign $ 7,571 $ 3,073 Net deferred tax liability — U.S. 125,392 114,647 Total $ 132,963 $ 117,720 A significant portion of our foreign tax credit carryforwards expire in 2024. Some foreign net operating losses will expire in the next reporting period; however, some losses may be carried forward indefinitely. State net operating losses may be carried forward for periods of between five and twenty years with the last expiring year being 2037. The Company’s valuation allowance changed from $14,524 at December 31, 2016 to $35,246 at December 31, 2017 (See Note 18). The increase was a result of the Tax Act and its impact on the estimated usage of foreign tax credit carryforwards before their expiration. Uncertain Tax Positions The following is a reconciliation of the total amounts of unrecognized tax benefits excluding interest and penalties, for the years ended December 31, 2015, 2016 and 2017: Year Ended December 31, 2015 2016 2017 Balance at January 1, $ 16,515 $ 17,133 $ 17,403 Gross increases - tax positions in prior periods 40 13 92 Gross decreases - tax positions in prior periods — — (12 ) Gross increases - current period tax positions 2,112 923 265 Settlements (871 ) (924 ) (177 ) Foreign currency translation adjustments (663 ) 258 695 Balance at December 31, $ 17,133 $ 17,403 $ 18,266 The Company had $18,190 and $20,232 of unrecognized tax benefits, including interest and penalties, as of December 31, 2016 and 2017, respectively. Of these amounts, $18,190 and $20,232 represent the amount of unrecognized tax benefits that if recognized would impact the effective income tax rate for the years ended December 31, 2016 and 2017, respectively. The Company had $4,111 and $5,288 accrued for interest and penalties as of December 31, 2016 and 2017, respectively. The Company participates in the consolidated income tax return of Cinemark Holdings, Inc. in the U.S. federal jurisdiction and in certain state and foreign jurisdictions, and is routinely under audit by many different tax authorities. The Company believes that its accrual for tax liabilities is adequate for all open audit years based on its assessment of many factors including past experience and interpretations of tax law. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events. The Company is no longer subject to income tax audits from the Internal Revenue Service for years before 2014. The Company is no longer subject to state income tax examinations by tax authorities in its major state jurisdictions for years before 2013. 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 2005. The Company is currently under audit in the non-U.S. tax jurisdictions of Brazil and Chile. The Company believes that it is reasonably possible that the Chile audit will be completed within the next twelve months. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 15. COMMITMENTS AND CONTINGENCIES Leases — The Company conducts a significant part of its theatre operations in leased properties under noncancelable operating and capital leases with terms generally ranging from 10 to 25 years. In addition to the minimum annual lease payments, some of the leases provide for contingent rentals based on operating results of the theatre and most require the payment of taxes, insurance and other costs applicable to the property. The Company can renew, at its option, a substantial portion of the leases at defined or then market rental rates for various periods. Some leases also provide for escalating rent payments throughout the lease term. A liability for deferred lease expenses of $42,378 and $40,929 at December 31, 2016 and 2017, respectively, has been provided to account for lease expenses on a straight-line basis, where lease payments are not made on such a basis. Theatre rent expense was as follows: Year Ended December 31, 2015 2016 2017 Fixed rent expense $ 240,057 $ 242,927 $ 247,908 Contingent rent and other facility lease expenses 79,704 78,367 80,289 Total facility lease expense $ 319,761 $ 321,294 $ 328,197 Future minimum lease payments under noncancelable operating and capital leases that have initial or remaining terms in excess of one year at December 31, 2017 are due as follows: Operating Capital Leases Leases 2018 $ 253,835 $ 42,832 2019 233,606 42,363 2020 215,265 41,543 2021 197,779 34,584 2022 171,486 32,383 Thereafter 675,567 182,027 Total $ 1,747,538 375,732 Amounts representing interest payments (99,070 ) Present value of future minimum payments 276,662 Current portion of capital lease obligations (25,511 ) Capital lease obligations, less current portion $ 251,151 Employment Agreements — On August 20, 2015, Cinemark Holdings, Inc.’s board of directors announced Mr. Mark Zoradi as the Company’s Chief Executive Officer. Cinemark Holdings, Inc. and Mr. Zoradi entered into an employment agreement effective as of August 24, 2015. Effective March 4, 2016, the Company’s former President and Chief Operating Officer, Robert Copple, resigned with good reason as defined within his employment agreement. The Company paid Mr. Copple the payments and benefits pursuant to the terms set forth in his employment agreement. The Company’s post-termination obligations, such as providing continued participation in the Company’s welfare benefit plans and insurance programs, remain in effect for a limited period of time under the employment agreement. All expenses incurred by the Company in relation to the resignation are reflected in general and administrative expenses for the year ended December 31, 2016. The Company’s employment agreement with Mr. Tim Warner, the Company’s former CEO, terminated on April 1, 2016. As of December 31, 2017, the Company had employment agreements with Lee Roy Mitchell, Mark Zoradi, Sean Gamble, Valmir Fernandes, Michael Cavalier and Rob Carmony. The 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 within the first 90 days of the fiscal year. Effective January 2, 2018, Robert Carmony retired from the Company and his employment agreement was terminated as of that date. Retirement Savings Plan — The Company has a 401(k) retirement savings plan (“401(k) Plan”) for the benefit of all eligible employees and makes matching contributions as determined annually in accordance with the 401(k) Plan. Employer matching contribution payments of $3,187 and $6,380 were made during 2016 (for plan year 2015) and 2017 (for plan years 2016 and 2017), respectively. A liability of approximately $999 has been recorded at December 31, 2017 for employer contribution payments to be made in 2018 for the remaining amounts owed for plan year 2017. Legal Proceedings — The case presents putative class action claims for damages and attorney’s fees arising from employee wage and hour claims under California law for alleged meal period, rest break, reporting time pay, unpaid wages, pay upon termination, and wage statements violations. The claims are also asserted as a representative action under the California Private Attorney General Act (“PAGA”). The Company denies the claims, denies that class certification is appropriate and denies that a PAGA representative action is appropriate, and is vigorously defending against the claims. The Company denies any violation of law and plans to vigorously defend against all claims. The Court determined that class certification is not appropriate and determined that a PAGA representative action is not appropriate. The plaintiff has appealed these rulings. The Ninth Circuit Court of Appeal reversed portions of the ruling and remanded it back to the District Court. The Company is unable to predict the outcome of the litigation or the range of potential loss. Flagship Theatres of Palm Desert, LLC d/b/a Cinemas Palme D’Or v. Century Theatres, Inc., and Cinemark USA, Inc.; Superior Court of the State of California, County of Los Angeles . Plaintiff in this case alleges that the Company violated California antitrust and unfair competition laws by engaging in “circuit dealing” with various motion picture distributors and tortuously interfered with Plaintiff’s business relationships. Plaintiff seeks compensatory damages, trebling of those damages under California law, punitive damages, injunctive relief, attorneys’ fees, costs and interest. Plaintiff also alleges that the Company’s conduct ultimately resulted in closure of its theatre in June 2016. The Company denied the allegations. In 2008, the Company moved for summary judgment on Plaintiff’s claims, arguing primarily that clearances between the theatres at issue were lawful and that Plaintiff lacked proof sufficient to support certain technical elements of its antitrust claims. The trial court granted that motion and dismissed Plaintiff’s claims. Plaintiff appealed and, in 2011, the Court of Appeal reversed, holding, among other things, that Plaintiff’s claims were not about the illegality of clearances but were focused, instead, on “circuit dealing.” Having re-framed the claims in that manner, the Court of Appeal held that the trial court’s decision to limit discovery to the market where the theatres at issue operated was an error, as “circuit dealing” necessarily involves activities in different markets. Upon return to the trial court, the parties engaged in additional, broadened discovery related to Plaintiff’s “circuit dealing” claim. Thereafter, the Company moved again for summary judgment on all of Plaintiff’s claims. That new motion for summary judgment was pending when, on or about April 11, 2014, the trial court granted the Company’s motion for terminating sanctions and entered a judgment dismissing the case with prejudice. Plaintiff then appealed that second dismissal, seeking to have the judgment reversed and the case remanded to the trial court. The Court of Appeal issued a ruling on May 24, 2016, reversing the granting of terminating sanctions and instead imposed a lesser evidentiary and damages preclusion sanction. The case returned to the trial court on October 6, 2016. The Company has denied Plaintiff’s allegations and is vigorously defending these claims. The Company is unable to predict the outcome of this litigation or the range of potential loss. The Company received a Civil Investigative Demand (“CID”) from the Antitrust Division of the United States Department of Justice. The CID relates to an investigation under Sections 1 and 2 of the Sherman Act. The Company also received CIDs from the Antitrust Section of the Office of the Attorney General of the State of Ohio and later from other states regarding similar inquiries under state antitrust laws. The CIDs request the Company to answer interrogatories, and produce documents, or both, related to the investigation of matters including film clearances, potential coordination and/or communication with other major theatre circuits and related joint ventures. The Company intends to fully cooperate with all federal and state government agencies. Although the Company does not believe that it has violated any federal or state antitrust or competition laws, it cannot predict the ultimate scope, duration or outcome of these investigations. From time to time, the Company is involved in other various legal proceedings arising from the ordinary course of its business operations, such as personal injury claims, employment matters, landlord-tenant disputes, patent claims and contractual disputes, some of which are covered by insurance or by indemnification from vendors. The Company believes its potential liability with respect to these types of proceedings currently pending is not material, individually or in the aggregate, to the Company’s financial position, results of operations and cash flows. |
SEGMENTS
SEGMENTS | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
SEGMENTS | 16. SEGMENTS The Company manages its international market and its U.S. market as separate reportable operating segments, with the international segment consisting of operations in Brazil, Argentina, Chile, Colombia, Peru, Ecuador, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Bolivia, Curacao and Paraguay. Each segment’s revenue is derived from admissions and concession sales and other ancillary revenues. The Company uses Adjusted EBITDA, as shown in the reconciliation table below, as the primary measure of segment profit and loss to evaluate performance and allocate its resources. The Company does not report asset information by segment because that information is not used to evaluate the performance or allocate resources between segments. Below is a breakdown of select financial information by reportable operating segment: Year Ended December 31, 2015 2016 2017 Revenues U.S. $ 2,137,733 $ 2,230,693 $ 2,236,237 International 728,735 701,573 769,436 Eliminations (13,859 ) (13,501 ) (14,126 ) Total revenues $ 2,852,609 $ 2,918,765 $ 2,991,547 Adjusted EBITDA (1) U.S. $ 518,165 $ 550,150 $ 559,693 International 166,416 157,690 165,576 Total Adjusted EBITDA $ 684,581 $ 707,840 $ 725,269 Capital expenditures U.S. $ 223,213 $ 242,271 $ 321,040 International 108,513 84,637 59,822 Total capital expenditures $ 331,726 $ 326,908 $ 380,862 (1) Distributions from equity investees are reported entirely within the U.S. operating segment The following table sets forth a reconciliation of net income to Adjusted EBITDA: Year Ended December 31, 2015 2016 2017 Net income $ 220,391 $ 258,513 $ 267,482 Add (deduct): Income taxes 129,960 104,851 80,256 Interest expense (1) 112,741 108,313 105,918 Loss on debt amendments and refinancing 925 13,445 521 Other income (2) (20,041 ) (44,813 ) (43,121 ) Other cash distributions from equity investees (3) 19,027 21,916 25,973 Depreciation and amortization 189,206 209,071 237,513 Impairment of long-lived assets 8,801 2,836 15,084 Loss on sale of assets and other 8,143 20,459 22,812 Deferred lease expenses (1,806 ) (990 ) (1,268 ) Amortization of long-term prepaid rents 2,361 1,826 2,274 Share based awards compensation expense 14,873 12,413 11,825 Adjusted EBITDA $ 684,581 $ 707,840 $ 725,269 (1) Includes amortization of debt issue costs. (2) Includes interest income, foreign currency exchange gain (loss), and equity in income of affiliates and excludes distributions from NCM. (3) Includes distributions received from equity investees that were recorded as a reduction of the respective investment balances. Financial Information About Geographic Area Below is a breakdown of select financial information by geographic area: Year Ended December 31, 2015 2016 2017 Revenues U.S. $ 2,137,733 $ 2,230,693 $ 2,236,237 Brazil 291,959 304,407 341,485 Other international countries 436,776 397,166 427,951 Eliminations (13,859 ) (13,501 ) (14,126 ) Total $ 2,852,609 $ 2,918,765 $ 2,991,547 December 31, 2016 December 31, 2017 Theatre Properties and Equipment-net U.S. $ 1,306,643 $ 1,439,168 Brazil 197,896 179,669 Other international countries 199,997 209,217 Total $ 1,704,536 $ 1,828,054 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 17. RELATED PARTY TRANSACTIONS The Company manages theatres for Laredo Theatres, Ltd. (“Laredo”). The Company is the sole general partner and owns 75% of the limited partnership interests of Laredo. Lone Star Theatres, Inc. owns the remaining 25% of the limited partnership interests in Laredo and is 100% owned by Mr. David Roberts, Lee Roy Mitchell’s son-in-law. Lee Roy Mitchell is Cinemark Holdings, Inc.’s Chairman of the Board and directly and indirectly owns approximately 8% of Cinemark Holdings, Inc.’s common stock. Under the agreement, management fees are paid by Laredo to the Company at a rate of 5% of annual theatre revenues up to $50,000 and 3% of annual theatre revenues in excess of $50,000. The Company recorded $567, $506 and $586 of management fee revenues during the years ended December 31, 2015, 2016 and 2017, respectively. All such amounts are included in the Company’s consolidated financial statements with the intercompany amounts eliminated in consolidation. The Company has an Aircraft Time Sharing Agreement with Copper Beech Capital, LLC to use, on occasion, a private aircraft owned by Copper Beech Capital, LLC. Copper Beech Capital, LLC is owned by Mr. Mitchell and his wife, Tandy Mitchell. The private aircraft is used by Mr. Mitchell and other executives who accompany Mr. Mitchell to business meetings for the Company. The Company reimburses Copper Beech Capital, LLC the actual costs of fuel usage and the expenses of the pilots, landing fees, storage fees and similar expenses incurred during the trip. For the years ended December 31, 2015, 2016 and 2017, the aggregate amounts paid to Copper Beech Capital, LLC for the use of the aircraft was approximately $410, $110 and $131, respectively. The Company held an event for its employees and their families at Pinstack in December of 2016. Pinstack is majority-owned by Mr. Mitchell and his wife, Tandy Mitchell. In connection with the event, the Company paid Pinstack approximately $70. The Company currently leases 14 theatres and one parking facility from Syufy Enterprises, LP (“Syufy”) or affiliates of Syufy. Raymond Syufy is one of Cinemark Holdings, Inc.’s directors and is an officer of the general partner of Syufy. Of these 15 leases, 14 have fixed minimum annual rent. The one lease without minimum annual rent has rent based upon a specified percentage of gross sales as defined in the lease. For the years ended December 31, 2015, 2016 and 2017, the Company paid total rent of approximately $20,581, $21,124 and $22,483, respectively, to Syufy. The Company has paid certain fees and expenses on behalf of its parent, Cinemark Holdings, Inc. and Cinemark Holdings, Inc. has paid income taxes on behalf of the Company. The Company paid cash dividends to Cinemark Holdings, Inc. of $115,225, $124,900 and $134,500 during the years ended December 31, 2015, 2016 and 2017, respectively. Additionally, the Company made a noncash distribution to Cinemark Holdings, Inc. of $17,935 during the year ended December 31, 2015 related to expenses paid on behalf of Cinemark Holdings, Inc. The Company had a receivable from Cinemark Holdings, Inc. of $10,080 and $14,581 as of December 31, 2016 and 2017, respectively. |
VALUATION AND QUALIFYING ACCOUN
VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2017 | |
Valuation And Qualifying Accounts [Abstract] | |
VALUATION AND QUALIFYING ACCOUNTS | 18. VALUATION AND QUALIFYING ACCOUNTS The Company’s valuation allowance for deferred tax assets for the years ended December 31, 2015, 2016 and 2017 were as follows: Valuation Allowance for Deferred Taxes Balance at January 1, 2015 $ 52,873 Additions 437 Deductions (2,674 ) Balance at December 31, 2015 $ 50,636 Additions 483 Deductions (36,595 ) Balance at December 31, 2016 $ 14,524 Additions ( 1 ) 21,347 Deductions (625 ) Balance at December 31, 2017 $ 35,246 (1) A valuation allowance was provided against certain deferred tax assets arising from carryforwards of unused foreign tax credit benefits. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information of Subsidiary Guarantors | 12 Months Ended |
Dec. 31, 2017 | |
Statement Of Financial Position [Abstract] | |
Condensed Consolidating Financial Information of Subsidiary Guarantors | 19. Condensed Consolidating Financial Information of Subsidiary Guarantors As of December 31, 2017, the Company had outstanding $400,000 aggregate principal amount of 5.125% senior notes due 2022, or the 5.125% Senior Notes, and $755,000 aggregate principal amount of 4.875% senior notes due 2023, or the 4.875% Senior Notes, (collectively the “Notes”). These Notes are fully and unconditionally guaranteed on a joint and several senior unsecured basis by the following subsidiaries of Cinemark USA, Inc.: Sunnymead Cinema Corp., Cinemark Properties, Inc., Greeley Holdings, Inc., Cinemark Partners I, Inc., CNMK Investments, Inc., CNMK Texas Properties, LLC., Cinemark Concessions LLC, Century Theatres, Inc., Marin Theatre Management, LLC, Century Theatres NG, LLC, Cinearts LLC, Cinearts Sacramento, LLC, Corte Madera Theatres, LLC, Novato Theatres, LLC, San Rafael Theatres, LLC, Northbay Theatres, LLC, Century Theatres Summit Sierra, LLC and Century Theatres Seattle, LLC. The following supplemental condensed consolidating financial information presents: a. Condensed consolidating balance sheet information as of December 31, 2016 and December 31, 2017 and condensed consolidating statements of income information, condensed consolidating statements of comprehensive income information and condensed consolidating statements of cash flows information for the years ended December 31, 2015, 2016 and 2017. b. Cinemark USA, Inc. (the “Parent” and “Issuer”), combined Guarantor Subsidiaries and combined Non-Guarantor Subsidiaries with their investments in subsidiaries accounted for using the equity method of accounting and therefore, the Parent column reflects the equity income of its Guarantor Subsidiaries and Non-Guarantor Subsidiaries, which are also separately reflected in the stand-alone Guarantor Subsidiaries and Non-Guarantor Subsidiaries column. Additionally, the Guarantor Subsidiaries column reflects the equity income (loss) of its Non-Guarantor Subsidiaries, which are also separately reflected in the stand-alone Non-Guarantor Subsidiaries column. c. Elimination entries necessary to consolidate the Parent and all of its Subsidiaries CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION DECEMBER 31, 2016 Parent Subsidiary Subsidiary Company Guarantors Non-Guarantors Eliminations Consolidated (In thousands) Assets Current assets Cash and cash equivalents $ 146,855 $ 281,023 $ 133,260 $ — $ 561,138 Other current assets 62,425 15,098 71,706 (34,154 ) 115,075 Accounts receivable from parent or subsidiaries 76,550 121,478 (187,948 ) 10,080 Total current assets 285,830 417,599 204,966 (222,102 ) 686,293 Theatre properties and equipment - net 604,506 678,984 421,046 — 1,704,536 Investment in subsidiaries 1,570,592 132,892 — (1,703,484 ) — Other assets 1,409,320 134,284 488,535 (106,359 ) 1,925,780 Total assets $ 3,870,248 $ 1,363,759 $ 1,114,547 $ (2,031,945 ) $ 4,316,609 Liabilities and equity Current liabilities Current portion of long-term debt $ 4,282 $ — $ 1,409 $ (20 ) $ 5,671 Current portion of capital lease obligations 7,903 9,541 3,695 — 21,139 Accounts payable and accrued expenses 197,789 121,640 113,020 (16,457 ) 415,992 Accounts payable to parent or subsidiaries — — 187,948 (187,948 ) — Total current liabilities 209,974 131,181 306,072 (204,425 ) 442,802 Long-term liabilities Long-term debt, less current portion 1,879,663 — 12,600 (109,822 ) 1,782,441 Capital lease obligations, less current portion 124,944 71,228 38,109 — 234,281 Other long-term liabilities and deferrals 382,729 84,429 120,061 (14,214 ) 573,005 Total long-term liabilities 2,387,336 155,657 170,770 (124,036 ) 2,589,727 Commitments and contingencies Equity Cinemark USA, Inc.'s stockholder's equity: Common stock 49,543 457,368 10,239 (467,607 ) 49,543 Other stockholder's equity 1,223,395 619,553 616,324 (1,235,877 ) 1,223,395 Total Cinemark USA, Inc. stockholder's equity 1,272,938 1,076,921 626,563 (1,703,484 ) 1,272,938 Noncontrolling interests — — 11,142 — 11,142 Total equity 1,272,938 1,076,921 637,705 (1,703,484 ) 1,284,080 Total liabilities and equity $ 3,870,248 $ 1,363,759 $ 1,114,547 $ (2,031,945 ) $ 4,316,609 CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION DECEMBER 31, 2017 Parent Subsidiary Subsidiary Company Guarantors Non-Guarantors Eliminations Consolidated (In thousands) Assets Current assets Cash and cash equivalents $ 130,590 $ 180,623 $ 211,202 $ — $ 522,415 Other current assets 59,661 17,841 76,789 (19,270 ) 135,021 Accounts receivable from parent or subsidiaries 117,972 119,616 — (223,007 ) 14,581 Total current assets 308,223 318,080 287,991 (242,277 ) 672,017 Theatre properties and equipment - net 650,783 765,500 411,771 — 1,828,054 Investment in subsidiaries 1,691,626 121,795 — (1,813,421 ) — Other assets 1,427,328 134,845 536,816 (113,720 ) 1,985,269 Total assets $ 4,077,960 $ 1,340,220 $ 1,236,578 $ (2,169,418 ) $ 4,485,340 Liabilities and equity Current liabilities Current portion of long-term debt $ 5,710 $ — $ 1,389 $ — $ 7,099 Current portion of capital lease obligations 9,532 11,124 4,855 — 25,511 Accounts payable and accrued expenses 215,580 116,409 110,089 (6,402 ) 435,676 Accounts payable to parent or subsidiaries — — 223,007 (223,007 ) — Total current liabilities 230,822 127,533 339,340 (229,409 ) 468,286 Long-term liabilities Long-term debt, less current portion 1,878,992 — 11,211 (109,822 ) 1,780,381 Capital lease obligations, less current portion 132,189 75,767 43,195 — 251,151 Other long-term liabilities and deferrals 426,355 60,567 93,871 (16,766 ) 564,027 Total long-term liabilities 2,437,536 136,334 148,277 (126,588 ) 2,595,559 Commitments and contingencies Equity Cinemark USA, Inc.'s stockholder's equity: Common stock 49,543 457,368 10,238 (467,606 ) 49,543 Other stockholder's equity 1,360,059 618,985 726,830 (1,345,815 ) 1,360,059 Total Cinemark USA, Inc. stockholder's equity 1,409,602 1,076,353 737,068 (1,813,421 ) 1,409,602 Noncontrolling interests — — 11,893 — 11,893 Total equity 1,409,602 1,076,353 748,961 (1,813,421 ) 1,421,495 Total liabilities and equity $ 4,077,960 $ 1,340,220 $ 1,236,578 $ (2,169,418 ) $ 4,485,340 CONDENSED CONSOLIDATING STATEMENT OF INCOME INFORMATION YEAR ENDED DECEMBER 31, 2015 Parent Subsidiary Subsidiary Company Guarantors Non-Guarantors Eliminations Consolidated (In thousands) Revenues $ 959,347 $ 1,178,873 $ 764,631 $ (50,242 ) $ 2,852,609 Cost of operations Theatre operating expenses 767,446 804,236 545,131 (50,242 ) 2,066,571 General and administrative expenses 16,152 81,240 56,660 — 154,052 Depreciation and amortization 59,759 73,708 55,739 — 189,206 Impairment of long-lived assets 6,445 1,600 756 — 8,801 (Gain) loss on sale of assets and other 6,191 3,728 (1,776 ) — 8,143 Total cost of operations 855,993 964,512 656,510 (50,242 ) 2,426,773 Operating income 103,354 214,361 108,121 — 425,836 Other income (expense) Interest expense (100,608 ) (8,500 ) (4,009 ) 376 (112,741 ) Loss on debt amendments and refinancing (925 ) — — — (925 ) Distributions from NCM 2,116 — 16,024 — 18,140 Equity in income of affiliates 217,567 55,082 27,262 (271,785 ) 28,126 Other income (expense) 200 20 (7,929 ) (376 ) (8,085 ) Total other income 118,350 46,602 31,348 (271,785 ) (75,485 ) Income before income taxes 221,704 260,963 139,469 (271,785 ) 350,351 Income taxes 3,172 79,131 47,657 — 129,960 Net income 218,532 181,832 91,812 (271,785 ) 220,391 Less: Net income attributable to noncontrolling interests — — 1,859 — 1,859 Net income attributable to Cinemark USA, Inc. $ 218,532 $ 181,832 $ 89,953 $ (271,785 ) $ 218,532 CONDENSED CONSOLIDATING STATEMENT OF INCOME INFORMATION YEAR ENDED DECEMBER 31, 2016 Parent Subsidiary Subsidiary Company Guarantors Non-Guarantors Eliminations Consolidated (In thousands) Revenues $ 1,014,713 $ 1,219,218 $ 737,981 $ (53,147 ) $ 2,918,765 Cost of operations Theatre operating expenses 804,041 828,905 540,310 (53,147 ) 2,120,109 General and administrative expenses 13,085 84,453 43,099 — 140,637 Depreciation and amortization 70,654 79,139 59,278 — 209,071 Impairment of long-lived assets 1,929 — 907 — 2,836 Loss on sale of assets and other 5,613 13,759 1,087 20,459 Total cost of operations 895,322 1,006,256 644,681 (53,147 ) 2,493,112 Operating income 119,391 212,962 93,300 — 425,653 Other income (expense) Interest expense (96,442 ) (7,538 ) (5,642 ) 1,309 (108,313 ) Loss on debt amendments and refinancing (13,445 ) — — — (13,445 ) Distributions from NCM 1,414 — 13,242 — 14,656 Equity in income of affiliates 245,010 58,528 30,370 (301,946 ) 31,962 Other income 351 19 13,790 (1,309 ) 12,851 Total other income (expense) 136,888 51,009 51,760 (301,946 ) (62,289 ) Income before income taxes 256,279 263,971 145,060 (301,946 ) 363,364 Income taxes (498 ) 52,277 53,072 — 104,851 Net income 256,777 211,694 91,988 (301,946 ) 258,513 Less: Net income attributable to noncontrolling interests — — 1,736 — 1,736 Net income attributable to Cinemark USA, Inc. $ 256,777 $ 211,694 $ 90,252 $ (301,946 ) $ 256,777 CONDENSED CONSOLIDATING STATEMENT OF INCOME INFORMATION YEAR ENDED DECEMBER 31, 2017 Parent Subsidiary Subsidiary Company Guarantors Non-Guarantors Eliminations Consolidated (In thousands) Revenues $ 1,013,960 $ 1,220,993 $ 807,350 $ (50,756 ) $ 2,991,547 Cost of operations Theatre operating expenses 795,976 834,135 591,223 (50,756 ) 2,170,578 General and administrative expenses 13,176 82,955 54,780 — 150,911 Depreciation and amortization 79,676 87,463 70,374 — 237,513 Impairment of long-lived assets 3,725 1,502 9,857 — 15,084 Loss on sale of assets and other 16,895 3,372 2,545 — 22,812 Total cost of operations 909,448 1,009,427 728,779 (50,756 ) 2,596,898 Operating income 104,512 211,566 78,571 — 394,649 Other income (expense) Interest expense (94,229 ) (7,675 ) (5,447 ) 1,433 (105,918 ) Loss on debt amendments and refinancing (521 ) — — — (521 ) Distributions from NCM — — 16,407 — 16,407 Equity in income of affiliates 255,594 16,838 33,742 (270,189 ) 35,985 Other income 2,475 1,040 5,054 (1,433 ) 7,136 Total other income 163,319 10,203 49,756 (270,189 ) (46,911 ) Income before income taxes 267,831 221,769 128,327 (270,189 ) 347,738 Income taxes 2,188 69,770 8,298 — 80,256 Net income 265,643 151,999 120,029 (270,189 ) 267,482 Less: Net income attributable to noncontrolling interests — — 1,839 — 1,839 Net income attributable to Cinemark USA, Inc. $ 265,643 $ 151,999 $ 118,190 $ (270,189 ) $ 265,643 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME INFORMATION YEAR ENDED DECEMBER 31, 2015 Parent Subsidiary Subsidiary Company Guarantors Non-Guarantors Eliminations Consolidated (In thousands) Net income $ 218,532 $ 181,832 $ 91,812 $ (271,785 ) $ 220,391 Other comprehensive income (loss), net of tax Unrealized gain due to fair value adjustments on interest rate swap agreements, net of settlements, net of taxes of $1,562 2,636 — — — 2,636 Unrealized loss due to fair value adjustments on available-for-sale securities, net of taxes of $572 (957 ) — — — (957 ) Other comprehensive loss of equity method investments (3,119 ) — (3,086 ) 3,086 (3,119 ) Foreign currency translation adjustments (125,474 ) — (125,512 ) 125,474 (125,512 ) Total other comprehensive income, net of tax (126,914 ) — (128,598 ) 128,560 (126,952 ) Total comprehensive income, net of tax $ 91,618 $ 181,832 $ (36,786 ) $ (143,225 ) $ 93,439 Comprehensive income attributable to noncontrolling interests — — (1,821 ) — (1,821 ) Comprehensive income attributable to Cinemark USA, Inc. $ 91,618 $ 181,832 $ (38,607 ) $ (143,225 ) $ 91,618 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME INFORMATION YEAR ENDED DECEMBER 31, 2016 Parent Subsidiary Subsidiary Company Guarantors Non-Guarantors Eliminations Consolidated (In thousands) Net income $ 256,777 $ 211,694 $ 91,988 $ (301,946 ) $ 258,513 Other comprehensive income, net of tax Unrealized gain due to fair value adjustments on interest rate swap agreements, net of settlements, net of taxes of $138 234 — — — 234 Other comprehensive income of equity method investments 89 — 89 (89 ) 89 Foreign currency translation adjustments 26,361 — 26,394 (26,361 ) 26,394 Total other comprehensive income, net of tax 26,684 — 26,483 (26,450 ) 26,717 Total comprehensive income, net of tax $ 283,461 $ 211,694 $ 118,471 $ (328,396 ) $ 285,230 Comprehensive income attributable to noncontrolling interests — — (1,769 ) — (1,769 ) Comprehensive income attributable to Cinemark USA, Inc. $ 283,461 $ 211,694 $ 116,702 $ (328,396 ) $ 283,461 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME INFORMATION YEAR ENDED DECEMBER 31, 2017 Parent Subsidiary Subsidiary Company Guarantors Non-Guarantors Eliminations Consolidated (In thousands) Net income $ 265,643 $ 151,999 $ 120,029 $ (270,189 ) $ 267,482 Other comprehensive income (loss), net of tax Other comprehensive income of equity method investments 248 — 248 (248 ) 248 Foreign currency translation adjustments (4,966 ) — (4,966 ) 4,966 (4,966 ) Total other comprehensive loss, net of tax (4,718 ) — (4,718 ) 4,718 (4,718 ) Total comprehensive income, net of tax $ 260,925 $ 151,999 $ 115,311 $ (265,471 ) $ 262,764 Comprehensive income attributable to noncontrolling interests — — (1,839 ) — (1,839 ) Comprehensive income attributable to Cinemark USA, Inc. $ 260,925 $ 151,999 $ 113,472 $ (265,471 ) $ 260,925 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION YEAR ENDED DECEMBER 31, 2015 Parent Subsidiary Subsidiary Company Guarantors Non-Guarantors Eliminations Consolidated (In thousands) Operating activities Net income $ 218,532 $ 181,832 $ 91,812 $ (271,785 ) $ 220,391 Adjustments to reconcile net income to cash provided by operating activities (142,602 ) 39,156 43,223 271,785 211,562 Changes in assets and liabilities 67,253 (67,850 ) 23,869 — 23,272 Net cash provided by operating activities 143,183 153,138 158,904 — 455,225 Investing activities Additions to theatre properties and equipment (98,193 ) (121,605 ) (111,928 ) — (331,726 ) Proceeds from sale of theatre properties and equipment and other 2,737 5,264 1,965 — 9,966 Acquisition of theatre in Brazil — — (2,651 ) — (2,651 ) Dividends received from subsidiaries 1,685 15 — (1,700 ) Intercompany note issuances (3,500 ) — (100,000 ) 103,500 — Investment in joint ventures and other (518 ) — (3,211 ) 18 (3,711 ) Net cash used for investing activities (97,789 ) (116,326 ) (215,825 ) 101,818 (328,122 ) Financing activities Dividends paid to parent (115,225 ) (1,700 ) — 1,700 (115,225 ) Repayments of long-term debt (8,385 ) — (35 ) — (8,420 ) Payments of debt issue costs (6,957 ) — — — (6,957 ) Payments on capital leases (5,389 ) (9,120 ) (2,004 ) — (16,513 ) Intercompany loan proceeds 100,000 — 3,518 (103,518 ) Other 2,421 (4,770 ) (1,045 ) — (3,394 ) Net cash provided by (used for) financing activities (33,535 ) (15,590 ) 434 (101,818 ) (150,509 ) Effect of exchange rate changes on cash and cash equivalents — — (26,932 ) — (26,932 ) Increase (decrease) in cash and cash equivalents 11,859 21,222 (83,419 ) — (50,338 ) Cash and cash equivalents: Beginning of year 129,505 74,643 434,693 — 638,841 End of year $ 141,364 $ 95,865 $ 351,274 $ — $ 588,503 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION YEAR ENDED DECEMBER 31, 2016 Parent Subsidiary Subsidiary Company Guarantors Non-Guarantors Eliminations Consolidated (In thousands) Operating activities Net income $ 256,777 $ 211,694 $ 91,988 $ (301,946 ) $ 258,513 Adjustments to reconcile net income to cash provided by operating activities (189,223 ) 55,128 53,381 301,946 221,232 Changes in assets and liabilities 154,085 (164,005 ) (18,642 ) — (28,562 ) Net cash provided by operating activities 221,639 102,817 126,727 — 451,183 Investing activities Additions to theatre properties and equipment (108,439 ) (130,843 ) (87,626 ) — (326,908 ) Acquisition of theatres in the U.S. (15,300 ) — — — (15,300 ) Acquisition of screen advertising business — — (1,450 ) — (1,450 ) Proceeds from sale of theatre properties and equipment and other 2,912 374 284 — 3,570 Proceeds from sale of marketable securities 13,451 — — — 13,451 Intercompany note issuances (4,455 ) — — 4,455 Dividends received from subsidiaries 26,033 229,649 — (255,682 ) — Investment in joint ventures and other (1,000 ) — (132 ) — (1,132 ) Net cash provided by (used for) investing activities (86,798 ) 99,180 (88,924 ) (251,227 ) (327,769 ) Financing activities Dividends paid to parent (124,900 ) — (255,682 ) 255,682 (124,900 ) Proceeds from issuance of Senior Notes, net of discount 222,750 — — — 222,750 Retirement of Senior Subordinated Notes (200,000 ) — — — (200,000 ) Repayments of long-term debt (15,201 ) — (1,404 ) — (16,605 ) Payments of debt issue costs (7,217 ) — — — (7,217 ) Intercompany loan proceeds — — 4,455 (4,455 ) Payments on capital leases (6,645 ) (10,005 ) (2,693 ) — (19,343 ) Other 1,863 (6,834 ) (1,759 ) — (6,730 ) Net cash used for financing activities (129,350 ) (16,839 ) (257,083 ) 251,227 (152,045 ) Effect of exchange rate changes on cash and cash equivalents — — 1,266 — 1,266 Increase (decrease) in cash and cash equivalents 5,491 185,158 (218,014 ) — (27,365 ) Cash and cash equivalents: Beginning of year 141,364 95,865 351,274 — 588,503 End of year $ 146,855 $ 281,023 $ 133,260 $ — $ 561,138 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION YEAR ENDED DECEMBER 31, 2017 Parent Subsidiary Subsidiary Company Guarantors Non-Guarantors Eliminations Consolidated (In thousands) Operating activities Net income $ 265,643 $ 151,999 $ 120,029 $ (270,189 ) $ 267,482 Adjustments to reconcile net income to cash provided by operating activities (123,080 ) 71,023 33,515 270,189 251,647 Changes in assets and liabilities 18,223 (35,138 ) 25,649 — 8,734 Net cash (used for) provided by operating activities 160,786 187,884 179,193 — 527,863 Investing activities Additions to theatre properties and equipment (146,385 ) (172,874 ) (61,603 ) — (380,862 ) Acquisition of theatres in the U.S. and international markets, net of cash acquired (12,500 ) — (28,497 ) — (40,997 ) Proceeds from sale of theatre properties and equipment and other 2,149 12,271 678 — 15,098 Dividends received from subsidiaries 127,600 1,873 — (129,473 ) — Investment in joint ventures and other — (104 ) (3,611 ) — (3,715 ) Net cash provided by (used for) investing activities (29,136 ) (158,834 ) (93,033 ) (129,473 ) (410,476 ) Financing activities Dividends paid to parent (134,500 ) (127,000 ) (2,473 ) 129,473 (134,500 ) Repayments of long-term debt (4,282 ) — (1,389 ) — (5,671 ) Payments on capital leases (7,952 ) (9,707 ) (4,066 ) — (21,725 ) Proceeds from financing lease — 10,200 — — 10,200 Other (1,181 ) (2,943 ) (1,088 ) — (5,212 ) Net cash used for financing activities (147,915 ) (129,450 ) (9,016 ) 129,473 (156,908 ) Effect of exchange rate changes on cash and cash equivalents — — 798 — 798 Increase (decrease) in cash and cash equivalents (16,265 ) (100,400 ) 77,942 — (38,723 ) Cash and cash equivalents: Beginning of year 146,855 281,023 133,260 — 561,138 End of year $ 130,590 $ 180,623 $ 211,202 $ — $ 522,415 |
Unaudited Supplemental Schedule
Unaudited Supplemental Schedules | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Financial Information For Indentures [Abstract] | |
Unaudited Supplemental Schedules | UNAUDITED SUPPLEMENTAL SCHEDULES As required by the indentures governing the Company’s 5.125% Senior Notes and 4.875% Senior Notes (collectively the “Notes”), the Company has included in this filing, financial information for its subsidiaries that have been designated as unrestricted subsidiaries as defined by the indentures. As required by the indentures governing the Notes, the Company has included a condensed consolidating balance sheet and condensed consolidating statements of income, comprehensive income and cash flows for the Company and its subsidiaries. These supplementary schedules separately identify the Company’s restricted subsidiaries and unrestricted subsidiaries as required by the indentures. CINEMARK USA, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION DECEMBER 31, 2017 (In thousands) Restricted Unrestricted Group Group Eliminations Consolidated Assets Current assets Cash and cash equivalents $ 461,518 $ 60,897 $ — $ 522,415 Other current assets 276,373 (126,494 ) (277 ) 149,602 Total current assets 737,891 (65,597 ) (277 ) 672,017 Theatre properties and equipment, net 1,828,054 — — 1,828,054 Other assets 1,823,787 488,501 (327,019 ) 1,985,269 Total assets $ 4,389,732 $ 422,904 $ (327,296 ) $ 4,485,340 Liabilities and equity Current liabilities Current portion of long-term debt $ 5,710 $ 1,389 $ — $ 7,099 Current portion of capital lease obligations 25,511 — — 25,511 Accounts payable and accrued expenses 435,951 2 (277 ) 435,676 Total current liabilities 467,172 1,391 (277 ) 468,286 Long-term liabilities Long-term debt, less current portion 1,998,992 1,389 (220,000 ) 1,780,381 Capital lease obligations, less current portion 251,151 — — 251,151 Other long-term liabilities and deferrals 501,030 62,997 — 564,027 Total long-term liabilities 2,751,173 64,386 (220,000 ) 2,595,559 Commitments and contingencies Equity 1,171,387 357,127 (107,019 ) 1,421,495 Total liabilities and equity $ 4,389,732 $ 422,904 $ (327,296 ) $ 4,485,340 Note: "Restricted Group" and "Unrestricted Group" are defined in the indentures for the senior notes. CINEMARK USA, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF INCOME INFORMATION YEAR ENDED DECEMBER 31, 2017 (In thousands) Restricted Unrestricted Group Group Eliminations Consolidated Revenues $ 2,991,547 $ — $ — $ 2,991,547 Cost of operations — Theatre operating costs 2,170,578 — — 2,170,578 General and administrative expenses 150,896 15 — 150,911 Depreciation and amortization 237,513 — — 237,513 Impairment of long-lived assets 15,084 — — 15,084 Loss on sale of assets and other 22,812 — — 22,812 Total cost of operations 2,596,883 15 — 2,596,898 Operating income (loss) 394,664 (15 ) — 394,649 Other income (expense) (123,960 ) 77,049 — (46,911 ) Income before income taxes 270,704 77,034 — 347,738 Income taxes 88,618 (8,362 ) — 80,256 Net income 182,086 85,396 — 267,482 Less: Net income attributable to noncontrolling interests 1,839 — — 1,839 Net income attributable to Cinemark USA, Inc. $ 180,247 $ 85,396 $ — $ 265,643 Note: "Restricted Group" and "Unrestricted Group" are defined in the indentures for the senior notes. CINEMARK USA, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME INFORMATION YEAR ENDED DECEMBER 31, 2017 (In thousands) Restricted Unrestricted Group Group Eliminations Consolidated Net income $ 182,086 $ 85,396 $ — $ 267,482 Other comprehensive income, net of tax Other comprehensive income in equity method investments — 248 — 248 Foreign currency translation adjustments (4,966 ) — — (4,966 ) Total other comprehensive income (loss), net of tax (4,966 ) 248 — (4,718 ) Total comprehensive income, net of tax 177,120 85,644 — 262,764 Comprehensive income attributable to noncontrolling interests (1,839 ) — — (1,839 ) Comprehensive income attributable to Cinemark USA, Inc. $ 175,281 $ 85,644 $ — $ 260,925 Note: "Restricted Group" and "Unrestricted Group" are defined in the indentures for the senior notes. CINEMARK USA, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION YEAR ENDED DECEMBER 31, 2017 (In thousands) Restricted Unrestricted Group Group Eliminations Consolidated Operating activities Net income $ 182,086 $ 85,396 $ — $ 267,482 Adjustments to reconcile net income to cash provided by operating activities 246,820 4,827 — 251,647 Changes in assets and liabilities 34,233 (25,499 ) — 8,734 Net cash provided by operating activities 463,139 64,724 — 527,863 Investing activities Additions to theatre properties and equipment and other (380,862 ) — — (380,862 ) Acquisition of theatres in the U.S. and international markets, net of cash acquired (40,997 ) — — (40,997 ) Proceeds from sale of theatre properties and equipment and other 15,098 — — 15,098 Investment in joint ventures and other (103 ) (3,612 ) — (3,715 ) Net cash used for investing activities (406,864 ) (3,612 ) — (410,476 ) Financing activities Dividends paid to parent (134,500 ) — — (134,500 ) Repayments of long-term debt (4,282 ) (1,389 ) — (5,671 ) Payments on capital leases (21,725 ) — — (21,725 ) Other 4,988 — — 4,988 Net cash used for financing activities (155,519 ) (1,389 ) — (156,908 ) Effect of exchange rate changes on cash and cash equivalents 798 — — 798 Increase (decrease) in cash and cash equivalents (98,446 ) 59,723 — (38,723 ) Cash and cash equivalents: Beginning of year 559,964 1,174 — 561,138 End of year $ 461,518 $ 60,897 $ — $ 522,415 Note: "Restricted Group" and "Unrestricted Group" are defined in the indentures for the senior notes. |
SUMMARY OF SIGNIFICANT ACCOUN30
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Business | Business — Cinemark USA, Inc. and subsidiaries (the “Company”), a wholly-owned subsidiary of Cinemark Holdings, Inc., operates in the motion picture exhibition industry, with theatres in the United States (“U.S.”), Brazil, Argentina, Chile, Colombia, Peru, Ecuador, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Bolivia, Curaçao and Paraguay. |
Principles of Consolidation | Principles of Consolidation — The consolidated financial statements include the accounts of Cinemark USA, Inc. and its subsidiaries. Majority-owned subsidiaries that the Company has control of are consolidated while those affiliates of which the Company owns between 20% and 50% and does not control are accounted for under the equity method. Those affiliates of which the Company owns less than 20% are generally accounted for under the cost method, unless the Company is deemed to have the ability to exercise significant influence over the affiliate, in which case the Company would account for its investment under the equity method. The results of these equity method investees are included in the consolidated financial statements effective with their formation or from their dates of acquisition. Intercompany balances and transactions are eliminated in consolidation. |
Cash and Cash Equivalents | Cash and Cash Equivalents — Cash and cash equivalents consist of operating funds held in financial institutions, petty cash held by the theatres and highly liquid investments with original maturities of three months or less when purchased. Cash investments are primarily in money market funds or other similar funds. |
Accounts Receivable | Accounts Receivable – Accounts receivable, which are recorded at net realizable value, consist primarily of receivables related to screen advertising, receivables related to discounted tickets sold to retail locations, receivables from landlords related to theatre construction and remodels, rebates earned from the Company’s concession vendors and value-added and other non-income tax receivables. |
Inventories | Inventories — Concession and theatre supplies inventories are stated at the lower of cost (first-in, first-out method) or market. |
Theatre Properties and Equipment | Theatre Properties and Equipment — Theatre properties and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is provided using the straight-line method over the estimated useful lives of the assets as follows: Category Useful Life Buildings on owned land 40 years Buildings on leased land Lesser of lease term or useful life Land and buildings under capital lease (1) Lesser of lease term or useful life Theatre furniture and equipment 3 to 15 years Leasehold improvements Lesser of lease term or useful life (1) The Company reviews 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. The Company also performs a full quantitative impairment evaluation on an annual basis. The Company considers actual theatre level cash flows, budgeted theatre level cash flows, theatre property and equipment carrying values, amortizing intangible asset carrying values, the age of a recently built theatre, competitive theatres in the marketplace, the impact of recent ticket price changes, the impact of recent theatre remodels or other substantial improvements, available lease renewal options and other factors considered relevant in its assessment of impairment of individual theatre assets. Long-lived assets are evaluated for impairment on an individual theatre basis, which the Company believes is the lowest applicable level for which there are identifiable cash flows. The impairment evaluation is based on the 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 available remaining lease period, which includes the probability the exercise of available renewal periods or extensions, for leased properties and the lesser of twenty years or the building’s remaining useful life for fee-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 the estimated fair value is determined to be lower than the carrying value of the asset group, the asset group is written down to its estimated fair value. Significant judgment is involved in estimating cash flows and fair value. Management’s estimates, which fall under Level 3 of the U.S. GAAP fair value hierarchy as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820-10-35, are based on historical and projected operating performance, recent market transactions and current industry trading multiples. Fair value is determined based on a multiple of cash flows, which was six and a half times for the evaluations performed during 2015, 2016 and 2017. The long-lived asset impairment charges recorded during each of the periods presented are specific to theatres that were directly and individually impacted by increased competition, adverse changes in market demographics, or adverse changes in the development or the conditions of the areas surrounding the theatre. See Note 6. |
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. Management considers the reporting unit to be each of its nineteen regions in the U.S. and seven countries internationally with Honduras, El Salvador, Nicaragua, Costa Rica, Panama and Guatemala considered one reporting unit (the Company does not have goodwill recorded for all of its international locations). Significant judgment is involved in estimating cash flows and fair value. 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. Fair value is determined based on a multiple of estimated cash flows, which was eight times, for the evaluations performed during 2015 and 2017. During the year ended December 31, 2015, the Company performed a qualitative goodwill impairment assessment on all reporting units except one, in accordance with ASU 2011-08 Testing Goodwill for Impairment During the year ended December 31, 2016, the Company performed a qualitative goodwill impairment assessment on all reporting units. Based on the qualitative assessment performed, the Company determined that it was not more likely than not that the fair value of the reporting units were less than their carrying values. During the year ended December 31, 2017, the Company performed a quantitative goodwill impairment assessment for all reporting units. As of December 31, 2017, the estimated fair value of the Company’s goodwill exceeded their carrying values by more than 10%. 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. The Company estimates the fair value of its tradenames by applying an estimated market royalty rate that could be charged for the use of its tradename 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. During the year ended December 31, 2015, the Company performed a qualitative tradename intangible asset impairment assessment in accordance with ASU 2011-08. The qualitative assessments included consideration of the Company’s historical and forecasted revenues and estimated royalty rates for each tradename intangible asset. Based on the qualitative assessment performed, the Company determined that it was not more likely than not that the fair values of the tradename assets were less than their carrying values as of December 31, 2015. During the year ended December 31, 2016, the Company performed a qualitative assessment for all indefinite-lived tradename assets other than our tradename in Ecuador, for which the Company performed a quantitative assessment. The qualitative assessments included consideration of the Company’s historical and forecasted revenues and estimated royalty rates for each tradename intangible asset. The quantitative test for our tradename in Ecuador included estimating the fair value of the tradename based on forecasted revenues for our Ecuador theatres multiplied by an estimated market royalty rate that could be charged for the use of the tradename, with an adjustment for the present value of such royalties. Based on the qualitative and quantitative assessments performed, the Company determined that it was not more likely than not that the fair values of tradename intangible assets were less than their carrying values as of December 31, 2016. During the year ended December 31, 2016, the Company also performed a quantitative test on its definite-lived tradename associated with the Rave theatres acquired in 2013. During the year ended December 31, 2016, the Company rebranded certain of these theatres with Cinemark signage as part of recliner conversions and other renovations. The Company estimated the fair value of the Rave tradename by applying an estimated market royalty rate that could be charged for the use of the tradename to forecasted future revenues for the theatres using the Rave tradename, with an adjustment for the present value of such royalties. As of December 31, 2016, the estimated fair value of the Rave tradename intangible asset exceeded their carrying value by more than 10%. During the year ended 2017, the Company performed a quantitative test on all indefinite and definite-lived tradename assets. As of December 31, 2017, the estimated fair value of the Company’s tradename assets exceeded their carrying values by more than 10% 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 Vendor contracts Straight-line method over the terms of the underlying contracts. The remaining terms of the underlying contracts range from one to three years. Favorable/unfavorable leases Based on the pattern in which the economic benefits are realized over the terms of the lease agreements. The remaining terms of the lease agreements range from approximately two to nineteen 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 twelve years. |
Deferred Charges and Other Assets | Deferred Charges and Other Assets — Deferred charges and other assets consist of long-term prepaid rents, construction and other deposits, equipment to be placed in service, and other assets of a long-term nature. Long-term prepaid rents represent prepayments of rent on operating leases. These payments are recognized as facility lease expense over the period for which the rent was paid in advance as outlined in the lease agreements. The remaining amortization periods generally range from one to fifteen years. |
Lease Accounting | Lease Accounting — The Company evaluates each lease for classification as either a capital lease or an operating lease. The Company records the lease as a capital lease at its inception if 1) the present value of future minimum lease payments exceeds 90% of the leased property’s estimated fair value; 2) the lease term exceeds 75% of the property’s estimated useful life; 3) the lease contains a bargain purchase option; or 4) ownership transfers to the Company at the end of the lease. The Company performs this evaluation at the inception of the lease and when a modification is made to a lease. If the lease agreement calls for a scheduled rent increase during the lease term, the Company recognizes the lease expense on a straight-line basis over the lease term. The Company determines the straight-line rent expense impact of an operating lease upon inception of the lease. For some new build theatres, the landlord is responsible for constructing a theatre using guidelines and specifications agreed to by the Company and assumes substantially all of the risk of construction. For other theatres, the Company is responsible for managing construction of the theatre and the landlord contributes an agreed upon amount to the costs of construction. If the Company concludes that it has substantially all of the construction period risks, it records a construction asset and related liability for the amount of total project costs incurred during the construction period. At the end of the construction period, the Company determines if the transaction qualifies for sale-leaseback accounting treatment in regards to lease classification. If the Company receives a lease incentive payment from a landlord, the Company records the proceeds as a deferred lease incentive liability and amortizes the liability as a reduction in rent expense over the initial term of the respective lease if a new theatre, or over the remaining lease term if an existing theatre. |
Deferred Revenues | Deferred Revenues — Advances collected on long-term screen advertising, concession and other contracts are recorded as deferred revenues. In accordance with the terms of the agreements, the advances collected on such contracts are recognized during the period in which the advances are earned, which may differ from the period in which the advances are collected. These advances are recognized on either a straight-line basis over the term of the contracts or as such revenues are earned in accordance with the terms of the contracts. The remaining amortization periods generally range from one to twenty years. See Note 2 for discussion of impact of new revenue recognition accounting pronouncement and Note 3 for discussion of deferred revenue – NCM. |
Self-Insurance Reserves | Self-Insurance Reserves — The Company is self-insured for general liability claims subject to an annual cap. For the years ended December 31, 2015, 2016 and 2017, general liability claims were capped at $ 100, $100 and $250, respectively, per occurrence with annual caps of approximately $2,900, $3,350 and $3,900, respectively. The Company was fully insured for workers compensation claims during the years ended December 31, 2015 and 2016. During 2017, the Company implemented a fully-funded deductible workers compensation insurance plan under which the Company is responsible for pre-funding claims and is responsible for claims up to $250 per occurrence, with an annual cap of $5,000. The Company was also self-insured for medical claims up to $125, $150 and $250 per occurrence for the years ended December 31, 2015, 2016 and 2017, respectively. As of December 31, 2016 and 2017, the Company’s insurance reserves were $7,837 and $8,252, respectively, and are reflected in accrued other current liabilities in the consolidated balance sheets. |
Revenue and Expense Recognition | Revenue and Expense Recognition — Revenues are recognized when admissions and concession sales are received at the box office. Other revenues include screen advertising and other ancillary revenues such as vendor marketing promotions, meeting rentals and electronic video games located in the Company’s theatres. Screen advertising revenues are recognized over the period that the related advertising is delivered on-screen or in-theatre. The Company records proceeds from the sale of gift cards and other advanced sale-type certificates in current liabilities and recognizes admissions or concession revenue when a holder redeems the card or certificate. The Company recognizes unredeemed gift cards and other advanced sale-type certificates as revenue only after such a period of time indicates, based on historical experience, the likelihood of redemption is remote, and based on applicable laws and regulations. In evaluating the likelihood of redemption, the Company considers the period outstanding, the level and frequency of activity, and the period of inactivity. As of December 31, 2016 and 2017, the Company’s liabilities for advanced sale-type certificates were approximately $70,247 and $77,623, respectively, and are reflected in accrued other current liabilities on the consolidated balance sheets. The Company recognized unredeemed gift cards and other advanced sale-type certificates as revenues in the amount of $11,786, $11,522 and $11,861 during the years ended December 31, 2015, 2016 and 2017, respectively. See Note 2 for discussion of impact of new revenue recognition accounting pronouncements. Film rental costs are accrued based on the applicable box office receipts and either firm terms or a sliding scale formula, which are generally established prior to the opening of the film, or estimates of the final settlement rate, which occurs at the conclusion of the film run, subject to the film licensing arrangement. Under a firm terms formula, the Company pays the distributor a percentage of box office receipts, which reflects either an aggregate rate for the life of the film or rates that decline over the term of the run. Under a sliding scale formula, film rental is paid as a percentage of box office revenues using a pre-determined matrix based upon box office performance of the film. The settlement process allows for negotiation of film rental fees upon the conclusion of the film run based upon how the film performs. Estimates are based on the expected success of a film. The success of a film can typically be determined a few weeks after a film is released when initial box office performance of the film is known. Accordingly, final settlements typically approximate estimates since box office receipts are known at the time the estimate is made and the expected success of a film can typically be estimated early in the film’s run. If actual settlements are different than those estimates, film rental costs are adjusted at the time of settlement. |
Loyalty Programs | Loyalty Programs — The Company launched its app-based Connections loyalty program for its domestic markets in February 2016. Customers earn points for initial sign-up and for various transactions as tracked within the app. Points may be redeemed for concessions items, concession discounts and experiential rewards, each of which are offered for limited periods of time and at varying times during the year. The Company has determined that the values of the rewards offered to the customer are insignificant to the original transactions required to earn such rewards and has applied the incremental cost approach to accounting for the rewards earned. The Company also has loyalty programs in certain of its international markets, which generally consist of the customer paying a membership fee in exchange for discounts during the membership period. The Company had approximately $5,527 recorded in accrued other current liabilities for its loyalty programs as of December 31, 2017. See Note 2 for discussion of impact of new revenue recognition accounting pronouncements. |
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 estimated using a market observed price. Such costs are recognized over the period during which an employee is required to provide service in exchange for the award (which is usually the vesting period). At the time of the grant, the Company also estimates the number of awards that will ultimately be forfeited. See Note 12 for discussion of the Company’s share based awards and related compensation expense. |
Income Taxes | Income Taxes — The Company participates in the consolidated return of Cinemark Holdings, Inc. However, the Company’s provision for income taxes is computed on a stand-alone basis. The Company uses an asset and liability approach to financial accounting and reporting for income taxes. Deferred income taxes are provided when tax laws and financial accounting standards differ with respect to the amount of income for a year and the basis of assets and liabilities. A valuation allowance is recorded to reduce the carrying amount of deferred tax assets unless it is more likely than not that such assets will be realized. Income taxes are provided on unremitted earnings from foreign subsidiaries unless such earnings are expected to be indefinitely reinvested. Income taxes have also been provided for potential tax assessments. The evaluation of an uncertain tax position is a two-step process. The first step is recognition: The Company determines whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. In evaluating whether a tax position has met the more-likely-than-not recognition threshold, the Company should presume that the position would be examined by the appropriate taxing authority that would have full knowledge of all relevant information. The second step is measurement: A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Differences between tax positions taken in a tax return and amounts recognized in the financial statements result in (1) a change in a liability for income taxes payable or (2) a change in an income tax refund receivable, a deferred tax asset or a deferred tax liability or both (1) and (2). The Company accrues interest and penalties on its uncertain tax positions as a component of income tax expense. |
Segments | Segments — For the years ended December 31, 2015, 2016 and 2017, the Company managed its business under two reportable operating segments, U.S. markets and international markets. See Note 16. |
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 10 for a summary of the translation adjustments recorded in accumulated other comprehensive loss for the years ended December 31, 2015, 2016 and 2017. 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. |
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. The Company had an interest rate swap agreement and investments in marketable securities that were adjusted to fair value on a recurring basis (quarterly). With respect to its interest rate swap agreement, the Company used the income approach to determine the fair value of its interest rate swap agreement and under this approach, the Company used projected future interest rates as provided by the counterparties to the interest rate swap agreement and the fixed rate that the Company was obligated to pay under the agreement. Therefore, the Company’s fair value measurements for its interest rate swap used significant unobservable inputs, which fall in Level 3. The interest rate swap agreement expired in April 2016. With respect to its investments in marketable securities, the Company used quoted market prices, which fall under Level 1 of the hierarchy. There were no changes in valuation techniques during the period and no transfers in or out of Level 1, Level 2 or Level 3 during the years ended December 31, 2015, 2016 and 2017. See Note 9 for further discussion of the Company’s fair value measurements. The Company also uses fair value measurements on a nonrecurring basis, primarily in the impairment evaluations for goodwill, intangible assets and other long-lived assets. See and included above for discussion of such fair value measurements. |
Acquisitions | Acquisitions — The Company accounts for acquisitions under the acquisition method of accounting. The acquisition method requires that the acquired assets and liabilities, including contingencies, be recorded at fair value determined on the acquisition date and changes thereafter reflected in income. For significant acquisitions, the Company obtains independent third party valuation studies for certain of the assets acquired and liabilities assumed to assist the Company in determining fair value. The estimation of the fair values of the assets acquired and liabilities assumed involves a number of estimates and assumptions that could differ materially from the actual amounts realized. The Company provides assumptions, including both quantitative and qualitative information, about the specified asset or liability to the third party valuation firms. The Company primarily utilizes the third parties to accumulate comparative data from multiple sources and assemble a report that summarizes the information obtained. The Company then uses the information to record estimated fair value. The third party valuation firms are supervised by Company personnel who are knowledgeable about valuations and fair value. The Company evaluates the appropriateness of the assumptions and valuation methodologies utilized by the third party valuation firm. |
SUMMARY OF SIGNIFICANT ACCOUN31
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Estimated Useful Life of Assets | Depreciation is provided using the straight-line method over the estimated useful lives of the assets as follows: Category Useful Life Buildings on owned land 40 years Buildings on leased land Lesser of lease term or useful life Land and buildings under capital lease (1) Lesser of lease term or useful life Theatre furniture and equipment 3 to 15 years Leasehold improvements Lesser of lease term or useful life (1) |
Amortization Method Used for Intangible Assets | 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 Vendor contracts Straight-line method over the terms of the underlying contracts. The remaining terms of the underlying contracts range from one to three years. Favorable/unfavorable leases Based on the pattern in which the economic benefits are realized over the terms of the lease agreements. The remaining terms of the lease agreements range from approximately two to nineteen 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 twelve years. |
Investment in National CineMe32
Investment in National CineMedia LLC (Tables) - NCM | 12 Months Ended |
Dec. 31, 2017 | |
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 Agreement during the years ended December 31, 2015, 2016 and 2017: Date Number Fair Value Common Units of Common Units of Common Units Event Received Received Received 2015 Annual common unit adjustment 3/31/2015 1,074,910 $ 15,421 2016 Annual common unit adjustment 3/31/2016 753,598 $ 11,111 2017 Annual common unit adjustment 3/31/2017 1,487,218 $ 18,363 |
Summary of Activity with NCM Included in Company's Consolidated Financial Statements | Below is a summary of activity with NCM included in the Company’s consolidated financial statements for the periods indicated. See Note 2 for discussion of impact of new revenue recognition accounting pronouncements. Investment Deferred Distributions from Equity in Other Other Comprehensive Cash in NCM Revenue NCM Earnings Revenue Loss Received Balance as of January 1, 2015 $ 178,939 $ (335,219 ) Receipt of common units due to annual common unit adjustment 15,421 (15,421 ) $ — $ — $ — $ — $ — Revenues earned under ESA (1) — — — — (11,330 ) — 11,330 Receipt of excess cash distributions (14,072 ) — (15,396 ) — — — 29,468 Receipt under tax receivable agreement (2,308 ) — (2,744 ) — — — 5,052 Equity in earnings 8,510 — — (8,510 ) — — — Equity in other comprehensive loss (2,735 ) — — — — 2,735 Amortization of deferred revenue — 8,506 — — (8,506 ) — — Balance as of and for the twelve months ended December 31, 2015 $ 183,755 $ (342,134 ) $ (18,140 ) $ (8,510 ) $ (19,836 ) $ 2,735 $ 45,850 Receipt of common units due to annual common unit adjustment 11,111 (11,111 ) $ — $ — $ — $ — $ — Revenues earned under ESA (1) — — — — (11,048 ) — 11,048 Receipt of excess cash distributions (11,233 ) — (11,483 ) — — — 22,716 Receipt under tax receivable agreement (2,985 ) — (3,173 ) — — — 6,158 Equity in earnings 9,347 — — (9,347 ) — — — Amortization of deferred revenue — 9,317 — — (9,317 ) — — Balance as of and for the twelve months ended December 31, 2016 $ 189,995 $ (343,928 ) $ (14,656 ) $ (9,347 ) $ (20,365 ) $ — $ 39,922 Receipt of common units due to annual common unit adjustment 18,363 (18,363 ) $ — $ — $ — $ — $ — Revenues earned under ESA (1) — — — — (11,274 ) — 11,274 Receipt of excess cash distributions (15,093 ) — (14,158 ) — — — 29,251 Receipt under tax receivable agreement (2,265 ) — (2,249 ) — — — 4,514 Equity in earnings 9,550 — — (9,550 ) — — — Amortization of deferred revenue — 10,585 — — (10,585 ) — — Balance as of and for the twelve months ended December 31, 2017 $ 200,550 $ (351,706 ) $ (16,407 ) $ (9,550 ) $ (21,859 ) $ — $ 45,039 (1) Amounts include the per patron and per digital screen theatre access fees due to the Company, net of amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire. The amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire were approximately $9,819, $10,523 and $11,110 for the years ended December 31, 2015, 2016 and 2017, respectively. |
Summary Financial Information | The tables below present summary financial information for NCM for the periods indicated (financial information for NCM’s fiscal year ended December 29, 2017 is not yet available): Year Ended Year Ended Nine Months Ended December 31, 2015 December 29, 2016 September 28, 2017 Revenues $ 446,500 $ 447,600 $ 285,400 Operating income $ 140,500 $ 173,000 $ 83,700 Net income $ 87,500 $ 109,300 $ 44,800 As of As of December 29, 2016 September 28, 2017 Current assets $ 180,900 $ 130,100 Noncurrent assets $ 607,600 $ 776,900 Current liabilities $ 121,100 $ 96,700 Noncurrent liabilities $ 924,300 $ 910,800 Members' deficit $ (256,900 ) $ (100,500 ) |
Other Investments (Tables)
Other Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 RealD AC LLC DCDC Other Total Balance at December 31, 2014 $ 51,277 $ 14,429 $ 7,899 $ 2,438 $ 1,615 $ 77,658 Cash contributions 3,211 — — — 500 3,711 Equity in income 18,522 — 970 124 — 19,616 Equity in comprehensive loss (384 ) — — — — (384 ) Unrealized holding loss — (1,529 ) — — — (1,529 ) Sale of investment in Taiwan (1) — — — — (1,383 ) (1,383 ) Cash distributions received (1,047 ) — (1,600 ) — — (2,647 ) Other — — — — (69 ) (69 ) Balance at December 31, 2015 $ 71,579 $ 12,900 $ 7,269 $ 2,562 $ 663 $ 94,973 Cash contributions 717 — — — 415 1,132 Equity in income 21,434 — 311 870 — 22,615 Equity in comprehensive income 89 — — — — 89 Sale of investment (2) — (12,900 ) — — — (12,900 ) Cash distributions received (6,000 ) — (1,600 ) (98 ) — (7,698 ) Other — — — (584 ) 690 106 Balance at December 31, 2016 $ 87,819 $ — $ 5,980 $ 2,750 $ 1,768 $ 98,317 Cash contributions 1,112 — — — 2,603 3,715 Equity in income 22,900 — 2,336 1,199 — 26,435 Equity in comprehensive income 248 — — — — 248 Cash distributions received (5,864 ) — (2,400 ) (351 ) — (8,615 ) Other — — — — (55 ) (55 ) Balance at December 31, 2017 $ 106,215 $ — $ 5,916 $ 3,598 $ 4,316 $ 120,045 (1) (2) RealD, Inc |
Transactions with DCIP | The Company had the following transactions with DCIP during the years ended December 31, 2015, 2016 and 2017: Year Ended December 31, 2015 2016 2017 Equipment lease payments $ 4,474 $ 5,217 $ 5,743 Warranty reimbursements from DCIP $ (4,329 ) $ (6,091 ) $ (8,511 ) Management services fees $ 825 $ 825 $ 823 |
Digital Cinema Implementation Partners | |
Summary Financial Information | Below is summary financial information for DCIP as of and for the years ended December 31, 2015, 2016 and 2017. Year ended December 31, 2015 2016 2017 Revenues $ 171,203 $ 178,836 $ 177,382 Operating income $ 103,449 $ 107,919 $ 106,687 Net income $ 79,255 $ 89,152 $ 93,103 As of December 31, 2016 December 31, 2017 Current assets $ 45,087 $ 56,296 Noncurrent assets $ 861,290 $ 772,438 Current liabilities $ 44,771 $ 59,153 Noncurrent liabilities $ 464,246 $ 296,889 Members' equity $ 397,360 $ 472,692 |
GOODWILL AND OTHER INTANGIBLE34
GOODWILL AND OTHER INTANGIBLE ASSETS - NET (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Goodwill | The Company’s goodwill was as follows: U.S. Operating Segment International Operating Segment Total Balance at December 31, 2015 (1) $ 1,156,556 $ 90,992 $ 1,247,548 Acquisitions of theatres 7,607 — 7,607 Other acquisitions (2) — 1,410 1,410 Foreign currency translation adjustments — 6,398 6,398 Balance at December 31, 2016 (1) $ 1,164,163 $ 98,800 $ 1,262,963 Acquisitions of theatres (3) 9,878 13,211 23,089 Foreign currency translation adjustments — (1,973 ) (1,973 ) Balance at December 31, 2017 (1) $ 1,174,041 $ 110,038 $ 1,284,079 (1) Balances are presented net of accumulated impairment losses of $214,031 for the U.S. operating segment and $27,622 for the international operating segment. (2) (3) Acquisition of theatres in the U.S. and international markets. |
Intangible Assets | As of December 31, intangible assets-net, consisted of the following: Balance at Balance at January 1, December 31, 2016 Additions (1) Amortization Other (2) 2016 Intangible assets with finite lives: Gross carrying amount $ 99,968 $ 503 $ — $ (675 ) $ 99,796 Accumulated amortization (59,706 ) ― (5,538 ) 638 (64,606 ) Total net intangible assets with finite lives $ 40,262 $ 503 $ (5,538 ) $ (37 ) $ 35,190 Intangible assets with indefinite lives: Tradename 299,382 ― ― 327 299,709 Total intangible assets — net $ 339,644 $ 503 $ (5,538 ) $ 290 $ 334,899 Balance at Balance at January 1, December 31, 2017 Additions (3) Amortization Other (2) 2017 Intangible assets with finite lives: Gross carrying amount $ 99,796 $ 11,584 $ — $ (5,485 ) $ 105,895 Accumulated amortization (64,606 ) — (5,563 ) 1,300 (68,869 ) Total net intangible assets with finite lives $ 35,190 $ 11,584 $ (5,563 ) $ (4,185 ) $ 37,026 Intangible assets with indefinite lives: Tradename 299,709 — — 26 299,735 Total intangible assets — net $ 334,899 $ 11,584 $ (5,563 ) $ (4,159 ) $ 336,761 (1) Activity for 2016 reflects addition of non-compete agreement and favorable lease associated with theatres acquired in the U.S. (2) Amounts represent foreign currency translation adjustments and the write-off of certain lease intangibles for theatre closures and lease amendments. (3) Amounts represent fair values allocated to intangible assets acquired as part of acquisitions of theatres in the U.S. and international markets. |
Estimated Aggregate Future Amortization Expense for Intangible Assets | Estimated aggregate future amortization expense for intangible assets is as follows: For the year ended December 31, 2018 $ 5,725 For the year ended December 31, 2019 5,267 For the year ended December 31, 2020 5,535 For the year ended December 31, 2021 3,685 For the year ended December 31, 2022 3,280 Thereafter 13,534 Total $ 37,026 |
IMPAIRMENT OF LONG-LIVED ASSE35
IMPAIRMENT OF LONG-LIVED ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Impairment Or Disposal Of Tangible Assets Disclosure [Abstract] | |
Long-Lived Asset Impairment Charges | The Company’s long-lived asset impairment losses are summarized in the following table: Year Ended December 31, 2015 2016 2017 U.S. theatre properties $ 7,052 $ 1,929 $ 5,227 International theatre properties 757 907 9,857 Subtotal 7,809 2,836 15,084 Intangible assets (1) 992 — — Impairment of long-lived assets $ 8,801 $ 2,836 $ 15,084 (1) Activity for 2015 was related to the impairment of a favorable lease for one theatre. |
Deferred Charges and Other A36
Deferred Charges and Other Assets - Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Deferred Charges and Other Assets Net | As of December 31, deferred charges and other assets — net consisted of the following: December 31, 2016 2017 Long-term prepaid rents $ 5,996 $ 7,762 Construction and other deposits 10,881 12,167 Equipment to be placed in service 12,856 13,868 Other 7,822 5,970 Total $ 37,555 $ 39,767 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Components of Long-Term Debt | As of December 31, long-term debt consisted of the following: December 31, 2016 2017 Cinemark USA, Inc. term loan $ 663,799 $ 659,517 Cinemark USA, Inc. 4.875% senior notes due 2023 755,000 755,000 Cinemark USA, Inc. 5.125% senior notes due 2022 400,000 400,000 Other (1) 4,167 2,778 Total long-term debt 1,822,966 1,817,295 Less current portion 5,671 7,099 Less debt issuance costs, net of accumulated amortization of $19,364 and $25,549, respectively 34,854 29,815 Long-term debt, less current portion $ 1,782,441 $ 1,780,381 (1) Primarily represents debt owed to NCM in relation to the recently-formed joint venture AC JV, LLC. See Note 4. |
Amendment of Credit Agreement | Cinemark USA, Inc. amended its Credit Agreement as follows during 2016 and 2017: Debt Issue Loss on Debt Effective Date Nature of Amendment Costs Paid (1) Amendment (2) June 13, 2016 Reduced term loan interest rate by 0.25% $ 783 $ 249 December 15, 2016 Reduced term loan interest rate by 0.50% $ 2,446 $ 161 June 16, 2017 Reduced term loan interest rate by 0.25%; modified certain definitions and other provisions in the Credit Agreement $ 521 $ 190 November 28, 2017 Extended maturity of revolving credit line to December 2022; reduced the interest rate applicable to borrowings under the credit line $ 330 $ 331 (1) Reflected as a reduction of long term debt on the consolidated balance sheet as of December 31, 2016 and 2017. |
Maturities of Long-Term Debt, Excluding Unamortized Debt Issuance Costs | The Company’s long-term debt, excluding unamortized debt issuance costs, at December 31, 2017 matures as follows: 2018 $ 7,099 2019 7,099 2020 5,710 2021 5,710 2022 1,036,677 Thereafter 755,000 Total $ 1,817,295 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Reconciliation of Beginning and Ending Balance for Liabilities Measured at Fair Value | Below is a reconciliation of the beginning and ending balance for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3): Liabilities Liabilities 2016 2017 Beginning balance - January 1 $ 373 $ — Total loss included in accumulated other comprehensive loss 71 — Settlements included in interest expense (444 ) — Ending balance - December 31 $ — $ — |
FOREIGN CURRENCY TRANSLATION (T
FOREIGN CURRENCY TRANSLATION (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 as of and for the years ended December 31, 2015, 2016 and 2017. Other Comprehensive Income (Loss) Exchange Rate as of December 31, For the Year Ended December 31, Country 2015 2016 2017 2015 2016 2017 Brazil 3.96 3.26 3.31 $ (74,559 ) $ 37,286 $ (4,567 ) Argentina 12.95 16.04 18.65 (30,520 ) (13,362 ) (8,200 ) Colombia 3,149.47 3,000.71 2,936.67 (8,043 ) 1,278 246 Chile 709.16 679.09 615.97 (6,572 ) 1,855 5,672 Peru 3.46 3.45 3.24 (4,882 ) 87 2,752 All other (898 ) (783 ) (869 ) $ (125,474 ) $ 26,361 $ (4,966 ) |
NONCONTROLLING INTERESTS IN S40
NONCONTROLLING INTERESTS IN SUBSIDIARIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests in Subsidiaries | Noncontrolling interests in subsidiaries of the Company were as follows at December 31: December 31, 2016 2017 Cinemark Partners II — 24.6% interest (in one theatre) $ 8,249 $ 8,795 Laredo Theatres – 25% interest (in two theatres) 1,695 1,746 Greeley Ltd. — 49% interest (in one theatre) 689 843 Other 509 509 Total $ 11,142 $ 11,893 |
Summary of Impact of Changes in Company's Ownership Interest in its Subsidiaries on its Equity | Below is a summary of the impact of changes in the Company’s ownership interest in its subsidiaries on its equity: Year ended December 31, 2015 2016 2017 Net income attributable to Cinemark USA, Inc. $ 218,532 $ 256,777 $ 265,643 Transfers from noncontrolling interests Decrease in Cinemark USA, Inc. additional paid-in-capital for the buyout of Flix Impirica non-controlling interest — (27 ) — Net transfers from non-controlling interests — (27 ) — Change from net income attributable to Cinemark USA, Inc. and transfers from noncontrolling interests $ 218,532 $ 256,750 $ 265,643 |
CAPITAL STOCK (Tables)
CAPITAL STOCK (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Restricted Stock Unit Financial Performance Thresholds and Vesting Rates | The financial performance factors and respective vesting rates for each of the 2015, 2016 and 2017 grants are as follows: Year Ended December 31, Percentage of Shares Vesting 2015 2016 2017 Threshold IRR 7.5% 6.0% 7.0% 33.3% Target IRR 9.5% 8.0% 9.5% 66.6% Maximum IRR 11.5% 10.0% 13.0% 100.0% |
Number of Units Vested Under Restricted Stock Unit Awards | Below is a table summarizing the potential number of units that could vest under restricted stock unit awards granted during the years ended December 31, 2015, 2016 and 2017 at each of the three levels of financial performance (excluding forfeitures): Granted During the Year Ended December 31, 2015 2016 2017 Number of Value at Number of Value at Number of Value at Units Grant (1) Units Grant (1) Units Grant (1) at threshold IRR 47,640 $ 2,057 84,554 $ 2,522 58,545 $ 2,481 at target IRR 95,282 $ 4,115 169,107 $ 5,044 117,089 $ 4,961 at maximum IRR 142,917 $ 6,173 253,661 $ 7,568 175,634 $ 7,442 (1) The grant date fair values for units issued during the years ended December 31, 2015, 2016, and 2017 were $43.19, $29.83 and $42.37, respectively. |
Restricted Stock | |
Summary of Restricted Stock Award Activity | Below is a summary of restricted stock award activity recorded for the periods indicated. Year Ended December 31, 2015 2016 2017 Compensation expense recognized by the Company during the period $ 8,715 $ 7,269 $ 7,528 Additional compensation expense recognized by Cinemark Holdings, Inc. during the period $ 885 $ 981 $ 856 Fair value of restricted shares held by Company employees that vested during the period $ 13,276 $ 13,739 $ 7,255 Fair value of restricted shares held by Cinemark Holdings, Inc.’s directors that vested during the period $ 1,148 $ 923 $ 917 Income tax benefit recognized upon vesting of restricted stock awards held by Company employees $ 3,341 $ 5,167 $ 2,281 Additional income tax benefit recognized upon vesting of restricted stock awards held by Cinemark Holdings, Inc.'s directors $ 482 $ 388 $ 386 |
Cinemark Holdings, Inc. | |
Summary of Restricted Stock Activity | Below is a summary of restricted stock activity for Cinemark Holdings, Inc. for the years ended December 31, 2015, 2016 and 2017: Year Ended Year Ended Year Ended December 31, 2015 December 31, 2016 December 31, 2017 Shares of Restricted Stock Weighted Average Grant Date Fair Value Shares of Restricted Stock Weighted Average Grant Date Fair Value Shares of Restricted Stock Weighted Average Grant Date Fair Value Outstanding at January 1 878,897 $ 24.92 757,775 $ 30.73 606,618 $ 33.51 Granted 226,212 $ 42.79 335,707 $ 30.98 246,534 $ 41.70 Vested (329,437 ) $ 23.72 (430,056 ) $ 26.60 (192,230 ) $ 36.26 Forfeited (17,897 ) $ 27.58 (56,808 ) $ 33.81 (10,341 ) $ 33.48 Outstanding at December 31 757,775 $ 30.73 606,618 $ 33.51 650,581 $ 35.81 |
Cinemark Holdings, Inc. | Restricted Stock Units (RSUs) | |
Summary of Restricted Stock Unit Award Activity | Below is a summary of activity for restricted stock unit awards for Cinemark Holdings, Inc. for the periods indicated: Year Ended December 31, 2015 2016 2017 Number of restricted stock unit awards that vested during the period 123,769 213,984 97,115 Fair value of restricted stock unit awards that vested during the period $ 5,483 $ 7,260 $ 4,155 Accumulated dividends paid upon vesting of restricted stock unit awards $ 442 $ 662 $ 558 Income tax benefit recognized upon vesting of restricted stock unit awards $ 2,303 $ 3,049 $ 1,745 Compensation expense recognized during the period $ 6,158 $ 5,144 $ 4,297 |
SUPPLEMENTAL CASH FLOW INFORM42
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2015 2016 2017 Cash paid for interest $ 105,155 $ 108,101 $ 99,232 Cash paid for income taxes, net of refunds received $ 108,435 $ 93,368 $ 95,043 Noncash investing and financing activities: Change in accounts payable and accrued expenses for the acquisition of theatre properties and equipment (1) $ 2,491 $ (29,471 ) $ 9,349 Theatre properties and equipment acquired under capital lease $ 36,544 $ 33,282 $ 46,727 Investment in NCM - receipt of common units (see Note 3) $ 15,421 $ 11,111 $ 18,363 Noncash distributions to Cinemark Holdings, Inc. $ (17,935 ) $ — $ — Receipt of promissory note related to sale of investment in a Taiwan joint venture $ 2,304 $ — $ — (1) Additions to theatre properties and equipment included in accounts payable as of December 31, 2016 and 2017 were $40,625 and $31,276, respectively. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Before Income Taxes | The Company’s provision for federal and foreign income tax expense for continuing operations consisted of the following: Year Ended December 31, 2015 2016 2017 Income before income taxes: U.S. $ 262,336 $ 277,474 $ 282,896 Foreign 88,015 85,890 64,842 Total $ 350,351 $ 363,364 $ 347,738 |
Current and Deferred Income Taxes | Current and deferred income taxes were as follows: Year Ended December 31, 2015 2016 2017 Current: Federal $ 72,185 $ 66,210 $ 55,224 Foreign 35,874 32,047 29,306 State 10,806 12,061 10,741 Total current expense $ 118,865 $ 110,318 $ 95,271 Deferred: Federal $ 10,420 $ (13,667 ) $ (14,046 ) Foreign (3,339 ) 1,674 (4,270 ) State 4,014 6,526 3,301 Total deferred taxes $ 11,095 $ (5,467 ) $ (15,015 ) Income taxes $ 129,960 $ 104,851 $ 80,256 |
Reconciliation Between Income Tax Expense and Taxes Computed | A reconciliation between income tax expense and taxes computed by applying the applicable statutory federal income tax rate to income before income taxes follows: Year Ended December 31, 2015 2016 2017 Computed statutory tax expense $ 122,623 $ 127,176 $ 121,708 Foreign inflation adjustments (1,295 ) (281 ) — State and local income taxes, net of federal income tax impact 9,640 12,081 12,857 Foreign losses not benefited and changes in valuation allowance (2,408 ) (34,757 ) 249 Foreign tax rate differential (2,660 ) (942 ) (245 ) Foreign dividends — 68,684 13,662 Foreign tax credits — (62,815 ) (21,647 ) Impacts related to 2017 Tax Act (1) — — (44,889 ) Changes in uncertain tax positions 3,717 921 983 Other — net 343 (5,216 ) (2,422 ) Income taxes $ 129,960 $ 104,851 $ 80,256 (1) Includes one-time benefit due to re-measurement of net deferred tax liabilities using a lower U.S. corporate tax rate and a reassessment of permanently reinvested earnings of ($79,834), a deemed repatriation tax of $14,512, and a reduction in deferred tax assets with regard to foreign tax credit carryforwards of $20,433. |
Tax Effects of Significant Temporary Differences and Tax Loss and Tax Credit Carryforwards | The tax effects of significant temporary differences and tax loss and tax credit carryforwards comprising the net long-term deferred income tax liabilities as of December 31, 2016 and 2017 consisted of the following: December 31, 2016 2017 Deferred liabilities: Theatre properties and equipment $ 176,781 $ 147,208 Intangible asset — other 36,052 30,770 Intangible asset — tradenames 112,747 72,967 Investment in partnerships 107,066 67,449 Total deferred liabilities 432,646 318,394 Deferred assets: Deferred lease expenses 24,026 14,714 Exchange (gain) loss (731 ) 220 Deferred revenue - NCM 130,005 85,816 Capital lease obligations 85,721 67,369 Other tax loss carryforwards 15,883 15,564 Other tax credit carryforwards 48,033 38,436 Other expenses, not currently deductible for tax purposes 11,270 13,801 Total deferred assets 314,207 235,920 Net deferred income tax liability before valuation allowance 118,439 82,474 Valuation allowance against deferred assets – non-current 14,524 35,246 Net deferred income tax liability $ 132,963 $ 117,720 Net deferred tax liability — Foreign $ 7,571 $ 3,073 Net deferred tax liability — U.S. 125,392 114,647 Total $ 132,963 $ 117,720 |
Reconciliation of Total Amounts of Unrecognized Tax Benefits Excluding Interest and Penalties | The following is a reconciliation of the total amounts of unrecognized tax benefits excluding interest and penalties, for the years ended December 31, 2015, 2016 and 2017: Year Ended December 31, 2015 2016 2017 Balance at January 1, $ 16,515 $ 17,133 $ 17,403 Gross increases - tax positions in prior periods 40 13 92 Gross decreases - tax positions in prior periods — — (12 ) Gross increases - current period tax positions 2,112 923 265 Settlements (871 ) (924 ) (177 ) Foreign currency translation adjustments (663 ) 258 695 Balance at December 31, $ 17,133 $ 17,403 $ 18,266 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Rent Expenses from Operating Leases | Theatre rent expense was as follows: Year Ended December 31, 2015 2016 2017 Fixed rent expense $ 240,057 $ 242,927 $ 247,908 Contingent rent and other facility lease expenses 79,704 78,367 80,289 Total facility lease expense $ 319,761 $ 321,294 $ 328,197 |
Estimated Future Minimum Lease Payments (Net of Noncancelable Sublease Rentals) Under Capital Leases | Future minimum lease payments under noncancelable operating and capital leases that have initial or remaining terms in excess of one year at December 31, 2017 are due as follows: Operating Capital Leases Leases 2018 $ 253,835 $ 42,832 2019 233,606 42,363 2020 215,265 41,543 2021 197,779 34,584 2022 171,486 32,383 Thereafter 675,567 182,027 Total $ 1,747,538 375,732 Amounts representing interest payments (99,070 ) Present value of future minimum payments 276,662 Current portion of capital lease obligations (25,511 ) Capital lease obligations, less current portion $ 251,151 |
Estimated Future Minimum Lease Payments (Net of Noncancelable Sublease Rentals) Under Operating Leases | Future minimum lease payments under noncancelable operating and capital leases that have initial or remaining terms in excess of one year at December 31, 2017 are due as follows: Operating Capital Leases Leases 2018 $ 253,835 $ 42,832 2019 233,606 42,363 2020 215,265 41,543 2021 197,779 34,584 2022 171,486 32,383 Thereafter 675,567 182,027 Total $ 1,747,538 375,732 Amounts representing interest payments (99,070 ) Present value of future minimum payments 276,662 Current portion of capital lease obligations (25,511 ) Capital lease obligations, less current portion $ 251,151 |
SEGMENTS (Tables)
SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Selected Financial Information by Reportable Operating Segment | Below is a breakdown of select financial information by reportable operating segment: Year Ended December 31, 2015 2016 2017 Revenues U.S. $ 2,137,733 $ 2,230,693 $ 2,236,237 International 728,735 701,573 769,436 Eliminations (13,859 ) (13,501 ) (14,126 ) Total revenues $ 2,852,609 $ 2,918,765 $ 2,991,547 Adjusted EBITDA (1) U.S. $ 518,165 $ 550,150 $ 559,693 International 166,416 157,690 165,576 Total Adjusted EBITDA $ 684,581 $ 707,840 $ 725,269 Capital expenditures U.S. $ 223,213 $ 242,271 $ 321,040 International 108,513 84,637 59,822 Total capital expenditures $ 331,726 $ 326,908 $ 380,862 (1) Distributions from equity investees are reported entirely within the U.S. operating segment |
Reconciliation of Net Income to Adjusted EBITDA | The following table sets forth a reconciliation of net income to Adjusted EBITDA: Year Ended December 31, 2015 2016 2017 Net income $ 220,391 $ 258,513 $ 267,482 Add (deduct): Income taxes 129,960 104,851 80,256 Interest expense (1) 112,741 108,313 105,918 Loss on debt amendments and refinancing 925 13,445 521 Other income (2) (20,041 ) (44,813 ) (43,121 ) Other cash distributions from equity investees (3) 19,027 21,916 25,973 Depreciation and amortization 189,206 209,071 237,513 Impairment of long-lived assets 8,801 2,836 15,084 Loss on sale of assets and other 8,143 20,459 22,812 Deferred lease expenses (1,806 ) (990 ) (1,268 ) Amortization of long-term prepaid rents 2,361 1,826 2,274 Share based awards compensation expense 14,873 12,413 11,825 Adjusted EBITDA $ 684,581 $ 707,840 $ 725,269 (1) Includes amortization of debt issue costs. (2) Includes interest income, foreign currency exchange gain (loss), and equity in income of affiliates and excludes distributions from NCM. (3) Includes distributions received from equity investees that were recorded as a reduction of the respective investment balances. |
Selected Financial Information by Geographic Area | Below is a breakdown of select financial information by geographic area: Year Ended December 31, 2015 2016 2017 Revenues U.S. $ 2,137,733 $ 2,230,693 $ 2,236,237 Brazil 291,959 304,407 341,485 Other international countries 436,776 397,166 427,951 Eliminations (13,859 ) (13,501 ) (14,126 ) Total $ 2,852,609 $ 2,918,765 $ 2,991,547 December 31, 2016 December 31, 2017 Theatre Properties and Equipment-net U.S. $ 1,306,643 $ 1,439,168 Brazil 197,896 179,669 Other international countries 199,997 209,217 Total $ 1,704,536 $ 1,828,054 |
VALUATION AND QUALIFYING ACCO46
VALUATION AND QUALIFYING ACCOUNTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Valuation And Qualifying Accounts [Abstract] | |
Valuation Allowance for Deferred Tax Assets | The Company’s valuation allowance for deferred tax assets for the years ended December 31, 2015, 2016 and 2017 were as follows: Valuation Allowance for Deferred Taxes Balance at January 1, 2015 $ 52,873 Additions 437 Deductions (2,674 ) Balance at December 31, 2015 $ 50,636 Additions 483 Deductions (36,595 ) Balance at December 31, 2016 $ 14,524 Additions ( 1 ) 21,347 Deductions (625 ) Balance at December 31, 2017 $ 35,246 (1) A valuation allowance was provided against certain deferred tax assets arising from carryforwards of unused foreign tax credit benefits. |
Condensed Consolidating Finan47
Condensed Consolidating Financial Information of Subsidiary Guarantors (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement Of Financial Position [Abstract] | |
Condensed Consolidating Balance Sheet Information | CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION DECEMBER 31, 2016 Parent Subsidiary Subsidiary Company Guarantors Non-Guarantors Eliminations Consolidated (In thousands) Assets Current assets Cash and cash equivalents $ 146,855 $ 281,023 $ 133,260 $ — $ 561,138 Other current assets 62,425 15,098 71,706 (34,154 ) 115,075 Accounts receivable from parent or subsidiaries 76,550 121,478 (187,948 ) 10,080 Total current assets 285,830 417,599 204,966 (222,102 ) 686,293 Theatre properties and equipment - net 604,506 678,984 421,046 — 1,704,536 Investment in subsidiaries 1,570,592 132,892 — (1,703,484 ) — Other assets 1,409,320 134,284 488,535 (106,359 ) 1,925,780 Total assets $ 3,870,248 $ 1,363,759 $ 1,114,547 $ (2,031,945 ) $ 4,316,609 Liabilities and equity Current liabilities Current portion of long-term debt $ 4,282 $ — $ 1,409 $ (20 ) $ 5,671 Current portion of capital lease obligations 7,903 9,541 3,695 — 21,139 Accounts payable and accrued expenses 197,789 121,640 113,020 (16,457 ) 415,992 Accounts payable to parent or subsidiaries — — 187,948 (187,948 ) — Total current liabilities 209,974 131,181 306,072 (204,425 ) 442,802 Long-term liabilities Long-term debt, less current portion 1,879,663 — 12,600 (109,822 ) 1,782,441 Capital lease obligations, less current portion 124,944 71,228 38,109 — 234,281 Other long-term liabilities and deferrals 382,729 84,429 120,061 (14,214 ) 573,005 Total long-term liabilities 2,387,336 155,657 170,770 (124,036 ) 2,589,727 Commitments and contingencies Equity Cinemark USA, Inc.'s stockholder's equity: Common stock 49,543 457,368 10,239 (467,607 ) 49,543 Other stockholder's equity 1,223,395 619,553 616,324 (1,235,877 ) 1,223,395 Total Cinemark USA, Inc. stockholder's equity 1,272,938 1,076,921 626,563 (1,703,484 ) 1,272,938 Noncontrolling interests — — 11,142 — 11,142 Total equity 1,272,938 1,076,921 637,705 (1,703,484 ) 1,284,080 Total liabilities and equity $ 3,870,248 $ 1,363,759 $ 1,114,547 $ (2,031,945 ) $ 4,316,609 CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION DECEMBER 31, 2017 Parent Subsidiary Subsidiary Company Guarantors Non-Guarantors Eliminations Consolidated (In thousands) Assets Current assets Cash and cash equivalents $ 130,590 $ 180,623 $ 211,202 $ — $ 522,415 Other current assets 59,661 17,841 76,789 (19,270 ) 135,021 Accounts receivable from parent or subsidiaries 117,972 119,616 — (223,007 ) 14,581 Total current assets 308,223 318,080 287,991 (242,277 ) 672,017 Theatre properties and equipment - net 650,783 765,500 411,771 — 1,828,054 Investment in subsidiaries 1,691,626 121,795 — (1,813,421 ) — Other assets 1,427,328 134,845 536,816 (113,720 ) 1,985,269 Total assets $ 4,077,960 $ 1,340,220 $ 1,236,578 $ (2,169,418 ) $ 4,485,340 Liabilities and equity Current liabilities Current portion of long-term debt $ 5,710 $ — $ 1,389 $ — $ 7,099 Current portion of capital lease obligations 9,532 11,124 4,855 — 25,511 Accounts payable and accrued expenses 215,580 116,409 110,089 (6,402 ) 435,676 Accounts payable to parent or subsidiaries — — 223,007 (223,007 ) — Total current liabilities 230,822 127,533 339,340 (229,409 ) 468,286 Long-term liabilities Long-term debt, less current portion 1,878,992 — 11,211 (109,822 ) 1,780,381 Capital lease obligations, less current portion 132,189 75,767 43,195 — 251,151 Other long-term liabilities and deferrals 426,355 60,567 93,871 (16,766 ) 564,027 Total long-term liabilities 2,437,536 136,334 148,277 (126,588 ) 2,595,559 Commitments and contingencies Equity Cinemark USA, Inc.'s stockholder's equity: Common stock 49,543 457,368 10,238 (467,606 ) 49,543 Other stockholder's equity 1,360,059 618,985 726,830 (1,345,815 ) 1,360,059 Total Cinemark USA, Inc. stockholder's equity 1,409,602 1,076,353 737,068 (1,813,421 ) 1,409,602 Noncontrolling interests — — 11,893 — 11,893 Total equity 1,409,602 1,076,353 748,961 (1,813,421 ) 1,421,495 Total liabilities and equity $ 4,077,960 $ 1,340,220 $ 1,236,578 $ (2,169,418 ) $ 4,485,340 |
Condensed Consolidating Statement of Income Information | CONDENSED CONSOLIDATING STATEMENT OF INCOME INFORMATION YEAR ENDED DECEMBER 31, 2015 Parent Subsidiary Subsidiary Company Guarantors Non-Guarantors Eliminations Consolidated (In thousands) Revenues $ 959,347 $ 1,178,873 $ 764,631 $ (50,242 ) $ 2,852,609 Cost of operations Theatre operating expenses 767,446 804,236 545,131 (50,242 ) 2,066,571 General and administrative expenses 16,152 81,240 56,660 — 154,052 Depreciation and amortization 59,759 73,708 55,739 — 189,206 Impairment of long-lived assets 6,445 1,600 756 — 8,801 (Gain) loss on sale of assets and other 6,191 3,728 (1,776 ) — 8,143 Total cost of operations 855,993 964,512 656,510 (50,242 ) 2,426,773 Operating income 103,354 214,361 108,121 — 425,836 Other income (expense) Interest expense (100,608 ) (8,500 ) (4,009 ) 376 (112,741 ) Loss on debt amendments and refinancing (925 ) — — — (925 ) Distributions from NCM 2,116 — 16,024 — 18,140 Equity in income of affiliates 217,567 55,082 27,262 (271,785 ) 28,126 Other income (expense) 200 20 (7,929 ) (376 ) (8,085 ) Total other income 118,350 46,602 31,348 (271,785 ) (75,485 ) Income before income taxes 221,704 260,963 139,469 (271,785 ) 350,351 Income taxes 3,172 79,131 47,657 — 129,960 Net income 218,532 181,832 91,812 (271,785 ) 220,391 Less: Net income attributable to noncontrolling interests — — 1,859 — 1,859 Net income attributable to Cinemark USA, Inc. $ 218,532 $ 181,832 $ 89,953 $ (271,785 ) $ 218,532 CONDENSED CONSOLIDATING STATEMENT OF INCOME INFORMATION YEAR ENDED DECEMBER 31, 2016 Parent Subsidiary Subsidiary Company Guarantors Non-Guarantors Eliminations Consolidated (In thousands) Revenues $ 1,014,713 $ 1,219,218 $ 737,981 $ (53,147 ) $ 2,918,765 Cost of operations Theatre operating expenses 804,041 828,905 540,310 (53,147 ) 2,120,109 General and administrative expenses 13,085 84,453 43,099 — 140,637 Depreciation and amortization 70,654 79,139 59,278 — 209,071 Impairment of long-lived assets 1,929 — 907 — 2,836 Loss on sale of assets and other 5,613 13,759 1,087 20,459 Total cost of operations 895,322 1,006,256 644,681 (53,147 ) 2,493,112 Operating income 119,391 212,962 93,300 — 425,653 Other income (expense) Interest expense (96,442 ) (7,538 ) (5,642 ) 1,309 (108,313 ) Loss on debt amendments and refinancing (13,445 ) — — — (13,445 ) Distributions from NCM 1,414 — 13,242 — 14,656 Equity in income of affiliates 245,010 58,528 30,370 (301,946 ) 31,962 Other income 351 19 13,790 (1,309 ) 12,851 Total other income (expense) 136,888 51,009 51,760 (301,946 ) (62,289 ) Income before income taxes 256,279 263,971 145,060 (301,946 ) 363,364 Income taxes (498 ) 52,277 53,072 — 104,851 Net income 256,777 211,694 91,988 (301,946 ) 258,513 Less: Net income attributable to noncontrolling interests — — 1,736 — 1,736 Net income attributable to Cinemark USA, Inc. $ 256,777 $ 211,694 $ 90,252 $ (301,946 ) $ 256,777 CONDENSED CONSOLIDATING STATEMENT OF INCOME INFORMATION YEAR ENDED DECEMBER 31, 2017 Parent Subsidiary Subsidiary Company Guarantors Non-Guarantors Eliminations Consolidated (In thousands) Revenues $ 1,013,960 $ 1,220,993 $ 807,350 $ (50,756 ) $ 2,991,547 Cost of operations Theatre operating expenses 795,976 834,135 591,223 (50,756 ) 2,170,578 General and administrative expenses 13,176 82,955 54,780 — 150,911 Depreciation and amortization 79,676 87,463 70,374 — 237,513 Impairment of long-lived assets 3,725 1,502 9,857 — 15,084 Loss on sale of assets and other 16,895 3,372 2,545 — 22,812 Total cost of operations 909,448 1,009,427 728,779 (50,756 ) 2,596,898 Operating income 104,512 211,566 78,571 — 394,649 Other income (expense) Interest expense (94,229 ) (7,675 ) (5,447 ) 1,433 (105,918 ) Loss on debt amendments and refinancing (521 ) — — — (521 ) Distributions from NCM — — 16,407 — 16,407 Equity in income of affiliates 255,594 16,838 33,742 (270,189 ) 35,985 Other income 2,475 1,040 5,054 (1,433 ) 7,136 Total other income 163,319 10,203 49,756 (270,189 ) (46,911 ) Income before income taxes 267,831 221,769 128,327 (270,189 ) 347,738 Income taxes 2,188 69,770 8,298 — 80,256 Net income 265,643 151,999 120,029 (270,189 ) 267,482 Less: Net income attributable to noncontrolling interests — — 1,839 — 1,839 Net income attributable to Cinemark USA, Inc. $ 265,643 $ 151,999 $ 118,190 $ (270,189 ) $ 265,643 |
Condensed Consolidating Statement of Comprehensive Income Information | CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME INFORMATION YEAR ENDED DECEMBER 31, 2015 Parent Subsidiary Subsidiary Company Guarantors Non-Guarantors Eliminations Consolidated (In thousands) Net income $ 218,532 $ 181,832 $ 91,812 $ (271,785 ) $ 220,391 Other comprehensive income (loss), net of tax Unrealized gain due to fair value adjustments on interest rate swap agreements, net of settlements, net of taxes of $1,562 2,636 — — — 2,636 Unrealized loss due to fair value adjustments on available-for-sale securities, net of taxes of $572 (957 ) — — — (957 ) Other comprehensive loss of equity method investments (3,119 ) — (3,086 ) 3,086 (3,119 ) Foreign currency translation adjustments (125,474 ) — (125,512 ) 125,474 (125,512 ) Total other comprehensive income, net of tax (126,914 ) — (128,598 ) 128,560 (126,952 ) Total comprehensive income, net of tax $ 91,618 $ 181,832 $ (36,786 ) $ (143,225 ) $ 93,439 Comprehensive income attributable to noncontrolling interests — — (1,821 ) — (1,821 ) Comprehensive income attributable to Cinemark USA, Inc. $ 91,618 $ 181,832 $ (38,607 ) $ (143,225 ) $ 91,618 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME INFORMATION YEAR ENDED DECEMBER 31, 2016 Parent Subsidiary Subsidiary Company Guarantors Non-Guarantors Eliminations Consolidated (In thousands) Net income $ 256,777 $ 211,694 $ 91,988 $ (301,946 ) $ 258,513 Other comprehensive income, net of tax Unrealized gain due to fair value adjustments on interest rate swap agreements, net of settlements, net of taxes of $138 234 — — — 234 Other comprehensive income of equity method investments 89 — 89 (89 ) 89 Foreign currency translation adjustments 26,361 — 26,394 (26,361 ) 26,394 Total other comprehensive income, net of tax 26,684 — 26,483 (26,450 ) 26,717 Total comprehensive income, net of tax $ 283,461 $ 211,694 $ 118,471 $ (328,396 ) $ 285,230 Comprehensive income attributable to noncontrolling interests — — (1,769 ) — (1,769 ) Comprehensive income attributable to Cinemark USA, Inc. $ 283,461 $ 211,694 $ 116,702 $ (328,396 ) $ 283,461 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME INFORMATION YEAR ENDED DECEMBER 31, 2017 Parent Subsidiary Subsidiary Company Guarantors Non-Guarantors Eliminations Consolidated (In thousands) Net income $ 265,643 $ 151,999 $ 120,029 $ (270,189 ) $ 267,482 Other comprehensive income (loss), net of tax Other comprehensive income of equity method investments 248 — 248 (248 ) 248 Foreign currency translation adjustments (4,966 ) — (4,966 ) 4,966 (4,966 ) Total other comprehensive loss, net of tax (4,718 ) — (4,718 ) 4,718 (4,718 ) Total comprehensive income, net of tax $ 260,925 $ 151,999 $ 115,311 $ (265,471 ) $ 262,764 Comprehensive income attributable to noncontrolling interests — — (1,839 ) — (1,839 ) Comprehensive income attributable to Cinemark USA, Inc. $ 260,925 $ 151,999 $ 113,472 $ (265,471 ) $ 260,925 |
Condensed Consolidating Statement of Cash Flows Information | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION YEAR ENDED DECEMBER 31, 2015 Parent Subsidiary Subsidiary Company Guarantors Non-Guarantors Eliminations Consolidated (In thousands) Operating activities Net income $ 218,532 $ 181,832 $ 91,812 $ (271,785 ) $ 220,391 Adjustments to reconcile net income to cash provided by operating activities (142,602 ) 39,156 43,223 271,785 211,562 Changes in assets and liabilities 67,253 (67,850 ) 23,869 — 23,272 Net cash provided by operating activities 143,183 153,138 158,904 — 455,225 Investing activities Additions to theatre properties and equipment (98,193 ) (121,605 ) (111,928 ) — (331,726 ) Proceeds from sale of theatre properties and equipment and other 2,737 5,264 1,965 — 9,966 Acquisition of theatre in Brazil — — (2,651 ) — (2,651 ) Dividends received from subsidiaries 1,685 15 — (1,700 ) Intercompany note issuances (3,500 ) — (100,000 ) 103,500 — Investment in joint ventures and other (518 ) — (3,211 ) 18 (3,711 ) Net cash used for investing activities (97,789 ) (116,326 ) (215,825 ) 101,818 (328,122 ) Financing activities Dividends paid to parent (115,225 ) (1,700 ) — 1,700 (115,225 ) Repayments of long-term debt (8,385 ) — (35 ) — (8,420 ) Payments of debt issue costs (6,957 ) — — — (6,957 ) Payments on capital leases (5,389 ) (9,120 ) (2,004 ) — (16,513 ) Intercompany loan proceeds 100,000 — 3,518 (103,518 ) Other 2,421 (4,770 ) (1,045 ) — (3,394 ) Net cash provided by (used for) financing activities (33,535 ) (15,590 ) 434 (101,818 ) (150,509 ) Effect of exchange rate changes on cash and cash equivalents — — (26,932 ) — (26,932 ) Increase (decrease) in cash and cash equivalents 11,859 21,222 (83,419 ) — (50,338 ) Cash and cash equivalents: Beginning of year 129,505 74,643 434,693 — 638,841 End of year $ 141,364 $ 95,865 $ 351,274 $ — $ 588,503 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION YEAR ENDED DECEMBER 31, 2016 Parent Subsidiary Subsidiary Company Guarantors Non-Guarantors Eliminations Consolidated (In thousands) Operating activities Net income $ 256,777 $ 211,694 $ 91,988 $ (301,946 ) $ 258,513 Adjustments to reconcile net income to cash provided by operating activities (189,223 ) 55,128 53,381 301,946 221,232 Changes in assets and liabilities 154,085 (164,005 ) (18,642 ) — (28,562 ) Net cash provided by operating activities 221,639 102,817 126,727 — 451,183 Investing activities Additions to theatre properties and equipment (108,439 ) (130,843 ) (87,626 ) — (326,908 ) Acquisition of theatres in the U.S. (15,300 ) — — — (15,300 ) Acquisition of screen advertising business — — (1,450 ) — (1,450 ) Proceeds from sale of theatre properties and equipment and other 2,912 374 284 — 3,570 Proceeds from sale of marketable securities 13,451 — — — 13,451 Intercompany note issuances (4,455 ) — — 4,455 Dividends received from subsidiaries 26,033 229,649 — (255,682 ) — Investment in joint ventures and other (1,000 ) — (132 ) — (1,132 ) Net cash provided by (used for) investing activities (86,798 ) 99,180 (88,924 ) (251,227 ) (327,769 ) Financing activities Dividends paid to parent (124,900 ) — (255,682 ) 255,682 (124,900 ) Proceeds from issuance of Senior Notes, net of discount 222,750 — — — 222,750 Retirement of Senior Subordinated Notes (200,000 ) — — — (200,000 ) Repayments of long-term debt (15,201 ) — (1,404 ) — (16,605 ) Payments of debt issue costs (7,217 ) — — — (7,217 ) Intercompany loan proceeds — — 4,455 (4,455 ) Payments on capital leases (6,645 ) (10,005 ) (2,693 ) — (19,343 ) Other 1,863 (6,834 ) (1,759 ) — (6,730 ) Net cash used for financing activities (129,350 ) (16,839 ) (257,083 ) 251,227 (152,045 ) Effect of exchange rate changes on cash and cash equivalents — — 1,266 — 1,266 Increase (decrease) in cash and cash equivalents 5,491 185,158 (218,014 ) — (27,365 ) Cash and cash equivalents: Beginning of year 141,364 95,865 351,274 — 588,503 End of year $ 146,855 $ 281,023 $ 133,260 $ — $ 561,138 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION YEAR ENDED DECEMBER 31, 2017 Parent Subsidiary Subsidiary Company Guarantors Non-Guarantors Eliminations Consolidated (In thousands) Operating activities Net income $ 265,643 $ 151,999 $ 120,029 $ (270,189 ) $ 267,482 Adjustments to reconcile net income to cash provided by operating activities (123,080 ) 71,023 33,515 270,189 251,647 Changes in assets and liabilities 18,223 (35,138 ) 25,649 — 8,734 Net cash (used for) provided by operating activities 160,786 187,884 179,193 — 527,863 Investing activities Additions to theatre properties and equipment (146,385 ) (172,874 ) (61,603 ) — (380,862 ) Acquisition of theatres in the U.S. and international markets, net of cash acquired (12,500 ) — (28,497 ) — (40,997 ) Proceeds from sale of theatre properties and equipment and other 2,149 12,271 678 — 15,098 Dividends received from subsidiaries 127,600 1,873 — (129,473 ) — Investment in joint ventures and other — (104 ) (3,611 ) — (3,715 ) Net cash provided by (used for) investing activities (29,136 ) (158,834 ) (93,033 ) (129,473 ) (410,476 ) Financing activities Dividends paid to parent (134,500 ) (127,000 ) (2,473 ) 129,473 (134,500 ) Repayments of long-term debt (4,282 ) — (1,389 ) — (5,671 ) Payments on capital leases (7,952 ) (9,707 ) (4,066 ) — (21,725 ) Proceeds from financing lease — 10,200 — — 10,200 Other (1,181 ) (2,943 ) (1,088 ) — (5,212 ) Net cash used for financing activities (147,915 ) (129,450 ) (9,016 ) 129,473 (156,908 ) Effect of exchange rate changes on cash and cash equivalents — — 798 — 798 Increase (decrease) in cash and cash equivalents (16,265 ) (100,400 ) 77,942 — (38,723 ) Cash and cash equivalents: Beginning of year 146,855 281,023 133,260 — 561,138 End of year $ 130,590 $ 180,623 $ 211,202 $ — $ 522,415 |
Summary of Significant Accoun48
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)UnitSegment | Dec. 31, 2016USD ($)UnitSegment | Dec. 31, 2015USD ($)UnitSegment | |
Summary Of Significant Accounting Policies [Line Items] | |||
Approximate available remaining lease period for fee owned properties | 20 years | ||
Requirements to be classified as capital lease, minimum amount of present value of future minimum lease payments against estimated fair value, percentage | 90.00% | ||
Requirements to be classified as capital lease, minimum length of lease term against estimated useful life, percentage | 75.00% | ||
General liability claim per occurrence, cap | $ 250 | $ 100 | $ 100 |
Annual cap per policy year | 3,900 | 3,350 | 2,900 |
Annual cap for self-insured workers compensation plan | 5,000 | ||
Medical claim per occurrence, cap | 250 | 150 | 125 |
Insurance Reserves | 8,252 | 7,837 | |
Unredeemed gift cards and other advances | 77,623 | 70,247 | |
Liabilities for advanced sale-type certificates | $ 11,861 | $ 11,522 | $ 11,786 |
Minimum Percentage for Tax position measure as largest amount of benefit | 50.00% | ||
Reportable operating segments | Segment | 2 | 2 | 2 |
Interest Rate Swap | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Derivative, expiration month and year | 2016-04 | ||
Accrued Other Current Liabilities | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Loyalty program liability, current | $ 5,527 | ||
Trade Names | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Fair value in excess of carrying value percentage | 10.00% | ||
Rave Theatres | Trade Names | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Fair value in excess of carrying value percentage | 10.00% | ||
U.S. Operating Segment | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of reporting units | Segment | 19 | ||
Multiplication Value to Cash flows for the determination of fair value of Reporting units | Unit | 8 | 8 | 8 |
International Operating Segment | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of reporting units | Segment | 7 | ||
Minimum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Equity method investment, ownership percentage | 20.00% | ||
Amortization period of deferred charges and other assets | 1 year | ||
Remaining amortization period for deferred revenues | 1 year | ||
Minimum | U.S. Operating Segment | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Reporting unit percentage of fair value in excesses of carrying value amount | 10.00% | 10.00% | |
Maximum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Equity method investment, ownership percentage | 50.00% | ||
Cost method investment, ownership Percentage | 20.00% | ||
Amortization period of deferred charges and other assets | 15 years | ||
Remaining amortization period for deferred revenues | 20 years | ||
Pre-funding claims and covers claims per occurrence | $ 250 |
Estimated Useful Lives of Asset
Estimated Useful Lives of Assets (Detail) | 12 Months Ended | |
Dec. 31, 2017 | ||
Buildings On Owned Land | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of assets | 40 years | |
Buildings On Leased Land | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of assets | Lesser of lease term or useful life | |
Land and Buildings Under Capital Lease | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of assets | Lesser of lease term or useful life | [1] |
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 | |
[1] | Amortization of capital lease assets is included in depreciation and amortization expense on the consolidated statements of income. Accumulated amortization of capital lease assets as of December 31, 2016 and 2017 was $175,166 and $200,683, respectively. |
Estimated Useful Lives of Ass50
Estimated Useful Lives of Assets (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation and amortization | $ 1,500,535 | $ 1,355,218 |
Property Under Capital Lease | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation and amortization | $ 200,683 | $ 175,166 |
Intangible Assets and Amortizat
Intangible Assets and Amortization Method (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Finite Lived Intangible Assets [Line Items] | |
Goodwill | Indefinite-lived |
Tradename | Indefinite-lived |
Vendor Contracts | |
Finite Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Amortization Method | Straight-line method over the terms of the underlying contracts. The remaining terms of the underlying contracts range from one to three years. |
Vendor Contracts | Minimum | |
Finite Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 1 year |
Vendor Contracts | Maximum | |
Finite Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 3 years |
Favorable/unfavorable leases | |
Finite Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Amortization Method | Based on the pattern in which the economic benefits are realized over the terms of the lease agreements. The remaining terms of the lease agreements range from approximately two to nineteen years. |
Favorable/unfavorable leases | Minimum | |
Finite Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 2 years |
Favorable/unfavorable leases | Maximum | |
Finite Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 19 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 twelve 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 | 12 years |
New Accounting Pronouncements -
New Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Jan. 01, 2018 | |
ASU 2016-15 | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Reclassification of cash payments recorded in loss on debt amendments and refinancing from operating activities to financing activities | $ 9,519 | |
Maximum | Subsequent Event | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Cumulative effect of accounting change adjustment in retained earnings | $ 55,000 |
Investment in National CineMe53
Investment in National CineMedia LLC - Additional Information (Detail) | Feb. 13, 2007USD ($) | Dec. 31, 2017USD ($)$ / shares$ / Theatreshares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Schedule Of Equity Method Investments [Line Items] | |||||
Access fees per patron | $ / Theatre | 0.07 | ||||
Increase in percentage of payment per theatre patron | 8.00% | ||||
Duration of percentage increase in theatre access fees per patron | 5 years | ||||
Payment per digital screen | $ 800,000 | $ 1,303,000 | $ 1,241,000 | $ 1,182,000 | |
Percentage of annual increase in payment per digital screen | 5.00% | ||||
Minimum percentage of aggregate advertising revenue for payment of fees | 12.00% | ||||
Remaining term of exhibitor services agreement | 19 years | ||||
Number of common units of NCM owned by Company | shares | 27,871,862 | ||||
Interest in common units of NCM owned by Company | 18.00% | ||||
NCM | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Investment in NCM | $ 200,550,000 | 189,995,000 | |||
Impairment of investments | 0 | ||||
NCM | Theatre Properties and Equipment | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Payment for installation of certain equipment used for digital advertising | $ 102,000 | 49,000 | 50,000 | ||
Investment In NCM | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Common unit convertible into share of NCMI common stock, conversion ratio | 1 | ||||
Estimated fair value of investment using NCMI's stock price | $ 191,201,000 | ||||
NCMI stock price | $ / shares | $ 6.86 | ||||
Investment in NCM | $ 200,550,000 | $ 189,995,000 | $ 183,755,000 | $ 178,939,000 |
Summary of Common Units Receive
Summary of Common Units Received Under Adjustment Agreement (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule Of Equity Method Investments [Line Items] | |||
Fair Value of Common Units Received | $ 18,363 | $ 11,111 | $ 15,421 |
Annual Common Unit Adjustment | |||
Schedule Of Equity Method Investments [Line Items] | |||
Date Common Units Received | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 |
Number of Common Units Received | 1,487,218 | 753,598 | 1,074,910 |
Fair Value of Common Units Received | $ 18,363 | $ 11,111 | $ 15,421 |
Summary of Activity with NCM In
Summary of Activity with NCM Included in Company's Consolidated Financial Statements (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Schedule Of Equity Method Investments [Line Items] | ||||
Equity in earnings | $ 35,985 | $ 31,962 | $ 28,126 | |
Equity in other comprehensive loss | (248) | (89) | 3,119 | |
NCM | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Beginning Balance | 189,995 | |||
Beginning Balance | (343,928) | |||
Ending Balance | 200,550 | 189,995 | ||
Ending Balance | (351,706) | (343,928) | ||
Investment In NCM | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Beginning Balance | 189,995 | 183,755 | 178,939 | |
Receipt of common units due to annual common unit adjustment | 18,363 | 11,111 | 15,421 | |
Receipt of excess cash distributions | (15,093) | (11,233) | (14,072) | |
Receipt under tax receivable agreement | (2,265) | (2,985) | (2,308) | |
Equity in earnings | 9,550 | 9,347 | 8,510 | |
Equity in other comprehensive loss | (2,735) | |||
Ending Balance | 200,550 | 189,995 | 183,755 | |
Deferred Revenue | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Beginning Balance | (343,928) | (342,134) | (335,219) | |
Receipt of common units due to annual common unit adjustment | (18,363) | (11,111) | (15,421) | |
Ending Balance | (351,706) | (343,928) | (342,134) | |
Deferred Revenue | NCM | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Amortization of deferred revenue | 10,585 | 9,317 | 8,506 | |
Distributions from NCM | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Beginning Balance | (14,656) | (18,140) | ||
Receipt of excess cash distributions | (14,158) | (11,483) | (15,396) | |
Receipt under tax receivable agreement | (2,249) | (3,173) | (2,744) | |
Ending Balance | (16,407) | (14,656) | (18,140) | |
Equity in Earnings | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Beginning Balance | (9,347) | (8,510) | ||
Ending Balance | (9,550) | (9,347) | (8,510) | |
Equity in Earnings | NCM | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Equity in earnings | (9,550) | (9,347) | (8,510) | |
Other Revenue | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Beginning Balance | (20,365) | (19,836) | ||
Revenues earned under ESA | [1] | (11,274) | (11,048) | (11,330) |
Ending Balance | (21,859) | (20,365) | (19,836) | |
Other Revenue | NCM | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Amortization of deferred revenue | (10,585) | (9,317) | (8,506) | |
Cash Received | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Beginning Balance | 39,922 | 45,850 | ||
Revenues earned under ESA | [1] | 11,274 | 11,048 | 11,330 |
Receipt of excess cash distributions | 29,251 | 22,716 | 29,468 | |
Receipt under tax receivable agreement | 4,514 | 6,158 | 5,052 | |
Ending Balance | $ 45,039 | 39,922 | 45,850 | |
Other Comprehensive Loss | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Beginning Balance | $ 2,735 | |||
Ending Balance | 2,735 | |||
Other Comprehensive Loss | NCM | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Equity in other comprehensive loss | $ 2,735 | |||
[1] | Amounts include the per patron and per digital screen theatre access fees due to the Company, net of amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire. The amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire were approximately $9,819, $10,523 and $11,110 for the years ended December 31, 2015, 2016 and 2017, respectively. |
Summary of Activity with NCM 56
Summary of Activity with NCM Included in Company's Consolidated Financial Statements (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity Method Investments And Joint Ventures [Abstract] | |||
Company's beverage concessionaire advertising costs | $ 11,110 | $ 10,523 | $ 9,819 |
Summary Financial Information f
Summary Financial Information for National CineMedia (Detail) - NCM - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 28, 2017 | Dec. 29, 2016 | Dec. 31, 2015 | |
Schedule Of Equity Method Investments [Line Items] | |||
Revenues | $ 285,400 | $ 447,600 | $ 446,500 |
Operating income | 83,700 | 173,000 | 140,500 |
Net income | 44,800 | 109,300 | $ 87,500 |
Current assets | 130,100 | 180,900 | |
Noncurrent assets | 776,900 | 607,600 | |
Current liabilities | 96,700 | 121,100 | |
Noncurrent liabilities | 910,800 | 924,300 | |
Members' deficit | $ (100,500) | $ (256,900) |
Summary of Activity for Each of
Summary of Activity for Each of Company's Other Investments (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Schedule Of Equity Method Investments [Line Items] | |||||
Investments, beginning balance | $ 98,317 | ||||
Equity in income | (35,985) | $ (31,962) | $ (28,126) | ||
Cash distributions received | [1] | (25,973) | (21,916) | (19,027) | |
Investments, ending balance | 120,045 | 98,317 | |||
AC JV, LLC | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Cash contributions | $ 268 | ||||
Other Affiliates | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Investments, beginning balance | 98,317 | 94,973 | 77,658 | ||
Cash contributions | 3,715 | 1,132 | 3,711 | ||
Equity in income | 26,435 | 22,615 | 19,616 | ||
Equity in comprehensive income (loss) | 248 | 89 | (384) | ||
Unrealized holding loss | (1,529) | ||||
Sale of investment in Taiwan | [2] | (1,383) | |||
Sale of investment | [3] | (12,900) | |||
Cash distributions received | (8,615) | (7,698) | (2,647) | ||
Other | (55) | 106 | (69) | ||
Investments, ending balance | 120,045 | 98,317 | 94,973 | ||
Other Affiliates | Digital Cinema Implementation Partners | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Investments, beginning balance | 87,819 | 71,579 | 51,277 | ||
Cash contributions | 1,112 | 717 | 3,211 | ||
Equity in income | 22,900 | 21,434 | 18,522 | ||
Equity in comprehensive income (loss) | 248 | 89 | (384) | ||
Cash distributions received | (5,864) | (6,000) | (1,047) | ||
Investments, ending balance | 106,215 | 87,819 | 71,579 | ||
Other Affiliates | RealD | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Investments, beginning balance | 12,900 | 14,429 | |||
Unrealized holding loss | (1,529) | ||||
Sale of investment | [3] | (12,900) | |||
Investments, ending balance | 12,900 | ||||
Other Affiliates | AC JV, LLC | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Investments, beginning balance | 5,980 | 7,269 | 7,899 | ||
Equity in income | 2,336 | 311 | 970 | ||
Cash distributions received | (2,400) | (1,600) | (1,600) | ||
Investments, ending balance | 5,916 | 5,980 | 7,269 | ||
Other Affiliates | Digital Cinema Distribution Coalition | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Investments, beginning balance | 2,750 | 2,562 | 2,438 | ||
Equity in income | 1,199 | 870 | 124 | ||
Cash distributions received | (351) | (98) | |||
Other | (584) | ||||
Investments, ending balance | 3,598 | 2,750 | 2,562 | ||
Other Affiliates | Other Investment | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Investments, beginning balance | 1,768 | 663 | 1,615 | ||
Cash contributions | 2,603 | 415 | 500 | ||
Sale of investment in Taiwan | [2] | (1,383) | |||
Other | (55) | 690 | (69) | ||
Investments, ending balance | $ 4,316 | $ 1,768 | $ 663 | ||
[1] | Includes distributions received from equity investees that were recorded as a reduction of the respective investment balances. | ||||
[2] | The Company sold its investment in a Taiwan joint venture for $2,634, resulting in a gain of $1,251, which is included in loss on sale of assets and other for the year ended December 31, 2015. | ||||
[3] | See further discussion of the sale of the investment held by the Company under RealD, Inc. below. |
Summary of Activity for Each 59
Summary of Activity for Each of Company's Other Investments (Parenthetical) (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Equity Method Investments And Joint Ventures [Abstract] | |
Proceeds from sale of investment in joint venture | $ 2,634 |
Gain (loss) on sale of assets and other | $ 1,251 |
Other Investments - Additional
Other Investments - Additional Information (Detail) | Mar. 22, 2016USD ($)$ / shares | Dec. 31, 2013USD ($) | Mar. 31, 2011$ / shares | Dec. 31, 2017USD ($)RenewalOptionProjectionSystemshares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2011shares |
Schedule Of Equity Method Investments [Line Items] | ||||||||
Number of shares owned in RealD | shares | 1,222,780 | |||||||
Exercise price of options, shares | $ / shares | $ 0.00667 | |||||||
Number of shares owned in RealD | shares | 1,222,780 | |||||||
Proceeds from sale of marketable securities | $ 13,451,000 | |||||||
Other Affiliates | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Cash contributions | $ 3,715,000 | 1,132,000 | $ 3,711,000 | |||||
Digital Cinema Implementation Partners | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Percentage of voting interest | 33.00% | |||||||
Economic interest in Digital Cinema Implementation Partners | 24.30% | |||||||
Digital Cinema Implementation Partners | Other Affiliates | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Digital projection systems leased under operating lease, initial term | 12 years | |||||||
Number of one-year fair value renewal options | RenewalOption | 10 | |||||||
Minimum annual rent per digital projection system | $ 1,000 | |||||||
Number of equipment being leased under master equipment lease agreement | ProjectionSystem | 3,805 | |||||||
Cash contributions | $ 1,112,000 | 717,000 | 3,211,000 | |||||
RealD | Other Affiliates | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Purchase price per share | $ / shares | $ 11 | |||||||
Proceeds from sale of marketable securities | $ 13,451,000 | |||||||
Gain on investment | 3,742,000 | |||||||
Unrealized holding gain previously recorded in AOCI | 3,191,000 | |||||||
AC JV, LLC | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Ownership of class A units sold to Founding Members | 97.00% | |||||||
Cash contributions | $ 268,000 | |||||||
Ownership of class A units | 1.00% | |||||||
Ownership of class A units | 31.00% | |||||||
Aggregate value of Class A units | $ 25,000,000 | |||||||
Promissory note term | 6 years | |||||||
Original principal value of promissory note with NCM | $ 8,333,000 | |||||||
Annual interest rate on promissory note | 5.00% | 5.00% | ||||||
Remaining outstanding balance of note payable | 2,778,000 | |||||||
AC JV, LLC | Film rentals and advertising | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Event fees | $ 13,950,000 | 10,871,000 | 11,440,000 | |||||
Digital Cinema Distribution Coalition | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Percentage of voting interest | 14.60% | |||||||
Payments for content delivery services | $ 848,000 | $ 939,000 | $ 807,000 |
Summary Financial Information61
Summary Financial Information for DCIP (Detail) - Other Affiliates - Digital Cinema Implementation Partners - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule Of Equity Method Investments [Line Items] | |||
Revenues | $ 177,382 | $ 178,836 | $ 171,203 |
Operating income | 106,687 | 107,919 | 103,449 |
Net income | 93,103 | 89,152 | $ 79,255 |
Current assets | 56,296 | 45,087 | |
Noncurrent assets | 772,438 | 861,290 | |
Current liabilities | 59,153 | 44,771 | |
Noncurrent liabilities | 296,889 | 464,246 | |
Members' equity | $ 472,692 | $ 397,360 |
Transactions with DCIP (Detail)
Transactions with DCIP (Detail) - Digital Cinema Implementation Partners - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule Of Equity Method Investments [Line Items] | |||
Equipment lease payments | $ 5,743 | $ 5,217 | $ 4,474 |
Warranty reimbursements from DCIP | (8,511) | (6,091) | (4,329) |
Management services fees | $ 823 | $ 825 | $ 825 |
Summary of Goodwill (Detail)
Summary of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | |||
Goodwill [Line Items] | ||||
Beginning Balance | [1] | $ 1,262,963 | $ 1,247,548 | |
Acquisitions of theatres | 23,089 | [2] | 7,607 | |
Other acquisitions | [3] | 1,410 | ||
Foreign currency translation adjustments | (1,973) | 6,398 | ||
Ending Balance | [1] | 1,284,079 | 1,262,963 | |
U.S. Operating Segment | ||||
Goodwill [Line Items] | ||||
Beginning Balance | [1] | 1,164,163 | 1,156,556 | |
Acquisitions of theatres | 9,878 | [2] | 7,607 | |
Other acquisitions | [3] | 0 | ||
Foreign currency translation adjustments | 0 | 0 | ||
Ending Balance | [1] | 1,174,041 | 1,164,163 | |
International Operating Segment | ||||
Goodwill [Line Items] | ||||
Beginning Balance | [1] | 98,800 | 90,992 | |
Acquisitions of theatres | 13,211 | [2] | 0 | |
Other acquisitions | [3] | 1,410 | ||
Foreign currency translation adjustments | (1,973) | 6,398 | ||
Ending Balance | [1] | $ 110,038 | $ 98,800 | |
[1] | Balances are presented net of accumulated impairment losses of $214,031 for the U.S. operating segment and $27,622 for the international operating segment. | |||
[2] | Acquisition of theatres in the U.S. and international markets. | |||
[3] | Acquisition of screen advertising companies in Central America and Colombia. |
Summary of Goodwill (Parentheti
Summary of Goodwill (Parenthetical) (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
U.S. Operating Segment | |
Goodwill [Line Items] | |
Accumulated impairment losses | $ 214,031 |
International Operating Segment | |
Goodwill [Line Items] | |
Accumulated impairment losses | $ 27,622 |
Intangible Assets -Net (Detail)
Intangible Assets -Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | ||||
Intangible Assets Net Excluding Goodwill [Abstract] | |||||
Intangible assets with finite lives, Beginning balance | $ 99,796 | $ 99,968 | |||
Accumulated amortization additions | 11,584 | [1] | 503 | [2] | |
Other, Gross carrying amount | [3] | (5,485) | (675) | ||
Intangible assets with finite lives, Ending balance | 105,895 | 99,796 | |||
Intangible assets with finite lives, Accumulated amortization, Beginning balance | (64,606) | (59,706) | |||
Accumulated amortization additions | 0 | [1] | 0 | [2] | |
Accumulated amortization | (5,563) | (5,538) | |||
Other Accumulated Amortization of Intangible Assets | [3] | 1,300 | 638 | ||
Intangible assets with finite lives, Accumulated amortization, Ending balance | (68,869) | (64,606) | |||
Net intangible assets with finite lives, Beginning balance | 35,190 | 40,262 | |||
Amortization, intangible assets | (5,563) | (5,538) | |||
Other, Finite lived intangible assets | [3] | (4,185) | (37) | ||
Net intangible assets with finite lives, Ending balance | 37,026 | 35,190 | |||
Indefinite-lived Intangible Assets, Tradename, Beginning Balance | 299,709 | 299,382 | |||
Indefinite lived intangible assets, additions | 0 | [1] | 0 | [2] | |
Other, Tradename | [3] | 26 | 327 | ||
Indefinite-lived Intangible Assets, Tradename, Ending Balance | 299,735 | 299,709 | |||
Total intangible assets - net, Beginning balance | 334,899 | 339,644 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 11,584 | [1] | 503 | [2] | |
Other, Total intangible assets - net | [3] | (4,159) | 290 | ||
Total intangible assets - net, Ending balance | $ 336,761 | $ 334,899 | |||
[1] | Amounts represent fair values allocated to intangible assets acquired as part of acquisitions of theatres in the U.S. and international markets. | ||||
[2] | Activity for 2016 reflects addition of non-compete agreement and favorable lease associated with theatres acquired in the U.S. | ||||
[3] | Amounts represent foreign currency translation adjustments and the write-off of certain lease intangibles for theatre closures and lease amendments. |
Estimated Aggregate Future Amor
Estimated Aggregate Future Amortization Expense for Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Finite Lived Intangible Assets Net [Abstract] | |||
For the year ended December 31, 2018 | $ 5,725 | ||
For the year ended December 31, 2019 | 5,267 | ||
For the year ended December 31, 2020 | 5,535 | ||
For the year ended December 31, 2021 | 3,685 | ||
For the year ended December 31, 2022 | 3,280 | ||
Thereafter | 13,534 | ||
Total | $ 37,026 | $ 35,190 | $ 40,262 |
Long-Lived Asset Impairment Cha
Long-Lived Asset Impairment Charges (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Theatre properties | $ 15,084 | $ 2,836 | $ 7,809 | |
Intangible assets | [1] | 992 | ||
Impairment of long-lived assets | 15,084 | 2,836 | 8,801 | |
U.S. Operating Segment | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Theatre properties | 5,227 | 1,929 | 7,052 | |
International Operating Segment | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Theatre properties | $ 9,857 | $ 907 | $ 757 | |
[1] | Activity for 2015 was related to the impairment of a favorable lease for one theatre. |
Impairment of Long-Lived Asse68
Impairment of Long-Lived Assets - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Impairment Or Disposal Of Tangible Assets Disclosure [Abstract] | |
Estimated aggregate remaining fair value of long-lived assets impaired during current period | $ 8,953 |
Deferred Changes and Other Asse
Deferred Changes and Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Long-term prepaid rents | $ 7,762 | $ 5,996 |
Construction and other deposits | 12,167 | 10,881 |
Equipment to be placed in service | 13,868 | 12,856 |
Other | 5,970 | 7,822 |
Total | $ 39,767 | $ 37,555 |
Long Term Debt (Detail)
Long Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Nov. 28, 2017 | [2] | Jun. 16, 2017 | [2] | Dec. 31, 2016 | Dec. 15, 2016 | [2] | Jun. 13, 2016 | [2] | |
Debt Instrument [Line Items] | |||||||||||
Cinemark USA, Inc. term loan | $ 659,517 | $ 663,799 | |||||||||
Other | [1] | 2,778 | 4,167 | ||||||||
Total | 1,817,295 | 1,822,966 | |||||||||
Less current portion | 7,099 | 5,671 | |||||||||
Less debt issuance costs, net of accumulated amortization of $19,364 and $25,549, respectively | 29,815 | $ 330 | $ 521 | 34,854 | $ 2,446 | $ 783 | |||||
Long-term debt, less current portion | 1,780,381 | 1,782,441 | |||||||||
4.875 % Senior Notes Due May 2023 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior notes | 755,000 | 755,000 | |||||||||
5.125% senior notes due 2022 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior notes | $ 400,000 | $ 400,000 | |||||||||
[1] | Primarily represents debt owed to NCM in relation to the recently-formed joint venture AC JV, LLC. See Note 4. | ||||||||||
[2] | Reflected as a reduction of long term debt on the consolidated balance sheet as of December 31, 2016 and 2017. |
Long Term Debt (Parenthetical)
Long Term Debt (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
Debt issue costs, accumulated amortization | $ 25,549 | $ 19,364 |
Long Term Debt - Additional Inf
Long Term Debt - Additional Information (Detail) - USD ($) | Nov. 28, 2017 | Jun. 16, 2017 | Dec. 15, 2016 | Jun. 13, 2016 | May 21, 2016 | May 16, 2016 | May 08, 2015 | May 24, 2013 | Dec. 18, 2012 | Jun. 03, 2011 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2012 | ||||
Debt Instrument [Line Items] | ||||||||||||||||||
Incurred debt issue costs | $ 1,146,000 | $ 7,217,000 | $ 6,957,000 | |||||||||||||||
Amount outstanding under the term loan | $ 659,517,000 | 663,799,000 | ||||||||||||||||
Percentage voting stock of foreign subsidiaries | 65.00% | |||||||||||||||||
Multiple consolidated interest expense under sub condition two of condition two under dividend restriction | 1.75 | |||||||||||||||||
Debt issuance costs | $ 330,000 | [1] | $ 521,000 | [1] | $ 2,446,000 | [1] | $ 783,000 | [1] | $ 29,815,000 | 34,854,000 | ||||||||
Write off of unamortization of debt issuance cost | 2,369,000 | |||||||||||||||||
Loss on debt amendments and refinancing | $ 331,000 | [2] | $ 190,000 | [2] | $ 161,000 | [2] | $ 249,000 | [2] | 521,000 | 13,445,000 | 925,000 | |||||||
Carrying value of long-term debt | 1,817,295,000 | 1,822,966,000 | ||||||||||||||||
Fair value of long-term debt | 1,840,918,000 | 1,850,212,000 | ||||||||||||||||
Amended Senior Secured Credit Facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Quarterly principal payments due | $ 1,750,000 | |||||||||||||||||
Last quarterly payment date | Mar. 31, 2022 | |||||||||||||||||
Remaining principal | $ 635,250,000 | |||||||||||||||||
Incurred debt issue costs | 6,957,000 | |||||||||||||||||
Loss on debt amendments and refinancing | $ 925,000 | |||||||||||||||||
Amended senior secured credit facility, dividend that could have distributed | 2,620,026,000 | |||||||||||||||||
Senior Secured Credit Facility Agreement | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Quarterly principal payments due | $ 1,427,000 | |||||||||||||||||
Last quarterly payment date | Mar. 31, 2022 | |||||||||||||||||
Remaining principal | $ 635,250,000 | |||||||||||||||||
Remaining principal due date | May 8, 2022 | |||||||||||||||||
Pre-payment of term loan | $ 13,451,000 | |||||||||||||||||
First quarterly payment date | Jun. 30, 2017 | |||||||||||||||||
4.875 % Senior Notes Due May 2023 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Aggregate principal amount of Senior Notes | $ 530,000,000 | |||||||||||||||||
Interest rate | 4.875% | |||||||||||||||||
Debt instrument, maturity date | Jun. 1, 2023 | |||||||||||||||||
Senior notes indenture, amount that could have distributed | $ 2,608,237,000 | |||||||||||||||||
Price to repurchase the senior subordinated notes as a percentage of the aggregate principal amount outstanding plus accrued and unpaid interest in case of change of control | 101.00% | |||||||||||||||||
Debt covenants, required minimum coverage ratio | 200.00% | |||||||||||||||||
Actual coverage ratio | 610.00% | |||||||||||||||||
4.875 % Senior Notes Due June 1, 2023 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Aggregate principal amount of Senior Notes | $ 225,000,000 | $ 755,000,000 | ||||||||||||||||
Interest rate | 4.875% | 4.875% | ||||||||||||||||
Debt instrument, maturity date | Jun. 1, 2023 | |||||||||||||||||
Price to repurchase the senior subordinated notes as a percentage of the aggregate principal amount outstanding plus accrued and unpaid interest in case of change of control | 99.00% | |||||||||||||||||
Debt issuance costs | $ 3,702,000 | 3,702,000 | ||||||||||||||||
Debt issue costs, discount | 2,250,000 | 2,250,000 | ||||||||||||||||
7.375% senior subordinated notes due 2021 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Aggregate principal amount of Senior Notes | $ 200,000,000 | $ 200,000,000 | ||||||||||||||||
Interest rate | 7.375% | 7.375% | ||||||||||||||||
Debt instrument, maturity period | 2,021 | 2,021 | ||||||||||||||||
Percentage of debt repayment premium | 104.00% | |||||||||||||||||
Write off of unamortization of debt issuance cost | $ 2,369,000 | |||||||||||||||||
Early retirement of debt | $ 9,444,000 | |||||||||||||||||
Loss on debt amendments and refinancing | $ 1,222,000 | |||||||||||||||||
5.125% senior notes due 2022 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Aggregate principal amount of Senior Notes | $ 400,000,000 | |||||||||||||||||
Interest rate | 5.125% | |||||||||||||||||
Debt instrument, maturity date | Dec. 15, 2022 | |||||||||||||||||
Debt instrument, maturity period | 2,022 | |||||||||||||||||
Price to repurchase the senior subordinated notes as a percentage of the aggregate principal amount outstanding plus accrued and unpaid interest in case of change of control | 101.00% | |||||||||||||||||
Debt covenants, required minimum coverage ratio | 200.00% | |||||||||||||||||
Actual coverage ratio | 610.00% | |||||||||||||||||
Description of debt Instrument frequency of periodic payment | Interest on the 5.125% Senior Notes is payable on June 15 and December 15 of each year. | |||||||||||||||||
Senior notes indenture, amount that could have distributed | $ 2,613,268,000 | |||||||||||||||||
Term Loan Credit facility | Senior Secured Credit Facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Aggregate principal amount of Senior Notes | $ 700,000,000 | |||||||||||||||||
Maturity period | 7 years | |||||||||||||||||
Term Loan Credit facility | Amended Senior Secured Credit Facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Aggregate principal amount issued | $ 700,000,000 | |||||||||||||||||
Remaining principal due date | May 8, 2022 | |||||||||||||||||
Percentage of Variable rate added to federal funds effective rate | 0.50% | |||||||||||||||||
Percentage of variable margin rate added to one-month Eurodollar rate | 1.00% | |||||||||||||||||
Percentage of variable margin rate added to Eurodollar rate | 2.00% | |||||||||||||||||
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 2.00% per annum. | |||||||||||||||||
Amount outstanding under the term loan | $ 659,517,000 | |||||||||||||||||
Average interest rate on outstanding borrowings | 3.60% | |||||||||||||||||
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 | 1.00% | |||||||||||||||||
Revolving Credit Line | Senior Secured Credit Facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Aggregate principal amount of Senior Notes | $ 100,000,000 | |||||||||||||||||
Maturity period | 5 years | |||||||||||||||||
Revolving Credit Line | Amended Senior Secured Credit Facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Percentage of Variable rate added to federal funds effective rate | 0.50% | |||||||||||||||||
Percentage of variable margin rate added to one-month Eurodollar rate | 1.00% | |||||||||||||||||
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 | $ 0 | ||||||||||||||||
Available borrowing capacity | $ 100,000,000 | |||||||||||||||||
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% | |||||||||||||||||
[1] | Reflected as a reduction of long term debt on the consolidated balance sheet as of December 31, 2016 and 2017. | |||||||||||||||||
[2] | Reflected as a loss on debt amendments and refinancing on the consolidated statement of income for the year in which the amendments were effective. |
Long Term Debt - Amendment of C
Long Term Debt - Amendment of Credit Agreement (Detail) - USD ($) $ in Thousands | Nov. 28, 2017 | Jun. 16, 2017 | Dec. 15, 2016 | Jun. 13, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Debt Instrument [Line Items] | |||||||||||
Debt Issue Cost Paid | $ 330 | [1] | $ 521 | [1] | $ 2,446 | [1] | $ 783 | [1] | $ 29,815 | $ 34,854 | |
Loss on Debt Amendment | $ 331 | [2] | $ 190 | [2] | $ 161 | [2] | $ 249 | [2] | $ 521 | $ 13,445 | $ 925 |
Amended Credit Agreement June 13, 2016 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Nature of Amendment | Reduced term loan interest rate by 0.25% | ||||||||||
Amended Credit Agreement December 15, 2016 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Nature of Amendment | Reduced term loan interest rate by 0.50% | ||||||||||
Amended Credit Agreement June 16, 2017 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Nature of Amendment | Reduced term loan interest rate by 0.25%; modified certain definitions and other provisions in the Credit Agreement | ||||||||||
Amended Credit Agreement November 28, 2017 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Nature of Amendment | Extended maturity of revolving credit line to December 2022; reduced the interest rate applicable to borrowings under the credit line | ||||||||||
[1] | Reflected as a reduction of long term debt on the consolidated balance sheet as of December 31, 2016 and 2017. | ||||||||||
[2] | Reflected as a loss on debt amendments and refinancing on the consolidated statement of income for the year in which the amendments were effective. |
Long Term Debt - Amendment of74
Long Term Debt - Amendment of Credit Agreement (Parenthetical) (Detail) | Nov. 28, 2017 | Jun. 16, 2017 | Dec. 15, 2016 | Jun. 13, 2016 |
Debt Disclosure [Abstract] | ||||
Debt instrument, reduction in interest rate | 0.25% | 0.50% | 0.25% | |
Debt instrument, extended maturity date | 2022-12 |
Maturities of Long-Term Debt, E
Maturities of Long-Term Debt, Excluding Unamortized Debt Issuance Costs (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
2,018 | $ 7,099 | |
2,019 | 7,099 | |
2,020 | 5,710 | |
2,021 | 5,710 | |
2,022 | 1,036,677 | |
Thereafter | 755,000 | |
Total | $ 1,817,295 | $ 1,822,966 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |||
Assets at fair value on recurring basis | $ 0 | ||
Liabilities at fair value on recurring basis | 0 | ||
Fair value of assets transfers in or out, level 1 to level 2 | 0 | $ 0 | $ 0 |
Fair value of assets transfers in or out, level 2 to level 1 | 0 | 0 | 0 |
Fair value, asset transfers into Level 3 | 0 | 0 | 0 |
Fair value, asset transfers out of Level 3 | $ 0 | $ 0 | $ 0 |
Reconciliation of Beginning and
Reconciliation of Beginning and Ending Balance for Liabilities Measured at Fair Value on Recurring Basis Unobservable Inputs (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | ||
Beginning balances - Liabilities | $ 0 | $ 373 |
Total loss included in accumulated other comprehensive loss | 0 | 71 |
Settlements included in interest expense | 0 | (444) |
Ending balances - Liabilities | $ 0 | $ 0 |
Foreign Currency Translation -
Foreign Currency Translation - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Foreign Currency Translation [Line Items] | ||
Accumulated other comprehensive income (loss) | $ 253,282 | $ 247,013 |
Cumulative foreign currency adjustments | $ 253,565 | $ 247,046 |
Cumulative inflation rate | 100.00% | |
Cumulative inflation period | 3 years | |
Reclassification of cumulative foreign currency translation adjustments | $ 1,551 | |
Canada | ||
Foreign Currency Translation [Line Items] | ||
Reclassification of cumulative foreign currency translation adjustments | $ 1,551 |
Summary of Impact of Translatin
Summary of Impact of Translating Financial Statements of Company's International Subsidiaries (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Foreign Currency Translation [Line Items] | |||
Other comprehensive Income (Loss) | $ (4,966) | $ 26,394 | $ (125,512) |
Brazil | |||
Foreign Currency Translation [Line Items] | |||
Exchange Rate | 3.96 | 3.26 | 3.31 |
Other comprehensive Income (Loss) | $ (74,559) | $ 37,286 | $ (4,567) |
Argentina | |||
Foreign Currency Translation [Line Items] | |||
Exchange Rate | 12.95 | 16.04 | 18.65 |
Other comprehensive Income (Loss) | $ (30,520) | $ (13,362) | $ (8,200) |
Colombia | |||
Foreign Currency Translation [Line Items] | |||
Exchange Rate | 3,149.47 | 3,000.71 | 2,936.67 |
Other comprehensive Income (Loss) | $ (8,043) | $ 1,278 | $ 246 |
Chile | |||
Foreign Currency Translation [Line Items] | |||
Exchange Rate | 709.16 | 679.09 | 615.97 |
Other comprehensive Income (Loss) | $ (6,572) | $ 1,855 | $ 5,672 |
Peru | |||
Foreign Currency Translation [Line Items] | |||
Exchange Rate | 3.46 | 3.45 | 3.24 |
Other comprehensive Income (Loss) | $ (4,882) | $ 87 | $ 2,752 |
Other foreign countries | |||
Foreign Currency Translation [Line Items] | |||
Other comprehensive Income (Loss) | (898) | (783) | (869) |
International Subsidiaries | Cinemark USA, Inc. Stockholder's Equity | |||
Foreign Currency Translation [Line Items] | |||
Other comprehensive Income (Loss) | $ (125,474) | $ 26,361 | $ (4,966) |
Non-controlling Interest in Sub
Non-controlling Interest in Subsidiaries (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | $ 11,893 | $ 11,142 |
Cinemark Partners II | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | 8,795 | 8,249 |
Laredo Theatre | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | 1,746 | 1,695 |
Greeley Ltd | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | 843 | 689 |
Other | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | $ 509 | $ 509 |
Non-controlling Interest in S81
Non-controlling Interest in Subsidiaries (Parenthetical) (Detail) | Dec. 31, 2017 | Dec. 31, 2016 |
Cinemark Partners II | ||
Noncontrolling Interest [Line Items] | ||
Ownership share | 24.60% | 24.60% |
Laredo Theatre | ||
Noncontrolling Interest [Line Items] | ||
Ownership share | 25.00% | 25.00% |
Greeley Ltd | ||
Noncontrolling Interest [Line Items] | ||
Ownership share | 49.00% | 49.00% |
Noncontrolling Interests in S82
Noncontrolling Interests in Subsidiaries - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2017 | |
Noncontrolling Interest [Line Items] | |||
Percentage of remaining share purchased | 25.00% | ||
Purchase of noncontrolling interest | $ 450 | ||
Decrease in additional paid-in-capital | $ 450 | ||
Noncontrolling interests | $ 11,142 | $ 11,142 | $ 11,893 |
Ownership percentage | 100.00% | 100.00% | |
Flix Impirica S.A. | |||
Noncontrolling Interest [Line Items] | |||
Noncontrolling interests | $ 423 | $ 423 | |
Cinemark USA, Inc. Stockholder's Equity | |||
Noncontrolling Interest [Line Items] | |||
Decrease in additional paid-in-capital | $ 27 | $ 27 |
Summary of Impact of Changes in
Summary of Impact of Changes in Company's Ownership Interest in Subsidiary (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Noncontrolling Interest [Line Items] | |||
Net income attributable to Cinemark USA, Inc. | $ 265,643 | $ 256,777 | $ 218,532 |
Net transfers from non-controlling interests | 0 | (27) | 0 |
Change from net income attributable to Cinemark USA, Inc. and transfers from noncontrolling interests | 265,643 | 256,750 | 218,532 |
Chile | |||
Noncontrolling Interest [Line Items] | |||
Decrease in Cinemark USA, Inc. additional paid-in-capital for the buyout of Flix Impirica non-controlling interest | $ 0 | $ (27) | $ 0 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stockholders Equity Note [Line Items] | |||
Preferred stock, shares | 1,000,000 | ||
Preferred stock, par value | $ 1 | ||
Preferred stock, issued | 0 | ||
Preferred stock, outstanding | 0 | ||
Restricted Stock | |||
Stockholders Equity Note [Line Items] | |||
Unrecognized compensation expense | $ 13,049 | ||
Remaining Compensation Expense recognition period (in years) | 2 years | ||
Restricted Stock | Cinemark Holdings, Inc. | |||
Stockholders Equity Note [Line Items] | |||
Shares of restricted stock, granted | 246,534 | 335,707 | 226,212 |
Market value of common stock on the dates of grant | $ 41.70 | $ 30.98 | $ 42.79 |
Unrecognized compensation expense | $ 416 | ||
Restricted Stock | Cinemark USA Inc | |||
Stockholders Equity Note [Line Items] | |||
Unrecognized compensation expense | $ 12,633 | ||
Restricted Stock | Directors | |||
Stockholders Equity Note [Line Items] | |||
Award vesting period for restricted stock granted | 1 year | ||
Restricted Stock | Minimum | |||
Stockholders Equity Note [Line Items] | |||
Forfeiture rate for restricted stock awards | 0.00% | ||
Restricted Stock | Minimum | Cinemark Holdings, Inc. | |||
Stockholders Equity Note [Line Items] | |||
Market value of common stock on the dates of grant | $ 34.82 | ||
Restricted Stock | Minimum | Employees | |||
Stockholders Equity Note [Line Items] | |||
Award vesting period for restricted stock granted | 1 year | ||
Restricted Stock | Maximum | |||
Stockholders Equity Note [Line Items] | |||
Forfeiture rate for restricted stock awards | 10.00% | ||
Restricted Stock | Maximum | Cinemark Holdings, Inc. | |||
Stockholders Equity Note [Line Items] | |||
Market value of common stock on the dates of grant | $ 42.37 | ||
Restricted Stock | Maximum | Employees | |||
Stockholders Equity Note [Line Items] | |||
Award vesting period for restricted stock granted | 4 years | ||
Restricted Stock Units (RSUs) | |||
Stockholders Equity Note [Line Items] | |||
Market value of common stock on the dates of grant | $ 42.37 | $ 29.83 | $ 43.19 |
Unrecognized compensation expense | $ 6,820 | ||
Remaining Compensation Expense recognition period (in years) | 2 years | ||
Share-based compensation arrangement by share-based payment award, description | The financial performance factors are based on an implied equity value concept that determines an internal rate of return (“IRR”) for a two year measurement period, as defined in the award agreement, based on a formula utilizing a multiple of Adjusted EBITDA subject to certain specified adjustments (as defined in the restricted stock unit award agreement). | ||
Share-based compensation arrangement by share-based payment award, vesting condition | All payouts of restricted stock units that vest will be subject to an additional service requirement and will be paid in the form of Cinemark Holdings, Inc.’s common stock if the participant continues to provide services through the fourth anniversary of the grant date. | ||
Internal rate of return, performance period | 2 years | ||
Percentage of IRR expected | 11.00% | ||
Expected forfeiture rate | 5.00% | ||
Restricted Stock Units (RSUs) | Stock Grants 2016 | |||
Stockholders Equity Note [Line Items] | |||
Actual IRR calculated for grant | 8.00% | ||
Restricted Stock Units (RSUs) | Stock Grants 2017 | |||
Stockholders Equity Note [Line Items] | |||
Actual IRR calculated for grant | 9.50% | ||
Restricted Stock Units (RSUs) | Cinemark Holdings, Inc. | |||
Stockholders Equity Note [Line Items] | |||
Number of hypothetical shares of common stock | 175,634 | 253,661 | 142,917 |
Number of hypothetical shares of common stock at maximum IRR level | 628,189 | ||
Actual cumulative forfeitures (in units) | 7,407 | ||
Restricted Stock Units (RSUs) | Cinemark Holdings, Inc. | Stock Grants 2013 and 2014 | |||
Stockholders Equity Note [Line Items] | |||
Stock price at the date of modification | $ 33.02 | ||
Incremental compensation expense | $ 2,460 | ||
Restricted Stock Units (RSUs) | Cinemark Holdings, Inc. | Stock Grants 2015 | |||
Stockholders Equity Note [Line Items] | |||
Stock price at the date of modification | $ 37.98 | ||
Incremental compensation expense | $ 562 | ||
Class A common stock | |||
Stockholders Equity Note [Line Items] | |||
Common stock, shares outstanding | 1,500 | 1,500 | |
Class B common stock | |||
Stockholders Equity Note [Line Items] | |||
Common stock, shares outstanding | 182,648 | 182,648 |
Summary of Restricted Stock Act
Summary of Restricted Stock Activity (Detail) - Restricted Stock - Cinemark Holdings, Inc. - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Shares of Restricted Stock | |||
Shares of Restricted Stock, Beginning balance | 606,618 | 757,775 | 878,897 |
Shares of Restricted Stock, Granted | 246,534 | 335,707 | 226,212 |
Shares of Restricted Stock, Vested | (192,230) | (430,056) | (329,437) |
Shares of Restricted Stock, Forfeited | (10,341) | (56,808) | (17,897) |
Shares of Restricted Stock, Ending balance | 650,581 | 606,618 | 757,775 |
Weighted Average Grant Date Fair Value | |||
Weighted Average Grant Date Fair Value Outstanding, Beginning | $ 33.51 | $ 30.73 | $ 24.92 |
Weighted Average Grant Date Fair Value, Granted | 41.70 | 30.98 | 42.79 |
Weighted Average Grant Date Fair Value, Vested | 36.26 | 26.60 | 23.72 |
Weighted Average Grant Date Fair Value, Forfeited | 33.48 | 33.81 | 27.58 |
Weighted Average Grant Date Fair Value Outstanding, Ending | $ 35.81 | $ 33.51 | $ 30.73 |
Summary of Restricted Stock Awa
Summary of Restricted Stock Award Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense recognized during the period | $ 7,528 | $ 7,269 | $ 8,715 |
Restricted Stock | Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of restricted shares that vested during the period | 7,255 | 13,739 | 13,276 |
Income tax benefit recognized upon vesting of share based awards | $ 2,281 | $ 5,167 | $ 3,341 |
Restricted Stock | Cinemark Holdings, Inc. | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of restricted stock unit awards that vested during the period | 192,230 | 430,056 | 329,437 |
Compensation expense recognized during the period | $ 856 | $ 981 | $ 885 |
Restricted Stock | Cinemark Holdings, Inc. | Directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of restricted shares that vested during the period | 917 | 923 | 1,148 |
Income tax benefit recognized upon vesting of share based awards | $ 386 | $ 388 | $ 482 |
Restricted Stock Units (RSUs) | Cinemark Holdings, Inc. | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of restricted stock unit awards that vested during the period | 97,115 | 213,984 | 123,769 |
Fair value of restricted shares that vested during the period | $ 4,155 | $ 7,260 | $ 5,483 |
Accumulated dividends to be paid upon vesting of restricted stock unit awards | 558 | 662 | 442 |
Income tax benefit recognized upon vesting of share based awards | 1,745 | 3,049 | 2,303 |
Compensation expense recognized during the period | $ 4,297 | $ 5,144 | $ 6,158 |
Summary of Financial Performanc
Summary of Financial Performance Thresholds and Vesting Rates (Detail) - Restricted Stock Units (RSUs) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Threshold IRR | 7.00% | 6.00% | 7.50% |
Target IRR | 9.50% | 8.00% | 9.50% |
Maximum IRR | 13.00% | 10.00% | 11.50% |
Threshold IRR | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of Shares Vesting | 33.30% | ||
Targeted IRR | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of Shares Vesting | 66.60% | ||
Maximum IRR | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of Shares Vesting | 100.00% |
Summary of Potential Number of
Summary of Potential Number of Units that Could Vest Under Restricted Stock Unit Awards (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Disclosure Of Restricted Stock Unit [Abstract] | ||||
Number of units at threshold IRR | 58,545 | 84,554 | 47,640 | |
Number of units at target IRR | 117,089 | 169,107 | 95,282 | |
Number of units at maximum IRR | 175,634 | 253,661 | 142,917 | |
Fair value of units at threshold IRR | [1] | $ 2,481 | $ 2,522 | $ 2,057 |
Fair value of units at target IRR | [1] | 4,961 | 5,044 | 4,115 |
Fair value of units at maximum IRR | [1] | $ 7,442 | $ 7,568 | $ 6,173 |
[1] | The grant date fair values for units issued during the years ended December 31, 2015, 2016, and 2017 were $43.19, $29.83 and $42.37, respectively. |
Summary of Potential Number o89
Summary of Potential Number of Units that Could Vest Under Restricted Stock Unit Awards (Parenthetical) (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restricted Stock Units (RSUs) | |||
Schedule Of Restricted Stock Unit [Line Items] | |||
Weighted Average Grant Date Fair Value, Granted | $ 42.37 | $ 29.83 | $ 43.19 |
Supplemental Information to Con
Supplemental Information to Condensed Consolidated Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Schedule Of Cash Flow Supplemental [Line Items] | ||||
Cash paid for interest | $ 99,232 | $ 108,101 | $ 105,155 | |
Cash paid for income taxes, net of refunds received | 95,043 | 93,368 | 108,435 | |
Noncash investing and financing activities: | ||||
Change in accounts payable and accrued expenses for the acquisition of theatre properties and equipment | [1] | 9,349 | (29,471) | 2,491 |
Theatre properties and equipment acquired under capital lease | 46,727 | 33,282 | 36,544 | |
Investment in NCM - receipt of common units (see Note 3) | $ 18,363 | $ 11,111 | 15,421 | |
Noncash distributions to Cinemark Holdings, Inc. | (17,935) | |||
Receipt of promissory note related to sale of investment in a Taiwan joint venture | 2,634 | |||
Other Affiliates | Taiwan Joint Venture | ||||
Noncash investing and financing activities: | ||||
Receipt of promissory note related to sale of investment in a Taiwan joint venture | $ 2,304 | |||
[1] | Additions to theatre properties and equipment included in accounts payable as of December 31, 2016 and 2017 were $40,625 and $31,276, respectively. |
Supplemental Information to C91
Supplemental Information to Condensed Consolidated Statements of Cash Flows (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | ||
Additions to theatre properties and equipment included in accounts payable | $ 31,276 | $ 40,625 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Line Items] | ||||
Corporate income tax rate | 35.00% | |||
Income tax net one-time benefit | $ 44,889 | |||
Deemed reptriated foreign earnings | 352,632 | |||
Additional net transition tax on deemed repatriated foreign earnings | 14,512 | |||
Undistributed foreign earnings | $ 251,439 | $ 316,346 | ||
Valuation allowance against deferred assets – non-current | 35,246 | 14,524 | ||
Gross unrecognized tax benefits, including interest and penalties | 20,232 | 18,190 | ||
Unrecognized tax benefit that if recognized would impact effective tax rate | 20,232 | 18,190 | ||
Accrued for interest and penalties | $ 5,288 | $ 4,111 | ||
Foreign | Minimum | ||||
Income Taxes [Line Items] | ||||
Tax credit carryforwards expiring year | 2,024 | |||
State | Minimum | ||||
Income Taxes [Line Items] | ||||
Net operating losses carried forward expiring period | 5 years | |||
State | Maximum | ||||
Income Taxes [Line Items] | ||||
Net operating losses carried forward expiring period | 20 years | |||
Net operating losses carried forward expiring year | 2,037 | |||
Scenario Forecast | ||||
Income Taxes [Line Items] | ||||
Corporate income tax rate | 21.00% |
Income Before Income Taxes (Det
Income Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Income before income taxes, U.S. | $ 282,896 | $ 277,474 | $ 262,336 |
Income before income taxes, Foreign | 64,842 | 85,890 | 88,015 |
Income before income taxes | $ 347,738 | $ 363,364 | $ 350,351 |
Current and Deferred Income Tax
Current and Deferred Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | |||
Federal | $ 55,224 | $ 66,210 | $ 72,185 |
Foreign | 29,306 | 32,047 | 35,874 |
State | 10,741 | 12,061 | 10,806 |
Total current expense | 95,271 | 110,318 | 118,865 |
Deferred: | |||
Federal | (14,046) | (13,667) | 10,420 |
Foreign | (4,270) | 1,674 | (3,339) |
State | 3,301 | 6,526 | 4,014 |
Total deferred taxes | (15,015) | (5,467) | 11,095 |
Income taxes | $ 80,256 | $ 104,851 | $ 129,960 |
Reconciliation Between Income T
Reconciliation Between Income Tax Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Income Tax Disclosure [Abstract] | ||||
Computed statutory tax expense | $ 121,708 | $ 127,176 | $ 122,623 | |
Foreign inflation adjustments | (281) | (1,295) | ||
State and local income taxes, net of federal income tax impact | 12,857 | 12,081 | 9,640 | |
Foreign losses not benefited and changes in valuation allowance | 249 | (34,757) | (2,408) | |
Foreign tax rate differential | (245) | (942) | (2,660) | |
Foreign dividends | 13,662 | 68,684 | ||
Foreign tax credits | (21,647) | (62,815) | ||
Impacts related to 2017 Tax Act | [1] | (44,889) | ||
Changes in uncertain tax positions | 983 | 921 | 3,717 | |
Other — net | (2,422) | (5,216) | 343 | |
Income taxes | $ 80,256 | $ 104,851 | $ 129,960 | |
[1] | Includes one-time benefit due to re-measurement of net deferred tax liabilities using a lower U.S. corporate tax rate and a reassessment of permanently reinvested earnings of ($79,834), a deemed repatriation tax of $14,512, and a reduction in deferred tax assets with regard to foreign tax credit carryforwards of $20,433. |
Reconciliation Between Income96
Reconciliation Between Income Tax Expenses (Parenthetical) (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Income Tax Disclosure [Abstract] | |
One-time benefit due to re-measurement of net deferred tax liabilities | $ (79,834) |
Deemed repatriation tax amount | 14,512 |
Reduction in deferred tax assets with regard to foreign tax credit carryforwards | $ 20,433 |
Net Long-Term Deferred Income T
Net Long-Term Deferred Income Tax Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule Of Deferred Income Tax Assets And Liabilities [Line Items] | ||
Theatre properties and equipment | $ 147,208 | $ 176,781 |
Intangible asset — other | 30,770 | 36,052 |
Intangible asset — tradenames | 72,967 | 112,747 |
Investment in partnerships | 67,449 | 107,066 |
Total deferred liabilities | 318,394 | 432,646 |
Deferred lease expenses | 14,714 | 24,026 |
Exchange (gain) loss | 220 | (731) |
Deferred revenue - NCM | 85,816 | 130,005 |
Capital lease obligations | 67,369 | 85,721 |
Other tax loss carryforwards | 15,564 | 15,883 |
Other tax credit carryforwards | 38,436 | 48,033 |
Other expenses, not currently deductible for tax purposes | 13,801 | 11,270 |
Total deferred assets | 235,920 | 314,207 |
Net deferred income tax liability before valuation allowance | 82,474 | 118,439 |
Valuation allowance against deferred assets – non-current | 35,246 | 14,524 |
Net deferred income tax liability | 117,720 | 132,963 |
Foreign | ||
Schedule Of Deferred Income Tax Assets And Liabilities [Line Items] | ||
Net deferred income tax liability | 3,073 | 7,571 |
U.S. | ||
Schedule Of Deferred Income Tax Assets And Liabilities [Line Items] | ||
Net deferred income tax liability | $ 114,647 | $ 125,392 |
Reconciliation of Total Amounts
Reconciliation of Total Amounts of Unrecognized Tax Benefits Excluding Interest and Penalties (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Beginning Balance | $ 17,403 | $ 17,133 | $ 16,515 |
Gross increases - tax positions in prior periods | 92 | 13 | 40 |
Gross decreases - tax positions in prior periods | (12) | ||
Gross increases - current period tax positions | 265 | 923 | 2,112 |
Settlements | (177) | (924) | (871) |
Foreign currency translation adjustments | 695 | 258 | (663) |
Ending Balance | $ 18,266 | $ 17,403 | $ 17,133 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Line Items] | ||
Liability for deferred lease expenses | $ 40,929 | $ 42,378 |
Employer matching contribution payments | 6,380 | $ 3,187 |
Liability recorded for employer contribution payments | $ 999 | |
Tim Warner | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Employment agreement termination date | Apr. 1, 2016 | |
Other Employees Except Tim Warner | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Employment agreements term extension | 1 year | |
Robert Carmony | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Employment agreement termination date | Jan. 2, 2018 | |
Minimum | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Operating and capital leases with terms generally ranging | 10 years | |
Maximum | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Operating and capital leases with terms generally ranging | 25 years |
Rent Expenses (Detail)
Rent Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |||
Fixed rent expense | $ 247,908 | $ 242,927 | $ 240,057 |
Contingent rent and other facility lease expenses | 80,289 | 78,367 | 79,704 |
Total facility lease expense | $ 328,197 | $ 321,294 | $ 319,761 |
Future Minimum Lease Payments u
Future Minimum Lease Payments under Noncancelable Operating and Capital Leases Remaining Terms in Excess of One Year (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Commitments And Contingencies Disclosure [Abstract] | ||
Future minimum operating lease payments, current | $ 253,835 | |
Future minimum operating lease payments, in two years | 233,606 | |
Future minimum operating lease payments, in three years | 215,265 | |
Future minimum operating lease payments, in four years | 197,779 | |
Future minimum operating lease payments, in five years | 171,486 | |
Future minimum operating lease payments, thereafter | 675,567 | |
Future minimum operating lease payments, total | 1,747,538 | |
Future minimum capital leases payments, current | 42,832 | |
Future minimum capital leases payments, in two years | 42,363 | |
Future minimum capital leases payments, in three years | 41,543 | |
Future minimum capital leases payments, in four years | 34,584 | |
Future minimum capital leases payments, in five years | 32,383 | |
Future minimum capital leases payments, thereafter | 182,027 | |
Future minimum capital leases payments, total | 375,732 | |
Amounts representing interest payments | (99,070) | |
Present value of future minimum payments | 276,662 | |
Current portion of capital lease obligations | (25,511) | $ (21,139) |
Capital lease obligations, less current portion | $ 251,151 | $ 234,281 |
Selected Financial Information
Selected Financial Information by Reportable Operating Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 2,991,547 | $ 2,918,765 | $ 2,852,609 | |
Adjusted EBITDA | [1] | 725,269 | 707,840 | 684,581 |
Capital expenditures | 380,862 | 326,908 | 331,726 | |
Operating Segments | U.S. Operating Segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 2,236,237 | 2,230,693 | 2,137,733 | |
Adjusted EBITDA | [1] | 559,693 | 550,150 | 518,165 |
Capital expenditures | 321,040 | 242,271 | 223,213 | |
Operating Segments | International Operating Segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 769,436 | 701,573 | 728,735 | |
Adjusted EBITDA | [1] | 165,576 | 157,690 | 166,416 |
Capital expenditures | 59,822 | 84,637 | 108,513 | |
Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ (14,126) | $ (13,501) | $ (13,859) | |
[1] | Distributions from equity investees are reported entirely within the U.S. operating segment |
Reconciliation of Net Income to
Reconciliation of Net Income to Adjusted EBITDA (Detail) - USD ($) $ in Thousands | Nov. 28, 2017 | [2] | Jun. 16, 2017 | [2] | Dec. 15, 2016 | [2] | Jun. 13, 2016 | [2] | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting [Abstract] | ||||||||||||
Net income | $ 267,482 | $ 258,513 | $ 220,391 | |||||||||
Add (deduct): | ||||||||||||
Income taxes | 80,256 | 104,851 | 129,960 | |||||||||
Interest expense | [1] | 105,918 | 108,313 | 112,741 | ||||||||
Loss on debt amendments and refinancing | $ 331 | $ 190 | $ 161 | $ 249 | 521 | 13,445 | 925 | |||||
Other income | [3] | (43,121) | (44,813) | (20,041) | ||||||||
Other cash distributions from equity investees | [4] | 25,973 | 21,916 | 19,027 | ||||||||
Depreciation and amortization | 237,513 | 209,071 | 189,206 | |||||||||
Impairment of long-lived assets | 15,084 | 2,836 | 8,801 | |||||||||
Loss on sale of assets and other | 22,812 | 20,459 | 8,143 | |||||||||
Deferred lease expenses | (1,268) | (990) | (1,806) | |||||||||
Amortization of long-term prepaid rents | 2,274 | 1,826 | 2,361 | |||||||||
Share based awards compensation expense | 11,825 | 12,413 | 14,873 | |||||||||
Adjusted EBITDA | [5] | $ 725,269 | $ 707,840 | $ 684,581 | ||||||||
[1] | Includes amortization of debt issue costs. | |||||||||||
[2] | Reflected as a loss on debt amendments and refinancing on the consolidated statement of income for the year in which the amendments were effective. | |||||||||||
[3] | Includes interest income, foreign currency exchange gain (loss), and equity in income of affiliates and excludes distributions from NCM. | |||||||||||
[4] | Includes distributions received from equity investees that were recorded as a reduction of the respective investment balances. | |||||||||||
[5] | Distributions from equity investees are reported entirely within the U.S. operating segment |
Selected Financial Informati104
Selected Financial Information by Geographic Area (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ 2,991,547 | $ 2,918,765 | $ 2,852,609 |
Theatre Properties and Equipment - net | 1,828,054 | 1,704,536 | |
Reportable Geographical Components | U.S. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 2,236,237 | 2,230,693 | 2,137,733 |
Theatre Properties and Equipment - net | 1,439,168 | 1,306,643 | |
Reportable Geographical Components | Brazil | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 341,485 | 304,407 | 291,959 |
Theatre Properties and Equipment - net | 179,669 | 197,896 | |
Reportable Geographical Components | Other international countries | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 427,951 | 397,166 | 436,776 |
Theatre Properties and Equipment - net | 209,217 | 199,997 | |
Eliminations | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ (14,126) | $ (13,501) | $ (13,859) |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2017USD ($)TheatreFacilityLease | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Related Party Transaction [Line Items] | |||
Cash dividends paid to Cinemark Holdings, Inc. | $ 134,500,000 | $ 124,900,000 | $ 115,225,000 |
Noncash distribution to Cinemark Holdings, Inc. | 17,935,000 | ||
Receivable from Cinemark Holdings, Inc. | $ 14,581,000 | 10,080,000 | |
Laredo Theatre, Ltd | |||
Related Party Transaction [Line Items] | |||
Company's interest in Laredo | 75.00% | ||
Lone Star Theatre's interest in Laredo | 25.00% | ||
Ownership interest held by David Roberts | 100.00% | ||
Percentage of common stock held by Chairman of the Board of Directors | 8.00% | ||
Percentage of management fees based on theatre revenues | 5.00% | ||
Maximum amount of theater revenue used to calculate management fees | $ 50,000,000 | ||
Percentage of management fees based on theatre revenues in excess | 3.00% | ||
Minimum amount of theater revenue used to calculate management fees | $ 50,000,000 | ||
Management fee revenues | 586,000 | 506,000 | 567,000 |
Copper Beech Capital LLC | |||
Related Party Transaction [Line Items] | |||
Amount paid for the use of aircraft | $ 131,000 | 110,000 | 410,000 |
Pinstack | |||
Related Party Transaction [Line Items] | |||
Amount paid for the event for employees and their families | 70,000 | ||
Syufy Enterprises, LP | |||
Related Party Transaction [Line Items] | |||
Number of theatres leased | Theatre | 14 | ||
Number of parking facilities leased | Facility | 1 | ||
Total number of leases | Lease | 15 | ||
Number of leases with minimum annual rent | Lease | 14 | ||
Number of leases without minimum annual rent | Lease | 1 | ||
Total rent paid to Syufy | $ 22,483,000 | 21,124,000 | 20,581,000 |
Cinemark Holdings, Inc. | |||
Related Party Transaction [Line Items] | |||
Cash dividends paid to Cinemark Holdings, Inc. | 134,500,000 | 124,900,000 | 115,225,000 |
Noncash distribution to Cinemark Holdings, Inc. | $ 17,935,000 | ||
Receivable from Cinemark Holdings, Inc. | $ 14,581,000 | $ 10,080,000 |
Valuation Allowance of Deferred
Valuation Allowance of Deferred Tax Assets (Detail) - Valuation Allowance of Deferred Tax Assets - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Beginning Balance | $ 14,524 | $ 50,636 | $ 52,873 | ||
Additions | 21,347 | 483 | 437 | ||
Deductions | (625) | [1] | (36,595) | [1] | (2,674) |
Ending Balance | $ 35,246 | $ 14,524 | $ 50,636 | ||
[1] | A valuation allowance was provided against certain deferred tax assets arising from carryforwards of unused foreign tax credit benefits. |
Condensed Consolidating Fina107
Condensed Consolidating Financial Information of Subsidiary Guarantors - Additional Information (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
5.125% Senior Notes Due 2022 | |
Condensed Consolidating Financial Information [Line Items] | |
Outstanding aggregate principal amount of Senior Notes | $ 400,000 |
Interest rate | 5.125% |
4.875% Senior Notes Due 2023 | |
Condensed Consolidating Financial Information [Line Items] | |
Outstanding aggregate principal amount of Senior Notes | $ 755,000 |
Interest rate | 4.875% |
Condensed Consolidating Balance
Condensed Consolidating Balance Sheet Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||||
Cash and cash equivalents | $ 522,415 | $ 561,138 | $ 588,503 | $ 638,841 |
Other current assets | 135,021 | 115,075 | ||
Accounts receivable from parent or subsidiaries | 14,581 | 10,080 | ||
Total current assets | 672,017 | 686,293 | ||
Theatre properties and equipment - net | 1,828,054 | 1,704,536 | ||
Investment in subsidiaries | 0 | 0 | ||
Other assets | 1,985,269 | 1,925,780 | ||
Total assets | 4,485,340 | 4,316,609 | ||
Current liabilities | ||||
Current portion of long-term debt | 7,099 | 5,671 | ||
Current portion of capital lease obligations | 25,511 | 21,139 | ||
Accounts payable and accrued expenses | 435,676 | 415,992 | ||
Accounts payable to parent or subsidiaries | 0 | 0 | ||
Total current liabilities | 468,286 | 442,802 | ||
Long-term liabilities | ||||
Long-term debt, less current portion | 1,780,381 | 1,782,441 | ||
Capital lease obligations, less current portion | 251,151 | 234,281 | ||
Other long-term liabilities and deferrals | 564,027 | 573,005 | ||
Total long-term liabilities | 2,595,559 | 2,589,727 | ||
Commitments and contingencies | ||||
Cinemark USA, Inc.'s stockholder's equity: | ||||
Common stock | 49,543 | 49,543 | ||
Other stockholder's equity | 1,360,059 | 1,223,395 | ||
Total Cinemark USA, Inc.'s stockholder's equity | 1,409,602 | 1,272,938 | ||
Noncontrolling interests | 11,893 | 11,142 | ||
Total equity | 1,421,495 | 1,284,080 | 1,113,251 | 1,136,723 |
Total liabilities and equity | 4,485,340 | 4,316,609 | ||
Eliminations | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Other current assets | (19,270) | (34,154) | ||
Accounts receivable from parent or subsidiaries | (223,007) | (187,948) | ||
Total current assets | (242,277) | (222,102) | ||
Theatre properties and equipment - net | 0 | 0 | ||
Investment in subsidiaries | (1,813,421) | (1,703,484) | ||
Other assets | (113,720) | (106,359) | ||
Total assets | (2,169,418) | (2,031,945) | ||
Current liabilities | ||||
Current portion of long-term debt | 0 | (20) | ||
Current portion of capital lease obligations | 0 | 0 | ||
Accounts payable and accrued expenses | (6,402) | (16,457) | ||
Accounts payable to parent or subsidiaries | (223,007) | (187,948) | ||
Total current liabilities | (229,409) | (204,425) | ||
Long-term liabilities | ||||
Long-term debt, less current portion | (109,822) | (109,822) | ||
Capital lease obligations, less current portion | 0 | 0 | ||
Other long-term liabilities and deferrals | (16,766) | (14,214) | ||
Total long-term liabilities | (126,588) | (124,036) | ||
Commitments and contingencies | ||||
Cinemark USA, Inc.'s stockholder's equity: | ||||
Common stock | (467,606) | (467,607) | ||
Other stockholder's equity | (1,345,815) | (1,235,877) | ||
Total Cinemark USA, Inc.'s stockholder's equity | (1,813,421) | (1,703,484) | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | (1,813,421) | (1,703,484) | ||
Total liabilities and equity | (2,169,418) | (2,031,945) | ||
Parent Company | ||||
Current assets | ||||
Cash and cash equivalents | 130,590 | 146,855 | 141,364 | 129,505 |
Other current assets | 59,661 | 62,425 | ||
Accounts receivable from parent or subsidiaries | 117,972 | 76,550 | ||
Total current assets | 308,223 | 285,830 | ||
Theatre properties and equipment - net | 650,783 | 604,506 | ||
Investment in subsidiaries | 1,691,626 | 1,570,592 | ||
Other assets | 1,427,328 | 1,409,320 | ||
Total assets | 4,077,960 | 3,870,248 | ||
Current liabilities | ||||
Current portion of long-term debt | 5,710 | 4,282 | ||
Current portion of capital lease obligations | 9,532 | 7,903 | ||
Accounts payable and accrued expenses | 215,580 | 197,789 | ||
Accounts payable to parent or subsidiaries | 0 | 0 | ||
Total current liabilities | 230,822 | 209,974 | ||
Long-term liabilities | ||||
Long-term debt, less current portion | 1,878,992 | 1,879,663 | ||
Capital lease obligations, less current portion | 132,189 | 124,944 | ||
Other long-term liabilities and deferrals | 426,355 | 382,729 | ||
Total long-term liabilities | 2,437,536 | 2,387,336 | ||
Commitments and contingencies | ||||
Cinemark USA, Inc.'s stockholder's equity: | ||||
Common stock | 49,543 | 49,543 | ||
Other stockholder's equity | 1,360,059 | 1,223,395 | ||
Total Cinemark USA, Inc.'s stockholder's equity | 1,409,602 | 1,272,938 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 1,409,602 | 1,272,938 | ||
Total liabilities and equity | 4,077,960 | 3,870,248 | ||
Subsidiary Guarantors | ||||
Current assets | ||||
Cash and cash equivalents | 180,623 | 281,023 | 95,865 | 74,643 |
Other current assets | 17,841 | 15,098 | ||
Accounts receivable from parent or subsidiaries | 119,616 | 121,478 | ||
Total current assets | 318,080 | 417,599 | ||
Theatre properties and equipment - net | 765,500 | 678,984 | ||
Investment in subsidiaries | 121,795 | 132,892 | ||
Other assets | 134,845 | 134,284 | ||
Total assets | 1,340,220 | 1,363,759 | ||
Current liabilities | ||||
Current portion of long-term debt | 0 | 0 | ||
Current portion of capital lease obligations | 11,124 | 9,541 | ||
Accounts payable and accrued expenses | 116,409 | 121,640 | ||
Accounts payable to parent or subsidiaries | 0 | 0 | ||
Total current liabilities | 127,533 | 131,181 | ||
Long-term liabilities | ||||
Long-term debt, less current portion | 0 | 0 | ||
Capital lease obligations, less current portion | 75,767 | 71,228 | ||
Other long-term liabilities and deferrals | 60,567 | 84,429 | ||
Total long-term liabilities | 136,334 | 155,657 | ||
Commitments and contingencies | ||||
Cinemark USA, Inc.'s stockholder's equity: | ||||
Common stock | 457,368 | 457,368 | ||
Other stockholder's equity | 618,985 | 619,553 | ||
Total Cinemark USA, Inc.'s stockholder's equity | 1,076,353 | 1,076,921 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 1,076,353 | 1,076,921 | ||
Total liabilities and equity | 1,340,220 | 1,363,759 | ||
Subsidiary Non-Guarantors | ||||
Current assets | ||||
Cash and cash equivalents | 211,202 | 133,260 | $ 351,274 | $ 434,693 |
Other current assets | 76,789 | 71,706 | ||
Accounts receivable from parent or subsidiaries | 0 | 0 | ||
Total current assets | 287,991 | 204,966 | ||
Theatre properties and equipment - net | 411,771 | 421,046 | ||
Investment in subsidiaries | 0 | 0 | ||
Other assets | 536,816 | 488,535 | ||
Total assets | 1,236,578 | 1,114,547 | ||
Current liabilities | ||||
Current portion of long-term debt | 1,389 | 1,409 | ||
Current portion of capital lease obligations | 4,855 | 3,695 | ||
Accounts payable and accrued expenses | 110,089 | 113,020 | ||
Accounts payable to parent or subsidiaries | 223,007 | 187,948 | ||
Total current liabilities | 339,340 | 306,072 | ||
Long-term liabilities | ||||
Long-term debt, less current portion | 11,211 | 12,600 | ||
Capital lease obligations, less current portion | 43,195 | 38,109 | ||
Other long-term liabilities and deferrals | 93,871 | 120,061 | ||
Total long-term liabilities | 148,277 | 170,770 | ||
Commitments and contingencies | ||||
Cinemark USA, Inc.'s stockholder's equity: | ||||
Common stock | 10,238 | 10,239 | ||
Other stockholder's equity | 726,830 | 616,324 | ||
Total Cinemark USA, Inc.'s stockholder's equity | 737,068 | 626,563 | ||
Noncontrolling interests | 11,893 | 11,142 | ||
Total equity | 748,961 | 637,705 | ||
Total liabilities and equity | $ 1,236,578 | $ 1,114,547 |
Condensed Consolidating Stateme
Condensed Consolidating Statement of Income Information (Detail) - USD ($) $ in Thousands | Nov. 28, 2017 | [2] | Jun. 16, 2017 | [2] | Dec. 15, 2016 | [2] | Jun. 13, 2016 | [2] | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Revenues | $ 2,991,547 | $ 2,918,765 | $ 2,852,609 | |||||||||
Cost of operations | ||||||||||||
Theatre operating expenses | 2,170,578 | 2,120,109 | 2,066,571 | |||||||||
General and administrative expenses | 150,911 | 140,637 | 154,052 | |||||||||
Depreciation and amortization | 237,513 | 209,071 | 189,206 | |||||||||
Impairment of long-lived assets | 15,084 | 2,836 | 8,801 | |||||||||
(Gain) loss on sale of assets and other | 22,812 | 20,459 | 8,143 | |||||||||
Total cost of operations | 2,596,898 | 2,493,112 | 2,426,773 | |||||||||
Operating income | 394,649 | 425,653 | 425,836 | |||||||||
Other income (expense) | ||||||||||||
Interest expense | [1] | (105,918) | (108,313) | (112,741) | ||||||||
Loss on debt amendments and refinancing | $ (331) | $ (190) | $ (161) | $ (249) | (521) | (13,445) | (925) | |||||
Distributions from NCM | 16,407 | 14,656 | 18,140 | |||||||||
Equity in income of affiliates | 35,985 | 31,962 | 28,126 | |||||||||
Other income (expense) | 7,136 | 12,851 | (8,085) | |||||||||
Total other income (expense) | (46,911) | (62,289) | (75,485) | |||||||||
Income before income taxes | 347,738 | 363,364 | 350,351 | |||||||||
Income taxes | 80,256 | 104,851 | 129,960 | |||||||||
Net income | 267,482 | 258,513 | 220,391 | |||||||||
Less: Net income attributable to noncontrolling interests | 1,839 | 1,736 | 1,859 | |||||||||
Net income attributable to Cinemark USA, Inc. | 265,643 | 256,777 | 218,532 | |||||||||
Eliminations | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Revenues | (50,756) | (53,147) | (50,242) | |||||||||
Cost of operations | ||||||||||||
Theatre operating expenses | (50,756) | (53,147) | (50,242) | |||||||||
General and administrative expenses | 0 | 0 | 0 | |||||||||
Depreciation and amortization | 0 | 0 | 0 | |||||||||
Impairment of long-lived assets | 0 | 0 | 0 | |||||||||
(Gain) loss on sale of assets and other | 0 | 0 | ||||||||||
Total cost of operations | (50,756) | (53,147) | (50,242) | |||||||||
Operating income | 0 | 0 | 0 | |||||||||
Other income (expense) | ||||||||||||
Interest expense | 1,433 | 1,309 | 376 | |||||||||
Loss on debt amendments and refinancing | 0 | 0 | 0 | |||||||||
Distributions from NCM | 0 | 0 | 0 | |||||||||
Equity in income of affiliates | (270,189) | (301,946) | (271,785) | |||||||||
Other income (expense) | (1,433) | (1,309) | (376) | |||||||||
Total other income (expense) | (270,189) | (301,946) | (271,785) | |||||||||
Income before income taxes | (270,189) | (301,946) | (271,785) | |||||||||
Income taxes | 0 | 0 | 0 | |||||||||
Net income | (270,189) | (301,946) | (271,785) | |||||||||
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | |||||||||
Net income attributable to Cinemark USA, Inc. | (270,189) | (301,946) | (271,785) | |||||||||
Parent Company | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Revenues | 1,013,960 | 1,014,713 | 959,347 | |||||||||
Cost of operations | ||||||||||||
Theatre operating expenses | 795,976 | 804,041 | 767,446 | |||||||||
General and administrative expenses | 13,176 | 13,085 | 16,152 | |||||||||
Depreciation and amortization | 79,676 | 70,654 | 59,759 | |||||||||
Impairment of long-lived assets | 3,725 | 1,929 | 6,445 | |||||||||
(Gain) loss on sale of assets and other | 16,895 | 5,613 | 6,191 | |||||||||
Total cost of operations | 909,448 | 895,322 | 855,993 | |||||||||
Operating income | 104,512 | 119,391 | 103,354 | |||||||||
Other income (expense) | ||||||||||||
Interest expense | (94,229) | (96,442) | (100,608) | |||||||||
Loss on debt amendments and refinancing | (521) | (13,445) | (925) | |||||||||
Distributions from NCM | 0 | 1,414 | 2,116 | |||||||||
Equity in income of affiliates | 255,594 | 245,010 | 217,567 | |||||||||
Other income (expense) | 2,475 | 351 | 200 | |||||||||
Total other income (expense) | 163,319 | 136,888 | 118,350 | |||||||||
Income before income taxes | 267,831 | 256,279 | 221,704 | |||||||||
Income taxes | 2,188 | (498) | 3,172 | |||||||||
Net income | 265,643 | 256,777 | 218,532 | |||||||||
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | |||||||||
Net income attributable to Cinemark USA, Inc. | 265,643 | 256,777 | 218,532 | |||||||||
Subsidiary Guarantors | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Revenues | 1,220,993 | 1,219,218 | 1,178,873 | |||||||||
Cost of operations | ||||||||||||
Theatre operating expenses | 834,135 | 828,905 | 804,236 | |||||||||
General and administrative expenses | 82,955 | 84,453 | 81,240 | |||||||||
Depreciation and amortization | 87,463 | 79,139 | 73,708 | |||||||||
Impairment of long-lived assets | 1,502 | 0 | 1,600 | |||||||||
(Gain) loss on sale of assets and other | 3,372 | 13,759 | 3,728 | |||||||||
Total cost of operations | 1,009,427 | 1,006,256 | 964,512 | |||||||||
Operating income | 211,566 | 212,962 | 214,361 | |||||||||
Other income (expense) | ||||||||||||
Interest expense | (7,675) | (7,538) | (8,500) | |||||||||
Loss on debt amendments and refinancing | 0 | 0 | 0 | |||||||||
Distributions from NCM | 0 | 0 | 0 | |||||||||
Equity in income of affiliates | 16,838 | 58,528 | 55,082 | |||||||||
Other income (expense) | 1,040 | 19 | 20 | |||||||||
Total other income (expense) | 10,203 | 51,009 | 46,602 | |||||||||
Income before income taxes | 221,769 | 263,971 | 260,963 | |||||||||
Income taxes | 69,770 | 52,277 | 79,131 | |||||||||
Net income | 151,999 | 211,694 | 181,832 | |||||||||
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | |||||||||
Net income attributable to Cinemark USA, Inc. | 151,999 | 211,694 | 181,832 | |||||||||
Subsidiary Non-Guarantors | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Revenues | 807,350 | 737,981 | 764,631 | |||||||||
Cost of operations | ||||||||||||
Theatre operating expenses | 591,223 | 540,310 | 545,131 | |||||||||
General and administrative expenses | 54,780 | 43,099 | 56,660 | |||||||||
Depreciation and amortization | 70,374 | 59,278 | 55,739 | |||||||||
Impairment of long-lived assets | 9,857 | 907 | 756 | |||||||||
(Gain) loss on sale of assets and other | 2,545 | 1,087 | (1,776) | |||||||||
Total cost of operations | 728,779 | 644,681 | 656,510 | |||||||||
Operating income | 78,571 | 93,300 | 108,121 | |||||||||
Other income (expense) | ||||||||||||
Interest expense | (5,447) | (5,642) | (4,009) | |||||||||
Loss on debt amendments and refinancing | 0 | 0 | 0 | |||||||||
Distributions from NCM | 16,407 | 13,242 | 16,024 | |||||||||
Equity in income of affiliates | 33,742 | 30,370 | 27,262 | |||||||||
Other income (expense) | 5,054 | 13,790 | (7,929) | |||||||||
Total other income (expense) | 49,756 | 51,760 | 31,348 | |||||||||
Income before income taxes | 128,327 | 145,060 | 139,469 | |||||||||
Income taxes | 8,298 | 53,072 | 47,657 | |||||||||
Net income | 120,029 | 91,988 | 91,812 | |||||||||
Less: Net income attributable to noncontrolling interests | 1,839 | 1,736 | 1,859 | |||||||||
Net income attributable to Cinemark USA, Inc. | $ 118,190 | $ 90,252 | $ 89,953 | |||||||||
[1] | Includes amortization of debt issue costs. | |||||||||||
[2] | Reflected as a loss on debt amendments and refinancing on the consolidated statement of income for the year in which the amendments were effective. |
Condensed Consolidating Stat110
Condensed Consolidating Statement of Comprehensive Income Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Statement Of Income Captions [Line Items] | |||
Net income | $ 267,482 | $ 258,513 | $ 220,391 |
Other comprehensive income (loss), net of tax | |||
Unrealized gain due to fair value adjustments on interest rate swap agreements, net of settlements, net of taxes | 0 | 234 | 2,636 |
Unrealized loss due to fair value adjustments on available-for-sale securities, net of taxes | 0 | 0 | (957) |
Other comprehensive income (loss) in equity method investments | 248 | 89 | (3,119) |
Foreign currency translation adjustments | (4,966) | 26,394 | (125,512) |
Total other comprehensive income (loss), net of tax | (4,718) | 26,717 | (126,952) |
Total comprehensive income, net of tax | 262,764 | 285,230 | 93,439 |
Comprehensive income attributable to noncontrolling interests | (1,839) | (1,769) | (1,821) |
Comprehensive income attributable to Cinemark USA, Inc. | 260,925 | 283,461 | 91,618 |
Eliminations | |||
Condensed Statement Of Income Captions [Line Items] | |||
Net income | (270,189) | (301,946) | (271,785) |
Other comprehensive income (loss), net of tax | |||
Unrealized gain due to fair value adjustments on interest rate swap agreements, net of settlements, net of taxes | 0 | 0 | |
Unrealized loss due to fair value adjustments on available-for-sale securities, net of taxes | 0 | ||
Other comprehensive income (loss) in equity method investments | (248) | (89) | 3,086 |
Foreign currency translation adjustments | 4,966 | (26,361) | 125,474 |
Total other comprehensive income (loss), net of tax | 4,718 | (26,450) | 128,560 |
Total comprehensive income, net of tax | (265,471) | (328,396) | (143,225) |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 |
Comprehensive income attributable to Cinemark USA, Inc. | (265,471) | (328,396) | (143,225) |
Parent Company | |||
Condensed Statement Of Income Captions [Line Items] | |||
Net income | 265,643 | 256,777 | 218,532 |
Other comprehensive income (loss), net of tax | |||
Unrealized gain due to fair value adjustments on interest rate swap agreements, net of settlements, net of taxes | 234 | 2,636 | |
Unrealized loss due to fair value adjustments on available-for-sale securities, net of taxes | (957) | ||
Other comprehensive income (loss) in equity method investments | 248 | 89 | (3,119) |
Foreign currency translation adjustments | (4,966) | 26,361 | (125,474) |
Total other comprehensive income (loss), net of tax | (4,718) | 26,684 | (126,914) |
Total comprehensive income, net of tax | 260,925 | 283,461 | 91,618 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 |
Comprehensive income attributable to Cinemark USA, Inc. | 260,925 | 283,461 | 91,618 |
Subsidiary Guarantors | |||
Condensed Statement Of Income Captions [Line Items] | |||
Net income | 151,999 | 211,694 | 181,832 |
Other comprehensive income (loss), net of tax | |||
Unrealized gain due to fair value adjustments on interest rate swap agreements, net of settlements, net of taxes | 0 | 0 | |
Unrealized loss due to fair value adjustments on available-for-sale securities, net of taxes | 0 | ||
Other comprehensive income (loss) in equity method investments | 0 | 0 | 0 |
Foreign currency translation adjustments | 0 | 0 | 0 |
Total other comprehensive income (loss), net of tax | 0 | 0 | 0 |
Total comprehensive income, net of tax | 151,999 | 211,694 | 181,832 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 |
Comprehensive income attributable to Cinemark USA, Inc. | 151,999 | 211,694 | 181,832 |
Subsidiary Non-Guarantors | |||
Condensed Statement Of Income Captions [Line Items] | |||
Net income | 120,029 | 91,988 | 91,812 |
Other comprehensive income (loss), net of tax | |||
Unrealized gain due to fair value adjustments on interest rate swap agreements, net of settlements, net of taxes | 0 | 0 | |
Unrealized loss due to fair value adjustments on available-for-sale securities, net of taxes | 0 | ||
Other comprehensive income (loss) in equity method investments | 248 | 89 | (3,086) |
Foreign currency translation adjustments | (4,966) | 26,394 | (125,512) |
Total other comprehensive income (loss), net of tax | (4,718) | 26,483 | (128,598) |
Total comprehensive income, net of tax | 115,311 | 118,471 | (36,786) |
Comprehensive income attributable to noncontrolling interests | (1,839) | (1,769) | (1,821) |
Comprehensive income attributable to Cinemark USA, Inc. | $ 113,472 | $ 116,702 | $ (38,607) |
Condensed Consolidating Stat111
Condensed Consolidating Statement of Comprehensive Income Information (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Information Of Subsidiaries Disclosure [Abstract] | |||
Unrealized gain due to fair value adjustments on interest rate swap agreements, taxes | $ 0 | $ 138 | $ 1,562 |
Unrealized loss due to fair value adjustments on available-for-sale securities, taxes | $ 0 | $ 0 | $ 572 |
Condensed Consolidating Stat112
Condensed Consolidating Statement of Cash Flows Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating activities | |||
Net income | $ 267,482 | $ 258,513 | $ 220,391 |
Adjustments to reconcile net income to cash provided by operating activities | 251,647 | 221,232 | 211,562 |
Changes in assets and liabilities | 8,734 | (28,562) | 23,272 |
Net cash provided by operating activities | 527,863 | 451,183 | 455,225 |
Investing activities | |||
Additions to theatre properties and equipment | (380,862) | (326,908) | (331,726) |
Proceeds from sale of theatre properties and equipment and other | 15,098 | 3,570 | 9,966 |
Acquisition of theatres in the U.S., Brazil and international markets, net of cash acquired | (40,997) | (15,300) | (2,651) |
Acquisition of screen advertising business | (1,450) | ||
Proceeds from sale of marketable securities | 13,451 | ||
Dividends received from subsidiaries | 0 | 0 | 0 |
Intercompany note issuances | 0 | ||
Investment in joint ventures and other | (3,715) | (1,132) | (3,711) |
Net cash used for investing activities | (410,476) | (327,769) | (328,122) |
Financing activities | |||
Dividends paid to parent | (134,500) | (124,900) | (115,225) |
Proceeds from issuance of Senior Notes, net of discount | 222,750 | ||
Retirement of Senior Subordinated Notes | (200,000) | ||
Repayments of long-term debt | (5,671) | (16,605) | (8,420) |
Payment of debt issue costs | (1,146) | (7,217) | (6,957) |
Payments on capital leases | (21,725) | (19,343) | (16,513) |
Proceeds from financing lease | 10,200 | ||
Other | (5,212) | (6,730) | (3,394) |
Net cash used for financing activities | (156,908) | (152,045) | (150,509) |
Effect of exchange rate changes on cash and cash equivalents | 798 | 1,266 | (26,932) |
Increase (decrease) in cash and cash equivalents | (38,723) | (27,365) | (50,338) |
Cash and cash equivalents: | |||
Beginning of period | 561,138 | 588,503 | 638,841 |
End of period | 522,415 | 561,138 | 588,503 |
Eliminations | |||
Operating activities | |||
Net income | (270,189) | (301,946) | (271,785) |
Adjustments to reconcile net income to cash provided by operating activities | 270,189 | 301,946 | 271,785 |
Changes in assets and liabilities | 0 | 0 | 0 |
Net cash provided by operating activities | 0 | 0 | |
Investing activities | |||
Additions to theatre properties and equipment | 0 | 0 | 0 |
Proceeds from sale of theatre properties and equipment and other | 0 | 0 | 0 |
Acquisition of theatres in the U.S., Brazil and international markets, net of cash acquired | 0 | 0 | |
Acquisition of screen advertising business | 0 | ||
Proceeds from sale of marketable securities | 0 | ||
Dividends received from subsidiaries | (129,473) | (255,682) | (1,700) |
Intercompany note issuances | 4,455 | 103,500 | |
Investment in joint ventures and other | 0 | 0 | 18 |
Net cash used for investing activities | (129,473) | (251,227) | 101,818 |
Financing activities | |||
Dividends paid to parent | 129,473 | 255,682 | 1,700 |
Proceeds from issuance of Senior Notes, net of discount | 0 | ||
Retirement of Senior Subordinated Notes | 0 | ||
Repayments of long-term debt | 0 | 0 | 0 |
Payment of debt issue costs | 0 | ||
Payments on capital leases | 0 | 0 | 0 |
Proceeds from financing lease | 0 | ||
Intercompany loan proceeds | (4,455) | (103,518) | |
Other | 0 | 0 | 0 |
Net cash used for financing activities | 129,473 | 251,227 | (101,818) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents: | |||
Beginning of period | 0 | 0 | 0 |
End of period | 0 | 0 | 0 |
Parent Company | |||
Operating activities | |||
Net income | 265,643 | 256,777 | 218,532 |
Adjustments to reconcile net income to cash provided by operating activities | (123,080) | (189,223) | (142,602) |
Changes in assets and liabilities | 18,223 | 154,085 | 67,253 |
Net cash provided by operating activities | 160,786 | 221,639 | 143,183 |
Investing activities | |||
Additions to theatre properties and equipment | (146,385) | (108,439) | (98,193) |
Proceeds from sale of theatre properties and equipment and other | 2,149 | 2,912 | 2,737 |
Acquisition of theatres in the U.S., Brazil and international markets, net of cash acquired | (12,500) | (15,300) | 0 |
Acquisition of screen advertising business | 0 | ||
Proceeds from sale of marketable securities | 13,451 | ||
Dividends received from subsidiaries | 127,600 | 26,033 | 1,685 |
Intercompany note issuances | (4,455) | (3,500) | |
Investment in joint ventures and other | 0 | (1,000) | (518) |
Net cash used for investing activities | (29,136) | (86,798) | (97,789) |
Financing activities | |||
Dividends paid to parent | (134,500) | (124,900) | (115,225) |
Proceeds from issuance of Senior Notes, net of discount | 222,750 | ||
Retirement of Senior Subordinated Notes | (200,000) | ||
Repayments of long-term debt | (4,282) | (15,201) | (8,385) |
Payment of debt issue costs | (7,217) | (6,957) | |
Payments on capital leases | (7,952) | (6,645) | (5,389) |
Proceeds from financing lease | 0 | ||
Intercompany loan proceeds | 0 | 100,000 | |
Other | (1,181) | 1,863 | 2,421 |
Net cash used for financing activities | (147,915) | (129,350) | (33,535) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Increase (decrease) in cash and cash equivalents | (16,265) | 5,491 | 11,859 |
Cash and cash equivalents: | |||
Beginning of period | 146,855 | 141,364 | 129,505 |
End of period | 130,590 | 146,855 | 141,364 |
Subsidiary Guarantors | |||
Operating activities | |||
Net income | 151,999 | 211,694 | 181,832 |
Adjustments to reconcile net income to cash provided by operating activities | 71,023 | 55,128 | 39,156 |
Changes in assets and liabilities | (35,138) | (164,005) | (67,850) |
Net cash provided by operating activities | 187,884 | 102,817 | 153,138 |
Investing activities | |||
Additions to theatre properties and equipment | (172,874) | (130,843) | (121,605) |
Proceeds from sale of theatre properties and equipment and other | 12,271 | 374 | 5,264 |
Acquisition of theatres in the U.S., Brazil and international markets, net of cash acquired | 0 | 0 | |
Acquisition of screen advertising business | 0 | ||
Proceeds from sale of marketable securities | 0 | ||
Dividends received from subsidiaries | 1,873 | 229,649 | 15 |
Intercompany note issuances | 0 | 0 | |
Investment in joint ventures and other | (104) | 0 | 0 |
Net cash used for investing activities | (158,834) | 99,180 | (116,326) |
Financing activities | |||
Dividends paid to parent | (127,000) | 0 | (1,700) |
Proceeds from issuance of Senior Notes, net of discount | 0 | ||
Retirement of Senior Subordinated Notes | 0 | ||
Repayments of long-term debt | 0 | 0 | 0 |
Payment of debt issue costs | 0 | 0 | |
Payments on capital leases | (9,707) | (10,005) | (9,120) |
Proceeds from financing lease | 10,200 | ||
Intercompany loan proceeds | 0 | 0 | |
Other | (2,943) | (6,834) | (4,770) |
Net cash used for financing activities | (129,450) | (16,839) | (15,590) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Increase (decrease) in cash and cash equivalents | (100,400) | 185,158 | 21,222 |
Cash and cash equivalents: | |||
Beginning of period | 281,023 | 95,865 | 74,643 |
End of period | 180,623 | 281,023 | 95,865 |
Subsidiary Non-Guarantors | |||
Operating activities | |||
Net income | 120,029 | 91,988 | 91,812 |
Adjustments to reconcile net income to cash provided by operating activities | 33,515 | 53,381 | 43,223 |
Changes in assets and liabilities | 25,649 | (18,642) | 23,869 |
Net cash provided by operating activities | 179,193 | 126,727 | 158,904 |
Investing activities | |||
Additions to theatre properties and equipment | (61,603) | (87,626) | (111,928) |
Proceeds from sale of theatre properties and equipment and other | 678 | 284 | 1,965 |
Acquisition of theatres in the U.S., Brazil and international markets, net of cash acquired | (28,497) | 0 | (2,651) |
Acquisition of screen advertising business | (1,450) | ||
Proceeds from sale of marketable securities | 0 | ||
Dividends received from subsidiaries | 0 | 0 | 0 |
Intercompany note issuances | 0 | (100,000) | |
Investment in joint ventures and other | (3,611) | (132) | (3,211) |
Net cash used for investing activities | (93,033) | (88,924) | (215,825) |
Financing activities | |||
Dividends paid to parent | (2,473) | (255,682) | 0 |
Proceeds from issuance of Senior Notes, net of discount | 0 | ||
Retirement of Senior Subordinated Notes | 0 | ||
Repayments of long-term debt | (1,389) | (1,404) | (35) |
Payment of debt issue costs | 0 | 0 | |
Payments on capital leases | (4,066) | (2,693) | (2,004) |
Proceeds from financing lease | 0 | ||
Intercompany loan proceeds | 4,455 | 3,518 | |
Other | (1,088) | (1,759) | (1,045) |
Net cash used for financing activities | (9,016) | (257,083) | 434 |
Effect of exchange rate changes on cash and cash equivalents | 798 | 1,266 | (26,932) |
Increase (decrease) in cash and cash equivalents | 77,942 | (218,014) | (83,419) |
Cash and cash equivalents: | |||
Beginning of period | 133,260 | 351,274 | 434,693 |
End of period | $ 211,202 | $ 133,260 | $ 351,274 |
Supplemental Schedules - Conden
Supplemental Schedules - Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||||
Cash and cash equivalents | $ 522,415 | $ 561,138 | $ 588,503 | $ 638,841 |
Other current assets | 149,602 | |||
Total current assets | 672,017 | 686,293 | ||
Theatre properties and equipment - net | 1,828,054 | 1,704,536 | ||
Other assets | 1,985,269 | 1,925,780 | ||
Total assets | 4,485,340 | 4,316,609 | ||
Current liabilities | ||||
Current portion of long-term debt | 7,099 | 5,671 | ||
Current portion of capital lease obligations | 25,511 | 21,139 | ||
Accounts payable and accrued expenses | 435,676 | |||
Total current liabilities | 468,286 | 442,802 | ||
Long-term liabilities | ||||
Long-term debt, less current portion | 1,780,381 | 1,782,441 | ||
Capital lease obligations, less current portion | 251,151 | 234,281 | ||
Other long-term liabilities and deferrals | 564,027 | 573,005 | ||
Total long-term liabilities | 2,595,559 | 2,589,727 | ||
Commitments and contingencies | ||||
Equity | 1,421,495 | 1,284,080 | $ 1,113,251 | $ 1,136,723 |
Total liabilities and equity | 4,485,340 | 4,316,609 | ||
Restricted Subsidiaries | ||||
Current assets | ||||
Cash and cash equivalents | 461,518 | 559,964 | ||
Other current assets | 276,373 | |||
Total current assets | 737,891 | |||
Theatre properties and equipment - net | 1,828,054 | |||
Other assets | 1,823,787 | |||
Total assets | 4,389,732 | |||
Current liabilities | ||||
Current portion of long-term debt | 5,710 | |||
Current portion of capital lease obligations | 25,511 | |||
Accounts payable and accrued expenses | 435,951 | |||
Total current liabilities | 467,172 | |||
Long-term liabilities | ||||
Long-term debt, less current portion | 1,998,992 | |||
Capital lease obligations, less current portion | 251,151 | |||
Other long-term liabilities and deferrals | 501,030 | |||
Total long-term liabilities | 2,751,173 | |||
Commitments and contingencies | ||||
Equity | 1,171,387 | |||
Total liabilities and equity | 4,389,732 | |||
Unrestricted Subsidiaries | ||||
Current assets | ||||
Cash and cash equivalents | 60,897 | $ 1,174 | ||
Other current assets | (126,494) | |||
Total current assets | (65,597) | |||
Other assets | 488,501 | |||
Total assets | 422,904 | |||
Current liabilities | ||||
Current portion of long-term debt | 1,389 | |||
Accounts payable and accrued expenses | 2 | |||
Total current liabilities | 1,391 | |||
Long-term liabilities | ||||
Long-term debt, less current portion | 1,389 | |||
Other long-term liabilities and deferrals | 62,997 | |||
Total long-term liabilities | 64,386 | |||
Commitments and contingencies | ||||
Equity | 357,127 | |||
Total liabilities and equity | 422,904 | |||
Eliminations | ||||
Current assets | ||||
Other current assets | (277) | |||
Total current assets | (277) | |||
Other assets | (327,019) | |||
Total assets | (327,296) | |||
Current liabilities | ||||
Accounts payable and accrued expenses | (277) | |||
Total current liabilities | (277) | |||
Long-term liabilities | ||||
Long-term debt, less current portion | (220,000) | |||
Total long-term liabilities | (220,000) | |||
Commitments and contingencies | ||||
Equity | (107,019) | |||
Total liabilities and equity | $ (327,296) |
Supplemental Schedules - Con114
Supplemental Schedules - Condensed Consolidating Statement of Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |||
Revenues | $ 2,991,547 | $ 2,918,765 | $ 2,852,609 |
Cost of operations | |||
Theatre operating costs | 2,170,578 | 2,120,109 | 2,066,571 |
General and administrative expenses | 150,911 | 140,637 | 154,052 |
Depreciation and amortization | 237,513 | 209,071 | 189,206 |
Impairment of long-lived assets | 15,084 | ||
Loss on sale of assets and other | 22,812 | 20,459 | 8,143 |
Total cost of operations | 2,596,898 | 2,493,112 | 2,426,773 |
Operating income | 394,649 | 425,653 | 425,836 |
Other income (expense) | (46,911) | (62,289) | (75,485) |
Income before income taxes | 347,738 | 363,364 | 350,351 |
Income taxes | 80,256 | 104,851 | 129,960 |
Net income | 267,482 | 258,513 | 220,391 |
Less: Net income attributable to noncontrolling interests | 1,839 | 1,736 | 1,859 |
Net income attributable to Cinemark USA, Inc. | 265,643 | $ 256,777 | $ 218,532 |
Restricted Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenues | 2,991,547 | ||
Cost of operations | |||
Theatre operating costs | 2,170,578 | ||
General and administrative expenses | 150,896 | ||
Depreciation and amortization | 237,513 | ||
Impairment of long-lived assets | 15,084 | ||
Loss on sale of assets and other | 22,812 | ||
Total cost of operations | 2,596,883 | ||
Operating income | 394,664 | ||
Other income (expense) | (123,960) | ||
Income before income taxes | 270,704 | ||
Income taxes | 88,618 | ||
Net income | 182,086 | ||
Less: Net income attributable to noncontrolling interests | 1,839 | ||
Net income attributable to Cinemark USA, Inc. | 180,247 | ||
Unrestricted | |||
Cost of operations | |||
General and administrative expenses | 15 | ||
Total cost of operations | 15 | ||
Operating income | (15) | ||
Other income (expense) | 77,049 | ||
Income before income taxes | 77,034 | ||
Income taxes | (8,362) | ||
Net income | 85,396 | ||
Net income attributable to Cinemark USA, Inc. | $ 85,396 |
Supplemental Schedules - Con115
Supplemental Schedules - Condensed Consolidating of Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income | $ 267,482 | $ 258,513 | $ 220,391 |
Other comprehensive income (loss), net of tax | |||
Other comprehensive income (loss) in equity method investments | 248 | 89 | (3,119) |
Foreign currency translation adjustments | (4,966) | ||
Total other comprehensive income (loss), net of tax | (4,718) | 26,717 | (126,952) |
Total comprehensive income, net of tax | 262,764 | 285,230 | 93,439 |
Comprehensive income attributable to noncontrolling interests | (1,839) | (1,769) | (1,821) |
Comprehensive income attributable to Cinemark USA, Inc. | 260,925 | $ 283,461 | $ 91,618 |
Restricted Subsidiaries | |||
Net income | 182,086 | ||
Other comprehensive income (loss), net of tax | |||
Foreign currency translation adjustments | (4,966) | ||
Total other comprehensive income (loss), net of tax | (4,966) | ||
Total comprehensive income, net of tax | 177,120 | ||
Comprehensive income attributable to noncontrolling interests | (1,839) | ||
Comprehensive income attributable to Cinemark USA, Inc. | 175,281 | ||
Unrestricted Subsidiaries | |||
Net income | 85,396 | ||
Other comprehensive income (loss), net of tax | |||
Other comprehensive income (loss) in equity method investments | 248 | ||
Total other comprehensive income (loss), net of tax | 248 | ||
Total comprehensive income, net of tax | 85,644 | ||
Comprehensive income attributable to Cinemark USA, Inc. | $ 85,644 |
Supplemental Schedules - Con116
Supplemental Schedules - Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating activities | |||
Net income | $ 267,482 | $ 258,513 | $ 220,391 |
Adjustments to reconcile net income to cash provided by operating activities | 251,647 | 221,232 | 211,562 |
Changes in assets and liabilities | 8,734 | (28,562) | 23,272 |
Net cash provided by operating activities | 527,863 | 451,183 | 455,225 |
Investing activities | |||
Additions to theatre properties and equipment and other | (380,862) | (326,908) | (331,726) |
Acquisitions of theatres in the U.S. and international markets, net of cash acquired | (40,997) | (15,300) | (2,651) |
Proceeds from sale of theatre properties and equipment and other | 15,098 | 3,570 | 9,966 |
Investment in joint ventures and other | (3,715) | (1,132) | (3,711) |
Net cash used for investing activities | (410,476) | (327,769) | (328,122) |
Financing activities | |||
Dividends paid to parent | (134,500) | (124,900) | (115,225) |
Repayments of long-term debt | (5,671) | (16,605) | (8,420) |
Payments on capital leases | (21,725) | (19,343) | (16,513) |
Other | 4,988 | ||
Net cash used for financing activities | (156,908) | (152,045) | (150,509) |
Effect of exchange rate changes on cash and cash equivalents | 798 | 1,266 | (26,932) |
Increase (decrease) in cash and cash equivalents | (38,723) | (27,365) | (50,338) |
Cash and cash equivalents: | |||
Beginning of period | 561,138 | 588,503 | 638,841 |
End of period | 522,415 | 561,138 | $ 588,503 |
Restricted Subsidiaries | |||
Operating activities | |||
Net income | 182,086 | ||
Adjustments to reconcile net income to cash provided by operating activities | 246,820 | ||
Changes in assets and liabilities | 34,233 | ||
Net cash provided by operating activities | 463,139 | ||
Investing activities | |||
Additions to theatre properties and equipment and other | (380,862) | ||
Acquisitions of theatres in the U.S. and international markets, net of cash acquired | (40,997) | ||
Proceeds from sale of theatre properties and equipment and other | 15,098 | ||
Investment in joint ventures and other | (103) | ||
Net cash used for investing activities | (406,864) | ||
Financing activities | |||
Dividends paid to parent | (134,500) | ||
Repayments of long-term debt | (4,282) | ||
Payments on capital leases | (21,725) | ||
Other | 4,988 | ||
Net cash used for financing activities | (155,519) | ||
Effect of exchange rate changes on cash and cash equivalents | 798 | ||
Increase (decrease) in cash and cash equivalents | (98,446) | ||
Cash and cash equivalents: | |||
Beginning of period | 559,964 | ||
End of period | 461,518 | 559,964 | |
Unrestricted Subsidiaries | |||
Operating activities | |||
Net income | 85,396 | ||
Adjustments to reconcile net income to cash provided by operating activities | 4,827 | ||
Changes in assets and liabilities | (25,499) | ||
Net cash provided by operating activities | 64,724 | ||
Investing activities | |||
Investment in joint ventures and other | (3,612) | ||
Net cash used for investing activities | (3,612) | ||
Financing activities | |||
Repayments of long-term debt | (1,389) | ||
Net cash used for financing activities | (1,389) | ||
Increase (decrease) in cash and cash equivalents | 59,723 | ||
Cash and cash equivalents: | |||
Beginning of period | 1,174 | ||
End of period | $ 60,897 | $ 1,174 |