Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |||
Dec. 26, 2013 | Jun. 27, 2013 | Feb. 17, 2014 | Feb. 17, 2014 | |
Class A common stock | Class B common stock | |||
Entity Registrant Name | 'REGAL ENTERTAINMENT GROUP | ' | ' | ' |
Entity Central Index Key | '0001168696 | ' | ' | ' |
Document Type | '10-K | ' | ' | ' |
Document Period End Date | 26-Dec-13 | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Current Fiscal Year End Date | '--12-26 | ' | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' | ' |
Entity Public Float | ' | $1,482,994,126 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 132,484,990 | 23,708,639 |
Document Fiscal Year Focus | '2013 | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 26, 2013 | Dec. 27, 2012 |
In Millions, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $280.90 | $109.50 |
Trade and other receivables | 122.8 | 102.7 |
Income tax receivable | 6.6 | 8 |
Inventories | 19 | 17.8 |
Prepaid expenses and other current assets | 19.3 | 14.8 |
Deferred income tax asset | 16.5 | 11.4 |
TOTAL CURRENT ASSETS | 465.1 | 264.2 |
PROPERTY AND EQUIPMENT: | ' | ' |
Land | 139 | 123.1 |
Buildings and leasehold improvements | 2,074.10 | 1,955.20 |
Equipment | 948.5 | 861 |
Construction in progress | 6.7 | 9 |
TOTAL PROPERTY AND EQUIPMENT, NET | 3,168.30 | 2,948.30 |
Accumulated depreciation and amortization | -1,658.70 | -1,485.10 |
TOTAL PROPERTY AND EQUIPMENT, NET | 1,509.60 | 1,463.20 |
GOODWILL | 320.4 | 274 |
INTANGIBLE ASSETS, NET | 57.7 | 27.8 |
DEFERRED INCOME TAX ASSET | 32.6 | 0 |
OTHER NON-CURRENT ASSETS | 319.3 | 192.9 |
TOTAL ASSETS | 2,704.70 | 2,222.10 |
CURRENT LIABILITIES: | ' | ' |
Current portion of debt obligations | 29.8 | 22 |
Accounts payable | 170.2 | 157 |
Accrued expenses | 86.6 | 67.6 |
Deferred revenue | 181.8 | 166.6 |
Interest payable | 38 | 38.7 |
TOTAL CURRENT LIABILITIES | 506.4 | 451.9 |
LONG-TERM DEBT, LESS CURRENT PORTION | 2,187.70 | 1,912.40 |
LEASE FINANCING ARRANGEMENTS, LESS CURRENT PORTION | 80.2 | 52.2 |
CAPITAL LEASE OBLIGATIONS, LESS CURRENT PORTION | 13 | 8.6 |
DEFERRED INCOME TAX LIABILITY | 0 | 7.7 |
NON-CURRENT DEFERRED REVENUE | 424.8 | 341.4 |
OTHER NON-CURRENT LIABILITIES | 207.9 | 198.3 |
TOTAL LIABILITIES | 3,420 | 2,972.50 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
DEFICIT: | ' | ' |
Preferred stock, $0.001 par value; 50,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Additional paid-in capital (deficit) | -782.9 | -745.5 |
Retained earnings | 71.8 | 1.1 |
Accumulated other comprehensive loss, net | -2.4 | -4.3 |
TOTAL STOCKHOLDERS' DEFICIT OF REGAL ENTERTAINMENT GROUP | -713.4 | -748.6 |
Noncontrolling interest | -1.9 | -1.8 |
TOTAL DEFICIT | -715.3 | -750.4 |
TOTAL LIABILITIES AND DEFICIT | 2,704.70 | 2,222.10 |
Class A common stock | ' | ' |
DEFICIT: | ' | ' |
Common stock | 0.1 | 0.1 |
Class B common stock | ' | ' |
DEFICIT: | ' | ' |
Common stock | $0 | $0 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 26, 2013 | Dec. 27, 2012 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Class A common stock | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Shares issued (in shares) | 132,120,854 | 131,743,778 |
Common stock, shares outstanding (in shares) | 132,120,854 | 131,743,778 |
Class B common stock | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Shares issued (in shares) | 23,708,639 | 23,708,639 |
Common stock, shares outstanding (in shares) | 23,708,639 | 23,708,639 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 |
REVENUES: | ' | ' | ' |
Admissions | $2,059.60 | $1,925.10 | $1,842.60 |
Concessions | 816.9 | 748.4 | 708 |
Other operating revenues | 161.6 | 146.5 | 125.3 |
TOTAL REVENUES | 3,038.10 | 2,820 | 2,675.90 |
OPERATING EXPENSES: | ' | ' | ' |
Film rental and advertising costs | 1,078 | 1,000.50 | 953.7 |
Cost of concessions | 111.6 | 101.1 | 96.6 |
Rent expense | 413.6 | 384.4 | 381.5 |
Other operating expenses | 812.8 | 735.9 | 744.4 |
General and administrative expenses (including share-based compensation of $9.3, $10.3 and $7.9 for the years ended December 26, 2013, December 27, 2012 and December 29, 2011, respectively) | 73.7 | 68.8 | 65.8 |
Depreciation and amortization | 200.2 | 183.1 | 197.6 |
Net loss on disposal and impairment of operating assets and other | 8.4 | 16.2 | 20.8 |
TOTAL OPERATING EXPENSES | 2,698.30 | 2,490 | 2,460.40 |
INCOME FROM OPERATIONS | 339.8 | 330 | 215.5 |
OTHER EXPENSE (INCOME): | ' | ' | ' |
Interest expense, net | 141.3 | 135 | 149.7 |
Loss on extinguishment of debt | 30.7 | 0 | 21.9 |
Earnings recognized from NCM | -37.5 | -34.8 | -37.9 |
Gain on sale of NCM, Inc. common stock | -30.9 | 0 | 0 |
Impairment of investment in RealD, Inc. | 0 | 0 | 13.9 |
Other, net | -28.4 | -1.9 | 15.9 |
TOTAL OTHER EXPENSE, NET | 75.2 | 98.3 | 163.5 |
INCOME BEFORE INCOME TAXES | 264.6 | 231.7 | 52 |
PROVISION FOR INCOME TAXES | 107 | 89.5 | 15.4 |
NET INCOME | 157.6 | 142.2 | 36.6 |
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST, NET OF TAX | 0.1 | 0.1 | 0.2 |
NET INCOME ATTRIBUTABLE TO CONTROLLING INTEREST | $157.70 | $142.30 | $36.80 |
EARNINGS PER SHARE OF CLASS A AND CLASS B COMMON STOCK | ' | ' | ' |
Basic (in dollars per share) | $1.02 | $0.92 | $0.24 |
Diluted (in dollars per share) | $1.01 | $0.92 | $0.24 |
AVERAGE SHARES OUTSTANDING (in thousands): | ' | ' | ' |
Basic (in shares) | 154,826 | 154,174 | 153,577 |
Diluted (in shares) | 155,723 | 154,990 | 154,556 |
DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) | $0.84 | $1.84 | $0.84 |
CONSOLIDATED_STATEMENTS_OF_INC1
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Share-based compensation expense | $9.30 | $10.30 | $7.90 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
NET INCOME | $157.60 | $142.20 | $36.60 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | ' | ' | ' |
Change in fair value of interest rate swap transactions | 2.3 | 2.8 | 8 |
Change in fair value of available for sale securities | -0.6 | 2 | 3.5 |
Reclassification adjustment for gain on sale of available for sale securities recognized in net income | -1.2 | 0 | 0 |
Change in fair value of equity method investee interest rate swap transactions | 1.4 | 0 | 0 |
Other-than-temporary impairment of available for sale securities | 0 | 0 | -8.4 |
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAX | 1.9 | 4.8 | 3.1 |
TOTAL COMPREHENSIVE INCOME, NET OF TAX | 159.5 | 147 | 39.7 |
Comprehensive loss attributable to noncontrolling interest, net of tax | 0.1 | 0.1 | 0.2 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST | $159.60 | $147.10 | $39.90 |
CONSOLIDATED_STATEMENTS_OF_DEF
CONSOLIDATED STATEMENTS OF DEFICIT (USD $) | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | Dec. 30, 2010 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 |
Total Stockholders' Deficit of Regal Entertainment Group | Total Stockholders' Deficit of Regal Entertainment Group | Total Stockholders' Deficit of Regal Entertainment Group | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Additional Paid-In Capital (Deficit) | Additional Paid-In Capital (Deficit) | Additional Paid-In Capital (Deficit) | Retained Earnings | Retained Earnings | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest | Noncontrolling Interest | Noncontrolling Interest | ||||
Class A Common Stock | Class A Common Stock | Class A Common Stock | Class B Common Stock | Class B Common Stock | Class B Common Stock | Class B Common Stock | |||||||||||||||||||
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balances | ($750.40) | ($621.80) | ($537.50) | ($748.60) | ($620.20) | ($536.10) | $0.10 | $0.10 | $0.10 | $0 | $0 | $0 | $0 | ($745.50) | ($623.60) | ($532.90) | $1.10 | $12.40 | $8.90 | ($4.30) | ($9.10) | ($12.20) | ($1.80) | ($1.60) | ($1.40) |
Balances (in shares) | ' | ' | ' | ' | ' | ' | 131,700,000 | 130,900,000 | 130,600,000 | 23,700,000 | 23,700,000 | 23,700,000 | 23,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in fair value of interest rate swap transactions | 2.3 | 2.8 | 8 | 2.3 | 2.8 | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.3 | 2.8 | 8 | ' | ' | ' |
Change in fair value of available for sale securities, net of tax | -0.6 | 2 | 3.5 | -0.6 | 2 | 3.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.6 | 2 | 3.5 | ' | ' | ' |
Reclassification adjustment for gain on sale of available for sale securities recognized in net income | -1.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in fair value of equity method investee interest rate swap transactions | 1.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other-than-temporary impairment of available for sale securities, net of tax | ' | ' | -8.4 | ' | ' | -8.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8.4 | ' | ' | 0 |
Net income attributable to controlling interest | 157.7 | 142.3 | 36.8 | 157.7 | 142.3 | 36.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 157.7 | 142.3 | 36.8 | ' | ' | ' | ' | ' | ' |
Noncontrolling interest adjustments | -0.1 | -0.2 | -0.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.1 | -0.2 | -0.2 |
Share-based compensation expense | 8.5 | 8.6 | 7.4 | 8.5 | 8.6 | 7.4 | ' | ' | ' | ' | ' | ' | ' | 8.5 | 8.6 | 7.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options | 1.3 | 2.5 | 0.4 | 1.3 | 2.5 | 0.4 | ' | ' | ' | ' | ' | ' | ' | 1.3 | 2.5 | 0.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options (in shares) | ' | ' | ' | ' | ' | ' | 100,000 | 300,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefits from exercise of stock options, vesting of restricted stock and other | -3.3 | -0.6 | -2 | -3.3 | -0.6 | -2 | ' | ' | ' | ' | ' | ' | ' | -3.3 | -0.6 | -2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefits from exercise of stock options, vesting of restricted stock and other (in shares) | ' | ' | ' | ' | ' | ' | -300,000 | -100,000 | -100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of restricted stock (in shares) | ' | ' | ' | ' | ' | ' | 600,000 | 600,000 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extraordinary cash dividend declared, $1.00 per share | ' | -155.5 | ' | ' | -155.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -118.2 | ' | ' | -37.3 | ' | ' | ' | ' | ' | ' | ' |
Cash dividends declared | -130.9 | -130.5 | -129.8 | -130.9 | -130.5 | -129.8 | ' | ' | ' | ' | ' | ' | ' | -43.9 | -14.2 | -96.5 | -87 | -116.3 | -33.3 | ' | ' | ' | ' | ' | ' |
Balances | ($715.30) | ($750.40) | ($621.80) | ($713.40) | ($748.60) | ($620.20) | $0.10 | $0.10 | $0.10 | $0 | $0 | $0 | $0 | ($782.90) | ($745.50) | ($623.60) | $71.80 | $1.10 | $12.40 | ($2.40) | ($4.30) | ($9.10) | ($1.90) | ($1.80) | ($1.60) |
Balances (in shares) | ' | ' | ' | ' | ' | ' | 132,100,000 | 131,700,000 | 130,900,000 | 23,700,000 | 23,700,000 | 23,700,000 | 23,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_DEF1
CONSOLIDATED STATEMENTS OF DEFICIT (Parenthetical) (USD $) | 12 Months Ended |
Dec. 27, 2012 | |
Statement of Stockholders' Equity [Abstract] | ' |
Extraordinary Cash Dividend Per Share Declared (in dollars per share) | $1 |
Cash dividends declared (dollars per share) | $0.84 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | |
Net income | $157.60 | $142.20 | $36.60 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | |
Depreciation and amortization | 200.2 | 183.1 | 197.6 | |
Amortization of debt discount and premium, net | -0.2 | -0.5 | 0.1 | |
Amortization of debt acquisition costs | 4.5 | 3.6 | 4 | |
Share-based compensation expense | 9.3 | 10.3 | 7.9 | |
Deferred income tax provision (benefit) | -11.8 | 52.4 | 41.3 | |
Net loss on disposal and impairment of operating assets and other | 8.4 | 16.2 | 20.8 | |
Impairment of investment in RealD, Inc. | 0 | 0 | 13.9 | |
Equity in (income) loss of non-consolidated entities | -33.1 | -5.8 | 10.8 | |
Excess cash distribution on NCM shares | 10 | 7.7 | 7.6 | |
Gain on sale of NCM, Inc. common stock | -30.9 | 0 | 0 | |
Proceeds from business interruption insurance claim | 0 | 0 | 1.3 | |
Loss on extinguishment of debt | 30.7 | 0 | 21.9 | |
Gain on sale of available for sale securities | -2.6 | 0 | 0 | |
Non-cash rent expense | 6.3 | 5.7 | 5.2 | |
Changes in operating assets and liabilities (excluding effects of acquisitions): | ' | ' | ' | |
Trade and other receivables | -12.9 | -4.9 | -11.5 | |
Inventories | -0.1 | -2.7 | -0.1 | |
Prepaid expenses and other assets | -2.4 | 0.7 | 2.1 | |
Accounts payable | 2 | -22.9 | 12.1 | |
Income taxes payable | 2.5 | -20.4 | 13 | |
Deferred revenue | 3.3 | 9.5 | -8 | |
Accrued expenses and other liabilities | 6.1 | -27.6 | -23.5 | |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 346.9 | 346.6 | 353.1 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' | |
Capital expenditures | -112.1 | -89.2 | -87.2 | |
Proceeds from disposition of assets | 7.3 | 5.8 | 20.5 | |
Investment in non-consolidated entities | -6.2 | -7.5 | -37 | |
Cash used for acquisitions, net of cash acquired | -194.4 | -89.7 | 0 | |
Distributions to partnership | -0.1 | -0.1 | -0.1 | |
Proceeds from sale of available for sale securities | 5.9 | 0 | 0 | |
Net proceeds from sale of NCM, Inc. common stock | 40.9 | 0 | 0 | |
Changes in other long-term assets | 0 | -2.7 | 0 | |
Proceeds from property insurance claim | 0 | 0 | 2.7 | |
NET CASH USED IN INVESTING ACTIVITIES | -258.7 | -183.4 | -101.1 | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' | |
Cash used to pay dividends | -132.2 | -287.3 | -129.8 | |
Payments on long-term obligations | -23.7 | -20.6 | -1,260.20 | |
Proceeds from stock option exercises | 1.3 | 2.5 | 0.4 | |
Cash paid for tax withholdings and other | -4.4 | -1.8 | -1.3 | |
Proceeds from issuance of Regal 5 3/4% Senior Notes Due 2025 | 250 | 0 | 0 | |
Proceeds from issuance of Regal 53/4% Senior Notes Due 2023 | 250 | 0 | 0 | |
Cash used to repurchase 91/8% Senior Notes | -244.3 | 0 | 0 | |
Excess tax benefits from share-based payment arrangements | 0 | 0.5 | 0.1 | |
Proceeds from issuance of Regal Entertainment Group 9 1/8% Senior Notes | 0 | 0 | 261.3 | |
Cash used to redeem 61/4% Convertible Senior Notes | 0 | 0 | -74.7 | |
Payment of debt acquisition costs | -13.5 | 0 | -6.1 | |
Proceeds from Amended Senior Credit Facility | 0 | 0 | 1,006 | |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 83.2 | -306.7 | -204.3 | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 171.4 | -143.5 | 47.7 | |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 109.5 | 253 | 205.3 | |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 280.9 | 109.5 | 253 | |
SUPPLEMENTAL CASH FLOW INFORMATION: | ' | ' | ' | |
Cash paid (refunded) for income taxes | 116.6 | 46.7 | -18.1 | |
Cash paid for interest | 139.4 | 141.7 | 149.9 | |
National Cine Media | ' | ' | ' | |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | |
Gain on sale of NCM, Inc. common stock | 30.9 | [1] | 0 | 0 |
SUPPLEMENTAL NON-CASH INVESTING ACTIVITIES: | ' | ' | ' | |
Investment in NCM | 95.2 | 0.8 | 10.4 | |
AC JV, LLC | ' | ' | ' | |
SUPPLEMENTAL NON-CASH INVESTING ACTIVITIES: | ' | ' | ' | |
Investment in NCM | $8.30 | $0 | $0 | |
[1] | During the quarter ended SeptemberB 26, 2013, the Company redeemed 2.3 million of its National CineMedia common units for a like number of shares of NCM,B Inc. common stock, which the Company sold in an underwritten public offering (including underwriter over-allotments) for $17.79 per share, reducing our investment in National CineMedia by approximately $10.0 million, the average carrying amount of the shares sold. The Company received approximately $40.9 million in proceeds, resulting in a gain on sale of approximately $30.9 million. We accounted for this transaction as a proportionate decrease in the Company's Initial Investment Tranche and Additional Investments Tranche and decreased our ownership share in National CineMedia. |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 30, 2010 |
Interest rate on debt - 5 3/4% Senior Notes Due 2025 (as a percent) | ' | ' | ' |
Interest rate on debt (as a percent) | 5.75% | 0.00% | 0.00% |
Interest rate on debt - 5 3/4% Senior Notes Due 2023 (as a percent) | ' | ' | ' |
Interest rate on debt (as a percent) | 5.75% | 0.00% | 0.00% |
Interest rate on debt - 9 1/8% Senior Notes (as a percent) | ' | ' | ' |
Interest rate on debt (as a percent) | 9.13% | 0.00% | 0.00% |
6 1/4% Convertible Senior Notes | ' | ' | ' |
Interest rate on debt (as a percent) | 0.00% | 0.00% | 6.25% |
THE_COMPANY_AND_BASIS_OF_PRESE
THE COMPANY AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 26, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
THE COMPANY AND BASIS OF PRESENTATION | ' |
THE COMPANY AND BASIS OF PRESENTATION | |
Regal Entertainment Group (the "Company," "Regal," "we" or "us") is the parent company of Regal Entertainment Holdings, Inc. ("REH"), which is the parent company of Regal Cinemas Corporation ("Regal Cinemas") and its subsidiaries. Regal Cinemas' subsidiaries include Regal Cinemas, Inc. ("RCI") and its subsidiaries, which include Edwards Theatres, Inc. ("Edwards") and United Artists Theatre Company ("United Artists"). The terms Regal or the Company, REH, Regal Cinemas, RCI, Edwards and United Artists shall be deemed to include the respective subsidiaries of such entities when used in discussions included herein regarding the current operations or assets of such entities. | |
Regal operates the largest theatre circuit in the United States, consisting of 7,394 screens in 580 theatres in 42 states along with Guam, Saipan, American Samoa and the District of Columbia as of December 26, 2013. The Company formally operates on a 52-week fiscal year with each quarter generally consisting of 13 weeks, unless otherwise noted. The Company's fiscal year ends on the first Thursday after December 25, which in certain years results in a 53-week fiscal year. | |
During 2001 and 2002, Anschutz Company and its subsidiaries ("Anschutz") acquired controlling equity interests in United Artists, Edwards and RCI upon each of the entities' emergence from bankruptcy reorganization. In May 2002, the Company sold 18.0 million shares of its Class A common stock in an initial public offering at a price of $19.00 per share, receiving aggregate net offering proceeds, net of underwriting discounts, commissions and other offering expenses, of $314.8 million. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | |||||||||||
Dec. 26, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | |||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||
Principles of Consolidation | ||||||||||||
The consolidated financial statements include the accounts of Regal and its subsidiaries. Majority-owned subsidiaries that the Company controls 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 subsidiaries and affiliates are included in the consolidated financial statements effective with their formation or from their dates of acquisition. All significant intercompany accounts and transactions have been eliminated in consolidation. | ||||||||||||
Revenue Recognition | ||||||||||||
Revenues are generated principally through admissions and concessions sales with proceeds received in cash or via credit card at the point of sale. Other operating revenues consist primarily of product advertising (including vendor marketing programs) and other ancillary revenues that are recognized as income in the period earned. The Company generally recognizes payments received attributable to the marketing and advertising services provided by the Company under certain vendor programs as revenue in the periods in which the advertising is displayed or when the related impressions are delivered. Such impressions are measured by the concession product sales volume, which is a mutually agreed upon proxy of attendance and reflects the Company's marketing and advertising services delivered to its vendors. In instances where the consideration received is in excess of fair value of the advertising services provided, the excess is recorded as a reduction of concession costs. The Company maintains a deferred revenue balance pertaining to cash received from the sale of discount tickets and gift cards that have not been redeemed. The Company recognizes revenue associated with discount tickets and gift cards when redeemed, or when the likelihood of redemption becomes remote. The determination of the likelihood of redemption is based on an analysis of historical redemption trends. | ||||||||||||
Cash Equivalents | ||||||||||||
The Company considers all unrestricted highly liquid debt instruments and investments purchased with an original maturity of 3 months or less to be cash equivalents. At December 26, 2013, the Company held substantially all of its cash in temporary cash investments in the form of certificates of deposit and variable rate investment accounts with major financial institutions. | ||||||||||||
Inventories | ||||||||||||
Inventories consist of concession products and theatre supplies. The Company states inventories on the basis of first-in, first-out (FIFO) cost, which is not in excess of net realizable value. | ||||||||||||
Property and Equipment | ||||||||||||
The Company states property and equipment at cost. Major renewals and improvements are capitalized, while maintenance and repairs that do not improve or extend the lives of the respective assets are expensed currently. Gains and losses from disposition of property and equipment are included in income and expense when realized. | ||||||||||||
The Company capitalizes the cost of computer equipment, system hardware and purchased software ready for service. During the years ended December 26, 2013 and December 27, 2012, the Company capitalized approximately $22.4 million and $16.4 million, respectively, of such costs, which were associated primarily with (i) new point-of-sale devices at the Company's box offices and concession stands, (ii) new ticketing kiosks, and (iii) computer hardware and software purchased for the Company's theatre locations and corporate office. The Company also capitalizes certain direct external costs associated with software developed for internal use after the preliminary software project stage is completed and Company management has authorized further funding for a software project and it is deemed probable of completion. The Company capitalizes these external software development costs only until the point at which the project is substantially complete and the software is ready for its intended purpose. | ||||||||||||
The Company records depreciation and amortization using the straight-line method over the following estimated useful lives: | ||||||||||||
Buildings | 20 - 30 years | |||||||||||
Equipment | 3 - 20 years | |||||||||||
Leasehold improvements | Lesser of term of lease or asset life | |||||||||||
Computer equipment and software | 3 - 5 years | |||||||||||
As of December 26, 2013 and December 27, 2012, included in property and equipment is $171.0 million and $104.1 million of assets accounted for under capital leases and lease financing arrangements, before accumulated depreciation of $73.7 million and $63.1 million, respectively. The Company records amortization using the straight-line method over the shorter of the lease terms or the estimated useful lives noted above. | ||||||||||||
Impairment of Long-Lived Assets | ||||||||||||
The Company reviews long-lived assets (including intangible assets, marketable equity securities and investments in non-consolidated entities as described further below) for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable. The Company generally evaluates assets for impairment on an individual theatre basis, which management believes is the lowest level for which there are identifiable cash flows. If the sum of the expected future cash flows, undiscounted and without interest charges, is less than the carrying amount of the assets, the Company recognizes an impairment charge in the amount by which the carrying value of the assets exceeds their fair market value. | ||||||||||||
The Company considers historical theatre level cash flows, estimated future theatre level cash flows, theatre property and equipment carrying values, intangible asset carrying values, the age of the theatre, competitive theatres in the marketplace, the impact of recent ticket price changes, strategic initiatives, available lease renewal options and other factors considered relevant in its assessment of whether or not a triggering event has occurred that indicates impairment of individual theatre assets may be necessary. For theatres where a triggering event is identified, impairment is measured based on the estimated cash flows from continuing use until the expected disposal date or the fair value of furniture, fixtures and equipment. The expected disposal date does not exceed the remaining lease period unless it is probable the lease period will be extended and may be less than the remaining lease period when the Company does not expect to operate the theatre to the end of its lease term. The fair value of assets is determined using the present value of the estimated future cash flows or the expected selling price less selling costs for assets of which the Company expects to dispose. Significant judgment is involved in determining whether a triggering event has occurred, estimating future cash flows and determining fair value. Management's estimates (Level 3 inputs as described in FASB Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurements and Disclosures) are based on historical and projected operating performance, recent market transactions, and current industry trading multiples. | ||||||||||||
Triggering events identified resulted in the recording of impairment charges of $9.5 million, $11.1 million and $17.9 million for the years ended December 26, 2013, December 27, 2012 and December 29, 2011, respectively. 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. | ||||||||||||
Leases | ||||||||||||
The majority of the Company's operations are conducted in premises occupied under non-cancelable lease agreements with initial base terms generally ranging from 15 to 20 years. The Company, at its option, can renew a substantial portion of the leases at defined or then fair rental rates for various periods. Certain leases for Company theatres provide for contingent rentals based on the revenue results of the underlying theatre and require the payment of taxes, insurance, and other costs applicable to the property. Also, certain leases contain escalating minimum rental provisions. There are no conditions imposed upon us by our lease agreements or by parties other than the lessor that legally obligate the Company to incur costs to retire assets as a result of a decision to vacate our leased properties. None of our lease agreements require us to return the leased property to the lessor in its original condition (allowing for normal wear and tear) or to remove leasehold improvements at our cost. | ||||||||||||
The Company accounts for leased properties under the provisions of ASC Topic 840, Leases and other authoritative accounting literature. ASC Subtopic 840-10, Leases—Overview requires that the Company evaluate each lease for classification as either a capital lease or an operating lease. The Company performs this evaluation at the inception of the lease and when a modification is made to a lease. As to those arrangements that are classified as capital leases, the Company records property under capital leases and a capital lease obligation in an amount equal to the lesser of the present value of the minimum lease payments to be made over the life of the lease at the beginning of the lease term, or the fair value of the leased property. The property under capital lease is amortized on a straight-line basis as a charge to expense over the lease term, as defined, or the economic life of the leased property, whichever is less. During the lease term, as defined, each minimum lease payment is allocated between a reduction of the lease obligation and interest expense so as to produce a constant periodic rate of interest on the remaining balance of the lease obligation. The Company does not believe that exercise of the renewal options in its leases are reasonably assured at the inception of the lease agreements because such leases: (i) provide for either (a) renewal rents based on market rates or (b) renewal rents that equal or exceed the initial rents, and (ii) do not impose economic penalties upon the determination whether or not to exercise the renewal option. As a result, there are not sufficient economic incentives at the inception of the leases to consider the lease renewal options to be reasonably assured of being exercised and therefore, the initial base term is generally considered as the lease term under ASC Subtopic 840-10. | ||||||||||||
The Company records rent expense for its operating leases with contractual rent increases in accordance with ASC Subtopic 840-20, Leases—Operating Leases, on a straight-line basis from the "lease commencement date" as specified in the lease agreement until the end of the base lease term. | ||||||||||||
For leases in which the Company is involved with construction of the theatre, the Company accounts for the lease during the construction period under the provisions of ASC Subtopic 840-40, Leases—Sale-Leaseback Transactions. The landlord is typically responsible for constructing a theatre using guidelines and specifications agreed to by the Company and assumes substantially all of the risk of construction. In accordance with ASC Subtopic 840-40, 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. Once construction is completed, the Company considers the requirements under ASC Subtopic 840-40, for sale-leaseback treatment, and if the arrangement does not meet such requirements, it records the project's construction costs funded by the landlord as a financing obligation. The obligation is amortized over the financing term based on the payments designated in the contract. | ||||||||||||
In accordance with ASC Subtopic 840-20, we expense rental costs incurred during construction periods for operating leases as such costs are incurred. For rental costs incurred during construction periods for both operating and capital leases, the "lease commencement date" is the date at which we gain access to the leased asset. Historically, and for the years ended December 26, 2013, December 27, 2012 and December 29, 2011, these rental costs have not been significant to our consolidated financial statements. | ||||||||||||
Sale and Leaseback Transactions | ||||||||||||
The Company accounts for the sale and leaseback of real estate assets in accordance with ASC Subtopic 840-40. Losses on sale leaseback transactions are recognized at the time of sale if the fair value of the property sold is less than the undepreciated cost of the property. Gains on sale and leaseback transactions are deferred and amortized over the remaining lease term. | ||||||||||||
Goodwill | ||||||||||||
The carrying amount of goodwill at December 26, 2013 and December 27, 2012 was approximately $320.4 million and $274.0 million, respectively. The $46.4 million increase in goodwill during the year ended December 26, 2013 is attributable to the Company's acquisition of Hollywood Theaters during fiscal 2013, which is more fully described in Note 3—"Acquisitions." The Company evaluates goodwill for impairment annually or more frequently as specific events or circumstances dictate. Under ASC Subtopic 350-20, Intangibles—Goodwill and Other—Goodwill, the Company has identified its reporting units to be the designated market areas in which the Company conducts its theatre operations. Goodwill impairment is evaluated using a two-step approach requiring the Company to compute the fair value of a reporting unit and compare it with its carrying value. If the carrying value of the reporting unit exceeds its estimated fair value, a second step is performed to measure the potential goodwill impairment. The Company determines fair value by using an enterprise valuation methodology determined by applying multiples to cash flow estimates less net indebtedness, which the Company believes is an appropriate method to determine fair value. There is considerable management judgment with respect to cash flow estimates and appropriate multiples and discount rates to be used in determining fair value and such management estimates fall under Level 3 within the fair value measurement hierarchy. | ||||||||||||
As part of the Company’s ongoing operations, we may close certain theatres within a reporting unit containing goodwill due to underperformance of the theatre or inability to renew our lease, among other reasons. Additionally, we generally abandon certain assets associated with a closed theatre, primarily leasehold improvements. Under ASC Topic 350, Intangibles—Goodwill and Other, when a portion of a reporting unit that constitutes a business is disposed of, goodwill associated with that business shall be included in the carrying amount of the business in determining the gain or loss on disposal. We evaluate whether the portion of a reporting unit being disposed of constitutes a business on the date of closure. Generally, on the date of closure, the closed theatre does not constitute a business because the Company retains assets and processes on that date essential to the operation of the theatre. These assets and processes are significant missing elements impeding the operation of a business. Accordingly, when closing individual theatres, we generally do not include goodwill in the calculation of any gain or loss on disposal of the related assets. | ||||||||||||
The Company's annual goodwill impairment assessments for the years ended December 26, 2013 and December 27, 2012 indicated that the fair value of each of its reporting units exceeded their carrying value and therefore, goodwill was not deemed to be impaired. | ||||||||||||
Intangible Assets | ||||||||||||
As of December 26, 2013 and December 27, 2012, intangible assets totaled $67.1 million and $32.5 million, respectively, before accumulated amortization of $9.4 million and $4.7 million, respectively. Intangible assets are recorded at fair value and are amortized on a straight-line basis over the estimated remaining useful lives of the assets. In connection with the acquisition of Consolidated Theatres in fiscal 2008, the Company acquired identifiable intangible assets totaling $9.9 million, related to favorable leases with a weighted average amortization period of 13.1 years. During fiscal 2010, the Company acquired identifiable intangible assets totaling $14.4 million, related to favorable leases with a weighted average amortization period of 35 years, in connection with its acquisition of eight theatres acquired from AMC. During fiscal 2012, the Company acquired identifiable intangible assets totaling $8.1 million, related to favorable leases with a weighted average amortization period of 22 years, in connection with its acquisition of Great Escape Theatres (as described further under Note 3—"Acquisitions"). Finally, the Company acquired identifiable intangible assets totaling $34.4 million, related to favorable leases with a weighted average amortization period of 18 years, in connection with its acquisition of Hollywood Theaters during fiscal 2013 (see Note 3—"Acquisitions"). During the years ended December 26, 2013, December 27, 2012 and December 29, 2011, the Company recognized $3.3 million, $1.1 million and $1.4 million of amortization, respectively, related to these intangible assets. | ||||||||||||
Estimated amortization expense for the next five fiscal years for such intangible assets as of December 26, 2013 is projected below (in millions): | ||||||||||||
2014 | $ | 3.9 | ||||||||||
2015 | 3.9 | |||||||||||
2016 | 3.9 | |||||||||||
2017 | 3.8 | |||||||||||
2018 | 3.6 | |||||||||||
During the year ended December 26, 2013, the Company recorded an impairment charge of approximately $1.5 million pertaining to certain favorable leases associated with the acquisition of Consolidated Theatres. The Company did not record an impairment of any intangible assets during the years ended December 27, 2012 and December 29, 2011. | ||||||||||||
Debt Acquisition Costs | ||||||||||||
Other non-current assets include debt acquisition costs, which are deferred and amortized over the terms of the related agreements using a method that approximates the effective interest method. Debt acquisition costs as of December 26, 2013 and December 27, 2012 were approximately $45.3 million and $36.0 million, before accumulated amortization of $19.2 million and $16.0 million, respectively. | ||||||||||||
Investments | ||||||||||||
The Company accounts for its investments in non-consolidated subsidiaries using the equity method of accounting and has recorded the investments within "Other Non-Current Assets" in its consolidated balance sheets. The Company records equity in earnings and losses of these entities in its consolidated statements of income. As of December 26, 2013, the Company holds a 20.0% interest in National CineMedia, LLC ("National CineMedia"), a 46.7% interest in Digital Cinema Implementation Partners, LLC, a 50% interest in Open Road Films and a 32% interest in AC JV, LLC (each as described further under Note 4—"Investments"). In addition, the Company holds an investment in available-for-sale equity securities of RealD, Inc., an entity specializing in the licensing of 3D technologies. See Note 13—"Fair Value of Financial Instruments" for a discussion of fair value estimation methods and assumptions with respect to the Company's investment in RealD, Inc. The carrying value of the Company's investment in these entities as of December 26, 2013 was approximately $266.7 million. | ||||||||||||
The Company reviews investments in non-consolidated subsidiaries accounted for under the equity method for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be fully recoverable. The Company reviews unaudited financial statements on a quarterly basis and audited financial statements on an annual basis for indicators of triggering events or circumstances that indicate the potential impairment of these investments as well as current equity prices for its investment in National CineMedia and RealD, Inc. and discounted projections of cash flows for certain of its other investees. Additionally, the Company has periodic discussions with the management of significant investees to assist in the identification of any factors that might indicate the potential for impairment. In order to determine whether the carrying value of investments may have experienced an other-than-temporary decline in value necessitating the write-down of the recorded investment, the Company considers various factors, including the period of time during which the fair value of the investment remains substantially below the recorded amounts, the investees financial condition and quality of assets, the length of time the investee has been operating, the severity and nature of losses sustained in current and prior years, a reduction or cessation in the investees dividend payments, suspension of trading in the security, qualifications in accountant's reports due to liquidity or going concern issues, investee announcement of adverse changes, downgrading of investee debt, regulatory actions, changes in reserves for product liability, loss of a principal customer, negative operating cash flows or working capital deficiencies and the recording of an impairment charge by the investee for goodwill, intangible or long-lived assets. Once a determination is made that an other-than-temporary impairment exists, the Company writes down its investment to fair value. | ||||||||||||
During the year ended December 29, 2011, the Company considered various factors pertaining to its investment in RealD, Inc. as part of its ongoing impairment review and determined that an other-than-temporary impairment existed as of December 29, 2011. Such determination was based primarily on the length (approximately 6 months) of time during which the fair value of the RealD, Inc. investment remained substantially below the recorded investment cost basis of approximately $19.40 per share, the severity of the decline during such period and the prospects of recovery of the investment to its original cost basis. As a result, the Company recorded a $13.9 million other-than-temporary impairment charge to write-down its cost basis in RealD, Inc. to fair value as of December 29, 2011. | ||||||||||||
Other than as described above, there was no impairment of the Company's investments during the years ended December 26, 2013, December 27, 2012 and December 29, 2011. | ||||||||||||
Income Taxes | ||||||||||||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company records a valuation allowance if it is deemed more likely than not that its deferred income tax assets will not be realized. The Company expects that certain deferred income tax assets are not more likely than not to be recovered and therefore has established a valuation allowance. The Company reassesses its need for the valuation allowance for its deferred income taxes on an ongoing basis. | ||||||||||||
Additionally, income tax rules and regulations are subject to interpretation, require judgment by the Company and may be challenged by the taxation authorities. As described further in Note 7—"Income Taxes," the Company applies the provisions of ASC Subtopic 740-10, Income Taxes—Overview. In accordance with ASC Subtopic 740-10, the Company recognizes a tax benefit only for tax positions that are determined to be more likely than not sustainable based on the technical merits of the tax position. With respect to such tax positions for which recognition of a benefit is appropriate, the benefit is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Tax positions are evaluated on an ongoing basis as part of the Company's process for determining the provision for income taxes. | ||||||||||||
Interest Rate Swaps | ||||||||||||
Regal Cinemas has entered into hedging relationships via interest rate swap agreements to hedge against interest rate exposure of its variable rate debt obligations. Our interest rate swaps settle any accrued interest for cash on the last day of each calendar month or calendar quarter, as applicable, until expiration. At such dates, the differences to be paid or received on the interest rate swaps will be included in interest expense. The interest rate swaps qualify for cash flow hedge accounting treatment and as such, the change in the fair values of the interest rate swaps is recorded on the Company's consolidated balance sheet as an asset or liability with the effective portion of the interest rate swaps' gains or losses reported as a component of other comprehensive income and the ineffective portion reported in earnings. As interest expense is accrued on the debt obligation, amounts in accumulated other comprehensive income/loss related to the interest rate swaps will be reclassified into earnings to obtain a net cost on the debt obligation equal to the effective yield of the fixed rate of each swap. In the event that an interest rate swap is terminated prior to maturity, gains or losses accumulated in other comprehensive income or loss remain deferred and are reclassified into earnings in the periods during which the hedged forecasted transaction affects earnings. The fair value of the Company's interest rate swaps is based on Level 2 inputs as described in ASC Topic 820, Fair Value Measurements and Disclosures, which include observable inputs such as dealer quoted prices for similar assets or liabilities, and represents the estimated amount Regal Cinemas would receive or pay to terminate the agreements taking into consideration various factors, including current interest rates, credit risk and counterparty credit risk. The counterparties to the Company's interest rate swaps are major financial institutions. The Company evaluates the bond ratings of the financial institutions and believes that credit risk is at an acceptably low level. | ||||||||||||
Deferred Revenue | ||||||||||||
Deferred revenue relates primarily to the amount we received for agreeing to the existing National CineMedia exhibitor services agreement ("ESA") modification and amounts recorded in connection with the receipt of newly issued common units of National CineMedia pursuant to the provisions of the Common Unit Adjustment Agreement described in Note 4—"Investments," cash received from the sale of discount tickets and gift cards, amounts received in connection with vendor marketing programs, and the amount we received related to the sale of our equity interest in Fandango. Deferred revenue related to gift cards and discount ticket sales and vendor marketing programs are recognized as revenue as described above in this Note 2 under "Revenue Recognition." The amount we received for agreeing to the ESA modification will be amortized to advertising revenue over the 30 year term of the agreement following the units of revenue method. In addition, as described in Note 4—"Investments," amounts recorded as deferred revenue in connection with the receipt of newly issued common units of National CineMedia pursuant to the provisions of the Common Unit Adjustment Agreement will be amortized to advertising revenue over the remaining term of the ESA following the units of revenue method. As of December 26, 2013 and December 27, 2012, approximately $432.2 million and $344.3 million of deferred revenue, respectively, related to the ESA was recorded as a component of deferred revenue and non-current deferred revenue in the accompanying consolidated balance sheets. | ||||||||||||
Deferred Rent | ||||||||||||
The Company recognizes rent on a straight-line basis after considering the effect of rent escalation provisions resulting in a level monthly rent expense for each lease over its term. The deferred rent liability is included in other non-current liabilities in the accompanying consolidated balance sheets. | ||||||||||||
Film Costs | ||||||||||||
The Company estimates its film cost expense and related film cost payable based on management's best estimate of the ultimate settlement of the film costs with the distributors. Generally, less than one-third of our quarterly film expense is estimated at period-end. The length of time until these costs are known with certainty depends on the ultimate duration of the film's theatrical run, but is typically "settled" within 2 to 3 months of a particular film's opening release. Upon settlement with our film distributors, film cost expense and the related film cost payable are adjusted to the final film settlement. | ||||||||||||
Loyalty Program | ||||||||||||
Members of the Regal Crown Club® earn credits for each dollar spent at the Company's theatres and earn concession or ticket awards based on the number of credits accumulated. Because the Company believes that the value of the awards granted to Regal Crown Club® members is insignificant in relation to the value of the transactions necessary to earn the award, the Company records the estimated incremental cost of providing awards under the Regal Crown Club® loyalty program at the time the awards are earned. Historically, and for the years ended December 26, 2013, December 27, 2012 and December 29, 2011, the costs of these awards have not been significant to the Company's consolidated financial statements. | ||||||||||||
Advertising and Start-Up Costs | ||||||||||||
The Company expenses advertising costs as incurred. Start-up costs associated with a new theatre are also expensed as incurred. | ||||||||||||
Stock-Based Compensation | ||||||||||||
As described in Note 9—"Capital Stock And Share-Based Compensation," we apply the provisions of ASC Subtopic 718-10, Compensation—Stock Compensation—Overall. Under ASC Subtopic 718-10, share-based compensation cost is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense over the employee's requisite service period. | ||||||||||||
ASC Subtopic 718-10, the Company elected to adopt the alternative transition method for calculating the tax effects of share-based compensation. The alternative transition method includes a simplified method to establish the beginning balance of the additional paid-in capital pool related to the tax effects of employee share-based compensation, which is available to absorb tax deficiencies that could be recognized subsequent to the adoption of ASC Subtopic 718-10. | ||||||||||||
Estimates | ||||||||||||
The preparation of financial statements in conformity with U.S generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include, but are not limited to, those related to film costs, property and equipment, goodwill, income taxes and purchase accounting. Actual results could differ from those estimates. | ||||||||||||
Segments | ||||||||||||
As of December 26, 2013, December 27, 2012 and December 29, 2011, the Company managed its business under one reportable segment: theatre exhibition operations. | ||||||||||||
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 recorded. The results of the acquired businesses are included in the Company's results from operations beginning from the day of acquisition. | ||||||||||||
Comprehensive Income | ||||||||||||
Total comprehensive income for the years ended December 26, 2013, December 27, 2012 and December 29, 2011 was $159.5 million, $147.0 million and $39.7 million, respectively. Total comprehensive income consists of net income and other comprehensive income, net of tax, related to the change in the aggregate unrealized gain/loss on the Company's interest rate swap arrangement, the change in fair value of available for sale equity securities (including other-than-temporary impairments), the reclassification adjustment for gain on sale of available for sale securities recognized in net income and the change in fair value of equity method investee interest rate swap transactions during each of the years ended December 26, 2013, December 27, 2012 and December 29, 2011. The Company's interest rate swap arrangements and available for sale equity securities are further described in Note 5—"Debt Obligations" and Note 13—"Fair Value of Financial Instruments." | ||||||||||||
Immaterial Correction of an Error in Prior Periods | ||||||||||||
The Company maintains a deferred revenue balance pertaining to cash received from the sale of discount tickets and gift cards that have not been redeemed. The Company recognizes revenue associated with discount tickets and gift cards when redeemed, or when the likelihood of redemption becomes remote. The determination of the likelihood of redemption is based on an analysis of historical redemption trends. During the quarter ended December 26, 2013, the Company identified errors related to an understatement of deferred revenue attributable to its paper gift certificate and discount ticket products and an overstatement of other operating revenue associated with the unredeemed portion of these products dating from fiscal 2002 through fiscal 2012. In accordance with Financial Accounting Standards Board Accounting Standards Codification 250, Accounting Changes and Error Corrections, we evaluated the materiality of the errors from quantitative and qualitative perspectives, and concluded that the errors were immaterial to the Company’s prior period interim and annual consolidated financial statements. Since these revisions were not material to any prior period interim or annual consolidated financial statements, no amendments to previously filed interim or annual periodic reports are required. Consequently, the Company has adjusted for these errors by revising its historical consolidated financial statements presented herein. The Company recognized the cumulative effect of the error on periods prior to those that are presented herein by increasing deferred revenue by approximately $44.2 million, reducing additional paid-in capital and retained earnings by $36.2 million and $1.8 million, respectively, and increasing goodwill by $6.2 million as of the beginning of fiscal year 2009. | ||||||||||||
The following table presents the effects of the immaterial error correction on the consolidated balance sheet for the period indicated (in millions): | ||||||||||||
As of December 27, 2012 | ||||||||||||
As previously reported | Adjustments | As Adjusted | ||||||||||
Income tax receivable | $ | 1.6 | $ | 6.4 | $ | 8 | ||||||
TOTAL CURRENT ASSETS | 257.8 | 6.4 | 264.2 | |||||||||
GOODWILL | 267.8 | 6.2 | 274 | |||||||||
TOTAL ASSETS | 2,209.50 | 12.6 | 2,222.10 | |||||||||
Deferred revenue | 102.2 | 64.4 | 166.6 | |||||||||
TOTAL CURRENT LIABILITIES | 387.5 | 64.4 | 451.9 | |||||||||
NON-CURRENT DEFERRED REVENUE | 341.4 | — | 341.4 | |||||||||
TOTAL LIABILITIES | 2,908.10 | 64.4 | 2,972.50 | |||||||||
Additional paid-in capital (deficit) | (694.0 | ) | (51.5 | ) | (745.5 | ) | ||||||
Retained earnings | 1.4 | (0.3 | ) | 1.1 | ||||||||
TOTAL STOCKHOLDERS' DEFICIT OF REGAL ENTERTAINMENT GROUP | (696.8 | ) | (51.8 | ) | (748.6 | ) | ||||||
TOTAL DEFICIT | (698.6 | ) | (51.8 | ) | (750.4 | ) | ||||||
TOTAL LIABILITIES AND DEFICIT | 2,209.50 | 12.6 | 2,222.10 | |||||||||
The following tables present the effects of the immaterial error correction on the consolidated statements of income for the periods indicated (in millions, except per share amounts): | ||||||||||||
Year Ended December 27, 2012 | ||||||||||||
As previously reported | Adjustments | As Adjusted | ||||||||||
Other operating revenues | $ | 150.7 | $ | (4.2 | ) | $ | 146.5 | |||||
TOTAL REVENUES | 2,824.20 | (4.2 | ) | 2,820 | ||||||||
INCOME FROM OPERATIONS | 334.2 | (4.2 | ) | 330 | ||||||||
INCOME BEFORE INCOME TAXES | 235.9 | (4.2 | ) | 231.7 | ||||||||
PROVISION FOR INCOME TAXES | 91.2 | (1.7 | ) | 89.5 | ||||||||
NET INCOME | 144.7 | (2.5 | ) | 142.2 | ||||||||
NET INCOME ATTRIBUTABLE TO CONTROLLING INTEREST | $ | 144.8 | $ | (2.5 | ) | $ | 142.3 | |||||
EARNINGS PER SHARE OF CLASS A AND CLASS B COMMON STOCK: | ||||||||||||
Basic | $ | 0.94 | $ | (0.02 | ) | $ | 0.92 | |||||
Diluted | $ | 0.93 | $ | (0.01 | ) | $ | 0.92 | |||||
Year Ended December 29, 2011 | ||||||||||||
As previously reported | Adjustments | As Adjusted | ||||||||||
Other operating revenues | $ | 131.1 | $ | (5.8 | ) | $ | 125.3 | |||||
TOTAL REVENUES | 2,681.70 | (5.8 | ) | 2,675.90 | ||||||||
INCOME FROM OPERATIONS | 221.3 | (5.8 | ) | 215.5 | ||||||||
INCOME BEFORE INCOME TAXES | 57.8 | (5.8 | ) | 52 | ||||||||
PROVISION FOR INCOME TAXES | 17.7 | (2.3 | ) | 15.4 | ||||||||
NET INCOME | 40.1 | (3.5 | ) | 36.6 | ||||||||
NET INCOME ATTRIBUTABLE TO CONTROLLING INTEREST | $ | 40.3 | $ | (3.5 | ) | $ | 36.8 | |||||
EARNINGS PER SHARE OF CLASS A AND CLASS B COMMON STOCK: | ||||||||||||
Basic | $ | 0.26 | $ | (0.02 | ) | $ | 0.24 | |||||
Diluted | $ | 0.26 | $ | (0.02 | ) | $ | 0.24 | |||||
Impacted financial statement line items appearing in the Company's consolidated statements of comprehensive income and consolidated statements of deficit have also been revised accordingly. Cash flows from operating, investing and financing activities for the above periods were not impacted by this immaterial correction of an error. However, net income was revised as shown above with an offset to the trade and other receivables and deferred revenue captions within operating activities on the consolidated statements of cash flows. | ||||||||||||
Recent Accounting Pronouncements | ||||||||||||
In May 2011, the FASB issued ASU 2011-04, Fair Value Measurements (Topic 820)—Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. This Update clarifies the wording and disclosures required in ASC Topic 820, Fair Value Measurement, to converge with those used in International Financial Reporting Standards. The update explains how to measure and disclose fair value under ASC 820. However, the FASB does not expect the changes in this update to alter the current application of the requirements in ASC 820. ASU 2011-04 is effective for interim and annual periods beginning after December 15, 2011. ASU 2011-04 became effective for the Company as of the beginning of fiscal 2012. | ||||||||||||
In June 2011, the FASB issued new guidance under ASU 2011-5, Presentation of Comprehensive Income, which amends the presentation of comprehensive income and allows an entity the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. Under ASU 2011-5, the Company is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. The guidance eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders’ equity. ASU 2011-5 became effective for the Company as of the beginning of fiscal 2012 and has been applied retrospectively herein. | ||||||||||||
In September 2011, the FASB issued ASU No. 2011-8, Intangibles—Goodwill and Other (Topic 350)—Testing Goodwill for Impairment, to allow entities to use a qualitative approach to test goodwill for impairment. ASU 2011-8 permits an entity to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If it is concluded that this is the case, it is necessary to perform the currently prescribed two-step goodwill impairment test. Otherwise, the two-step goodwill impairment test is not required. ASU 2011-8 became effective for the Company as of the beginning of fiscal 2012. | ||||||||||||
In December 2011, the FASB issued ASU 2011-12, Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in ASU 2011-05. ASU 2011-12 defers the specific requirement within ASU 2011-05 to present on the face of the financial statements items that are reclassified from accumulated other comprehensive income to net income separately with their respective components of net income and other comprehensive income. This guidance is effective for interim and annual periods beginning after December 15, 2011, and is to be applied retrospectively. ASU 2011-12 became effective for the Company as of the beginning of fiscal 2012 and has been applied retrospectively. | ||||||||||||
In February 2013, the FASB issued ASU 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. Under ASU 2013-02, an entity is required to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional detail about those amounts. ASU 2013-02 became effective for the Company as of the beginning of fiscal 2013 and has been applied retrospectively. | ||||||||||||
In July 2013, the FASB issued ASU 2013-10, Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes. The amendments in ASU 2013-10 permit an entity to designate Fed Funds Effective Swap Rate, also referred to as the overnight index swap rate, as a benchmark interest rate for hedge accounting purposes. In addition, the amendment removes the restriction on using different benchmark interest rates for similar hedges. The amendment is applicable to all entities that elect to apply hedge accounting of the benchmark interest rate under ASC Topic 815, Derivatives and Hedging. The amendment is effective immediately. This amendment did not have an impact to our consolidated financial statements. | ||||||||||||
In July 2013, the FASB issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The amendments in ASU 2013-11 require an entity to present an unrecognized tax benefit in the financial statements as a reduction to a deferred tax asset for a net operating loss ("NOL") carryforward, a similar tax loss, or a tax credit carryforward except when: (1) a NOL carryforward, a similar tax loss, or a tax credit carryforward is not available as of the reporting date under the governing tax law to settle taxes that would result from the disallowance of the tax position; or (2) the entity does not intend to use the deferred tax asset for this purpose (provided that the tax law permits a choice). If either of these conditions exists, an entity should present an unrecognized tax benefit in the financial statements as a liability and should not net the unrecognized tax benefit with a deferred tax asset. The amendment does not affect the recognition or measurement of uncertain tax positions under ASC Topic 740, Income Taxes. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. We do not expect this ASU to have a material impact to our consolidated financial statements. |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended | |||||||
Dec. 26, 2013 | ||||||||
Business Combinations [Abstract] | ' | |||||||
ACQUISITIONS | ' | |||||||
ACQUISITIONS | ||||||||
Acquisition of Hollywood Theaters | ||||||||
On March 29, 2013, Regal completed the acquisition of Hollywood Theaters, whereby it acquired a total of 43 theatres with 513 screens for an aggregate net cash purchase price of $194.4 million. In addition, the Company assumed approximately $47.9 million of capital lease and lease financing obligations, and certain working capital. The cash portion of the purchase price included repayment of approximately $167.0 million of the sellers’ debt. The acquisition of Hollywood Theaters enhanced the Company’s presence in 16 states and 3 U.S. territories. The Company incurred approximately $3.0 million in transaction costs, which are reflected in "general and administrative expenses" in the accompanying consolidated statement of income. The aggregate net cash purchase price was allocated to the identifiable assets acquired and liabilities assumed for each of the respective theatre locations based on their estimated fair values at the date of acquisition using the acquisition method of accounting. The allocation of the purchase price is based on management's judgment after evaluating several factors, including an independent third party valuation. The results of operations of the acquired theatres have been included in the Company's consolidated financial statements for periods subsequent to the acquisition date. | ||||||||
The following is a summary of the final allocation of the aggregate net cash purchase price to the estimated fair values of the identifiable assets acquired and liabilities assumed that have been recognized by the Company in its consolidated balance sheet as of the date of acquisition (in millions): | ||||||||
Current assets | $ | 8.7 | ||||||
Property and equipment | 143.2 | |||||||
Favorable leases and other intangible assets | 35.6 | |||||||
Goodwill | 46.4 | |||||||
Deferred income tax asset | 35.8 | |||||||
Other assets | 0.2 | |||||||
Current liabilities | (14.2 | ) | ||||||
Lease financing obligations | (40.4 | ) | ||||||
Capital lease obligations | (7.5 | ) | ||||||
Unfavorable leases | (10.7 | ) | ||||||
Other liabilities | (2.7 | ) | ||||||
Total purchase price | $ | 194.4 | ||||||
The transaction included the assumption of lease financing obligations associated with 14 acquired theatres and various capital lease obligations, which are presented in the Company's consolidated balance sheet as of December 26, 2013. Such obligations have a weighted average interest rate of approximately 10.7% and mature in various installments through December 2030. In addition, the transaction included the acquisition of favorable leases (approximately $34.4 million) and unfavorable leases (approximately $10.7 million), which are presented in the Company's consolidated balance sheet as a component of "Intangible Assets, net" and "Other Non-Current Liabilities," respectively. The weighted average amortization period for the favorable leases and the unfavorable leases are approximately 18 years and 15 years, respectively. Goodwill represents the excess purchase price over the amounts assigned to assets acquired, including intangible assets, and liabilities assumed and is not deductible for tax purposes. | ||||||||
The following unaudited pro forma results of operations for the years ended December 26, 2013 and December 27, 2012 assume the above acquisition occurred as of the beginning of fiscal 2012. The pro forma results have been prepared for comparative purposes only and do not purport to indicate the results of operations which would actually have occurred had the combination been in effect on the dates indicated, or which may occur in the future. | ||||||||
Year Ended | Year Ended | |||||||
26-Dec-13 | 27-Dec-12 | |||||||
(in millions except per share amounts) | ||||||||
Total revenues | $ | 3,069.60 | $ | 2,979.80 | ||||
Income from operations | 333.3 | 346.4 | ||||||
Net income attributable to controlling interest | 146.9 | 136.9 | ||||||
Earnings per share of Class A and Class B common stock: | ||||||||
Basic | 0.95 | 0.89 | ||||||
Diluted | 0.94 | 0.88 | ||||||
Acquisition of Great Escape Theatres | ||||||||
On November 29, 2012, Regal completed the acquisition of Great Escape Theatres, whereby it acquired a total of 25 theatres with 301 screens for an aggregate net cash purchase price, after post-closing adjustments, of $90.0 million. The transaction involved multiple sellers and the aggregate purchase price included repayment of the sellers' debt and the assumption of working capital. The sellers maintained an interest in the real property associated with seven of the acquired theatres. The acquisition of the Great Escape circuit enhanced the Company's presence in Georgia, Illinois, Indiana, Kentucky, Missouri, Nebraska, Ohio, Pennsylvania, South Carolina, Tennessee and West Virginia. The aggregate net cash purchase price was allocated to the identifiable assets acquired and liabilities assumed for each of the respective theatre locations based on their estimated fair values at the date of acquisition using the acquisition method of accounting. The allocation of the purchase price is based on management's judgment after evaluating several factors, including an independent third party valuation. The results of operations of the acquired theatres have been included in the Company's consolidated financial statements for periods subsequent to the acquisition date. | ||||||||
The following is a summary of the final allocation of the aggregate net cash purchase price to the estimated fair values of the identifiable assets acquired and liabilities assumed that have been recognized by the Company in its consolidated balance sheet as of the date of acquisition (in millions): | ||||||||
Current assets | $ | 2.9 | ||||||
Property and equipment, net | 22 | |||||||
Favorable leases | 8.1 | |||||||
Goodwill | 89 | |||||||
Current liabilities | (5.9 | ) | ||||||
Unfavorable leases | (26.1 | ) | ||||||
Total purchase price | $ | 90 | ||||||
The transaction included the acquisition of certain favorable leases and unfavorable leases, which are presented in the Company's consolidated balance sheet as a component of "Intangible Assets, net" and "Other Non-Current Liabilities," respectively. The weighted average amortization period for the favorable leases and the unfavorable leases are approximately 22 years and 15 years, respectively. Goodwill represents the excess purchase price over the amounts assigned to assets acquired, including intangible assets, and liabilities assumed. The goodwill recorded is fully deductible for tax purposes. |
INVESTMENTS
INVESTMENTS | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 26, 2013 | |||||||||||||||||||||||||||||
Investments [Abstract] | ' | ||||||||||||||||||||||||||||
INVESTMENTS | ' | ||||||||||||||||||||||||||||
INVESTMENTS | |||||||||||||||||||||||||||||
Investment in National CineMedia, LLC | |||||||||||||||||||||||||||||
We maintain an investment in National CineMedia, LLC ("National CineMedia" or "NCM"). National CineMedia concentrates on in-theatre advertising for its theatrical exhibition partners, which includes us, AMC and Cinemark. | |||||||||||||||||||||||||||||
On February 13, 2007, National CineMedia, Inc. ("NCM, Inc."), the sole manager of National CineMedia, completed an initial public offering ("IPO") of its common stock. NCM, Inc. sold 38.0 million shares of its common stock for $21 per share in the IPO, less underwriting discounts and expenses. NCM, Inc. used a portion of the net cash proceeds from the IPO to acquire newly issued common units from National CineMedia. At the closing of the IPO, the underwriters exercised their over-allotment option to purchase an additional 4.0 million shares of common stock of NCM, Inc. at the initial offering price of $21 per share, less underwriting discounts and commissions. In connection with this over-allotment option exercise, Regal, AMC and Cinemark each sold to NCM, Inc. common units of National CineMedia on a pro rata basis at the initial offering price of $21 per share, less underwriting discounts and expenses. Upon completion of this sale of common units, Regal held approximately 21.2 million common units of National CineMedia ("Initial Investment Tranche"). Such common units are immediately redeemable on a one-to-one basis for shares of NCM, Inc. common stock. | |||||||||||||||||||||||||||||
As a result of the transactions associated with the IPO and receipt of proceeds in excess of our investment balance, the Company reduced its investment in National CineMedia to zero. Accordingly, we will not provide for any additional losses as we have not guaranteed obligations of National CineMedia and we are not otherwise committed to provide further financial support for National CineMedia. In addition, subsequent to the IPO, the Company determined it would not recognize its share of any undistributed equity in the earnings of National CineMedia pertaining to the Company's Initial Investment Tranche in National CineMedia until National CineMedia's future net earnings, net of distributions received, equal or exceed the amount of the above described excess distribution. Until such time, equity in earnings related to the Company's Initial Investment Tranche in National CineMedia will be recognized only to the extent that the Company receives cash distributions from National CineMedia. 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. The Company's Initial Investment Tranche is recorded at $0 cost. | |||||||||||||||||||||||||||||
In connection with the completion of the IPO, the joint venture partners, including RCI, amended and restated their exhibitor services agreements with National CineMedia in exchange for a significant portion of its pro rata share of the IPO proceeds. The modification extended the term of the exhibitor services agreement ("ESA") to 30 years, provided National CineMedia with a 5-year right of first refusal beginning one year prior to the end of the term and changed the basis upon which RCI is paid by National CineMedia from a percentage of revenues associated with advertising contracts entered into by National CineMedia to a monthly theatre access fee. The theatre access fee is composed of a fixed $0.0756 payment per patron which will increase by 8% every 5 years and starting at the end of fiscal 2011, a fixed $800 payment per digital screen each year, which will increase by 5% annually starting at the end of fiscal 2007 (or $1,072 for fiscal 2013) and an additional payment per digital screen of $551 for fiscal 2013. The access fee revenues received by the Company under its contract are determined annually based on a combination of both fixed and variable factors which include the total number of theatre screens, attendance and actual revenues (as defined in the ESA) generated by National CineMedia. The ESA does not require us to maintain a minimum number of screens and does not provide a fixed amount of access fee revenue to be earned by the Company in any period. The theatre access fee paid in the aggregate to us, AMC and Cinemark will not be less than 12% of NCM's aggregate advertising revenue, or it will be adjusted upward to meet this minimum payment. On-screen advertising time provided to our beverage concessionaire is provided by National CineMedia under the terms of the ESA. In addition, we receive mandatory quarterly distributions of any excess cash from National CineMedia. | |||||||||||||||||||||||||||||
The amount we received for agreeing to the ESA modification was approximately $281.0 million, which represents the estimated fair value of the ESA modification payment. We estimated the fair value of the ESA payment based upon a valuation performed by the Company with the assistance of third party specialists. This amount has been recorded as deferred revenue and will be amortized to advertising revenue over the 30 year term of the ESA following the units of revenue method. Under the units of revenue method, amortization for a period is calculated by computing a ratio of the proceeds received from the ESA modification payment to the total expected decrease in revenues due to entry into the new ESA over the 30 year term of the agreement and then applying that ratio to the current period's expected decrease in revenues due to entry into the new ESA. | |||||||||||||||||||||||||||||
On December 26, 2013, RCI amended and restated its existing ESA with National CineMedia in connection with the sale by National CineMedia of its "Fathom Events" business described below under "Investment in AC JV, LLC." AMC and Cinemark also amended and restated their respective ESAs with National CineMedia in connection with the sale. The ESAs were modified to remove those provisions addressing the rights and obligations related to digital programing services of the Fathom Events business. Those provisions are now contained in Amended and Restated Digital Programming Exhibitor Services Agreements (the “Digital ESAs”) that were entered into on December 26, 2013 by National CineMedia and each of RCI, AMC and Cinemark, respectively. These Digital ESA’s were then assigned by National CineMedia to AC JV, LLC as part of the sale. | |||||||||||||||||||||||||||||
Also in connection with the IPO, the joint venture partners entered into a Common Unit Adjustment Agreement with National CineMedia. The Common Unit Adjustment Agreement was created to account for changes in the number of theatre screens operated by each of the joint venture partners. Historically, each of the joint venture partners has increased the number of screens it operates through acquisitions and newly built theatres. Since the increased attendance associated with these incremental screens in turn provides for additional advertising revenues to National CineMedia, National CineMedia agreed to compensate the joint venture partners by issuing additional common membership units to the joint venture partners in consideration for their increased attendance from newly built theatres and acquisitions and overall contribution to the joint venture. The Common Unit Adjustment Agreement also provides protection to National CineMedia in that the joint venture partners may be required to transfer or surrender common units to National CineMedia based on certain limited events, including declines in attendance associated with certain closed theatres and the number of screens operated. As a result, each joint venture partner's equity ownership interests are proportionately adjusted to reflect the risks and rewards relative to their contributions to the joint venture. | |||||||||||||||||||||||||||||
The Common Unit Adjustment Agreement provides that transfers of common units are solely between the joint venture partners and National CineMedia. There are no transfers of units among the joint venture partners. In addition, there are no circumstances under which common units would be surrendered by the Company to National CineMedia in the event of an acquisition by one of the joint venture partners. However, adjustments to the common units owned by one of the joint venture partners will result in an adjustment to the Company's equity ownership interest percentage in National CineMedia. | |||||||||||||||||||||||||||||
Pursuant to our Common Unit Adjustment Agreement, from time to time, common units of National CineMedia held by the joint venture partners will be adjusted up or down through a formula primarily based on increases or decreases in the number of theatre screens operated and theatre attendance generated by each joint venture partner. The common unit adjustment is computed annually, except that an earlier common unit adjustment will occur for a joint venture partner if its acquisition or disposition of theatres, in a single transaction or cumulatively since the most recent common unit adjustment, will cause a change of two percent or more in the total annual attendance of all of the joint venture partners. In the event that a common unit adjustment is determined to be a negative number, the joint venture partner shall cause, at its election, either (a) the transfer and surrender to National CineMedia a number of common units equal to all or part of such joint venture partner's common unit adjustment or (b) pay to National CineMedia, an amount equal to such joint venture partner's common unit adjustment calculated in accordance with the Common Unit Adjustment Agreement. If the Company elects to surrender common units as part of a negative common unit adjustment, the Company would record a reduction to deferred revenue at the then fair value of the common units surrendered and a reduction of the Company’s Additional Investments Tranche at an amount equal to the weighted average cost for the Additional Investments Tranche common units, with the difference between the two values recorded as a non-operating gain or loss. | |||||||||||||||||||||||||||||
As described further below, subsequent to the IPO and through December 26, 2013, the Company received from National CineMedia approximately 10.8 million newly issued common units of National CineMedia ("Additional Investments Tranche") as a result of the adjustment provisions of the Common Unit Adjustment Agreement. The Company follows the guidance in ASC 323-10-35-29 (formerly EITF 2-18, Accounting for Subsequent Investments in an Investee after Suspension of Equity Loss Recognition) by analogy, which also refers to AICPA Technical Practice Aid 2220.14, which indicates that if a subsequent investment is made in an equity method investee that has experienced significant losses, the investor must determine if the subsequent investment constitutes funding of prior losses. The Company concluded that the construction or acquisition of new theatres that has led to the common unit adjustments included in its Additional Investments Tranche equates to making additional investments in National CineMedia. The Company evaluated the receipt of the additional common units in National CineMedia and the assets exchanged for these additional units and has determined that the right to use its incremental new screens would not be considered funding of prior losses. As such, the Additional Investments Tranche is accounted for separately from the Company's Initial Investment Tranche following the equity method with undistributed equity earnings included as a component of "Earnings recognized from NCM" in the accompanying consolidated financial statements. | |||||||||||||||||||||||||||||
The NCM, Inc. IPO and related transactions have the effect of reducing the amounts NCM, Inc. would otherwise pay in the future to various tax authorities as a result of an increase in Regal's proportionate share of tax basis in NCM Inc.'s tangible and intangible assets. On the IPO date, NCM, Inc., the Company, AMC and Cinemark entered into a tax receivable agreement. Under the terms of this agreement, NCM, Inc. will make cash payments to us, AMC and Cinemark in amounts equal to 90% of NCM, Inc.'s actual tax benefit realized from the tax amortization of the intangible assets described above. For purposes of the tax receivable agreement, cash savings in income and franchise tax will be computed by comparing NCM, Inc.'s actual income and franchise tax liability to the amount of such taxes that NCM, Inc. would have been required to pay had there been no increase in NCM Inc.'s proportionate share of tax basis in NCM's tangible and intangible assets and had the tax receivable agreement not been entered into. The tax receivable agreement shall generally apply to NCM, Inc.'s taxable years up to and including the 30th anniversary date of the NCM, Inc. IPO and related transactions. Pursuant to the terms of the tax receivable agreement, the Company received payments of $4.6 million from NCM, Inc. during the year ended December 26, 2013 with respect to NCM, Inc.'s 2011 and 2012 taxable years. The Company received payments of $8.5 million from NCM, Inc. during the year ended December 27, 2012 with respect to NCM, Inc.'s 2010 and 2011 taxable years. Finally, during the year ended December 29, 2011, the Company received payments of $7.0 million with respect to NCM, Inc.'s 2009 and 2010 taxable years. | |||||||||||||||||||||||||||||
The Company accounts for its investment in National CineMedia following the equity method of accounting and such investment is included as a component of "Other Non-Current Assets" in the consolidated balance sheets. Below is a summary of activity with National CineMedia included in the Company's consolidated financial statements as of and for the years ended December 26, 2013, December 27, 2012 and December 29, 2011 (in millions): | |||||||||||||||||||||||||||||
As of the period ended | For the period ended | ||||||||||||||||||||||||||||
Investment | Deferred | Due to | Cash | Earnings | Other | Gain on sale | |||||||||||||||||||||||
in NCM | Revenue | NCM | Received | recognized | NCM | of NCM, Inc. | |||||||||||||||||||||||
(Paid) | from NCM | Revenues | common | ||||||||||||||||||||||||||
stock | |||||||||||||||||||||||||||||
Balance as of and for the period ended December 30, 2010 | $ | 68.8 | $ | (344.4 | ) | $ | (1.3 | ) | $ | 113.2 | $ | (40.8 | ) | $ | (12.9 | ) | $ | (52.0 | ) | ||||||||||
Receipt of additional common units(1) | 10.4 | (10.4 | ) | — | — | — | — | — | |||||||||||||||||||||
Payments to NCM for Consolidated screen integration | — | — | 1.3 | (1.9 | ) | — | — | — | |||||||||||||||||||||
Receipt of excess cash distributions(2) | (6.4 | ) | — | — | 33.3 | (26.9 | ) | — | — | ||||||||||||||||||||
Receipt under tax receivable agreement(2) | (1.2 | ) | — | — | 7 | (5.8 | ) | — | — | ||||||||||||||||||||
Revenues earned under ESA(3) | — | — | — | 9.4 | — | (9.4 | ) | — | |||||||||||||||||||||
Amortization of deferred revenue(4) | — | 5.3 | — | — | — | (5.3 | ) | — | |||||||||||||||||||||
Equity in earnings attributable to additional common units(5) | 5.2 | — | — | — | (5.2 | ) | — | — | |||||||||||||||||||||
Balance as of and for the period ended December 29, 2011 | $ | 76.8 | $ | (349.5 | ) | $ | — | $ | 47.8 | $ | (37.9 | ) | $ | (14.7 | ) | $ | — | ||||||||||||
Receipt of additional common units(1) | 0.8 | (0.8 | ) | — | — | — | — | — | |||||||||||||||||||||
Receipt of excess cash distributions(2) | (6.0 | ) | — | — | 30 | (24.0 | ) | — | — | ||||||||||||||||||||
Receipt under tax receivable agreement(2) | (1.7 | ) | — | — | 8.5 | (6.8 | ) | — | — | ||||||||||||||||||||
Revenues earned under ESA(3) | — | — | — | 11 | — | (11.0 | ) | — | |||||||||||||||||||||
Amortization of deferred revenue(4) | — | 6 | — | — | — | (6.0 | ) | — | |||||||||||||||||||||
Equity in earnings attributable to additional common units(5) | 4.1 | — | — | — | (4.1 | ) | — | — | |||||||||||||||||||||
Change in interest loss | (0.1 | ) | — | — | — | 0.1 | — | — | |||||||||||||||||||||
Balance as of and for the period ended December 27, 2012 | $ | 73.9 | $ | (344.3 | ) | $ | — | $ | 49.5 | $ | (34.8 | ) | $ | (17.0 | ) | $ | — | ||||||||||||
Receipt of additional common units(1) | 33.8 | (33.8 | ) | — | — | — | — | — | |||||||||||||||||||||
Receipt of common units due to extraordinary common unit adjustment(1) | 61.4 | (61.4 | ) | — | — | — | — | — | |||||||||||||||||||||
Receipt of excess cash distributions(2) | (9.1 | ) | — | — | 35.4 | (26.3 | ) | — | — | ||||||||||||||||||||
Receipt under tax receivable agreement(2) | (0.9 | ) | — | — | 4.6 | (3.7 | ) | — | — | ||||||||||||||||||||
Revenues earned under ESA(3) | — | — | — | 12.6 | — | (12.6 | ) | — | |||||||||||||||||||||
Amortization of deferred revenue(4) | — | 7.3 | — | — | — | (7.3 | ) | — | |||||||||||||||||||||
Equity in earnings attributable to additional common units(5) | 7.5 | — | — | — | (7.5 | ) | — | — | |||||||||||||||||||||
Redemption/sale of NCM stock(6) | (10.0 | ) | — | — | 40.9 | — | — | (30.9 | ) | ||||||||||||||||||||
Deferred gain on AC JV, LLC transaction(7) | 1.9 | — | — | — | — | — | — | ||||||||||||||||||||||
Balance as of and for the period ended December 26, 2013 | $ | 158.5 | $ | (432.2 | ) | $ | — | $ | 93.5 | $ | (37.5 | ) | $ | (19.9 | ) | $ | (30.9 | ) | |||||||||||
_______________________________________________________________________________ | |||||||||||||||||||||||||||||
-1 | On March 14, 2013, March 15, 2012, and March 17, 2011, we received from National CineMedia approximately 2.2 million, 0.1 million and 0.6 million, respectively, newly issued common units of National CineMedia in accordance with the annual adjustment provisions of the Common Unit Adjustment Agreement. In addition, on November 19, 2013, we received from National CineMedia approximately 3.4 million newly issued common units of National CineMedia in accordance with the adjustment provisions of the Common Unit Adjustment Agreement in connection with our acquisition of Hollywood Theaters. The Company recorded the additional common units (Additional Investments Tranche) at fair value using the available closing stock prices of NCM, Inc. as of the dates on which the units were issued. As a result of these adjustments, the Company recorded increases to its investment in National CineMedia (along with corresponding increases to deferred revenue) of $95.2 million, $0.8 million and $10.4 million during the years ended December 26, 2013, December 27, 2012 and December 29, 2011, respectively. Such deferred revenue amounts are being amortized to advertising revenue over the remaining term of the ESA between RCI and National CineMedia following the units of revenue method as described in (4) below. These transactions, together with the transaction described in (6) below, caused a proportionate increase in the Company's Additional Investments Tranche and increased our ownership share in National CineMedia to 25.4 million common units. As a result, on a fully diluted basis, we own a 20.0% interest in NCM, Inc. as of December 26, 2013. | ||||||||||||||||||||||||||||
-2 | During the years ended December 26, 2013, December 27, 2012 and December 29, 2011, the Company received $40.0 million, $38.5 million, $40.3 million, respectively, in cash distributions from National CineMedia (including payments of $4.6 million, $8.5 million, and $7.0 million received under the tax receivable agreement). Approximately $10.0 million, $7.7 million and $7.6 million of these cash distributions received during the years ended December 26, 2013, December 27, 2012 and December 29, 2011, respectively, were attributable to the Additional Investments Tranche and were recognized as a reduction in our investment in National CineMedia. The remaining amounts were recognized in equity earnings during each of these periods and have been included as components of "Earnings recognized from NCM" in the accompanying consolidated financial statements. | ||||||||||||||||||||||||||||
-3 | The Company recorded other revenues, excluding the amortization of deferred revenue, of approximately $12.6 million, $11.0 million and $9.4 million for the years ended December 26, 2013, December 27, 2012 and December 29, 2011, respectively, pertaining to our agreements with National CineMedia, including per patron and per digital screen theatre access fees (net of payments $15.5 million, $14.8 million and $14.2 million for the years ended December 26, 2013, December 27, 2012 and December 29, 2011, respectively) for on-screen advertising time provided to our beverage concessionaire and other NCM revenue. These advertising revenues are presented as a component of "Other operating revenues" in the Company's consolidated financial statements. | ||||||||||||||||||||||||||||
-4 | Amounts represent amortization of ESA modification fees received from NCM to advertising revenue utilizing the units of revenue amortization method. These advertising revenues are presented as a component of "Other operating revenues" in the Company's consolidated financial statements. | ||||||||||||||||||||||||||||
-5 | Amounts represent the Company's share in the net income of National CineMedia with respect to the Additional Investments Tranche. Such amounts have been included as a component of "Earnings recognized from NCM" in the consolidated financial statements. | ||||||||||||||||||||||||||||
-6 | During the quarter ended September 26, 2013, the Company redeemed 2.3 million of its National CineMedia common units for a like number of shares of NCM, Inc. common stock, which the Company sold in an underwritten public offering (including underwriter over-allotments) for $17.79 per share, reducing our investment in National CineMedia by approximately $10.0 million, the average carrying amount of the shares sold. The Company received approximately $40.9 million in proceeds, resulting in a gain on sale of approximately $30.9 million. We accounted for this transaction as a proportionate decrease in the Company's Initial Investment Tranche and Additional Investments Tranche and decreased our ownership share in National CineMedia. | ||||||||||||||||||||||||||||
-7 | As described further below under "Investment in AC JV, LLC," in connection with the sale of its Fathom Events business to AC JV, LLC, National CineMedia recorded a gain of approximately $25.4 million in connection with the sale. The Company's proportionate share of such gain (approximately $1.9 million) was excluded from equity earnings in National CineMedia and recorded as a reduction in the Company's investment in AC JV. | ||||||||||||||||||||||||||||
As of December 26, 2013, approximately $4.1 million and $2.0 million due from/to National CineMedia were included in "Trade and other receivables, net" and "Accounts payable," respectively. As of December 27, 2012, approximately $2.5 million and $2.8 million due from/to National CineMedia were included in "Trade and other receivables, net" and "Accounts payable," respectively. | |||||||||||||||||||||||||||||
Summarized consolidated statements of income information for National CineMedia for the years ended December 27, 2012, December 29, 2011 and December 30, 2010 is as follows (in millions): | |||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||
December 27, 2012 | December 29, 2011 | December 30, 2010 | |||||||||||||||||||||||||||
Revenues | $ | 448.8 | $ | 435.4 | $ | 427.5 | |||||||||||||||||||||||
Income from operations | 191.8 | 193.7 | 190.6 | ||||||||||||||||||||||||||
Net income | 101 | 134.5 | 139.5 | ||||||||||||||||||||||||||
Summarized consolidated balance sheet information for National CineMedia as of December 27, 2012 and December 29, 2011 is as follows (in millions): | |||||||||||||||||||||||||||||
27-Dec-12 | 29-Dec-11 | ||||||||||||||||||||||||||||
Current assets | $ | 112.1 | $ | 108.5 | |||||||||||||||||||||||||
Noncurrent assets | 325.3 | 312.9 | |||||||||||||||||||||||||||
Total assets | 437.4 | 421.4 | |||||||||||||||||||||||||||
Current liabilities | 82.6 | 108.1 | |||||||||||||||||||||||||||
Noncurrent liabilities | 879 | 840.8 | |||||||||||||||||||||||||||
Total liabilities | 961.6 | 948.9 | |||||||||||||||||||||||||||
Members' deficit | (524.2 | ) | (527.5 | ) | |||||||||||||||||||||||||
Liabilities and members' deficit | 437.4 | 421.4 | |||||||||||||||||||||||||||
As of the date of this Form 10-K, no summarized financial information for National CineMedia was available for the year ended December 26, 2013. | |||||||||||||||||||||||||||||
Investment in Digital Cinema Implementation Partners | |||||||||||||||||||||||||||||
On February 12, 2007, we, along with AMC and Cinemark, Inc. ("Cinemark") formed a joint venture company known as Digital Cinema Implementation Partners, LLC, a Delaware limited liability company ("DCIP"). Regal holds a 46.7% economic interest in DCIP as of December 26, 2013 and a one-third voting interest along with each of AMC and Cinemark. Since the Company does not have a controlling financial interest in DCIP or any of its subsidiaries, it accounts for its investment in DCIP under the equity method of accounting. The Company's investment in DCIP is included as a component of "Other Non-Current Assets" in the accompanying consolidated balance sheets. The changes in the carrying amount of our investment in DCIP for the years ended December 26, 2013, December 27, 2012, and December 29, 2011 are as follows (in millions): | |||||||||||||||||||||||||||||
Balance as of December 30, 2010 | $ | 32.1 | |||||||||||||||||||||||||||
Equity contributions | 17.4 | ||||||||||||||||||||||||||||
Equity in loss of DCIP(1) | (1.2 | ) | |||||||||||||||||||||||||||
Balance as of December 29, 2011 | 48.3 | ||||||||||||||||||||||||||||
Equity contributions | 7.4 | ||||||||||||||||||||||||||||
Equity in earnings of DCIP(1) | 17.1 | ||||||||||||||||||||||||||||
Balance as of December 27, 2012 | 72.8 | ||||||||||||||||||||||||||||
Equity contributions | 3.5 | ||||||||||||||||||||||||||||
Equity in earnings of DCIP(1) | 22.9 | ||||||||||||||||||||||||||||
Change in fair value of equity method investee interest rate swap transactions | 2.4 | ||||||||||||||||||||||||||||
Balance as of December 26, 2013 | $ | 101.6 | |||||||||||||||||||||||||||
_______________________________________________________________________________ | |||||||||||||||||||||||||||||
-1 | For the years ended December 26, 2013, December 27, 2012, and December 29, 2011, the Company recorded earnings (losses) of $22.9 million, $17.1 million, and $(1.2) million, respectively, representing its share of the net income (loss) of DCIP. Such amount is presented as a component of "Other, net" in the accompanying consolidated statements of income. | ||||||||||||||||||||||||||||
DCIP funds the cost of conversion to digital projection principally through the collection of virtual print fees from motion picture studios and equipment lease payments from participating exhibitors, including us. In accordance with the master equipment lease agreement (the "Master Lease"), the digital projection systems are leased from Kasima, LLC under a twelve-year term with ten one-year fair value renewal options. The Master Lease also contains a fair value purchase option. Under the Master Lease, the Company pays annual minimum rent of $1,000 per digital projection system from the effective date of the agreement through the end of the lease term and is, upon the conditions described below, subject to incremental annual rent of $2,000 per digital projection system beginning at six and a half years from the effective date of the agreement through the end of the lease term. In the event that the junior capital raised by DCIP in the initial financing transactions remains outstanding at any time on or after the date that is six and a half years after the closing date of March 2010, the holders of the related notes will have the right to require the Company and other participating exhibitors to make incremental minimum rent payments of $2,000 per digital projection system per year through the earlier of the end of the lease term or until such notes are repaid. The Company considers both the $1,000 minimum rental and the incremental minimum rental payment of $2,000 per digital projection system to be minimum rents and accordingly has recorded such rents on a straight-line basis in its consolidated financial statements. The Company is also subject to various types of other rent if such digital projection systems do not meet minimum performance requirements as outlined in the Master Lease. Certain of the other rent payments are subject to either a monthly or an annual maximum. The Company accounts for the Master Lease as an operating lease for accounting purposes. During the years ended December 26, 2013 and December 27, 2012, the Company incurred total rent of approximately $14.5 million and $12.8 million, respectively, associated with the leased digital projection systems. | |||||||||||||||||||||||||||||
Summarized consolidated statements of operations information for DCIP for the years ended December 31, 2013 and 2012 is as follows (in millions): | |||||||||||||||||||||||||||||
Year Ended | Year Ended | ||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||
Net revenues | $ | 182.7 | $ | 166 | |||||||||||||||||||||||||
Income from operations | 116.2 | 102.7 | |||||||||||||||||||||||||||
Net income | 49 | 36.8 | |||||||||||||||||||||||||||
Summarized consolidated balance sheet information for DCIP as of December 31, 2013 and 2012 is as follows (in millions): | |||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||
Current assets | $ | 140.4 | $ | 56.3 | |||||||||||||||||||||||||
Noncurrent assets | 1,124.50 | 1,153.60 | |||||||||||||||||||||||||||
Total assets | 1,264.90 | 1,209.90 | |||||||||||||||||||||||||||
Current liabilities | 34.9 | 54.2 | |||||||||||||||||||||||||||
Noncurrent liabilities | 1,028.20 | 1,016.10 | |||||||||||||||||||||||||||
Total liabilities | 1,063.10 | 1,070.30 | |||||||||||||||||||||||||||
Members' equity | 201.8 | 139.6 | |||||||||||||||||||||||||||
Liabilities and members' equity | 1,264.90 | 1,209.90 | |||||||||||||||||||||||||||
Investment in Open Road Films | |||||||||||||||||||||||||||||
We maintain an investment in Open Road Films, a film distribution company jointly owned by us and AMC. The Company's cumulative cash investment in Open Road Films totaled $20.0 million as of December 26, 2013 and the Company may invest an additional $10.0 million in this joint venture. We account for our investment in Open Road Films using the equity method of accounting. As a result of cumulative losses recorded in Open Road Films, the Company's investment in Open Road Films was reduced to a minimum carrying value of $(10.0) million as of December 27, 2012. Consistent with the accounting model provided by ASC 323-10-35-22, as of December 27, 2012, the Company did not provide for any additional losses of Open Road Films since it has not guaranteed obligations of Open Road Films and otherwise has not committed to provide further financial support for Open Road Films above its initial $30.0 million commitment. Accordingly, the Company discontinued equity method accounting for its investment in Open Road Films as of December 27, 2012 since the amount of excess losses incurred through December 27, 2012 exceeded its initial $30.0 million commitment by approximately $2.2 million. | |||||||||||||||||||||||||||||
During the year ended December 26, 2013, the Company resumed equity method accounting for its investment in Open Road Films as its share of equity in the earnings of Open Road Films exceeded the amount of excess losses incurred through December 27, 2012. The Company's investment in Open Road Films is included as a component of "Other Non-Current Liabilities" in the consolidated balance sheets. The change in the carrying amount of our investment in Open Road Films for the years ended December 26, 2013, December 27, 2012 and December 29, 2011 are as follows (in millions): | |||||||||||||||||||||||||||||
Balance as of December 30, 2010 | $ | — | |||||||||||||||||||||||||||
Equity contributions | 20 | ||||||||||||||||||||||||||||
Equity in loss of Open Road Films(1) | (14.8 | ) | |||||||||||||||||||||||||||
Balance as of December 29, 2011 | 5.2 | ||||||||||||||||||||||||||||
Equity in loss of Open Road Films(1) | (15.2 | ) | |||||||||||||||||||||||||||
Balance as of December 27, 2012 | (10.0 | ) | |||||||||||||||||||||||||||
Equity in earnings of Open Road Films(1) | 2.9 | ||||||||||||||||||||||||||||
Balance as of December 26, 2013 | $ | (7.1 | ) | ||||||||||||||||||||||||||
_______________________________________________________________________________ | |||||||||||||||||||||||||||||
-1 | Represents the Company's share of the net income (loss) of Open Road Films. Such amount is presented as a component of "Other, net" in the accompanying consolidated statements of income. | ||||||||||||||||||||||||||||
Summarized consolidated statements of operations information for Open Road Films for the years ended December 31, 2013 and 2012 is as follows (in millions): | |||||||||||||||||||||||||||||
Year Ended | Year Ended | ||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||
Revenues | $ | 140.4 | $ | 118 | |||||||||||||||||||||||||
Income (loss) from operations | 12.3 | (32.4 | ) | ||||||||||||||||||||||||||
Net income (loss) | 9.7 | (34.7 | ) | ||||||||||||||||||||||||||
Summarized consolidated balance sheet information for Open Road Films as of December 31, 2013 and 2012 is as follows (in millions): | |||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||
Current assets | $ | 60.4 | $ | 42.7 | |||||||||||||||||||||||||
Noncurrent assets | 10.4 | 7.4 | |||||||||||||||||||||||||||
Total assets | 70.8 | 50.1 | |||||||||||||||||||||||||||
Current liabilities | 69.5 | 67.4 | |||||||||||||||||||||||||||
Noncurrent liabilities | 16 | 7.1 | |||||||||||||||||||||||||||
Total liabilities | 85.5 | 74.5 | |||||||||||||||||||||||||||
Members' deficit | (14.7 | ) | (24.4 | ) | |||||||||||||||||||||||||
Liabilities and members' deficit | 70.8 | 50.1 | |||||||||||||||||||||||||||
Investment in RealD, Inc. | |||||||||||||||||||||||||||||
The Company also maintains an investment in RealD, Inc., an entity specializing in the licensing of 3D technologies. The Company accounts for its investment in RealD, Inc. as a marketable security. The Company has determined that its RealD, Inc. shares are available for sale securities in accordance with ASC Topic 320-10-35-1, therefore unrealized holding gains and losses are reported as a component of accumulated other comprehensive income (loss) until realized. The carrying value of the Company's investment in RealD, Inc. as of December 26, 2013 was approximately $7.0 million. See Note 13—"Fair Value of Financial Instruments" for a discussion of fair value estimation methods and assumptions with respect to the Company's investment in RealD, Inc. The Company has recorded this investment within "Other Non-Current Assets." During the year ended December 26, 2013, the Company sold 0.4 million shares of RealD, Inc. as described further in Note 13—"Fair Value of Financial Instruments." In connection with the sale, the Company received approximately $5.9 million in aggregate net proceeds (after deducting related fees and expenses) and recorded a gain on sale of approximately $2.6 million. Such gain is presented as a component of “Other, net” in the accompanying consolidated statements of income. | |||||||||||||||||||||||||||||
Investment in AC JV, LLC | |||||||||||||||||||||||||||||
On December 26, 2013, National CineMedia sold its Fathom Events business to AC JV, LLC (“AC JV”), a newly-formed Delaware limited liability company owned, directly and indirectly, 32% by each of RCI, AMC and Cinemark and 4% by National CineMedia. The Fathom Events business focuses on the marketing and distribution of live and pre-recorded entertainment programming to various theatre operators (including us, AMC and Cinemark) to provide additional programs to augment their feature film schedule and includes events such as live and pre-recorded concerts, opera and symphony, DVD product releases and marketing events, theatrical premieres, Broadway plays, live sporting events and other special events. In consideration for the sale, National CineMedia received a total of $25 million in promissory notes from RCI, Cinemark and AMC (one-third or approximately $8.33 million from each). The notes bear interest at 5.0% per annum. Interest and principal payments are due annually in six equal installments commencing on the first anniversary of the closing. In connection with the sale, National CineMedia entered into a transition services agreement to provide certain corporate overhead services for a fee and reimbursement for certain facilities services, creative services, technical event services, event management services and other specified costs to the new entity for a period of nine months following the closing. Due to the related party nature of the transaction, National CineMedia formed a committee of independent directors that hired an investment banking firm who advised the committee and rendered an opinion as to the fairness of the transaction. National CineMedia recorded a gain of approximately $25.4 million in connection with the sale. The Company's proportionate share of such gain (approximately $1.9 million) was excluded from equity earnings in National CineMedia and recorded as a reduction in the Company's investment in AC JV. Since the Company does not have a controlling financial interest in AC JV, it accounts for its investment in AC JV under the equity method of accounting. The carrying value of the Company's investment in AC JV was approximately $6.7 million as of December 26, 2013. |
DEBT_OBLIGATIONS
DEBT OBLIGATIONS | 12 Months Ended | ||||||||||||||||
Dec. 26, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
DEBT OBLIGATIONS | ' | ||||||||||||||||
DEBT OBLIGATIONS | |||||||||||||||||
Debt obligations at December 26, 2013 and December 27, 2012 consist of the following (in millions): | |||||||||||||||||
26-Dec-13 | 27-Dec-12 | ||||||||||||||||
Regal Cinemas Amended Senior Credit Facility, net of debt discount | $ | 978.3 | $ | 988.4 | |||||||||||||
Regal 91/8% Senior Notes, including premium | 315.4 | 533.4 | |||||||||||||||
Regal Cinemas 85/8% Senior Notes, net of debt discount | 394.6 | 393.7 | |||||||||||||||
Regal 53/4% Senior Notes Due 2025 | 250 | — | |||||||||||||||
Regal 53/4% Senior Notes Due 2023 | 250 | — | |||||||||||||||
Lease financing arrangements, weighted average interest rate of 11.07% as of 12/26/13 maturing in various installments through November 2028 | 91 | 59.6 | |||||||||||||||
Capital lease obligations, 8.5% to 10.7%, maturing in various installments through December 2030 | 16 | 11.1 | |||||||||||||||
Other | 15.4 | 9 | |||||||||||||||
Total debt obligations | 2,310.70 | 1,995.20 | |||||||||||||||
Less current portion | 29.8 | 22 | |||||||||||||||
Total debt obligations, less current portion | $ | 2,280.90 | $ | 1,973.20 | |||||||||||||
Regal Cinemas Sixth Amended and Restated Credit Agreement—On May 19, 2010, Regal Cinemas entered into a sixth amended and restated credit agreement (the "Credit Agreement"), with Credit Suisse AG, Cayman Islands Branch, as Administrative Agent ("Credit Suisse"), and the lenders party thereto (the "Lenders"). The Credit Agreement provides, among other things, for senior secured credit facilities consisting of a term loan facility (the "Term Facility") with an original principal balance of $1,006.0 million and final maturity date in August 2017 and a revolving credit facility (the "Revolving Facility") of up to $85.0 million (the “Revolving Commitment”) with a final maturity date in May 2017. | |||||||||||||||||
On April 19, 2013 (the "Second Amendment Date"), Regal Cinemas, Regal, REH and the other affiliates of Regal Cinemas party thereto, as guarantors, entered into an amendment (the "Second Amendment") to the Credit Agreement, with Credit Suisse and the lenders party thereto. The Second Amendment amends the Credit Agreement by reducing the interest rate on the Term Facility by 0.50%. Specifically, the Second Amendment provides that, depending on the consolidated leverage ratio of Regal Cinemas and its subsidiaries, the applicable margin under the Term Facility for base rate loans will be either 1.50% or 1.75% and the applicable margin under the Term Facility for LIBOR rate loans will be either 2.50% or 2.75%. Among other things, the Second Amendment also amends the Credit Agreement (i) by deleting the interest coverage ratio test and providing that the remaining financial covenants will only be tested if the outstanding amount of the revolving loans and letters of credit (including unreimbursed drawings) under the Revolving Facility equals or exceeds 25% of the Revolving Commitment, (ii) by providing for a 1% prepayment premium applicable in the event that Regal Cinemas enters into a refinancing or amendment of the Term Facility on or prior to the first anniversary of the Second Amendment Date that, in either case, has the effect of reducing the interest rate on the Term Facility, (iii) to permit the release of Regal from its guarantee of the obligations under the Credit Agreement in the event that it does not guarantee any other debt of Regal Cinemas or its subsidiaries, and (iv) by eliminating the mortgage requirement for fee-owned real properties that are acquired by Regal Cinemas or its subsidiaries after the Second Amendment Date. Except as amended by the Second Amendment, the remaining terms of the Credit Agreement remain in full force and effect. As a result of the Second Amendment, the Company recorded a loss on debt extinguishment of approximately $0.4 million. | |||||||||||||||||
In addition, on May 28, 2013, Regal Cinemas, Regal, REH and the other affiliates of Regal Cinemas party thereto, as guarantors, entered into a Loan Modification Agreement with Credit Suisse and the revolving lenders party thereto (the “Loan Modification Agreement”). The Loan Modification Agreement amends the Credit Agreement by reducing the interest rate on the Revolving Facility by 1.00%. Specifically, the Loan Modification Agreement provides that, depending on the consolidated leverage ratio of Regal Cinemas and its subsidiaries, the applicable margin under the Revolving Facility for base rate loans will be either 1.50% or 1.75% and the applicable margin under the Revolving Facility for LIBOR rate loans will be either 2.50% or 2.75%. The Loan Modification Agreement also amends the Credit Agreement to extend the maturity date of the Revolving Facility from May 19, 2015 to May 19, 2017. | |||||||||||||||||
As of December 26, 2013 and December 27, 2012, borrowings of $978.3 million and $998.4 million (net of debt discount), respectively, were outstanding under the Term Facility at an effective interest rate of 3.18% (as of December 26, 2013) and 3.53% (as of December 27, 2012), after the impact of the interest rate swaps described below is taken into account. | |||||||||||||||||
Regal 91/8% Senior Notes—On August 16, 2010, Regal issued $275.0 million in aggregate principal amount of the Company’s 91/8% Senior Notes (the "91/8% Senior Notes") under an Indenture with Wells Fargo Bank, National Association, as trustee (the "Trustee"). The net proceeds from the offering, after deducting offering expenses paid by the Company, were approximately $269.5 million. The Company used a portion of the net proceeds from the offering to repurchase a portion of the Company's then outstanding 61/4% Convertible Senior Notes. | |||||||||||||||||
On January 4, 2011, Regal sold $150.0 million in aggregate principal amount of the Company's 91/8% Senior Notes at a price equal to 104.5% of their face value. The notes were issued on January 7, 2011 under the existing Indenture entered into by and between the Company and the Trustee, as supplemented by the First Supplemental Indenture, dated January 7, 2011. In addition, on February 10, 2011, Regal sold $100.0 million in aggregate principal amount of the Company's 91/8% Senior Notes at a price equal to 104.5% of their face value. The notes were issued on February 15, 2011 under the existing Indenture entered into by and between the Company and the Trustee, as supplemented by the First Supplemental Indenture, and the Second Supplemental Indenture, dated February 15, 2011. The notes issued in 2011 constitute additional securities under the existing Indenture and are treated as a single series with, and have the same terms as, and are fungible with, the $275.0 million aggregate principal amount of the Company's 91/8% Senior Notes previously issued under the Indenture in 2010. The net proceeds from the 2011 offerings, after deducting underwriting discounts and commissions by the Company, were approximately $257.8 million. The Company used the net proceeds to repay approximately $234.6 million of the Credit Agreement and for general corporate purposes. | |||||||||||||||||
The 91/8% Senior Notes bear interest at a rate of 9.125% per year, payable semiannually in arrears in cash on February 15 and August 15 of each year. The 91/8% Senior Notes mature on August 15, 2018. The 91/8% Senior Notes are the Company's senior unsecured obligations. They rank on parity with all of the Company's existing and future senior unsecured indebtedness and prior to all of the Company's subordinated indebtedness. The 91/8% Senior Notes are effectively subordinated to all of the Company's future secured indebtedness to the extent of the assets securing that indebtedness and to any indebtedness and other liabilities of the Company's subsidiaries. None of the Company's subsidiaries initially guarantee any of the Company's obligations with respect to the 91/8% Senior Notes. | |||||||||||||||||
Prior to August 15, 2014, the Company may redeem all or any part of the 91/8% Senior Notes at its option at 100% of the principal amount plus a make-whole premium. The Company may redeem the 91/8% Senior Notes in whole or in part at any time on or after August 15, 2014 at the redemption prices specified in the Indenture. The Company has not separated the make-whole premium from the underlying debt instrument to account for it as a derivative instrument as the economic characteristics and risks of this embedded derivative are clearly and closely related to the economic characteristics and risks of the underlying debt. | |||||||||||||||||
If the Company undergoes a change of control (as defined in the Indenture), holders may require the Company to repurchase all or a portion of their 91/8% Senior Notes at a price equal to 101% of the principal amount of the 91/8% Senior Notes being repurchased, plus accrued and unpaid interest, if any, to the repurchase date. | |||||||||||||||||
The Indenture contains covenants that limit the Company’s (and its restricted subsidiaries’) ability to, among other things: (i) incur additional indebtedness; (ii) pay dividends on or make other distributions in respect of its capital stock, purchase or redeem capital stock, or purchase, redeem or otherwise acquire or retire certain subordinated obligations; (iii) enter into certain transactions with affiliates; (iv) permit, directly or indirectly, it to create, incur, or suffer to exist any lien, except in certain circumstances; (v) create or permit encumbrances or restrictions on the ability of its restricted subsidiaries to pay dividends or make distributions on their capital stock, make loans or advances to other subsidiaries or the Company, or transfer any properties or assets to other subsidiaries or the Company; and (vi) merge or consolidate with other companies or transfer all or substantially all of its assets. These covenants are, however, subject to a number of important limitations and exceptions. The Indenture contains other customary terms, including, but not limited to, events of default, which, if any of them occurs, would permit or require the principal, premium, if any, interest and any other monetary obligations on all the then outstanding 91/8% Senior Notes to be due and payable immediately. | |||||||||||||||||
In connection with the issuance of the 53/4% Senior Notes Due 2023 described below, on May 29, 2013, the Company commenced a tender offer to purchase for cash its 91/8% Senior Notes. Total offer consideration for each $1,000 principal amount of 91/8% Senior Notes tendered was $1,143.75, including an early tender premium payment of $30.00 per $1,000 principal amount of 91/8% Senior Notes for those holders who properly tendered their 91/8% Senior Notes on or before June 11, 2013. Upon consummation of the tender offer, approximately $213.6 million aggregate principal amount of the 91/8% Senior Notes was purchased. Total additional consideration paid for the tender offer, including the early tender premium payment, was approximately $30.7 million. The tender offer was financed with $244.3 million of the net proceeds from the issuance of the 53/4% Senior Notes Due 2023. As a result of the tender offer, the Company recorded a $30.3 million loss on extinguishment of debt during the year ended December 26, 2013. | |||||||||||||||||
Regal Cinemas 85/8% Senior Notes—On July 15, 2009, Regal Cinemas issued $400.0 million in aggregate principal amount of its 85/8% Senior Notes due 2019 (the "85/8% Senior Notes") at a price equal to 97.561% of their face value in a transaction exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). Interest on the 85/8% Senior Notes is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2010. The 85/8% Senior Notes will mature on July 15, 2019. | |||||||||||||||||
The net proceeds from the offering, after deducting the initial purchase discount (approximately $9.8 million) and offering expenses paid by the Company, were approximately $381.3 million. The Company used all of the net proceeds from the offering to repay a portion of the Company's prior senior credit facility. | |||||||||||||||||
The 85/8% Senior Notes are Regal Cinemas' general senior unsecured obligations and rank equally in right of payment with all of its existing and future senior unsecured indebtedness; and senior in right of payment to all of Regal Cinemas' existing and future subordinated indebtedness. The 85/8% Senior Notes are effectively subordinated to all of Regal Cinemas' existing and future secured indebtedness, including all borrowings under the Credit Agreement, to the extent of the value of the collateral securing such indebtedness, and are structurally subordinated to all existing and future indebtedness and other liabilities of any of Regal Cinemas' subsidiaries that are not guarantors of the 85/8% Senior Notes. | |||||||||||||||||
The 85/8% Senior Notes are fully and unconditionally guaranteed on a joint and several senior unsecured basis by Regal and all of Regal Cinemas' existing and future domestic restricted subsidiaries that guarantee its other indebtedness (collectively, with Regal, the "Note Guarantors"). The guarantees of the 85/8% Senior Notes are the Note Guarantors' general senior unsecured obligations and rank equally in right of payment with all of the Note Guarantors' existing and future senior unsecured indebtedness, including the 91/8% Senior Notes and rank senior in right of payment to all of the Note Guarantors' existing and future subordinated indebtedness. The 85/8% Senior Notes are effectively subordinated to all of the Note Guarantors' existing and future secured indebtedness, including the guarantees under the Credit Agreement, to the extent of the value of the collateral securing such indebtedness, and are structurally subordinated to all existing and future indebtedness and other liabilities of any of the Note Guarantors' subsidiaries that is not a guarantor of the 85/8% Senior Notes. | |||||||||||||||||
Prior to July 15, 2014, the Company may redeem all or any part of the 85/8% Senior Notes at its option at 100% of the principal amount plus a make-whole premium. The Company may redeem the 85/8% Senior Notes in whole or in part at any time on or after July 15, 2014 at the redemption prices specified in the Indenture governing the 85/8% Senior Notes. The Company has not separated the make-whole premium from the underlying debt instrument to account for it as a derivative instrument as the economic characteristics and risks of this embedded derivative are clearly and closely related to the economic characteristics and risks of the underlying debt. | |||||||||||||||||
If the Company undergoes a change of control (as defined in the Indenture), holders may require the Company to repurchase all or a portion of their 85/8% Senior Notes at a price equal to 101% of the principal amount of the 85/8% Senior Notes being repurchased, plus accrued and unpaid interest, if any, to the repurchase date. | |||||||||||||||||
The Indenture contains covenants that limit the Company’s (and its restricted subsidiaries’) ability to, among other things: (i) incur additional indebtedness; (ii) pay dividends on or make other distributions in respect of its capital stock, purchase or redeem capital stock, or purchase, redeem or otherwise acquire or retire certain subordinated obligations; (iii) enter into certain transactions with affiliates; (iv) permit, directly or indirectly, it to create, incur, or suffer to exist any lien, except in certain circumstances; (v) create or permit encumbrances or restrictions on its ability to pay dividends or make distributions on its capital stock, make loans or advances to its subsidiaries (or the Company), or transfer any properties or assets to its subsidiaries (or the Company); and (vi) merge or consolidate with other companies or transfer all or substantially all of its assets. The Indenture also requires any of the Company’s subsidiaries guaranteeing certain indebtedness of the Company or any Guarantor after the 85/8% Senior Notes are issued to execute a supplemental indenture by which it guarantees payment of principal and interest on the 85/8% Senior Notes on a senior unsecured basis. These covenants are, however, subject to a number of important limitations and exceptions. The Indenture contains other customary terms, including, but not limited to, events of default, which, if any of them occurs, would permit or require the principal, premium, if any, interest and any other monetary obligations on all the then outstanding 85/8% Senior Notes to be due and payable immediately. | |||||||||||||||||
Regal 53/4% Senior Notes Due 2025—On January 17, 2013, Regal issued $250.0 million in aggregate principal amount of its 53/4% senior notes due 2025 (the "53/4% Senior Notes Due 2025") in a registered public offering. The net proceeds from the offering were approximately $244.5 million, after deducting underwriting discounts and offering expenses. Regal used approximately $194.4 million of the net proceeds from the offering to fund the acquisition of Hollywood Theaters. | |||||||||||||||||
The 53/4% Senior Notes Due 2025 bear interest at a rate of 5.75% per year, payable semiannually in arrears on February 1 and August 1 of each year, beginning August 1, 2013. The 53/4% Senior Notes Due 2025 will mature on February 1, 2025. The 53/4% Senior Notes Due 2025 are the Company's senior unsecured obligations. They rank equal in right of payment with all of the Company's existing and future senior unsecured indebtedness and prior to all of the Company's future subordinated indebtedness. The 53/4% Senior Notes Due 2025 are effectively subordinated to all of the Company's future secured indebtedness to the extent of the value of the collateral securing that indebtedness and structurally subordinated to all existing and future indebtedness and other liabilities of the Company's subsidiaries. None of the Company's subsidiaries guarantee any of the Company's obligations with respect to the 53/4% Senior Notes Due 2025. | |||||||||||||||||
Prior to February 1, 2018, the Company may redeem all or any part of the 53/4% Senior Notes Due 2025 at its option at 100% of the principal amount, plus accrued and unpaid interest to the redemption date and a make-whole premium. The Company may redeem the 53/4% Senior Notes Due 2025 in whole or in part at any time on or after February 1, 2018 at the redemption prices specified in the Indenture governing the 53/4% Senior Notes Due 2025. In addition, prior to February 1, 2016, the Company may redeem up to 35% of the original aggregate principal amount of the 53/4% Senior Notes Due 2025 from the net proceeds from certain equity offerings at the redemption price specified in the Indenture. The Company has not separated the make-whole premium from the underlying debt instrument to account for it as a derivative instrument as the economic characteristics and risks of this embedded derivative are clearly and closely related to the economic characteristics and risks of the underlying debt. | |||||||||||||||||
If the Company undergoes a change of control (as defined in the Indenture), holders may require the Company to repurchase all or a portion of their notes at a price equal to 101% of the principal amount of the notes being repurchased, plus accrued and unpaid interest, if any, to the date of purchase. | |||||||||||||||||
The Indenture contains covenants that limit the Company's (and its restricted subsidiaries') ability to, among other things: (i) incur additional indebtedness; (ii) pay dividends on or make other distributions in respect of its capital stock, purchase or redeem capital stock, or purchase, redeem or otherwise acquire or retire certain subordinated obligations; (iii) enter into certain transactions with affiliates; (iv) permit, directly or indirectly, it to create, incur, or suffer to exist any lien, except in certain circumstances; (v) create or permit encumbrances or restrictions on the ability of its restricted subsidiaries to pay dividends or make distributions on their capital stock, make loans or advances to other subsidiaries or the Company, or transfer any properties or assets to other subsidiaries or the Company; and (vi) merge or consolidate with other companies or transfer all or substantially all of its assets. These covenants are, however, subject to a number of important limitations and exceptions. The Indenture contains other customary terms, including, but not limited to, events of default, which, if any of them occurs, would permit or require the principal, premium, if any, interest and any other monetary obligations on all the then outstanding notes to be due and payable immediately. | |||||||||||||||||
Regal 53/4% Senior Notes Due 2023—On June 13, 2013, Regal issued $250.0 million aggregate principal amount of its 53/4% senior notes due 2023 (the "53/4% Senior Notes Due 2023") in a registered public offering. The net proceeds from the offering were approximately $244.4 million, after deducting underwriting discounts and offering expenses. Regal used the net proceeds from the offering to purchase approximately $213.6 million aggregate principal amount of its outstanding 91/8% Senior Notes for an aggregate purchase price of approximately $244.3 million pursuant to a cash tender offer for such notes as described further above. | |||||||||||||||||
The 53/4% Senior Notes Due 2023 bear interest at a rate of 5.75% per year, payable semiannually in arrears on June 15 and December 15 of each year, beginning December 15, 2013. The 53/4% Senior Notes Due 2023 will mature on June 15, 2023. The 53/4% Senior Notes Due 2023 are the Company’s senior unsecured obligations. They rank equal in right of payment with all of the Company’s existing and future senior unsecured indebtedness and prior to all of the Company’s future subordinated indebtedness. The 53/4% Senior Notes Due 2023 are effectively subordinated to all of the Company’s future secured indebtedness to the extent of the value of the collateral securing that indebtedness and structurally subordinated to all existing and future indebtedness and other liabilities of the Company’s subsidiaries. None of the Company’s subsidiaries will guarantee any of the Company’s obligations with respect to the 53/4% Senior Notes Due 2023. | |||||||||||||||||
Prior to June 15, 2018, the Company may redeem all or any part of the 53/4% Senior Notes Due 2023 at its option at 100% of the principal amount, plus accrued and unpaid interest to the redemption date and a make-whole premium. The Company may redeem the 53/4% Senior Notes Due 2023 in whole or in part at any time on or after June 15, 2018 at the redemption prices specified in the Indenture. In addition, prior to June 15, 2016, the Company may redeem up to 35% of the original aggregate principal amount of the 53/4% Senior Notes Due 2023 from the net proceeds of certain equity offerings at the redemption price specified in the Indenture. The Company has not separated the make-whole premium from the underlying debt instrument to account for it as a derivative instrument as the economic characteristics and risks of this embedded derivative are clearly and closely related to the economic characteristics and risks of the underlying debt. | |||||||||||||||||
If the Company undergoes a change of control (as defined in the Indenture), holders may require the Company to repurchase all or a portion of their 53/4% Senior Notes Due 2023 at a price equal to 101% of the principal amount of the notes being repurchased, plus accrued and unpaid interest, if any, to the date of purchase. | |||||||||||||||||
The Indenture contains covenants that limit the Company's (and its restricted subsidiaries') ability to, among other things: (i) incur additional indebtedness; (ii) pay dividends on or make other distributions in respect of its capital stock, purchase or redeem capital stock, or purchase, redeem or otherwise acquire or retire certain subordinated obligations; (iii) enter into certain transactions with affiliates; (iv) permit, directly or indirectly, it to create, incur, or suffer to exist any lien, except in certain circumstances; (v) create or permit encumbrances or restrictions on the ability of its restricted subsidiaries to pay dividends or make distributions on their capital stock, make loans or advances to other subsidiaries or the Company, or transfer any properties or assets to other subsidiaries or the Company; and (vi) merge or consolidate with other companies or transfer all or substantially all of its assets. These covenants are, however, subject to a number of important limitations and exceptions. The Indenture contains other customary terms, including, but not limited to, events of default, which, if any of them occurs, would permit or require the principal, premium, if any, interest and any other monetary obligations on all the then outstanding notes to be due and payable immediately. | |||||||||||||||||
Interest Rate Swaps | |||||||||||||||||
As of December 26, 2013, the Company maintained two effective hedging relationships via two distinct interest rate swap agreements (maturing June 30, 2015 and December 31, 2015, respectively), which require Regal Cinemas to pay interest at fixed rates ranging from 1.325% to 1.820% and receive interest at a variable rate. These interest rate swap agreements are designated to hedge $300.0 million of variable rate debt obligations at an effective rate of approximately 4.16% as of December 26, 2013. | |||||||||||||||||
Under the terms of the Company’s two effective interest rate swap agreements as of December 26, 2013 detailed below, Regal Cinemas currently receives interest at a variable rate based on the 3-month LIBOR on the first $300.0 million of aggregate borrowings under the Term Facility and will receive 1-month LIBOR on the next $350.0 million under the Term Facility when the remaining two swap agreements become effective. With respect to the Company's two effective interest rate swap agreements as of December 26, 2013, the 3-month LIBOR rate on each reset date determines the variable portion of the interest rate swaps for the following three-month period. The interest rate swaps settle any accrued interest for cash on the last day of each calendar month or calendar quarter, as applicable, until expiration. At such dates, the differences to be paid or received on the interest rate swaps will be included in interest expense. No premium or discount was incurred upon the Company entering into the interest rate swaps, because the pay and receive rates on the interest rate swaps represented prevailing rates for the counterparty at the time the interest rate swaps were entered into. The interest rate swaps qualify for cash flow hedge accounting treatment and as such, the change in the fair value of the interest rate swaps are recorded on the Company’s consolidated balance sheet as an asset or liability with the effective portion of the interest rate swaps’ gains or losses reported as a component of other comprehensive income (loss) and the ineffective portion reported in earnings (interest expense). As interest expense is accrued on the debt obligation, amounts in accumulated other comprehensive income (loss) related to the interest rate swaps will be reclassified into earnings to obtain a net cost on the debt obligation equal to the effective yield of the fixed rate of each swap. In the event that an interest rate swap is terminated prior to maturity, gains or losses accumulated in other comprehensive income or loss remain deferred and are reclassified into earnings in the periods during which the hedged forecasted transaction affects earnings. | |||||||||||||||||
Below is a summary of the Company’s current interest rate swap agreements designated as hedge agreements as of December 26, 2013: | |||||||||||||||||
Nominal | Effective Date | Base Rate | Receive Rate | Expiration Date | |||||||||||||
Amount | |||||||||||||||||
$200.0 million | -1 | June 30, 2012 | 1.82% | 3-month LIBOR | June 30, 2015 | ||||||||||||
$100.0 million | -1 | December 31, 2012 | 1.33% | 3-month LIBOR | December 31, 2015 | ||||||||||||
$150.0 million | -2 | December 31, 2013 | 0.82% | 1-month LIBOR | 31-Dec-16 | ||||||||||||
$200.0 million | -3 | 30-Jun-15 | 1.83% | 1-month LIBOR | 30-Jun-18 | ||||||||||||
______________________________ | |||||||||||||||||
-1 | During the year ended December 29, 2011, Regal Cinemas entered into two hedging relationships via two distinct interest rate swap agreements with effective dates beginning on June 30, 2012 and December 31, 2012, respectively, and maturity terms ending on June 30, 2015 and December 31, 2015, respectively. These swaps require Regal Cinemas to pay interest at fixed rates ranging from 1.325% to 1.82% and receive interest at a variable rate. The interest rate swaps are designated to hedge $300.0 million of variable rate debt obligations. | ||||||||||||||||
-2 | During the year ended December 27, 2012, Regal Cinemas entered into one additional hedging relationship via one distinct interest rate swap agreement with an effective date beginning on December 31, 2013 and a maturity date of December 31, 2016. This swap will require Regal Cinemas to pay interest at a fixed rate of 0.817% and receive interest at a variable rate. The interest rate swap is designated to hedge $150.0 million of variable rate debt obligations. | ||||||||||||||||
-3 | On October 23, 2013, Regal Cinemas entered into one additional hedging relationship via one distinct interest rate swap agreement with an effective date beginning on June 30, 2015, and a maturity date of June 30, 2018. This swap will require Regal Cinemas to pay interest at a fixed rate of 1.828% and receive interest at a variable rate. The interest rate swap is designated to hedge $200.0 million of variable rate debt obligations. | ||||||||||||||||
See Note 13—"Fair Value of Financial Instruments" for discussion of the Company's interest rate swaps' fair value estimation methods and assumptions. | |||||||||||||||||
Lease Financing Arrangements—These obligations primarily represent lease financing obligations resulting from the requirements of ASC Subtopic 840-40. In connection with the acquisition of Hollywood Theaters discussed further in Note 3—"Acquisitions," the Company assumed approximately $40.4 million of lease financing obligations associated with 14 acquired theatres. Such obligations have a weighted average interest rate of approximately 10.7% and mature in various installments through November 2028. | |||||||||||||||||
Maturities of Debt Obligations—The Company's long-term debt and future minimum lease payments for its capital lease obligations and lease financing arrangements are scheduled to mature as follows: | |||||||||||||||||
Long-Term | Capital | Lease Financing | Total | ||||||||||||||
Debt and Other | Leases | Arrangements | |||||||||||||||
(in millions) | |||||||||||||||||
2014 | $ | 16.1 | $ | 4.4 | $ | 20.3 | $ | 40.8 | |||||||||
2015 | 13.8 | 3.2 | 18.8 | 35.8 | |||||||||||||
2016 | 11.5 | 3.2 | 17.9 | 32.6 | |||||||||||||
2017 | 949.5 | 3 | 18 | 970.5 | |||||||||||||
2018 | 316.8 | 0.9 | 18.1 | 335.8 | |||||||||||||
Thereafter | 901.4 | 11.7 | 41.7 | 954.8 | |||||||||||||
Less: debt discount | (5.4 | ) | — | — | (5.4 | ) | |||||||||||
Less: interest on capital leases and lease financing arrangements | — | (10.4 | ) | (43.8 | ) | (54.2 | ) | ||||||||||
Totals | $ | 2,203.70 | $ | 16 | $ | 91 | $ | 2,310.70 | |||||||||
Covenant Compliance—As of December 26, 2013, we are in full compliance with all agreements, including all related covenants, governing our outstanding debt obligations. |
LEASES
LEASES | 12 Months Ended | |||
Dec. 26, 2013 | ||||
Leases [Abstract] | ' | |||
LEASES | ' | |||
LEASES | ||||
The Company accounts for a majority of its leases as operating leases. Minimum rentals payable under all non-cancelable operating leases with terms in excess of one year as of December 26, 2013, are summarized for the following fiscal years (in millions): | ||||
2014 | $ | 419.2 | ||
2015 | 406 | |||
2016 | 387.6 | |||
2017 | 372.8 | |||
2018 | 343 | |||
Thereafter | 1,369.50 | |||
Total | $ | 3,298.10 | ||
Rent expense under such operating leases amounted to $413.6 million, $384.4 million and $381.5 million for the years ended December 26, 2013, December 27, 2012 and December 29, 2011, respectively. Contingent rent expense was $23.7 million, $21.8 million and $20.4 million for the years ended December 26, 2013, December 27, 2012 and December 29, 2011, respectively. | ||||
Sale-Leaseback Transactions | ||||
The Company has historically entered into sale and leaseback transactions whereby owned properties were sold and leased back under operating leases. The minimum rentals for these operating leases are included in the table above. | ||||
In December 1995, United Artists Theatre Circuit, Inc. ("UATC") entered into a sale and leaseback transaction whereby 31 owned properties were sold to and leased back from an unaffiliated third party. In conjunction with the transaction, the buyer of the properties issued publicly traded pass-through certificates. In connection with this sale and leaseback transaction, UATC entered into a Participation Agreement that requires UATC to comply with various covenants, including limitations on indebtedness, restricted payments, transactions with affiliates, guarantees, issuance of preferred stock of subsidiaries and subsidiary distributions, transfer of assets and payment of dividends. As of December 26, 2013, 11 theatres were subject to the sale leaseback transaction and approximately $14.7 million in principal amount of pass-through certificates were outstanding. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||
Dec. 26, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
INCOME TAXES | ' | ||||||||||||
INCOME TAXES | |||||||||||||
The components of the provision for income taxes for income from operations are as follows (in millions): | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
26-Dec-13 | 27-Dec-12 | 29-Dec-11 | |||||||||||
Federal: | |||||||||||||
Current | $ | 98.7 | $ | 35.4 | $ | (23.2 | ) | ||||||
Deferred | (11.0 | ) | 44.5 | 44 | |||||||||
Total Federal | 87.7 | 79.9 | 20.8 | ||||||||||
State: | |||||||||||||
Current | 20.1 | 1.7 | (2.7 | ) | |||||||||
Deferred | (0.8 | ) | 7.9 | (2.7 | ) | ||||||||
Total State | 19.3 | 9.6 | (5.4 | ) | |||||||||
Total income tax provision | $ | 107 | $ | 89.5 | $ | 15.4 | |||||||
During the years ended December 26, 2013, December 27, 2012 and December 29, 2011, a current tax benefit of $0.4 million, $1.5 million and $0.4 million, respectively, was allocated directly to stockholders' equity for the exercise of stock options and dividends paid on restricted stock. | |||||||||||||
A reconciliation of the provision for income taxes as reported and the amount computed by multiplying the income before taxes and extraordinary item by the U.S. federal statutory rate of 35% was as follows (in millions): | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
26-Dec-13 | 27-Dec-12 | 29-Dec-11 | |||||||||||
Provision calculated at federal statutory income tax rate | $ | 92.6 | $ | 81.1 | $ | 18.2 | |||||||
State and local income taxes, net of federal benefit | 12.5 | 6.3 | (3.6 | ) | |||||||||
Federal hiring credits | (0.3 | ) | — | (1.1 | ) | ||||||||
Other | 2.2 | 2.1 | 1.9 | ||||||||||
Total income tax provision | $ | 107 | $ | 89.5 | $ | 15.4 | |||||||
Significant components of the Company's net deferred tax asset consisted of the following at (in millions): | |||||||||||||
26-Dec-13 | 27-Dec-12 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carryforward | $ | 66.3 | $ | 27.4 | |||||||||
Deferred revenue | 175 | 137.9 | |||||||||||
Deferred rent | 56.1 | 53.5 | |||||||||||
Other | 17.2 | 21.7 | |||||||||||
Total deferred tax assets | 314.6 | 240.5 | |||||||||||
Valuation allowance | (34.1 | ) | (16.2 | ) | |||||||||
Total deferred tax assets, net of valuation allowance | 280.5 | 224.3 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Excess of book basis over tax basis of fixed assets | (3.6 | ) | (41.9 | ) | |||||||||
Excess of book basis over tax basis of intangible assets | (18.5 | ) | (0.9 | ) | |||||||||
Excess of book basis over tax basis of investments | (195.8 | ) | (176.0 | ) | |||||||||
Other | (13.5 | ) | (1.8 | ) | |||||||||
Total deferred tax liabilities | (231.4 | ) | (220.6 | ) | |||||||||
Net deferred tax asset | $ | 49.1 | $ | 3.7 | |||||||||
At December 26, 2013, the Company had net operating loss carryforwards for federal income tax purposes of approximately $137.9 million with expiration commencing in 2016. The Company's net operating loss carryforwards were generated by the entities of United Artists, Edwards and Hollywood Theaters. The Tax Reform Act of 1986 imposed substantial restrictions on the utilization of net operating losses in the event of an "ownership change" of a corporation. Accordingly, the Company's ability to utilize the net operating losses acquired from United Artists, Edwards and Hollywood Theaters may be impaired as a result of the "ownership change" limitations. | |||||||||||||
In assessing the realizable value of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which these temporary differences become deductible. The Company has recorded a valuation allowance against deferred tax assets of $34.1 million and $16.2 million as of December 26, 2013 and December 27, 2012, respectively, as management believes it is more likely than not that certain deferred tax assets will not be realized in future tax periods. Future reductions in the valuation allowance associated with a change in management's determination of the Company's ability to realize these deferred tax assets will result in a decrease in the provision for income taxes. During the year ended December 26, 2013, the valuation allowance was increased by $16.9 million related to management's determination that it was more likely than not that certain federal and state net operating losses generated by Hollywood Theaters entities prior to the acquisition would not be realized. Also during the year ended December 26, 2013, the valuation allowance was increased by $1.0 million related to management's determination that it was more likely than not that certain state net operating losses created during the year ended December 26, 2013 would not be realized. | |||||||||||||
Effective December 29, 2006, the Company adopted the provisions of ASC Subtopic 740-10. A reconciliation of the change in the amount of unrecognized tax benefits during the years ended December 26, 2013 and December 27, 2012 was as follows (in millions): | |||||||||||||
Year Ended | Year Ended | ||||||||||||
26-Dec-13 | 27-Dec-12 | ||||||||||||
Beginning balance | $ | 13.6 | $ | 21.8 | |||||||||
Increase related to prior year tax positions | 1.4 | — | |||||||||||
Increase related to current year tax positions | — | 0.1 | |||||||||||
Lapse of statute of limitations | (1.4 | ) | (8.3 | ) | |||||||||
Ending balance | $ | 13.6 | $ | 13.6 | |||||||||
Exclusive of interest and penalties, it is reasonably possible that gross unrecognized tax benefits associated with state tax positions will decrease between $1.5 million and $2.5 million within the next twelve months due the expiration of the statute of limitations and settlement of tax disputes with taxing authorities. | |||||||||||||
The total net unrecognized tax benefits that would affect the effective tax rate if recognized at December 26, 2013 and December 27, 2012 was $7.1 million. Additionally, the total net unrecognized tax benefits that would result in an increase to the valuation allowance if recognized at December 26, 2013 and December 27, 2012 were approximately $1.7 million. | |||||||||||||
The Company recognizes interest and penalties accrued related to unrecognized tax benefits as a component of income tax expense. As of December 26, 2013 and December 27, 2012, the Company has accrued gross interest and penalties of approximately $1.8 million and $1.6 million, respectively. The total amount of interest and penalties increased during the year ended December 26, 2013 by $0.2 million in connection with the Hollywood Theaters acquisition for uncertain state tax positions taken by the Hollywood Theaters entities prior to the acquisition. The total amount of interest and penalties recognized in the statement of income for the years ended December 26, 2013, December 27, 2012 and December 29, 2011 was $0.0 million, $(2.0) million and $(0.8) million, respectively. | |||||||||||||
The Company and its subsidiaries collectively file income tax returns in the U.S. federal jurisdiction and various state jurisdictions. The Company is not subject to U.S. federal examinations by tax authorities for years before 2010, and with limited exceptions, is not subject to state income tax examinations for years before 2009. However, the taxing authorities still have the ability to review the propriety of tax attributes created in closed tax years if such tax attributes are utilized in an open tax year. | |||||||||||||
As further described in Note 4—"Investments," the Company maintains an investment in National CineMedia, a pass-through entity for federal income tax purposes. NCM Inc., in its capacity as tax matters partner for National CineMedia, received documentation from the Internal Revenue Service ("IRS") during the year ended December 26, 2013 formally closing an IRS review of National CineMedia's 2007 and 2008 income tax returns. All issues were resolved in National CineMedia's favor and resulted in no adjustments. |
LITIGATION_AND_CONTINGENCIES
LITIGATION AND CONTINGENCIES | 12 Months Ended |
Dec. 26, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
LITIGATION AND CONTINGENCIES | ' |
LITIGATION AND CONTINGENCIES | |
The Company is presently involved in various judicial, administrative, regulatory and arbitration proceedings concerning matters arising in the ordinary course of business operations, including but not limited to, personal injury claims, landlord-tenant disputes, employment and other contractual matters, some of which are described below. Many of these proceedings are at preliminary stages, and many of these cases seek an indeterminate amount of damages. The Company's theatre operations are also subject to federal, state and local laws governing such matters as wages, working conditions, citizenship and health and sanitation and environmental protection requirements. | |
On October 9, 2012, staff at the San Francisco Regional Water Quality Board (the "Regional Board") notified United Artists Theatre Circuit, Inc. (“UATC”), an indirect wholly owned subsidiary of the Company, that the Regional Board was contemplating issuing a cleanup and abatement order to UATC with respect to a property in Santa Clara, California that UATC owned and then leased during the 1960s and 1970s. On June 25, 2013, the Regional Board issued a tentative order to UATC setting out proposed site clean-up requirements for UATC with respect to the property. According to the Regional Board, the property in question has been contaminated by dry-cleaning facilities that operated at the property in question from approximately 1961 until 1996. The Regional Board also issued a tentative order to the current property owner, who has been conducting site investigation and remediation activities at the site for several years. UATC submitted comments to the Regional Board on July 28, 2013, objecting to the tentative order. The Regional Board considered the matter at its regular meeting on September 11, 2013 and adopted the tentative order with only minor changes. On October 11, 2013, UATC filed a petition with the State Water Resources Control Board (“State Board”) for review of the Regional Board’s order. The State Board has not yet acted on the petition. UATC is complying with the Regional Board's order while its petition remains pending before the State Board. UATC intends to vigorously defend this matter. We believe that we are, and were during the period in question described in this paragraph, in compliance with such applicable laws and regulations. | |
In situations where management believes that a loss arising from the above and similar other proceedings is probable and can reasonably be estimated, the Company records the amount of the loss, or the minimum estimated liability when the loss is estimated using a range and no amount within the range is more probable than another. As additional information becomes available, any potential liability related to these proceedings is assessed and the estimates are revised, if necessary. The amounts reserved for such proceedings totaled approximately $2.8 million (primarily landlord-tenant disputes) as of December 26, 2013. Management believes any additional liability with respect to these claims and disputes will not be material in the aggregate to the Company’s consolidated financial position, results of operations or cash flows. Under ASC Topic 450, Contingencies—Loss Contingencies, an event is "reasonably possible" if "the chance of the future event or events occurring is more than remote but less than likely" and an event is "remote" if "the chance of the future event or events occurring is slight." Thus, references to the upper end of the range of reasonably possible loss for cases in which the Company is able to estimate a range of reasonably possible loss mean the upper end of the range of loss for cases for which the Company believes the risk of loss is more than slight. Management is unable to estimate a range of reasonably possible loss for cases described below in which damages have not been specified and (i) the proceedings are in early stages, (ii) there is uncertainty as to the likelihood of a class being certified or the ultimate size of the class, (iii) there is uncertainty as to the outcome of pending appeals or motions, (iv) there are significant factual issues to be resolved, and/or (v) there are novel legal issues presented. However, for these cases, management does not believe, based on currently available information, that the outcomes of these proceedings will have a material adverse effect on the Company’s financial condition, though the outcomes could be material to the Company’s operating results for any particular period, depending, in part, upon the operating results for such period. | |
Our theatres must comply with Title III of the Americans with Disabilities Act of 1990 (the "ADA") to the extent that such properties are "public accommodations" and/or "commercial facilities" as defined by the ADA. Compliance with the ADA requires that public accommodations "reasonably accommodate" individuals with disabilities and that new construction or alterations made to "commercial facilities" conform to accessibility guidelines unless "structurally impracticable" for new construction or technically infeasible for alterations. Non-compliance with the ADA could result in the imposition of injunctive relief, fines, awards of damages to private litigants and additional capital expenditures to remedy such non-compliance. | |
In prior years, private litigants and the Department of Justice ("DOJ") had filed claims against the Company alleging that a number of theatres with stadium seating violated the ADA because these theatres allegedly failed to provide wheelchair-bound patrons with lines of sight comparable to those available to other members of the general public and denied persons in wheelchairs access to the stadium portion of the theatres. On June 8, 2005, Regal reached an agreement with the DOJ resolving and dismissing the private litigants’ claims and all claims made by the United States under the ADA. On December 9, 2010, the parties renewed the Consent Decree for another three year term. On or about February 5, 2014 the Company filed its final compliance report and fulfilled all of its obligations under the Consent Decree. From time to time, the Company receives claims that the stadium seating offered by theatres allegedly violates the ADA. In these instances, the Company seeks to resolve or dismiss these claims based on the terms of the DOJ settlement or under applicable ADA standards. | |
The accessibility of theatres to persons with visual impairments or that are deaf or hard of hearing remains a topic of interest to the DOJ and they have announced that they will be issuing another Advance Notice of Proposed Rulemaking concerning the provision of closed captioning and descriptive audio within the theatre environment. The Company believes it provides the members of the visually and hearing impaired communities with reasonable access to the movie-going experience, and has deployed new digital captioning and descriptive video systems that should meet all such potential requirements or expectations of any federal, state or individual concerns. The Company believes that it is in substantial compliance with all current applicable regulations relating to accommodations for the disabled. The Company intends to comply with future regulations in this regard and except as set forth above, does not currently anticipate that compliance will require the Company to expend substantial funds. | |
The Company has entered into employment contracts (the "employment contracts"), with four of its current executive officers, Ms. Miles and Messrs. Dunn, Ownby, and Brandow, to whom we refer as the "executive" or "executives." Under each of the employment contracts, the Company must indemnify each executive from and against all liabilities with respect to such executive's service as an officer, and as a director, to the extent applicable. In addition, under the employment contracts, each executive is entitled to severance payments in connection with the termination by the Company of the executive without cause, the termination by the executive for good reason, or the termination of the executive, under circumstances in connection with a change in control of the Company (as defined within each employment contract). | |
Pursuant to each employment contract, the Company provides for severance payments if the Company terminates an executive's employment without cause or if an executive terminates his or her employment for good reason; provided, however, such executive must provide written notification to the Company of the existence of a condition constituting good reason within 90 days of the initial existence of such condition and the resignation must occur within two (2) years of such existence date. Under these circumstances, the executive shall be entitled to receive severance payments equal to (i) the actual bonus, pro-rated to the date of termination, that executive would have received with respect to the fiscal year in which the termination occurs; (ii) two times the executive's annual base salary plus one times the executive's target bonus; and (iii) continued coverage under any medical, health and life insurance plans for a 24-month period following the date of termination. | |
If the Company terminates any executive's employment, or if any executive resigns for good reason, within three (3)months prior to, or one (1) year after, a change of control of the Company (as defined within each employment contract), the executive shall be entitled to receive severance payments equal to: (i) the actual bonus, pro-rated to the date of termination, that executive would have received with respect to the fiscal year in which the termination occurs; and (ii)(a) in the case of Ms. Miles, two and one-half times the executive's annual base salary plus two times the executive's target bonus; and (b) in the case of Messrs. Dunn, Ownby, and Brandow, two times the executive's annual salary plus one and one-half times the executive's target bonus; and (iii) continued coverage under any medical, health and life insurance plans for a 30-month period following the date of termination. | |
Pursuant to the employment contracts, the maximum amount of payments and benefits payable to Ms. Miles and Messrs. Dunn, Ownby and Brandow, in the aggregate, if such executives were terminated (in the event of a change of control) would be approximately $10.3 million. | |
Each employment contract contains standard provisions for non-competition and non-solicitation of the Company's employees (other than the executive's secretary or other administrative employee who worked directly for executive) that are effective during the term of the executive's employment and shall continue for a period of one year following the executive's termination of employment with the Company. Each Executive is also subject to a permanent covenant to maintain confidentiality of the Company's confidential information. |
CAPITAL_STOCK_AND_SHAREBASED_C
CAPITAL STOCK AND SHARE-BASED COMPENSATION | 12 Months Ended | |||||||||
Dec. 26, 2013 | ||||||||||
CAPITAL STOCK AND SHARE-BASED COMPENSATION | ' | |||||||||
CAPITAL STOCK AND SHARE-BASED COMPENSATION | ' | |||||||||
CAPITAL STOCK AND SHARE-BASED COMPENSATION | ||||||||||
Capital Stock | ||||||||||
As of December 26, 2013, the Company's authorized capital stock consisted of: | ||||||||||
• | 500,000,000 shares of Class A common stock, par value $0.001 per share; | |||||||||
• | 200,000,000 shares of Class B common stock, par value $0.001 per share; and | |||||||||
• | 50,000,000 shares of preferred stock, par value $0.001 per share. | |||||||||
Of the authorized shares of Class A common stock, 18.0 million shares were sold in connection with the Company's initial public offering in May 2002. The Company's Class A common stock is listed on the New York Stock Exchange under the trading symbol "RGC." As of December 26, 2013, 132,120,854 shares of Class A common stock were outstanding. Of the authorized shares of Class B common stock, 23,708,639 shares were outstanding as of December 26, 2013, all of which are beneficially owned by Anschutz Company and its affiliates (collectively, "Anschutz"). Each share of Class B common stock converts into a single share of Class A common stock at the option of the holder or upon certain transfers of a holder's Class B common stock. Each holder of Class B common stock is entitled to ten votes for each outstanding share of Class B common stock owned by that stockholder on every matter properly submitted to the stockholders for their vote. Of the authorized shares of the preferred stock, no shares were issued and outstanding as of December 26, 2013. The Class A common stock is entitled to a single vote for each outstanding share of Class A common stock on every matter properly submitted to the stockholders for a vote. Except as required by law, the Class A and Class B common stock vote together as a single class on all matters submitted to the stockholders. The material terms and provisions of the Company's certificate of incorporation affecting the relative rights of the Class A common stock and the Class B common stock are described below. | ||||||||||
Common Stock | ||||||||||
The Class A common stock and the Class B common stock are identical in all respects, except with respect to voting and except that each share of Class B common stock will convert into a single share of Class A common stock at the option of the holder or upon a transfer of the holder's Class B common stock, other than to certain transferees. Each holder of Class A common stock will be entitled to a single vote for each outstanding share of Class A common stock owned by that stockholder on every matter properly submitted to the stockholders for their vote. Each holder of Class B common stock will be entitled to ten votes for each outstanding share of Class B common stock owned by that stockholder on every matter properly submitted to the stockholders for their vote. Except as required by law, the Class A common stock and the Class B common stock will vote together on all matters. Subject to the dividend rights of holders of any outstanding preferred stock, holders of common stock are entitled to any dividend declared by the board of directors out of funds legally available for this purpose, and, subject to the liquidation preferences of any outstanding preferred stock, holders of common stock are entitled to receive, on a pro rata basis, all the Company's remaining assets available for distribution to the stockholders in the event of the Company's liquidation, dissolution or winding up. No dividend can be declared on the Class A or Class B common stock unless at the same time an equal dividend is paid on each share of Class B or Class A common stock, as the case may be. Dividends paid in shares of common stock must be paid, with respect to a particular class of common stock, in shares of that class. | ||||||||||
Holders of common stock do not have any preemptive right to become subscribers or purchasers of additional shares of any class of the Company's capital stock. The outstanding shares of common stock are, when issued and paid for, fully paid and nonassessable. The rights, preferences and privileges of holders of common stock may be adversely affected by the rights of the holders of shares of any series of preferred stock that the Company may designate and issue in the future. | ||||||||||
Preferred Stock | ||||||||||
The Company's certificate of incorporation allows the Company to issue, without stockholder approval, preferred stock having rights senior to those of the common stock. The Company's board of directors is authorized, without further stockholder approval, to issue up to 50,000,000 shares of preferred stock in one or more series and to fix the rights, preferences, privileges and restrictions of any series of preferred stock, including dividend rights, conversion rights, voting rights, terms of redemption and liquidation preferences, and to fix the number of shares constituting any series and the designations of these series. The issuance of preferred stock could decrease the amount of earnings and assets available for distribution to the holders of common stock or could adversely affect the rights and powers, including voting rights, of the holders of common stock. The issuance of preferred stock could also have the effect of decreasing the market price of the Class A common stock. As of December 26, 2013, no shares of preferred stock are outstanding. | ||||||||||
Share Repurchase Program | ||||||||||
During 2004, the Company's board of directors authorized a share repurchase program, which provided for the authorization to repurchase up to $50.0 million of the Company's outstanding Class A common stock within a 12 month period. The share repurchase program expired in November 2009. The Company made no repurchases of its outstanding Class A common stock under the program during the years ended December 26, 2013, December 27, 2012 and December 29, 2011. | ||||||||||
Warrants | ||||||||||
No warrants to acquire the Company's Class A or Class B common stock were outstanding as of December 26, 2013. | ||||||||||
Dividends | ||||||||||
Regal paid four quarterly cash dividends of $0.21 per share on each outstanding share of the Company's Class A and Class B common stock, or approximately $132.2 million in the aggregate, during the year ended December 26, 2013. Regal paid four quarterly cash dividends of $0.21 per share on each outstanding share of the Company's Class A and Class B common stock, or approximately $131.8 million in the aggregate, during the year ended December 27, 2012. In addition, on November 29, 2012, Regal declared an extraordinary cash dividend of $1.00 per share on each outstanding share of its Class A and Class B common stock, or approximately $155.5 million in the aggregate. Stockholders of record at the close of business on December 11, 2012 were paid this dividend on December 27, 2012. Regal paid four quarterly cash dividends of $0.21 per share on each outstanding share of the Company's Class A and Class B common stock, or approximately $129.8 million in the aggregate, during the year ended December 29, 2011. | ||||||||||
Share-Based Compensation | ||||||||||
In 2002, the Company established the Regal Entertainment Group Stock Incentive Plan (the "Incentive Plan") for a total of 11,194,354 authorized shares, which provides for the granting of incentive stock options and non-qualified stock options to officers, employees and consultants of the Company. As described below under "Restricted Stock" and "Performance Share Units" the Incentive Plan also provides for grants of restricted stock and performance shares that are subject to restrictions and risks of forfeiture. | ||||||||||
In connection with the July 1, 2003, June 2, 2004, April 13, 2007, December 30, 2010, and December 27, 2012 extraordinary cash dividends and pursuant to the antidilution adjustment terms of the Incentive Plan, the exercise price and the number of shares of Class A common stock subject to options held by the Company's option holders were adjusted to prevent dilution and restore their economic position to that existing immediately before the extraordinary dividends. The antidilution adjustments made with respect to such options resulted in a decrease in the range of exercise prices, from $8.8560 to $13.7171 per share, an increase in the aggregate number of shares issuable upon exercise of such options by 5,241,793, and an increase in the total number of authorized shares under the Incentive Plan to 23,319,207 (after giving effect to the 2005 and 2012 amendments to the Incentive Plan), which increased the total number of shares of Class A common stock authorized for issuance under the Incentive Plan by 6,889,759 shares. As of December 26, 2013, and after giving effect to the antidilution adjustments and the amendments to the Incentive Plan, options to purchase a total of 3,900 shares of Class A common stock were outstanding under the Incentive Plan, and 4,964,581 shares remain available for future issuance under the Incentive Plan. Stock option information presented herein has been adjusted to give effect to the extraordinary dividends. There were no accounting consequences for changes made to reduce the exercise prices and increase the number of shares underlying options as a result of the extraordinary cash dividends because the aggregate fair value of the awards immediately before and after the modifications was the same. | ||||||||||
Stock Options | ||||||||||
Stock option grants have been established at prices not less than the fair market value as of the date of grant and are exercisable in installments of 20% per year and expire no later than 10 years from the date of grant. There were no stock options granted during the years ended December 26, 2013, December 27, 2012 and December 29, 2011. No compensation expense related to stock options was recorded during the years ended December 26, 2013, December 27, 2012 and December 29, 2011. | ||||||||||
The Company receives a tax deduction for certain stock option exercises during the period the options are exercised, generally for the excess of the price at which the stock is sold over the exercise price of the options. The Company is required to report excess tax benefits from the award of equity instruments as financing cash flows. Excess tax benefits are recorded when a deduction reported for tax return purposes for an award of equity instruments exceeds the cumulative compensation cost for the instruments recognized for financial reporting purposes. For the year ended December 26, 2013, the accompanying consolidated statement of cash flows reflects less than $0.1 million of excess tax benefits as financing cash flows. Net cash proceeds from the exercise of stock options were $1.3 million for the year ended December 26, 2013. The actual income tax benefit realized from stock option exercises was $0.2 million for the same period. | ||||||||||
The following table represents stock option activity for the year ended December 26, 2013: | ||||||||||
Number of | Weighted | Weighted | ||||||||
Shares | Average | Average | ||||||||
Exercise Price | Contract Life (Yrs.) | |||||||||
Outstanding options at beginning of year | 106,136 | $ | 12.67 | 1.11 | ||||||
Granted during the year | — | — | ||||||||
Exercised during the year | (102,236 | ) | 12.63 | |||||||
Forfeited during the year | — | — | ||||||||
Outstanding options at end of year | 3,900 | $ | 13.72 | 0.49 | ||||||
Exercisable options at end of year | 3,900 | $ | 13.72 | 0.49 | ||||||
The aggregate intrinsic value of options outstanding and exercisable at December 26, 2013 was less than $0.1 million. Total intrinsic value of options exercised was $0.5 million, $2.2 million and $0.5 million, for the years ended December 26, 2013, December 27, 2012, and December 29, 2011, respectively. As of December 26, 2013 and December 27, 2012, the Company had no nonvested stock options outstanding. | ||||||||||
Restricted Stock | ||||||||||
The Incentive Plan also provides for restricted stock awards to officers, directors and key employees. Under the Incentive Plan, shares of Class A common stock of the Company may be granted at nominal cost to officers, directors and key employees, subject to a continued employment/service restriction. The restriction is fulfilled upon continued employment or service (in the case of directors) for a specified number of years (typically one to four years after the award date) and as such restrictions lapse, the award immediately vests. In addition, we will receive a tax deduction when restricted stock vests. The Incentive Plan participants are entitled to cash dividends and to vote their respective shares, although the sale and transfer of such shares is prohibited during the restricted period. The shares are also subject to the terms and conditions of the Incentive Plan. | ||||||||||
On January 12, 2011, 349,856 restricted shares were granted under the Incentive Plan at nominal cost to officers, directors and key employees. On various dates during the fiscal year ended December 27, 2012, 335,496 restricted shares were granted under the Incentive Plan at nominal cost to officers, directors and key employees. On January 9, 2013, 297,866 restricted shares were granted under the Incentive Plan at nominal cost to officers, directors and key employees. These awards vest 25% at the end of each year for 4 years (in the case of officers and key employees) and vest 100% at the end of one year (in the case of directors). The closing price of the Company's Class A common stock on the date of this grant was $12.21 per share on January 12, 2011, ranged from $12.30 to $13.42 per share on the dates of the fiscal 2012 grants, and was $14.19 per share on January 9, 2013. The Company assumed a forfeiture rate of 4% for such restricted stock awards. | ||||||||||
During the years ended December 26, 2013, December 27, 2012 and December 29, 2011, the Company withheld approximately 290,119 shares, 140,775 shares and 99,217 shares, respectively, of restricted stock at an aggregate cost of approximately $4.4 million, $1.8 million and $1.3 million, respectively, as permitted by the applicable equity award agreements, to satisfy employee tax withholding requirements related to the vesting of restricted stock awards. On January 13, 2013, 273,719 performance share awards (originally granted on January 13, 2010) were effectively converted to shares of restricted common stock. As of the calculation date, which was January 13, 2013, threshold performance goals for these awards were satisfied, and therefore, all 273,719 outstanding performance shares were converted to restricted shares as of January 13, 2013. These awards are scheduled to fully vest on January 13, 2014, the one year anniversary of the calculation date. In addition, on January 14, 2012, 360,489 performance share awards (originally granted on January 14, 2009) were effectively converted to shares of restricted common stock. As of the calculation date, which was January 14, 2012, threshold performance goals for these awards were satisfied, and therefore, all 360,489 outstanding performance shares were converted to restricted shares as of January 14, 2012. These awards fully vested on January 14, 2013, the one year anniversary of the calculation date. | ||||||||||
During the fiscal years ended December 26, 2013, December 27, 2012 and December 29, 2011, the Company recognized approximately $4.6 million, $4.6 million and $4.4 million, respectively, of share-based compensation expense related to restricted share grants. Such expense is presented as a component of "General and administrative expenses." The compensation expense for these awards was determined based on the market price of the Company's stock at the date of grant applied to the total numbers of shares that were anticipated to fully vest. As of December 26, 2013, we have unrecognized compensation expense of $6.3 million associated with restricted stock awards. | ||||||||||
The following table represents the restricted stock activity for the years ended December 26, 2013, December 27, 2012 and December 29, 2011: | ||||||||||
Year Ended | Year Ended | Year Ended | ||||||||
26-Dec-13 | 27-Dec-12 | 29-Dec-11 | ||||||||
Unvested at beginning of year: | 1,175,830 | 950,318 | 971,110 | |||||||
Granted during the year | 297,866 | 335,496 | 349,856 | |||||||
Vested during the year | (813,528 | ) | (453,107 | ) | (323,880 | ) | ||||
Forfeited during the year | (6,626 | ) | (17,366 | ) | (46,768 | ) | ||||
Conversion of performance shares during the year | 273,719 | 360,489 | — | |||||||
Unvested at end of year | 927,261 | 1,175,830 | 950,318 | |||||||
During the year ended December 26, 2013, the Company paid four cash dividends of $0.21 on each share of outstanding restricted stock totaling approximately $0.9 million. | ||||||||||
Performance Share Units | ||||||||||
The Incentive Plan also provides for grants in the form of performance share units to officers, directors and key employees. Performance share agreements are entered into between the Company and each grantee of performance share units (each, a "Performance Agreement"). The original Performance Agreement covered 843,660 performance shares granted through fiscal 2008 (each, a "2006 Performance Agreement"). No shares were earned under these grants as a result of performance criteria not achieved at the respective calculation dates. | ||||||||||
In 2009, the Company adopted an amended and restated form of Performance Agreement (each, a "2009 Performance Agreement"). Under the 2009 Performance Agreement, which is described in the section entitled "Compensation Discussion and Analysis—Elements of Compensation—Performance Shares," of our 2013 proxy statement filed with the Commission on March 22, 2013, each performance share represents the right to receive from 0% to 150% of the target numbers of shares of restricted Class A common stock. On January 12, 2011, 376,902 performance shares were granted under the Incentive Plan at nominal cost to officers and key employees. During the fiscal year ended December 27, 2012, 330,124 performance shares were granted under the Incentive plan at nominal cost to officers and key employees. Finally, on January 9, 2013, 293,961 performance shares were granted under the Incentive Plan at nominal cost to officers and key employees. The number of shares of restricted common stock earned will be determined based on the attainment of specified performance goals by January 12, 2014 (the third anniversary of the grant date for the January 12, 2011 grant), January 11, 2015 (the third anniversary of the grant date for the January 11, 2012 grant), June 25, 2015 (the third anniversary of the grant date for the June 25, 2012 grant), and January 9, 2016 (the third anniversary of the grant date for the January 9, 2013 grant) as set forth in the 2009 Performance Agreement. All such performance shares vest on the fourth anniversary of their respective grant dates. The shares are subject to the terms and conditions of the Incentive Plan. The closing price of the Company's Class A common stock on the date of this grant was $12.21 per share on January 12, 2011, $12.30 on January 11, 2012, $13.42 on June 25, 2012, and $14.19 on January 9, 2013, which approximates the respective grant date fair value of the awards. The Company assumed forfeiture rates ranging from 4% to 8% for the performance share grants. | ||||||||||
As of the respective grant dates, the aggregate grant date fair value of performance share awards outstanding as of December 26, 2013 was determined to be $20.6 million, which includes related dividends on shares estimated to be earned and paid on the third anniversary of the respective grant dates. The fair value of the performance share awards are amortized as compensation expense over the expected term of the awards of 4 years. During the years ended December 26, 2013, December 27, 2012 and December 29, 2011, the Company recognized approximately $4.7 million, $5.7 million and $3.5 million, respectively, of share-based compensation expense related to performance share grants. Such expense is presented as a component of "General and administrative expenses." As of December 26, 2013, we have unrecognized compensation expense of $8.5 million associated with performance share units. On January 13, 2013, 273,719 performance shares (originally granted on January 13, 2010) were effectively converted to shares of restricted common stock. As of the calculation date, which was January 13, 2013, threshold performance goals for these awards were satisfied, and therefore, all 273,719 outstanding performance shares were converted to restricted shares as of January 13, 2013. On January 14, 2012, 360,489 performance share awards (originally granted on January 14, 2009) were effectively converted to shares of restricted common stock. As of the calculation date, which was January 14, 2012, threshold performance goals for these awards were satisfied, and therefore, all 360,489 outstanding performance shares were converted to restricted shares as of January 14, 2012. | ||||||||||
The following table summarizes information about the Company's number of performance shares for the years ended December 26, 2013, December 27, 2012 and December 29, 2011: | ||||||||||
Year Ended | Year Ended | Year Ended | ||||||||
26-Dec-13 | 27-Dec-12 | 29-Dec-11 | ||||||||
Unvested at beginning of year: | 929,023 | 1,227,207 | 1,115,363 | |||||||
Granted (based on target) during the year | 293,961 | 330,124 | 376,902 | |||||||
Cancelled/forfeited during the year | (8,498 | ) | (267,819 | ) | (265,058 | ) | ||||
Conversion to restricted shares during the year | (273,719 | ) | (360,489 | ) | — | |||||
Unvested at end of year | 940,767 | 929,023 | 1,227,207 | |||||||
In connection with the conversion of the above 273,719 performance shares, during the year ended December 26, 2013, the Company paid a cumulative cash dividend of $4.80 (representing the sum of all cash dividends paid from January 13, 2010 through January 13, 2013) on each performance share converted, totaling approximately $1.3 million. In connection with the conversion of the above 360,489 performance shares, during the year ended December 27, 2012, the Company paid a cumulative cash dividend of $3.68 (representing the sum of all cash dividends paid from January 14, 2009 through January 14, 2012) on each performance share converted, totaling approximately $1.3 million. The above table does not reflect the maximum or minimum number of shares of restricted stock contingently issuable. An additional 0.5 million shares of restricted stock could be issued if the performance criteria maximums are met. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 26, 2013 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
RELATED PARTY TRANSACTIONS | |
During each of the years ended December 26, 2013, December 27, 2012 and December 29, 2011, Regal Cinemas incurred approximately $0.1 million of expenses payable to Anschutz affiliates for certain advertising services. Also during each of the years ended December 26, 2013, December 27, 2012 and December 29, 2011, Regal Cinemas received less than $0.1 million from an Anschutz affiliate for rent and other expenses related to a theatre facility. | |
During each of the years ended December 26, 2013, December 27, 2012 and December 29, 2011, in connection with an agreement with an Anschutz affiliate, Regal received various forms of advertising in exchange for on-screen advertising provided in certain of its theatres. The value of such advertising was approximately $0.1 million. | |
During each of the years ended December 26, 2013, December 27, 2012 and December 29, 2011, the Company received approximately $0.5 million from an Anschutz affiliate for management fees related to a theatre site in Los Angeles, California. | |
Please also refer to Note 4—“Investments” for a discussion of other related party transactions associated with our various investments in non-consolidated entities. |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 26, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
EMPLOYEE BENEFIT PLANS | ' |
EMPLOYEE BENEFIT PLANS | |
Defined Contribution Plan | |
The Company sponsors an employee benefit plan, the Regal Entertainment Group 401(k) Plan (the "401k Plan") under section 401(k) of the Internal Revenue Code of 1986, as amended, for the benefit of substantially all employees. The 401k Plan provides that participants may contribute up to 50% of their compensation, subject to Internal Revenue Service limitations. The 401k Plan currently matches an amount equal to 100% of the first 3% of the participant's contributions and 50% of the next 2% of the participant's contributions. Employee contributions are invested in various investment funds based upon elections made by the employee. The Company made matching contributions of approximately $3.1 million, $2.9 million and $2.9 million to the 401k Plan in 2013, 2012 and 2011, respectively. | |
Union-Sponsored Plans | |
As of December 26, 2013, certain former theatre employees are covered by five insignificant union-sponsored multiemployer pension and health and welfare plans. Company contributions into those plans were determined in accordance with provisions of negotiated labor contracts and aggregated less than $0.1 million, approximately $0.1 million and approximately $0.1 million for the years ended December 26, 2013, December 27, 2012 and December 29, 2011, respectively. | |
During the year ended December 26, 2013, the Company received a notice of a written demand for payment of a complete withdrawal liability assessment from a collectively-bargained multiemployer pension plan, Local 160, Greater Cleveland Moving Picture Projector Operator’s Pension Plan ("Local 160") (Employment Identification No. 51-6115679), that covered certain of its unionized theatre employees. The Company made a complete withdrawal from Local 160 during the year ended December 27, 2012. The Company has established an estimated withdrawal liability of approximately $0.7 million related to its five remaining plans, including Local 160, where it had ceased making contributions as of December 26, 2013. | |
During the year ended December 27, 2012, the Company received a notice of a written demand in the amount of $0.2 million for payment of a complete withdrawal liability assessment from a collectively-bargained multiemployer pension plan, Local 640, IATSE Welfare and Retirement Funds ("Local 640") (Employment Identification No. 113507668), that covered certain of its unionized theatre employees. The Company made a complete withdrawal from Local 640 during the year ended December 27, 2012. Through fiscal 2013, the Company provided Local 640 with a lump sum settlement payment of approximately $0.2 million to satisfy in full the withdrawal liability associated with the Local 640 plan. | |
During the year ended December 29, 2011, the Company received a notice of a written demand for payment of a complete withdrawal liability assessment from a collectively-bargained multiemployer pension plan, Pension and Welfare Funds of Moving Picture Machine Operators Union of Greater New York, Local 306 ("Local 306") (Employment Identification No. 131665124), that covered certain of its unionized theatre employees. The Company made a complete withdrawal from Local 306 during the year ended December 29, 2011. During fiscal 2012, the Company provided Local 306 with a lump sum settlement payment of approximately $2.6 million to satisfy in full the withdrawal liability associated with the Local 306 plan. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 12 Months Ended | |||||||||||||||||||||||||
Dec. 26, 2013 | ||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||||||||||
EARNINGS PER SHARE | ' | |||||||||||||||||||||||||
EARNINGS PER SHARE | ||||||||||||||||||||||||||
We compute earnings per share of Class A and Class B common stock using the two-class method. Basic earnings per share is computed using the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed using the weighted average number of common shares and, if dilutive, common stock equivalents outstanding during the period. Potential common stock equivalents consist of the incremental common shares issuable upon the exercise of common stock options, vesting of restricted stock and performance share units, the assumed conversion of the 61/4% Convertible Senior Notes and the warrant issued in connection with the 61/4% Convertible Senior Notes prior to redemption in March 2011. The dilutive effect of outstanding stock options, restricted stock, performance share units, and the warrant issued in connection with the 61/4% Convertible Senior Notes is reflected in diluted earnings per share by application of the treasury-stock method. The dilutive effect of assumed conversion of the 61/4% Convertible Senior Notes is reflected in diluted earnings per share by application of the if-converted method. In addition, the computation of the diluted earnings per share of Class A common stock assumes the conversion of Class B common stock, while the diluted earnings per share of Class B common stock does not assume the conversion of those shares. | ||||||||||||||||||||||||||
The rights, including the liquidation and dividend rights, of the holders of our Class A and Class B common stock are identical, except with respect to voting. The undistributed earnings for the periods presented are allocated based on the contractual participation rights of the Class A and Class B common shares as if the earnings for the periods presented had been distributed. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis. Further, as we assume the conversion of Class B common stock in the computation of the diluted earnings per share of Class A common stock, the undistributed earnings are equal to net income attributable to controlling interest for that computation. | ||||||||||||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share of Class A and Class B common stock (in millions, except share and per share data): | ||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||||||||||||||||
December 26, 2013 | December 27, 2012 | December 29, 2011 | ||||||||||||||||||||||||
Class A | Class B | Class A | Class B | Class A | Class B | |||||||||||||||||||||
Basic earnings per share: | ||||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||
Allocation of undistributed earnings | $ | 133.6 | $ | 24.1 | $ | 120.4 | $ | 21.9 | $ | 31.1 | $ | 5.7 | ||||||||||||||
Denominator: | ||||||||||||||||||||||||||
Weighted average common shares outstanding (in thousands) | 131,117 | 23,709 | 130,465 | 23,709 | 129,868 | 23,709 | ||||||||||||||||||||
Basic earnings per share | $ | 1.02 | $ | 1.02 | $ | 0.92 | $ | 0.92 | $ | 0.24 | $ | 0.24 | ||||||||||||||
Diluted earnings per share: | ||||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||
Allocation of undistributed earnings for basic computation | $ | 133.6 | $ | 24.1 | $ | 120.4 | $ | 21.9 | $ | 31.1 | $ | 5.7 | ||||||||||||||
Reallocation of undistributed earnings as a result of conversion of Class B to Class A shares | 24.1 | — | 21.9 | — | 5.7 | — | ||||||||||||||||||||
Reallocation of undistributed earnings to Class B shares for effect of other dilutive securities | — | (0.1 | ) | — | (0.2 | ) | — | — | ||||||||||||||||||
Interest expense on 61/4% Convertible Senior Notes | — | — | — | — | — | (1 | ) | — | ||||||||||||||||||
Allocation of undistributed earnings | $ | 157.7 | $ | 24 | $ | 142.3 | $ | 21.7 | $ | 36.8 | $ | 5.7 | ||||||||||||||
Denominator: | ||||||||||||||||||||||||||
Number of shares used in basic computation (in thousands) | 131,117 | 23,709 | 130,465 | 23,709 | 129,868 | 23,709 | ||||||||||||||||||||
Weighted average effect of dilutive securities (in thousands) | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Conversion of Class B to Class A common shares outstanding | 23,709 | — | 23,709 | — | 23,709 | — | ||||||||||||||||||||
Stock options | 2 | — | 23 | — | 147 | — | ||||||||||||||||||||
Restricted stock and performance shares | 895 | — | 793 | — | 832 | — | ||||||||||||||||||||
Conversion of 61/4% Convertible Senior Notes | — | — | — | — | — | (1 | ) | — | ||||||||||||||||||
Number of shares used in per share computations (in thousands) | 155,723 | 23,709 | 154,990 | 23,709 | 154,556 | 23,709 | ||||||||||||||||||||
Diluted earnings per share | $ | 1.01 | $ | 1.01 | $ | 0.92 | $ | 0.92 | $ | 0.24 | $ | 0.24 | ||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||||
-1 | No amount reported as the impact on earnings per share of Class A common stock would have been antidilutive. |
FAIR_VALUE_OF_FINANCIAL_INSTRU
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended | ||||||||||||||||
Dec. 26, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ' | ||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||||||||
Fair value refers to the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the market in which the entity transacts. The inputs used to develop these fair value measurements are established in a hierarchy, which ranks the quality and reliability of the information used to determine fair value. The fair value classification is based on levels of inputs. Assets and liabilities that are carried at fair value are classified and disclosed in one of the following categories described in ASC Topic 820, Fair Value Measurements and Disclosures: | |||||||||||||||||
Level 1: Quoted market prices in active markets for identical assets or liabilities. | |||||||||||||||||
Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. | |||||||||||||||||
Level 3: Unobservable inputs that are not corroborated by market data. | |||||||||||||||||
The following table summarizes the fair value hierarchy of the Company's financial assets and liabilities carried at fair value on a recurring basis as of December 26, 2013: | |||||||||||||||||
Total Carrying | Fair Value Measurements at December 26, 2013 Using | ||||||||||||||||
Value at | |||||||||||||||||
December 26, | |||||||||||||||||
2013 | Quoted prices in | Significant other | Significant | ||||||||||||||
active market | observable inputs | unobservable inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
(in millions) | |||||||||||||||||
Assets: | |||||||||||||||||
Equity securities, available for sale(1) | $ | 7 | $ | 7 | $ | — | $ | — | |||||||||
Total assets at fair value | $ | 7 | $ | 7 | $ | — | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Interest rate swaps(2) | $ | 6.6 | $ | — | $ | 6.6 | $ | — | |||||||||
Total liabilities at fair value | $ | 6.6 | $ | — | $ | 6.6 | $ | — | |||||||||
_______________________________________________________________________________ | |||||||||||||||||
-1 | The Company maintains an investment in RealD, Inc., an entity specializing in the licensing of 3D technologies. In connection with the RealD, Inc. motion picture license agreement, the Company received 1,222,780 shares of RealD, Inc. common stock during fiscal 2010. The fair value of the RealD, Inc. shares is determined using RealD, Inc.'s publicly traded common stock price, which falls under Level 1 of the valuation hierarchy. The held shares of RealD, Inc. stock are accounted for as available-for-sale equity securities and recurring fair value adjustments to these shares are recorded to "Other Non-Current Assets" with a corresponding entry to "Accumulated other comprehensive income (loss)" on a quarterly basis. During the quarter ended June 27, 2013, the Company sold 400,000 shares of RealD, Inc. common stock at prices ranging from $14.61 to $15.42 per share. In connection with the sale, the Company received approximately $5.9 million in aggregate net proceeds (after deducting related fees and expenses) and recorded a gain on sale of approximately $2.6 million. During the year ended December 26, 2013, the Company recorded a net decrease to its investment in RealD, Inc. of approximately $6.2 million and a corresponding net increase to "Accumulated other comprehensive income, net" of $1.8 million, net of tax. The fair value of the remaining 822,780 RealD, Inc. common shares was $7.0 million, based on the publicly traded common stock price of RealD, Inc. as of December 26, 2013 of $8.46 per share. | ||||||||||||||||
-2 | The fair value of the Company's interest rate swaps described in Note 5—"Debt Obligations" is based on Level 2 inputs, which include observable inputs such as dealer quoted prices for similar assets or liabilities, and represents the estimated amount Regal Cinemas would receive or pay to terminate the agreements taking into consideration various factors, including current interest rates, credit risk and counterparty credit risk. The counterparties to the Company's interest rate swaps are major financial institutions. The Company evaluates the bond ratings of the financial institutions and believes that credit risk is at an acceptably low level. As of December 26, 2013, the aggregate fair value the Company's interest rate swaps was determined to be approximately $(6.6) million, which was recorded as components of "Other Non-Current Liabilities" (approximately $1.6 million) and "Accrued expenses" (approximately $5.0 million) with a corresponding amount of $(4.0) million, net of tax, recorded to "Accumulated other comprehensive loss, net." As of December 27, 2012, the aggregate fair value of the Company's interest rate swaps was determined to be approximately $(10.3) million, which was recorded as components of "Other Non-Current Liabilities" (approximately $6.6 million) and "Accrued expenses" (approximately $3.7 million) with a corresponding amount of $(6.3) million, net of tax, recorded to "Accumulated other comprehensive loss, net." These interest rate swaps exhibited no ineffectiveness during the years ended December 26, 2013, December 27, 2012 and December 29, 2011 and accordingly, the net gain on the swaps of $2.3 million, $2.8 million and $8.0 million, respectively, were reported as a component of other comprehensive income for the years ended December 26, 2013, December 27, 2012 and December 29, 2011. | ||||||||||||||||
There were no changes in valuation techniques during the period. There were no transfers in or out of Level 3 during the years ended December 26, 2013, December 27, 2012 and December 29, 2011. | |||||||||||||||||
In addition, the Company is required to disclose the fair value of financial instruments that are not recognized in the statement of financial position for which it is practicable to estimate that value. The methods and assumptions used to estimate the fair value of each class of financial instrument are as follows: | |||||||||||||||||
Cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities: | |||||||||||||||||
The carrying amounts approximate fair value because of the short maturity of these instruments. | |||||||||||||||||
Long-Lived Assets, Intangible Assets and Other Investments | |||||||||||||||||
As further described in Note 2—"Summary of Significant Accounting Policies," the Company regularly reviews long-lived assets (primarily property and equipment), intangible assets and investments in non-consolidated entities, for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable. When the estimated fair value is determined to be lower than the carrying value of the asset, an impairment charge is recorded to write the asset down to its estimated fair value. | |||||||||||||||||
The Company’s analysis relative to long-lived assets resulted in the recording of impairment charges of $9.5 million, $11.1 million and $17.9 million for the years ended December 26, 2013, December 27, 2012 and December 29, 2011, respectively. The long-lived asset impairment charges recorded were 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 theatres. | |||||||||||||||||
During the year ended December 26, 2013, the Company recorded an impairment charge of approximately $1.5 million pertaining to certain favorable leases associated with the acquisition of Consolidated Theatres. The Company did not record an impairment of any intangible assets during the years ended December 27, 2012 and December 29, 2011. | |||||||||||||||||
During the year ended December 29, 2011, the Company considered various factors pertaining to its investment in RealD, Inc. as part of its ongoing impairment review and determined that an other-than-temporary impairment existed as of December 29, 2011. Such determination was based primarily on the length (approximately 6 months) of time during which the fair value of the RealD, Inc. investment remained substantially below the recorded investment cost basis of approximately $19.40 per share, the severity of the decline during such period and the prospects of recovery of the investment to its original cost basis. As a result, the Company recorded a $13.9 million other-than-temporary impairment charge to write-down its cost basis in RealD, Inc. to fair value as of December 29, 2011. The Company did not record an impairment of any investments in non-consolidated subsidiaries accounted for under the equity method during the years ended December 26, 2013, December 27, 2012 or December 29, 2011. | |||||||||||||||||
Long term obligations, excluding capital lease obligations, lease financing arrangements and other: | |||||||||||||||||
The fair value of the Amended Senior Credit Facility described in Note 5—"Debt Obligations," which consists of the Term Facility and the Revolving Facility, is estimated based on quoted prices (Level 2 inputs as described in ASC Topic 820) as of December 26, 2013 and December 27, 2012. The associated interest rates are based on floating rates identified by reference to market rates and are assumed to approximate fair value. The fair values of the 91/8% Senior Notes, the 85/8% Senior Notes, the 53/4% Senior Notes Due 2025 and the 53/4% Senior Notes Due 2023 are estimated based on quoted prices (Level 1 inputs as described in ASC Topic 820) for these issuances as of December 26, 2013 and, for the 91/8% Senior Notes and the 85/8% Senior Notes, December 27, 2012. | |||||||||||||||||
The aggregate carrying values and fair values of long-term debt at December 26, 2013 and December 27, 2012 consist of the following: | |||||||||||||||||
26-Dec-13 | 27-Dec-12 | ||||||||||||||||
(in millions) | |||||||||||||||||
Carrying value | $ | 2,188.30 | $ | 1,915.50 | |||||||||||||
Fair value | $ | 2,238.50 | $ | 2,023.70 | |||||||||||||
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 26, 2013 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
SUBSEQUENT EVENTS | |
Restricted Stock and Performance Share Grants | |
On January 8, 2014, 227,447 restricted shares were granted under the Incentive Plan at nominal cost to officers, directors and key employees. Under the Incentive Plan, Class A common stock of the Company may be granted at nominal cost to officers, directors and key employees, subject to a continued employment/service restriction (typically one to four years after the award date). The awards vest 25% at the end of each year for four years (in the case of officers and key employees) and vest 100% at the end of one year (in the case of directors). The plan participants are entitled to cash dividends and to vote their respective shares, although the sale and transfer of such shares is prohibited during the restricted period. The shares are subject to the terms and conditions of the Incentive Plan. The closing price of our Class A common stock on the date of this grant was $19.08 per share. | |
Also on January 8, 2014, 226,471 performance shares were granted under our Incentive Plan at nominal cost to officers and key employees. Each performance share represents the right to receive from 0% to 150% of the target numbers of shares of restricted Class A common stock. The number of shares of restricted common stock earned will be determined based on the attainment of specified performance goals by January 8, 2017 (the third anniversary of the grant date) set forth in the 2009 Performance Agreement. The shares are subject to the terms and conditions of the Incentive Plan. The closing price of our Class A common stock on the date of this grant was $19.08 per share. | |
Quarterly Dividend Declaration | |
On February 13, 2014, the Company declared a cash dividend of $0.22 per share on each share of the Company's Class A and Class B common stock (including outstanding restricted stock), payable on March 14, 2014, to stockholders of record on March 4, 2014. This dividend reflects a $0.01 per share increase from the Company's last quarterly cash dividend of $0.21 per share declared on October 24, 2013. |
CONDENSED_CONSOLIDATING_FINANC
CONDENSED CONSOLIDATING FINANCIAL INFORMATION | 12 Months Ended | ||||||||||||||||||||||||
Dec. 26, 2013 | |||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING FINANCIAL INFORMATION | ' | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING FINANCIAL INFORMATION | |||||||||||||||||||||||||
On July 15, 2009, Regal Cinemas issued $400.0 million in aggregate principal amount of the 85/8% Senior Notes. The 85/8% Senior Notes are fully and unconditionally guaranteed on a joint and several senior unsecured basis by Regal and all of Regal Cinemas' existing and future domestic restricted subsidiaries that guarantee Regal Cinemas' other indebtedness (the "Subsidiary Guarantors"). | |||||||||||||||||||||||||
The following condensed consolidating financial information, which has been prepared in accordance with the requirements for presentation of Rule 3-10(d) of Regulation S-X promulgated by the Commission, presents the condensed consolidating financial information separately for: | |||||||||||||||||||||||||
(i) | Regal, identified below as “REG Parent Company,” which is a guarantor of the 85/8% Senior Notes; | ||||||||||||||||||||||||
(ii) | Regal Cinemas, identified below as “RCC Parent Company," which is issuer of the 85/8% Senior Notes; | ||||||||||||||||||||||||
(iii) | The Subsidiary Guarantors, on a combined basis; | ||||||||||||||||||||||||
(iv) | The Subsidiary Non-Guarantors, on a combined basis, which are subsidiaries that are not guarantors of the 85/8% Senior Notes; | ||||||||||||||||||||||||
(v) | Consolidating entries and eliminations representing adjustments to (a) eliminate intercompany transactions between or among Regal, Regal Cinemas, the Subsidiary Guarantors and the Subsidiary Non-Guarantors, (b) eliminate the investments in our subsidiaries and (c) record consolidating entries; and | ||||||||||||||||||||||||
(vi) | Regal and its subsidiaries on a consolidated basis. | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION | |||||||||||||||||||||||||
26-Dec-13 | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
REG Parent | RCC Parent | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||||||||||
Company | Company | Guarantors | Non-Guarantors | Adjustments | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 199.7 | $ | 81.2 | $ | — | $ | 280.9 | |||||||||||||
Trade and other receivables, net | — | — | 127.4 | 2 | — | 129.4 | |||||||||||||||||||
Other current assets | — | — | 51.2 | 3.6 | — | 54.8 | |||||||||||||||||||
TOTAL CURRENT ASSETS | — | — | 378.3 | 86.8 | — | 465.1 | |||||||||||||||||||
Property and equipment, net | 20.1 | — | 1,463.80 | 38 | (12.3 | ) | 1,509.60 | ||||||||||||||||||
Goodwill and other intangible assets | — | — | 371 | 7.1 | — | 378.1 | |||||||||||||||||||
Deferred income tax asset | 2.6 | — | 53.2 | — | (23.2 | ) | 32.6 | ||||||||||||||||||
Other non-current assets | 106.1 | 1,490.40 | 1,634.10 | 70.3 | (2,981.6 | ) | 319.3 | ||||||||||||||||||
TOTAL ASSETS | $ | 128.8 | $ | 1,490.40 | $ | 3,900.40 | $ | 202.2 | $ | (3,017.1 | ) | $ | 2,704.70 | ||||||||||||
LIABILITIES AND EQUITY (DEFICIT) | |||||||||||||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||||||
Current portion of debt obligations | $ | 2.2 | $ | 12.5 | $ | 14.8 | $ | 15.3 | $ | (15.0 | ) | $ | 29.8 | ||||||||||||
Accounts payable | 0.9 | — | 159.7 | 9.6 | — | 170.2 | |||||||||||||||||||
Accrued expenses and other liabilities | 17.5 | 20.5 | 260.3 | 8.1 | — | 306.4 | |||||||||||||||||||
TOTAL CURRENT LIABILITIES | 20.6 | 33 | 434.8 | 33 | (15.0 | ) | 506.4 | ||||||||||||||||||
Long-term debt, less current portion | 820.4 | 1,360.40 | 6.9 | — | — | 2,187.70 | |||||||||||||||||||
Lease financing arrangements, less current portion | — | — | 80.2 | — | — | 80.2 | |||||||||||||||||||
Capital lease obligations, less current portion | — | — | 12.5 | 0.5 | — | 13 | |||||||||||||||||||
Deferred income tax liability | — | — | — | 23.2 | (23.2 | ) | — | ||||||||||||||||||
Other liabilities | 1.2 | — | 603 | 28.5 | — | 632.7 | |||||||||||||||||||
TOTAL LIABILITIES | 842.2 | 1,393.40 | 1,137.40 | 85.2 | (38.2 | ) | 3,420.00 | ||||||||||||||||||
EQUITY (DEFICIT): | |||||||||||||||||||||||||
Stockholders' equity (deficit) of Regal Entertainment Group | (713.4 | ) | 97 | 2,765.30 | 116.6 | (2,978.9 | ) | (713.4 | ) | ||||||||||||||||
Noncontrolling interest | — | — | (2.3 | ) | 0.4 | — | (1.9 | ) | |||||||||||||||||
TOTAL EQUITY (DEFICIT) | (713.4 | ) | 97 | 2,763.00 | 117 | (2,978.9 | ) | (715.3 | ) | ||||||||||||||||
TOTAL LIABILITIES AND EQUITY (DEFICIT) | $ | 128.8 | $ | 1,490.40 | $ | 3,900.40 | $ | 202.2 | $ | (3,017.1 | ) | $ | 2,704.70 | ||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION | |||||||||||||||||||||||||
27-Dec-12 | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
REG Parent | RCC Parent | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||||||||||
Company | Company | Guarantors | Non-Guarantors | Adjustments | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 53.8 | $ | 55.7 | $ | — | $ | 109.5 | |||||||||||||
Trade and other receivables, net | — | — | 109.3 | 1.4 | — | 110.7 | |||||||||||||||||||
Other current assets | — | — | 40.2 | 3.8 | — | 44 | |||||||||||||||||||
TOTAL CURRENT ASSETS | — | — | 203.3 | 60.9 | — | 264.2 | |||||||||||||||||||
Property and equipment, net | 20.7 | — | 1,419.40 | 35.4 | (12.3 | ) | 1,463.20 | ||||||||||||||||||
Goodwill and other intangible assets | — | — | 294.7 | 7.1 | — | 301.8 | |||||||||||||||||||
Deferred income tax asset | 2.4 | — | 14 | — | (16.4 | ) | — | ||||||||||||||||||
Other non-current assets | 7.2 | 1,092.30 | 1,020.90 | 84.9 | (2,012.4 | ) | 192.9 | ||||||||||||||||||
TOTAL ASSETS | $ | 30.3 | $ | 1,092.30 | $ | 2,952.30 | $ | 188.3 | $ | (2,041.1 | ) | $ | 2,222.10 | ||||||||||||
LIABILITIES AND EQUITY (DEFICIT) | |||||||||||||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||||||
Current portion of debt obligations | $ | 2 | $ | 10.1 | $ | — | $ | 15.3 | $ | (5.4 | ) | $ | 22 | ||||||||||||
Accounts payable | 0.4 | — | 150.7 | 5.9 | — | 157 | |||||||||||||||||||
Accrued expenses and other liabilities | 235.1 | 20.2 | 227.3 | 6.9 | (216.6 | ) | 272.9 | ||||||||||||||||||
TOTAL CURRENT LIABILITIES | 237.5 | 30.3 | 378 | 28.1 | (222.0 | ) | 451.9 | ||||||||||||||||||
Long-term debt, less current portion | 540.4 | 1,372.00 | — | — | — | 1,912.40 | |||||||||||||||||||
Lease financing arrangements, less current portion | — | — | 52.2 | — | — | 52.2 | |||||||||||||||||||
Capital lease obligations, less current portion | — | — | 7.8 | 0.8 | — | 8.6 | |||||||||||||||||||
Deferred income tax liability | — | — | — | 24.1 | (16.4 | ) | 7.7 | ||||||||||||||||||
Other liabilities | 1 | — | 512.9 | 25.8 | — | 539.7 | |||||||||||||||||||
TOTAL LIABILITIES | 778.9 | 1,402.30 | 950.9 | 78.8 | (238.4 | ) | 2,972.50 | ||||||||||||||||||
EQUITY (DEFICIT): | |||||||||||||||||||||||||
Stockholders' equity (deficit) of Regal Entertainment Group | (748.6 | ) | (310.0 | ) | 2,003.50 | 109.2 | (1,802.7 | ) | (748.6 | ) | |||||||||||||||
Noncontrolling interest | — | — | (2.1 | ) | 0.3 | — | (1.8 | ) | |||||||||||||||||
TOTAL EQUITY (DEFICIT) | (748.6 | ) | (310.0 | ) | 2,001.40 | 109.5 | (1,802.7 | ) | (750.4 | ) | |||||||||||||||
TOTAL LIABILITIES AND EQUITY (DEFICIT) | $ | 30.3 | $ | 1,092.30 | $ | 2,952.30 | $ | 188.3 | $ | (2,041.1 | ) | $ | 2,222.10 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME INFORMATION | |||||||||||||||||||||||||
YEAR ENDED DECEMBER 26, 2013 | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
REG Parent | RCC Parent | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||||||||||
Company | Company | Guarantors | Non-Guarantors | Adjustments | |||||||||||||||||||||
REVENUES | $ | — | $ | — | $ | 2,740.50 | $ | 303.4 | $ | (5.8 | ) | $ | 3,038.10 | ||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||||||
Film rental and advertising costs | — | — | 973.5 | 104.5 | — | 1,078.00 | |||||||||||||||||||
Cost of concessions | — | — | 97.1 | 14.5 | — | 111.6 | |||||||||||||||||||
Rent expense | — | — | 372.8 | 43.6 | (2.8 | ) | 413.6 | ||||||||||||||||||
Other operating expenses | — | — | 725.4 | 87.4 | — | 812.8 | |||||||||||||||||||
General and administrative expenses | 0.8 | — | 71.1 | 7.6 | (5.8 | ) | 73.7 | ||||||||||||||||||
Depreciation and amortization | 0.5 | — | 182 | 17.7 | — | 200.2 | |||||||||||||||||||
Net loss on disposal and impairment of operating assets and other | — | — | 6.9 | 1.5 | — | 8.4 | |||||||||||||||||||
TOTAL OPERATING EXPENSES | 1.3 | — | 2,428.80 | 276.8 | (8.6 | ) | 2,698.30 | ||||||||||||||||||
INCOME (LOSS) FROM OPERATIONS | (1.3 | ) | — | 311.7 | 26.6 | 2.8 | 339.8 | ||||||||||||||||||
OTHER EXPENSE (INCOME): | |||||||||||||||||||||||||
Interest expense, net | 60.5 | 71.6 | 6 | 3.2 | — | 141.3 | |||||||||||||||||||
Loss on extinguishment of debt | 30.3 | 0.4 | — | — | — | 30.7 | |||||||||||||||||||
Earnings recognized from NCM | — | — | (37.5 | ) | — | — | (37.5 | ) | |||||||||||||||||
Gain on sale of NCM, Inc. common stock | — | — | (30.9 | ) | — | — | (30.9 | ) | |||||||||||||||||
Other, net | (214.3 | ) | (267.6 | ) | (127.1 | ) | — | 580.6 | (28.4 | ) | |||||||||||||||
TOTAL OTHER EXPENSE (INCOME), NET | (123.5 | ) | (195.6 | ) | (189.5 | ) | 3.2 | 580.6 | 75.2 | ||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 122.2 | 195.6 | 501.2 | 23.4 | (577.8 | ) | 264.6 | ||||||||||||||||||
PROVISION FOR (BENEFIT FROM) INCOME TAXES | (35.4 | ) | (9.6 | ) | 142.1 | 9.9 | — | 107 | |||||||||||||||||
NET INCOME (LOSS) | 157.6 | 205.2 | 359.1 | 13.5 | (577.8 | ) | 157.6 | ||||||||||||||||||
NONCONTROLLING INTEREST, NET OF TAX | — | — | 0.2 | (0.1 | ) | — | 0.1 | ||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST | $ | 157.6 | $ | 205.2 | $ | 359.3 | $ | 13.4 | $ | (577.8 | ) | $ | 157.7 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME INFORMATION | |||||||||||||||||||||||||
YEAR ENDED DECEMBER 27, 2012 | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
REG Parent | RCC Parent | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||||||||||
Company | Company | Guarantors | Non-Guarantors | Adjustments | |||||||||||||||||||||
REVENUES | $ | — | $ | — | $ | 2,601.00 | $ | 225 | $ | (6.0 | ) | $ | 2,820.00 | ||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||||||
Film rental and advertising costs | — | — | 924.1 | 76.4 | — | 1,000.50 | |||||||||||||||||||
Cost of concessions | — | — | 91 | 10.1 | — | 101.1 | |||||||||||||||||||
Rent expense | — | — | 349.2 | 38 | (2.8 | ) | 384.4 | ||||||||||||||||||
Other operating expenses | — | — | 670.5 | 65.4 | — | 735.9 | |||||||||||||||||||
General and administrative expenses | 0.5 | — | 67.4 | 6.9 | (6.0 | ) | 68.8 | ||||||||||||||||||
Depreciation and amortization | 0.5 | — | 172.7 | 9.9 | — | 183.1 | |||||||||||||||||||
Net loss on disposal and impairment of operating assets and other | — | — | 13 | 3.2 | — | 16.2 | |||||||||||||||||||
TOTAL OPERATING EXPENSES | 1 | — | 2,287.90 | 209.9 | (8.8 | ) | 2,490.00 | ||||||||||||||||||
INCOME (LOSS) FROM OPERATIONS | (1.0 | ) | — | 313.1 | 15.1 | 2.8 | 330 | ||||||||||||||||||
OTHER EXPENSE (INCOME): | |||||||||||||||||||||||||
Interest expense, net | 49 | 80 | 5.4 | 0.6 | — | 135 | |||||||||||||||||||
Earnings recognized from NCM | — | — | (34.8 | ) | — | — | (34.8 | ) | |||||||||||||||||
Other, net | (171.9 | ) | (237.3 | ) | (80.3 | ) | — | 487.6 | (1.9 | ) | |||||||||||||||
TOTAL OTHER EXPENSE (INCOME), NET | (122.9 | ) | (157.3 | ) | (109.7 | ) | 0.6 | 487.6 | 98.3 | ||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 121.9 | 157.3 | 422.8 | 14.5 | (484.8 | ) | 231.7 | ||||||||||||||||||
PROVISION FOR (BENEFIT FROM) INCOME TAXES | (20.3 | ) | (13.1 | ) | 111.5 | 8 | 3.4 | 89.5 | |||||||||||||||||
NET INCOME (LOSS) | 142.2 | 170.4 | 311.3 | 6.5 | (488.2 | ) | 142.2 | ||||||||||||||||||
NONCONTROLLING INTEREST, NET OF TAX | — | — | 0.2 | (0.1 | ) | — | 0.1 | ||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST | $ | 142.2 | $ | 170.4 | $ | 311.5 | $ | 6.4 | $ | (488.2 | ) | $ | 142.3 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME INFORMATION | |||||||||||||||||||||||||
YEAR ENDED DECEMBER 29, 2011 | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
REG Parent | RCC Parent | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||||||||||
Company | Company | Guarantors | Non-Guarantors | Adjustments | |||||||||||||||||||||
REVENUES | $ | — | $ | — | $ | 2,460.80 | $ | 221.1 | $ | (6.0 | ) | $ | 2,675.90 | ||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||||||
Film rental and advertising costs | — | — | 877.6 | 76.1 | — | 953.7 | |||||||||||||||||||
Cost of concessions | — | — | 86.9 | 9.7 | — | 96.6 | |||||||||||||||||||
Rent expense | — | — | 347 | 37.3 | (2.8 | ) | 381.5 | ||||||||||||||||||
Other operating expenses | — | — | 674.3 | 70.1 | — | 744.4 | |||||||||||||||||||
General and administrative expenses | 0.4 | — | 64.6 | 6.8 | (6.0 | ) | 65.8 | ||||||||||||||||||
Depreciation and amortization | 0.5 | — | 186 | 11.1 | — | 197.6 | |||||||||||||||||||
Net loss on disposal and impairment of operating assets and other | — | — | 20.7 | 0.1 | — | 20.8 | |||||||||||||||||||
TOTAL OPERATING EXPENSES | 0.9 | — | 2,257.10 | 211.2 | (8.8 | ) | 2,460.40 | ||||||||||||||||||
INCOME (LOSS) FROM OPERATIONS | (0.9 | ) | — | 203.7 | 9.9 | 2.8 | 215.5 | ||||||||||||||||||
OTHER EXPENSE (INCOME): | |||||||||||||||||||||||||
Interest expense, net | 48.9 | 94.5 | 5.6 | 0.7 | — | 149.7 | |||||||||||||||||||
Loss on extinguishment of debt | — | — | 21.9 | — | — | 21.9 | |||||||||||||||||||
Earnings recognized from NCM | — | — | (37.9 | ) | — | — | (37.9 | ) | |||||||||||||||||
Impairment of investment in RealD, Inc. | — | — | 13.9 | — | — | 13.9 | |||||||||||||||||||
Other, net | (65.5 | ) | (131.1 | ) | (68.7 | ) | — | 281.2 | 15.9 | ||||||||||||||||
TOTAL OTHER EXPENSE (INCOME), NET | (16.6 | ) | (36.6 | ) | (65.2 | ) | 0.7 | 281.2 | 163.5 | ||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 15.7 | 36.6 | 268.9 | 9.2 | (278.4 | ) | 52 | ||||||||||||||||||
PROVISION FOR (BENEFIT FROM) INCOME TAXES | (20.9 | ) | (27.9 | ) | 54.9 | 4.7 | 4.6 | 15.4 | |||||||||||||||||
NET INCOME (LOSS) | 36.6 | 64.5 | 214 | 4.5 | (283.0 | ) | 36.6 | ||||||||||||||||||
NONCONTROLLING INTEREST, NET OF TAX | — | — | 0.2 | — | — | 0.2 | |||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST | $ | 36.6 | $ | 64.5 | $ | 214.2 | $ | 4.5 | $ | (283.0 | ) | $ | 36.8 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME INFORMATION | |||||||||||||||||||||||||
YEAR ENDED DECEMBER 26, 2013 | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
REG Parent | RCC Parent | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||||||||||
Company | Company | Guarantors | Non- | Adjustments | |||||||||||||||||||||
Guarantors | |||||||||||||||||||||||||
NET INCOME | $ | 157.6 | $ | 205.2 | $ | 359.1 | $ | 13.5 | $ | (577.8 | ) | $ | 157.6 | ||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||||||||||||||||||||||||
Change in fair value of interest rate swap transactions | 2.3 | 2.3 | — | — | (2.3 | ) | 2.3 | ||||||||||||||||||
Change in fair value of available for sale securities | (0.6 | ) | (0.6 | ) | (0.6 | ) | — | 1.2 | (0.6 | ) | |||||||||||||||
Reclassification adjustment for gain on sale of available for sale securities recognized in net income | (1.2 | ) | (1.2 | ) | (1.2 | ) | — | 2.4 | (1.2 | ) | |||||||||||||||
Change in fair value of equity method investee interest rate swap transactions | 1.4 | 1.4 | 1.4 | — | (2.8 | ) | 1.4 | ||||||||||||||||||
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 1.9 | 1.9 | (0.4 | ) | — | (1.5 | ) | 1.9 | |||||||||||||||||
TOTAL COMPREHENSIVE INCOME, NET OF TAX | 159.5 | 207.1 | 358.7 | 13.5 | (579.3 | ) | 159.5 | ||||||||||||||||||
Comprehensive loss attributable to noncontrolling interest, net of tax | — | — | 0.1 | — | — | 0.1 | |||||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST | $ | 159.5 | $ | 207.1 | $ | 358.8 | $ | 13.5 | $ | (579.3 | ) | $ | 159.6 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME INFORMATION | |||||||||||||||||||||||||
YEAR ENDED DECEMBER 27, 2012 | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
REG Parent | RCC Parent | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||||||||||
Company | Company | Guarantors | Non- | Adjustments | |||||||||||||||||||||
Guarantors | |||||||||||||||||||||||||
NET INCOME | $ | 142.2 | $ | 170.4 | $ | 311.3 | $ | 6.5 | $ | (488.2 | ) | $ | 142.2 | ||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||||||||||||||||||||||||
Change in fair value of interest rate swap transactions | 2.8 | 2.8 | — | — | (2.8 | ) | 2.8 | ||||||||||||||||||
Change in fair value of available for sale securities | 2 | 2 | 2 | — | (4.0 | ) | 2 | ||||||||||||||||||
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAX | 4.8 | 4.8 | 2 | — | (6.8 | ) | 4.8 | ||||||||||||||||||
TOTAL COMPREHENSIVE INCOME, NET OF TAX | 147 | 175.2 | 313.3 | 6.5 | (495.0 | ) | 147 | ||||||||||||||||||
Comprehensive loss attributable to noncontrolling interests | — | — | 0.1 | — | — | 0.1 | |||||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST | $ | 147 | $ | 175.2 | $ | 313.4 | $ | 6.5 | $ | (495.0 | ) | $ | 147.1 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME INFORMATION | |||||||||||||||||||||||||
YEAR ENDED DECEMBER 29, 2011 | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
REG Parent | RCC Parent | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||||||||||
Company | Company | Guarantors | Non- | Adjustments | |||||||||||||||||||||
Guarantors | |||||||||||||||||||||||||
NET INCOME | $ | 36.6 | $ | 64.5 | $ | 214 | $ | 4.5 | $ | (283.0 | ) | $ | 36.6 | ||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||||||||||||||||||||||||
Change in fair value of interest rate swap transactions | 8 | 8 | — | — | (8.0 | ) | 8 | ||||||||||||||||||
Change in fair value of available for sale securities | 3.5 | 3.5 | 3.5 | — | (7.0 | ) | 3.5 | ||||||||||||||||||
Other-than-temporary impairment of available for sale securities | (8.4 | ) | (8.4 | ) | (8.4 | ) | — | 16.8 | (8.4 | ) | |||||||||||||||
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 3.1 | 3.1 | (4.9 | ) | — | 1.8 | 3.1 | ||||||||||||||||||
TOTAL COMPREHENSIVE INCOME, NET OF TAX | 39.7 | 67.6 | 209.1 | 4.5 | (281.2 | ) | 39.7 | ||||||||||||||||||
Comprehensive loss attributable to noncontrolling interests | — | — | 0.2 | — | — | 0.2 | |||||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST | $ | 39.7 | $ | 67.6 | $ | 209.3 | $ | 4.5 | $ | (281.2 | ) | $ | 39.9 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION | |||||||||||||||||||||||||
YEAR ENDED DECEMBER 26, 2013 | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
REG Parent | RCC Parent | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||||||||||
Company | Company | Guarantors | Non- | Adjustments | |||||||||||||||||||||
Guarantors | |||||||||||||||||||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ | 70.9 | $ | — | $ | 240.3 | $ | 35.7 | $ | — | $ | 346.9 | |||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||||||||||
Capital expenditures | — | — | (102.9 | ) | (9.2 | ) | — | (112.1 | ) | ||||||||||||||||
Proceeds from disposition of assets | — | — | 7.2 | 0.1 | — | 7.3 | |||||||||||||||||||
Proceeds from sale of NCM, Inc. common stock | — | — | 40.9 | — | — | 40.9 | |||||||||||||||||||
Investment in non-consolidated entities and other | — | — | (6.3 | ) | — | — | (6.3 | ) | |||||||||||||||||
Cash used for acquisition, net of cash acquired | (194.4 | ) | — | — | — | — | (194.4 | ) | |||||||||||||||||
Proceeds from sale of available for sale securities | — | — | 5.9 | — | — | 5.9 | |||||||||||||||||||
NET CASH USED IN INVESTING ACTIVITIES | (194.4 | ) | — | (55.2 | ) | (9.1 | ) | — | (258.7 | ) | |||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||||||||
Cash used to pay dividends | (132.2 | ) | — | — | — | — | (132.2 | ) | |||||||||||||||||
Cash received (paid) to/from REG Parent Company | 15.8 | (15.8 | ) | — | — | — | — | ||||||||||||||||||
Cash received (paid) to/from subsidiary | — | 15.8 | (15.8 | ) | — | — | — | ||||||||||||||||||
Proceeds from issuance of Regal 53/4% Senior Notes Due 2025 | 250 | — | — | — | — | 250 | |||||||||||||||||||
Proceeds from issuance of Regal 53/4% Senior Notes Due 2023 | 250 | — | — | — | — | 250 | |||||||||||||||||||
Cash used to repurchase Regal 91/8% Senior Notes | (244.3 | ) | — | — | — | — | (244.3 | ) | |||||||||||||||||
Payments on long-term obligations | (2.0 | ) | — | (20.6 | ) | (1.1 | ) | — | (23.7 | ) | |||||||||||||||
Payment of debt acquisition costs | (10.7 | ) | — | (2.8 | ) | — | — | (13.5 | ) | ||||||||||||||||
Proceeds from stock option exercises and other | 1.3 | — | — | — | — | 1.3 | |||||||||||||||||||
Cash paid for tax withholdings | (4.4 | ) | — | — | — | — | (4.4 | ) | |||||||||||||||||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 123.5 | — | (39.2 | ) | (1.1 | ) | — | 83.2 | |||||||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | — | — | 145.9 | 25.5 | — | 171.4 | |||||||||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | — | — | 53.8 | 55.7 | — | 109.5 | |||||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | — | $ | — | $ | 199.7 | $ | 81.2 | $ | — | $ | 280.9 | |||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION | |||||||||||||||||||||||||
YEAR ENDED DECEMBER 27, 2012 | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
REG Parent | RCC Parent | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||||||||||
Company | Company | Guarantors | Non-Guarantors | Adjustments | |||||||||||||||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | (45.8 | ) | $ | — | $ | 384.6 | $ | 7.8 | $ | — | $ | 346.6 | ||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||||||||||
Capital expenditures | — | — | (81.6 | ) | (7.6 | ) | — | (89.2 | ) | ||||||||||||||||
Proceeds from disposition of assets | — | — | 5.8 | — | — | 5.8 | |||||||||||||||||||
Investment in non-consolidated entities and other | — | — | (10.3 | ) | — | — | (10.3 | ) | |||||||||||||||||
Cash used for acquisition | — | — | (89.7 | ) | — | — | (89.7 | ) | |||||||||||||||||
NET CASH USED IN INVESTING ACTIVITIES | — | — | (175.8 | ) | (7.6 | ) | — | (183.4 | ) | ||||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||||||||
Cash used to pay dividends | (287.3 | ) | — | — | — | — | (287.3 | ) | |||||||||||||||||
Cash received (paid) to/from REG Parent Company | 333.8 | (333.8 | ) | — | — | — | — | ||||||||||||||||||
Cash received (paid) to/from subsidiary | 333.8 | (333.8 | ) | — | — | — | |||||||||||||||||||
Payments on long-term obligations | (1.9 | ) | — | (18.7 | ) | — | — | (20.6 | ) | ||||||||||||||||
Cash paid for tax withholdings and other | (1.8 | ) | — | — | — | — | (1.8 | ) | |||||||||||||||||
Proceeds from stock option exercises and other | 3 | — | — | — | — | 3 | |||||||||||||||||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 45.8 | — | (352.5 | ) | — | — | (306.7 | ) | |||||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | — | — | (143.7 | ) | 0.2 | — | (143.5 | ) | |||||||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | — | — | 197.5 | 55.5 | — | 253 | |||||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ | — | $ | — | $ | 53.8 | $ | 55.7 | $ | — | $ | 109.5 | |||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION | |||||||||||||||||||||||||
YEAR ENDED DECEMBER 29, 2011 | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
REG Parent | RCC Parent | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||||||||||
Company | Company | Guarantors | Non-Guarantors | Adjustments | |||||||||||||||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | 27.4 | $ | — | $ | 320.1 | $ | 5.6 | $ | — | $ | 353.1 | |||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||||||||||
Capital expenditures | — | — | (82.5 | ) | (4.7 | ) | — | (87.2 | ) | ||||||||||||||||
Proceeds from disposition of assets | — | — | 18.7 | 1.8 | — | 20.5 | |||||||||||||||||||
Investment in non-consolidated entities and other | — | — | (34.4 | ) | — | — | (34.4 | ) | |||||||||||||||||
NET CASH USED IN INVESTING ACTIVITIES | — | — | (98.2 | ) | (2.9 | ) | — | (101.1 | ) | ||||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||||||||
Cash used to pay dividends | (129.8 | ) | — | — | — | — | (129.8 | ) | |||||||||||||||||
Cash received (paid) to/from REG Parent Company | (77.5 | ) | 77.5 | — | — | — | — | ||||||||||||||||||
Cash received (paid) to/from subsidiary | — | (77.5 | ) | 77.5 | — | — | — | ||||||||||||||||||
Proceeds from issuance of Regal Entertainment Group 91/8% Senior Notes | 261.3 | — | — | — | — | 261.3 | |||||||||||||||||||
Cash used to redeem 61/4% Convertible Senior Notes | (74.7 | ) | — | — | — | — | (74.7 | ) | |||||||||||||||||
Payments on long-term obligations | (1.6 | ) | — | (1,258.6 | ) | — | — | (1,260.2 | ) | ||||||||||||||||
Proceeds from Amended Senior Credit Facility | — | — | 1,006.00 | — | — | 1,006.00 | |||||||||||||||||||
Cash paid for tax withholdings and other | (1.3 | ) | — | — | — | — | (1.3 | ) | |||||||||||||||||
Payment of debt acquisition costs and other | (3.8 | ) | — | (1.8 | ) | — | — | (5.6 | ) | ||||||||||||||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (27.4 | ) | — | (176.9 | ) | — | — | (204.3 | ) | ||||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | — | — | 45 | 2.7 | — | 47.7 | |||||||||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | — | — | 152.5 | 52.8 | — | 205.3 | |||||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ | — | $ | — | $ | 197.5 | $ | 55.5 | $ | — | $ | 253 | |||||||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | |||
Dec. 26, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Principles of Consolidation | ' | |||
Principles of Consolidation | ||||
The consolidated financial statements include the accounts of Regal and its subsidiaries. Majority-owned subsidiaries that the Company controls 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 subsidiaries and affiliates are included in the consolidated financial statements effective with their formation or from their dates of acquisition. All significant intercompany accounts and transactions have been eliminated in consolidation. | ||||
Revenue Recognition | ' | |||
Revenue Recognition | ||||
Revenues are generated principally through admissions and concessions sales with proceeds received in cash or via credit card at the point of sale. Other operating revenues consist primarily of product advertising (including vendor marketing programs) and other ancillary revenues that are recognized as income in the period earned. The Company generally recognizes payments received attributable to the marketing and advertising services provided by the Company under certain vendor programs as revenue in the periods in which the advertising is displayed or when the related impressions are delivered. Such impressions are measured by the concession product sales volume, which is a mutually agreed upon proxy of attendance and reflects the Company's marketing and advertising services delivered to its vendors. In instances where the consideration received is in excess of fair value of the advertising services provided, the excess is recorded as a reduction of concession costs. The Company maintains a deferred revenue balance pertaining to cash received from the sale of discount tickets and gift cards that have not been redeemed. The Company recognizes revenue associated with discount tickets and gift cards when redeemed, or when the likelihood of redemption becomes remote. The determination of the likelihood of redemption is based on an analysis of historical redemption trends | ||||
Cash Equivalents | ' | |||
Cash Equivalents | ||||
The Company considers all unrestricted highly liquid debt instruments and investments purchased with an original maturity of 3 months or less to be cash equivalents. At December 26, 2013, the Company held substantially all of its cash in temporary cash investments in the form of certificates of deposit and variable rate investment accounts with major financial institutions. | ||||
Inventories | ' | |||
Inventories | ||||
Inventories consist of concession products and theatre supplies. The Company states inventories on the basis of first-in, first-out (FIFO) cost, which is not in excess of net realizable value. | ||||
Property and Equipment | ' | |||
Property and Equipment | ||||
The Company states property and equipment at cost. Major renewals and improvements are capitalized, while maintenance and repairs that do not improve or extend the lives of the respective assets are expensed currently. Gains and losses from disposition of property and equipment are included in income and expense when realized. | ||||
The Company capitalizes the cost of computer equipment, system hardware and purchased software ready for service. During the years ended December 26, 2013 and December 27, 2012, the Company capitalized approximately $22.4 million and $16.4 million, respectively, of such costs, which were associated primarily with (i) new point-of-sale devices at the Company's box offices and concession stands, (ii) new ticketing kiosks, and (iii) computer hardware and software purchased for the Company's theatre locations and corporate office. The Company also capitalizes certain direct external costs associated with software developed for internal use after the preliminary software project stage is completed and Company management has authorized further funding for a software project and it is deemed probable of completion. The Company capitalizes these external software development costs only until the point at which the project is substantially complete and the software is ready for its intended purpose. | ||||
The Company records depreciation and amortization using the straight-line method over the following estimated useful lives: | ||||
Buildings | 20 - 30 years | |||
Equipment | 3 - 20 years | |||
Leasehold improvements | Lesser of term of lease or asset life | |||
Computer equipment and software | 3 - 5 years | |||
As of December 26, 2013 and December 27, 2012, included in property and equipment is $171.0 million and $104.1 million of assets accounted for under capital leases and lease financing arrangements, before accumulated depreciation of $73.7 million and $63.1 million, respectively. The Company records amortization using the straight-line method over the shorter of the lease terms or the estimated useful lives noted above. | ||||
Impairment of Long-Lived Assets | ' | |||
Impairment of Long-Lived Assets | ||||
The Company reviews long-lived assets (including intangible assets, marketable equity securities and investments in non-consolidated entities as described further below) for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable. The Company generally evaluates assets for impairment on an individual theatre basis, which management believes is the lowest level for which there are identifiable cash flows. If the sum of the expected future cash flows, undiscounted and without interest charges, is less than the carrying amount of the assets, the Company recognizes an impairment charge in the amount by which the carrying value of the assets exceeds their fair market value. | ||||
The Company considers historical theatre level cash flows, estimated future theatre level cash flows, theatre property and equipment carrying values, intangible asset carrying values, the age of the theatre, competitive theatres in the marketplace, the impact of recent ticket price changes, strategic initiatives, available lease renewal options and other factors considered relevant in its assessment of whether or not a triggering event has occurred that indicates impairment of individual theatre assets may be necessary. For theatres where a triggering event is identified, impairment is measured based on the estimated cash flows from continuing use until the expected disposal date or the fair value of furniture, fixtures and equipment. The expected disposal date does not exceed the remaining lease period unless it is probable the lease period will be extended and may be less than the remaining lease period when the Company does not expect to operate the theatre to the end of its lease term. The fair value of assets is determined using the present value of the estimated future cash flows or the expected selling price less selling costs for assets of which the Company expects to dispose. Significant judgment is involved in determining whether a triggering event has occurred, estimating future cash flows and determining fair value. Management's estimates (Level 3 inputs as described in FASB Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurements and Disclosures) are based on historical and projected operating performance, recent market transactions, and current industry trading multiples. | ||||
Triggering events identified resulted in the recording of impairment charges of $9.5 million, $11.1 million and $17.9 million for the years ended December 26, 2013, December 27, 2012 and December 29, 2011, respectively. 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. | ||||
Leases | ' | |||
Leases | ||||
The majority of the Company's operations are conducted in premises occupied under non-cancelable lease agreements with initial base terms generally ranging from 15 to 20 years. The Company, at its option, can renew a substantial portion of the leases at defined or then fair rental rates for various periods. Certain leases for Company theatres provide for contingent rentals based on the revenue results of the underlying theatre and require the payment of taxes, insurance, and other costs applicable to the property. Also, certain leases contain escalating minimum rental provisions. There are no conditions imposed upon us by our lease agreements or by parties other than the lessor that legally obligate the Company to incur costs to retire assets as a result of a decision to vacate our leased properties. None of our lease agreements require us to return the leased property to the lessor in its original condition (allowing for normal wear and tear) or to remove leasehold improvements at our cost. | ||||
The Company accounts for leased properties under the provisions of ASC Topic 840, Leases and other authoritative accounting literature. ASC Subtopic 840-10, Leases—Overview requires that the Company evaluate each lease for classification as either a capital lease or an operating lease. The Company performs this evaluation at the inception of the lease and when a modification is made to a lease. As to those arrangements that are classified as capital leases, the Company records property under capital leases and a capital lease obligation in an amount equal to the lesser of the present value of the minimum lease payments to be made over the life of the lease at the beginning of the lease term, or the fair value of the leased property. The property under capital lease is amortized on a straight-line basis as a charge to expense over the lease term, as defined, or the economic life of the leased property, whichever is less. During the lease term, as defined, each minimum lease payment is allocated between a reduction of the lease obligation and interest expense so as to produce a constant periodic rate of interest on the remaining balance of the lease obligation. The Company does not believe that exercise of the renewal options in its leases are reasonably assured at the inception of the lease agreements because such leases: (i) provide for either (a) renewal rents based on market rates or (b) renewal rents that equal or exceed the initial rents, and (ii) do not impose economic penalties upon the determination whether or not to exercise the renewal option. As a result, there are not sufficient economic incentives at the inception of the leases to consider the lease renewal options to be reasonably assured of being exercised and therefore, the initial base term is generally considered as the lease term under ASC Subtopic 840-10. | ||||
The Company records rent expense for its operating leases with contractual rent increases in accordance with ASC Subtopic 840-20, Leases—Operating Leases, on a straight-line basis from the "lease commencement date" as specified in the lease agreement until the end of the base lease term. | ||||
For leases in which the Company is involved with construction of the theatre, the Company accounts for the lease during the construction period under the provisions of ASC Subtopic 840-40, Leases—Sale-Leaseback Transactions. The landlord is typically responsible for constructing a theatre using guidelines and specifications agreed to by the Company and assumes substantially all of the risk of construction. In accordance with ASC Subtopic 840-40, 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. Once construction is completed, the Company considers the requirements under ASC Subtopic 840-40, for sale-leaseback treatment, and if the arrangement does not meet such requirements, it records the project's construction costs funded by the landlord as a financing obligation. The obligation is amortized over the financing term based on the payments designated in the contract. | ||||
In accordance with ASC Subtopic 840-20, we expense rental costs incurred during construction periods for operating leases as such costs are incurred. For rental costs incurred during construction periods for both operating and capital leases, the "lease commencement date" is the date at which we gain access to the leased asset. Historically, and for the years ended December 26, 2013, December 27, 2012 and December 29, 2011, these rental costs have not been significant to our consolidated financial statements. | ||||
Sale and Leaseback Transactions | ' | |||
Sale and Leaseback Transactions | ||||
The Company accounts for the sale and leaseback of real estate assets in accordance with ASC Subtopic 840-40. Losses on sale leaseback transactions are recognized at the time of sale if the fair value of the property sold is less than the undepreciated cost of the property. Gains on sale and leaseback transactions are deferred and amortized over the remaining lease term. | ||||
Goodwill | ' | |||
Goodwill | ||||
The carrying amount of goodwill at December 26, 2013 and December 27, 2012 was approximately $320.4 million and $274.0 million, respectively. The $46.4 million increase in goodwill during the year ended December 26, 2013 is attributable to the Company's acquisition of Hollywood Theaters during fiscal 2013, which is more fully described in Note 3—"Acquisitions." The Company evaluates goodwill for impairment annually or more frequently as specific events or circumstances dictate. Under ASC Subtopic 350-20, Intangibles—Goodwill and Other—Goodwill, the Company has identified its reporting units to be the designated market areas in which the Company conducts its theatre operations. Goodwill impairment is evaluated using a two-step approach requiring the Company to compute the fair value of a reporting unit and compare it with its carrying value. If the carrying value of the reporting unit exceeds its estimated fair value, a second step is performed to measure the potential goodwill impairment. The Company determines fair value by using an enterprise valuation methodology determined by applying multiples to cash flow estimates less net indebtedness, which the Company believes is an appropriate method to determine fair value. There is considerable management judgment with respect to cash flow estimates and appropriate multiples and discount rates to be used in determining fair value and such management estimates fall under Level 3 within the fair value measurement hierarchy. | ||||
As part of the Company’s ongoing operations, we may close certain theatres within a reporting unit containing goodwill due to underperformance of the theatre or inability to renew our lease, among other reasons. Additionally, we generally abandon certain assets associated with a closed theatre, primarily leasehold improvements. Under ASC Topic 350, Intangibles—Goodwill and Other, when a portion of a reporting unit that constitutes a business is disposed of, goodwill associated with that business shall be included in the carrying amount of the business in determining the gain or loss on disposal. We evaluate whether the portion of a reporting unit being disposed of constitutes a business on the date of closure. Generally, on the date of closure, the closed theatre does not constitute a business because the Company retains assets and processes on that date essential to the operation of the theatre. These assets and processes are significant missing elements impeding the operation of a business. Accordingly, when closing individual theatres, we generally do not include goodwill in the calculation of any gain or loss on disposal of the related assets. | ||||
The Company's annual goodwill impairment assessments for the years ended December 26, 2013 and December 27, 2012 indicated that the fair value of each of its reporting units exceeded their carrying value and therefore, goodwill was not deemed to be impaired. | ||||
Intangible Assets | ' | |||
Intangible Assets | ||||
As of December 26, 2013 and December 27, 2012, intangible assets totaled $67.1 million and $32.5 million, respectively, before accumulated amortization of $9.4 million and $4.7 million, respectively. Intangible assets are recorded at fair value and are amortized on a straight-line basis over the estimated remaining useful lives of the assets. In connection with the acquisition of Consolidated Theatres in fiscal 2008, the Company acquired identifiable intangible assets totaling $9.9 million, related to favorable leases with a weighted average amortization period of 13.1 years. During fiscal 2010, the Company acquired identifiable intangible assets totaling $14.4 million, related to favorable leases with a weighted average amortization period of 35 years, in connection with its acquisition of eight theatres acquired from AMC. During fiscal 2012, the Company acquired identifiable intangible assets totaling $8.1 million, related to favorable leases with a weighted average amortization period of 22 years, in connection with its acquisition of Great Escape Theatres (as described further under Note 3—"Acquisitions"). Finally, the Company acquired identifiable intangible assets totaling $34.4 million, related to favorable leases with a weighted average amortization period of 18 years, in connection with its acquisition of Hollywood Theaters during fiscal 2013 (see Note 3—"Acquisitions"). During the years ended December 26, 2013, December 27, 2012 and December 29, 2011, the Company recognized $3.3 million, $1.1 million and $1.4 million of amortization, respectively, related to these intangible assets. | ||||
Estimated amortization expense for the next five fiscal years for such intangible assets as of December 26, 2013 is projected below (in millions): | ||||
2014 | $ | 3.9 | ||
2015 | 3.9 | |||
2016 | 3.9 | |||
2017 | 3.8 | |||
2018 | 3.6 | |||
Debt Acquisition Costs | ' | |||
Debt Acquisition Costs | ||||
Other non-current assets include debt acquisition costs, which are deferred and amortized over the terms of the related agreements using a method that approximates the effective interest method. Debt acquisition costs as of December 26, 2013 and December 27, 2012 were approximately $45.3 million and $36.0 million, before accumulated amortization of $19.2 million and $16.0 million, respectively. | ||||
Investments | ' | |||
Investments | ||||
The Company accounts for its investments in non-consolidated subsidiaries using the equity method of accounting and has recorded the investments within "Other Non-Current Assets" in its consolidated balance sheets. The Company records equity in earnings and losses of these entities in its consolidated statements of income. As of December 26, 2013, the Company holds a 20.0% interest in National CineMedia, LLC ("National CineMedia"), a 46.7% interest in Digital Cinema Implementation Partners, LLC, a 50% interest in Open Road Films and a 32% interest in AC JV, LLC (each as described further under Note 4—"Investments"). In addition, the Company holds an investment in available-for-sale equity securities of RealD, Inc., an entity specializing in the licensing of 3D technologies. See Note 13—"Fair Value of Financial Instruments" for a discussion of fair value estimation methods and assumptions with respect to the Company's investment in RealD, Inc. The carrying value of the Company's investment in these entities as of December 26, 2013 was approximately $266.7 million. | ||||
The Company reviews investments in non-consolidated subsidiaries accounted for under the equity method for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be fully recoverable. The Company reviews unaudited financial statements on a quarterly basis and audited financial statements on an annual basis for indicators of triggering events or circumstances that indicate the potential impairment of these investments as well as current equity prices for its investment in National CineMedia and RealD, Inc. and discounted projections of cash flows for certain of its other investees. Additionally, the Company has periodic discussions with the management of significant investees to assist in the identification of any factors that might indicate the potential for impairment. In order to determine whether the carrying value of investments may have experienced an other-than-temporary decline in value necessitating the write-down of the recorded investment, the Company considers various factors, including the period of time during which the fair value of the investment remains substantially below the recorded amounts, the investees financial condition and quality of assets, the length of time the investee has been operating, the severity and nature of losses sustained in current and prior years, a reduction or cessation in the investees dividend payments, suspension of trading in the security, qualifications in accountant's reports due to liquidity or going concern issues, investee announcement of adverse changes, downgrading of investee debt, regulatory actions, changes in reserves for product liability, loss of a principal customer, negative operating cash flows or working capital deficiencies and the recording of an impairment charge by the investee for goodwill, intangible or long-lived assets. Once a determination is made that an other-than-temporary impairment exists, the Company writes down its investment to fair value. | ||||
During the year ended December 29, 2011, the Company considered various factors pertaining to its investment in RealD, Inc. as part of its ongoing impairment review and determined that an other-than-temporary impairment existed as of December 29, 2011. Such determination was based primarily on the length (approximately 6 months) of time during which the fair value of the RealD, Inc. investment remained substantially below the recorded investment cost basis of approximately $19.40 per share, the severity of the decline during such period and the prospects of recovery of the investment to its original cost basis. As a result, the Company recorded a $13.9 million other-than-temporary impairment charge to write-down its cost basis in RealD, Inc. to fair value as of December 29, 2011. | ||||
Other than as described above, there was no impairment of the Company's investments during the years ended December 26, 2013, December 27, 2012 and December 29, 2011. | ||||
The Company follows the guidance in ASC 323-10-35-29 (formerly EITF 2-18, Accounting for Subsequent Investments in an Investee after Suspension of Equity Loss Recognition) by analogy, which also refers to AICPA Technical Practice Aid 2220.14, which indicates that if a subsequent investment is made in an equity method investee that has experienced significant losses, the investor must determine if the subsequent investment constitutes funding of prior losses. The Company concluded that the construction or acquisition of new theatres that has led to the common unit adjustments included in its Additional Investments Tranche equates to making additional investments in National CineMedia. The Company evaluated the receipt of the additional common units in National CineMedia and the assets exchanged for these additional units and has determined that the right to use its incremental new screens would not be considered funding of prior losses. As such, the Additional Investments Tranche is accounted for separately from the Company's Initial Investment Tranche following the equity method with undistributed equity earnings included as a component of "Earnings recognized from NCM" in the accompanying consolidated financial statements. | ||||
Income Taxes | ' | |||
Income Taxes | ||||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company records a valuation allowance if it is deemed more likely than not that its deferred income tax assets will not be realized. The Company expects that certain deferred income tax assets are not more likely than not to be recovered and therefore has established a valuation allowance. The Company reassesses its need for the valuation allowance for its deferred income taxes on an ongoing basis. | ||||
Additionally, income tax rules and regulations are subject to interpretation, require judgment by the Company and may be challenged by the taxation authorities. As described further in Note 7—"Income Taxes," the Company applies the provisions of ASC Subtopic 740-10, Income Taxes—Overview. In accordance with ASC Subtopic 740-10, the Company recognizes a tax benefit only for tax positions that are determined to be more likely than not sustainable based on the technical merits of the tax position. With respect to such tax positions for which recognition of a benefit is appropriate, the benefit is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Tax positions are evaluated on an ongoing basis as part of the Company's process for determining the provision for income taxes. | ||||
Interest Rate Swaps | ' | |||
Interest Rate Swaps | ||||
Regal Cinemas has entered into hedging relationships via interest rate swap agreements to hedge against interest rate exposure of its variable rate debt obligations. Our interest rate swaps settle any accrued interest for cash on the last day of each calendar month or calendar quarter, as applicable, until expiration. At such dates, the differences to be paid or received on the interest rate swaps will be included in interest expense. The interest rate swaps qualify for cash flow hedge accounting treatment and as such, the change in the fair values of the interest rate swaps is recorded on the Company's consolidated balance sheet as an asset or liability with the effective portion of the interest rate swaps' gains or losses reported as a component of other comprehensive income and the ineffective portion reported in earnings. As interest expense is accrued on the debt obligation, amounts in accumulated other comprehensive income/loss related to the interest rate swaps will be reclassified into earnings to obtain a net cost on the debt obligation equal to the effective yield of the fixed rate of each swap. In the event that an interest rate swap is terminated prior to maturity, gains or losses accumulated in other comprehensive income or loss remain deferred and are reclassified into earnings in the periods during which the hedged forecasted transaction affects earnings. The fair value of the Company's interest rate swaps is based on Level 2 inputs as described in ASC Topic 820, Fair Value Measurements and Disclosures, which include observable inputs such as dealer quoted prices for similar assets or liabilities, and represents the estimated amount Regal Cinemas would receive or pay to terminate the agreements taking into consideration various factors, including current interest rates, credit risk and counterparty credit risk. The counterparties to the Company's interest rate swaps are major financial institutions. The Company evaluates the bond ratings of the financial institutions and believes that credit risk is at an acceptably low level. | ||||
Deferred Revenue | ' | |||
Deferred Revenue | ||||
Deferred revenue relates primarily to the amount we received for agreeing to the existing National CineMedia exhibitor services agreement ("ESA") modification and amounts recorded in connection with the receipt of newly issued common units of National CineMedia pursuant to the provisions of the Common Unit Adjustment Agreement described in Note 4—"Investments," cash received from the sale of discount tickets and gift cards, amounts received in connection with vendor marketing programs, and the amount we received related to the sale of our equity interest in Fandango. Deferred revenue related to gift cards and discount ticket sales and vendor marketing programs are recognized as revenue as described above in this Note 2 under "Revenue Recognition." The amount we received for agreeing to the ESA modification will be amortized to advertising revenue over the 30 year term of the agreement following the units of revenue method. In addition, as described in Note 4—"Investments," amounts recorded as deferred revenue in connection with the receipt of newly issued common units of National CineMedia pursuant to the provisions of the Common Unit Adjustment Agreement will be amortized to advertising revenue over the remaining term of the ESA following the units of revenue method. As of December 26, 2013 and December 27, 2012, approximately $432.2 million and $344.3 million of deferred revenue, respectively, related to the ESA was recorded as a component of deferred revenue and non-current deferred revenue in the accompanying consolidated balance sheets. | ||||
Immaterial Correction of an Error in Prior Periods | ||||
The Company maintains a deferred revenue balance pertaining to cash received from the sale of discount tickets and gift cards that have not been redeemed. The Company recognizes revenue associated with discount tickets and gift cards when redeemed, or when the likelihood of redemption becomes remote. The determination of the likelihood of redemption is based on an analysis of historical redemption trends. | ||||
Deferred Rent | ' | |||
Deferred Rent | ||||
The Company recognizes rent on a straight-line basis after considering the effect of rent escalation provisions resulting in a level monthly rent expense for each lease over its term. The deferred rent liability is included in other non-current liabilities in the accompanying consolidated balance sheets. | ||||
Film Costs | ' | |||
Film Costs | ||||
The Company estimates its film cost expense and related film cost payable based on management's best estimate of the ultimate settlement of the film costs with the distributors. Generally, less than one-third of our quarterly film expense is estimated at period-end. The length of time until these costs are known with certainty depends on the ultimate duration of the film's theatrical run, but is typically "settled" within 2 to 3 months of a particular film's opening release. Upon settlement with our film distributors, film cost expense and the related film cost payable are adjusted to the final film settlement. | ||||
Loyalty Program | ' | |||
Loyalty Program | ||||
Members of the Regal Crown Club® earn credits for each dollar spent at the Company's theatres and earn concession or ticket awards based on the number of credits accumulated. Because the Company believes that the value of the awards granted to Regal Crown Club® members is insignificant in relation to the value of the transactions necessary to earn the award, the Company records the estimated incremental cost of providing awards under the Regal Crown Club® loyalty program at the time the awards are earned. Historically, and for the years ended December 26, 2013, December 27, 2012 and December 29, 2011, the costs of these awards have not been significant to the Company's consolidated financial statements. | ||||
Advertising and Start-Up Costs | ' | |||
Advertising and Start-Up Costs | ||||
The Company expenses advertising costs as incurred. Start-up costs associated with a new theatre are also expensed as incurred. | ||||
Stock-Based Compensation | ' | |||
Stock-Based Compensation | ||||
As described in Note 9—"Capital Stock And Share-Based Compensation," we apply the provisions of ASC Subtopic 718-10, Compensation—Stock Compensation—Overall. Under ASC Subtopic 718-10, share-based compensation cost is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense over the employee's requisite service period. | ||||
ASC Subtopic 718-10, the Company elected to adopt the alternative transition method for calculating the tax effects of share-based compensation. The alternative transition method includes a simplified method to establish the beginning balance of the additional paid-in capital pool related to the tax effects of employee share-based compensation, which is available to absorb tax deficiencies that could be recognized subsequent to the adoption of ASC Subtopic 718-10. | ||||
Estimates | ' | |||
Estimates | ||||
The preparation of financial statements in conformity with U.S generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include, but are not limited to, those related to film costs, property and equipment, goodwill, income taxes and purchase accounting. Actual results could differ from those estimates. | ||||
Segments | ' | |||
Segments | ||||
As of December 26, 2013, December 27, 2012 and December 29, 2011, the Company managed its business under one reportable segment: theatre exhibition operations. | ||||
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 recorded. The results of the acquired businesses are included in the Company's results from operations beginning from the day of acquisition. | ||||
Comprehensive Income | ' | |||
Comprehensive Income | ||||
Total comprehensive income for the years ended December 26, 2013, December 27, 2012 and December 29, 2011 was $159.5 million, $147.0 million and $39.7 million, respectively. Total comprehensive income consists of net income and other comprehensive income, net of tax, related to the change in the aggregate unrealized gain/loss on the Company's interest rate swap arrangement, the change in fair value of available for sale equity securities (including other-than-temporary impairments), the reclassification adjustment for gain on sale of available for sale securities recognized in net income and the change in fair value of equity method investee interest rate swap transactions during each of the years ended December 26, 2013, December 27, 2012 and December 29, 2011. The Company's interest rate swap arrangements and available for sale equity securities are further described in Note 5—"Debt Obligations" and Note 13—"Fair Value of Financial Instruments." | ||||
Recent Accounting Pronouncements | ' | |||
Recent Accounting Pronouncements | ||||
In May 2011, the FASB issued ASU 2011-04, Fair Value Measurements (Topic 820)—Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. This Update clarifies the wording and disclosures required in ASC Topic 820, Fair Value Measurement, to converge with those used in International Financial Reporting Standards. The update explains how to measure and disclose fair value under ASC 820. However, the FASB does not expect the changes in this update to alter the current application of the requirements in ASC 820. ASU 2011-04 is effective for interim and annual periods beginning after December 15, 2011. ASU 2011-04 became effective for the Company as of the beginning of fiscal 2012. | ||||
In June 2011, the FASB issued new guidance under ASU 2011-5, Presentation of Comprehensive Income, which amends the presentation of comprehensive income and allows an entity the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. Under ASU 2011-5, the Company is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. The guidance eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders’ equity. ASU 2011-5 became effective for the Company as of the beginning of fiscal 2012 and has been applied retrospectively herein. | ||||
In September 2011, the FASB issued ASU No. 2011-8, Intangibles—Goodwill and Other (Topic 350)—Testing Goodwill for Impairment, to allow entities to use a qualitative approach to test goodwill for impairment. ASU 2011-8 permits an entity to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If it is concluded that this is the case, it is necessary to perform the currently prescribed two-step goodwill impairment test. Otherwise, the two-step goodwill impairment test is not required. ASU 2011-8 became effective for the Company as of the beginning of fiscal 2012. | ||||
In December 2011, the FASB issued ASU 2011-12, Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in ASU 2011-05. ASU 2011-12 defers the specific requirement within ASU 2011-05 to present on the face of the financial statements items that are reclassified from accumulated other comprehensive income to net income separately with their respective components of net income and other comprehensive income. This guidance is effective for interim and annual periods beginning after December 15, 2011, and is to be applied retrospectively. ASU 2011-12 became effective for the Company as of the beginning of fiscal 2012 and has been applied retrospectively. | ||||
In February 2013, the FASB issued ASU 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. Under ASU 2013-02, an entity is required to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional detail about those amounts. ASU 2013-02 became effective for the Company as of the beginning of fiscal 2013 and has been applied retrospectively. | ||||
In July 2013, the FASB issued ASU 2013-10, Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes. The amendments in ASU 2013-10 permit an entity to designate Fed Funds Effective Swap Rate, also referred to as the overnight index swap rate, as a benchmark interest rate for hedge accounting purposes. In addition, the amendment removes the restriction on using different benchmark interest rates for similar hedges. The amendment is applicable to all entities that elect to apply hedge accounting of the benchmark interest rate under ASC Topic 815, Derivatives and Hedging. The amendment is effective immediately. This amendment did not have an impact to our consolidated financial statements. | ||||
In July 2013, the FASB issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The amendments in ASU 2013-11 require an entity to present an unrecognized tax benefit in the financial statements as a reduction to a deferred tax asset for a net operating loss ("NOL") carryforward, a similar tax loss, or a tax credit carryforward except when: (1) a NOL carryforward, a similar tax loss, or a tax credit carryforward is not available as of the reporting date under the governing tax law to settle taxes that would result from the disallowance of the tax position; or (2) the entity does not intend to use the deferred tax asset for this purpose (provided that the tax law permits a choice). If either of these conditions exists, an entity should present an unrecognized tax benefit in the financial statements as a liability and should not net the unrecognized tax benefit with a deferred tax asset. The amendment does not affect the recognition or measurement of uncertain tax positions under ASC Topic 740, Income Taxes. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. We do not expect this ASU to have a material impact to our consolidated financial statements. | ||||
Fair Value of Financial Instruments | ' | |||
The methods and assumptions used to estimate the fair value of each class of financial instrument are as follows: | ||||
Cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities: | ||||
The carrying amounts approximate fair value because of the short maturity of these instruments. | ||||
Long-Lived Assets, Intangible Assets and Other Investments | ||||
As further described in Note 2—"Summary of Significant Accounting Policies," the Company regularly reviews long-lived assets (primarily property and equipment), intangible assets and investments in non-consolidated entities, for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable. When the estimated fair value is determined to be lower than the carrying value of the asset, an impairment charge is recorded to write the asset down to its estimated fair value. | ||||
The Company’s analysis relative to long-lived assets resulted in the recording of impairment charges of $9.5 million, $11.1 million and $17.9 million for the years ended December 26, 2013, December 27, 2012 and December 29, 2011, respectively. The long-lived asset impairment charges recorded were 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 theatres. | ||||
During the year ended December 26, 2013, the Company recorded an impairment charge of approximately $1.5 million pertaining to certain favorable leases associated with the acquisition of Consolidated Theatres. The Company did not record an impairment of any intangible assets during the years ended December 27, 2012 and December 29, 2011. | ||||
During the year ended December 29, 2011, the Company considered various factors pertaining to its investment in RealD, Inc. as part of its ongoing impairment review and determined that an other-than-temporary impairment existed as of December 29, 2011. Such determination was based primarily on the length (approximately 6 months) of time during which the fair value of the RealD, Inc. investment remained substantially below the recorded investment cost basis of approximately $19.40 per share, the severity of the decline during such period and the prospects of recovery of the investment to its original cost basis. As a result, the Company recorded a $13.9 million other-than-temporary impairment charge to write-down its cost basis in RealD, Inc. to fair value as of December 29, 2011. The Company did not record an impairment of any investments in non-consolidated subsidiaries accounted for under the equity method during the years ended December 26, 2013, December 27, 2012 or December 29, 2011. | ||||
Long term obligations, excluding capital lease obligations, lease financing arrangements and other: | ||||
The fair value of the Amended Senior Credit Facility described in Note 5—"Debt Obligations," which consists of the Term Facility and the Revolving Facility, is estimated based on quoted prices (Level 2 inputs as described in ASC Topic 820) as of December 26, 2013 and December 27, 2012. The associated interest rates are based on floating rates identified by reference to market rates and are assumed to approximate fair value. The fair values of the 91/8% Senior Notes, the 85/8% Senior Notes, the 53/4% Senior Notes Due 2025 and the 53/4% Senior Notes Due 2023 are estimated based on quoted prices (Level 1 inputs as described in ASC Topic 820) for these issuances as of December 26, 2013 and, for the 91/8% Senior Notes and the 85/8% Senior Notes, December 27, 2012. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | |||||||||||
Dec. 26, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Schedule of estimated useful lives of long-lived assets | ' | |||||||||||
The Company records depreciation and amortization using the straight-line method over the following estimated useful lives: | ||||||||||||
Buildings | 20 - 30 years | |||||||||||
Equipment | 3 - 20 years | |||||||||||
Leasehold improvements | Lesser of term of lease or asset life | |||||||||||
Computer equipment and software | 3 - 5 years | |||||||||||
Schedule of estimated amortization expense for intangible assets | ' | |||||||||||
Estimated amortization expense for the next five fiscal years for such intangible assets as of December 26, 2013 is projected below (in millions): | ||||||||||||
2014 | $ | 3.9 | ||||||||||
2015 | 3.9 | |||||||||||
2016 | 3.9 | |||||||||||
2017 | 3.8 | |||||||||||
2018 | 3.6 | |||||||||||
Schedule of effects of the immaterial error correction on the consolidated balance sheet and consolidated income statement | ' | |||||||||||
The following table presents the effects of the immaterial error correction on the consolidated balance sheet for the period indicated (in millions): | ||||||||||||
As of December 27, 2012 | ||||||||||||
As previously reported | Adjustments | As Adjusted | ||||||||||
Income tax receivable | $ | 1.6 | $ | 6.4 | $ | 8 | ||||||
TOTAL CURRENT ASSETS | 257.8 | 6.4 | 264.2 | |||||||||
GOODWILL | 267.8 | 6.2 | 274 | |||||||||
TOTAL ASSETS | 2,209.50 | 12.6 | 2,222.10 | |||||||||
Deferred revenue | 102.2 | 64.4 | 166.6 | |||||||||
TOTAL CURRENT LIABILITIES | 387.5 | 64.4 | 451.9 | |||||||||
NON-CURRENT DEFERRED REVENUE | 341.4 | — | 341.4 | |||||||||
TOTAL LIABILITIES | 2,908.10 | 64.4 | 2,972.50 | |||||||||
Additional paid-in capital (deficit) | (694.0 | ) | (51.5 | ) | (745.5 | ) | ||||||
Retained earnings | 1.4 | (0.3 | ) | 1.1 | ||||||||
TOTAL STOCKHOLDERS' DEFICIT OF REGAL ENTERTAINMENT GROUP | (696.8 | ) | (51.8 | ) | (748.6 | ) | ||||||
TOTAL DEFICIT | (698.6 | ) | (51.8 | ) | (750.4 | ) | ||||||
TOTAL LIABILITIES AND DEFICIT | 2,209.50 | 12.6 | 2,222.10 | |||||||||
The following tables present the effects of the immaterial error correction on the consolidated statements of income for the periods indicated (in millions, except per share amounts): | ||||||||||||
Year Ended December 27, 2012 | ||||||||||||
As previously reported | Adjustments | As Adjusted | ||||||||||
Other operating revenues | $ | 150.7 | $ | (4.2 | ) | $ | 146.5 | |||||
TOTAL REVENUES | 2,824.20 | (4.2 | ) | 2,820 | ||||||||
INCOME FROM OPERATIONS | 334.2 | (4.2 | ) | 330 | ||||||||
INCOME BEFORE INCOME TAXES | 235.9 | (4.2 | ) | 231.7 | ||||||||
PROVISION FOR INCOME TAXES | 91.2 | (1.7 | ) | 89.5 | ||||||||
NET INCOME | 144.7 | (2.5 | ) | 142.2 | ||||||||
NET INCOME ATTRIBUTABLE TO CONTROLLING INTEREST | $ | 144.8 | $ | (2.5 | ) | $ | 142.3 | |||||
EARNINGS PER SHARE OF CLASS A AND CLASS B COMMON STOCK: | ||||||||||||
Basic | $ | 0.94 | $ | (0.02 | ) | $ | 0.92 | |||||
Diluted | $ | 0.93 | $ | (0.01 | ) | $ | 0.92 | |||||
Year Ended December 29, 2011 | ||||||||||||
As previously reported | Adjustments | As Adjusted | ||||||||||
Other operating revenues | $ | 131.1 | $ | (5.8 | ) | $ | 125.3 | |||||
TOTAL REVENUES | 2,681.70 | (5.8 | ) | 2,675.90 | ||||||||
INCOME FROM OPERATIONS | 221.3 | (5.8 | ) | 215.5 | ||||||||
INCOME BEFORE INCOME TAXES | 57.8 | (5.8 | ) | 52 | ||||||||
PROVISION FOR INCOME TAXES | 17.7 | (2.3 | ) | 15.4 | ||||||||
NET INCOME | 40.1 | (3.5 | ) | 36.6 | ||||||||
NET INCOME ATTRIBUTABLE TO CONTROLLING INTEREST | $ | 40.3 | $ | (3.5 | ) | $ | 36.8 | |||||
EARNINGS PER SHARE OF CLASS A AND CLASS B COMMON STOCK: | ||||||||||||
Basic | $ | 0.26 | $ | (0.02 | ) | $ | 0.24 | |||||
Diluted | $ | 0.26 | $ | (0.02 | ) | $ | 0.24 | |||||
ACQUISITION_Tables
ACQUISITION (Tables) | 12 Months Ended | |||||||
Dec. 26, 2013 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Summary of allocation of purchase price to the estimated fair value of assets acquired and liabilities assumed | ' | |||||||
The following is a summary of the final allocation of the aggregate net cash purchase price to the estimated fair values of the identifiable assets acquired and liabilities assumed that have been recognized by the Company in its consolidated balance sheet as of the date of acquisition (in millions): | ||||||||
Current assets | $ | 8.7 | ||||||
Property and equipment | 143.2 | |||||||
Favorable leases and other intangible assets | 35.6 | |||||||
Goodwill | 46.4 | |||||||
Deferred income tax asset | 35.8 | |||||||
Other assets | 0.2 | |||||||
Current liabilities | (14.2 | ) | ||||||
Lease financing obligations | (40.4 | ) | ||||||
Capital lease obligations | (7.5 | ) | ||||||
Unfavorable leases | (10.7 | ) | ||||||
Other liabilities | (2.7 | ) | ||||||
Total purchase price | $ | 194.4 | ||||||
The following is a summary of the final allocation of the aggregate net cash purchase price to the estimated fair values of the identifiable assets acquired and liabilities assumed that have been recognized by the Company in its consolidated balance sheet as of the date of acquisition (in millions): | ||||||||
Current assets | $ | 2.9 | ||||||
Property and equipment, net | 22 | |||||||
Favorable leases | 8.1 | |||||||
Goodwill | 89 | |||||||
Current liabilities | (5.9 | ) | ||||||
Unfavorable leases | (26.1 | ) | ||||||
Total purchase price | $ | 90 | ||||||
Business Acquisition, Pro Forma Information | ' | |||||||
The pro forma results have been prepared for comparative purposes only and do not purport to indicate the results of operations which would actually have occurred had the combination been in effect on the dates indicated, or which may occur in the future. | ||||||||
Year Ended | Year Ended | |||||||
26-Dec-13 | 27-Dec-12 | |||||||
(in millions except per share amounts) | ||||||||
Total revenues | $ | 3,069.60 | $ | 2,979.80 | ||||
Income from operations | 333.3 | 346.4 | ||||||
Net income attributable to controlling interest | 146.9 | 136.9 | ||||||
Earnings per share of Class A and Class B common stock: | ||||||||
Basic | 0.95 | 0.89 | ||||||
Diluted | 0.94 | 0.88 | ||||||
INVESTMENTS_Tables
INVESTMENTS (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 26, 2013 | |||||||||||||||||||||||||||||
Investments [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule Activity with Equity Method Investee National CineMedia | ' | ||||||||||||||||||||||||||||
Below is a summary of activity with National CineMedia included in the Company's consolidated financial statements as of and for the years ended December 26, 2013, December 27, 2012 and December 29, 2011 (in millions): | |||||||||||||||||||||||||||||
As of the period ended | For the period ended | ||||||||||||||||||||||||||||
Investment | Deferred | Due to | Cash | Earnings | Other | Gain on sale | |||||||||||||||||||||||
in NCM | Revenue | NCM | Received | recognized | NCM | of NCM, Inc. | |||||||||||||||||||||||
(Paid) | from NCM | Revenues | common | ||||||||||||||||||||||||||
stock | |||||||||||||||||||||||||||||
Balance as of and for the period ended December 30, 2010 | $ | 68.8 | $ | (344.4 | ) | $ | (1.3 | ) | $ | 113.2 | $ | (40.8 | ) | $ | (12.9 | ) | $ | (52.0 | ) | ||||||||||
Receipt of additional common units(1) | 10.4 | (10.4 | ) | — | — | — | — | — | |||||||||||||||||||||
Payments to NCM for Consolidated screen integration | — | — | 1.3 | (1.9 | ) | — | — | — | |||||||||||||||||||||
Receipt of excess cash distributions(2) | (6.4 | ) | — | — | 33.3 | (26.9 | ) | — | — | ||||||||||||||||||||
Receipt under tax receivable agreement(2) | (1.2 | ) | — | — | 7 | (5.8 | ) | — | — | ||||||||||||||||||||
Revenues earned under ESA(3) | — | — | — | 9.4 | — | (9.4 | ) | — | |||||||||||||||||||||
Amortization of deferred revenue(4) | — | 5.3 | — | — | — | (5.3 | ) | — | |||||||||||||||||||||
Equity in earnings attributable to additional common units(5) | 5.2 | — | — | — | (5.2 | ) | — | — | |||||||||||||||||||||
Balance as of and for the period ended December 29, 2011 | $ | 76.8 | $ | (349.5 | ) | $ | — | $ | 47.8 | $ | (37.9 | ) | $ | (14.7 | ) | $ | — | ||||||||||||
Receipt of additional common units(1) | 0.8 | (0.8 | ) | — | — | — | — | — | |||||||||||||||||||||
Receipt of excess cash distributions(2) | (6.0 | ) | — | — | 30 | (24.0 | ) | — | — | ||||||||||||||||||||
Receipt under tax receivable agreement(2) | (1.7 | ) | — | — | 8.5 | (6.8 | ) | — | — | ||||||||||||||||||||
Revenues earned under ESA(3) | — | — | — | 11 | — | (11.0 | ) | — | |||||||||||||||||||||
Amortization of deferred revenue(4) | — | 6 | — | — | — | (6.0 | ) | — | |||||||||||||||||||||
Equity in earnings attributable to additional common units(5) | 4.1 | — | — | — | (4.1 | ) | — | — | |||||||||||||||||||||
Change in interest loss | (0.1 | ) | — | — | — | 0.1 | — | — | |||||||||||||||||||||
Balance as of and for the period ended December 27, 2012 | $ | 73.9 | $ | (344.3 | ) | $ | — | $ | 49.5 | $ | (34.8 | ) | $ | (17.0 | ) | $ | — | ||||||||||||
Receipt of additional common units(1) | 33.8 | (33.8 | ) | — | — | — | — | — | |||||||||||||||||||||
Receipt of common units due to extraordinary common unit adjustment(1) | 61.4 | (61.4 | ) | — | — | — | — | — | |||||||||||||||||||||
Receipt of excess cash distributions(2) | (9.1 | ) | — | — | 35.4 | (26.3 | ) | — | — | ||||||||||||||||||||
Receipt under tax receivable agreement(2) | (0.9 | ) | — | — | 4.6 | (3.7 | ) | — | — | ||||||||||||||||||||
Revenues earned under ESA(3) | — | — | — | 12.6 | — | (12.6 | ) | — | |||||||||||||||||||||
Amortization of deferred revenue(4) | — | 7.3 | — | — | — | (7.3 | ) | — | |||||||||||||||||||||
Equity in earnings attributable to additional common units(5) | 7.5 | — | — | — | (7.5 | ) | — | — | |||||||||||||||||||||
Redemption/sale of NCM stock(6) | (10.0 | ) | — | — | 40.9 | — | — | (30.9 | ) | ||||||||||||||||||||
Deferred gain on AC JV, LLC transaction(7) | 1.9 | — | — | — | — | — | — | ||||||||||||||||||||||
Balance as of and for the period ended December 26, 2013 | $ | 158.5 | $ | (432.2 | ) | $ | — | $ | 93.5 | $ | (37.5 | ) | $ | (19.9 | ) | $ | (30.9 | ) | |||||||||||
_______________________________________________________________________________ | |||||||||||||||||||||||||||||
-1 | On March 14, 2013, March 15, 2012, and March 17, 2011, we received from National CineMedia approximately 2.2 million, 0.1 million and 0.6 million, respectively, newly issued common units of National CineMedia in accordance with the annual adjustment provisions of the Common Unit Adjustment Agreement. In addition, on November 19, 2013, we received from National CineMedia approximately 3.4 million newly issued common units of National CineMedia in accordance with the adjustment provisions of the Common Unit Adjustment Agreement in connection with our acquisition of Hollywood Theaters. The Company recorded the additional common units (Additional Investments Tranche) at fair value using the available closing stock prices of NCM, Inc. as of the dates on which the units were issued. As a result of these adjustments, the Company recorded increases to its investment in National CineMedia (along with corresponding increases to deferred revenue) of $95.2 million, $0.8 million and $10.4 million during the years ended December 26, 2013, December 27, 2012 and December 29, 2011, respectively. Such deferred revenue amounts are being amortized to advertising revenue over the remaining term of the ESA between RCI and National CineMedia following the units of revenue method as described in (4) below. These transactions, together with the transaction described in (6) below, caused a proportionate increase in the Company's Additional Investments Tranche and increased our ownership share in National CineMedia to 25.4 million common units. As a result, on a fully diluted basis, we own a 20.0% interest in NCM, Inc. as of December 26, 2013. | ||||||||||||||||||||||||||||
-2 | During the years ended December 26, 2013, December 27, 2012 and December 29, 2011, the Company received $40.0 million, $38.5 million, $40.3 million, respectively, in cash distributions from National CineMedia (including payments of $4.6 million, $8.5 million, and $7.0 million received under the tax receivable agreement). Approximately $10.0 million, $7.7 million and $7.6 million of these cash distributions received during the years ended December 26, 2013, December 27, 2012 and December 29, 2011, respectively, were attributable to the Additional Investments Tranche and were recognized as a reduction in our investment in National CineMedia. The remaining amounts were recognized in equity earnings during each of these periods and have been included as components of "Earnings recognized from NCM" in the accompanying consolidated financial statements. | ||||||||||||||||||||||||||||
-3 | The Company recorded other revenues, excluding the amortization of deferred revenue, of approximately $12.6 million, $11.0 million and $9.4 million for the years ended December 26, 2013, December 27, 2012 and December 29, 2011, respectively, pertaining to our agreements with National CineMedia, including per patron and per digital screen theatre access fees (net of payments $15.5 million, $14.8 million and $14.2 million for the years ended December 26, 2013, December 27, 2012 and December 29, 2011, respectively) for on-screen advertising time provided to our beverage concessionaire and other NCM revenue. These advertising revenues are presented as a component of "Other operating revenues" in the Company's consolidated financial statements. | ||||||||||||||||||||||||||||
-4 | Amounts represent amortization of ESA modification fees received from NCM to advertising revenue utilizing the units of revenue amortization method. These advertising revenues are presented as a component of "Other operating revenues" in the Company's consolidated financial statements. | ||||||||||||||||||||||||||||
-5 | Amounts represent the Company's share in the net income of National CineMedia with respect to the Additional Investments Tranche. Such amounts have been included as a component of "Earnings recognized from NCM" in the consolidated financial statements. | ||||||||||||||||||||||||||||
-6 | During the quarter ended September 26, 2013, the Company redeemed 2.3 million of its National CineMedia common units for a like number of shares of NCM, Inc. common stock, which the Company sold in an underwritten public offering (including underwriter over-allotments) for $17.79 per share, reducing our investment in National CineMedia by approximately $10.0 million, the average carrying amount of the shares sold. The Company received approximately $40.9 million in proceeds, resulting in a gain on sale of approximately $30.9 million. We accounted for this transaction as a proportionate decrease in the Company's Initial Investment Tranche and Additional Investments Tranche and decreased our ownership share in National CineMedia. | ||||||||||||||||||||||||||||
-7 | As described further below under "Investment in AC JV, LLC," in connection with the sale of its Fathom Events business to AC JV, LLC, National CineMedia recorded a gain of approximately $25.4 million in connection with the sale. The Company's proportionate share of such gain (approximately $1.9 million) was excluded from equity earnings in National CineMedia and recorded as a reduction in the Company's investment in AC JV. | ||||||||||||||||||||||||||||
Schedule of changes in the carrying amount of investment in Digital Cinema Implementation Partners | ' | ||||||||||||||||||||||||||||
The Company's investment in Open Road Films is included as a component of "Other Non-Current Liabilities" in the consolidated balance sheets. The change in the carrying amount of our investment in Open Road Films for the years ended December 26, 2013, December 27, 2012 and December 29, 2011 are as follows (in millions): | |||||||||||||||||||||||||||||
Balance as of December 30, 2010 | $ | — | |||||||||||||||||||||||||||
Equity contributions | 20 | ||||||||||||||||||||||||||||
Equity in loss of Open Road Films(1) | (14.8 | ) | |||||||||||||||||||||||||||
Balance as of December 29, 2011 | 5.2 | ||||||||||||||||||||||||||||
Equity in loss of Open Road Films(1) | (15.2 | ) | |||||||||||||||||||||||||||
Balance as of December 27, 2012 | (10.0 | ) | |||||||||||||||||||||||||||
Equity in earnings of Open Road Films(1) | 2.9 | ||||||||||||||||||||||||||||
Balance as of December 26, 2013 | $ | (7.1 | ) | ||||||||||||||||||||||||||
_______________________________________________________________________________ | |||||||||||||||||||||||||||||
-1 | Represents the Company's share of the net income (loss) of Open Road Films. Such amount is presented as a component of "Other, net" in the accompanying consolidated statements of income. | ||||||||||||||||||||||||||||
The changes in the carrying amount of our investment in DCIP for the years ended December 26, 2013, December 27, 2012, and December 29, 2011 are as follows (in millions): | |||||||||||||||||||||||||||||
Balance as of December 30, 2010 | $ | 32.1 | |||||||||||||||||||||||||||
Equity contributions | 17.4 | ||||||||||||||||||||||||||||
Equity in loss of DCIP(1) | (1.2 | ) | |||||||||||||||||||||||||||
Balance as of December 29, 2011 | 48.3 | ||||||||||||||||||||||||||||
Equity contributions | 7.4 | ||||||||||||||||||||||||||||
Equity in earnings of DCIP(1) | 17.1 | ||||||||||||||||||||||||||||
Balance as of December 27, 2012 | 72.8 | ||||||||||||||||||||||||||||
Equity contributions | 3.5 | ||||||||||||||||||||||||||||
Equity in earnings of DCIP(1) | 22.9 | ||||||||||||||||||||||||||||
Change in fair value of equity method investee interest rate swap transactions | 2.4 | ||||||||||||||||||||||||||||
Balance as of December 26, 2013 | $ | 101.6 | |||||||||||||||||||||||||||
_______________________________________________________________________________ | |||||||||||||||||||||||||||||
-1 | For the years ended December 26, 2013, December 27, 2012, and December 29, 2011, the Company recorded earnings (losses) of $22.9 million, $17.1 million, and $(1.2) million, respectively, representing its share of the net income (loss) of DCIP. Such amount is presented as a component of "Other, net" in the accompanying consolidated statements of income. | ||||||||||||||||||||||||||||
Summary of unaudited consolidated statement of operations information of National CineMedia | ' | ||||||||||||||||||||||||||||
Summarized consolidated statements of operations information for Open Road Films for the years ended December 31, 2013 and 2012 is as follows (in millions): | |||||||||||||||||||||||||||||
Year Ended | Year Ended | ||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||
Revenues | $ | 140.4 | $ | 118 | |||||||||||||||||||||||||
Income (loss) from operations | 12.3 | (32.4 | ) | ||||||||||||||||||||||||||
Net income (loss) | 9.7 | (34.7 | ) | ||||||||||||||||||||||||||
Summarized consolidated statements of income information for National CineMedia for the years ended December 27, 2012, December 29, 2011 and December 30, 2010 is as follows (in millions): | |||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||
December 27, 2012 | December 29, 2011 | December 30, 2010 | |||||||||||||||||||||||||||
Revenues | $ | 448.8 | $ | 435.4 | $ | 427.5 | |||||||||||||||||||||||
Income from operations | 191.8 | 193.7 | 190.6 | ||||||||||||||||||||||||||
Net income | 101 | 134.5 | 139.5 | ||||||||||||||||||||||||||
Summarized consolidated statements of operations information for DCIP for the years ended December 31, 2013 and 2012 is as follows (in millions): | |||||||||||||||||||||||||||||
Year Ended | Year Ended | ||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||
Net revenues | $ | 182.7 | $ | 166 | |||||||||||||||||||||||||
Income from operations | 116.2 | 102.7 | |||||||||||||||||||||||||||
Net income | 49 | 36.8 | |||||||||||||||||||||||||||
Summary of unaudited consolidated balance sheet information for National CineMedia | ' | ||||||||||||||||||||||||||||
Summarized consolidated balance sheet information for DCIP as of December 31, 2013 and 2012 is as follows (in millions): | |||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||
Current assets | $ | 140.4 | $ | 56.3 | |||||||||||||||||||||||||
Noncurrent assets | 1,124.50 | 1,153.60 | |||||||||||||||||||||||||||
Total assets | 1,264.90 | 1,209.90 | |||||||||||||||||||||||||||
Current liabilities | 34.9 | 54.2 | |||||||||||||||||||||||||||
Noncurrent liabilities | 1,028.20 | 1,016.10 | |||||||||||||||||||||||||||
Total liabilities | 1,063.10 | 1,070.30 | |||||||||||||||||||||||||||
Members' equity | 201.8 | 139.6 | |||||||||||||||||||||||||||
Liabilities and members' equity | 1,264.90 | 1,209.90 | |||||||||||||||||||||||||||
Summarized consolidated balance sheet information for Open Road Films as of December 31, 2013 and 2012 is as follows (in millions): | |||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||
Current assets | $ | 60.4 | $ | 42.7 | |||||||||||||||||||||||||
Noncurrent assets | 10.4 | 7.4 | |||||||||||||||||||||||||||
Total assets | 70.8 | 50.1 | |||||||||||||||||||||||||||
Current liabilities | 69.5 | 67.4 | |||||||||||||||||||||||||||
Noncurrent liabilities | 16 | 7.1 | |||||||||||||||||||||||||||
Total liabilities | 85.5 | 74.5 | |||||||||||||||||||||||||||
Members' deficit | (14.7 | ) | (24.4 | ) | |||||||||||||||||||||||||
Liabilities and members' deficit | 70.8 | 50.1 | |||||||||||||||||||||||||||
Summarized consolidated balance sheet information for National CineMedia as of December 27, 2012 and December 29, 2011 is as follows (in millions): | |||||||||||||||||||||||||||||
27-Dec-12 | 29-Dec-11 | ||||||||||||||||||||||||||||
Current assets | $ | 112.1 | $ | 108.5 | |||||||||||||||||||||||||
Noncurrent assets | 325.3 | 312.9 | |||||||||||||||||||||||||||
Total assets | 437.4 | 421.4 | |||||||||||||||||||||||||||
Current liabilities | 82.6 | 108.1 | |||||||||||||||||||||||||||
Noncurrent liabilities | 879 | 840.8 | |||||||||||||||||||||||||||
Total liabilities | 961.6 | 948.9 | |||||||||||||||||||||||||||
Members' deficit | (524.2 | ) | (527.5 | ) | |||||||||||||||||||||||||
Liabilities and members' deficit | 437.4 | 421.4 | |||||||||||||||||||||||||||
DEBT_OBLIGATIONS_Tables
DEBT OBLIGATIONS (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 26, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of debt obligations | ' | ||||||||||||||||
Debt obligations at December 26, 2013 and December 27, 2012 consist of the following (in millions): | |||||||||||||||||
26-Dec-13 | 27-Dec-12 | ||||||||||||||||
Regal Cinemas Amended Senior Credit Facility, net of debt discount | $ | 978.3 | $ | 988.4 | |||||||||||||
Regal 91/8% Senior Notes, including premium | 315.4 | 533.4 | |||||||||||||||
Regal Cinemas 85/8% Senior Notes, net of debt discount | 394.6 | 393.7 | |||||||||||||||
Regal 53/4% Senior Notes Due 2025 | 250 | — | |||||||||||||||
Regal 53/4% Senior Notes Due 2023 | 250 | — | |||||||||||||||
Lease financing arrangements, weighted average interest rate of 11.07% as of 12/26/13 maturing in various installments through November 2028 | 91 | 59.6 | |||||||||||||||
Capital lease obligations, 8.5% to 10.7%, maturing in various installments through December 2030 | 16 | 11.1 | |||||||||||||||
Other | 15.4 | 9 | |||||||||||||||
Total debt obligations | 2,310.70 | 1,995.20 | |||||||||||||||
Less current portion | 29.8 | 22 | |||||||||||||||
Total debt obligations, less current portion | $ | 2,280.90 | $ | 1,973.20 | |||||||||||||
Schedule of Interest Rate Derivatives [Table Text Block] | ' | ||||||||||||||||
Below is a summary of the Company’s current interest rate swap agreements designated as hedge agreements as of December 26, 2013: | |||||||||||||||||
Nominal | Effective Date | Base Rate | Receive Rate | Expiration Date | |||||||||||||
Amount | |||||||||||||||||
$200.0 million | -1 | June 30, 2012 | 1.82% | 3-month LIBOR | June 30, 2015 | ||||||||||||
$100.0 million | -1 | December 31, 2012 | 1.33% | 3-month LIBOR | December 31, 2015 | ||||||||||||
$150.0 million | -2 | December 31, 2013 | 0.82% | 1-month LIBOR | 31-Dec-16 | ||||||||||||
$200.0 million | -3 | 30-Jun-15 | 1.83% | 1-month LIBOR | 30-Jun-18 | ||||||||||||
______________________________ | |||||||||||||||||
-1 | During the year ended December 29, 2011, Regal Cinemas entered into two hedging relationships via two distinct interest rate swap agreements with effective dates beginning on June 30, 2012 and December 31, 2012, respectively, and maturity terms ending on June 30, 2015 and December 31, 2015, respectively. These swaps require Regal Cinemas to pay interest at fixed rates ranging from 1.325% to 1.82% and receive interest at a variable rate. The interest rate swaps are designated to hedge $300.0 million of variable rate debt obligations. | ||||||||||||||||
-2 | During the year ended December 27, 2012, Regal Cinemas entered into one additional hedging relationship via one distinct interest rate swap agreement with an effective date beginning on December 31, 2013 and a maturity date of December 31, 2016. This swap will require Regal Cinemas to pay interest at a fixed rate of 0.817% and receive interest at a variable rate. The interest rate swap is designated to hedge $150.0 million of variable rate debt obligations. | ||||||||||||||||
-3 | On October 23, 2013, Regal Cinemas entered into one additional hedging relationship via one distinct interest rate swap agreement with an effective date beginning on June 30, 2015, and a maturity date of June 30, 2018. This swap will require Regal Cinemas to pay interest at a fixed rate of 1.828% and receive interest at a variable rate. The interest rate swap is designated to hedge $200.0 million of variable rate debt obligations. | ||||||||||||||||
Schedule of company's long-term debt and future minimum lease payments for its capital lease obligations and lease financing arrangements | ' | ||||||||||||||||
The Company's long-term debt and future minimum lease payments for its capital lease obligations and lease financing arrangements are scheduled to mature as follows: | |||||||||||||||||
Long-Term | Capital | Lease Financing | Total | ||||||||||||||
Debt and Other | Leases | Arrangements | |||||||||||||||
(in millions) | |||||||||||||||||
2014 | $ | 16.1 | $ | 4.4 | $ | 20.3 | $ | 40.8 | |||||||||
2015 | 13.8 | 3.2 | 18.8 | 35.8 | |||||||||||||
2016 | 11.5 | 3.2 | 17.9 | 32.6 | |||||||||||||
2017 | 949.5 | 3 | 18 | 970.5 | |||||||||||||
2018 | 316.8 | 0.9 | 18.1 | 335.8 | |||||||||||||
Thereafter | 901.4 | 11.7 | 41.7 | 954.8 | |||||||||||||
Less: debt discount | (5.4 | ) | — | — | (5.4 | ) | |||||||||||
Less: interest on capital leases and lease financing arrangements | — | (10.4 | ) | (43.8 | ) | (54.2 | ) | ||||||||||
Totals | $ | 2,203.70 | $ | 16 | $ | 91 | $ | 2,310.70 | |||||||||
Covenant Compliance—As of December 26, 2013, we are in full compliance with all agreements, including all related covenants, governing our outstanding debt obligations. |
LEASES_Tables
LEASES (Tables) | 12 Months Ended | |||
Dec. 26, 2013 | ||||
Leases [Abstract] | ' | |||
Schedule of minimum rentals payable under non-cancelable operating leases | ' | |||
Minimum rentals payable under all non-cancelable operating leases with terms in excess of one year as of December 26, 2013, are summarized for the following fiscal years (in millions): | ||||
2014 | $ | 419.2 | ||
2015 | 406 | |||
2016 | 387.6 | |||
2017 | 372.8 | |||
2018 | 343 | |||
Thereafter | 1,369.50 | |||
Total | $ | 3,298.10 | ||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||
Dec. 26, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of components of provision for income taxes | ' | ||||||||||||
The components of the provision for income taxes for income from operations are as follows (in millions): | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
26-Dec-13 | 27-Dec-12 | 29-Dec-11 | |||||||||||
Federal: | |||||||||||||
Current | $ | 98.7 | $ | 35.4 | $ | (23.2 | ) | ||||||
Deferred | (11.0 | ) | 44.5 | 44 | |||||||||
Total Federal | 87.7 | 79.9 | 20.8 | ||||||||||
State: | |||||||||||||
Current | 20.1 | 1.7 | (2.7 | ) | |||||||||
Deferred | (0.8 | ) | 7.9 | (2.7 | ) | ||||||||
Total State | 19.3 | 9.6 | (5.4 | ) | |||||||||
Total income tax provision | $ | 107 | $ | 89.5 | $ | 15.4 | |||||||
Reconciliation of provision for income taxes as reported and the amount computed using U.S. federal statutory rate | ' | ||||||||||||
A reconciliation of the provision for income taxes as reported and the amount computed by multiplying the income before taxes and extraordinary item by the U.S. federal statutory rate of 35% was as follows (in millions): | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
26-Dec-13 | 27-Dec-12 | 29-Dec-11 | |||||||||||
Provision calculated at federal statutory income tax rate | $ | 92.6 | $ | 81.1 | $ | 18.2 | |||||||
State and local income taxes, net of federal benefit | 12.5 | 6.3 | (3.6 | ) | |||||||||
Federal hiring credits | (0.3 | ) | — | (1.1 | ) | ||||||||
Other | 2.2 | 2.1 | 1.9 | ||||||||||
Total income tax provision | $ | 107 | $ | 89.5 | $ | 15.4 | |||||||
Schedule of components of the Company's net deferred tax asset | ' | ||||||||||||
Significant components of the Company's net deferred tax asset consisted of the following at (in millions): | |||||||||||||
26-Dec-13 | 27-Dec-12 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carryforward | $ | 66.3 | $ | 27.4 | |||||||||
Deferred revenue | 175 | 137.9 | |||||||||||
Deferred rent | 56.1 | 53.5 | |||||||||||
Other | 17.2 | 21.7 | |||||||||||
Total deferred tax assets | 314.6 | 240.5 | |||||||||||
Valuation allowance | (34.1 | ) | (16.2 | ) | |||||||||
Total deferred tax assets, net of valuation allowance | 280.5 | 224.3 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Excess of book basis over tax basis of fixed assets | (3.6 | ) | (41.9 | ) | |||||||||
Excess of book basis over tax basis of intangible assets | (18.5 | ) | (0.9 | ) | |||||||||
Excess of book basis over tax basis of investments | (195.8 | ) | (176.0 | ) | |||||||||
Other | (13.5 | ) | (1.8 | ) | |||||||||
Total deferred tax liabilities | (231.4 | ) | (220.6 | ) | |||||||||
Net deferred tax asset | $ | 49.1 | $ | 3.7 | |||||||||
Reconciliation of change in unrecognized tax benefits | ' | ||||||||||||
A reconciliation of the change in the amount of unrecognized tax benefits during the years ended December 26, 2013 and December 27, 2012 was as follows (in millions): | |||||||||||||
Year Ended | Year Ended | ||||||||||||
26-Dec-13 | 27-Dec-12 | ||||||||||||
Beginning balance | $ | 13.6 | $ | 21.8 | |||||||||
Increase related to prior year tax positions | 1.4 | — | |||||||||||
Increase related to current year tax positions | — | 0.1 | |||||||||||
Lapse of statute of limitations | (1.4 | ) | (8.3 | ) | |||||||||
Ending balance | $ | 13.6 | $ | 13.6 | |||||||||
CAPITAL_STOCK_AND_SHAREBASED_C1
CAPITAL STOCK AND SHARE-BASED COMPENSATION (Tables) | 12 Months Ended | |||||||||
Dec. 26, 2013 | ||||||||||
CAPITAL STOCK AND SHARE-BASED COMPENSATION | ' | |||||||||
Schedule of stock options activity | ' | |||||||||
The following table represents stock option activity for the year ended December 26, 2013: | ||||||||||
Number of | Weighted | Weighted | ||||||||
Shares | Average | Average | ||||||||
Exercise Price | Contract Life (Yrs.) | |||||||||
Outstanding options at beginning of year | 106,136 | $ | 12.67 | 1.11 | ||||||
Granted during the year | — | — | ||||||||
Exercised during the year | (102,236 | ) | 12.63 | |||||||
Forfeited during the year | — | — | ||||||||
Outstanding options at end of year | 3,900 | $ | 13.72 | 0.49 | ||||||
Exercisable options at end of year | 3,900 | $ | 13.72 | 0.49 | ||||||
Schedule of restricted share activity | ' | |||||||||
The following table represents the restricted stock activity for the years ended December 26, 2013, December 27, 2012 and December 29, 2011: | ||||||||||
Year Ended | Year Ended | Year Ended | ||||||||
26-Dec-13 | 27-Dec-12 | 29-Dec-11 | ||||||||
Unvested at beginning of year: | 1,175,830 | 950,318 | 971,110 | |||||||
Granted during the year | 297,866 | 335,496 | 349,856 | |||||||
Vested during the year | (813,528 | ) | (453,107 | ) | (323,880 | ) | ||||
Forfeited during the year | (6,626 | ) | (17,366 | ) | (46,768 | ) | ||||
Conversion of performance shares during the year | 273,719 | 360,489 | — | |||||||
Unvested at end of year | 927,261 | 1,175,830 | 950,318 | |||||||
Schedule of performance share activity | ' | |||||||||
The following table summarizes information about the Company's number of performance shares for the years ended December 26, 2013, December 27, 2012 and December 29, 2011: | ||||||||||
Year Ended | Year Ended | Year Ended | ||||||||
26-Dec-13 | 27-Dec-12 | 29-Dec-11 | ||||||||
Unvested at beginning of year: | 929,023 | 1,227,207 | 1,115,363 | |||||||
Granted (based on target) during the year | 293,961 | 330,124 | 376,902 | |||||||
Cancelled/forfeited during the year | (8,498 | ) | (267,819 | ) | (265,058 | ) | ||||
Conversion to restricted shares during the year | (273,719 | ) | (360,489 | ) | — | |||||
Unvested at end of year | 940,767 | 929,023 | 1,227,207 | |||||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 26, 2013 | ||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||||||||||
Summary of computation of basic and diluted earnings per share | ' | |||||||||||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share of Class A and Class B common stock (in millions, except share and per share data): | ||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||||||||||||||||
December 26, 2013 | December 27, 2012 | December 29, 2011 | ||||||||||||||||||||||||
Class A | Class B | Class A | Class B | Class A | Class B | |||||||||||||||||||||
Basic earnings per share: | ||||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||
Allocation of undistributed earnings | $ | 133.6 | $ | 24.1 | $ | 120.4 | $ | 21.9 | $ | 31.1 | $ | 5.7 | ||||||||||||||
Denominator: | ||||||||||||||||||||||||||
Weighted average common shares outstanding (in thousands) | 131,117 | 23,709 | 130,465 | 23,709 | 129,868 | 23,709 | ||||||||||||||||||||
Basic earnings per share | $ | 1.02 | $ | 1.02 | $ | 0.92 | $ | 0.92 | $ | 0.24 | $ | 0.24 | ||||||||||||||
Diluted earnings per share: | ||||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||
Allocation of undistributed earnings for basic computation | $ | 133.6 | $ | 24.1 | $ | 120.4 | $ | 21.9 | $ | 31.1 | $ | 5.7 | ||||||||||||||
Reallocation of undistributed earnings as a result of conversion of Class B to Class A shares | 24.1 | — | 21.9 | — | 5.7 | — | ||||||||||||||||||||
Reallocation of undistributed earnings to Class B shares for effect of other dilutive securities | — | (0.1 | ) | — | (0.2 | ) | — | — | ||||||||||||||||||
Interest expense on 61/4% Convertible Senior Notes | — | — | — | — | — | (1 | ) | — | ||||||||||||||||||
Allocation of undistributed earnings | $ | 157.7 | $ | 24 | $ | 142.3 | $ | 21.7 | $ | 36.8 | $ | 5.7 | ||||||||||||||
Denominator: | ||||||||||||||||||||||||||
Number of shares used in basic computation (in thousands) | 131,117 | 23,709 | 130,465 | 23,709 | 129,868 | 23,709 | ||||||||||||||||||||
Weighted average effect of dilutive securities (in thousands) | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Conversion of Class B to Class A common shares outstanding | 23,709 | — | 23,709 | — | 23,709 | — | ||||||||||||||||||||
Stock options | 2 | — | 23 | — | 147 | — | ||||||||||||||||||||
Restricted stock and performance shares | 895 | — | 793 | — | 832 | — | ||||||||||||||||||||
Conversion of 61/4% Convertible Senior Notes | — | — | — | — | — | (1 | ) | — | ||||||||||||||||||
Number of shares used in per share computations (in thousands) | 155,723 | 23,709 | 154,990 | 23,709 | 154,556 | 23,709 | ||||||||||||||||||||
Diluted earnings per share | $ | 1.01 | $ | 1.01 | $ | 0.92 | $ | 0.92 | $ | 0.24 | $ | 0.24 | ||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||||
-1 | No amount reported as the impact on earnings per share of Class A common stock would have been antidilutive. |
FAIR_VALUE_OF_FINANCIAL_INSTRU1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 26, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of financial assets and liabilities carried at fair value on a recurring basis | ' | ||||||||||||||||
The following table summarizes the fair value hierarchy of the Company's financial assets and liabilities carried at fair value on a recurring basis as of December 26, 2013: | |||||||||||||||||
Total Carrying | Fair Value Measurements at December 26, 2013 Using | ||||||||||||||||
Value at | |||||||||||||||||
December 26, | |||||||||||||||||
2013 | Quoted prices in | Significant other | Significant | ||||||||||||||
active market | observable inputs | unobservable inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
(in millions) | |||||||||||||||||
Assets: | |||||||||||||||||
Equity securities, available for sale(1) | $ | 7 | $ | 7 | $ | — | $ | — | |||||||||
Total assets at fair value | $ | 7 | $ | 7 | $ | — | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Interest rate swaps(2) | $ | 6.6 | $ | — | $ | 6.6 | $ | — | |||||||||
Total liabilities at fair value | $ | 6.6 | $ | — | $ | 6.6 | $ | — | |||||||||
_______________________________________________________________________________ | |||||||||||||||||
-1 | The Company maintains an investment in RealD, Inc., an entity specializing in the licensing of 3D technologies. In connection with the RealD, Inc. motion picture license agreement, the Company received 1,222,780 shares of RealD, Inc. common stock during fiscal 2010. The fair value of the RealD, Inc. shares is determined using RealD, Inc.'s publicly traded common stock price, which falls under Level 1 of the valuation hierarchy. The held shares of RealD, Inc. stock are accounted for as available-for-sale equity securities and recurring fair value adjustments to these shares are recorded to "Other Non-Current Assets" with a corresponding entry to "Accumulated other comprehensive income (loss)" on a quarterly basis. During the quarter ended June 27, 2013, the Company sold 400,000 shares of RealD, Inc. common stock at prices ranging from $14.61 to $15.42 per share. In connection with the sale, the Company received approximately $5.9 million in aggregate net proceeds (after deducting related fees and expenses) and recorded a gain on sale of approximately $2.6 million. During the year ended December 26, 2013, the Company recorded a net decrease to its investment in RealD, Inc. of approximately $6.2 million and a corresponding net increase to "Accumulated other comprehensive income, net" of $1.8 million, net of tax. The fair value of the remaining 822,780 RealD, Inc. common shares was $7.0 million, based on the publicly traded common stock price of RealD, Inc. as of December 26, 2013 of $8.46 per share. | ||||||||||||||||
-2 | The fair value of the Company's interest rate swaps described in Note 5—"Debt Obligations" is based on Level 2 inputs, which include observable inputs such as dealer quoted prices for similar assets or liabilities, and represents the estimated amount Regal Cinemas would receive or pay to terminate the agreements taking into consideration various factors, including current interest rates, credit risk and counterparty credit risk. The counterparties to the Company's interest rate swaps are major financial institutions. The Company evaluates the bond ratings of the financial institutions and believes that credit risk is at an acceptably low level. As of December 26, 2013, the aggregate fair value the Company's interest rate swaps was determined to be approximately $(6.6) million, which was recorded as components of "Other Non-Current Liabilities" (approximately $1.6 million) and "Accrued expenses" (approximately $5.0 million) with a corresponding amount of $(4.0) million, net of tax, recorded to "Accumulated other comprehensive loss, net." As of December 27, 2012, the aggregate fair value of the Company's interest rate swaps was determined to be approximately $(10.3) million, which was recorded as components of "Other Non-Current Liabilities" (approximately $6.6 million) and "Accrued expenses" (approximately $3.7 million) with a corresponding amount of $(6.3) million, net of tax, recorded to "Accumulated other comprehensive loss, net." These interest rate swaps exhibited no ineffectiveness during the years ended December 26, 2013, December 27, 2012 and December 29, 2011 and accordingly, the net gain on the swaps of $2.3 million, $2.8 million and $8.0 million, respectively, were reported as a component of other comprehensive income for the years ended December 26, 2013, December 27, 2012 and December 29, 2011. | ||||||||||||||||
Schedule of aggregate carrying values and fair values of long-term debt | ' | ||||||||||||||||
The aggregate carrying values and fair values of long-term debt at December 26, 2013 and December 27, 2012 consist of the following: | |||||||||||||||||
26-Dec-13 | 27-Dec-12 | ||||||||||||||||
(in millions) | |||||||||||||||||
Carrying value | $ | 2,188.30 | $ | 1,915.50 | |||||||||||||
Fair value | $ | 2,238.50 | $ | 2,023.70 | |||||||||||||
CONDENSED_CONSOLIDATING_FINANC1
CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 26, 2013 | |||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Condensed consolidating balance sheet information | ' | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION | |||||||||||||||||||||||||
26-Dec-13 | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
REG Parent | RCC Parent | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||||||||||
Company | Company | Guarantors | Non-Guarantors | Adjustments | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 199.7 | $ | 81.2 | $ | — | $ | 280.9 | |||||||||||||
Trade and other receivables, net | — | — | 127.4 | 2 | — | 129.4 | |||||||||||||||||||
Other current assets | — | — | 51.2 | 3.6 | — | 54.8 | |||||||||||||||||||
TOTAL CURRENT ASSETS | — | — | 378.3 | 86.8 | — | 465.1 | |||||||||||||||||||
Property and equipment, net | 20.1 | — | 1,463.80 | 38 | (12.3 | ) | 1,509.60 | ||||||||||||||||||
Goodwill and other intangible assets | — | — | 371 | 7.1 | — | 378.1 | |||||||||||||||||||
Deferred income tax asset | 2.6 | — | 53.2 | — | (23.2 | ) | 32.6 | ||||||||||||||||||
Other non-current assets | 106.1 | 1,490.40 | 1,634.10 | 70.3 | (2,981.6 | ) | 319.3 | ||||||||||||||||||
TOTAL ASSETS | $ | 128.8 | $ | 1,490.40 | $ | 3,900.40 | $ | 202.2 | $ | (3,017.1 | ) | $ | 2,704.70 | ||||||||||||
LIABILITIES AND EQUITY (DEFICIT) | |||||||||||||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||||||
Current portion of debt obligations | $ | 2.2 | $ | 12.5 | $ | 14.8 | $ | 15.3 | $ | (15.0 | ) | $ | 29.8 | ||||||||||||
Accounts payable | 0.9 | — | 159.7 | 9.6 | — | 170.2 | |||||||||||||||||||
Accrued expenses and other liabilities | 17.5 | 20.5 | 260.3 | 8.1 | — | 306.4 | |||||||||||||||||||
TOTAL CURRENT LIABILITIES | 20.6 | 33 | 434.8 | 33 | (15.0 | ) | 506.4 | ||||||||||||||||||
Long-term debt, less current portion | 820.4 | 1,360.40 | 6.9 | — | — | 2,187.70 | |||||||||||||||||||
Lease financing arrangements, less current portion | — | — | 80.2 | — | — | 80.2 | |||||||||||||||||||
Capital lease obligations, less current portion | — | — | 12.5 | 0.5 | — | 13 | |||||||||||||||||||
Deferred income tax liability | — | — | — | 23.2 | (23.2 | ) | — | ||||||||||||||||||
Other liabilities | 1.2 | — | 603 | 28.5 | — | 632.7 | |||||||||||||||||||
TOTAL LIABILITIES | 842.2 | 1,393.40 | 1,137.40 | 85.2 | (38.2 | ) | 3,420.00 | ||||||||||||||||||
EQUITY (DEFICIT): | |||||||||||||||||||||||||
Stockholders' equity (deficit) of Regal Entertainment Group | (713.4 | ) | 97 | 2,765.30 | 116.6 | (2,978.9 | ) | (713.4 | ) | ||||||||||||||||
Noncontrolling interest | — | — | (2.3 | ) | 0.4 | — | (1.9 | ) | |||||||||||||||||
TOTAL EQUITY (DEFICIT) | (713.4 | ) | 97 | 2,763.00 | 117 | (2,978.9 | ) | (715.3 | ) | ||||||||||||||||
TOTAL LIABILITIES AND EQUITY (DEFICIT) | $ | 128.8 | $ | 1,490.40 | $ | 3,900.40 | $ | 202.2 | $ | (3,017.1 | ) | $ | 2,704.70 | ||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION | |||||||||||||||||||||||||
27-Dec-12 | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
REG Parent | RCC Parent | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||||||||||
Company | Company | Guarantors | Non-Guarantors | Adjustments | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 53.8 | $ | 55.7 | $ | — | $ | 109.5 | |||||||||||||
Trade and other receivables, net | — | — | 109.3 | 1.4 | — | 110.7 | |||||||||||||||||||
Other current assets | — | — | 40.2 | 3.8 | — | 44 | |||||||||||||||||||
TOTAL CURRENT ASSETS | — | — | 203.3 | 60.9 | — | 264.2 | |||||||||||||||||||
Property and equipment, net | 20.7 | — | 1,419.40 | 35.4 | (12.3 | ) | 1,463.20 | ||||||||||||||||||
Goodwill and other intangible assets | — | — | 294.7 | 7.1 | — | 301.8 | |||||||||||||||||||
Deferred income tax asset | 2.4 | — | 14 | — | (16.4 | ) | — | ||||||||||||||||||
Other non-current assets | 7.2 | 1,092.30 | 1,020.90 | 84.9 | (2,012.4 | ) | 192.9 | ||||||||||||||||||
TOTAL ASSETS | $ | 30.3 | $ | 1,092.30 | $ | 2,952.30 | $ | 188.3 | $ | (2,041.1 | ) | $ | 2,222.10 | ||||||||||||
LIABILITIES AND EQUITY (DEFICIT) | |||||||||||||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||||||
Current portion of debt obligations | $ | 2 | $ | 10.1 | $ | — | $ | 15.3 | $ | (5.4 | ) | $ | 22 | ||||||||||||
Accounts payable | 0.4 | — | 150.7 | 5.9 | — | 157 | |||||||||||||||||||
Accrued expenses and other liabilities | 235.1 | 20.2 | 227.3 | 6.9 | (216.6 | ) | 272.9 | ||||||||||||||||||
TOTAL CURRENT LIABILITIES | 237.5 | 30.3 | 378 | 28.1 | (222.0 | ) | 451.9 | ||||||||||||||||||
Long-term debt, less current portion | 540.4 | 1,372.00 | — | — | — | 1,912.40 | |||||||||||||||||||
Lease financing arrangements, less current portion | — | — | 52.2 | — | — | 52.2 | |||||||||||||||||||
Capital lease obligations, less current portion | — | — | 7.8 | 0.8 | — | 8.6 | |||||||||||||||||||
Deferred income tax liability | — | — | — | 24.1 | (16.4 | ) | 7.7 | ||||||||||||||||||
Other liabilities | 1 | — | 512.9 | 25.8 | — | 539.7 | |||||||||||||||||||
TOTAL LIABILITIES | 778.9 | 1,402.30 | 950.9 | 78.8 | (238.4 | ) | 2,972.50 | ||||||||||||||||||
EQUITY (DEFICIT): | |||||||||||||||||||||||||
Stockholders' equity (deficit) of Regal Entertainment Group | (748.6 | ) | (310.0 | ) | 2,003.50 | 109.2 | (1,802.7 | ) | (748.6 | ) | |||||||||||||||
Noncontrolling interest | — | — | (2.1 | ) | 0.3 | — | (1.8 | ) | |||||||||||||||||
TOTAL EQUITY (DEFICIT) | (748.6 | ) | (310.0 | ) | 2,001.40 | 109.5 | (1,802.7 | ) | (750.4 | ) | |||||||||||||||
TOTAL LIABILITIES AND EQUITY (DEFICIT) | $ | 30.3 | $ | 1,092.30 | $ | 2,952.30 | $ | 188.3 | $ | (2,041.1 | ) | $ | 2,222.10 | ||||||||||||
Condensed consolidating income information | ' | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME INFORMATION | |||||||||||||||||||||||||
YEAR ENDED DECEMBER 26, 2013 | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
REG Parent | RCC Parent | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||||||||||
Company | Company | Guarantors | Non-Guarantors | Adjustments | |||||||||||||||||||||
REVENUES | $ | — | $ | — | $ | 2,740.50 | $ | 303.4 | $ | (5.8 | ) | $ | 3,038.10 | ||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||||||
Film rental and advertising costs | — | — | 973.5 | 104.5 | — | 1,078.00 | |||||||||||||||||||
Cost of concessions | — | — | 97.1 | 14.5 | — | 111.6 | |||||||||||||||||||
Rent expense | — | — | 372.8 | 43.6 | (2.8 | ) | 413.6 | ||||||||||||||||||
Other operating expenses | — | — | 725.4 | 87.4 | — | 812.8 | |||||||||||||||||||
General and administrative expenses | 0.8 | — | 71.1 | 7.6 | (5.8 | ) | 73.7 | ||||||||||||||||||
Depreciation and amortization | 0.5 | — | 182 | 17.7 | — | 200.2 | |||||||||||||||||||
Net loss on disposal and impairment of operating assets and other | — | — | 6.9 | 1.5 | — | 8.4 | |||||||||||||||||||
TOTAL OPERATING EXPENSES | 1.3 | — | 2,428.80 | 276.8 | (8.6 | ) | 2,698.30 | ||||||||||||||||||
INCOME (LOSS) FROM OPERATIONS | (1.3 | ) | — | 311.7 | 26.6 | 2.8 | 339.8 | ||||||||||||||||||
OTHER EXPENSE (INCOME): | |||||||||||||||||||||||||
Interest expense, net | 60.5 | 71.6 | 6 | 3.2 | — | 141.3 | |||||||||||||||||||
Loss on extinguishment of debt | 30.3 | 0.4 | — | — | — | 30.7 | |||||||||||||||||||
Earnings recognized from NCM | — | — | (37.5 | ) | — | — | (37.5 | ) | |||||||||||||||||
Gain on sale of NCM, Inc. common stock | — | — | (30.9 | ) | — | — | (30.9 | ) | |||||||||||||||||
Other, net | (214.3 | ) | (267.6 | ) | (127.1 | ) | — | 580.6 | (28.4 | ) | |||||||||||||||
TOTAL OTHER EXPENSE (INCOME), NET | (123.5 | ) | (195.6 | ) | (189.5 | ) | 3.2 | 580.6 | 75.2 | ||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 122.2 | 195.6 | 501.2 | 23.4 | (577.8 | ) | 264.6 | ||||||||||||||||||
PROVISION FOR (BENEFIT FROM) INCOME TAXES | (35.4 | ) | (9.6 | ) | 142.1 | 9.9 | — | 107 | |||||||||||||||||
NET INCOME (LOSS) | 157.6 | 205.2 | 359.1 | 13.5 | (577.8 | ) | 157.6 | ||||||||||||||||||
NONCONTROLLING INTEREST, NET OF TAX | — | — | 0.2 | (0.1 | ) | — | 0.1 | ||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST | $ | 157.6 | $ | 205.2 | $ | 359.3 | $ | 13.4 | $ | (577.8 | ) | $ | 157.7 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME INFORMATION | |||||||||||||||||||||||||
YEAR ENDED DECEMBER 27, 2012 | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
REG Parent | RCC Parent | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||||||||||
Company | Company | Guarantors | Non-Guarantors | Adjustments | |||||||||||||||||||||
REVENUES | $ | — | $ | — | $ | 2,601.00 | $ | 225 | $ | (6.0 | ) | $ | 2,820.00 | ||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||||||
Film rental and advertising costs | — | — | 924.1 | 76.4 | — | 1,000.50 | |||||||||||||||||||
Cost of concessions | — | — | 91 | 10.1 | — | 101.1 | |||||||||||||||||||
Rent expense | — | — | 349.2 | 38 | (2.8 | ) | 384.4 | ||||||||||||||||||
Other operating expenses | — | — | 670.5 | 65.4 | — | 735.9 | |||||||||||||||||||
General and administrative expenses | 0.5 | — | 67.4 | 6.9 | (6.0 | ) | 68.8 | ||||||||||||||||||
Depreciation and amortization | 0.5 | — | 172.7 | 9.9 | — | 183.1 | |||||||||||||||||||
Net loss on disposal and impairment of operating assets and other | — | — | 13 | 3.2 | — | 16.2 | |||||||||||||||||||
TOTAL OPERATING EXPENSES | 1 | — | 2,287.90 | 209.9 | (8.8 | ) | 2,490.00 | ||||||||||||||||||
INCOME (LOSS) FROM OPERATIONS | (1.0 | ) | — | 313.1 | 15.1 | 2.8 | 330 | ||||||||||||||||||
OTHER EXPENSE (INCOME): | |||||||||||||||||||||||||
Interest expense, net | 49 | 80 | 5.4 | 0.6 | — | 135 | |||||||||||||||||||
Earnings recognized from NCM | — | — | (34.8 | ) | — | — | (34.8 | ) | |||||||||||||||||
Other, net | (171.9 | ) | (237.3 | ) | (80.3 | ) | — | 487.6 | (1.9 | ) | |||||||||||||||
TOTAL OTHER EXPENSE (INCOME), NET | (122.9 | ) | (157.3 | ) | (109.7 | ) | 0.6 | 487.6 | 98.3 | ||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 121.9 | 157.3 | 422.8 | 14.5 | (484.8 | ) | 231.7 | ||||||||||||||||||
PROVISION FOR (BENEFIT FROM) INCOME TAXES | (20.3 | ) | (13.1 | ) | 111.5 | 8 | 3.4 | 89.5 | |||||||||||||||||
NET INCOME (LOSS) | 142.2 | 170.4 | 311.3 | 6.5 | (488.2 | ) | 142.2 | ||||||||||||||||||
NONCONTROLLING INTEREST, NET OF TAX | — | — | 0.2 | (0.1 | ) | — | 0.1 | ||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST | $ | 142.2 | $ | 170.4 | $ | 311.5 | $ | 6.4 | $ | (488.2 | ) | $ | 142.3 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME INFORMATION | |||||||||||||||||||||||||
YEAR ENDED DECEMBER 29, 2011 | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
REG Parent | RCC Parent | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||||||||||
Company | Company | Guarantors | Non-Guarantors | Adjustments | |||||||||||||||||||||
REVENUES | $ | — | $ | — | $ | 2,460.80 | $ | 221.1 | $ | (6.0 | ) | $ | 2,675.90 | ||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||||||
Film rental and advertising costs | — | — | 877.6 | 76.1 | — | 953.7 | |||||||||||||||||||
Cost of concessions | — | — | 86.9 | 9.7 | — | 96.6 | |||||||||||||||||||
Rent expense | — | — | 347 | 37.3 | (2.8 | ) | 381.5 | ||||||||||||||||||
Other operating expenses | — | — | 674.3 | 70.1 | — | 744.4 | |||||||||||||||||||
General and administrative expenses | 0.4 | — | 64.6 | 6.8 | (6.0 | ) | 65.8 | ||||||||||||||||||
Depreciation and amortization | 0.5 | — | 186 | 11.1 | — | 197.6 | |||||||||||||||||||
Net loss on disposal and impairment of operating assets and other | — | — | 20.7 | 0.1 | — | 20.8 | |||||||||||||||||||
TOTAL OPERATING EXPENSES | 0.9 | — | 2,257.10 | 211.2 | (8.8 | ) | 2,460.40 | ||||||||||||||||||
INCOME (LOSS) FROM OPERATIONS | (0.9 | ) | — | 203.7 | 9.9 | 2.8 | 215.5 | ||||||||||||||||||
OTHER EXPENSE (INCOME): | |||||||||||||||||||||||||
Interest expense, net | 48.9 | 94.5 | 5.6 | 0.7 | — | 149.7 | |||||||||||||||||||
Loss on extinguishment of debt | — | — | 21.9 | — | — | 21.9 | |||||||||||||||||||
Earnings recognized from NCM | — | — | (37.9 | ) | — | — | (37.9 | ) | |||||||||||||||||
Impairment of investment in RealD, Inc. | — | — | 13.9 | — | — | 13.9 | |||||||||||||||||||
Other, net | (65.5 | ) | (131.1 | ) | (68.7 | ) | — | 281.2 | 15.9 | ||||||||||||||||
TOTAL OTHER EXPENSE (INCOME), NET | (16.6 | ) | (36.6 | ) | (65.2 | ) | 0.7 | 281.2 | 163.5 | ||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 15.7 | 36.6 | 268.9 | 9.2 | (278.4 | ) | 52 | ||||||||||||||||||
PROVISION FOR (BENEFIT FROM) INCOME TAXES | (20.9 | ) | (27.9 | ) | 54.9 | 4.7 | 4.6 | 15.4 | |||||||||||||||||
NET INCOME (LOSS) | 36.6 | 64.5 | 214 | 4.5 | (283.0 | ) | 36.6 | ||||||||||||||||||
NONCONTROLLING INTEREST, NET OF TAX | — | — | 0.2 | — | — | 0.2 | |||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST | $ | 36.6 | $ | 64.5 | $ | 214.2 | $ | 4.5 | $ | (283.0 | ) | $ | 36.8 | ||||||||||||
Condensed consolidating statement of comprehensive income information | ' | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME INFORMATION | |||||||||||||||||||||||||
YEAR ENDED DECEMBER 26, 2013 | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
REG Parent | RCC Parent | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||||||||||
Company | Company | Guarantors | Non- | Adjustments | |||||||||||||||||||||
Guarantors | |||||||||||||||||||||||||
NET INCOME | $ | 157.6 | $ | 205.2 | $ | 359.1 | $ | 13.5 | $ | (577.8 | ) | $ | 157.6 | ||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||||||||||||||||||||||||
Change in fair value of interest rate swap transactions | 2.3 | 2.3 | — | — | (2.3 | ) | 2.3 | ||||||||||||||||||
Change in fair value of available for sale securities | (0.6 | ) | (0.6 | ) | (0.6 | ) | — | 1.2 | (0.6 | ) | |||||||||||||||
Reclassification adjustment for gain on sale of available for sale securities recognized in net income | (1.2 | ) | (1.2 | ) | (1.2 | ) | — | 2.4 | (1.2 | ) | |||||||||||||||
Change in fair value of equity method investee interest rate swap transactions | 1.4 | 1.4 | 1.4 | — | (2.8 | ) | 1.4 | ||||||||||||||||||
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 1.9 | 1.9 | (0.4 | ) | — | (1.5 | ) | 1.9 | |||||||||||||||||
TOTAL COMPREHENSIVE INCOME, NET OF TAX | 159.5 | 207.1 | 358.7 | 13.5 | (579.3 | ) | 159.5 | ||||||||||||||||||
Comprehensive loss attributable to noncontrolling interest, net of tax | — | — | 0.1 | — | — | 0.1 | |||||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST | $ | 159.5 | $ | 207.1 | $ | 358.8 | $ | 13.5 | $ | (579.3 | ) | $ | 159.6 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME INFORMATION | |||||||||||||||||||||||||
YEAR ENDED DECEMBER 27, 2012 | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
REG Parent | RCC Parent | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||||||||||
Company | Company | Guarantors | Non- | Adjustments | |||||||||||||||||||||
Guarantors | |||||||||||||||||||||||||
NET INCOME | $ | 142.2 | $ | 170.4 | $ | 311.3 | $ | 6.5 | $ | (488.2 | ) | $ | 142.2 | ||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||||||||||||||||||||||||
Change in fair value of interest rate swap transactions | 2.8 | 2.8 | — | — | (2.8 | ) | 2.8 | ||||||||||||||||||
Change in fair value of available for sale securities | 2 | 2 | 2 | — | (4.0 | ) | 2 | ||||||||||||||||||
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAX | 4.8 | 4.8 | 2 | — | (6.8 | ) | 4.8 | ||||||||||||||||||
TOTAL COMPREHENSIVE INCOME, NET OF TAX | 147 | 175.2 | 313.3 | 6.5 | (495.0 | ) | 147 | ||||||||||||||||||
Comprehensive loss attributable to noncontrolling interests | — | — | 0.1 | — | — | 0.1 | |||||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST | $ | 147 | $ | 175.2 | $ | 313.4 | $ | 6.5 | $ | (495.0 | ) | $ | 147.1 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME INFORMATION | |||||||||||||||||||||||||
YEAR ENDED DECEMBER 29, 2011 | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
REG Parent | RCC Parent | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||||||||||
Company | Company | Guarantors | Non- | Adjustments | |||||||||||||||||||||
Guarantors | |||||||||||||||||||||||||
NET INCOME | $ | 36.6 | $ | 64.5 | $ | 214 | $ | 4.5 | $ | (283.0 | ) | $ | 36.6 | ||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||||||||||||||||||||||||
Change in fair value of interest rate swap transactions | 8 | 8 | — | — | (8.0 | ) | 8 | ||||||||||||||||||
Change in fair value of available for sale securities | 3.5 | 3.5 | 3.5 | — | (7.0 | ) | 3.5 | ||||||||||||||||||
Other-than-temporary impairment of available for sale securities | (8.4 | ) | (8.4 | ) | (8.4 | ) | — | 16.8 | (8.4 | ) | |||||||||||||||
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 3.1 | 3.1 | (4.9 | ) | — | 1.8 | 3.1 | ||||||||||||||||||
TOTAL COMPREHENSIVE INCOME, NET OF TAX | 39.7 | 67.6 | 209.1 | 4.5 | (281.2 | ) | 39.7 | ||||||||||||||||||
Comprehensive loss attributable to noncontrolling interests | — | — | 0.2 | — | — | 0.2 | |||||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST | $ | 39.7 | $ | 67.6 | $ | 209.3 | $ | 4.5 | $ | (281.2 | ) | $ | 39.9 | ||||||||||||
Condensed consolidating cash flows information | ' | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION | |||||||||||||||||||||||||
YEAR ENDED DECEMBER 26, 2013 | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
REG Parent | RCC Parent | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||||||||||
Company | Company | Guarantors | Non- | Adjustments | |||||||||||||||||||||
Guarantors | |||||||||||||||||||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ | 70.9 | $ | — | $ | 240.3 | $ | 35.7 | $ | — | $ | 346.9 | |||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||||||||||
Capital expenditures | — | — | (102.9 | ) | (9.2 | ) | — | (112.1 | ) | ||||||||||||||||
Proceeds from disposition of assets | — | — | 7.2 | 0.1 | — | 7.3 | |||||||||||||||||||
Proceeds from sale of NCM, Inc. common stock | — | — | 40.9 | — | — | 40.9 | |||||||||||||||||||
Investment in non-consolidated entities and other | — | — | (6.3 | ) | — | — | (6.3 | ) | |||||||||||||||||
Cash used for acquisition, net of cash acquired | (194.4 | ) | — | — | — | — | (194.4 | ) | |||||||||||||||||
Proceeds from sale of available for sale securities | — | — | 5.9 | — | — | 5.9 | |||||||||||||||||||
NET CASH USED IN INVESTING ACTIVITIES | (194.4 | ) | — | (55.2 | ) | (9.1 | ) | — | (258.7 | ) | |||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||||||||
Cash used to pay dividends | (132.2 | ) | — | — | — | — | (132.2 | ) | |||||||||||||||||
Cash received (paid) to/from REG Parent Company | 15.8 | (15.8 | ) | — | — | — | — | ||||||||||||||||||
Cash received (paid) to/from subsidiary | — | 15.8 | (15.8 | ) | — | — | — | ||||||||||||||||||
Proceeds from issuance of Regal 53/4% Senior Notes Due 2025 | 250 | — | — | — | — | 250 | |||||||||||||||||||
Proceeds from issuance of Regal 53/4% Senior Notes Due 2023 | 250 | — | — | — | — | 250 | |||||||||||||||||||
Cash used to repurchase Regal 91/8% Senior Notes | (244.3 | ) | — | — | — | — | (244.3 | ) | |||||||||||||||||
Payments on long-term obligations | (2.0 | ) | — | (20.6 | ) | (1.1 | ) | — | (23.7 | ) | |||||||||||||||
Payment of debt acquisition costs | (10.7 | ) | — | (2.8 | ) | — | — | (13.5 | ) | ||||||||||||||||
Proceeds from stock option exercises and other | 1.3 | — | — | — | — | 1.3 | |||||||||||||||||||
Cash paid for tax withholdings | (4.4 | ) | — | — | — | — | (4.4 | ) | |||||||||||||||||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 123.5 | — | (39.2 | ) | (1.1 | ) | — | 83.2 | |||||||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | — | — | 145.9 | 25.5 | — | 171.4 | |||||||||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | — | — | 53.8 | 55.7 | — | 109.5 | |||||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | — | $ | — | $ | 199.7 | $ | 81.2 | $ | — | $ | 280.9 | |||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION | |||||||||||||||||||||||||
YEAR ENDED DECEMBER 27, 2012 | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
REG Parent | RCC Parent | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||||||||||
Company | Company | Guarantors | Non-Guarantors | Adjustments | |||||||||||||||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | (45.8 | ) | $ | — | $ | 384.6 | $ | 7.8 | $ | — | $ | 346.6 | ||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||||||||||
Capital expenditures | — | — | (81.6 | ) | (7.6 | ) | — | (89.2 | ) | ||||||||||||||||
Proceeds from disposition of assets | — | — | 5.8 | — | — | 5.8 | |||||||||||||||||||
Investment in non-consolidated entities and other | — | — | (10.3 | ) | — | — | (10.3 | ) | |||||||||||||||||
Cash used for acquisition | — | — | (89.7 | ) | — | — | (89.7 | ) | |||||||||||||||||
NET CASH USED IN INVESTING ACTIVITIES | — | — | (175.8 | ) | (7.6 | ) | — | (183.4 | ) | ||||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||||||||
Cash used to pay dividends | (287.3 | ) | — | — | — | — | (287.3 | ) | |||||||||||||||||
Cash received (paid) to/from REG Parent Company | 333.8 | (333.8 | ) | — | — | — | — | ||||||||||||||||||
Cash received (paid) to/from subsidiary | 333.8 | (333.8 | ) | — | — | — | |||||||||||||||||||
Payments on long-term obligations | (1.9 | ) | — | (18.7 | ) | — | — | (20.6 | ) | ||||||||||||||||
Cash paid for tax withholdings and other | (1.8 | ) | — | — | — | — | (1.8 | ) | |||||||||||||||||
Proceeds from stock option exercises and other | 3 | — | — | — | — | 3 | |||||||||||||||||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 45.8 | — | (352.5 | ) | — | — | (306.7 | ) | |||||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | — | — | (143.7 | ) | 0.2 | — | (143.5 | ) | |||||||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | — | — | 197.5 | 55.5 | — | 253 | |||||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ | — | $ | — | $ | 53.8 | $ | 55.7 | $ | — | $ | 109.5 | |||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION | |||||||||||||||||||||||||
YEAR ENDED DECEMBER 29, 2011 | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
REG Parent | RCC Parent | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||||||||||
Company | Company | Guarantors | Non-Guarantors | Adjustments | |||||||||||||||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | 27.4 | $ | — | $ | 320.1 | $ | 5.6 | $ | — | $ | 353.1 | |||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||||||||||
Capital expenditures | — | — | (82.5 | ) | (4.7 | ) | — | (87.2 | ) | ||||||||||||||||
Proceeds from disposition of assets | — | — | 18.7 | 1.8 | — | 20.5 | |||||||||||||||||||
Investment in non-consolidated entities and other | — | — | (34.4 | ) | — | — | (34.4 | ) | |||||||||||||||||
NET CASH USED IN INVESTING ACTIVITIES | — | — | (98.2 | ) | (2.9 | ) | — | (101.1 | ) | ||||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||||||||
Cash used to pay dividends | (129.8 | ) | — | — | — | — | (129.8 | ) | |||||||||||||||||
Cash received (paid) to/from REG Parent Company | (77.5 | ) | 77.5 | — | — | — | — | ||||||||||||||||||
Cash received (paid) to/from subsidiary | — | (77.5 | ) | 77.5 | — | — | — | ||||||||||||||||||
Proceeds from issuance of Regal Entertainment Group 91/8% Senior Notes | 261.3 | — | — | — | — | 261.3 | |||||||||||||||||||
Cash used to redeem 61/4% Convertible Senior Notes | (74.7 | ) | — | — | — | — | (74.7 | ) | |||||||||||||||||
Payments on long-term obligations | (1.6 | ) | — | (1,258.6 | ) | — | — | (1,260.2 | ) | ||||||||||||||||
Proceeds from Amended Senior Credit Facility | — | — | 1,006.00 | — | — | 1,006.00 | |||||||||||||||||||
Cash paid for tax withholdings and other | (1.3 | ) | — | — | — | — | (1.3 | ) | |||||||||||||||||
Payment of debt acquisition costs and other | (3.8 | ) | — | (1.8 | ) | — | — | (5.6 | ) | ||||||||||||||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (27.4 | ) | — | (176.9 | ) | — | — | (204.3 | ) | ||||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | — | — | 45 | 2.7 | — | 47.7 | |||||||||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | — | — | 152.5 | 52.8 | — | 205.3 | |||||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ | — | $ | — | $ | 197.5 | $ | 55.5 | $ | — | $ | 253 | |||||||||||||
THE_COMPANY_AND_BASIS_OF_PRESE1
THE COMPANY AND BASIS OF PRESENTATION (Narrative) (Details) (USD $) | 1 Months Ended | ||
In Millions, except Share data, unless otherwise specified | 31-May-02 | Dec. 26, 2013 | Dec. 27, 2012 |
Stock activity | ' | ' | ' |
Number of screens in operation | ' | 7,394 | ' |
Number of theatres in operation | ' | 580 | ' |
Number of states in which entity operates | ' | 42 | ' |
Class A common stock | ' | ' | ' |
Stock activity | ' | ' | ' |
Shares issued (in shares) | 18,000,000 | 132,120,854 | 131,743,778 |
Issue price (in dollars per share) | $19 | ' | ' |
Proceeds from sale of common stock, net of expenses | $314.80 | ' | ' |
THE_COMPANY_AND_BASIS_OF_PRESE2
THE COMPANY AND BASIS OF PRESENTATION (Fiscal Period) (Details) | 12 Months Ended |
Dec. 26, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Number of weeks in a formal fiscal year | '364 days |
Number of weeks in each fiscal quarter for a 52-week fiscal year | '91 days |
Number of weeks in a fiscal year in certain fiscal years | '371 days |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | Jan. 01, 2009 | Dec. 30, 2010 | Dec. 30, 2010 | Dec. 27, 2012 | Nov. 29, 2012 | Dec. 27, 2012 | Dec. 26, 2013 | Mar. 28, 2013 | Dec. 26, 2013 | Mar. 30, 2013 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | Dec. 30, 2010 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | Dec. 30, 2010 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | Dec. 30, 2010 | Dec. 26, 2013 | Dec. 29, 2011 | Dec. 30, 2010 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 31, 2009 |
numerator | segment | segment | Consolidated Theatres | Consolidated Theatres | Consolidated Theatres | Consolidated Theatres | AMC Entertainment Inc | AMC Entertainment Inc | Great Escape Theatres | Great Escape Theatres | Great Escape Theatres | Great Escape Theatres | Hollywood Theatres | Hollywood Theatres | Hollywood Theatres | National Cine Media | National Cine Media | National Cine Media | National Cine Media | Digital Cinema Implementation Partners | Digital Cinema Implementation Partners | Digital Cinema Implementation Partners | Digital Cinema Implementation Partners | Open Road Films | Open Road Films | Open Road Films | Open Road Films | AC JV, LLC | Real D Inc | Real D Inc | Computer equipment and software | Computer equipment and software | Capital leases and lease financing arrangements | Capital leases and lease financing arrangements | Minimum | Adjustments | Adjustments | |
segment | Favorable leases | Theatre | Favorable leases | Favorable leases | Unfavorable Leases | theatre | theatre | Hollywood Theatres | ||||||||||||||||||||||||||||||
Unfavorable Leases | ||||||||||||||||||||||||||||||||||||||
Deferred revenue | $181.80 | $166.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $64.40 | $44.20 |
Additional paid-in capital (deficit) | -782.9 | -745.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -51.5 | 36.2 |
Retained earnings | 71.8 | 1.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.3 | 1.8 |
Cash Equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum term of original maturity to classify instruments as cash equivalents (in months) | '3 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Costs capitalized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22.4 | 16.4 | ' | ' | ' | ' | ' |
Assets accounted for under capital leases and lease financing arrangements | 3,168.30 | 2,948.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 171 | 104.1 | ' | ' | ' |
Accumulated depreciation | 1,658.70 | 1,485.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73.7 | 63.1 | ' | ' | ' |
Impairment of Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset impairment charges | 9.5 | 11.1 | 17.9 | 1.5 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease term low end of range (in years) | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease term high end of range (in years) | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 320.4 | 274 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.2 | 6.2 |
Increase in goodwill | ' | 46.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible asset | 67.1 | 32.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated amortization | 9.4 | 4.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of asset acquired | ' | ' | ' | ' | ' | ' | 9.9 | ' | 14.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average amortization period (in years) | ' | ' | ' | ' | ' | ' | '13 years 1 month 6 days | ' | '35 years | ' | ' | '22 years | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '18 years | ' | ' |
Number of theatres acquired | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | 43 | 14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Favorable leases | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.1 | 8.1 | ' | ' | ' | 34.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expenses pertaining to intangible assets acquired | 3.3 | 1.1 | 1.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Acquisition Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt acquisition costs | 45.3 | 36 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated amortization | 19.2 | 16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest in the investee (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | 46.70% | ' | ' | ' | 50.00% | ' | ' | ' | 32.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of Company's investment | 266.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 158.5 | 73.9 | 76.8 | 68.8 | 101.6 | 72.8 | 48.3 | 32.1 | -7.1 | -10 | 5.2 | 0 | 6.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period during which fair value of investment remained substantially below its recorded investment (in months) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | ' | ' | ' | ' | ' | ' | ' | ' |
Investment recorded on cost basis (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $19.40 | ' | ' | ' | ' | ' | ' | ' | ' |
Other-than-temporary impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.9 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of RealD, Inc. stock options received, vested or exercised during the period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,222,780 | ' | ' | ' | ' | ' | ' | ' |
Recognition criteria of uncertain tax benefit, likelihood of realization upon ultimate settlement, minimum (as a percent) | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization period (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred revenue, noncurrent | 424.8 | 341.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 432.2 | 344.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Film Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proportion of quarterly film expense estimated at period end, numerator | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proportion of quarterly film expense estimated at period end, denominator | 'third | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum period for settlement of film costs (in months) | '2 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum period for settlement of film costs (in months) | '3 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reportable segments | 1 | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Comprehensive income | $159.50 | $147 | $39.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Estimated Useful Lives) (Details) | 12 Months Ended |
Dec. 26, 2013 | |
Buildings | Minimum | ' |
Property and Equipment | ' |
Estimated useful life, minimum (in years) | '20 years |
Buildings | Maximum | ' |
Property and Equipment | ' |
Estimated useful life, minimum (in years) | '30 years |
Equipment | Minimum | ' |
Property and Equipment | ' |
Estimated useful life, minimum (in years) | '3 years |
Equipment | Maximum | ' |
Property and Equipment | ' |
Estimated useful life, minimum (in years) | '20 years |
Computer equipment and software | Minimum | ' |
Property and Equipment | ' |
Estimated useful life, minimum (in years) | '3 years |
Computer equipment and software | Maximum | ' |
Property and Equipment | ' |
Estimated useful life, minimum (in years) | '5 years |
SUMMARY_OF_SIGNIFICANT_ACCOUNT5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Estimated Amortization Expense for the Next Five Fiscal Years) (Details) (USD $) | Dec. 26, 2013 |
In Millions, unless otherwise specified | |
Accounting Policies [Abstract] | ' |
2014 | $3.90 |
2015 | 3.9 |
2016 | 3.9 |
2017 | 3.8 |
2018 | $3.60 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Correction of Immaterial Error) (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | Dec. 30, 2010 | Dec. 27, 2012 | Dec. 29, 2011 | Dec. 27, 2012 | Dec. 29, 2011 | Dec. 31, 2009 |
As previously reported | As previously reported | Adjustments | Adjustments | Adjustments | |||||
Balance Sheet | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax receivable | $6.60 | $8 | ' | ' | $1.60 | ' | $6.40 | ' | ' |
TOTAL CURRENT ASSETS | 465.1 | 264.2 | ' | ' | 257.8 | ' | 6.4 | ' | ' |
GOODWILL | 320.4 | 274 | ' | ' | 267.8 | ' | 6.2 | ' | 6.2 |
TOTAL ASSETS | 2,704.70 | 2,222.10 | ' | ' | 2,209.50 | ' | 12.6 | ' | ' |
Deferred revenue | 181.8 | 166.6 | ' | ' | 102.2 | ' | 64.4 | ' | 44.2 |
TOTAL CURRENT LIABILITIES | 506.4 | 451.9 | ' | ' | 387.5 | ' | 64.4 | ' | ' |
NON-CURRENT DEFERRED REVENUE | 424.8 | 341.4 | ' | ' | 341.4 | ' | 0 | ' | ' |
TOTAL LIABILITIES | 3,420 | 2,972.50 | ' | ' | 2,908.10 | ' | 64.4 | ' | ' |
Additional paid-in capital (deficit) | -782.9 | -745.5 | ' | ' | -694 | ' | -51.5 | ' | 36.2 |
Retained earnings | 71.8 | 1.1 | ' | ' | 1.4 | ' | -0.3 | ' | 1.8 |
Stockholders' equity (deficit) of Regal Entertainment Group | -713.4 | -748.6 | ' | ' | -696.8 | ' | -51.8 | ' | ' |
TOTAL EQUITY (DEFICIT) | -715.3 | -750.4 | -621.8 | -537.5 | -698.6 | ' | -51.8 | ' | ' |
TOTAL LIABILITIES AND EQUITY (DEFICIT) | 2,704.70 | 2,222.10 | ' | ' | 2,209.50 | ' | 12.6 | ' | ' |
Statements of Income | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other operating revenues | 161.6 | 146.5 | 125.3 | ' | 150.7 | 131.1 | -4.2 | -5.8 | ' |
REVENUES | 3,038.10 | 2,820 | 2,675.90 | ' | 2,824.20 | 2,681.70 | -4.2 | -5.8 | ' |
INCOME (LOSS) FROM OPERATIONS | 339.8 | 330 | 215.5 | ' | 334.2 | 221.3 | -4.2 | -5.8 | ' |
INCOME (LOSS) BEFORE INCOME TAXES | 264.6 | 231.7 | 52 | ' | 235.9 | 57.8 | -4.2 | -5.8 | ' |
PROVISION FOR INCOME TAXES | 107 | 89.5 | 15.4 | ' | 91.2 | 17.7 | -1.7 | -2.3 | ' |
NET INCOME | 157.6 | 142.2 | 36.6 | ' | 144.7 | 40.1 | -2.5 | -3.5 | ' |
Net income attributable to controlling interest | $157.70 | $142.30 | $36.80 | ' | $144.80 | $40.30 | ($2.50) | ($3.50) | ' |
Basic (in dollars per share) | $1.02 | $0.92 | $0.24 | ' | $0.94 | $0.26 | ($0.02) | ($0.02) | ' |
Diluted (in dollars per share) | $1.01 | $0.92 | $0.24 | ' | $0.93 | $0.26 | ($0.01) | ($0.02) | ' |
ACQUISITIONS_Hollywood_Theater
ACQUISITIONS (Hollywood Theaters) (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 28, 2013 | Dec. 26, 2013 | Mar. 30, 2013 |
theatre | theatre | territory | |
screen | state | ||
Business Acquisition [Line Items] | ' | ' | ' |
Number of states in which entity operates | ' | 42 | ' |
Hollywood Theatres | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Number of theatres acquired | 43 | 14 | ' |
Number of screens acquired | 513 | ' | ' |
Purchase price | $194.40 | ' | ' |
Capital lease, lease financing obligations and working capital assumed | ' | ' | 47.9 |
Cash paid, portion that includes repayment of acquiree debt | ' | ' | 167 |
Number of states in which entity operates | ' | ' | 16 |
Number of territories in which entity operates | ' | ' | 3 |
Acquisition related transaction costs | 3 | ' | ' |
Weighted average interest rate on debt (as a percent) | ' | 10.70% | ' |
Favorable leases | ' | 34.4 | ' |
Unfavorable leases | ' | $10.70 | $10.70 |
Hollywood Theatres | Unfavorable Leases | Minimum | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Weighted average amortization period of acquired intangible assets (in years) | ' | '18 years | ' |
Hollywood Theatres | Unfavorable Leases | Maximum | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Weighted average amortization period of acquired intangible assets (in years) | ' | '15 years | ' |
ACQUISITIONS_Hollywood_Theatre
ACQUISITIONS (Hollywood Theatres) (Purchase Price Allocation) (Details) (USD $) | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 26, 2013 | Mar. 30, 2013 |
In Millions, unless otherwise specified | Hollywood Theatres | Hollywood Theatres | ||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Current assets | ' | ' | ' | $8.70 |
Property and equipment | ' | ' | ' | 143.2 |
Favorable leases and other intangible assets | ' | ' | ' | 35.6 |
Goodwill | 320.4 | 274 | ' | 46.4 |
Deferred income tax asset | ' | ' | ' | 35.8 |
Other assets | ' | ' | ' | 0.2 |
Current liabilities | ' | ' | ' | -14.2 |
Lease financing obligations | ' | ' | ' | -40.4 |
Capital lease obligations | ' | ' | ' | -7.5 |
Unfavorable leases | ' | ' | -10.7 | -10.7 |
Other liabilities | ' | ' | ' | -2.7 |
Total purchase price | ' | ' | ' | $194.40 |
ACQUISITIOINS_Hollywood_Theatr
ACQUISITIOINS (Hollywood Theatres) (Pro Forma Results) (Details) (Hollywood Theatres, USD $) | 12 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Dec. 26, 2013 | Dec. 27, 2012 |
Hollywood Theatres | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total revenues | $3,069.60 | $2,979.80 |
Income from operations | 333.3 | 346.4 |
Net income attributable to controlling interest | $146.90 | $136.90 |
Earnings per share of Class A and Class B common stock: Basic (in dollars per share) | $0.95 | $0.89 |
Earnings per share of Class A and Class B common stock: Diluted (in dollars per share) | $0.94 | $0.88 |
ACQUISITIONS_Great_Escape_Thea
ACQUISITIONS (Great Escape Theatres) (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Nov. 29, 2012 | Dec. 26, 2013 | Dec. 26, 2013 |
Great Escape Theatres | Favorable Leases | Unfavorable Leases | |
Screen | Great Escape Theatres | Great Escape Theatres | |
Theatre | |||
Business Acquisition [Line Items] | ' | ' | ' |
Number of theatres acquired | 25 | ' | ' |
Number of screens acquired | 301 | ' | ' |
Total purchase price | $90 | ' | ' |
Weighted average amortization period (in years) | ' | '22 years | '15 years |
ACQUISITIONS_Great_Escape_Thea1
ACQUISITIONS (Great Escape Theatres) (Purchase Price Allocation (Details) (Great Escape Theatres, USD $) | Dec. 27, 2012 | Nov. 29, 2012 |
In Millions, unless otherwise specified | ||
Great Escape Theatres | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Current assets | ' | $2.90 |
Property and equipment | ' | 22 |
Favorable leases | 8.1 | 8.1 |
Goodwill | ' | 89 |
Current liabilities | ' | -5.9 |
Unfavorable leases | ' | -26.1 |
Total purchase price | ' | $90 |
INVESTMENTS_National_Cinemedia
INVESTMENTS (National Cinemedia - Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 26, 2013 | Feb. 13, 2007 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | Dec. 30, 2010 | Sep. 26, 2013 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | Feb. 13, 2007 | Feb. 13, 2007 | Feb. 13, 2007 | Dec. 26, 2013 |
National Cine Media | National Cine Media | National Cine Media | National Cine Media | National Cine Media | National Cine Media Inc | National Cine Media Inc | National Cine Media Inc | National Cine Media Inc | National Cine Media Inc | Other Affiliates | Capital Unit, Class A | Capital Unit, Class B | ||
partner | National Cine Media | National Cine Media | National Cine Media | IPO | National Cine Media Inc | National Cine Media | National Cine Media | |||||||
Y | IPO | |||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock issued (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38 | 4 | ' | ' |
Issue price (in dollars per share) | ' | ' | ' | ' | ' | ' | $17.79 | ' | ' | ' | $21 | ' | ' | ' |
Common units held (in shares) | ' | ' | 25.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21.2 | ' |
Common units to common shares redemption basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' |
Carrying value of Company's investment | $266.70 | ' | $158.50 | $73.90 | $76.80 | $68.80 | ' | ' | ' | ' | ' | ' | $0 | ' |
Extended term of the exhibitor services agreement (in years) | ' | ' | '30 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period covered under right of first refusal (in years) | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ESA, right of first refusal commencement period (in years) | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed theatre access fees per patron (in dollars per patron) | ' | ' | 0.0756 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed theatre access fees per patron increase (as a percent) | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed theatre access fees per patron fixed period (in years) | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed theatre access fees per digital screen (in dollars per digital projection system) | ' | ' | 800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed theatre access fees per digital screen increase (as a percent) | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed theatre access fees per digital screen, current fixed (in dollars per digital projection system) | ' | ' | 1,072 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed theatre access fees per digital screen, additional fixed payment | ' | ' | 551 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate theatre access fee as a percentage of aggregate advertising revenue (as a percent) | ' | ' | 12.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment received for ESA modification | ' | 281 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization period (in years) | ' | ' | '30 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of joint venture partners in acquisition (in partners) | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of joint venture partners with common unit adjustments to result in equity ownership interest percentage adjustment (in partners) | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in total attendance (as a percent) | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative number of shares issued for all transactions (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.8 |
Cash payments to be made for realized tax benefit (as a percent) | ' | ' | ' | ' | ' | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' |
Tax receivable agreement period (in years) | ' | ' | ' | ' | ' | ' | ' | 30 | ' | ' | ' | ' | ' | ' |
Payments received under tax receivable agreement | ' | ' | ' | ' | ' | ' | ' | 4.6 | 8.5 | 7 | ' | ' | ' | ' |
Due from related parties | ' | ' | 4.1 | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due to related parties | ' | ' | $2 | $2.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet1
INVESTMENTS (National CineMedia - Activity) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 26, 2013 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | Dec. 30, 2010 | |||
Equity Investment | ' | ' | ' | ' | ' | |||
Ending Balance | ' | $266.70 | ' | ' | ' | |||
Earnings recognized from NCM | ' | ' | ' | ' | ' | |||
Income (Loss) from Equity Method Investments | ' | 37.5 | 34.8 | 37.9 | ' | |||
Other NCM Revenues [Abstract] | ' | ' | ' | ' | ' | |||
Gain on sale of NCM, Inc. common stock | ' | 30.9 | 0 | 0 | ' | |||
National Cine Media | ' | ' | ' | ' | ' | |||
Equity Investment | ' | ' | ' | ' | ' | |||
Beginning Balance | ' | 73.9 | 76.8 | 68.8 | ' | |||
Receipt of additional common units | ' | 33.8 | [1] | 0.8 | [1] | 10.4 | [1] | ' |
Receipt of common units due to extraordinary common unit adjustment | ' | 61.4 | [1] | ' | ' | ' | ||
Receipt of excess cash distributions | ' | -9.1 | [2] | -6 | [2] | -6.4 | [2] | ' |
Receipt under tax receivable agreement | ' | -0.9 | [2] | -1.7 | [2] | -1.2 | [2] | ' |
Equity in earnings attributable to additional common units | ' | 7.5 | [3] | 4.1 | [3] | 5.2 | [3] | ' |
Redemption/sale of NCM stock | 10 | -10 | [4] | ' | ' | ' | ||
Change in interest loss | ' | ' | -0.1 | ' | ' | |||
Ending Balance | ' | 158.5 | 73.9 | 76.8 | 68.8 | |||
Deferred Revenue | ' | ' | ' | ' | ' | |||
Beginning Balance | ' | -344.3 | -349.5 | -344.4 | ' | |||
Receipt of additional common units | ' | -33.8 | [1] | 0.8 | [1] | -10.4 | [1] | ' |
Receipt of common units due to extraordinary common unit adjustment | ' | -61.4 | [1] | ' | ' | ' | ||
Amortization of deferred revenue | ' | 7.3 | [5] | 6 | [5] | 5.3 | [5] | ' |
Ending Balance | ' | -432.2 | -344.3 | -349.5 | -344.4 | |||
Due to NCM | ' | ' | ' | ' | ' | |||
Beginning Balance | ' | 0 | 0 | -1.3 | ' | |||
Payments to NCM for Consolidated screen integration | ' | ' | ' | -1.3 | ' | |||
Ending Balance | ' | 0 | 0 | 0 | -1.3 | |||
Earnings recognized from NCM | ' | ' | ' | ' | ' | |||
Equity in earnings attributable to additional common units | ' | -7.5 | [3] | -4.1 | [3] | -5.2 | [3] | ' |
Change in interest loss | ' | ' | 0.1 | ' | ' | |||
Other NCM Revenues [Abstract] | ' | ' | ' | ' | ' | |||
Amortization of deferred revenue | ' | 7.3 | [5] | 6 | [5] | 5.3 | [5] | ' |
Gain on sale of NCM, Inc. common stock | ' | -30.9 | [4] | 0 | 0 | -52 | ||
Equity Method Investment, Deferred Gain on Sale | ' | 1.9 | [6] | ' | ' | ' | ||
National Cine Media | Cash Received (Paid) | ' | ' | ' | ' | ' | |||
Cash Received (Paid) | ' | ' | ' | ' | ' | |||
Beginning Balance | ' | 49.5 | 47.8 | 113.2 | ' | |||
Payments to NCM for Consolidated screen integration | ' | ' | ' | -1.9 | ' | |||
Receipt of excess cash distributions | ' | -35.4 | [2] | -30 | [2] | -33.3 | [2] | ' |
Receipt under tax receivable agreement | ' | 4.6 | [2] | 8.5 | [2] | 7 | [2] | ' |
Revenues earned under ESA | ' | 12.6 | [7] | 11 | [7] | 9.4 | [7] | ' |
Redemption/sale of NCM stock | ' | 40.9 | [4] | ' | ' | ' | ||
Ending Balance | ' | 93.5 | 49.5 | 47.8 | ' | |||
Earnings recognized from NCM | ' | ' | ' | ' | ' | |||
Receipt of excess cash distributions | ' | -35.4 | [2] | -30 | [2] | -33.3 | [2] | ' |
Receipt under tax receivable agreement | ' | -4.6 | [2] | -8.5 | [2] | -7 | [2] | ' |
Other NCM Revenues [Abstract] | ' | ' | ' | ' | ' | |||
Revenues earned under ESA | ' | -12.6 | [7] | -11 | [7] | -9.4 | [7] | ' |
National Cine Media | Earnings recognized from NCM | ' | ' | ' | ' | ' | |||
Equity Investment | ' | ' | ' | ' | ' | |||
Equity in earnings attributable to additional common units | ' | 7.5 | [3] | 4.1 | [3] | 5.2 | [3] | ' |
Change in interest loss | ' | ' | -0.1 | ' | ' | |||
Cash Received (Paid) | ' | ' | ' | ' | ' | |||
Receipt of excess cash distributions | ' | -26.3 | [2] | -24 | [2] | -26.9 | [2] | ' |
Receipt under tax receivable agreement | ' | 3.7 | [2] | 6.8 | [2] | 5.8 | [2] | ' |
Earnings recognized from NCM | ' | ' | ' | ' | ' | |||
Receipt of excess cash distributions | ' | -26.3 | [2] | -24 | [2] | -26.9 | [2] | ' |
Receipt under tax receivable agreement | ' | -3.7 | [2] | -6.8 | [2] | -5.8 | [2] | ' |
Equity in earnings attributable to additional common units | ' | -7.5 | [3] | -4.1 | [3] | -5.2 | [3] | ' |
Change in interest loss | ' | ' | 0.1 | ' | ' | |||
Income (Loss) from Equity Method Investments | ' | -37.5 | -34.8 | -37.9 | -40.8 | |||
National Cine Media | Other NCM Revenues | ' | ' | ' | ' | ' | |||
Deferred Revenue | ' | ' | ' | ' | ' | |||
Amortization of deferred revenue | ' | 7.3 | [5] | 6 | [5] | 5.3 | [5] | ' |
Cash Received (Paid) | ' | ' | ' | ' | ' | |||
Revenues earned under ESA | ' | 12.6 | [7] | 11 | [7] | 9.4 | [7] | ' |
Other NCM Revenues [Abstract] | ' | ' | ' | ' | ' | |||
Revenues earned under ESA | ' | -12.6 | [7] | -11 | [7] | -9.4 | [7] | ' |
Amortization of deferred revenue | ' | 7.3 | [5] | 6 | [5] | 5.3 | [5] | ' |
Other Revenue from Equity Method Investment, Total | ' | ($19.90) | ($17) | ($14.70) | ($12.90) | |||
[1] | On March 14, 2013, MarchB 15, 2012, and MarchB 17, 2011, we received from National CineMedia approximately 2.2 million, 0.1 million and 0.6 million, respectively, newly issued common units of National CineMedia in accordance with the annual adjustment provisions of the Common Unit Adjustment Agreement. In addition, on November 19, 2013, we received from National CineMedia approximately 3.4 million newly issued common units of National CineMedia in accordance with the adjustment provisions of the Common Unit Adjustment Agreement in connection with our acquisition of Hollywood Theaters. The Company recorded the additional common units (Additional Investments Tranche) at fair value using the available closing stock prices of NCM,B Inc. as of the dates on which the units were issued. As a result of these adjustments, the Company recorded increases to its investment in National CineMedia (along with corresponding increases to deferred revenue) of $95.2 million, $0.8 million and $10.4 million during the years ended DecemberB 26, 2013, DecemberB 27, 2012 and DecemberB 29, 2011, respectively. Such deferred revenue amounts are being amortized to advertising revenue over the remaining term of the ESA between RCI and National CineMedia following the units of revenue method as described in (4) below. These transactions, together with the transaction described in (6) below, caused a proportionate increase in the Company's Additional Investments Tranche and increased our ownership share in National CineMedia to 25.4 million common units. As a result, on a fully diluted basis, we own a 20.0% interest in NCM,B Inc. as of DecemberB 26, 2013. | |||||||
[2] | During the years ended DecemberB 26, 2013, DecemberB 27, 2012 and DecemberB 29, 2011, the Company received $40.0 million, $38.5 million, $40.3 million, respectively, in cash distributions from National CineMedia (including payments of $4.6 million, $8.5 million, and $7.0 million received under the tax receivable agreement). Approximately $10.0 million, $7.7 million and $7.6 million of these cash distributions received during the years ended DecemberB 26, 2013, DecemberB 27, 2012 and DecemberB 29, 2011, respectively, were attributable to the Additional Investments Tranche and were recognized as a reduction in our investment in National CineMedia. The remaining amounts were recognized in equity earnings during each of these periods and have been included as components of "Earnings recognized from NCM" in the accompanying consolidated financial statements. | |||||||
[3] | Amounts represent the Company's share in the net income of National CineMedia with respect to the Additional Investments Tranche. Such amounts have been included as a component of "Earnings recognized from NCM" in the consolidated financial statements. | |||||||
[4] | During the quarter ended SeptemberB 26, 2013, the Company redeemed 2.3 million of its National CineMedia common units for a like number of shares of NCM,B Inc. common stock, which the Company sold in an underwritten public offering (including underwriter over-allotments) for $17.79 per share, reducing our investment in National CineMedia by approximately $10.0 million, the average carrying amount of the shares sold. The Company received approximately $40.9 million in proceeds, resulting in a gain on sale of approximately $30.9 million. We accounted for this transaction as a proportionate decrease in the Company's Initial Investment Tranche and Additional Investments Tranche and decreased our ownership share in National CineMedia. | |||||||
[5] | Amounts represent amortization of ESA modification fees received from NCM to advertising revenue utilizing the units of revenue amortization method. These advertising revenues are presented as a component of "Other operating revenues" in the Company's consolidated financial statements. | |||||||
[6] | As described further below under "Investment in AC JV, LLC," in connection with the sale of its Fathom Events business to AC JV, LLC, National CineMedia recorded a gain of approximately $25.4 million in connection with the sale. The Company's proportionate share of such gain (approximately $1.9 million) was excluded from equity earnings in National CineMedia and recorded as a reduction in the Company's investment in AC JV. | |||||||
[7] | The Company recorded other revenues, excluding the amortization of deferred revenue, of approximately $12.6 million, $11.0 million and $9.4 million for the years ended DecemberB 26, 2013, DecemberB 27, 2012 and DecemberB 29, 2011, respectively, pertaining to our agreements with National CineMedia, including per patron and per digital screen theatre access fees (net of payments $15.5 million, $14.8 million and $14.2 million for the years ended DecemberB 26, 2013, DecemberB 27, 2012 and DecemberB 29, 2011, respectively) for on-screen advertising time provided to our beverage concessionaire and other NCM revenue. These advertising revenues are presented as a component of "Other operating revenues" in the Company's consolidated financial statements. |
INVESTMENTS_National_CineMedia1
INVESTMENTS (National CineMedia - Activity - Footnotes) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | Sep. 26, 2013 | Sep. 26, 2013 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | Dec. 30, 2010 | Sep. 26, 2013 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | Nov. 19, 2013 | Mar. 14, 2013 | Mar. 15, 2012 | Mar. 17, 2011 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | ||||||
National Cine Media Inc | National Cine Media | National Cine Media | National Cine Media | National Cine Media | National Cine Media | National Cine Media | National Cine Media | National Cine Media | National Cine Media | National Cine Media | National Cine Media | National Cine Media | National Cine Media | National Cine Media | National Cine Media | National Cine Media | National Cine Media | National Cine Media | National Cine Media | National Cine Media | National Cine Media | National Cine Media | ||||||||||
National Cine Media Inc | National Cine Media Inc | National Cine Media Inc | National Cine Media Inc | Other NCM Revenues | Other NCM Revenues | Other NCM Revenues | Capital Unit, Class B | Capital Unit, Class B | Capital Unit, Class B | Capital Unit, Class B | Capital Unit, Class B | Capital Unit, Class B | Capital Unit, Class B | Capital Units | Capital Units | Capital Units | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Number of common units receives (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.3 | ' | ' | ' | ' | ' | ' | 3.4 | 2.2 | 0.1 | 0.6 | ' | ' | ' | ' | ' | ' | ||||||
Receipt of additional common units | ' | ' | ' | ' | ' | $33.80 | [1] | ($0.80) | [1] | $10.40 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $95.20 | $0.80 | $10.40 | |||
Common units held (in shares) | ' | ' | ' | ' | ' | 25.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Ownership (as a percent) | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Cash distributions received | ' | ' | ' | ' | ' | 40 | 38.5 | 40.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | 7.7 | 7.6 | ' | ' | ' | ||||||
Payments received under tax receivable agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.6 | 8.5 | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Revenues earned under ESA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.6 | [2] | 11 | [2] | 9.4 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Payments for beverage concessionaire advertising | ' | ' | ' | ' | ' | 15.5 | 14.8 | 14.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Issue price (in dollars per share) | ' | ' | ' | $17.79 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Carrying amount of equity investment sold | ' | ' | ' | ' | 10 | -10 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Redemption/sale of NCM stock | ' | ' | ' | 40.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Gain on sale of NCM, Inc. common stock | 30.9 | 0 | 0 | 30.9 | ' | -30.9 | [3] | 0 | 0 | -52 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Equity Method Investment, Deferred Gain on Sale | ' | ' | ' | ' | ' | ($1.90) | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
[1] | On March 14, 2013, MarchB 15, 2012, and MarchB 17, 2011, we received from National CineMedia approximately 2.2 million, 0.1 million and 0.6 million, respectively, newly issued common units of National CineMedia in accordance with the annual adjustment provisions of the Common Unit Adjustment Agreement. In addition, on November 19, 2013, we received from National CineMedia approximately 3.4 million newly issued common units of National CineMedia in accordance with the adjustment provisions of the Common Unit Adjustment Agreement in connection with our acquisition of Hollywood Theaters. The Company recorded the additional common units (Additional Investments Tranche) at fair value using the available closing stock prices of NCM,B Inc. as of the dates on which the units were issued. As a result of these adjustments, the Company recorded increases to its investment in National CineMedia (along with corresponding increases to deferred revenue) of $95.2 million, $0.8 million and $10.4 million during the years ended DecemberB 26, 2013, DecemberB 27, 2012 and DecemberB 29, 2011, respectively. Such deferred revenue amounts are being amortized to advertising revenue over the remaining term of the ESA between RCI and National CineMedia following the units of revenue method as described in (4) below. These transactions, together with the transaction described in (6) below, caused a proportionate increase in the Company's Additional Investments Tranche and increased our ownership share in National CineMedia to 25.4 million common units. As a result, on a fully diluted basis, we own a 20.0% interest in NCM,B Inc. as of DecemberB 26, 2013. | |||||||||||||||||||||||||||||||
[2] | The Company recorded other revenues, excluding the amortization of deferred revenue, of approximately $12.6 million, $11.0 million and $9.4 million for the years ended DecemberB 26, 2013, DecemberB 27, 2012 and DecemberB 29, 2011, respectively, pertaining to our agreements with National CineMedia, including per patron and per digital screen theatre access fees (net of payments $15.5 million, $14.8 million and $14.2 million for the years ended DecemberB 26, 2013, DecemberB 27, 2012 and DecemberB 29, 2011, respectively) for on-screen advertising time provided to our beverage concessionaire and other NCM revenue. These advertising revenues are presented as a component of "Other operating revenues" in the Company's consolidated financial statements. | |||||||||||||||||||||||||||||||
[3] | During the quarter ended SeptemberB 26, 2013, the Company redeemed 2.3 million of its National CineMedia common units for a like number of shares of NCM,B Inc. common stock, which the Company sold in an underwritten public offering (including underwriter over-allotments) for $17.79 per share, reducing our investment in National CineMedia by approximately $10.0 million, the average carrying amount of the shares sold. The Company received approximately $40.9 million in proceeds, resulting in a gain on sale of approximately $30.9 million. We accounted for this transaction as a proportionate decrease in the Company's Initial Investment Tranche and Additional Investments Tranche and decreased our ownership share in National CineMedia. | |||||||||||||||||||||||||||||||
[4] | As described further below under "Investment in AC JV, LLC," in connection with the sale of its Fathom Events business to AC JV, LLC, National CineMedia recorded a gain of approximately $25.4 million in connection with the sale. The Company's proportionate share of such gain (approximately $1.9 million) was excluded from equity earnings in National CineMedia and recorded as a reduction in the Company's investment in AC JV. |
INVESTMENTS_National_CineMedia2
INVESTMENTS (National CineMedia - Results) (Details) (National Cine Media, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 27, 2012 | Dec. 29, 2011 | Dec. 30, 2010 |
National Cine Media | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Revenues | $448.80 | $435.40 | $427.50 |
Income from operations | 191.8 | 193.7 | 190.6 |
Net income (loss) | 101 | 134.5 | 139.5 |
Current assets | 112.1 | 108.5 | ' |
Noncurrent assets | 325.3 | 312.9 | ' |
Total assets | 437.4 | 421.4 | ' |
Current liabilities | 82.6 | 108.1 | ' |
Noncurrent liabilities | 879 | 840.8 | ' |
Total liabilities | 961.6 | 948.9 | ' |
Members' deficit | -524.2 | -527.5 | ' |
Liabilities and members' deficit | $437.40 | $421.40 | ' |
INVESTMENTS_DCIP_Narrative_Det
INVESTMENTS (DCIP - Narrative) (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2012 | Dec. 26, 2013 | Dec. 26, 2013 | Dec. 27, 2012 |
Digital Cinema Implementation Partners LLC | Digital Cinema Implementation Partners LLC | Digital Cinema Implementation Partners | Digital Cinema Implementation Partners | |
Regal Cinemas Inc | Regal Cinemas Inc | fractional_share | ||
renewal_option | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Voting interest held | ' | ' | 'one-third | ' |
Voting interest held - numerator | ' | ' | 1 | ' |
Voting interest held - denominator | ' | ' | 3 | ' |
Ownership interest in the investee (as a percent) | ' | ' | 46.70% | ' |
Lease term (in years) | ' | ' | '12 years | ' |
Number of times fair value renewal options (in renewal options) | ' | 10 | ' | ' |
Renewal options term (in years) | '1 year | ' | ' | ' |
Annual minimum rent (in USD per digital projection system) | ' | ' | 1,000 | ' |
Annual minimum rent upon certain conditions (in USD per digital projection system) | ' | ' | 2,000 | ' |
Total rent | ' | ' | $14.50 | $12.80 |
Annual minimum rent initial period | ' | ' | '6 years 6 months | ' |
INVESTMENTS_DCIP_Activity_Deta
INVESTMENTS (DCIP - Activity) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | |||
Equity Investment | ' | ' | ' | |||
Earnings recognized from NCM | $37.50 | $34.80 | $37.90 | |||
Change in fair value of equity method investee interest rate swap transactions | -1.4 | ' | ' | |||
Ending Balance | 266.7 | ' | ' | |||
Digital Cinema Implementation Partners | ' | ' | ' | |||
Equity Investment | ' | ' | ' | |||
Beginning Balance | 72.8 | 48.3 | 32.1 | |||
Equity contributions | 3.5 | 7.4 | [1] | 17.4 | [1] | |
Earnings recognized from NCM | 22.9 | [1] | 17.1 | -1.2 | ||
Change in fair value of equity method investee interest rate swap transactions | 2.4 | ' | ' | |||
Ending Balance | $101.60 | $72.80 | $48.30 | |||
[1] | For the years ended DecemberB 26, 2013, DecemberB 27, 2012, and December 29, 2011, the Company recorded earnings (losses) of $22.9 million, $17.1 million, and $(1.2) million, respectively, representing its share of the net income (loss) of DCIP. Such amount is presented as a component of "Other, net" in the accompanying consolidated statements of income. |
INVESTMENTS_DCIP_Activity_Foot
INVESTMENTS (DCIP - Activity - Footnotes) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | |
Income (Loss) from Equity Method Investments | $37.50 | $34.80 | $37.90 | |
Digital Cinema Implementation Partners | ' | ' | ' | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | |
Income (Loss) from Equity Method Investments | $22.90 | [1] | $17.10 | ($1.20) |
[1] | For the years ended DecemberB 26, 2013, DecemberB 27, 2012, and December 29, 2011, the Company recorded earnings (losses) of $22.9 million, $17.1 million, and $(1.2) million, respectively, representing its share of the net income (loss) of DCIP. Such amount is presented as a component of "Other, net" in the accompanying consolidated statements of income. |
INVESTMENTS_DCIP_Results_Detai
INVESTMENTS (DCIP - Results) (Details) (Digital Cinema Implementation Partners, USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Digital Cinema Implementation Partners | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Revenues | $182.70 | $166 |
Income from operations | 116.2 | 102.7 |
Net income (loss) | 49 | 36.8 |
Current assets | 140.4 | 56.3 |
Noncurrent assets | 1,124.50 | 1,153.60 |
Total assets | 1,264.90 | 1,209.90 |
Current liabilities | 34.9 | 54.2 |
Noncurrent liabilities | 1,028.20 | 1,016.10 |
Total liabilities | 1,063.10 | 1,070.30 |
Members' deficit | 201.8 | 139.6 |
Liabilities and members' equity | $1,264.90 | $1,209.90 |
INVESTMENTS_Open_Road_Films_Na
INVESTMENTS (Open Road Films - Narrative) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 27, 2012 | Dec. 26, 2013 | Dec. 29, 2011 | Dec. 30, 2010 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Carrying value of Company's investment | ' | $266.70 | ' | ' |
Open Road Films | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Aggregate cost of equity method investment | ' | 20 | ' | ' |
Carrying value of Company's investment | -10 | -7.1 | 5.2 | 0 |
Excess losses from equity method investments | 2.2 | ' | ' | ' |
Maximum | Open Road Films | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Aggregate cost of equity method investment | 30 | ' | ' | ' |
Potential additional investment | ' | $10 | ' | ' |
INVESTMENTS_Open_Road_Films_Ac
INVESTMENTS (Open Road Films - Activity) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | |||
Equity Investment | ' | ' | ' | |||
Earnings recognized from NCM | ($37.50) | ($34.80) | ($37.90) | |||
Ending Balance | 266.7 | ' | ' | |||
Open Road Films | ' | ' | ' | |||
Equity Investment | ' | ' | ' | |||
Beginning Balance | -10 | 5.2 | 0 | |||
Equity contributions | ' | ' | 20 | |||
Earnings recognized from NCM | 2.9 | [1] | -15.2 | [1] | -14.8 | [1] |
Ending Balance | ($7.10) | ($10) | $5.20 | |||
[1] | Represents the Company's share of the net income (loss) of Open Road Films. Such amount is presented as a component of "Other, net" in the accompanying consolidated statements of income. |
INVESTMENTS_Open_Road_Films_Re
INVESTMENTS (Open Road Films - Results) (Details) (Open Road Films, USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Open Road Films | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Revenues | $140.40 | $118 |
Income (loss) from operations | 12.3 | -32.4 |
Net income (loss) | 9.7 | -34.7 |
Current assets | 60.4 | 42.7 |
Noncurrent assets | 10.4 | 7.4 |
Total assets | 70.8 | 50.1 |
Current liabilities | 69.5 | 67.4 |
Noncurrent liabilities | 16 | 7.1 |
Total liabilities | 85.5 | 74.5 |
Members' deficit | -14.7 | -24.4 |
Liabilities and members' deficit | $70.80 | $50.10 |
INVESTMENTS_RealD_Inc_Narrativ
INVESTMENTS (RealD Inc. - Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Investment in equity securities of RealD, Inc. (in shares) | 400,000 | ' | ' |
Proceeds from sale of available for sale securities | $5.90 | $0 | $0 |
Reclassification adjustment for gain on sale of available for sale securities recognized in net income | -1.2 | ' | ' |
Real D Inc | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Carrying value of investment | 7 | ' | ' |
Proceeds from sale of available for sale securities | 5.9 | ' | ' |
Reclassification adjustment for gain on sale of available for sale securities recognized in net income | $2.60 | ' | ' |
INVESTMENTS_AC_JV_LLC_Details
INVESTMENTS (AC JV, LLC) (Details) (USD $) | Dec. 26, 2013 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | Dec. 30, 2010 | Dec. 26, 2013 | Dec. 26, 2013 | Dec. 26, 2013 | Dec. 26, 2013 | Dec. 26, 2013 | Dec. 26, 2013 | Dec. 26, 2013 | |
In Millions, unless otherwise specified | National Cine Media | National Cine Media | National Cine Media | National Cine Media | AC JV, LLC | Regal Cinemas Inc, AMC Entertainment Inc and Cinemark | National Cine Media | National Cine Media | Cinemark | Regal Cinemas Inc | AMC Entertainment Inc | ||
AC JV, LLC | AC JV, LLC | National Cine Media | National Cine Media | National Cine Media | |||||||||
AC JV, LLC | AC JV, LLC | AC JV, LLC | |||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Ownership interest in the investee (as a percent) | ' | 20.00% | ' | ' | ' | 32.00% | 32.00% | ' | 4.00% | ' | ' | ' | |
Promissory notes received | ' | ' | ' | ' | ' | ' | ' | ' | $25 | $8.33 | $8.33 | $8.33 | |
Interest rate on promissory notes (as a percent) | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | |
Gain in connection with sale | ' | ' | ' | ' | ' | ' | ' | 25.4 | ' | ' | ' | ' | |
Carrying value of Company's investment | 266.7 | 158.5 | 73.9 | 76.8 | 68.8 | 6.7 | ' | ' | ' | ' | ' | ' | |
Equity Method Investment, Deferred Gain on Sale | ' | $1.90 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
[1] | As described further below under "Investment in AC JV, LLC," in connection with the sale of its Fathom Events business to AC JV, LLC, National CineMedia recorded a gain of approximately $25.4 million in connection with the sale. The Company's proportionate share of such gain (approximately $1.9 million) was excluded from equity earnings in National CineMedia and recorded as a reduction in the Company's investment in AC JV. |
DEBT_OBLIGATIONS_Debt_Schedule
DEBT OBLIGATIONS (Debt Schedule) (Details) (USD $) | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 26, 2013 | Jan. 17, 2013 | Dec. 27, 2012 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 26, 2013 | Dec. 27, 2012 |
Regal Cinemas Amended Senior Credit Facility, net of debt discount | Regal Cinemas Amended Senior Credit Facility, net of debt discount | Regal 9 1/8% Senior Notes, including premium | Regal 9 1/8% Senior Notes, including premium | Regal Cinemas 8 5/8% Senior Notes | Regal Cinemas 8 5/8% Senior Notes | Regal 5 3/4 % Percent Senior Notes | Regal 5 3/4 % Percent Senior Notes | Regal 5 3/4 % Percent Senior Notes | Regal 5 3/4% Senior Notes due 2023 | Regal 5 3/4% Senior Notes due 2023 | Lease financing arrangements, weighted average interest rate of 11.07% as of 12/26/13 maturing in various installments through November 2028 | Lease financing arrangements, weighted average interest rate of 11.07% as of 12/26/13 maturing in various installments through November 2028 | Capital lease obligations, 8.5% to 10.7%, maturing in various installments through December 2030 | Capital lease obligations, 8.5% to 10.7%, maturing in various installments through December 2030 | Other | Other | |||
Debt obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Totals | $2,310,700,000 | $1,995,200,000 | $978,300,000 | $988,400,000 | $315,400,000 | $533,400,000 | $394,600,000 | $393,700,000 | $250,000,000 | $250,000,000 | $0 | $250,000,000 | $0 | $91,000,000 | $59,600,000 | $16,000,000 | $11,100,000 | $15,400,000 | $9,000,000 |
Current portion of debt obligations | 29,800,000 | 22,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt and Capital Lease Obligations | $2,280,900,000 | $1,973,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on debt (as a percent) | ' | ' | ' | ' | 9.13% | 9.13% | 8.63% | 8.63% | 5.75% | ' | 0.00% | 5.75% | 0.00% | ' | ' | ' | ' | ' | ' |
Weighted average interest rate on debt (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.07% | 11.07% | ' | ' | ' | ' |
Interest rate, low end of range (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.50% | 8.50% | ' | ' |
Interest rate, high end of range (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.70% | 10.70% | ' | ' |
DEBT_OBLIGATIONS_Regal_Cinemas
DEBT OBLIGATIONS (Regal Cinemas Sixth Amended and Restated Credit Agreement) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||||
Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | 19-May-10 | 19-May-10 | Apr. 19, 2013 | Apr. 19, 2013 | Apr. 19, 2013 | Apr. 19, 2013 | Apr. 19, 2013 | Apr. 19, 2013 | 28-May-13 | 28-May-13 | 28-May-13 | 28-May-13 | 28-May-13 | Dec. 26, 2013 | Dec. 27, 2012 | |
Refinancing Agreement | Revolving Facility | Second Amendment to Term Loan Facility | Second Amendment to Term Loan Facility | Second Amendment to Term Loan Facility | Second Amendment to Term Loan Facility | Second Amendment to Term Loan Facility | Second Amendment to Term Loan Facility | Loan Modification Agreement | Loan Modification Agreement | Loan Modification Agreement | Loan Modification Agreement | Loan Modification Agreement | New Term Loans | New Term Loans | ||||
Base rate | Minimum | Minimum | Maximum | Maximum | Base rate | Minimum | Minimum | Maximum | Maximum | |||||||||
Base rate | LIBOR | Base rate | LIBOR | Base rate | LIBOR | Base rate | LIBOR | |||||||||||
Debt obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | $1,006,000,000 | $85,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction of basis spread on variable rate | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' |
Debt instrument base rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | 1.50% | 2.50% | 1.75% | 2.75% | ' | 1.50% | 2.50% | 1.75% | 2.75% | ' | ' |
Percent that outstanding amount of revolving loans and letters of credit must equal or exceed of revolving commitment to test financial covenants (as a percent) | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment premium percent (as a percent) | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on extinguishment of debt | 30,700,000 | 0 | 21,900,000 | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $978,300,000 | $998,400,000 |
Effective interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.18% | 3.53% |
DEBT_OBLIGATIONS_Regal_9_18_Se
DEBT OBLIGATIONS (Regal 9 1/8% Senior Notes) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||
Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | 29-May-13 | Feb. 10, 2011 | Jan. 04, 2011 | Aug. 16, 2010 | Jun. 27, 2013 | Dec. 26, 2013 | Jun. 13, 2013 | Dec. 27, 2012 | Jun. 13, 2013 | 29-May-13 | Dec. 26, 2013 | Dec. 27, 2012 | Feb. 10, 2011 | |
Regal 9 1/8% Senior Notes, including premium | Regal 9 1/8% Senior Notes, including premium | Regal 9 1/8% Senior Notes, including premium | Regal 9 1/8% Senior Notes, including premium | Regal 9 1/8% Senior Notes, including premium | Regal 9 1/8% Senior Notes, including premium | Regal 9 1/8% Senior Notes, including premium | Regal 9 1/8% Senior Notes, including premium | Regal 5 3/4% Senior Notes due 2023 | Regal 5 3/4% Senior Notes due 2023 | Regal 5 3/4% Senior Notes due 2023 | Regal 5 3/4% Senior Notes due 2023 | Regal Cinemas Amended Senior Credit Facility, net of debt discount | ||||
premium_ratio | ||||||||||||||||
Debt obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount borrowed | ' | ' | ' | ' | $100,000,000 | $150,000,000 | $275,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of face value at which debt was issued | ' | ' | ' | ' | 104.50% | 104.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from issuance of debt | ' | ' | ' | ' | 257,800,000 | ' | 269,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of debt extinguished | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 234,600,000 |
Interest rate on debt (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 9.13% | ' | 9.13% | ' | ' | 5.75% | 0.00% | ' |
Redemption price, as percentage of principal amount of debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | 100.00% | ' | ' |
Repurchase price, as percentage of principal amount, if Company undergoes change of control | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% | ' | ' | ' | ' | 101.00% | ' | ' |
Principal amount of senior notes to be repaid | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration to be repaid for principal amount of senior notes | ' | ' | ' | 1,143.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Early repayment premium | ' | ' | ' | 30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchased face amount | ' | ' | ' | 213,600,000 | ' | ' | ' | ' | ' | 213,600,000 | ' | ' | ' | ' | ' | ' |
Additional consideration paid, including early termination premium | ' | ' | ' | 30,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of Regal 5 3/4% Senior Notes Due 2025 | 250,000,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 244,400,000 | 244,300,000 | ' | ' | ' |
Loss on extinguishment of debt | $30,700,000 | $0 | $21,900,000 | ' | ' | ' | ' | $30,300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
DEBT_OBLIGATIONS_Regal_Cinemas1
DEBT OBLIGATIONS (Regal Cinemas 8 5/8% Senior Notes) (Details) (USD $) | 0 Months Ended | |
Jul. 15, 2009 | Dec. 26, 2013 | |
Debt obligations | ' | ' |
Initial purchase discount | ' | 5,400,000 |
Regal Cinemas 8 5/8% Senior Notes | ' | ' |
Debt obligations | ' | ' |
Aggregate principal amount borrowed | 400,000,000 | ' |
Percentage of face value at which debt was issued | 97.56% | ' |
Initial purchase discount | 9,800,000 | ' |
Net proceeds from issuance of debt | $381,300,000 | ' |
Redemption price, as percentage of principal amount of debt instrument | ' | 100.00% |
Repurchase price, as percentage of principal amount, if Company undergoes change of control | ' | 101.00% |
DEBT_OBLIGATIONS_Regal_5_34_Se
DEBT OBLIGATIONS (Regal 5 3/4% Senior Notes Due 2025) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||
Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | Jan. 17, 2013 | Jan. 17, 2013 | Dec. 26, 2013 | Dec. 27, 2012 | |
Hollywood Theatres | Regal 5 3/4 % Percent Senior Notes | Regal 5 3/4 % Percent Senior Notes | Regal 5 3/4 % Percent Senior Notes | ||||
Debt obligations | ' | ' | ' | ' | ' | ' | ' |
Borrowed Funds | $2,310,700,000 | $1,995,200,000 | ' | ' | $250,000,000 | $250,000,000 | $0 |
Proceeds from issuance of Regal 53/4% Senior Notes Due 2025 | 250,000,000 | 0 | 0 | ' | 244,500,000 | ' | ' |
Payments to acquire businesses | ' | ' | ' | $194,400,000 | ' | ' | ' |
Interest rate on debt (as a percent) | ' | ' | ' | ' | ' | 5.75% | 0.00% |
Redemption price, as percentage of principal amount of debt instrument | ' | ' | ' | ' | ' | 100.00% | ' |
Maximum percentage of the original aggregate principal amount that may be redeemed prior to August 15, 2013 | ' | ' | ' | ' | ' | 35.00% | ' |
Repurchase price, as percentage of principal amount, if Company undergoes change of control | ' | ' | ' | ' | ' | 101.00% | ' |
DEBT_OBLIGATIONS_Regal_5_34_Se1
DEBT OBLIGATIONS (Regal 5 3/4% Senior Notes Due 2023) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||
Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | Jun. 13, 2013 | 29-May-13 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 26, 2013 | Jun. 13, 2013 | 29-May-13 | Dec. 27, 2012 | |
Regal 5 3/4% Senior Notes due 2023 | Regal 5 3/4% Senior Notes due 2023 | Regal 5 3/4% Senior Notes due 2023 | Regal 5 3/4% Senior Notes due 2023 | Regal 9 1/8% Senior Notes, including premium | Regal 9 1/8% Senior Notes, including premium | Regal 9 1/8% Senior Notes, including premium | Regal 9 1/8% Senior Notes, including premium | ||||
Debt obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount | ' | ' | ' | $250,000,000 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of Regal 53/4% Senior Notes Due 2025 | 250,000,000 | 0 | 0 | 244,400,000 | 244,300,000 | ' | ' | ' | ' | ' | ' |
Repurchased face amount | ' | ' | ' | ' | ' | ' | ' | ' | 213,600,000 | 213,600,000 | ' |
Repayments of senior debt | ' | ' | ' | $244,300,000 | ' | ' | ' | ' | ' | ' | ' |
Interest rate on debt (as a percent) | ' | ' | ' | ' | ' | 5.75% | 0.00% | 9.13% | ' | ' | 9.13% |
Redemption price, as percentage of principal amount of debt instrument | ' | ' | ' | ' | ' | 100.00% | ' | 100.00% | ' | ' | ' |
Maximum percentage of the original aggregate principal amount that may be redeemed prior to August 15, 2013 | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' |
Repurchase price, as percentage of principal amount, if Company undergoes change of control | ' | ' | ' | ' | ' | 101.00% | ' | 101.00% | ' | ' | ' |
DEBT_OBLIGATIONS_Interest_Rate
DEBT OBLIGATIONS (Interest Rate Swaps Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | Dec. 26, 2013 | Dec. 26, 2013 | Dec. 26, 2013 | Dec. 26, 2013 | Dec. 26, 2013 | Dec. 27, 2012 | Oct. 23, 2013 | Oct. 23, 2013 | Dec. 26, 2013 | Dec. 26, 2013 | |||
Interest Rate Swaps | Interest Rate Swaps | Interest Rate Swaps | Interest Rate Swap 1.325% | Interest Rate Swap 1.325% | Interest Rate Swap 1.82% | Interest Rate Swap 1.82% | Interest Rate Swap 0.817% | Interest Rate Swap 0.817% | Interest Rate Swaps | Interest Rate Swaps | First $300.00 million under New Term Loans | Next $350.00 million under New Term Loans | ||||
hedging_relationship | hedging_relationship | hedging_relationship | Minimum | Maximum | Designated as Hedging Instrument | Interest Rate Swaps | Interest Rate Swaps | |||||||||
agreement | agreement | agreement | ||||||||||||||
Debt obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of effective hedging relationships | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of interest rate swap agreements | 2 | 1 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Basis spread on variable rate | ' | ' | ' | 1.33% | 1.33% | 1.82% | 1.82% | 0.82% | ' | ' | ' | ' | ' | |||
Amount of variable rate debt being hedged | $300 | ' | $300 | $100 | [1] | ' | $200 | [1] | ' | $150 | [2] | $150 | ' | $200 | ' | ' |
Effective interest rate for variable rate debt (as a percent) | 4.16% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Receive Rate | '3-month LIBOR | ' | ' | '3-month LIBOR | ' | '3-month LIBOR | ' | '1-month LIBOR | ' | ' | ' | '3-month LIBOR | '1-month LIBOR | |||
Aggregate amount of borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300 | $350 | |||
Fixed rate of interest (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 0.82% | 1.83% | ' | ' | ' | |||
Number of additional hedging relationships | 1 | 1 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Fixed rates of interest paid, low end of the range (as a percent) | ' | ' | 1.33% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Fixed rates of interest paid, high end of the range (as a percent) | ' | ' | 1.82% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
[1] | During the year ended DecemberB 29, 2011, Regal Cinemas entered into two hedging relationships via two distinct interest rate swap agreements with effective dates beginning on JuneB 30, 2012 and DecemberB 31, 2012, respectively, and maturity terms ending on JuneB 30, 2015 and DecemberB 31, 2015, respectively. These swaps require Regal Cinemas to pay interest at fixed rates ranging from 1.325% to 1.82% and receive interest at a variable rate. The interest rate swaps are designated to hedge $300.0 million of variable rate debt obligations. | |||||||||||||||
[2] | During the year ended December 27, 2012, Regal Cinemas entered into one additional hedging relationship via one distinct interest rate swap agreement with an effective date beginning on December 31, 2013 and a maturity date of December 31, 2016. This swap will require Regal Cinemas to pay interest at a fixed rate of 0.817% and receive interest at a variable rate. The interest rate swap is designated to hedge $150.0 million of variable rate debt obligations. |
DEBT_OBLIGATIONS_Summary_of_th
DEBT OBLIGATIONS (Summary of the Companybs Current Interest Rate Swap Agreements) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 26, 2013 | Dec. 27, 2012 | |
Interest Rate Swap 1.82% | ' | ' | |
Debt obligations | ' | ' | |
Nominal Amount | $200 | [1] | ' |
Base Rate | 1.82% | ' | |
Receive Rate | '3-month LIBOR | ' | |
Interest Rate Swap 1.325% | ' | ' | |
Debt obligations | ' | ' | |
Nominal Amount | 100 | [1] | ' |
Base Rate | 1.33% | ' | |
Receive Rate | '3-month LIBOR | ' | |
Interest Rate Swap 0.817% | ' | ' | |
Debt obligations | ' | ' | |
Nominal Amount | 150 | [2] | 150 |
Base Rate | 0.82% | ' | |
Receive Rate | '1-month LIBOR | ' | |
Interest Rate Swap 1.828% | ' | ' | |
Debt obligations | ' | ' | |
Nominal Amount | $200 | [3] | ' |
Base Rate | 1.83% | ' | |
Receive Rate | '1-month LIBOR | ' | |
[1] | During the year ended DecemberB 29, 2011, Regal Cinemas entered into two hedging relationships via two distinct interest rate swap agreements with effective dates beginning on JuneB 30, 2012 and DecemberB 31, 2012, respectively, and maturity terms ending on JuneB 30, 2015 and DecemberB 31, 2015, respectively. These swaps require Regal Cinemas to pay interest at fixed rates ranging from 1.325% to 1.82% and receive interest at a variable rate. The interest rate swaps are designated to hedge $300.0 million of variable rate debt obligations. | ||
[2] | During the year ended December 27, 2012, Regal Cinemas entered into one additional hedging relationship via one distinct interest rate swap agreement with an effective date beginning on December 31, 2013 and a maturity date of December 31, 2016. This swap will require Regal Cinemas to pay interest at a fixed rate of 0.817% and receive interest at a variable rate. The interest rate swap is designated to hedge $150.0 million of variable rate debt obligations. | ||
[3] | On October 23, 2013, Regal Cinemas entered into one additional hedging relationship via one distinct interest rate swap agreement with an effective date beginning on June 30, 2015, and a maturity date of June 30, 2018. This swap will require Regal Cinemas to pay interest at a fixed rate of 1.828% and receive interest at a variable rate. The interest rate swap is designated to hedge $200.0 million of variable rate debt obligations. |
DEBT_OBLIGATIONS_Legal_Financi
DEBT OBLIGATIONS (Legal Financing Arrangements) (Details) (Hollywood Theatres, USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 26, 2013 |
theatre | |
Debt obligations | ' |
Lease financing obligations | 40.4 |
Lease agreements | ' |
Debt obligations | ' |
Number of theatres acquired | 14 |
Weighted average interest rate on debt (as a percent) | 10.70% |
DEBT_OBLIGATIONS_Maturities_of
DEBT OBLIGATIONS (Maturities of Debt Obligations) (Details) (USD $) | Dec. 26, 2013 | Dec. 27, 2012 |
Debt obligations | ' | ' |
2014 | $40,800,000 | ' |
2015 | 35,800,000 | ' |
2016 | 32,600,000 | ' |
2017 | 970,500,000 | ' |
2018 | 335,800,000 | ' |
Thereafter | 954,800,000 | ' |
Less: debt discount | -5,400,000 | ' |
Less: interest on capital leases and lease financing arrangements | -54,200,000 | ' |
Totals | 2,310,700,000 | 1,995,200,000 |
Long-Term Debt and Other | ' | ' |
Debt obligations | ' | ' |
2014 | 16,100,000 | ' |
2015 | 13,800,000 | ' |
2016 | 11,500,000 | ' |
2017 | 949,500,000 | ' |
2018 | 316,800,000 | ' |
Thereafter | 901,400,000 | ' |
Less: debt discount | -5,400,000 | ' |
Totals | 2,203,700,000 | ' |
Capital Leases | ' | ' |
Debt obligations | ' | ' |
2014 | 4,400,000 | ' |
2015 | 3,200,000 | ' |
2016 | 3,200,000 | ' |
2017 | 3,000,000 | ' |
2018 | 900,000 | ' |
Thereafter | 11,700,000 | ' |
Less: interest on capital leases and lease financing arrangements | -10,400,000 | ' |
Totals | 16,000,000 | 11,100,000 |
Lease Financing Arrangements | ' | ' |
Debt obligations | ' | ' |
2014 | 20,300,000 | ' |
2015 | 18,800,000 | ' |
2016 | 17,900,000 | ' |
2017 | 18,000,000 | ' |
2018 | 18,100,000 | ' |
Thereafter | 41,700,000 | ' |
Less: interest on capital leases and lease financing arrangements | -43,800,000 | ' |
Totals | $91,000,000 | ' |
LEASES_Minimum_Rentals_Payable
LEASES (Minimum Rentals Payable Under All Non-cancelable Operating Leases) (Details) (USD $) | Dec. 26, 2013 |
In Millions, unless otherwise specified | |
Future minimum rental payments under non-cancelable operating leases | ' |
2014 | $419.20 |
2015 | 406 |
2016 | 387.6 |
2017 | 372.8 |
2018 | 343 |
Thereafter | 1,369.50 |
Total | $3,298.10 |
LEASES_Narrative_Details
LEASES (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | |||
In Millions, unless otherwise specified | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | Dec. 31, 1995 | Dec. 26, 2013 |
United Artists Theatre Circuit Inc | United Artists Theatre Circuit Inc | ||||
Property | Theatre | ||||
Sale Leaseback Transaction [Line Items] | ' | ' | ' | ' | ' |
Operating leases, Period to be exceeded (in years) | '1 year | ' | ' | ' | ' |
Rent expense under operating leases | $413.60 | $384.40 | $381.50 | ' | ' |
Contingent rent expense | 23.7 | 21.8 | 20.4 | ' | ' |
Number of owned properties | ' | ' | ' | 31 | ' |
Number of theatres subject to sale and leaseback transaction | ' | ' | ' | ' | 11 |
Principal amount of pass through certificates | ' | ' | ' | ' | $14.70 |
INCOME_TAXES_Narrative_Details
INCOME TAXES (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Current tax benefit allocated directly to stockholders' equity for the exercise of stock options and dividends paid on restricted stock | $0.40 | $1.50 | $0.40 |
U.S. federal statutory rate (as a percent) | 35.00% | 35.00% | 35.00% |
Valuation allowance | 34.1 | 16.2 | ' |
Decrease in gross unrecognized tax benefits associated with state tax positions, minimum | 1.5 | ' | ' |
Decrease in gross unrecognized tax benefits associated with state tax positions, maximum | 2.5 | ' | ' |
Net unrecognized tax benefits that would affect the effective tax rate, if recognized | 7.1 | ' | ' |
Net unrecognized tax benefits that would result in an increase to the valuation allowance, if recognized | 1.7 | 1.7 | ' |
Accrued gross interest and penalties | 1.8 | 1.6 | ' |
Interest and penalties recognized during the period | 0 | -2 | -0.8 |
Internal Revenue Service (IRS) | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Operating loss carryforwards subject to expiration | 137.9 | ' | ' |
State and Local Jurisdiction | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Change in valuation allowance | 16.9 | ' | ' |
Change in amount related to deferred tax asset created in prior years | 1 | ' | ' |
Hollywood Theatres | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Interest and penalties recognized during the period | ($0.20) | ' | ' |
INCOME_TAXES_Components_of_the
INCOME TAXES (Components of the Provision for Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 |
Federal: | ' | ' | ' |
Current | $98.70 | $35.40 | ($23.20) |
Deferred | -11 | 44.5 | 44 |
Deferred | 87.7 | 79.9 | 20.8 |
State: | ' | ' | ' |
Current | 20.1 | 1.7 | -2.7 |
Deferred | -0.8 | 7.9 | -2.7 |
Total State | 19.3 | 9.6 | -5.4 |
Total income tax provision | $107 | $89.50 | $15.40 |
INCOME_TAXES_Provision_for_Inc
INCOME TAXES (Provision for Income Taxes and Components of Net Deferred Tax Assets) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 |
Reconciliation of the provision for income taxes | ' | ' | ' |
Provision calculated at federal statutory income tax rate | $92.60 | $81.10 | $18.20 |
State and local income taxes, net of federal benefit | 12.5 | 6.3 | -3.6 |
Federal hiring credits | -0.3 | 0 | -1.1 |
Other | 2.2 | 2.1 | 1.9 |
Total income tax provision | 107 | 89.5 | 15.4 |
Deferred tax assets: | ' | ' | ' |
Net operating loss carryforward | 66.3 | 27.4 | ' |
Deferred revenue | 175 | 137.9 | ' |
Deferred rent | 56.1 | 53.5 | ' |
Other | 17.2 | 21.7 | ' |
Total deferred tax assets | 314.6 | 240.5 | ' |
Valuation allowance | -34.1 | -16.2 | ' |
Total deferred tax assets, net of valuation allowance | 280.5 | 224.3 | ' |
Deferred tax liabilities: | ' | ' | ' |
Excess of book basis over tax basis of fixed assets | -3.6 | -41.9 | ' |
Excess of book basis over tax basis of intangible assets | -18.5 | -0.9 | ' |
Excess of book basis over tax basis of investments | -195.8 | -176 | ' |
Other | -13.5 | -1.8 | ' |
Total deferred tax liabilities | -231.4 | -220.6 | ' |
Net deferred tax asset | $49.10 | $3.70 | ' |
INCOME_TAXES_Reconciliation_of
INCOME TAXES (Reconciliation of the Change in the Amount of Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 26, 2013 | Dec. 27, 2012 |
Change in the amount of unrecognized tax benefits | ' | ' |
Beginning balance | $13.60 | $21.80 |
Increase related to prior year tax positions | 1.4 | 0 |
Increase related to current year tax positions | 0 | 0.1 |
Lapse of statute of limitations | -1.4 | -8.3 |
Ending balance | $13.60 | $13.60 |
LITIGATION_AND_CONTINGENCIES_D
LITIGATION AND CONTINGENCIES (Details) (USD $) | Dec. 26, 2013 | Dec. 09, 2010 | Dec. 26, 2013 | Dec. 26, 2013 | Dec. 26, 2013 |
In Millions, unless otherwise specified | Facility related disputes | Litigation for violation of the Americans with Disabilities Act | Employment contracts | Employment contracts with Ms. Miles | Employment contracts with Messrs. Dunn, Ownby and Brandow |
multiplier | multiplier | multiplier | |||
officer | |||||
Litigation and disputes | ' | ' | ' | ' | ' |
Reserve for litigation proceedings | $2.80 | ' | ' | ' | ' |
Renewed consent decree period (in years) | ' | '3 years | ' | ' | ' |
Number of executive officers with employment contracts (in officers) | ' | ' | 4 | ' | ' |
Period within which written notification, for termination of employment with good reason, must be provided by the executive officer to the company, maximum (in days) | ' | ' | '90 days | ' | ' |
Period from existence date of a condition constituting good reason within which resignation must occur (in years) | ' | ' | '2 years | ' | ' |
Multiplier for annual base salary for determination of severance payments | ' | ' | 2 | 2.5 | 2 |
Multiplier for target bonus for determination of severance payments | ' | ' | 1 | 2 | 1.5 |
Coverage period under any medical, health and life insurance plans following the date of termination (in months) | ' | ' | '24 months | ' | ' |
Period prior to change of control of company within which termination of executive's employment should occur for entitlement to specified severance payments (in months) | ' | ' | '3 months | ' | ' |
Period after change of control of company within which termination of executive's employment should occur for entitlement to specified severance payments (in years) | ' | ' | '1 year | ' | ' |
Coverage period under any medical, health and life insurance plans following the date of termination due to change of control of the Company (in months) | ' | ' | '30 months | ' | ' |
Maximum amount of payments and benefits payable and possible loss | ' | ' | $10.30 | ' | ' |
Effective period of standard provisions for non-competition and non-solicitation of the company's employees (in years) | ' | ' | '1 year | ' | ' |
CAPITAL_STOCK_AND_SHAREBASED_C2
CAPITAL STOCK AND SHARE-BASED COMPENSATION (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Nov. 29, 2012 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | Dec. 26, 2013 | Dec. 30, 2004 | Dec. 27, 2012 | 31-May-02 | Dec. 26, 2013 | Sep. 26, 2013 | Jun. 27, 2013 | Mar. 28, 2013 | Dec. 27, 2012 | Sep. 27, 2012 | Jun. 28, 2012 | Mar. 29, 2012 | Dec. 29, 2011 | Sep. 29, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 26, 2013 | Dec. 26, 2002 | Dec. 26, 2013 | |
series | Class A common stock | Class A common stock | Class A common stock | Class A common stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Class B common stock | Class B common stock | Employee Stock Option | Employee Stock Option | Employee Stock Option | Employee Stock Option | Incentive Plan | ||||
dividend | dividend | dividend | Class A common stock | Class A common stock | Class A common stock | |||||||||||||||||||||||||
vote | ||||||||||||||||||||||||||||||
Share-Based Compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized (in shares) | ' | ' | ' | ' | 500,000,000 | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | 200,000,000 | ' | ' | ' | ' | ' |
Common stock, par value (in dollars per share) | ' | ' | ' | ' | $0.00 | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.00 | $0.00 | ' | ' | ' | ' | ' |
Preferred stock, shares authorized (in shares) | ' | 50,000,000 | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, par value (in dollars per share) | ' | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued (in shares) | ' | ' | ' | ' | 132,120,854 | ' | 131,743,778 | 18,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,708,639 | 23,708,639 | ' | ' | ' | ' | ' |
Number of Class A Common Stock that Class B Common Stock will convert into | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number each holder of Class B common stock is entitled to (in votes per share) | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' | ' |
Number of series of preferred stock issues authorized | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum dollar amount of stock authorized for repurchase within a twelve month period | ' | ' | ' | ' | ' | $50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
The maximum period to repurchase shares under the repurchase program (in months) | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of quarterly cash dividends | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 4 | ' | ' | ' | ' | ' | ' | ' |
Cash dividends paid, quarterly (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.21 | $0.21 | $0.21 | $0.21 | $0.21 | $0.21 | $0.21 | $0.21 | $0.21 | $0.21 | $0.21 | $0.21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash used to pay dividends | ' | 132,200,000 | 287,300,000 | 129,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 132,200,000 | 131,800,000 | 129,800,000 | ' | ' | ' | ' | ' | ' | ' |
Extraordinary cash dividend declared (in dollars per share) | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate amount of extraordinary cash dividend declared | $155,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized under the awards (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,194,354 | 23,319,207 |
Decrease in the range of exercise prices, low end of range (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8.86 | ' | ' |
Decrease in the range of exercise prices, high end of range (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13.72 | ' | ' |
Number of shares issuable under the plan (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,241,793 | ' | ' |
Increase in the aggregate number of shares issuable upon exercise, due to antidilutive adjustments (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,889,759 |
Outstanding options at beginning of year (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,900 | 106,136 | ' | ' | ' |
Common stock available for future issuance under incentive plan (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,964,581 |
CAPITAL_STOCK_AND_SHAREBASED_C3
CAPITAL STOCK AND SHARE-BASED COMPENSATION (Stock Options) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 |
Share-Based Compensation | ' | ' | ' |
Excess tax benefits from share-based payment arrangements | $0 | $0.50 | $0.10 |
Proceeds from stock option exercises | 1.3 | 2.5 | 0.4 |
Employee Stock Option | ' | ' | ' |
Share-Based Compensation | ' | ' | ' |
Vesting percentage (in percent) | '0.2 | ' | ' |
Vesting period (in years) | '10 years | ' | ' |
Excess tax benefits from share-based payment arrangements | 0.1 | ' | ' |
Proceeds from stock option exercises | 1.3 | ' | ' |
Actual income tax benefit realized from exercise of stock options | 0.2 | ' | ' |
Aggregate intrinsic value of awards outstanding and exercisable | 0.1 | ' | ' |
Total intrinsic value of options exercised | $0.50 | $2.20 | $0.50 |
CAPITAL_STOCK_AND_SHAREBASED_C4
CAPITAL STOCK AND SHARE-BASED COMPENSATION (Stock Options Activity) (Details) (Employee Stock Option, USD $) | 12 Months Ended | |
Dec. 26, 2013 | Dec. 27, 2012 | |
Employee Stock Option | ' | ' |
Number of Shares | ' | ' |
Outstanding options at beginning of year | 106,136 | ' |
Granted during the year | 0 | ' |
Exercised during the year | -102,236 | ' |
Forfeited during the year | 0 | ' |
Outstanding options at end of year | 3,900 | 106,136 |
Exercisable options at end of year | 3,900 | ' |
Weighted Average Exercise Price | ' | ' |
Outstanding options at beginning of year | $12.67 | ' |
Granted during the year | $0 | ' |
Exercised during the year | $12.63 | ' |
Forfeited during the year | $0 | ' |
Outstanding options at end of year | $13.72 | $12.67 |
Exercisable options at end of year | $13.72 | ' |
Weighted Average Contract Life (Yrs.) | ' | ' |
Outstanding Options | '5 months 27 days | '1 year 1 month 10 days |
Exercisable options at end of year | '5 months 27 days | ' |
CAPITAL_STOCK_AND_SHAREBASED_C5
CAPITAL STOCK AND SHARE-BASED COMPENSATION (Restricted Stock) (Details) (Restricted Stock, USD $) | 0 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||
In Millions, except Share data, unless otherwise specified | Jan. 13, 2013 | Jan. 09, 2013 | Jan. 12, 2011 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | Dec. 26, 2013 | Dec. 26, 2013 | Jan. 09, 2013 | Jun. 25, 2012 | Jan. 11, 2012 | Jan. 13, 2010 | Dec. 27, 2012 | Jan. 09, 2013 | Dec. 27, 2012 | Dec. 26, 2013 | Dec. 26, 2013 |
count | Minimum | Maximum | Class A common stock | Class A common stock | Class A common stock | Class A common stock | Class A common stock | Class A common stock | Class A common stock | Officers and key employees | Directors | ||||||
Minimum | Maximum | Maximum | Class A common stock | Class A common stock | |||||||||||||
Share-Based Compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period (in years) | ' | ' | ' | ' | ' | ' | '1 year | '4 years | ' | ' | ' | ' | ' | ' | ' | '4 years | '1 year |
Granted during the year | ' | 297,866 | 349,856 | 297,866 | 335,496 | 349,856 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting percentage (in percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '25% | '100% |
Closing price of common stock (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $14.19 | $13.42 | $12.30 | $12.21 | $12.30 | $14.19 | $13.42 | ' | ' |
Forfeiture rate (s a percent) | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares withheld to satisfy employee tax withholding requirements | ' | ' | ' | 290,119 | 140,775 | 99,217 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount withheld to satisfy employee tax withholding requirements | ' | ' | ' | $4.40 | $1.80 | $1.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Performance shares converted to shares of restricted common stock | 273,719 | ' | ' | 360,489 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized share-based compensation | ' | ' | ' | 4.6 | 4.6 | 4.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized share-based compensation | ' | ' | ' | 6.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of dividends paid | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividends (in dollars per share) | ' | ' | ' | $0.21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends paid on restricted stock | ' | ' | ' | $0.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CAPITAL_STOCK_AND_SHAREBASED_C6
CAPITAL STOCK AND SHARE-BASED COMPENSATION (Restricted Stock Activity) (Details) (Restricted Stock) | 0 Months Ended | 12 Months Ended | |||
Jan. 09, 2013 | Jan. 12, 2011 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | |
Restricted Stock | ' | ' | ' | ' | ' |
Number of Shares | ' | ' | ' | ' | ' |
Unvested at beginning of year: | ' | ' | 1,175,830 | 950,318 | 971,110 |
Granted during the year | 297,866 | 349,856 | 297,866 | 335,496 | 349,856 |
Vested during the year | ' | ' | -813,528 | -453,107 | -323,880 |
Forfeited during the year | ' | ' | -6,626 | -17,366 | -46,768 |
Conversion of performance shares during the year | ' | ' | 273,719 | 360,489 | 0 |
Unvested at end of year | ' | ' | 927,261 | 1,175,830 | 950,318 |
CAPITAL_STOCK_AND_SHAREBASED_C7
CAPITAL STOCK AND SHARE-BASED COMPENSATION (Performance Share Units) (Details) (USD $) | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Jan. 14, 2012 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | Dec. 26, 2013 | Dec. 26, 2013 | Jan. 12, 2011 | Dec. 26, 2013 | Jan. 13, 2013 | Jan. 09, 2013 | Jan. 12, 2011 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | Dec. 26, 2013 | Jan. 09, 2013 | Jun. 25, 2012 | Jan. 11, 2012 | Jan. 13, 2010 | Dec. 27, 2012 | Jan. 09, 2013 | Dec. 27, 2012 | Jan. 09, 2013 | Jan. 12, 2011 | Dec. 27, 2012 | Dec. 28, 2006 | Mar. 22, 2013 | Mar. 22, 2013 |
Performance Share Units | Performance Share Units | Performance Share Units | Performance Share Units | Performance Share Units | Performance Share Units | Performance Share Units | Performance shares | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Officers and key employees | Officers and key employees | Officers and key employees | Officers and key employees | Officers and key employees | Officers and key employees | |
Minimum | Maximum | Class A common stock | Maximum | Class A common stock | Class A common stock | Class A common stock | Class A common stock | Class A common stock | Class A common stock | Class A common stock | Performance Share Units | Performance Share Units | Performance Share Units | Performance Share Units | 2009 Performance Agreement | 2009 Performance Agreement | ||||||||||||
Minimum | Maximum | Maximum | Class A common stock | Class A common stock | ||||||||||||||||||||||||
Minimum | Maximum | |||||||||||||||||||||||||||
Share-Based Compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted during the year | ' | 293,961 | 330,124 | 376,902 | ' | ' | ' | ' | ' | 297,866 | 349,856 | 297,866 | 335,496 | 349,856 | ' | ' | ' | ' | ' | ' | ' | ' | 293,961 | 376,902 | 330,124 | 843,660 | ' | ' |
Percentage of target numbers of common stock, low end of the range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 150.00% |
Closing price of common stock (in dollars per share) | ' | ' | ' | ' | ' | ' | $12.21 | ' | ' | ' | ' | ' | ' | ' | ' | $14.19 | $13.42 | $12.30 | $12.21 | $12.30 | $14.19 | $13.42 | ' | ' | ' | ' | ' | ' |
Forfeiture rate (s a percent) | ' | ' | ' | ' | 4.00% | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair market value at time of grant | ' | $20.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected term, high end of the range (in years) | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized share-based compensation | ' | 4.7 | 5.7 | 3.5 | ' | ' | ' | ' | ' | ' | ' | 4.6 | 4.6 | 4.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized share-based compensation | ' | 8.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Performance shares converted to shares of restricted common stock | 360,489 | ' | 360,489 | ' | ' | ' | ' | 273,719 | 273,719 | ' | ' | 360,489 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividends (in dollars per share) | ' | $4.80 | $3.68 | ' | ' | ' | ' | ' | ' | ' | ' | $0.21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends paid on performance shares | ' | ' | $1.30 | ' | ' | ' | ' | $1.30 | ' | ' | ' | $0.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional shares of restricted stock that could be issued | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CAPITAL_STOCK_AND_SHAREBASED_C8
CAPITAL STOCK AND SHARE-BASED COMPENSATION (Performance Share Units Activity) (Details) (Performance Share Units) | 12 Months Ended | ||
Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | |
Performance Share Units | ' | ' | ' |
Share-Based Compensation | ' | ' | ' |
Unvested at beginning of year: | 929,023 | 1,227,207 | 1,115,363 |
Granted during the year (in shares) | 293,961 | 330,124 | 376,902 |
Cancelled/forfeited during the year | -8,498 | -267,819 | -265,058 |
Conversion of performance shares during the year | -273,719 | -360,489 | 0 |
Unvested at end of year | 940,767 | 929,023 | 1,227,207 |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details) (Anschutz affiliates, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 |
Related party transactions | ' | ' | ' |
Revenues earned under ESA | $0.50 | $0.50 | $0.50 |
Regal Cinemas Corporation ("Regal Cinemas") | ' | ' | ' |
Related party transactions | ' | ' | ' |
Advertising, monitoring services and other expenses | 0.1 | 0.1 | 0.1 |
Value of advertising services received in exchange for services provided to related party | 0.1 | 0.1 | 0.1 |
Regal Cinemas Corporation ("Regal Cinemas") | Less than | ' | ' | ' |
Related party transactions | ' | ' | ' |
Revenues earned under ESA | $0.10 | $0.10 | $0.10 |
EMPLOYEE_BENEFIT_PLANS_Narrati
EMPLOYEE BENEFIT PLANS (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 |
Defined Contribution Plan | ' | ' | ' |
Employee contribution limit per calendar year (as a percent of compensation) | 50.00% | ' | ' |
Employer match of employee contributions of first 3% of eligible compensation (as a percent) | 100.00% | ' | ' |
Percentage of eligible compensation, matched 100% by employer (as a percent) | 3.00% | ' | ' |
Employer match of employee contributions of next 2% of eligible compensation (as a percent) | 50.00% | ' | ' |
Percentage of eligible compensation, matched 50% by employer (as a percent) | 2.00% | ' | ' |
Matching contributions made by the entity during the period | $3.10 | $2.90 | $2.90 |
Union-Sponsored Plans [Abstract] | ' | ' | ' |
Multiemployer Plan, Period Contributions | 0.1 | 0.1 | 0.1 |
Local 160 | ' | ' | ' |
Union-Sponsored Plans [Abstract] | ' | ' | ' |
Estimated withdrawal liability | 0.7 | ' | ' |
Number of plans | 5 | ' | ' |
Local 640 | ' | ' | ' |
Union-Sponsored Plans [Abstract] | ' | ' | ' |
Estimated withdrawal liability | ' | 0.2 | ' |
Multiemployer Plan, Settlement of Withdrawal Liability | 0.2 | ' | ' |
Local 306 | ' | ' | ' |
Union-Sponsored Plans [Abstract] | ' | ' | ' |
Estimated withdrawal liability | ' | $2.60 | ' |
EARNINGS_PER_SHARE_Computation
EARNINGS PER SHARE (Computation of Basic and Diluted Earnings per Share) (Details) (USD $) | 12 Months Ended | |||||
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | |||
Numerator: | ' | ' | ' | |||
Allocation of undistributed earnings | $157.70 | $142.30 | $36.80 | |||
Denominator: (in shares) | ' | ' | ' | |||
Weighted average common shares outstanding (in thousands) | 154,826 | 154,174 | 153,577 | |||
Basic earnings per share (in dollars per share) | $1.02 | $0.92 | $0.24 | |||
Numerator: | ' | ' | ' | |||
Allocation of undistributed earnings for basic computation | 157.7 | 142.3 | 36.8 | |||
Interest expense on 61/4% Convertible Senior Notes | -141.3 | -135 | -149.7 | |||
Denominator: (in shares) | ' | ' | ' | |||
Number of shares used in basic computation (in thousands) (in shares) | 154,826 | 154,174 | 153,577 | |||
Weighted average effect of dilutive securities (in thousands) (in shares) | ' | ' | ' | |||
Number of shares used in per share computations (in thousands) | 155,723 | 154,990 | 154,556 | |||
Diluted earnings per share (in dollars per share) | $1.01 | $0.92 | $0.24 | |||
Class A common stock | ' | ' | ' | |||
Numerator: | ' | ' | ' | |||
Allocation of undistributed earnings | 133.6 | 120.4 | 31.1 | |||
Denominator: (in shares) | ' | ' | ' | |||
Weighted average common shares outstanding (in thousands) | 131,117 | 130,465 | 129,868 | |||
Basic earnings per share (in dollars per share) | $1.02 | $0.92 | $0.24 | |||
Numerator: | ' | ' | ' | |||
Allocation of undistributed earnings for basic computation | 133.6 | 120.4 | 31.1 | |||
Reallocation of undistributed earnings as a result of conversion of Class B to Class A shares | 24.1 | 21.9 | 5.7 | |||
Reallocation of undistributed earnings to Class B shares for effect of other dilutive securities | 0 | 0 | 0 | |||
Allocation of undistributed earnings | 157.7 | 142.3 | 36.8 | |||
Denominator: (in shares) | ' | ' | ' | |||
Number of shares used in basic computation (in thousands) (in shares) | 131,117 | 130,465 | 129,868 | |||
Weighted average effect of dilutive securities (in thousands) (in shares) | ' | ' | ' | |||
Conversion of Class B to Class A common shares outstanding | 23,709 | 23,709 | 23,709 | |||
Stock options | 2 | 23 | 147 | |||
Restricted stock and performance shares | 895 | 793 | 832 | |||
Number of shares used in per share computations (in thousands) | 155,723 | 154,990 | 154,556 | |||
Diluted earnings per share (in dollars per share) | $1.01 | $0.92 | $0.24 | |||
Class B common stock | ' | ' | ' | |||
Numerator: | ' | ' | ' | |||
Allocation of undistributed earnings | 24.1 | 21.9 | 5.7 | |||
Denominator: (in shares) | ' | ' | ' | |||
Weighted average common shares outstanding (in thousands) | 23,709 | 23,709 | 23,709 | |||
Basic earnings per share (in dollars per share) | $1.02 | $0.92 | $0.24 | |||
Numerator: | ' | ' | ' | |||
Allocation of undistributed earnings for basic computation | 24.1 | 21.9 | 5.7 | |||
Reallocation of undistributed earnings as a result of conversion of Class B to Class A shares | 0 | 0 | 0 | |||
Reallocation of undistributed earnings to Class B shares for effect of other dilutive securities | -0.1 | -0.2 | 0 | |||
Allocation of undistributed earnings | 24 | 21.7 | 5.7 | |||
Denominator: (in shares) | ' | ' | ' | |||
Number of shares used in basic computation (in thousands) (in shares) | 23,709 | 23,709 | 23,709 | |||
Weighted average effect of dilutive securities (in thousands) (in shares) | ' | ' | ' | |||
Conversion of Class B to Class A common shares outstanding | 0 | 0 | 0 | |||
Stock options | 0 | 0 | 0 | |||
Restricted stock and performance shares | 0 | 0 | 0 | |||
Number of shares used in per share computations (in thousands) | 23,709 | 23,709 | 23,709 | |||
Diluted earnings per share (in dollars per share) | $1.01 | $0.92 | $0.24 | |||
Regal 6 1/4% Convertible Senior Notes | Class A common stock | ' | ' | ' | |||
Numerator: | ' | ' | ' | |||
Interest expense on 61/4% Convertible Senior Notes | 0 | [1] | 0 | [1] | 0 | [1] |
Weighted average effect of dilutive securities (in thousands) (in shares) | ' | ' | ' | |||
Conversion of 61/4% Convertible Senior Notes | 0 | [1] | 0 | [1] | 0 | [1] |
Regal 6 1/4% Convertible Senior Notes | Class B common stock | ' | ' | ' | |||
Numerator: | ' | ' | ' | |||
Interest expense on 61/4% Convertible Senior Notes | $0 | [1] | $0 | [1] | $0 | [1] |
Weighted average effect of dilutive securities (in thousands) (in shares) | ' | ' | ' | |||
Conversion of 61/4% Convertible Senior Notes | 0 | [1] | 0 | [1] | 0 | [1] |
[1] | No amount reported as the impact on earnings per share of ClassB A common stock would have been antidilutive. |
EARNINGS_PER_SHARE_parenthetic
EARNINGS PER SHARE (parenthetical) (Details) (Regal 6 1/4% Convertible Senior Notes) | Dec. 26, 2013 |
Regal 6 1/4% Convertible Senior Notes | ' |
Debt obligations | ' |
Interest rate on debt (as a percent) | 6.25% |
FAIR_VALUE_OF_FINANCIAL_INSTRU2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value Hierarchy of Financial Assets and Liabilities) (Details) (Recurring basis, USD $) | Dec. 26, 2013 | |
In Millions, unless otherwise specified | ||
Total Carrying Value | ' | |
Assets: | ' | |
Equity securities, available for sale | $7 | [1] |
Total assets at fair value | 7 | |
Liabilities: | ' | |
Interest rate swaps | 6.6 | [2] |
Total liabilities at fair value | 6.6 | |
Quoted prices in active market (Level 1) | ' | |
Assets: | ' | |
Equity securities, available for sale | 7 | [1] |
Total assets at fair value | 7 | |
Liabilities: | ' | |
Interest rate swaps | 0 | [2] |
Total liabilities at fair value | 0 | |
Significant other observable inputs (Level 2) | ' | |
Assets: | ' | |
Equity securities, available for sale | 0 | [1] |
Total assets at fair value | 0 | |
Liabilities: | ' | |
Interest rate swaps | 6.6 | [2] |
Total liabilities at fair value | 6.6 | |
Significant unobservable inputs (Level 3) | ' | |
Assets: | ' | |
Equity securities, available for sale | 0 | [1] |
Total assets at fair value | 0 | |
Liabilities: | ' | |
Interest rate swaps | 0 | [2] |
Total liabilities at fair value | $0 | |
[1] | The Company maintains an investment in RealD,B Inc., an entity specializing in the licensing of 3DB technologies. In connection with the RealD,B Inc. motion picture license agreement, the Company received 1,222,780 shares of RealD,B Inc. common stock during fiscal 2010. The fair value of the RealD,B Inc. shares is determined using RealD,B Inc.'s publicly traded common stock price, which falls under LevelB 1 of the valuation hierarchy. The held shares of RealD,B Inc. stock are accounted for as available-for-sale equity securities and recurring fair value adjustments to these shares are recorded to "Other Non-Current Assets" with a corresponding entry to "Accumulated other comprehensive income (loss)" on a quarterly basis. During the quarter ended June 27, 2013, the Company sold 400,000 shares of RealD, Inc. common stock at prices ranging from $14.61 to $15.42 per share. In connection with the sale, the Company received approximately $5.9 million in aggregate net proceeds (after deducting related fees and expenses) and recorded a gain on sale of approximately $2.6 million. During the year ended DecemberB 26, 2013, the Company recorded a net decrease to its investment in RealD,B Inc. of approximately $6.2 million and a corresponding net increase to "Accumulated other comprehensive income, net" of $1.8 million, net of tax. The fair value of the remaining 822,780 RealD,B Inc. common shares was $7.0 million, based on the publicly traded common stock price of RealD,B Inc. as of DecemberB 26, 2013 of $8.46 per share. | |
[2] | The fair value of the Company's interest rate swaps described in NoteB 5b"Debt Obligations" is based on LevelB 2 inputs, which include observable inputs such as dealer quoted prices for similar assets or liabilities, and represents the estimated amount Regal Cinemas would receive or pay to terminate the agreements taking into consideration various factors, including current interest rates, credit risk and counterparty credit risk. The counterparties to the Company's interest rate swaps are major financial institutions. The Company evaluates the bond ratings of the financial institutions and believes that credit risk is at an acceptably low level. As of DecemberB 26, 2013, the aggregate fair value the Company's interest rate swaps was determined to be approximately $(6.6) million, which was recorded as components of "Other Non-Current Liabilities" (approximately $1.6 million) and "Accrued expenses" (approximately $5.0 million) with a corresponding amount of $(4.0) million, net of tax, recorded to "Accumulated other comprehensive loss, net." As of DecemberB 27, 2012, the aggregate fair value of the Company's interest rate swaps was determined to be approximately $(10.3) million, which was recorded as components of "Other Non-Current Liabilities" (approximately $6.6 million) and "Accrued expenses" (approximately $3.7 million) with a corresponding amount of $(6.3) million, net of tax, recorded to "Accumulated other comprehensive loss, net." These interest rate swaps exhibited no ineffectiveness during the years ended DecemberB 26, 2013, DecemberB 27, 2012 and DecemberB 29, 2011 and accordingly, the net gain on the swaps of $2.3 million, $2.8 million and $8.0 million, respectively, were reported as a component of other comprehensive income for the years ended DecemberB 26, 2013, DecemberB 27, 2012 and DecemberB 29, 2011. |
FAIR_VALUE_OF_FINANCIAL_INSTRU3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||
Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 30, 2010 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 30, 2010 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 30, 2010 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | Jun. 27, 2013 | Dec. 26, 2013 | Dec. 29, 2011 | Dec. 30, 2010 | Dec. 26, 2013 | Jun. 27, 2013 | Jun. 27, 2013 | ||
Interest rate on debt - 9 1/8% Senior Notes (as a percent) | Interest rate on debt - 9 1/8% Senior Notes (as a percent) | Interest rate on debt - 9 1/8% Senior Notes (as a percent) | Interest rate on debt - 8 5/8 Senior Notes (as a percent) | Interest rate on debt - 8 5/8 Senior Notes (as a percent) | Interest rate on debt - 5 3/4% Senior Notes Due 2025 (as a percent) | Interest rate on debt - 5 3/4% Senior Notes Due 2025 (as a percent) | Interest rate on debt - 5 3/4% Senior Notes Due 2025 (as a percent) | Interest rate on debt - 5 3/4% Senior Notes Due 2023 (as a percent) | Interest rate on debt - 5 3/4% Senior Notes Due 2023 (as a percent) | Interest rate on debt - 5 3/4% Senior Notes Due 2023 (as a percent) | Interest Rate Swaps | Interest Rate Swaps | Interest Rate Swaps | Real D Inc | Real D Inc | Real D Inc | Real D Inc | Real D Inc | Real D Inc | Real D Inc | |||||
Recurring basis | Minimum | Maximum | |||||||||||||||||||||||
Summary of financial assets and liabilities carried at fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of RealD, Inc. stock options received, vested or exercised during the period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,222,780 | ' | ' | ' | |
Investment in equity securities of RealD, Inc. shares sold | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | |
Publicly traded common stock price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8.46 | ' | ' | ' | $14.61 | $15.42 | |
Proceeds from sale of available for sale securities | $5,900,000 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,900,000 | ' | ' | ' | ' | ' | ' | |
Reclassification adjustment for gain on sale of available for sale securities recognized in net income | -1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,600,000 | ' | ' | ' | ' | ' | ' | |
Decrease in investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,200,000 | ' | ' | ' | ' | ' | |
Change in fair value of available for sale securities, net of tax | -600,000 | 2,000,000 | 3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | |
Remaining common shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 822,780 | ' | ' | ' | ' | ' | |
Equity securities, available-for-sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | [1] | ' | ' |
Interest rate swaps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,600,000 | -10,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | |
Other non-current liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | 6,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | |
Accrued expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | 3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | |
Accumulated other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,000,000 | -6,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | |
Change in fair value of equity method investee interest rate swap transactions | 1,400,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,300,000 | -2,800,000 | -8,000,000 | ' | ' | ' | ' | ' | ' | ' | |
Asset impairment charges | 9,500,000 | 11,100,000 | 17,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Impairment Charge on Favorable Leases | 1,500,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest rate on debt (as a percent) | ' | ' | ' | 9.13% | 0.00% | 0.00% | 8.63% | 8.63% | 5.75% | 0.00% | 0.00% | 5.75% | 0.00% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Period during which fair value of investment remained substantially below its recorded investment (in months) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | ' | ' | ' | ' | |
Investment recorded on cost basis (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $19.40 | ' | ' | ' | ' | |
Other-than-temporary impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13,900,000 | ' | ' | ' | ' | |
[1] | The Company maintains an investment in RealD,B Inc., an entity specializing in the licensing of 3DB technologies. In connection with the RealD,B Inc. motion picture license agreement, the Company received 1,222,780 shares of RealD,B Inc. common stock during fiscal 2010. The fair value of the RealD,B Inc. shares is determined using RealD,B Inc.'s publicly traded common stock price, which falls under LevelB 1 of the valuation hierarchy. The held shares of RealD,B Inc. stock are accounted for as available-for-sale equity securities and recurring fair value adjustments to these shares are recorded to "Other Non-Current Assets" with a corresponding entry to "Accumulated other comprehensive income (loss)" on a quarterly basis. During the quarter ended June 27, 2013, the Company sold 400,000 shares of RealD, Inc. common stock at prices ranging from $14.61 to $15.42 per share. In connection with the sale, the Company received approximately $5.9 million in aggregate net proceeds (after deducting related fees and expenses) and recorded a gain on sale of approximately $2.6 million. During the year ended DecemberB 26, 2013, the Company recorded a net decrease to its investment in RealD,B Inc. of approximately $6.2 million and a corresponding net increase to "Accumulated other comprehensive income, net" of $1.8 million, net of tax. The fair value of the remaining 822,780 RealD,B Inc. common shares was $7.0 million, based on the publicly traded common stock price of RealD,B Inc. as of DecemberB 26, 2013 of $8.46 per share. |
FAIR_VALUE_OF_FINANCIAL_INSTRU4
FAIR VALUE OF FINANCIAL INSTRUMENTS (Aggregate Carrying Values and Fair Values of Long-term Debt) (Details) (USD $) | Dec. 26, 2013 | Dec. 27, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Inputs Level 1 and 2 | ' | ' |
Aggregate carrying values and fair values of long-term debt | ' | ' |
Aggregate carrying values and fair values of long-term debt | $2,238.50 | $2,023.70 |
Carrying value | ' | ' |
Aggregate carrying values and fair values of long-term debt | ' | ' |
Aggregate carrying values and fair values of long-term debt | $2,188.30 | $1,915.50 |
SUBSEQUENT_EVENTS_Details_1
SUBSEQUENT EVENTS (Details 1) (USD $) | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | Oct. 24, 2013 | Feb. 13, 2014 | Jan. 09, 2013 | Jan. 12, 2011 | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | Dec. 26, 2013 | Dec. 26, 2013 | Dec. 26, 2013 | Dec. 26, 2013 | Feb. 13, 2014 | Jan. 08, 2014 | Dec. 26, 2013 | Dec. 26, 2013 | Dec. 26, 2013 | Dec. 26, 2013 | Jan. 08, 2014 | Jan. 08, 2014 | Jan. 08, 2014 | Dec. 26, 2013 |
Class A common stock | Class B common stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | ||||
Minimum | Maximum | Class A common stock | Class A common stock | Class A common stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Performance shares | Performance shares | Performance shares | |||||||||||
Directors | Officers and key employees | Minimum | Maximum | Directors | Officers and key employees | Class A common stock | Officers and key employees | Class A common stock | Class A common stock | |||||||||||||||
Officers and key employees | ||||||||||||||||||||||||
Subsequent Events | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares granted (in shares) | ' | ' | ' | ' | ' | 297,866 | 349,856 | 297,866 | 335,496 | 349,856 | ' | ' | ' | ' | ' | 227,447 | ' | ' | ' | ' | ' | 226,471 | ' | ' |
Vesting period (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '4 years | '1 year | '4 years | ' | ' | '1 year | '4 years | '1 year | '4 years | ' | ' | ' | ' |
Share Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $19.08 | ' | $19.08 | ' |
Vesting percentage (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 25.00% | ' | ' | ' | ' |
Right to receive target shares, low end of range (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% |
Right to receive target shares, high end of range (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150.00% |
Cash dividends declared (dollars per share) | $0.84 | $0.84 | $0.84 | $0.21 | $0.22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.22 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase from prior quarterly dividend (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CONDENSED_CONSOLIDATING_FINANC2
CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Narrative) (Details) (Regal Cinemas 8 5/8% Senior Notes, USD $) | Jul. 15, 2009 |
Regal Cinemas 8 5/8% Senior Notes | ' |
Senior Notes | ' |
Aggregate principal amount | $400,000,000 |
Interest rate on senior notes (as a percent) | 8.63% |
CONDENSED_CONSOLIDATING_FINANC3
CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Balance Sheet Information) (Details) (USD $) | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 | Dec. 30, 2010 |
In Millions, unless otherwise specified | ||||
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | $280.90 | $109.50 | $253 | $205.30 |
Trade and other receivables, net | 129.4 | 110.7 | ' | ' |
Other current assets | 54.8 | 44 | ' | ' |
TOTAL CURRENT ASSETS | 465.1 | 264.2 | ' | ' |
Property and equipment, net | 1,509.60 | 1,463.20 | ' | ' |
Goodwill and other intangible assets | 378.1 | 301.8 | ' | ' |
Deferred income tax asset | 32.6 | 0 | ' | ' |
Other non-current assets | 319.3 | 192.9 | ' | ' |
TOTAL ASSETS | 2,704.70 | 2,222.10 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Current portion of debt obligations | 29.8 | 22 | ' | ' |
Accounts payable | 170.2 | 157 | ' | ' |
Accrued expenses and other liabilities | 306.4 | 272.9 | ' | ' |
TOTAL CURRENT LIABILITIES | 506.4 | 451.9 | ' | ' |
Long-term debt, less current portion | 2,187.70 | 1,912.40 | ' | ' |
Lease financing arrangements, less current portion | 80.2 | 52.2 | ' | ' |
Capital lease obligations, less current portion | 13 | 8.6 | ' | ' |
Deferred income tax liability | 0 | 7.7 | ' | ' |
Other liabilities | 632.7 | 539.7 | ' | ' |
TOTAL LIABILITIES | 3,420 | 2,972.50 | ' | ' |
EQUITY (DEFICIT): | ' | ' | ' | ' |
Stockholders' equity (deficit) of Regal Entertainment Group | -713.4 | -748.6 | ' | ' |
Noncontrolling interest | -1.9 | -1.8 | ' | ' |
TOTAL EQUITY (DEFICIT) | -715.3 | -750.4 | -621.8 | -537.5 |
TOTAL LIABILITIES AND EQUITY (DEFICIT) | 2,704.70 | 2,222.10 | ' | ' |
REG Parent Company | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Trade and other receivables, net | 0 | 0 | ' | ' |
Other current assets | 0 | 0 | ' | ' |
TOTAL CURRENT ASSETS | 0 | 0 | ' | ' |
Property and equipment, net | 20.1 | 20.7 | ' | ' |
Goodwill and other intangible assets | 0 | 0 | ' | ' |
Deferred income tax asset | 2.6 | 2.4 | ' | ' |
Other non-current assets | 106.1 | 7.2 | ' | ' |
TOTAL ASSETS | 128.8 | 30.3 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Current portion of debt obligations | 2.2 | 2 | ' | ' |
Accounts payable | 0.9 | 0.4 | ' | ' |
Accrued expenses and other liabilities | 17.5 | 235.1 | ' | ' |
TOTAL CURRENT LIABILITIES | 20.6 | 237.5 | ' | ' |
Long-term debt, less current portion | 820.4 | 540.4 | ' | ' |
Lease financing arrangements, less current portion | 0 | 0 | ' | ' |
Capital lease obligations, less current portion | 0 | 0 | ' | ' |
Deferred income tax liability | 0 | 0 | ' | ' |
Other liabilities | 1.2 | 1 | ' | ' |
TOTAL LIABILITIES | 842.2 | 778.9 | ' | ' |
EQUITY (DEFICIT): | ' | ' | ' | ' |
Stockholders' equity (deficit) of Regal Entertainment Group | -713.4 | -748.6 | ' | ' |
Noncontrolling interest | 0 | 0 | ' | ' |
TOTAL EQUITY (DEFICIT) | -713.4 | -748.6 | ' | ' |
TOTAL LIABILITIES AND EQUITY (DEFICIT) | 128.8 | 30.3 | ' | ' |
RCC Parent Company | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Trade and other receivables, net | 0 | 0 | ' | ' |
Other current assets | 0 | 0 | ' | ' |
TOTAL CURRENT ASSETS | 0 | 0 | ' | ' |
Property and equipment, net | 0 | 0 | ' | ' |
Goodwill and other intangible assets | 0 | 0 | ' | ' |
Deferred income tax asset | 0 | 0 | ' | ' |
Other non-current assets | 1,490.40 | 1,092.30 | ' | ' |
TOTAL ASSETS | 1,490.40 | 1,092.30 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Current portion of debt obligations | 12.5 | 10.1 | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Accrued expenses and other liabilities | 20.5 | 20.2 | ' | ' |
TOTAL CURRENT LIABILITIES | 33 | 30.3 | ' | ' |
Long-term debt, less current portion | 1,360.40 | 1,372 | ' | ' |
Lease financing arrangements, less current portion | 0 | 0 | ' | ' |
Capital lease obligations, less current portion | 0 | 0 | ' | ' |
Deferred income tax liability | 0 | 0 | ' | ' |
Other liabilities | 0 | 0 | ' | ' |
TOTAL LIABILITIES | 1,393.40 | 1,402.30 | ' | ' |
EQUITY (DEFICIT): | ' | ' | ' | ' |
Stockholders' equity (deficit) of Regal Entertainment Group | 97 | -310 | ' | ' |
Noncontrolling interest | 0 | 0 | ' | ' |
TOTAL EQUITY (DEFICIT) | 97 | -310 | ' | ' |
TOTAL LIABILITIES AND EQUITY (DEFICIT) | 1,490.40 | 1,092.30 | ' | ' |
Subsidiary Guarantors | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 199.7 | 53.8 | 197.5 | 152.5 |
Trade and other receivables, net | 127.4 | 109.3 | ' | ' |
Other current assets | 51.2 | 40.2 | ' | ' |
TOTAL CURRENT ASSETS | 378.3 | 203.3 | ' | ' |
Property and equipment, net | 1,463.80 | 1,419.40 | ' | ' |
Goodwill and other intangible assets | 371 | 294.7 | ' | ' |
Deferred income tax asset | 53.2 | 14 | ' | ' |
Other non-current assets | 1,634.10 | 1,020.90 | ' | ' |
TOTAL ASSETS | 3,900.40 | 2,952.30 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Current portion of debt obligations | 14.8 | 0 | ' | ' |
Accounts payable | 159.7 | 150.7 | ' | ' |
Accrued expenses and other liabilities | 260.3 | 227.3 | ' | ' |
TOTAL CURRENT LIABILITIES | 434.8 | 378 | ' | ' |
Long-term debt, less current portion | 6.9 | 0 | ' | ' |
Lease financing arrangements, less current portion | 80.2 | 52.2 | ' | ' |
Capital lease obligations, less current portion | 12.5 | 7.8 | ' | ' |
Deferred income tax liability | 0 | 0 | ' | ' |
Other liabilities | 603 | 512.9 | ' | ' |
TOTAL LIABILITIES | 1,137.40 | 950.9 | ' | ' |
EQUITY (DEFICIT): | ' | ' | ' | ' |
Stockholders' equity (deficit) of Regal Entertainment Group | 2,765.30 | 2,003.50 | ' | ' |
Noncontrolling interest | -2.3 | -2.1 | ' | ' |
TOTAL EQUITY (DEFICIT) | 2,763 | 2,001.40 | ' | ' |
TOTAL LIABILITIES AND EQUITY (DEFICIT) | 3,900.40 | 2,952.30 | ' | ' |
Subsidiary Non-Guarantors | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 81.2 | 55.7 | 55.5 | 52.8 |
Trade and other receivables, net | 2 | 1.4 | ' | ' |
Other current assets | 3.6 | 3.8 | ' | ' |
TOTAL CURRENT ASSETS | 86.8 | 60.9 | ' | ' |
Property and equipment, net | 38 | 35.4 | ' | ' |
Goodwill and other intangible assets | 7.1 | 7.1 | ' | ' |
Deferred income tax asset | 0 | 0 | ' | ' |
Other non-current assets | 70.3 | 84.9 | ' | ' |
TOTAL ASSETS | 202.2 | 188.3 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Current portion of debt obligations | 15.3 | 15.3 | ' | ' |
Accounts payable | 9.6 | 5.9 | ' | ' |
Accrued expenses and other liabilities | 8.1 | 6.9 | ' | ' |
TOTAL CURRENT LIABILITIES | 33 | 28.1 | ' | ' |
Long-term debt, less current portion | 0 | 0 | ' | ' |
Lease financing arrangements, less current portion | 0 | 0 | ' | ' |
Capital lease obligations, less current portion | 0.5 | 0.8 | ' | ' |
Deferred income tax liability | 23.2 | 24.1 | ' | ' |
Other liabilities | 28.5 | 25.8 | ' | ' |
TOTAL LIABILITIES | 85.2 | 78.8 | ' | ' |
EQUITY (DEFICIT): | ' | ' | ' | ' |
Stockholders' equity (deficit) of Regal Entertainment Group | 116.6 | 109.2 | ' | ' |
Noncontrolling interest | 0.4 | 0.3 | ' | ' |
TOTAL EQUITY (DEFICIT) | 117 | 109.5 | ' | ' |
TOTAL LIABILITIES AND EQUITY (DEFICIT) | 202.2 | 188.3 | ' | ' |
Consolidating Adjustments | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Trade and other receivables, net | 0 | 0 | ' | ' |
Other current assets | 0 | 0 | ' | ' |
TOTAL CURRENT ASSETS | 0 | 0 | ' | ' |
Property and equipment, net | -12.3 | -12.3 | ' | ' |
Goodwill and other intangible assets | 0 | 0 | ' | ' |
Deferred income tax asset | -23.2 | -16.4 | ' | ' |
Other non-current assets | -2,981.60 | -2,012.40 | ' | ' |
TOTAL ASSETS | -3,017.10 | -2,041.10 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Current portion of debt obligations | -15 | -5.4 | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Accrued expenses and other liabilities | 0 | -216.6 | ' | ' |
TOTAL CURRENT LIABILITIES | -15 | -222 | ' | ' |
Long-term debt, less current portion | 0 | 0 | ' | ' |
Lease financing arrangements, less current portion | 0 | 0 | ' | ' |
Capital lease obligations, less current portion | 0 | 0 | ' | ' |
Deferred income tax liability | -23.2 | -16.4 | ' | ' |
Other liabilities | 0 | 0 | ' | ' |
TOTAL LIABILITIES | -38.2 | -238.4 | ' | ' |
EQUITY (DEFICIT): | ' | ' | ' | ' |
Stockholders' equity (deficit) of Regal Entertainment Group | -2,978.90 | -1,802.70 | ' | ' |
Noncontrolling interest | 0 | 0 | ' | ' |
TOTAL EQUITY (DEFICIT) | -2,978.90 | -1,802.70 | ' | ' |
TOTAL LIABILITIES AND EQUITY (DEFICIT) | ($3,017.10) | ($2,041.10) | ' | ' |
CONDENSED_CONSOLIDATING_FINANC4
CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Statement of Income Information) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 |
Condensed consolidating income information | ' | ' | ' |
REVENUES | $3,038.10 | $2,820 | $2,675.90 |
OPERATING EXPENSES: | ' | ' | ' |
Film rental and advertising costs | 1,078 | 1,000.50 | 953.7 |
Cost of concessions | 111.6 | 101.1 | 96.6 |
Rent expense | 413.6 | 384.4 | 381.5 |
Other operating expenses | 812.8 | 735.9 | 744.4 |
General and administrative expenses | 73.7 | 68.8 | 65.8 |
Depreciation and amortization | 200.2 | 183.1 | 197.6 |
Net loss on disposal and impairment of operating assets and other | 8.4 | 16.2 | 20.8 |
TOTAL OPERATING EXPENSES | 2,698.30 | 2,490 | 2,460.40 |
INCOME (LOSS) FROM OPERATIONS | 339.8 | 330 | 215.5 |
OTHER EXPENSE (INCOME): | ' | ' | ' |
Interest expense, net | 141.3 | 135 | 149.7 |
Loss on extinguishment of debt | 30.7 | 0 | 21.9 |
Impairment of investment in RealD, Inc. | 0 | 0 | 13.9 |
Earnings recognized from NCM | -37.5 | -34.8 | -37.9 |
Gain on sale of NCM, Inc. common stock | -30.9 | 0 | 0 |
Other, net | -28.4 | -1.9 | 15.9 |
TOTAL OTHER EXPENSE (INCOME), NET | 75.2 | 98.3 | 163.5 |
INCOME (LOSS) BEFORE INCOME TAXES | 264.6 | 231.7 | 52 |
PROVISION FOR (BENEFIT FROM) INCOME TAXES | 107 | 89.5 | 15.4 |
NET INCOME (LOSS) | 157.6 | 142.2 | 36.6 |
NONCONTROLLING INTEREST, NET OF TAX | 0.1 | 0.1 | 0.2 |
NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST | 157.7 | 142.3 | 36.8 |
REG Parent Company | ' | ' | ' |
Condensed consolidating income information | ' | ' | ' |
REVENUES | 0 | 0 | 0 |
OPERATING EXPENSES: | ' | ' | ' |
Film rental and advertising costs | 0 | 0 | 0 |
Cost of concessions | 0 | 0 | 0 |
Rent expense | 0 | 0 | 0 |
Other operating expenses | 0 | 0 | 0 |
General and administrative expenses | 0.8 | 0.5 | 0.4 |
Depreciation and amortization | 0.5 | 0.5 | 0.5 |
Net loss on disposal and impairment of operating assets and other | 0 | 0 | 0 |
TOTAL OPERATING EXPENSES | 1.3 | 1 | 0.9 |
INCOME (LOSS) FROM OPERATIONS | -1.3 | -1 | -0.9 |
OTHER EXPENSE (INCOME): | ' | ' | ' |
Interest expense, net | 60.5 | 49 | 48.9 |
Loss on extinguishment of debt | 30.3 | ' | 0 |
Impairment of investment in RealD, Inc. | ' | ' | 0 |
Earnings recognized from NCM | 0 | 0 | 0 |
Gain on sale of NCM, Inc. common stock | 0 | ' | ' |
Other, net | -214.3 | -171.9 | -65.5 |
TOTAL OTHER EXPENSE (INCOME), NET | -123.5 | -122.9 | -16.6 |
INCOME (LOSS) BEFORE INCOME TAXES | 122.2 | 121.9 | 15.7 |
PROVISION FOR (BENEFIT FROM) INCOME TAXES | -35.4 | -20.3 | -20.9 |
NET INCOME (LOSS) | 157.6 | 142.2 | 36.6 |
NONCONTROLLING INTEREST, NET OF TAX | 0 | 0 | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST | 157.6 | 142.2 | 36.6 |
RCC Parent Company | ' | ' | ' |
Condensed consolidating income information | ' | ' | ' |
REVENUES | 0 | 0 | 0 |
OPERATING EXPENSES: | ' | ' | ' |
Film rental and advertising costs | 0 | 0 | 0 |
Cost of concessions | 0 | 0 | 0 |
Rent expense | 0 | 0 | 0 |
Other operating expenses | 0 | 0 | 0 |
General and administrative expenses | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 |
Net loss on disposal and impairment of operating assets and other | 0 | 0 | 0 |
TOTAL OPERATING EXPENSES | 0 | 0 | 0 |
INCOME (LOSS) FROM OPERATIONS | 0 | 0 | 0 |
OTHER EXPENSE (INCOME): | ' | ' | ' |
Interest expense, net | 71.6 | 80 | 94.5 |
Loss on extinguishment of debt | 0.4 | ' | 0 |
Impairment of investment in RealD, Inc. | ' | ' | 0 |
Earnings recognized from NCM | 0 | 0 | 0 |
Gain on sale of NCM, Inc. common stock | 0 | ' | ' |
Other, net | -267.6 | -237.3 | -131.1 |
TOTAL OTHER EXPENSE (INCOME), NET | -195.6 | -157.3 | -36.6 |
INCOME (LOSS) BEFORE INCOME TAXES | 195.6 | 157.3 | 36.6 |
PROVISION FOR (BENEFIT FROM) INCOME TAXES | -9.6 | -13.1 | -27.9 |
NET INCOME (LOSS) | 205.2 | 170.4 | 64.5 |
NONCONTROLLING INTEREST, NET OF TAX | 0 | 0 | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST | 205.2 | 170.4 | 64.5 |
Subsidiary Guarantors | ' | ' | ' |
Condensed consolidating income information | ' | ' | ' |
REVENUES | 2,740.50 | 2,601 | 2,460.80 |
OPERATING EXPENSES: | ' | ' | ' |
Film rental and advertising costs | 973.5 | 924.1 | 877.6 |
Cost of concessions | 97.1 | 91 | 86.9 |
Rent expense | 372.8 | 349.2 | 347 |
Other operating expenses | 725.4 | 670.5 | 674.3 |
General and administrative expenses | 71.1 | 67.4 | 64.6 |
Depreciation and amortization | 182 | 172.7 | 186 |
Net loss on disposal and impairment of operating assets and other | 6.9 | 13 | 20.7 |
TOTAL OPERATING EXPENSES | 2,428.80 | 2,287.90 | 2,257.10 |
INCOME (LOSS) FROM OPERATIONS | 311.7 | 313.1 | 203.7 |
OTHER EXPENSE (INCOME): | ' | ' | ' |
Interest expense, net | 6 | 5.4 | 5.6 |
Loss on extinguishment of debt | 0 | ' | 21.9 |
Impairment of investment in RealD, Inc. | ' | ' | 13.9 |
Earnings recognized from NCM | -37.5 | -34.8 | -37.9 |
Gain on sale of NCM, Inc. common stock | -30.9 | ' | ' |
Other, net | -127.1 | -80.3 | -68.7 |
TOTAL OTHER EXPENSE (INCOME), NET | -189.5 | -109.7 | -65.2 |
INCOME (LOSS) BEFORE INCOME TAXES | 501.2 | 422.8 | 268.9 |
PROVISION FOR (BENEFIT FROM) INCOME TAXES | 142.1 | 111.5 | 54.9 |
NET INCOME (LOSS) | 359.1 | 311.3 | 214 |
NONCONTROLLING INTEREST, NET OF TAX | 0.2 | 0.2 | 0.2 |
NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST | 359.3 | 311.5 | 214.2 |
Subsidiary Non-Guarantors | ' | ' | ' |
Condensed consolidating income information | ' | ' | ' |
REVENUES | 303.4 | 225 | 221.1 |
OPERATING EXPENSES: | ' | ' | ' |
Film rental and advertising costs | 104.5 | 76.4 | 76.1 |
Cost of concessions | 14.5 | 10.1 | 9.7 |
Rent expense | 43.6 | 38 | 37.3 |
Other operating expenses | 87.4 | 65.4 | 70.1 |
General and administrative expenses | 7.6 | 6.9 | 6.8 |
Depreciation and amortization | 17.7 | 9.9 | 11.1 |
Net loss on disposal and impairment of operating assets and other | 1.5 | 3.2 | 0.1 |
TOTAL OPERATING EXPENSES | 276.8 | 209.9 | 211.2 |
INCOME (LOSS) FROM OPERATIONS | 26.6 | 15.1 | 9.9 |
OTHER EXPENSE (INCOME): | ' | ' | ' |
Interest expense, net | 3.2 | 0.6 | 0.7 |
Loss on extinguishment of debt | 0 | ' | 0 |
Impairment of investment in RealD, Inc. | ' | ' | 0 |
Earnings recognized from NCM | 0 | 0 | 0 |
Gain on sale of NCM, Inc. common stock | 0 | ' | ' |
Other, net | 0 | 0 | 0 |
TOTAL OTHER EXPENSE (INCOME), NET | 3.2 | 0.6 | 0.7 |
INCOME (LOSS) BEFORE INCOME TAXES | 23.4 | 14.5 | 9.2 |
PROVISION FOR (BENEFIT FROM) INCOME TAXES | 9.9 | 8 | 4.7 |
NET INCOME (LOSS) | 13.5 | 6.5 | 4.5 |
NONCONTROLLING INTEREST, NET OF TAX | -0.1 | -0.1 | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST | 13.4 | 6.4 | 4.5 |
Consolidating Adjustments | ' | ' | ' |
Condensed consolidating income information | ' | ' | ' |
REVENUES | -5.8 | -6 | -6 |
OPERATING EXPENSES: | ' | ' | ' |
Film rental and advertising costs | 0 | 0 | 0 |
Cost of concessions | 0 | 0 | 0 |
Rent expense | -2.8 | -2.8 | -2.8 |
Other operating expenses | 0 | 0 | 0 |
General and administrative expenses | -5.8 | -6 | -6 |
Depreciation and amortization | 0 | 0 | 0 |
Net loss on disposal and impairment of operating assets and other | 0 | 0 | 0 |
TOTAL OPERATING EXPENSES | -8.6 | -8.8 | -8.8 |
INCOME (LOSS) FROM OPERATIONS | 2.8 | 2.8 | 2.8 |
OTHER EXPENSE (INCOME): | ' | ' | ' |
Interest expense, net | 0 | 0 | 0 |
Loss on extinguishment of debt | 0 | ' | 0 |
Impairment of investment in RealD, Inc. | ' | ' | 0 |
Earnings recognized from NCM | 0 | 0 | 0 |
Gain on sale of NCM, Inc. common stock | 0 | ' | ' |
Other, net | 580.6 | 487.6 | 281.2 |
TOTAL OTHER EXPENSE (INCOME), NET | 580.6 | 487.6 | 281.2 |
INCOME (LOSS) BEFORE INCOME TAXES | -577.8 | -484.8 | -278.4 |
PROVISION FOR (BENEFIT FROM) INCOME TAXES | 0 | 3.4 | 4.6 |
NET INCOME (LOSS) | -577.8 | -488.2 | -283 |
NONCONTROLLING INTEREST, NET OF TAX | 0 | 0 | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST | ($577.80) | ($488.20) | ($283) |
CONDENSED_CONSOLIDATING_FINANC5
CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Statement of Comprehensive Income Information) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 |
NET INCOME (LOSS) | $157.60 | $142.20 | $36.60 |
Change in fair value of interest rate swap transactions | 2.3 | 2.8 | 8 |
Change in fair value of available for sale securities, net of tax | -0.6 | 2 | 3.5 |
Reclassification adjustment for gain on sale of available for sale securities recognized in net income | -1.2 | 0 | 0 |
Change in fair value of equity method investee interest rate swap transactions | 1.4 | 0 | 0 |
Other-than-temporary impairment of available for sale securities | ' | ' | -8.4 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 1.9 | 4.8 | 3.1 |
TOTAL COMPREHENSIVE INCOME, NET OF TAX | 159.5 | 147 | 39.7 |
Comprehensive loss attributable to noncontrolling interest, net of tax | 0.1 | 0.1 | 0.2 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST | 159.6 | 147.1 | 39.9 |
REG Parent Company | ' | ' | ' |
NET INCOME (LOSS) | 157.6 | 142.2 | 36.6 |
Change in fair value of interest rate swap transactions | 2.3 | 2.8 | 8 |
Change in fair value of available for sale securities, net of tax | -0.6 | 2 | 3.5 |
Reclassification adjustment for gain on sale of available for sale securities recognized in net income | -1.2 | ' | ' |
Change in fair value of equity method investee interest rate swap transactions | 1.4 | ' | ' |
Other-than-temporary impairment of available for sale securities | ' | ' | -8.4 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 1.9 | 4.8 | 3.1 |
TOTAL COMPREHENSIVE INCOME, NET OF TAX | 159.5 | 147 | 39.7 |
Comprehensive loss attributable to noncontrolling interest, net of tax | 0 | 0 | 0 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST | 159.5 | 147 | 39.7 |
RCC Parent Company | ' | ' | ' |
NET INCOME (LOSS) | 205.2 | 170.4 | 64.5 |
Change in fair value of interest rate swap transactions | 2.3 | 2.8 | 8 |
Change in fair value of available for sale securities, net of tax | -0.6 | 2 | 3.5 |
Reclassification adjustment for gain on sale of available for sale securities recognized in net income | -1.2 | ' | ' |
Change in fair value of equity method investee interest rate swap transactions | 1.4 | ' | ' |
Other-than-temporary impairment of available for sale securities | ' | ' | -8.4 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 1.9 | 4.8 | 3.1 |
TOTAL COMPREHENSIVE INCOME, NET OF TAX | 207.1 | 175.2 | 67.6 |
Comprehensive loss attributable to noncontrolling interest, net of tax | 0 | 0 | 0 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST | 207.1 | 175.2 | 67.6 |
Subsidiary Guarantors | ' | ' | ' |
NET INCOME (LOSS) | 359.1 | 311.3 | 214 |
Change in fair value of interest rate swap transactions | 0 | 0 | 0 |
Change in fair value of available for sale securities, net of tax | -0.6 | 2 | 3.5 |
Reclassification adjustment for gain on sale of available for sale securities recognized in net income | -1.2 | ' | ' |
Change in fair value of equity method investee interest rate swap transactions | 1.4 | ' | ' |
Other-than-temporary impairment of available for sale securities | ' | ' | -8.4 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | -0.4 | 2 | -4.9 |
TOTAL COMPREHENSIVE INCOME, NET OF TAX | 358.7 | 313.3 | 209.1 |
Comprehensive loss attributable to noncontrolling interest, net of tax | 0.1 | 0.1 | 0.2 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST | 358.8 | 313.4 | 209.3 |
Subsidiary Non-Guarantors | ' | ' | ' |
NET INCOME (LOSS) | 13.5 | 6.5 | 4.5 |
Change in fair value of interest rate swap transactions | 0 | 0 | 0 |
Change in fair value of available for sale securities, net of tax | 0 | 0 | 0 |
Reclassification adjustment for gain on sale of available for sale securities recognized in net income | 0 | ' | ' |
Change in fair value of equity method investee interest rate swap transactions | 0 | ' | ' |
Other-than-temporary impairment of available for sale securities | ' | ' | 0 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 0 | 0 | 0 |
TOTAL COMPREHENSIVE INCOME, NET OF TAX | 13.5 | 6.5 | 4.5 |
Comprehensive loss attributable to noncontrolling interest, net of tax | 0 | 0 | 0 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST | 13.5 | 6.5 | 4.5 |
Consolidating Adjustments | ' | ' | ' |
NET INCOME (LOSS) | -577.8 | -488.2 | -283 |
Change in fair value of interest rate swap transactions | -2.3 | -2.8 | -8 |
Change in fair value of available for sale securities, net of tax | 1.2 | -4 | -7 |
Reclassification adjustment for gain on sale of available for sale securities recognized in net income | 2.4 | ' | ' |
Change in fair value of equity method investee interest rate swap transactions | -2.8 | ' | ' |
Other-than-temporary impairment of available for sale securities | ' | ' | 16.8 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | -1.5 | -6.8 | 1.8 |
TOTAL COMPREHENSIVE INCOME, NET OF TAX | -579.3 | -495 | -281.2 |
Comprehensive loss attributable to noncontrolling interest, net of tax | 0 | 0 | 0 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST | ($579.30) | ($495) | ($281.20) |
CONDENSED_CONSOLIDATING_FINANC6
CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Statement of Cash Flows Information) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 26, 2013 | Dec. 27, 2012 | Dec. 29, 2011 |
Condensed Consolidating financial statement information | ' | ' | ' |
NET CASH PROVIDED BY OPERATING ACTIVITIES | $346.90 | $346.60 | $353.10 |
Cash Flows from Investing Activities: | ' | ' | ' |
Capital expenditures | -112.1 | -89.2 | -87.2 |
Proceeds from disposition of assets | 7.3 | 5.8 | 20.5 |
Proceeds from sale of NCM, Inc. common stock | 40.9 | ' | ' |
Investment in non-consolidated entities and other | -6.3 | -10.3 | -34.4 |
Cash used for acquisitions, net of cash acquired | -194.4 | -89.7 | 0 |
Proceeds from sale of available for sale securities | 5.9 | 0 | 0 |
NET CASH USED IN INVESTING ACTIVITIES | -258.7 | -183.4 | -101.1 |
Cash Flows from Financing Activities: | ' | ' | ' |
Cash used to pay dividends | -132.2 | -287.3 | -129.8 |
Cash received (paid) to/from REG Parent Company | 0 | 0 | 0 |
Cash received (paid) to/from subsidiary | 0 | 0 | 0 |
Proceeds from issuance of Regal 5 3/4% Senior Notes Due 2025 | 250 | 0 | 0 |
Proceeds from issuance of Regal Entertainment Group 9 1/8% Senior Notes | 0 | 0 | 261.3 |
Proceeds from issuance of Regal 53/4% Senior Notes Due 2023 | 250 | 0 | 0 |
Cash used to repurchase Regal 91/8% Senior Notes | -244.3 | 0 | 0 |
Cash used to redeem 61/4% Convertible Senior Notes | 0 | 0 | -74.7 |
Payments on long-term obligations | -23.7 | -20.6 | -1,260.20 |
Payment of debt acquisition costs | -13.5 | 0 | -6.1 |
Payment of debt acquisition costs and other | ' | ' | -5.6 |
Proceeds from stock option exercises and other | 1.3 | -3 | ' |
Cash paid for tax withholdings | -4.4 | -1.8 | -1.3 |
Proceeds from Amended Senior Credit Facility | 0 | 0 | 1,006 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 83.2 | -306.7 | -204.3 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 171.4 | -143.5 | 47.7 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 109.5 | 253 | 205.3 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 280.9 | 109.5 | 253 |
REG Parent Company | ' | ' | ' |
Condensed Consolidating financial statement information | ' | ' | ' |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 70.9 | -45.8 | 27.4 |
Cash Flows from Investing Activities: | ' | ' | ' |
Capital expenditures | 0 | 0 | 0 |
Proceeds from disposition of assets | 0 | 0 | 0 |
Proceeds from sale of NCM, Inc. common stock | 0 | ' | ' |
Investment in non-consolidated entities and other | 0 | 0 | 0 |
Cash used for acquisitions, net of cash acquired | -194.4 | 0 | ' |
Proceeds from sale of available for sale securities | 0 | ' | ' |
NET CASH USED IN INVESTING ACTIVITIES | -194.4 | 0 | 0 |
Cash Flows from Financing Activities: | ' | ' | ' |
Cash used to pay dividends | -132.2 | -287.3 | -129.8 |
Cash received (paid) to/from REG Parent Company | 15.8 | 333.8 | -77.5 |
Cash received (paid) to/from subsidiary | 0 | ' | 0 |
Proceeds from issuance of Regal 5 3/4% Senior Notes Due 2025 | 250 | ' | ' |
Proceeds from issuance of Regal Entertainment Group 9 1/8% Senior Notes | ' | ' | 261.3 |
Proceeds from issuance of Regal 53/4% Senior Notes Due 2023 | 250 | ' | ' |
Cash used to repurchase Regal 91/8% Senior Notes | -244.3 | ' | ' |
Cash used to redeem 61/4% Convertible Senior Notes | ' | ' | -74.7 |
Payments on long-term obligations | -2 | -1.9 | -1.6 |
Payment of debt acquisition costs | -10.7 | ' | ' |
Payment of debt acquisition costs and other | ' | ' | -3.8 |
Proceeds from stock option exercises and other | 1.3 | -3 | ' |
Cash paid for tax withholdings | -4.4 | -1.8 | -1.3 |
Proceeds from Amended Senior Credit Facility | ' | ' | 0 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 123.5 | 45.8 | -27.4 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 0 | 0 | 0 |
RCC Parent Company | ' | ' | ' |
Condensed Consolidating financial statement information | ' | ' | ' |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 0 | 0 | 0 |
Cash Flows from Investing Activities: | ' | ' | ' |
Capital expenditures | 0 | 0 | 0 |
Proceeds from disposition of assets | 0 | 0 | 0 |
Proceeds from sale of NCM, Inc. common stock | 0 | ' | ' |
Investment in non-consolidated entities and other | 0 | 0 | 0 |
Cash used for acquisitions, net of cash acquired | 0 | 0 | ' |
Proceeds from sale of available for sale securities | 0 | ' | ' |
NET CASH USED IN INVESTING ACTIVITIES | 0 | 0 | 0 |
Cash Flows from Financing Activities: | ' | ' | ' |
Cash used to pay dividends | 0 | 0 | 0 |
Cash received (paid) to/from REG Parent Company | -15.8 | -333.8 | 77.5 |
Cash received (paid) to/from subsidiary | 15.8 | 333.8 | -77.5 |
Proceeds from issuance of Regal 5 3/4% Senior Notes Due 2025 | 0 | ' | ' |
Proceeds from issuance of Regal Entertainment Group 9 1/8% Senior Notes | ' | ' | 0 |
Proceeds from issuance of Regal 53/4% Senior Notes Due 2023 | 0 | ' | ' |
Cash used to repurchase Regal 91/8% Senior Notes | 0 | ' | ' |
Cash used to redeem 61/4% Convertible Senior Notes | ' | ' | 0 |
Payments on long-term obligations | 0 | 0 | 0 |
Payment of debt acquisition costs | 0 | ' | ' |
Payment of debt acquisition costs and other | ' | ' | 0 |
Proceeds from stock option exercises and other | 0 | 0 | ' |
Cash paid for tax withholdings | 0 | 0 | 0 |
Proceeds from Amended Senior Credit Facility | ' | ' | 0 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 0 | 0 | 0 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 0 | 0 | 0 |
Subsidiary Guarantors | ' | ' | ' |
Condensed Consolidating financial statement information | ' | ' | ' |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 240.3 | 384.6 | 320.1 |
Cash Flows from Investing Activities: | ' | ' | ' |
Capital expenditures | -102.9 | -81.6 | -82.5 |
Proceeds from disposition of assets | 7.2 | 5.8 | 18.7 |
Proceeds from sale of NCM, Inc. common stock | 40.9 | ' | ' |
Investment in non-consolidated entities and other | -6.3 | -10.3 | -34.4 |
Cash used for acquisitions, net of cash acquired | 0 | -89.7 | ' |
Proceeds from sale of available for sale securities | 5.9 | ' | ' |
NET CASH USED IN INVESTING ACTIVITIES | -55.2 | -175.8 | -98.2 |
Cash Flows from Financing Activities: | ' | ' | ' |
Cash used to pay dividends | 0 | 0 | 0 |
Cash received (paid) to/from REG Parent Company | 0 | 0 | 0 |
Cash received (paid) to/from subsidiary | -15.8 | -333.8 | 77.5 |
Proceeds from issuance of Regal 5 3/4% Senior Notes Due 2025 | 0 | ' | ' |
Proceeds from issuance of Regal Entertainment Group 9 1/8% Senior Notes | ' | ' | 0 |
Proceeds from issuance of Regal 53/4% Senior Notes Due 2023 | 0 | ' | ' |
Cash used to repurchase Regal 91/8% Senior Notes | 0 | ' | ' |
Cash used to redeem 61/4% Convertible Senior Notes | ' | ' | 0 |
Payments on long-term obligations | -20.6 | -18.7 | -1,258.60 |
Payment of debt acquisition costs | -2.8 | ' | ' |
Payment of debt acquisition costs and other | ' | ' | -1.8 |
Proceeds from stock option exercises and other | 0 | 0 | ' |
Cash paid for tax withholdings | 0 | 0 | 0 |
Proceeds from Amended Senior Credit Facility | ' | ' | 1,006 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | -39.2 | -352.5 | -176.9 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 145.9 | -143.7 | 45 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 53.8 | 197.5 | 152.5 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 199.7 | 53.8 | 197.5 |
Subsidiary Non-Guarantors | ' | ' | ' |
Condensed Consolidating financial statement information | ' | ' | ' |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 35.7 | 7.8 | 5.6 |
Cash Flows from Investing Activities: | ' | ' | ' |
Capital expenditures | -9.2 | -7.6 | -4.7 |
Proceeds from disposition of assets | 0.1 | 0 | 1.8 |
Proceeds from sale of NCM, Inc. common stock | 0 | ' | ' |
Investment in non-consolidated entities and other | 0 | 0 | 0 |
Cash used for acquisitions, net of cash acquired | 0 | 0 | ' |
Proceeds from sale of available for sale securities | 0 | ' | ' |
NET CASH USED IN INVESTING ACTIVITIES | -9.1 | -7.6 | -2.9 |
Cash Flows from Financing Activities: | ' | ' | ' |
Cash used to pay dividends | 0 | 0 | 0 |
Cash received (paid) to/from REG Parent Company | 0 | 0 | 0 |
Cash received (paid) to/from subsidiary | 0 | 0 | 0 |
Proceeds from issuance of Regal 5 3/4% Senior Notes Due 2025 | 0 | ' | ' |
Proceeds from issuance of Regal Entertainment Group 9 1/8% Senior Notes | ' | ' | 0 |
Proceeds from issuance of Regal 53/4% Senior Notes Due 2023 | 0 | ' | ' |
Cash used to repurchase Regal 91/8% Senior Notes | 0 | ' | ' |
Cash used to redeem 61/4% Convertible Senior Notes | ' | ' | 0 |
Payments on long-term obligations | -1.1 | 0 | 0 |
Payment of debt acquisition costs | 0 | ' | ' |
Payment of debt acquisition costs and other | ' | ' | 0 |
Proceeds from stock option exercises and other | 0 | 0 | ' |
Cash paid for tax withholdings | 0 | 0 | 0 |
Proceeds from Amended Senior Credit Facility | ' | ' | 0 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | -1.1 | 0 | 0 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 25.5 | 0.2 | 2.7 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 55.7 | 55.5 | 52.8 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 81.2 | 55.7 | 55.5 |
Consolidating Adjustments | ' | ' | ' |
Condensed Consolidating financial statement information | ' | ' | ' |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 0 | 0 | 0 |
Cash Flows from Investing Activities: | ' | ' | ' |
Capital expenditures | 0 | 0 | 0 |
Proceeds from disposition of assets | 0 | 0 | 0 |
Proceeds from sale of NCM, Inc. common stock | 0 | ' | ' |
Investment in non-consolidated entities and other | 0 | 0 | 0 |
Cash used for acquisitions, net of cash acquired | 0 | 0 | ' |
Proceeds from sale of available for sale securities | 0 | ' | ' |
NET CASH USED IN INVESTING ACTIVITIES | 0 | 0 | 0 |
Cash Flows from Financing Activities: | ' | ' | ' |
Cash used to pay dividends | 0 | 0 | 0 |
Cash received (paid) to/from REG Parent Company | 0 | 0 | 0 |
Cash received (paid) to/from subsidiary | 0 | 0 | 0 |
Proceeds from issuance of Regal 5 3/4% Senior Notes Due 2025 | 0 | ' | ' |
Proceeds from issuance of Regal Entertainment Group 9 1/8% Senior Notes | ' | ' | 0 |
Proceeds from issuance of Regal 53/4% Senior Notes Due 2023 | 0 | ' | ' |
Cash used to repurchase Regal 91/8% Senior Notes | 0 | ' | ' |
Cash used to redeem 61/4% Convertible Senior Notes | ' | ' | 0 |
Payments on long-term obligations | 0 | 0 | 0 |
Payment of debt acquisition costs | 0 | ' | ' |
Payment of debt acquisition costs and other | ' | ' | 0 |
Proceeds from stock option exercises and other | 0 | 0 | ' |
Cash paid for tax withholdings | 0 | 0 | 0 |
Proceeds from Amended Senior Credit Facility | ' | ' | 0 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 0 | 0 | 0 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | $0 | $0 | $0 |