Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 28, 2023 | Mar. 14, 2024 | Jun. 29, 2023 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 28, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | NCMI | ||
Entity Registrant Name | NATIONAL CINEMEDIA, INC. | ||
Entity Central Index Key | 0001377630 | ||
Entity Filer Category | Non-accelerated Filer | ||
Current Fiscal Year End Date | --12-28 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Shell Company | false | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Public Float | $ 50,581,965 | ||
Entity Common Stock, Shares Outstanding | 97,024,547 | ||
Document Information [Line Items] | |||
Document Period End Date | Dec. 28, 2023 | ||
Entity File Number | 001-33296 | ||
Entity Registrant Name | NATIONAL CINEMEDIA, INC. | ||
Entity Address, Address Line One | 6300 S. Syracuse Way, Suite 300 | ||
City Area Code | 303 | ||
Local Phone Number | 792-3600 | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Filer Category | Non-accelerated Filer | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 50,581,965 | ||
Entity Common Stock, Shares Outstanding | 97,024,547 | ||
Document Type | 10-K | ||
Entity Address, Postal Zip Code | 80111 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 20-5665602 | ||
Entity Address, State or Province | CO | ||
Entity Address, City or Town | Centennial | ||
Security Exchange Name | NASDAQ | ||
Entity Interactive Data Current | Yes | ||
AuditorLocation | Denver, Colorado | ||
AuditorFirmID | 34 | ||
Auditor Name | Deloitte & Touche LLP |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2023 | Dec. 29, 2022 | Dec. 30, 2021 | |
CURRENT ASSETS: | |||
Cash and cash equivalents | $ 34.6 | $ 61.7 | |
Restricted Cash | 3 | 2.1 | |
Debt Securities, Available-for-Sale, Current | 0 | 0.7 | |
Accounts Receivable, Allowance for Credit Loss, Current | 1.4 | 1.7 | |
Receivables, net of allowance of $1.4 and $1.7, respectively | 96.6 | 92 | |
Total current assets | 143.8 | 164.4 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 15 | 270.2 | $ 245.6 |
Deferred Tax Assets, Valuation Allowance | 146 | 245.5 | |
NON-CURRENT ASSETS: | |||
Property and equipment, net of accumulated depreciation of $1.6 and $54.8, respectively | 15.8 | 13 | |
Intangible assets, net of accumulated amortization of $15.0 and $270.2, respectively | 394.3 | 586.7 | 606.3 |
Other investments | 0.7 | 0.9 | |
Debt Securities, Available-for-Sale, Noncurrent | 0 | 0.3 | |
Debt issuance costs, net | 2.2 | 3.3 | |
Other assets | 10.9 | 23.8 | |
Total non-current assets | 423.9 | 628 | |
TOTAL ASSETS | 567.7 | 792.4 | |
CURRENT LIABILITIES: | |||
Amounts due to ESA Parties, net | 6.6 | ||
Payable under the TRA (related party payables of $0.0 and $0.2, respectively) | 0 | 0.3 | |
Accrued expenses | 1.6 | 17.8 | |
Accrued payroll and related expenses | 17.7 | 8.3 | |
Accounts payable | 21.7 | 25 | |
Short-term debt, net of debt issuance costs of $0.0 and $7.9, respectively | 0 | 1,121.1 | |
Total current liabilities | 58.4 | 1,203.1 | |
NON-CURRENT LIABILITIES: | |||
Long-term debt | 10 | 0 | |
Payable under the TRA (related party payables of $0.0 and $25.5, respectively) | 59.8 | 35.3 | |
Total non-current liabilities | 74.8 | 53.3 | |
Total liabilities | 133.2 | 1,256.4 | |
NCM, Inc. Stockholders’ Equity/(Deficit): | |||
Preferred stock, $0.01 par value; 10,000,000 shares authorized, 50 and 0 issued and outstanding, respectively | $ 0 | $ 0 | |
Common stock, shares issued (in shares) | 96,837,039 | 12,840,264 | |
Common stock, shares authorized (in shares) | 260,000,000 | ||
Common stock, par value (in usd per share) | $ 0.01 | ||
Common stock, $0.01 par value; 260,000,000 shares authorized, 96,837,039 and 12,840,264 issued and outstanding, respectively | $ 2.6 | $ 1.3 | |
Additional paid in capital (deficit) | 115.3 | (146.2) | |
Retained earnings (distributions in excess of earnings) | 316.6 | (370.4) | |
Total NCM, Inc. stockholders’ equity/(deficit) | 434.5 | (515.3) | |
Noncontrolling interests | 0 | 51.3 | |
Total equity/(deficit) | 434.5 | (464) | $ (383.5) |
TOTAL LIABILITIES AND EQUITY/(DEFICIT) | $ 567.7 | $ 792.4 |
CONSOLIDATED BALANCE SHEETS (PA
CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 28, 2023 | Dec. 29, 2022 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 1.6 | $ 54.8 |
Deferred Tax Assets, Valuation Allowance | 146 | 245.5 |
Current payable to founding members under tax receivable agreement | 0 | 0.3 |
Long-term payable to founding members under tax receivable agreement | $ 59.8 | 35.3 |
Preferred stock, shares issued (in shares) | 50 | |
Preferred stock, shares outstanding (in shares) | 0 | |
Related Party Transaction [Line Items] | ||
Other Investments | $ 0.7 | 0.9 |
Debt Securities, Available-for-Sale, Noncurrent | 0 | 0.3 |
Cash and cash equivalents | 34.6 | 61.7 |
Restricted Cash | 3 | 2.1 |
Debt Securities, Available-for-Sale, Current | 0 | 0.7 |
Receivables, net of allowance of $1.4 and $1.7, respectively | 96.6 | 92 |
Assets, Current | 143.8 | 164.4 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 1.6 | 54.8 |
Property and equipment, net of accumulated depreciation of $1.6 and $54.8, respectively | 15.8 | 13 |
Intangible assets, net of accumulated amortization of $15.0 and $270.2, respectively | 394.3 | 586.7 |
Debt issuance costs, net | 2.2 | 3.3 |
Other assets | 10.9 | 23.8 |
Assets, Noncurrent | 423.9 | 628 |
TOTAL ASSETS | 567.7 | 792.4 |
Amounts due to ESA Parties, net | 6.6 | |
Due to Related Parties | 18.2 | |
Payable under the TRA (related party payables of $0.0 and $0.2, respectively) | 0 | 0.3 |
Accrued expenses | 1.6 | 17.8 |
Accrued payroll and related expenses | 17.7 | 8.3 |
Accounts payable | 21.7 | 25 |
Contract with Customer, Liability, Current | 9.8 | 10.2 |
Debt Issuance Costs, Current, Net | 0 | 7.9 |
Short-term debt, net of debt issuance costs of $0.0 and $7.9, respectively | 0 | 1,121.1 |
Operating Lease, Liability, Current | 1 | 2.2 |
Liabilities, Current | 58.4 | 1,203.1 |
Payable under the TRA (related party payables of $0.0 and $25.5, respectively) | 59.8 | 35.3 |
Operating Lease, Liability, Noncurrent | 5 | 18 |
Liabilities, Noncurrent | 74.8 | 53.3 |
Total liabilities | $ 133.2 | 1,256.4 |
Preferred stock, shares outstanding (in shares) | 0 | |
Preferred stock, shares issued (in shares) | 50 | |
Preferred stock, $0.01 par value; 10,000,000 shares authorized, 50 and 0 issued and outstanding, respectively | $ 0 | 0 |
Common stock, $0.01 par value; 260,000,000 shares authorized, 96,837,039 and 12,840,264 issued and outstanding, respectively | 2.6 | 1.3 |
Additional paid in capital (deficit) | 115.3 | (146.2) |
Retained earnings (distributions in excess of earnings) | 316.6 | (370.4) |
Stockholders' Equity Attributable to Parent | 434.5 | (515.3) |
Noncontrolling interests | 0 | 51.3 |
Total equity/(deficit) | 434.5 | (464) |
TOTAL LIABILITIES AND EQUITY/DEFICIT | $ 567.7 | $ 792.4 |
Common stock, shares issued (in shares) | 96,837,039 | 12,840,264 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 1.4 | $ 1.7 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 15 | $ 270.2 |
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 260,000,000 | |
Long-term debt | $ 10 | $ 0 |
Prepaid Expense and Other Assets, Current | 9.6 | 7.9 |
Related Party Founding Members | ||
Current payable to founding members under tax receivable agreement | 0 | 0.2 |
Long-term payable to founding members under tax receivable agreement | 0 | 25.5 |
Related Party Transaction [Line Items] | ||
Intangible assets, net of accumulated amortization of $15.0 and $270.2, respectively | 0 | 312.2 |
Payable under the TRA (related party payables of $0.0 and $0.2, respectively) | 0 | 0.2 |
Payable under the TRA (related party payables of $0.0 and $25.5, respectively) | $ 0 | $ 25.5 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) | 12 Months Ended | |
Dec. 28, 2023 | Dec. 29, 2022 | |
Revenue (including revenue from related parties of $14.2 and $14.4, respectively) | $ 165,200,000 | $ 249,200,000 |
OPERATING EXPENSES: | ||
Network costs | 6,300,000 | 8,400,000 |
Theater Access Fees | 43,100,000 | 82,300,000 |
Selling and marketing costs | 29,600,000 | 42,800,000 |
Administrative and other costs | 57,300,000 | 44,300,000 |
Asset Impairment Charges | 0 | 5,800,000 |
Depreciation, Nonproduction | 3,100,000 | 6,500,000 |
Amortization of Intangible Assets | 22,400,000 | 25,000,000 |
Total | 192,500,000 | 242,300,000 |
OPERATING (LOSS) INCOME | (27,300,000) | 6,900,000 |
NON-OPERATING (INCOME) EXPENSES: | ||
Interest on borrowings | 27,900,000 | 79,700,000 |
Nonoperating Gains (Losses) | 400,000 | 5,900,000 |
Loss on re-measurement of the payable under the tax receivable agreement | (9,300,000) | 2,200,000 |
Gain (Loss) on Disposition of Property Plant Equipment | (300,000) | (2,200,000) |
Other non-operating income, net | (300,000) | (700,000) |
Total | (724,000,000) | 73,100,000 |
INCOME (LOSS) BEFORE INCOME TAXES | 696,700,000 | (66,200,000) |
Income tax expense | 0 | 0 |
CONSOLIDATED NET INCOME (LOSS) | 696,700,000 | (66,200,000) |
Less: Net loss attributable to noncontrolling interests | (8,500,000) | (37,500,000) |
NET INCOME (LOSS) ATTRIBUTABLE TO NCM, INC. | 705,200,000 | (28,700,000) |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NCM, INC. | $ 705,200,000 | $ (28,700,000) |
NET INCOME (LOSS) PER NCM, INC. COMMON SHARE: | ||
Basic (in usd per share) | $ 14.73 | $ (3.50) |
Diluted (in usd per share) | $ 14.34 | $ (3.50) |
WEIGHTED AVERAGE SHARES OUTSTANDING: | ||
Basic (in shares) | 47,882,944 | 8,196,801 |
Diluted (in shares) | 48,574,583 | 8,196,801 |
Dividends declared per common share (in usd per share) | $ 0.11 | |
Deconsolidation, Gain (Loss), Amount | $ (557,700,000) | $ 0 |
Business Combination, Bargain Purchase, Gain Recognized, Amount | (167,800,000) | 0 |
NCM, LLC. | ||
Revenue (including revenue from related parties of $14.2 and $14.4, respectively) | 155,100,000 | |
NON-OPERATING (INCOME) EXPENSES: | ||
NET INCOME (LOSS) ATTRIBUTABLE TO NCM, INC. | 42 | |
WEIGHTED AVERAGE SHARES OUTSTANDING: | ||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | (35,500,000) | 0 |
Related Party Founding Members | ||
Revenue (including revenue from related parties of $14.2 and $14.4, respectively) | 14,200,000 | 14,400,000 |
OPERATING EXPENSES: | ||
Theater Access Fees | 16,500,000 | 59,400,000 |
Selling and marketing costs | 0 | 100,000 |
Advertising operating costs | ||
OPERATING EXPENSES: | ||
Advertising operating costs | $ 30,700,000 | $ 27,200,000 |
CONSOLIDATED STATEMENTS OF IN_2
CONSOLIDATED STATEMENTS OF INCOME (PARENTHETICAL) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 28, 2023 | Dec. 29, 2022 | |
Revenue | $ 165.2 | $ 249.2 |
Related Party Founding Members | ||
Revenue | 14.2 | 14.4 |
Costs and Expenses, Related Party | $ 16.5 | $ 59.4 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | |
Dec. 28, 2023 | Dec. 29, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Consolidated net income (loss) | $ 696.7 | $ (66.2) |
OTHER COMPREHENSIVE INCOME, NET OF TAX: | ||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NCM, INC. | $ 705.2 | $ (28.7) |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (PARENTHETICAL) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 28, 2023 | Dec. 29, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Consolidated net income, tax | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY/(DEFICIT) - USD ($) $ in Millions | Total | Common Stock | Additional Paid in Capital (Deficit) | Retained Earnings (Distributions in Excess of Earnings) | Noncontrolling Interest | Series B Preferred Stock |
Balance at Dec. 30, 2021 | $ (383.5) | $ 0.8 | $ (195.5) | $ (332) | $ 143.2 | $ 0 |
Balance, (in shares) at Dec. 30, 2021 | 8,062,689 | 0 | ||||
Issuance of shares, value | $ 0.4 | |||||
Issuance of shares, shares | 12,400,000 | 4,663,845 | 12,000,000 | |||
NCM, Inc. investment in NCM LLC | $ 12.4 | $ 12.4 | ||||
Share-based compensation issued, value | (0.1) | $ 0.1 | (0.2) | |||
Share-based compensation issued, shares | 113,730 | |||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 7.3 | 5.2 | 2.1 | |||
Cash dividends declared | (9.7) | (9.7) | ||||
Balance at Dec. 29, 2022 | (464) | $ 1.3 | (146.2) | (370.4) | 51.3 | $ 0 |
Balance, (in shares) at Dec. 29, 2022 | 12,840,264 | |||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ (4.9) | (4.9) | ||||
Dividends declared per common share (in usd per share) | $ 0.11 | |||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | $ 10.4 | 4.9 | 5.5 | |||
Adjustments to Additional Paid in Capital, Other | (17.3) | $ 39.8 | (57.1) | |||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ (66.2) | (28.7) | (37.5) | |||
Preferred stock, shares outstanding (in shares) | 0 | |||||
Issuance of shares, value | $ 1.2 | |||||
Issuance of shares, shares | 242,500,000 | 83,722,159 | 241,300,000 | 50 | ||
NCM, Inc. investment in NCM LLC | $ 2.6 | $ 2.6 | ||||
Share-based compensation issued, value | 0.1 | $ 0.1 | 0 | |||
Share-based compensation issued, shares | 274,616 | |||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 4.7 | 4.5 | 0.2 | |||
Balance at Dec. 28, 2023 | 434.5 | $ 2.6 | 115.3 | 316.6 | 0 | $ 0 |
Balance, (in shares) at Dec. 28, 2023 | 96,837,039 | |||||
Adjustments to Additional Paid in Capital, Other | (9.5) | 33.6 | (0.1) | (43) | ||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 696.7 | 705.2 | (8.5) | |||
Deconsolidation, Equity Effect, Amount | $ 33.4 | $ (15.3) | $ 18.1 | $ 0 | ||
Preferred stock, shares outstanding (in shares) | 0 | 50 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY/(DEFICIT) (PARENTHETICAL) | 12 Months Ended |
Dec. 29, 2022 $ / shares | |
Statement of Stockholders' Equity [Abstract] | |
Dividends per share | $ 0.11 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 28, 2023 | Dec. 29, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Consolidated net income (loss) | $ 696,700,000 | $ (66,200,000) |
Adjustments to reconcile consolidated net income (loss) to net cash used in operating activities: | ||
Depreciation, Nonproduction | 3,100,000 | 6,500,000 |
Stock Issued During Period, Shares, New Issues | 22,400,000 | 25,000,000 |
Non-cash share-based compensation | 4,500,000 | 7,100,000 |
Asset Impairment Charges | 0 | 5,800,000 |
Bad-debt expense | 0 | 1,000,000 |
Amortization of debt issuance costs | 3,400,000 | 8,900,000 |
Nonoperating Gains (Losses) | 400,000 | 5,900,000 |
Non-cash loss on re-measurement of the payable under the TRA | 9,300,000 | 2,200,000 |
Gain (Loss) on Disposition of Other Assets | (300,000) | (2,200,000) |
Other | (400,000) | (400,000) |
Changes in operating assets and liabilities: | ||
Receivables, net | 36,300,000 | (40,000,000) |
Accounts payable and accrued expenses | (2,700,000) | 14,200,000 |
Increase (Decrease) in Due to Related Parties | (4,200,000) | 1,000,000 |
Deferred revenue | (5,400,000) | (4,800,000) |
Net cash used in operating activities | (6,700,000) | (47,300,000) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (3,300,000) | (2,900,000) |
Cash Contributed In Acquisition | 15,500,000 | 0 |
Proceeds from sale and maturities of marketable securities | 1,000,000 | 300,000 |
Net cash provided by investing activities | 32,600,000 | (400,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payment of dividends | (500,000) | (9,500,000) |
Line of Credit Facility, Increase (Decrease), Net | 0 | 50,000,000 |
Repayments of Notes Payable | 800,000 | 3,200,000 |
Proceeds from issuance of Senior Notes due 2028 | 0 | 19,800,000 |
Payment of debt issuance costs | (1,200,000) | (7,000,000) |
Founding member integration payments and other encumbered theater payments | 5,000,000 | 2,800,000 |
Repurchase of stock for restricted stock tax withholding | 0 | (200,000) |
Net cash used in financing activities | (52,100,000) | 10,300,000 |
Other Operating Activities, Cash Flow Statement | 800,000 | (100,000) |
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (26,200,000) | (37,400,000) |
Cash, cash equivalents and restricted cash at beginning of period | 63,800,000 | 101,200,000 |
Cash, cash equivalents and restricted cash at end of period | 37,600,000 | 63,800,000 |
Supplemental disclosure of non-cash financing and investing activity: | ||
Purchase of an intangible asset with NCM LLC equity | 0 | 10,400,000 |
Accrued distributions to ESA Parties (including accrued payments due to related parties of $0.0 and $4.9, respectively) | 0 | 4,900,000 |
Accrued purchases of property and equipment | 800,000 | 800,000 |
Dividends declared not requiring cash in the period | 0 | 700,000 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 12,500,000 | 66,500,000 |
Cash paid for income taxes, net of refunds | 0 | 100,000 |
Proceeds From Integration And Other Encumbered Theater Payments Made By Affiliates | 5,000,000 | 2,800,000 |
Deconsolidation, Gain (Loss), Amount | (557,700,000) | 0 |
Gain (Loss) On Remeasurement | (35,500,000) | 0 |
Gain (Loss) On Reconsolidation | (167,800,000) | 0 |
Increase (Decrease) in Prepaid Expense | (11,000,000) | 0 |
Increase (Decrease) in Other Operating Assets and Liabilities, Net | (2,000,000) | 2,400,000 |
Cash Acquired from Acquisition | 49,500,000 | 0 |
Removal of Cash and Cash Equivalents of Unconsolidated Affiliates | (49,600,000) | 0 |
Proceeds frpom Equity Method Investment, Investing Activities | 600,000 | 0 |
Proceeds from Sales of Assets, Investing Activities | 300,000 | 2,200,000 |
Related Party Founding Members | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Founding member integration payments and other encumbered theater payments | 0 | 0 |
Supplemental disclosure of non-cash financing and investing activity: | ||
Accrued distributions to ESA Parties (including accrued payments due to related parties of $0.0 and $4.9, respectively) | 0 | 4,900,000 |
Proceeds From Integration And Other Encumbered Theater Payments Made By Affiliates | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS CONSOLIDATED STATEMENTS OF CASH FLOWS (PARENTHETICAL) - USD ($) $ in Millions | 12 Months Ended | |||
Aug. 07, 2023 | Dec. 29, 2022 | Dec. 28, 2023 | Dec. 29, 2022 | |
Proceeds From Integration And Other Encumbered Theater Payments Made By Affiliates | $ 5 | $ 2.8 | ||
Other Significant Noncash Transaction, Value of Consideration Given | 2.6 | 12.4 | ||
Accrued distributions to ESA Parties (including accrued payments due to related parties of $0.0 and $4.9, respectively) | 0 | 4.9 | ||
NCM, LLC. | ||||
Payments to Acquire Businesses, Gross | $ 433.8 | $ 0 | ||
Secured Creditors | ||||
Stock Issued | $ 245.3 | $ 0 | ||
Related Party Founding Members | ||||
Proceeds From Integration And Other Encumbered Theater Payments Made By Affiliates | 0 | 0 | ||
Accrued distributions to ESA Parties (including accrued payments due to related parties of $0.0 and $4.9, respectively) | $ 0 | $ 4.9 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 28, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 2. REVENUE FROM CONTRACTS WITH CUSTOMERS Revenue Recognition NCM, Inc. derives revenue principally from its role as sole manager of NCM LLC. NCM LLC derives revenue principally from the sale of advertising to national, regional and local businesses in Noovie® , our cinema advertising and entertainment show seen on movie screens across the U.S., as well as on our LEN, a series of strategically-placed screens located in movie theater lobbies, as well as other forms of advertising and promotions in theater lobbies. In addition, the Company sells online and mobile advertising, including through Audience Accelerator, through NCM's digital gaming products which can be played on the mobile app and through partnerships with certain internet platforms. Further the Company sells advertising in a variety of complementary out of home venues, including restaurants, convenience stores and college campuses. The Company also has a long-term agreement to exhibit the advertising of the ESA Parties’ beverage suppliers. National and regional advertising, including advertising under the beverage concessionaire and courtesy PSA agreements, are sold on a CPM basis. The Company recognizes national and regional advertising over time as impressions (or theater attendees) are delivered. National advertising is also sold to content partners. The content partners provide the Company with original entertainment content segments, typically 90 in nature in The Noovie® Show and they make commitments to buy a portion of the Company’s advertising inventory at a specified CPM. The Company recognizes revenue for the content segments ratably over time as the content segments air. Local advertising is sold on a per-screen, per-week basis and to a lesser extent on a CPM basis. The Company recognizes local on-screen advertising revenue over the period in which the advertising airs as dictated by the underlying sales contracts. When sold separately, LEN advertising and lobby promotions are sold based on length and breadth of the promotion. The Company recognizes revenue derived from lobby network and promotions over time when the advertising is displayed in theater lobbies. The Company sells online and mobile advertising on a CPM basis. The Company recognizes revenue from branded entertainment websites and mobile applications over time as the online or mobile impressions are served. Customer contracts often include multiple advertising services to reach the moviegoer at multiple points during a theater experience. The Company considers each of these advertising services to represent distinct performance obligations of the contract and allocates a portion of the transaction price to each service based upon the standalone selling price of the service, when available. When standalone selling prices are not available or not applicable given the nature of the customer, the Company allocates the transaction price based upon all information that is reasonably available and maximizes the use of observable inputs. Methods utilized include the adjusted market and expected cost-plus margin approaches. The Company enters into barter transactions that exchange advertising program time for products and services used principally for selling and marketing activities. The Company records barter transactions at the estimated fair value of the products and services received. Revenue for advertising barter transactions is recognized when advertising is provided, and products and services received are charged to expense when used. Revenue from barter transactions for the years ended December 28, 2023 and December 29, 2022 was $0.1 million and $0.0 million, respectively. Expense recorded from barter transactions for the years ended December 28, 2023 and December 29, 2022 was $0.1 million and $0.0 million, respectively. This expense is included within “Selling and marketing costs” on the audited Consolidated Statements of Operations. The Company recognizes revenue as the performance obligation for the advertising services is satisfied. Invoices are generated following the processing of each revenue contract and payment is due from the customer within 30 days of the invoice date. Customers select to pay the invoice in full at the start of a contract or through equal monthly installments over the course of the contract. The Company records deferred revenue when cash payments are received, or invoices are issued, in advance of revenue being earned. Deferred revenue is classified as a current liability as it is expected to be earned within the next twelve months. The Company does not have any contracts with terms in excess of one year that are noncancellable as of December 28, 2023. Agreements with a duration less than one year are not included within this disclosure as the Company elected to use the practical expedient in ASC 606-10-50-14 for those contracts. In addition, the Company’s contracts longer than one year that are cancellable are not included within this disclosure. Disaggregation of Revenue The Company disaggregates revenue based upon the type of customer: national; local and regional; beverage concessionaire; and management fee reimbursement revenue related to NCM LLC. This method of disaggregation is in alignment with how revenue is reviewed by management and discussed with and historically disclosed to investors. The following table summarizes revenue from contracts with customers for the years ended December 28, 2023 and December 29, 2022 (in millions): Years ended December 28, 2023 December 29, 2022 National advertising revenue $ 114.8 $ 187.1 Local and regional advertising revenue 30.4 43.5 ESA advertising revenue from beverage concessionaire agreements 9.9 18.6 Management fee reimbursement 10.1 — Total revenue $ 165.2 $ 249.2 Deferred Revenue and Unbilled Accounts Receivable Revenue recognized in the year ended December 28, 2023 that was included within the Deferred Revenue balance as of December 29, 2022 was $8.6 million. Unbilled accounts receivable is classified as a current asset as it is expected to be billed within the next twelve months. As of December 28, 2023 and December 29, 2022, the Company had $0.8 million and $5.0 million, respectively, in unbilled accounts receivable, included within the accounts receivable balance. Practical Expedients and Exemptions The Company expenses sales commissions when incurred as the amortization period would have been one year or less. These costs are recorded within “Selling and marketing costs” in the audited Consolidated Statements of Operations. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 28, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 3. INCOME PER SHARE Basic income (loss) per share is computed on the basis of the weighted average number of common shares outstanding. Diluted income (loss) per share is computed on the basis of the weighted average number of common shares outstanding plus the effect of potentially dilutive common stock options, restricted stock and exchangeable NCM LLC common units using the treasury stock method. The components of basic and diluted income (loss) per NCM, Inc. share are as follows: Years Ended December 28, 2023 December 29, 2022 Net income (loss) attributable to NCM, Inc. (in millions) $ 705.2 $ (28.7) Weighted average shares outstanding: Basic 47,882,944 8,196,801 Add: Dilutive effect of stock options, restricted 691,639 — Diluted 48,574,583 8,196,801 Income (loss) per NCM, Inc. share: Basic $ 14.73 $ (3.50) Diluted $ 14.34 $ (3.50) The effect of the 8,880,101 weighted average exchangeable NCM LLC common membership units held by the ESA Parties for the year ended December 29, 2022 was excluded from the calculation of diluted weighted average shares and earnings per NCM, Inc. share as it was antidilutive. The weighted average exchangeable NCM LLC common membership units held by the ESA Parties for the year ended December 28, 2023 was 685,404 and are included in diluted weighted average shares. In addition, there were 979,176 and 727,338, stock options and non-vested (restricted) shares for the years ended December 28, 2023 and December 29, 2022, respectively, excluded from the calculation as they were antidilutive. The Company’s non-vested (restricted) shares do not meet the definition of a participating security as the dividends will not be paid if the shares do not vest. On August 3, 2023, the Company effected a one-for-ten (1:10) reverse stock split of its common stock, par value $0.01 per share. The reverse stock split, which was authorized by its Board of Directors, was approved by the Company’s stockholders on August 2, 2023. The reverse stock split reduced the number of outstanding shares of the Company’s common stock from 174,112,385 shares as of August 3, 2023, to 17,411,323 shares outstanding post-split. In accordance with ASC 260— Earnings Per Share, income (loss) per share for the year ended December 29, 2022 was retrospectively adjusted for the reverse stock split. Additionally, unaudited (loss) income per share for the quarterly periods through the years ended December 28, 2023 and December 29, 2022, are stated as follows: Three Months Ended March 30, 2023 March 31, 2022 Net loss attributable to NCM, Inc. (in millions) $ (45.5) $ (25.2) Weighted average shares outstanding: Basic 14,550,799 8,104,066 Add: Dilutive effect of stock options, restricted — — Diluted 14,550,799 8,104,066 Loss per NCM, Inc. share: Basic $ (3.13) $ (3.11) Diluted $ (3.13) $ (3.11) The effect of th e 2,741,617 and 8,623,385 weighted average exchangeable NCM LLC common membership units held by the ESA Parties for the three months ended March 30, 2023 and March 31, 2022, respectively, were excluded from the calculation of diluted weighted average shares and earnings per NCM, Inc. share as it was antidilutive. In addition, there were 494,695 and 346,330, stock options and non-vested (restricted) shares for the quarters ended March 30, 2023 and March 31, 2022, respectively, excluded from the calculation as they were antidilutive. The Company’s non-vested (restricted) shares do not meet the definition of a participating security as the dividends will not be paid if the shares do not vest. Three Months Ended Six Months Ended June 29, 2023 June 30, 2022 June 29, 2023 June 30, 2022 Net loss attributable to NCM, Inc. (in millions) $ 545.3 $ (0.7) $ 499.8 $ (25.9) Weighted average shares outstanding: Basic 17,405,864 8,146,766 15,978,331 8,125,415 Add: Dilutive effect of stock options, restricted — — 1,370,808 — Diluted 17,405,864 8,146,766 17,349,139 8,125,415 Loss per NCM, Inc. share: Basic $ 31.33 $ (0.09) $ 31.28 $ (3.19) Diluted $ 31.33 $ (0.09) $ 28.32 $ (3.19) The effect of t he 9,037,475 and 8,828,155 w eighted average exchangeable NCM LLC common membership units held by the ESA Parties for the three and six months ended June 30, 2022 was excluded from the calculation of diluted weighted average shares and earnings per NCM, Inc. share as it was antidilutive. The weighted average exchangeable NCM LLC common membership units held by the ESA Parties for the three and six months ended June 29, 2023 was 0 and 1,370,808 and are included in diluted weighted average shares. In addition, there were 491,517, 644,216, 491,517 and 644,216 stock options and non-vested (restricted) shares for the three months ended June 29, 2023 and June 30, 2022 and six months ended June 29, 2023 and June 30, 2022, respectively, excluded from the calculation as they were antidilutive. The Company’s non-vested (restricted) shares do not meet the definition of a participating security as the dividends will not be paid if the shares do not vest. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 28, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 4. PROPERTY AND EQUIPMENT The following is a summary of property and equipment, at cost less accumulated depreciation (in millions): As of December 28, 2023 December 29, 2022 Equipment, computer hardware and software $ 15.4 $ 63.8 Leasehold improvements 0.7 2.9 Less: Accumulated depreciation (1.6) (54.8) Subtotal 14.5 11.9 Construction in progress 1.3 1.1 Total property and equipment $ 15.8 $ 13.0 |
RECONSOLIDATION OF NCM LLC
RECONSOLIDATION OF NCM LLC | 12 Months Ended |
Dec. 28, 2023 | |
RECONSOLIDATION OF NCM LLC [Abstract] | |
Business Combination Disclosure | 5. RECONSOLIDATION OF NCM LLC Upon filing the Chapter 11 Case and in accordance with applicable GAAP, the Company concluded that NCM, Inc. no longer controlled NCM LLC for accounting purposes as of April 11, 2023 (the “Petition Date”), the date on which NCM LLC filed its Chapter 11 petition, as NCM LLC was under the control of the Bankruptcy Court, and therefore, NCM LLC was deconsolidated from the Company’s consolidated financial statements prospectively, resulting in a $557.7 million gain recorded in “Gain on deconsolidation of affiliate” in the Consolidated Statement of Operations. The recorded gain was measured as the excess of the estimated fair value of the investment in NCM LLC retained over the Net Liabilities of NCM LLC as of April 11, 2023. The investment of NCM LLC was measured at cost minus any impairment in accordance with the measurement alternative outlined in ASC 321— Investments—Equity Securities . While NCM LLC remained in bankruptcy, NCM, Inc. accounted for the retained equity interest in NCM LLC at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly market transactions. Upon the deconsolidation of NCM LLC, the original cost of the investment was valued based upon NCM, Inc.'s ownership of the secured debt of NCM LLC and an estimation of the enterprise value of NCM LLC developed utilizing discounted cash flows and comparable company analysis as of the Petition Date. Significant assumptions utilized within these analyses included the weighted average cost of capital and NCM LLC’s forecasted cash flows. On August 7, 2023, NCM LLC emerged from bankruptcy and NCM, Inc. contributed $15.0 million in cash to NCM LLC in exchange for 2.8% of additional ownership of NCM LLC in accordance with the NCMI Capital Contribution and $0.5 million to assist with payments to unsecured creditors in accordance with the settlement with the unsecured creditors. NCM, Inc. also issued 83,421,135 shares to the secured creditors in accordance with the NCMI 9019 Settlement and terms of the Plan with a fair value of $245.3 million based on the closing stock price of $2.94. Upon NCM LLC’s emergence from bankruptcy, NCM, Inc. retained 100.0% of NCM LLC, regained control of and reconsolidated NCM LLC. The Company accounted for the NCM LLC reconsolidation as a business combination under ASC 805 — Business Combinations and accordingly, the purchase price was allocated to the assets acquired and liabilities assumed based on their estimated fair values as of the date of reconsolidation, the Effective Date. The determination of fair values required management to make significant estimates and assumptions. The estimated fair values of the assets acquired and liabilities assumed are considered provisional and are based on currently available information. The Company believes that the information available provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed; however, these provisional estimates may be adjusted upon the availability of new information regarding facts and circumstances which existed at the reconsolidation date. The Company expects to finalize the valuation of assets and liabilities as soon as practicable, but not later than one year from the reconsolidation date. The following table summarizes the fair value of NCM LLC and provisional fair values of the assets acquired and liabilities assumed as of the reconsolidation date: Fair value of assets acquired: Cash, cash equivalents and restricted cash $ 49.6 Receivables, net (1) 74.8 Prepaid expenses and other current assets 7.2 Property and equipment, net 14.8 Other investments 0.9 Debt issuance costs, net 2.4 Fair value of intangible assets 415.0 Other assets 10.0 Total assets acquired 574.7 Fair value of liabilities assumed: Amounts due to members, net (15.3) Accrued expenses (0.7) Accrued payroll and related expenses (9.9) Accounts payable (37.3) Deferred revenue (11.1) Other current liabilities (1.5) Long-term debt (10.0) Other liabilities (5.5) Total liabilities assumed (91.3) Fair value of NCM LLC $ 483.4 (1) Includes a valuation adjustment recorded during the three months ended December 28, 2023 that decreased accounts receivable, net by $0.2 million. The provisional identifiable intangible assets of $415.0 million are subject to amortization. The following table summarizes the major classes of intangible assets acquired and their respective weighted-average estimated useful lives. Estimated Fair Value Useful Life (years) Exhibitor service agreements $ 250.0 13.0 Network affiliates agreements 75.0 16.0 Customer relationships 75.0 6.0 Trademarks 15.0 8.0 Total intangible assets $ 415.0 The estimated fair values of the ESAs, network affiliate agreements and trademarks were estimated using the income approach. The multi-period excess earnings method starts with a forecast of all of the expected future net cash flows associated with the asset. The forecasts are then adjusted to present value by applying an appropriate discount rate that reflects the risks associated with the company specific cash flow streams. Significant assumptions utilized within the income approach include the weighted average cost of capital and forecasted cash flows. The estimated fair values of the customer relationships were estimated using the cost approach. The cost approach included estimating the investment required to replace the contracts with customers, with significant assumptions including the replacement cost. The Company elected the practical expedients allowed in ASC 805-20-30-29a in estimating the fair value of the contract liabilities assumed. Upon NCM LLC’s emergence from the Chapter 11 Case, NCM, Inc. remeasured the value of the investment in NCM LLC to the estimated fair value calculated as NCM, Inc.’s percentage ownership of NCM LLC, due to NCM, Inc.’s ownership of the secured debt of NCM LLC and the NCMI Capital Contribution, multiplied by the fair value of NCM LLC as of the Effective Date of $483.4 million. The value of the cost investment of NCM LLC immediately prior to the Effective Date was $11.9 million based upon NCM, Inc.’s ownership of the secured debt of NCM LLC and an estimation of the enterprise value of NCM LLC developed utilizing discounted cash flows and comparable company analysis as of the Petition Date. The increase in the fair value resulted in a gain on remeasurement of the investment in NCM LLC of $35.5 million. Upon reconsolidation, NCM, Inc. recorded the provisional fair values of the assets acquired and liabilities assumed as of the reconsolidation date and the investment in NCM LLC was further adjusted to the full purchase price value of $483.4 million. The difference between the purchase price of NCM LLC and the fair value of NCM, Inc.’s investment in NCM LLC as calculated above, the $15.5 million of cash contributed by NCM, Inc. (consisting of $0.5 million related to the General Unsecured Claim Pool and $15.0 million under the NCMI Capital Contribution) and the shares issued to NCM LLC’s secured lenders of $245.3 million resulted in a gain of $167.8 million upon the reconsolidation of NCM LLC. The Company recognized a gain due to the variance between the fair value of NCM LLC’s assets and liabilities and NCM, Inc.’s depressed stock price on the Effective Date and the NCM, Inc. shares retained by the existing shareholders as part of the NCMI 9019 Settlement. NCM, Inc.’s stock price has been negatively impacted beginning with the COVID-19 pandemic followed by Cineworld’s bankruptcy proceeding and NCM LLC’s Chapter 11 Case, as well as by other socioeconomic factors. The Company’s Consolidated Statements of Operations include total net revenues and net loss attributable to NCM LLC of $155.1 million and $42.0 million, respectively, for the total of the consolidated periods of December 30, 2022 through April 11, 2023 and August 7, 2023 through December 28, 2023. Pro Forma Financial Information (Unaudited) The following table presents unaudited pro forma financial information as if the NCM LLC reconsolidation had occurred on December 31, 2021. The unaudited pro forma results reflect adjustments for depreciation of acquired property and equipment, amortization of acquired intangible assets and amortization of acquired debt issuance costs. The unaudited pro forma financial information is presented for informational purposes only and is not necessarily indicative of future operations or results had the NCM LLC reconsolidation been completed as of December 31, 2021. Year ended December 28, 2023 December 29, 2022 Revenue $ 259.8 $ 249.2 Net (Loss) Income $ (200.5) $ 755.9 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 28, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 6. INTANGIBLE ASSETS The Company’s intangible assets consist of contractual rights to provide its services within the theaters under the ESAs and network affiliates agreements, customer relationships developed and maintained by the Company’s sales force and trademarks held and used by the Company. The intangible assets are stated at their estimated fair values upon the reconsolidation of NCM LLC on August 7, 2023 as further described within Note 5— Reconsolidation of NCM LLC, net of accumulated amortization. The Company records amortization using the straight-line method over the contractual life of the intangibles, corresponding to the term of the ESAs, the average renewable term of the contract with the network affiliates and industry standard lives for customer relationships and trademarks. In accordance with ASC 360 — Property, Plant and Equipment, the Company continuously monitors the performance of the underlying assets for potential triggering events suggesting an impairment review should be performed. No such triggering events were identified in the period since the reconsolidation of NCM LLC on August 7, 2023. Common Unit Adjustments— In accordance with NCM LLC’s Common Unit Adjustment Agreement, on an annual basis NCM LLC determines the amount of common membership units to be issued to or returned by AMC and Cinemark based on theater additions, new builds or dispositions during the previous year. In the event AMC or Cinemark does not have sufficient common membership units to return, the adjustment is satisfied in cash in an amount calculated pursuant to NCM LLC’s Common Unit Adjustment Agreement. In addition, NCM LLC’s Common Unit Adjustment Agreement requires that a Common Unit Adjustment occur for either AMC or Cinemark if its acquisition or disposition of theaters, in a single transaction or cumulatively since the most recent Common Unit Adjustment, results in an attendance increase or decrease in excess of two percent of the annual total attendance at the prior adjustment date. Upon the issuance of common membership units, the Company records an addition to the intangible asset related to AMC and Cinemark’s respective ESAs equal to the fair market value of NCM, Inc.’s publicly traded stock as of the date on which the common membership units were issued. The NCM LLC common membership units are fully convertible into NCM, Inc.’s common stock. During the first quarter of 2022, NCM LLC issued 4,140,896 (6,483,893 issued, net of 2,342,997 returned) common membership units to AMC, Cinemark, and Regal for the rights to exclusive access to the theater screens and attendees added, net of dispositions, to NCM LLC’s network during the 2021 fiscal year. The net impact as a result of the Common Unit Adjustment to the intangible asset was $10.4 million during the first quarter of 2022. Pursuant to the Plan and in connection with the Chapter 11 Case, during the year ended December 28, 2023, NCM LLC did not issue common membership units to Cinemark for the rights to exclusive access to the theater screens and attendees added, net of dispositions, to NCM LLC’s network for the 2022 fiscal year and the 16,581,829 units issued to AMC were issued and cancelled on the Effective Date. Integration Payments and Other Encumbered Theater Payments— If an existing on-screen advertising agreement with an alternative provider is in place with respect to any acquired theaters, the ESA Parties may elect to receive common membership units related to those encumbered theaters in connection with the Common Unit Adjustment. If the ESA Parties make this election, then they are required to make payments on a quarterly basis in arrears in accordance with certain run-out provisions pursuant to the ESAs (“integration payments”). Because the Carmike Cinemas, Inc. (“Carmike”) theaters acquired by AMC are subject to an existing on-screen advertising agreement with an alternative provider, AMC will make integration payments to NCM LLC. The integration payments will continue until the earlier of (i) the date the theaters are transferred to NCM LLC’s network or (ii) the expiration of the ESA. Integration payments are calculated based upon the advertising cash flow that the Company would have generated if it had exclusive access to sell advertising in the theaters with pre-existing advertising agreements. The ESA additionally entitles NCM LLC to payments related to the ESA Parties’ on-screen advertising commitments under their beverage concessionaire agreements for encumbered theaters (“encumbered theater payments”). These payments are also accounted for as a reduction to the intangible asset. If common membership units are issued to an ESA Party for newly acquired theaters that are subject to an existing on-screen advertising agreement with an alternative provider, the amortization of the intangible asset commences after the existing agreement expires and NCM LLC can utilize the theaters for all of its services. The following is a summary of the Company’s intangible asset’s activity (in millions) during December 28, 2023 and December 29, 2022: As of Additions (1) Disposals (2) Amortization Integration and other encumbered theater payments (3) As of Gross carrying amount $ 856.9 $ 415.8 $ (857.4) $ — $ (6.0) $ 409.3 Accumulated amortization (270.2) — 277.6 (22.4) — (15.0) Total intangible assets, net $ 586.7 $ 415.8 $ (579.8) $ (22.4) $ (6.0) $ 394.3 As of Additions (4) Disposals Amortization Integration and other encumbered theater payments (3) As of Gross carrying amount $ 851.9 $ 10.8 $ (0.4) $ — $ (5.4) $ 856.9 Accumulated amortization (245.6) — 0.4 (25.0) — (270.2) Total intangible assets, net $ 606.3 $ 10.8 $ — $ (25.0) $ (5.4) $ 586.7 (1) On August 7, 2023, NCM, Inc. reconsolidated NCM LLC’s intangible assets of $415.0 million. Refer to Note 5 - Reconsolidation of NCM LLC for further information. Additionally, there were $0.8 million in upfront payments made to network affiliates prior to the deconsolidation of NCM LLC on April 11, 2023. (2) On April 11, 2023, the intangible asset balance of NCM LLC was deconsolidated from NCM, Inc. Refer to Note 5 - Reconsolidation of NCM LLC for further information. (3) Carmike theaters had pre-existing advertising agreements for some of the theaters it owned prior to their acquisitions by AMC. As a result, AMC will make integration and other encumbered theater payments over the remaining term of those agreements. For the periods while consolidated, December 30, 2022 through April 11, 2023 and August 7, 2023 through December 28, 2023 and for the year ended December 29, 2022, NCM LLC recorded a reduction to net intangible assets of $6.0 million and $5.4 million, respectively, related to integration and other encumbered theater payments due from AMC. During the year ended December 28, 2023 and December 29, 2022, AMC paid a total of $4.2 million and $2.8 million, respectively, related to integration and other encumbered theater payments. (4) During the first quarter of 2022, NCM LLC issued 4,140,896 common membership units, net of 2,342,997 returned common membership units, to its ESA Parties for the rights to exclusive access to the theater screens and attendees added, net of dispositions by the ESA Parties to NCM LLC’s network during the 2021 fiscal year and NCM LLC recorded a net intangible asset of $10.4 million during the first quarter of 2022 as a result of the Common Unit Adjustment. Additionally, there were $0.4 million of additions related to upfront affiliate payments in 2022. As of December 28, 2023 and December 29, 2022, the Company’s intangible assets related to the ESA Parties, net of accumulated amortization, was $236.7 million and $572.4 million, respectively, with weighted average remaining lives of 12.6 years and 16.3 years, respectively. As of December 28, 2023 and December 29, 2022, the Company’s intangible assets related to the network affiliates, net of accumulated amortization, was $73.2 million and $14.3 million, respectively, with weighted average remaining lives of 15.6 years and 6.1 years, respectively. As of December 28, 2023 and December 29, 2022, the Company’s intangible assets related to the customer relationships, was $70.1 million and $0.0 million, respectively, with weighted average remaining lives of 5.6 years and 0.0 years, respectively. As of December 28, 2023 and December 29, 2022, the Company’s intangible assets related to trademark, was $14.3 million and $0.0 million, respectively, with weighted average remaining lives of 7.6 years and 0.0 years, respectively. The estimated aggregate amortization expense for each of the five succeeding years is as follows (in millions): Year Amortization 2024 $ 39.5 2025 $ 39.5 2026 $ 39.5 2027 $ 39.5 2028 $ 39.5 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 28, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. INCOME TAXES The Company is subject to taxation in the U.S. and various states. The Company’s tax returns for the calendar years 2020 through 2022 remain open to examination by the IRS in their entirety. With respect to state taxing jurisdictions, the Company’s tax returns for calendar years ended 2019 through 2022 are eligible for examination by various state revenue services. Tax Receivable Agreement —On the IPO date, NCM, Inc. and the ESA Parties entered into a TRA. Under the terms of this agreement, NCM, Inc. will make cash payments to the ESA Parties in amounts equal to 90% of NCM, Inc.’s actual tax benefit realized from the tax amortization of the intangible assets described below. For purposes of the TRA, 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 LLC’s tangible and intangible assets and had the TRA not been entered into. The TRA applies to NCM, Inc.’s taxable years up to and including the 30t h anniversary date of the offering. For the 2022 tax year, the Company paid the ESA Parties $0.0 million in the year ended December 28, 2023. The Company paid the ESA Parties $0.9 million in the year ended December 29, 2022 for the 2019 tax year. NCM, Inc. recorded a long-term payable to the ESA Parties related to the TRA. The Company recorded an increase of $24.2 million and $19.2 million to the “Payable to ESA Parties under the tax receivable agreement” during the years ended December 28, 2023 and December 29, 2022, respectively. The increases in the year ended December 28, 2023 and December 29, 2022 was primarily due to the increase in NCM, Inc.’s ownership percentage of NCM LLC. The ownership related changes to the “Payable to ESA Parties under the tax receivable agreement” were recorded within “Additional paid in capital, deficit” on the Consolidated Balance Sheet and the non-ownership related changes were recorded within “Non-operating income” within the Consolidated Statements of Operations. Following the Regal Termination Agreement whereby Regal waived all rights and interests as to the TRA, the Company reduced the “Payable under the TRA” on the Consolidated Balance Sheets for the amounts expected to be owed to Regal. This decrease was ultimately offset by the increase in the ‘Payable under the TRA’ on the Consolidated Balance Sheets due to the additional basis created upon the revaluation and reconsolidation of NCM LLC on the Effective Date. Provision for Income Taxes —A reconciliation of the provision for income taxes as reported and the amount computed by multiplying income before taxes, less noncontrolling interest, by the U.S. federal statutory rate of 21.0% as of December 28, 2023 and December 29, 2022 was (in millions): Years Ended December 28, 2023 December 29, 2022 Provision calculated at federal statutory income tax rate: Income before income taxes $ 146.5 $ (13.9) Less: Noncontrolling interests 1.8 7.9 Income attributable to NCM, Inc. 148.3 (6.0) Current year change to enacted federal and state rate (0.2) 1.1 State and local income taxes, net of federal benefit 25.7 (1.1) Share-based compensation 1.4 0.6 Cancellation of debt income attributable to NCM LLC 16.5 — Deconsolidation effects of NCM LLC (37.2) — Effects of NCM LLC Bankruptcy (4.8) — Tax attribute reduction (1) 63.1 — Change in the valuation allowance (1) (208.4) 3.6 Executive compensation 0.9 0.5 Other (5.3) 1.3 Total income tax provision $ — $ — (1) Refer to the discussion of changes to the valuation allowance during the year ended December 28, 2023 within the Deferred Tax Assets table below. Deferred Tax Assets —Significant components of the Company’s deferred tax assets consisted of the following (in millions): Years Ended December 28, 2023 December 29, 2022 Deferred tax assets: Investment in consolidated subsidiary NCM LLC (1) $ 127.1 $ 149.7 Share-based compensation 0.8 1.0 Net operating losses (2) 13.3 76.4 Accrued bonus 0.7 0.1 Business interest expense limitation 3.7 18.2 Other 0.4 0.1 Total gross deferred tax assets 146.0 245.5 Valuation allowance (1) (146.0) (245.5) Total deferred tax assets, net of valuation allowance $ — $ — (1) The Company recognized a deferred tax asset in the amount o f $ 127.1 mi llion and $149.7 million as of December 28, 2023 and December 29, 2022, respectively, associated with the basis difference in our investment in NCM LLC. The Company evaluated its deferred tax assets as of December 28, 2023 and December 29, 2022 and considered both positive and negative evidence in determining whether it is more likely than not that all or some portion of its deferred tax assets will be realized. The Company generated a three-year cumulative pre-tax book loss during 2021 driven by the impact of the COVID-19 Pandemic on the Company’s operations in 2021 and 2020, the effect of which continued into 2022 and 2023. Given the associated weight assigned to this item as negative evidence within the Company’s analysis, the Company determined it is more-likely-than-not that the Company will not be able to realize certain of the Company’s deferred tax assets and the Company increased the valuation allowance against certain deferred tax assets. Once the Company returns to a more normal operating level and emerges from a three-year cumulative pre-tax book loss position, part or all the valuation allowance is expected to reverse, resulting in an inverse impact to the payable to ESA Parties under the tax receivable agreement which would increase to reflect future payments to the ESA Parties at that time. Once the valuation allowance is reversed, the payable to ESA Parties under the tax receivable agreement would be increased to reflect expected future payments to the ESA Parties at that time. (2) The decrease within the Net operating losses deferred tax asset from December 29, 2022 to December 28, 2023 was due to the reduction of the Company’s tax attributes in recognition of cancellation of debt income in conjunction with NCM LLC’s emergence from the Chapter 11 Case on August 7, 2023. |
Equity
Equity | 12 Months Ended |
Dec. 28, 2023 | |
Stockholders' Equity Note [Abstract] | |
Equity | 8. EQUITY As of December 28, 2023, the Company has authorized capital stock of 260,000,000 shares of common stock, par value of $0.01 per share, and 10,000,000 shares of preferred stock, par value of $0.01 per share. There were 50 shares of preferred stock issued and outstanding and 96,837,039 shares of common stock issued and outstanding as of December 28, 2023. The holders of NCM, Inc. common stock are entitled to one vote per share on all matters submitted for action by the NCM, Inc. stockholders. Holders of common stock are entitled to share equally, share for share, in declared dividends. The authorized but unissued shares of common stock and preferred stock are available for future issuance without stockholder approval. These additional shares may be used for a variety of corporate purposes, including share-based compensation, future public offerings to raise additional capital, corporate acquisitions and exchange on a one-for-one basis under the ESA Parties’ right to convert their NCM LLC membership units into Company common stock. Prior to the deconsolidation of NCM LLC on April 11, 2023, in conformity with accounting guidance of the SEC concerning monetary consideration paid to promoters, such as the ESA Parties, in exchange for property conveyed by the promoters, the excess over predecessor cost was treated as a special distribution. Because the ESA Parties had no cost basis in the ESAs, nearly all payments to the ESA Parties with the proceeds of the IPO and related debt, have been accounted for as distributions. The distributions by NCM LLC to the ESA Parties made at the date of the IPO resulted in a consolidated stockholders’ deficit. As a noncontrolling interest cannot be shown as an asset, the ESA Parties’ interest in NCM LLC’s members equity was included in distributions in excess of paid in capital in the Consolidated Balance Sheets. On April 11, 2023, the historical Equity balances of NCM LLC were deconsolidated from the Consolidated Financial Statements. On August 7, 2023, the Company accounted for the NCM LLC reconsolidation as a business combination under ASC 805 — Business Combinations and accordingly, the purchase price was allocated to the assets acquired and liabilities assumed based on their estimated fair values as of the date of reconsolidation, the Effective Date, with no allocation to any equity balances. The reconsolidation reduced NCM LLC’s equity balances to $0 and removed the impact of the IPO discussed above. For further information regarding the deconsolidation and reconsolidation of NCM LLC, refer to Note 5 - Reconsolidation of NCM LLC. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 28, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 9. RELATED PARTY TRANSACTIONS ESA Party and Managing Member Transactions —In connection with NCM, Inc.’s IPO, the Company entered into several agreements to define and regulate the relationships among NCM LLC, NCM, Inc. and AMC, Cinemark and Regal which are outlined below. AMC has owned less than 5% of NCM LLC, on an as converted basis, since July 2018 and is no longer a related party. AMC remains a party to the ESA, Common Unit Adjustment Agreement and certain other original agreements and is a member under the terms of the NCM LLC Operating Agreement, subject to fulfilling the requirements of Section 3.1 of the NCM LLC Operating Agreement. AMC will continue to participate in the annual Common Unit Adjustment and receive available cash distributions or allocation of earnings and losses in NCM LLC (as long as its ownership in NCM LLC is greater than zero) and theater access fees. Further, AMC will continue to pay beverage revenue, among other things, to NCM LLC. AMC’s ownership percentage does not impact future integration payments and other encumbered theater payments owed to NCM LLC by AMC. As of December 28, 2023, AMC’s ownership was 0.0% of NCM LLC and NCM, Inc. Cinemark has owned less than 5% of NCM LLC, on an as converted basis, since NCM LLC emerged from bankruptcy on August 7, 2023 and is no longer a related party. Cinemark remains a party to the ESA, Common Unit Adjustment Agreement and certain other original agreements and is a member under the terms of the NCM LLC Operating Agreement, subject to fulfilling the requirements of Section 3.1 of the NCM LLC Operating Agreement. Cinemark will continue to participate in the annual Common Unit Adjustment and receive available cash distributions or allocation of earnings and losses in NCM LLC (as long as its ownership in NCM LLC is greater than zero) and theater access fees. Further, Cinemark will continue to pay beverage revenue, among other things, to NCM LLC. Cinemark’s ownership percentage does not impact future integration payments and other encumbered theater payments owed to NCM LLC by Cinemark. As of December 28, 2023, Cinemark’s ownership was 4.5% of NCM, Inc. and 0.0% of NCM LLC. On June 3, 2023, NCM LLC entered into the Regal Advertising Agreement and Regal Termination Agreement which became effective on July 14, 2023. Pursuant to the Regal Termination Agreement, Regal rejected and terminated its ESA with NCM LLC. Additionally Regal and Regal’s affiliates’ waived all rights and interests as to the TRA, the Common Unit Adjustment Agreement, the Software License Agreement, the Director Designation Agreement, the Registration Rights Agreement and all the other joint venture agreements described in the NCM LLC Operating Agreement and the Company and NCM LLC, and Regal and Regal’s affiliates waived and released claims against the other party. Regal also agreed to support NCM LLC’s Plan and surrendered all 4,068,381 shares in the Company, totaling $13.0 million, upon the effective date of the Plan. In connection with the Regal Advertising Agreement, NCM LLC and Regal also agreed to dismiss with prejudice the ongoing litigation between the parties related to NCM LLC’s request to enforce certain provisions of the ESA, including the exclusivity provision. Subsequent to July 14, 2023, Regal is no longer an ESA Party or related party to NCM, Inc. or NCM LLC. The material agreements with the ESA Parties are as follows: • ESAs. Under the ESAs, NCM LLC is the exclusive provider within the United States of advertising services in the ESA Parties’ theaters (subject to pre-existing contractual obligations and other limited exceptions for the benefit of the ESA Parties). The advertising services include the use of the DCN equipment required to deliver the on-screen advertising and other content included in The Noovie® Show, use of the LEN and rights to sell and display certain lobby promotions. Further, 30 60 seconds Noovie Show is sold to the ESA Parties to satisfy the ESA Parties’ on-screen advertising commitments under their beverage concessionaire agreements. In consideration for access to the ESA Parties’ theaters, theater patrons, the network equipment required to display on-screen and LEN video advertising and the use of theaters for lobby promotions, the ESA Parties receive a monthly theater access fee. In conjunction with the 2019 ESA Amendments, NCM LLC also pays Cinemark and Regal incremental monthly theater access fees and, subject to NCM LLC's use of specified inventory, a revenue share in consideration for NCM LLC's access to certain on-screen advertising inventory after the advertised showtime of a feature film beginning November 1, 2019 and the underlying term of the ESAs were extended until 2041. The ESAs and 2019 ESA Amendments are considered leases with related parties under ASC 842. As described above, the Regal ESA was rejected by Regal in connection with Regal’s Chapter 11 case and terminated by the Regal Termination Agreement. • Common Unit Adjustment Agreement. The Common Unit Adjustment Agreement provides a mechanism for increasing or decreasing the membership units held by the ESA Parties based on the acquisition or construction of new theaters or sale of theaters that are operated by each ESA Party and included in NCM LLC’s network. • Tax Receivable Agreement. The TRA provides for the effective payment by NCM, Inc. to the ESA Parties of 90% of the amount of cash savings, if any, in U.S. federal, state and local income tax or franchise tax that is actually realized as a result of certain increases in NCM, Inc.’s proportionate share of tax basis in NCM LLC’s tangible and intangible assets resulting from the IPO and related transactions. • Software License Agreement. At the date of the Company’s IPO, NCM LLC was granted a perpetual, royalty-free license from the ESA Parties to use certain proprietary software that existed at the time for the delivery of digital advertising and other content through the DCN to screens in the U.S. NCM LLC has made improvements to this software since the IPO date and NCM LLC owns those improvements, except for improvements that were developed jointly by NCM LLC and the ESA Parties, if any. Following is a summary of the related party transactions between the Company and the ESA Parties (in millions): Years Ended Included in the Consolidated Statements of Operations: December 28, 2023 December 29, 2022 Revenue: (1) Beverage concessionaire revenue (included in advertising revenue) (2) $ 4.1 $ 14.4 Management fee reimbursement (3) $ 10.1 $ — Operating expenses: ESA theater access fee and revenue share (4) $ 16.5 $ 59.4 Selling and marketing costs (5) $ — $ 0.1 (1) For the year ended December 28, 2023 there was no related party activity subsequent to the deconsolidation of NCM LLC on April 11, 2023 for AMC, Cinemark and Regal as they were not considered related parties of NCM, Inc. nor was there any activity following the reconsolidation of NCM LLC on August 7, 2023, as AMC, Cinemark and Regal were no longer considered related parties. (2) For the full years ended December 28, 2023 and December 29, 2022, Regal and Cinemark purchased 60 seconds 90 seconds 30 (3) Comprised of payments from NCM LLC to NCM, Inc. for managing NCM LLC during the period where NCM LLC was deconsolidated of April 11, 2023 through August 7, 2023. (4) Comprised of payments per theater attendee, payments per digital screen with respect to the ESA Party theaters included in the Company’s network, payments for access to higher quality digital cinema equipment and payments to Cinemark and Regal for their portion of the Platinum Spot revenue for the utilization of the theaters post-showtime in accordance with the 2019 ESA Amendments. (5) Includes purchase of movie tickets, concession products, rental of theater space primarily for marketing to NCM LLC’s advertising clients and other payments made to the ESA Parties in the ordinary course of business. As of Included in the Consolidated Balance Sheets: December 28, 2023 December 29, 2022 Common unit adjustments, net of amortization and integration payments (included in intangible assets) (1) $ — $ 312.2 Current payable under the TRA (2) $ — $ 0.2 Long-term payable under the TRA (2) $ — $ 25.5 (1) Refer to Note 6— Intangible Assets for further information on common unit adjustments and integration payments. As Cinemark and Regal are no longer related parties, there are no related party balances to reflect as of December 28, 2023. (2) NCM, Inc. paid Cinemark and Regal $0.0 million and $0.0 million during the year ended December 28, 2023 and December 29, 2022, respectively, in payments pursuant to the TRA for the 2022 or 2021 tax years. As Cinemark and Regal are no longer related parties, there are no related party balances to reflect as of December 28, 2023. At the date of the Company’s IPO, NCM LLC was granted a perpetual, royalty-free license from the ESA Parties to use certain proprietary software that existed at the time for the delivery of digital advertising and other content through the DCN to screens in the U.S. NCM LLC has made improvements to this software since the IPO date and NCM LLC owns those improvements, except for improvements that were developed jointly by NCM LLC and the ESA Parties, if any. Pursuant to the terms of the NCM LLC Operating Agreement in place since the completion of the IPO, NCM LLC is required to make mandatory distributions on a proportionate basis to its members of available cash, as defined in the NCM LLC Operating Agreement, on a quarterly basis in arrears, contingent upon the Company's compliance with the covenants outlined within the Revolving Credit Facility 2023. The portion of positive available cash due to ESA Parties is accrued within the “Amounts due to ESA Parties, net” on the audited Consolidated Balance Sheet. As Cinemark and Regal are no longer related parties, there are no related party balances to reflect as of December 28, 2023. The positive available cash from NCM LLC for the three months ended December 28, 2023 and December 29, 2022 were as follows (in millions): Three Months Ended December 28, 2023 December 29, 2022 Cinemark $ — $ 4.9 NCM, Inc. 30.3 14.4 Total $ 30.3 $ 19.3 The Company generated negative available cash by NCM LLC to its related party ESA Parties and NCM, Inc. for the nine months ended September 28, 2023 of $50.6 million (including $0.0 million for Cinemark, $0.0 million for Regal and $50.6 million for NCM, Inc.) and $39.4 million (including negative $10.5 million for Cinemark, negative $9.3 million for Regal and negative $19.6 million for NCM, Inc.) for the year ended December 29, 2022. Under the terms of the NCM LLC Operating Agreement, these negative amounts and the positive amounts above will be netted against each other and future positive available cash distributions. For the year ended December 28, 2023 there was no related party activity subsequent to the deconsolidation of NCM LLC on April 11, 2023 for AMC, Cinemark and Regal as they were not considered related parties of NCM, Inc. nor was there any activity following the reconsolidation of NCM LLC on August 7, 2023, as AMC, Cinemark and Regal were no longer considered related parties. Amounts due to ESA Parties, net as of December 29, 2022 were comprised of the following (in millions): Cinemark Regal Total Theater access fees, net of beverage revenues $ 11.1 $ 4.1 $ 15.2 Total amounts due to ESA Parties, net $ 11.1 $ 4.1 $ 15.2 Common Unit Membership Redemption — The NCM LLC Operating Agreement provides a redemption right of the ESA Parties to exchange common membership units of NCM LLC for shares of the Company’s common stock on a one-for-one basis, or at the Company’s option, a cash payment based on the three AC JV, LLC Transactions —The Company accounts for its investment in AC JV, LLC under the equity method of accounting in accordance with ASC 323-30, Investments—Equity Method and Joint Ventures (“ASC 323-30”) because AC JV, LLC is a limited liability company with the characteristics of a limited partnership and ASC 323-30 requires the use of equity method accounting unless the Company’s interest is so minor that it would have virtually no influence over partnership operating and financial policies. Although NCM LLC does not have a representative on AC JV, LLC’s Board of Directors or any voting, consent or blocking rights with respect to the governance or operations of AC JV, LLC, the Company concluded that its interest was more than minor under the accounting guidance. NCM LLC’s investment in AC JV, LLC was $0.7 million and $0.8 million as of December 28, 2023 and December 29, 2022, respectively. NCM LLC received cash distributions from AC JV, LLC of $0.6 million and $0.4 million, during the years ended December 28, 2023 and December 29, 2022, respectively. NCM LLC recorded equity in earnings for AC JV, LLC of $0.6 million and $0.4 million during the years ended December 28, 2023 and December 29, 2022, respectively, which are included in “Other non-operating income, net” in the audited Consolidated Statements of Operations. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 28, 2023 | |
Debt Disclosure [Abstract] | |
Borrowings | The commencement of the Chapter 11 Case constituted an event of default and caused the automatic and immediate acceleration of all debt outstanding under or in respect of, NCM LLC’s Credit Agreements and senior notes. As of August 7, 2023, upon emergence from bankruptcy, all historical debt of NCM LLC was discharged and the historical credit agreements were terminated. The following table summarizes NCM LLC’s total outstanding debt as of December 28, 2023 and December 29, 2022 and the significant terms of its borrowing arrangements: Outstanding Balance as of Borrowings ($ in millions) December 28, 2023 December 29, 2022 Maturity Date Interest Rate Revolving credit facility 2023 $ 10.0 $ — August 7, 2026 (1) Revolving credit facility 2018 — 167.0 June 20, 2023 (1) Revolving credit facility 2022 — 50.0 June 20, 2023 (1) Term loans - first tranche — 258.5 June 20, 2025 (1) Term loans - second tranche — 49.3 December 20, 2024 (1) Senior secured notes due 2028 — 374.2 April 15, 2028 5.875% Senior unsecured notes due 2026 — 230.0 August 15, 2026 5.750% Total borrowings 10.0 1,129.0 Less: Debt issuance costs and discounts related to term — (7.9) Total borrowings, net 10.0 1,121.1 Less: current portion of debt — (1,121.1) Carrying value of long-term debt $ 10.0 $ — (1) The interest rates on the revolving credit facility and term loan are described below. Loan, Security and Guarantee Agreement – On August 7, 2023, NCM LLC entered into the Revolving Credit Facility 2023 with CIT Northbridge Credit LLC as agent. The Revolving Credit Facility 2023 is an asset backed line facility where the capacity depends upon NCM LLC’s trade accounts receivable balance, as adjusted for aged balances and other considerations, and is secured by a lien on substantially all of assets of NCM LLC. The maximum availability NCM LLC has access to under the Revolving Credit Facility 2023 is $55.0 million. The proceeds of the Revolving Credit Facility 2023 may be used for, inter alia, working capital and capital expenditures. The Revolving Credit Facility 2023 will mature on August 7, 2026. The interest rate under the Revolving Credit Facility 2023 is a base rate or SOFR benchmark plus (i) 3.75% if less than 50% of revolving commitments are utilized or (ii) 4.50% if 50% or more of revolving commitments are utilized (utilizing the average revolver usage for the prior calendar month as a benchmark for this determination). The Revolving Credit Facility 2023 also contains a financial maintenance covenant requiring that the fixed charge coverage ratio ending on the last day of each fiscal month is at least 1.1 to 1.0 during a “Trigger Period.” A Trigger Period begins upon (i) an event of default or (ii) if availability is less than the greater of (a) $5.0 million and (b) 10% of aggregate revolving commitments. A Trigger Period ends only if (i) no event of default existed for the preceding thirty (30) consecutive days and (ii) availability is greater than both (a) $5.0 million and (b) 10% of aggregate revolving commitments. Upon the effectiveness of the Revolving Credit Facility 2023, NCM LLC immediately drew $10.0 million from the facility, which represents the only amount currently outstanding under the Revolving Credit Facility 2023, as of December 28, 2023. The Revolving Credit Facility 2023 also contains customary representations, warranties, covenants, events of default, terms and conditions, including limitations on liens, incurrence of debt, mergers and significant asset dispositions. As of December 28, 2023, NCM LLC’s maximum availability under the $55.0 million Revolving Credit Facility 2023 was $44.4 million, net of $10.0 million outstanding and net letters of credit of $0.6 million. The weighted-average interest rate on the Revolving Credit Facility 2023 as of December 28, 2023 was 9.2%. Upon execution of the Revolving Credit Facility 2023, NCM LLC recorded $2.4 million as debt issuance costs and received $9.1 million in proceeds. The Revolving Credit Facility 2023 contains a number of covenants and financial ratio requirements, with which NCM LLC was in compliance at December 28, 2023, including maintaining a fixed charge coverage ratio in excess of 1.1 to 1.0 on a monthly basis while maintaining availability in excess of either (i) $8.25 million or (ii) 15.0% of the aggregate revolver commitments (the “availability thresholds”). NCM LLC is permitted to make quarterly dividend payments and other payments based on the fixed charge coverage ratio and availability thresholds so long as no default or event of default has occurred and continues to occur. Dividend payments and other distributions are made if the fixed charge coverage ratio is in excess of 1.1 to 1.0 and availability, after the distribution, is in compliance with the availability thresholds. There are no borrower distribution restrictions as long as NCM LLC’s fixed coverage ratio is 1.1 to 1.0, NCM LLC maintains availability under the availability thresholds and NCM LLC is in compliance with its debt covenants. If there are borrower distribution restrictions on the payments, NCM LLC may not declare or pay any dividends, or make any payments on account of NCM LLC or make any other distribution for obligations of NCM LLC. When these restrictions are effective, NCM LLC may still pay the services fee and reimbursable costs pursuant to terms of a management services agreement, between NCM, Inc. and NCM LLC, in exchange for NCM, Inc. providing specified management services to NCM LLC. NCM LLC can also make payments pursuant to the Common Unit Adjustment Agreement and Tax Receivable Agreement in the amount, and at the time necessary to satisfy the contractual obligations with respect to the actual cash tax benefits payable to NCM LLC’s founding members. As of December 28, 2023, the NCM LLC’s fixed charge coverage ratio was 54.2 to 1.0 (versus the required ratio of 1.1 to 1.0) and had availability under the Revolving Credit Facility 2023 of $44.4 million (versus the applicable availability threshold of $8.25 million). As of December 28, 2023, NCM LLC was in compliance with the financial covenants of the Revolving Credit Facility 2023 described above. Senior Secured Credit Facility —NCM LLC’s credit agreement, as amended, (the “Credit Agreement”) consisted of a term loan facility and a revolving credit facility. As of August 7, 2023, upon emergence from bankruptcy, all outstanding debt under the Credit Agreement was discharged and the Credit Agreement was terminated. On March 8, 2021, NCM LLC entered into a second amendment to its Credit Agreement (“Credit Agreement Second Amendment”). Among other things, the Credit Agreement Second Amendment provided for certain modifications to the negative covenants, additional waivers and term changes outlined below and granted security interests in certain assets of NCM LLC and other potential loan parties that were not then pledged to the lenders. In addition, pursuant to the Credit Agreement Second Amendment, NCM LLC incurred a second tranche of the term loans in an aggregate principal amount of $50.0 million, the net proceeds of $43.0 million to be used for general corporate purposes. On January 5, 2022, NCM LLC entered into a third amendment to its Credit Agreement (“Credit Agreement Third Amendment”). Among other things, the Credit Agreement Third Amendment provided for: (i) certain modifications to and extensions to modifications of the affirmative and negative covenants therein; (ii) the suspension of the consolidated net total leverage and consolidated net senior secured leverage financial covenants through the fiscal quarter ending December 29, 2022; and (iii) changes to the consolidated net total leverage ratio and consolidated net senior secured leverage ratio financial covenants. Upon execution of the Credit Agreement Third Amendment, $6.4 million was recorded as debt issuance costs and $0.4 million was recorded within “Loss on modification and retirement of debt, net” during the year ended December 29, 2022. Term Loans — First Tranche —The interest rate on the initial tranche of term loans was originally a rate chosen at NCM LLC’s option of either the LIBOR index plus 4.00% or the base rate plus 3.00%. The rate increased from LIBOR index plus 2.75% or the base rate plus 1.75%. The term loans amortized at a rate equal to 1.00% annually, paid in equal quarterly installments. As of August 7, 2023, upon emergence from bankruptcy, all outstanding debt under the Credit Agreement, including the terms loans, was discharged and the Credit Agreement was terminated. Term Loans — Second Tranche —The interest rate on the second tranche of term loans was the LIBOR index plus 8.00%. The term loans amortized at a rate equal to 1.00% annually, paid in equal quarterly installments. As of August 7, 2023, upon emergence from bankruptcy, all outstanding debt under the Credit Agreement, including the term loans, was discharged and the Credit Agreement was terminated. Revolving Credit Facility 2018 —The revolving credit facility portion of NCM LLC’s senior secured credit facility was available, subject to certain conditions, for general corporate purposes of NCM LLC in the ordinary course of business and for other transactions permitted under the Credit Agreement, and a portion was available for letters of credit. During March 2020, NCM LLC drew down an additional $110.0 million on the revolving credit facility to fund operations during the period of expected disrupted cash flows due to the temporary closure of the theaters within NCM LLC’s network due to the COVID-19 Pandemic. As of August 7, 2023, upon emergence from bankruptcy, all outstanding debt under the Credit Agreement, including borrowings under the revolving credit facility, was discharged and the Credit Agreement was terminated. The unused line fee was 0.50% per annum which was consistent with the previous facility. Borrowings under the revolving credit facility accrued interest at NCM LLC’s option of either the LIBOR index plus an applicable margin ranging from 3.00% to 3.50% or the base rate plus an applicable margin ranging from 2.00% to 2.50%. The margin changed to the aforementioned range from a fixed margin of LIBOR index plus 2.00% or the base rate plus 1.00%. The applicable margin for the revolving credit facility was determined quarterly and was subject to adjustment based upon a consolidated net senior secured leverage ratio for NCM LLC (the ratio of secured funded debt less unrestricted cash and cash equivalents of up to $100.0 million, divided by Adjusted EBITDA for debt purposes, defined as NCM LLC’s net income before depreciation and amortization expense adjusted to also exclude non-cash share based compensation costs for NCM LLC plus integration payments received). Revolving Credit Facility 2022 —On January 5, 2022, NCM LLC entered into a revolving credit agreement (the “Revolving Credit Agreement 2022”). The Revolving Credit Agreement 2022 provided for revolving loan commitments of $50.0 million of secured revolving loans, the entire amount of which was funded on January 5, 2022. As of August 7, 2023, upon emergence from bankruptcy, all outstanding debt under the Revolving Credit Agreement 2022 was discharged and the Revolving Credit Agreement 2022 was terminated. The Revolving Credit Agreement 2022 provided for (i) a cash interest rate of term Secured Overnight Financing Rate (SOFR) plus 8.00%, with a 1.00% floor, (ii) a maturity date of June 20, 2023 and (iii) a termination premium if NCM LLC terminated the commitments under the Revolving Credit Agreement 2022 at any time before maturity. Senior Unsecured Notes due 2026 —On August 19, 2016, NCM LLC completed a private placement of $250.0 million in aggregate principal amount of 5.750% Senior Unsecured Notes (the “Notes due 2026”) for which the registered exchange offering was completed on November 8, 2016. The Notes due 2026 paid interest semi-annually in arrears on February 15 and August 15 of each year, which commenced on February 15, 2017. The Notes due 2026 were issued at 100% of the face amount thereof and were the senior unsecured obligations of NCM LLC. As of August 7, 2023, upon emergence from bankruptcy, all outstanding debt under the Notes due 2026 was discharged and the Notes due 2026 were terminated, following $10.0 million made in cure payments. Senior Secured Notes due 2028 —On October 8, 2019, NCM LLC completed a private offering of $400.0 million aggregate principal amount of 5.875% Senior Secured Notes due 2028 (the “Notes due 2028”) to eligible purchasers. Interest on the Notes due 2028 accrued at a rate of 5.875% per annum and was payable semi-annually in arrears on April 15 and October 15 of each year, commencing on April 15, 2020. The Notes due 2028 were issued at 100% of the face amount thereof and shared in the same collateral that secured NCM LLC’s obligations under the senior secured credit facility. As of August 7, 2023, upon emergence from bankruptcy, all outstanding debt under the Notes due 2028 was discharged and the Notes due 2028 were terminated. Future Maturities of Borrowings – The scheduled annual maturities on the Revolving Credit Facility 2023 as of December 28, 2023 are as follows (in millions): Year Amount 2024 $ — 2025 — 2026 10.0 2027 — 2028 — Thereafter — Total $ 10.0 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 28, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | 11. SHARE-BASED COMPENSATION The NCM, Inc. 2020 Omnibus Equity Incentive Plan (the “2020 Plan”) was approved by NCM, Inc.'s stockholders on April 28, 2020 and approved 7,500,000 shares of common stock available for issuance or delivery under the 2020 Plan and an additional 7,500,000 shares of common stock available for issuance or delivery was approved on May 4, 2022. On August 3, 2023, the Company effected a one-for-ten (1:10) reverse stock split of its common stock, par value $0.01 per share. The reverse stock split, which was authorized by its Board of Directors, was approved by the Company’s stockholders on August 2, 2023. The reverse stock split reduced the number of outstanding shares of the Company’s 2020 Plan to 1,500,000. NCM, Inc.'s stockholders approved an additional 12,000,000 shares of common stock available for issuance or delivery under the 2020 Plan on November 2, 2023. The Company began issuing shares under the 2020 Plan in the second quarter of 2020. The 2020 Plan replaced NCM, Inc.’s 2016 Equity Incentive Plan (the “2016 Plan”), which replaced the 2007 Equity Incentive Plan (the “2007 Plan”). The 2020 Plan also includes 2,388,302 shares related to the number of shares reserved for issuance under the 2016 Plan that remained available for grant as of the effective date of the 2020 Plan and the number of shares subject to awards granted under the 2007 Plan as of the effective date of the 2020 Plan, which can become available for grant again upon expiration, termination, cancellation or forfeiture of the original award. As of December 28, 2023, 12,394,912 shares remain available for future grants (assuming 100% achievement of targets on performance-based restricted stock). The types of awards that may be granted under the 2020 Plan include stock options, stock appreciation rights, restricted stock, restricted stock units or other stock based awards. Certain option and share awards provide for accelerated vesting if there is a change in control, as defined in the 2016 Plan and 2020 Plan. Upon vesting of the restricted stock awards or exercise of options, NCM LLC will issue common membership units to the Company equal to the number of shares of the Company’s common stock represented by such awards. Compensation Cost —The Company recognized $4.5 million and $7.1 million for the years ended December 28, 2023 and December 29, 2022, respectively, of share-based compensation expense within “Network costs”, “Selling and marketing costs” and “Administrative and other costs” in the Consolidated Statements of Operations as shown in the table below (in millions): Years Ended December 28, 2023 December 29, 2022 Share-based compensation costs included in network costs $ 0.3 $ 0.7 Share-based compensation costs included in selling and marketing costs 0.7 1.7 Share-based compensation costs included in administrative and other costs 3.5 4.7 Total share-based compensation costs $ 4.5 $ 7.1 During the years ended December 28, 2023 and December 29, 2022, $0.1 million and $0.2 million was capitalized, respectively, in a corresponding manner to the capitalization of employee’s salaries for capitalized labor. The income tax benefit recognized in the statements of operations for share-based compensation was approximately $0.0 million and $0.0 million for the years ended December 28, 2023 and December 29, 2022, respectively. As of December 28, 2023, there was $0.3 million unrecognized compensation cost related to unvested options, which will be recognized over a remaining period of 1.4 years. As of December 28, 2023, unrecognized compensation cost related to restricted stock and restricted stock units was approximately $2.1 million, which will be recognized over a weighted average remaining period of 1.9 years. Stock Options —The Company granted stock options during 2023 and 2022. A portion of the stock options awarded in 2022 and 2023 were granted with an exercise price equal to the closing market price of NCM, Inc. common stock on the date the Company’s Board of Directors approved the grant. The remaining portion of stock options awarded in 2022 and 2023 were granted with an exercise price in excess of the closing market price of NCM, Inc. common stock on the date the Company’s Board of Directors approved the grant. All options have either 10-year or 15-year contractual terms. The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing valuation model that uses the assumptions noted in the table below. Expected volatilities are based on implied volatilities from traded options on the Company’s stock, historical volatility of the Company’s stock and other factors. The Company uses historical data to estimate option exercise and employee termination within the valuation model. The expected term of options granted was developed based on historical and peer company data and represents the period of time that options granted are expected to be outstanding. The expected term of the options granted during 2023 and 2022 were adjusted to include the Company's cost of equity in order to incorporate the impact of the option's market condition and simulate a lattice model. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The following assumptions were used in the valuation of the options for the year ended December 28, 2023 and December 29, 2022: Years Ended December 28, 2023 December 29, 2022 Expected term (in years) 6.6 6.0 Risk free interest rate 4.1 % 2.6 % Expected volatility 86.4 % 68.1 % Dividend yield — % 4.8 % A summary of option award activity as of December 28, 2023, and changes during the year then ended are presented below: Options Weighted Weighted Aggregate Outstanding as of December 29, 2022 209,779 $ 43.39 8.0 $ — Granted 25,000 $ 35.00 — $ — Forfeited — $ — — $ — Expired — $ — — $ — Outstanding as of December 28, 2023 234,779 $ 42.50 7.3 $ — Exercisable as of December 28, 2023 157,517 $ 49.31 6.6 $ — Vested and expected to vest as of December 28, 2023 233,045 $ 42.59 7.3 $ — Restricted Stock Units —Under the non-vested stock program, common stock of the Company may be granted at no cost to officers, independent directors and employees, subject to requisite service and/or financial performance targets. As such restrictions lapse, the award vests in that proportion. The participants are entitled to dividend equivalents, although the sale and transfer of such shares is prohibited and the shares are subject to forfeiture during the restricted period. Additionally, the accrued dividend equivalents are subject to forfeiture during the vesting period should the underlying units not vest. As of December 28, 2023 and December 29, 2022, accrued dividend equivalents totaled $0.3 million and $0.8 million, respectively and during the years ended December 28, 2023 and December 29, 2022, the Company paid $0.5 million and $0.5 million, respectively, for dividend equivalents upon vesting of the restricted stock units. The Company has issued time-based restricted stock units to its employees which generally vest over a two three two three Non-employee directors serving on the Board as of August 18, 2023, received a one-time grant with a fair market value equal to $100,000. The RSUs will vest after four years. The RSUs will be settled in shares of the Company’s common stock. The RSU awards include the right to receive dividend equivalents, subject to vesting. Additionally, non-employee directors will receive quarterly grants that vest immediately with a fair market value of $50,000. The number of shares will be determined by utilizing the weighted average closing price of the five days before and five days after the respective quarterly earnings release. Non-employee directors may choose to elect up to 20% of their quarterly grant in cash. The grant date fair value of restricted stock units is based on the closing market price of NCM, Inc. common stock on the date of grant. An annual forfeiture rate of 2-6% was estimated to reflect the potential separation of employees. The weighted average grant date fair value of non-vested stock was $3.42 and $2.12 for the years ended December 28, 2023 and December 29, 2022, respectively. The total fair value of awards that vested during the years ended December 28, 2023 and December 29, 2022 was $7.1 million and $5.9 million, respectively. A summary of restricted stock unit activity as of December 28, 2023, and changes during the year then ended are presented below: Number of Restricted Stock Units (1) Weighted Non-vested balance as of December 29, 2022 516,384 $ 28.04 Granted 497,390 $ 3.42 Vested (2) (239,450) $ 29.40 Forfeited (29,927) $ 42.96 Non-vested balance as of December 28, 2023 744,397 $ 10.55 (1) Includes 145,043 shares of performance-based restricted stock units as of December 28, 2023, including 74,560 shares granted during the year and 2,475 shares forfeited during the year. (2) Includes 13,057 vested shares that were withheld to cover tax obligations and were subsequently canceled. The above table reflects performance-based restricted stock granted at 100% achievement of performance conditions and as such does not reflect the maximum or minimum number of shares of performance-based restricted stock contingently issuable. As of December 28, 2023, the total number of restricted stock units that are ultimately expected to vest, after consideration of expected forfeitures and current projections of estimated vesting of performance-based restricted stock is 737,232 shares. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 28, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | 12. EMPLOYEE BENEFIT PLANS |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 29, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. COMMITMENTS AND CONTINGENCIES Legal Actions —The Company is subject to claims and legal actions in the ordinary course of business. The Company believes such claims will not have a material effect, individually and in aggregate, on its financial position, results of operations or cash flows. Operating Commitments-Facilities —The Company has entered into operating lease agreements for its corporate headquarters and other regional offices. The Company has right-of-use (“ROU”) assets of $4.3 million and short-term and long-term lease liabilities of $1.0 million and $5.0 million, respectively, on the balance sheet as of December 28, 2023 for all material leases with terms longer than twelve months. As of December 29, 2022 the Company had ROU assets of $16.9 million and short-term and long-term lease liabilities of $2.2 million and $18.0 million, respectively, for all material leases with terms longer than twelve months. These balances are included within “Other assets”, “Other current liabilities” and “Other liabilities”, respectively, on the audited Consolidated Balance Sheets. Certain leases were rejected or modified in conjunction with NCM LLC’s Chapter 11 Case and are no longer included within these balances. The Company has options on existing facilities to extend the lease or to terminate part or all of the leased space prior to the lease end date. Certain termination fees would be due upon exercise of the early termination options as outlined within the underlying agreements. None of these options were considered reasonably certain of exercise and thus have not been recognized as part of the ROU assets and lease liabilities. As of December 28, 2023, the Company had a weighted average remaining lease term of 3.8 years on these leases. The Company has also entered into certain short-term leases with a term of less than one year. These leases are not included within the Company’s ROU assets or lease liabilities due to the Company’s election of the practical expedient in ASC 842-20-25-2 for short-term leases. During the twelve months ended December 28, 2023 and December 29, 2022, the Company recognized the following components of total lease cost (in millions). These costs are presented within “Selling and marketing costs” and “Administrative and other costs” within the audited Consolidated Statements of Operations depending upon the nature of the use of the facility. Years ended December 28, 2023 December 29, 2022 Operating lease cost $ 3.2 $ 3.4 Variable lease cost 0.5 0.5 Total lease cost $ 3.7 $ 3.9 The Company made lease payments for the year ended December 28, 2023 and December 29, 2022 of $3.6 million and $3.8 million, respectively. These payments are included within cash flows from operating activities within the audited Consolidated Statement of Cash Flows. The minimum lease payments under noncancellable operating leases, including leases executed but not yet commenced, as of December 28, 2023 were as follows (in millions): Year Minimum Lease Payments 2024 $ 2.1 2025 2.1 2026 2.6 2027 2.6 2028 1.1 Thereafter 5.5 Total 16.0 Less: Imputed interest on future lease payments (10.0) Total lease liability as of December 28, 2023 per the Consolidated Balance Sheet $ 6.0 When measuring the ROU assets and lease liabilities recorded, the Company utilized its incremental borrowing rate in order to determine the present value of the lease payments as the leases do not provide an implicit rate. The Company used the rate of interest that it would have paid to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment. As of December 28, 2023, the Company’s weighted average annual discount rate used to establish the ROU assets and lease liabilities was 6.9%. Operating Commitments - ESAs and Affiliate Agreements —The Company has entered into long-term ESAs with the ESA Parties and multi-year agreements with certain network affiliates, or third-party theater circuits. The ESAs and network affiliate agreements grant NCM LLC exclusive rights in their theaters to sell advertising, subject to limited exceptions. The Company recognizes intangible assets upon issuance of membership units to the ESA Parties in accordance with NCM LLC’s Common Unit Adjustment Agreement and upfront cash payments to the affiliates for the contractual rights to provide the Company’s services within their theaters as further discussed within Note 6— Intangible Assets . These ESAs and network affiliate agreements are considered leases under ASC 842 once the asset is identified and the period of control is determined upon the scheduling of the showtimes by the exhibitors, typically one week prior to the showtime. As such, the leases are considered short-term in nature, specifically less than one month. Within ASC 842, leases with terms of less than one month are exempt from the majority of the accounting and disclosure requirements, including disclosure of short-term lease expense. No ROU assets or lease liabilities were recognized for these agreements and no change to the balance sheet presentation of the intangible assets was necessary. In consideration for NCM LLC’s access to the ESA Parties’ theater attendees for on-screen advertising and use of lobbies and other space within the ESA Parties’ theaters for the LEN and lobby promotions, the ESA Parties receive a monthly theater access fee under the ESAs. The theater access fee is composed of a fixed payment per patron, a fixed payment per digital screen (connected to the DCN) and a fee for access to higher quality digital cinema equipment. The payment per theater patron increased by 4% on November 1, 2022 and will increase by 8% every five years with the next occurrence in 2027. The payment per digital screen and for digital cinema equipment increases annually by 5%. The theater access fee paid in the aggregate to all ESA Parties cannot be less than 12% of NCM LLC’s aggregate advertising revenue (as defined in the ESA), or it will be adjusted upward to reach this minimum payment. As of December 28, 2023 and December 29, 2022, the Company had no liabilities recorded for the minimum payment, as the theater access fee was in excess of the minimum. Following the 2019 ESA Amendments, Cinemark and Regal (until July 14, 2023, when Regal ceased being a party to an ESA) receive an additional monthly theater access fee beginning November 1, 2019 in consideration for NCM LLC’s access to certain on-screen advertising inventory after the advertised showtime of a feature film. These fees are also based upon a fixed payment per patron of (i) $0.0375 per patron beginning on November 1, 2020, (ii) $0.05 per patron beginning on November 1, 2021, (iii) $0.052 per patron beginning on November 1, 2022 and (iv) increase 8% every five years beginning November 1, 2027. Additionally, following the 2019 ESA Amendments, beginning on November 1, 2019, NCM LLC is entitled to display the Platinum Spot, an additional single unit that is either 30 or 60 seconds of The Noovie® Show in the trailer position directly prior to the one or two trailers preceding the feature film. In consideration for the utilization of the theaters for the Platinum Spots, Cinemark and Regal (until July 14, 2023, when Regal ceased being a party to an ESA) are entitled to receive 25% of all revenue generated for the actual display of Platinum Spots in their applicable theaters, subject to a specified minimum. If NCM LLC runs advertising in more than one concurrent advertisers’ Platinum Spot for any portion of the network over a period of time, then NCM LLC will be required to satisfy a minimum average CPM for that period of time. The network affiliates compensation is considered variable lease expense and varies by circuit depending upon the agreed upon terms of the network affiliate agreement. The majority of agreements are centered around a revenue share where an agreed upon percentage of the advertising revenue received from a theater’s attendance is paid to the circuit. As part of the network affiliate agreements entered into in the ordinary course of business under which the Company sells advertising for display in various network affiliate theater chains, the Company has agreed to certain minimum revenue guarantees on a per attendee basis, which in some cases may exceed the applicable revenue share rate. If a network affiliate achieves the attendance or minimum revenue per attendee set forth in their respective agreement, the Company has guaranteed minimum revenue for the network affiliate per attendee if such amount paid under the revenue share arrangement is less than its guaranteed amount. As of December 28, 2023, the maximum potential amount of future payments the Company could be required to make pursuant to the minimum revenue guarantees is $276.2 million over the remaining terms of the network affiliate agreements. These minimum guarantees relate to various affiliate agreements ranging in term from one fourteen and $0.4 million in liabilities recorded within “Accounts payable” in the Consolidated Balance Sheet for these obligations, as such guarantees are less than the expected share of revenue paid to the affiliate. As the guaranteed minimums are based upon agreed upon minimum attendance or affiliate revenue levels, the Company did not incur minimum revenue share fees during the period of time the respective affiliate's theaters were temporarily closed due to the COVID-19 Pandemic and will not for the remaining duration an affiliate's theater attendance or revenue levels are low as the minimum levels must first be met by the affiliate. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 28, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 14. FAIR VALUE MEASUREMENTS Non-Recurring Measurements — Certain assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. These assets include long-lived assets, intangible assets, cost and equity method investments and borrowings. Long-Lived Assets, Intangible Assets and Other Investments —As described in Note 1— Basis of Presentation and Summary of Significant Accounting Policies , the Company regularly reviews long-lived assets (primarily property, plant and equipment), intangible assets, investments accounted for under the cost or equity method and notes receivable 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. Other investments consisted of the following (in millions): As of December 28, 2023 December 29, 2022 Investment in AC JV, LLC $ 0.7 $ 0.8 Other investments — 0.1 Total $ 0.7 $ 0.9 During the years ended December 28, 2023 and December 29, 2022, the Company recorded impairment charges of $0.0 million and $0.1 million, respectively, on certain of its investments due to new information regarding the fair value of the investee, which brought the total remaining value of the respective impaired investments to $0.0 million as of December 28, 2023. As of December 28, 2023, no other observable price changes or impairments have been recorded as a result of the Company’s qualitative assessment of identified events or changes in the circumstances of the remaining investments. The investment in AC JV was initially valued using comparative market multiples. The other investments were recorded based upon the fair value of the services provided in exchange for the investment. Refer to Note 1— Basis of Presentation and Summary of Significant Accounting Policies for more details. As the inputs to the determination of fair value are based upon non-identical assets and use significant unobservable inputs, they have been classified as Level 3 in the fair value hierarchy. Borrowings —The carrying amount of the revolving credit facilities are considered a reasonable estimate of fair value due to its floating-rate terms. As of August 7, 2023, upon emergence from bankruptcy, all historical debt of NCM LLC was discharged. The estimated fair values of the Company’s financial instruments where carrying values did not approximate fair value are as follows (in millions): As of December 28, 2023 As of December 29, 2022 Carrying Value Fair Value Carrying Value Fair Value (1) Revolving credit facilities $ — $ — $ 217.0 $ 58.0 Term Loans - first tranche $ — $ — $ 258.5 $ 65.8 Term Loans - second tranche $ — $ — $ 49.3 $ 13.1 Senior Notes due 2028 $ — $ — $ 374.2 $ 91.7 Senior Notes due 2026 $ — $ — $ 230.0 $ 6.9 (1) The Company has estimated the fair value on an average of at least two non-binding broker quotes and the Company’s analysis. If the Company were to measure the borrowings in the above table at fair value on the balance sheet they would be classified as Level 2. Recurring Measurements —All current assets and liabilities are estimated to approximate their fair value due to the short-term nature of these balances. The fair values of the Company’s assets and liabilities measured on a recurring basis pursuant to ASC 820-10 Fair Value Measurements and Disclosures are as follows (in millions): Fair Value Measurements at Fair Value As of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs ASSETS: Cash equivalents (1) $ 0.8 $ 0.8 $ — $ — Short-term marketable securities (2) 0.7 — 0.7 — Long-term marketable securities (2) 0.3 — 0.3 — Total assets $ 1.8 $ 0.8 $ 1.0 $ — (1) Cash Equivalents —The Company’s cash equivalents are carried at estimated fair value. Cash equivalents consist of money market accounts which the Company has classified as Level 1 given the active market for these accounts. (2) Short-Term and Long-Term Marketable Securities —The carrying amount and fair value of the marketable securities are equivalent since the Company accounts for these instruments at fair value. The Company’s government agency bonds, commercial paper and certificates of deposit are valued using third-party broker quotes. The value of the Company’s government agency bonds and municipal bonds are derived from quoted market information. The inputs in the valuation are classified as Level 1 if there is an active market for these securities; however, if an active market does not exist, the inputs are recorded at a lower level in the fair value hierarchy. The value of commercial paper and certificates of deposit is derived from pricing models using inputs based upon market information, including contractual terms, market prices and yield curves. The inputs to the valuation pricing models are observable in the market, and as such are generally classified as Level 2 in the fair value hierarchy. Original cost of short term marketable securities is based on the specific identification method. The Company did not recorded an allowance for credit losses for the marketable securities balance as of December 29, 2022 given the immaterial difference between the amortized cost basis and the aggregate fair value of the Company's securities. The amortized cost basis, aggregate fair value and maturities of the marketable securities the Company held as of December 29, 2022 are as follows: As of December 29, 2022 Amortized Aggregate Maturities (1) (in years) MARKETABLE SECURITIES: Short-term certificates of deposit $ 0.7 $ 0.7 1.0 Total short-term marketable securities 0.7 0.7 Long-term certificates of deposit 0.3 0.3 1.3 Total long-term marketable securities 0.3 0.3 Total marketable securities $ 1.0 $ 1.0 (1) Maturities — Securities available for sale include obligations with various contractual maturity dates some of which are greater than one year. The Company considers the securities to be liquid and convertible to cash within 30 days. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 28, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | 15. VALUATION ACCOUNT The Company’s valuation allowance on deferred tax assets for the years ended December 28, 2023 and December 29, 2022 was as follows (in millions): Years Ended December 28, 2023 December 29, 2022 VALUATION ALLOWANCE ON DEFERRED TAX ASSETS: Balance at beginning of period $ 245.5 $ 223.8 Valuation allowance added (1) — 21.7 Valuation allowance reversed (99.5) — Balance at end of period $ 146.0 $ 245.5 (1) |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 28, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company has prepared its Consolidated Financial Statements and related notes of NCM, Inc. in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments necessary to present fairly in all material respects the financial position, results of operations and cash flows for all periods presented have been made and all intercompany accounts have been eliminated in consolidation. As a result of the various related-party agreements discussed in Note 9— Related Party Transactions , the operating results as presented are not necessarily indicative of the results that might have occurred if all agreements were with non-related third parties. Advertising is the principal business activity of the Company and is the Company’s only operating and reportable segment under the requirements of ASC 280— Segment Reporting. |
Estimates | Estimates —The preparation of the financial statements in conformity with GAAP 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include those related to the reserve for uncollectible accounts receivable, share-based compensation, income taxes, intangible assets and the valuation of NCM LLC upon deconsolidation and reconsolidation. Actual results could differ from those estimates. Bankruptcy Filing, Deconsolidation and Reconsolidation of NCM LLC —On April 11, 2023, NCM LLC filed a voluntary petition for reorganization with a prearranged Chapter 11 plan under Chapter 11 of Title 11 of the United States Code in the Bankruptcy Code in the Bankruptcy Court (the “Chapter 11 Case”). During the Chapter 11 Case, the Company was deemed to no longer control NCM LLC for accounting purposes and NCM LLC was deconsolidated from the Company’s financial statements prospectively as of April 11, 2023. NCM LLC does not have a readily determinable fair value. Upon the deconsolidation of NCM LLC, the original cost of the investment was valued based upon NCM, Inc.'s ownership of the secured debt of NCM LLC and the estimation of the enterprise value of NCM LLC utilizing a combination of a market approach and income approach. The market approach relied upon a comparison with guideline public companies and entails selecting relevant financial information of the subject company and capitalizing those amounts using valuation multiples that are based on empirical market observation. The income approach relied upon an analysis of NCM LLC’s projected economic earnings discounted to present value. Significant assumptions utilized within these analyses include the weighted average cost of capital and NCM LLC’s forecasted cash flows. Upon emergence from bankruptcy, NCM, Inc., regained control and retained 100.0% ownership of NCM LLC, after taking into account elections by the holders of Secured Debt Claims to receive NCM, Inc. common stock in lieu of NCM LLC common units and was therefore reconsolidated into the Company’s financial statements prospectively as of August 7, 2023 akin to an acquisition under ASC 805 – Business Combinations . The acquisition method requires the Company to make significant estimates and assumptions, especially at the acquisition date as the Company allocates the estimated fair values of acquired tangible and intangible assets and the liabilities assumed. The Company also uses our best estimates to determine the useful lives of the tangible and definite-lived intangible assets, which impact the periods over which depreciation and amortization of those assets are recognized. All balances within the Company’s financial statements reflect NCM LLC activity only for the periods while consolidated, December 30, 2022 through April 11, 2023 and August 7, 2023 through December 28, 2023. |
Accounting Period | Accounting Period —The Company has a 52-week or 53-week fiscal year ending on the first Thursday after December 25. Fiscal year 2022 contained 52 weeks and 2023 contained 52 weeks. Throughout this document, the fiscal years are referred to as set forth below: Fiscal Year Ended Reference in December 28, 2023 2023 December 29, 2022 2022 |
Revenue Recognition | Revenue Recognition —The Company derives revenue principally from the sale of advertising to national, regional and local businesses in Noovie® , our cinema advertising and entertainment show seen on movie screens across the U.S., as well as on our LEN, a series of strategically-placed screens located in movie theater lobbies, as well as other forms of advertising and promotions in theater lobbies. In addition, the Company sells online and mobile advertising, including through Noovie Audience Accelerator, through NCM’s digital gaming products, which can be played on the mobile apps and through partnerships with certain internet platforms. Further the Company sells advertising in a variety of complementary out of home venues, including restaurants, convenience stores and college campuses. The Company also has a long-term agreement to exhibit the advertising of the ESA Parties’ beverage suppliers. The Company considers the terms of each arrangement to determine the appropriate accounting treatment as more fully discussed in Note 2— Revenue from Contracts with Customers . |
Operating Costs | Operating Costs —The Company classifies its core operating expenses within the following categories on the audited Consolidated Statements of Operations: Advertising operating costs —This balance relates to advertising fulfillment-related operating costs primarily consisting of personnel and other costs, revenue share and per patron based fees due to network affiliates and other sales partners, and to a lesser extent, production costs of non-digital advertising. Network costs —This balance consists of personnel, satellite bandwidth, repairs and other costs of maintaining and operating the digital network as well as preparing advertising and other content for transmission across the digital network. ESA theater access fees and revenue share —This balance consists of payments to the ESA Parties in return for the rights to advertise in their theaters comprised of a payment per theater attendee, a payment for post-showtime advertising, a payment per digital screen and a payment per digital cinema projector equipped in the theaters, all of which escalate over time, and revenue share for the Platinum Spot, when sold. Selling and marketing costs —This balance consists primarily of sales personnel costs including sales commissions and selling related expenses such as travel, barter and bad debt expense, marketing expenses including research subscriptions and studies and production costs for internal segments shown within The Noovie® Show, lease expense for the Company’s sales offices and costs associated with digital inventory, including revenue shares paid to DOOH and other partners. Administrative and other costs |
Restricted Cash and Cash Equivalents | Cash and Cash Equivalents —All highly liquid debt instruments and investments purchased with an original maturity of three months or less are classified as cash equivalents and are considered available-for-sale securities. There are cash balances in a bank in excess of the federally insured limits or in the form of a money market demand account with a major financial institution. The Company has elected the fair value option for valuing its cash equivalents. The cash equivalents are valued at fair value at each balance sheet date and the change in value from the prior period is recognized within “Other non-operating income, net” on the audited Consolidated Statements of Operations. |
Marketable Securities | Marketable Securities —The Company’s marketable securities are classified as available-for-sale and are reported at fair value. The fair value of substantially all securities is determined by quoted market information and pricing models using inputs based upon market information, including contractual terms, market prices and yield curves. The estimated fair value of securities for which there are no quoted market prices is based on similar types of securities that are traded in the market. The change in value from the prior period is recognized within “Other non-operating income, net” on the audited Consolidated Statements of Operations. |
Long-lived Assets | Long-lived Assets —Property and equipment is stated at cost, net of accumulated depreciation or amortization. Generally, the equipment associated with the digital network of the ESA Party theaters is owned by the ESA Parties, while the equipment associated with network affiliate theaters is owned by the Company. Major renewals and improvements are capitalized, while replacements, maintenance, and repairs that do not improve or extend the lives of the respective assets are expensed as incurred. The Company records depreciation using the straight-line method over the following estimated useful lives: Equipment 4-10 years Computer hardware and software 3-5 years Leasehold improvements Lesser of lease term or asset life Software and website development costs developed or obtained for internal use are accounted for in accordance with ASC 350— Internal Use Software and ASC 350– Website Development Costs . The subtopics require the capitalization of certain costs incurred in developing or obtaining software for internal use. Software costs related primarily to the Company’s cinema advertising management system, digital products, digital network distribution system (DCS), enterprise resource planning system and website development costs, which are included in equipment, and are depreciated over three $3.8 million for the years ended December 28, 2023 and December 29, 2022, respectively. The subtopics also require the capitalization of certain implementation costs related to qualifying Cloud Computing Arrangements (“CCAs”) upon adoption of ASU 2018-15— Intangibles - Goodwill and Other - Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract as of September 28, 2018. As of December 28, 2023 and December 29, 2022 the Company had a net book value of $4.5 million and $3.7 million of capitalized implementation costs for CCAs, respectively, recorded within “Other assets” in the Consolidated Balance Sheets. These costs primarily relate to the Company's hosted cinema advertising management system which was implemented in January 2021. Depreciation expense related to capitalized implementation costs for CCAs was approximately $0.5 million and $0.4 million for the years ended December 28, 2023 and December 29, 2022, respectively. These costs are amortized to “Administrative and other costs” within the audited Consolidated Statements of Operations over the life of the hosting arrangement beginning at implementation. For the years ended December 28, 2023 and December 29, 2022, the Company recorde d $3.0 milli on and $4.6 million in research and development expense, respectively. The Company assesses impairment of long-lived assets pursuant with ASC 360 – Property, Plant and Equipment. This includes determining if certain triggering events have occurred that could affect the value of an asset. The Company recorded losses of $0.0 million and $5.8 million related to the write-off of certain internally developed software during the years ended December 28, 2023 and December 29, 2022, respectively, which has been included within “Impairment of long-lived assets” within the respective audited Consolidated Statements of Operations. |
Intangible Assets | Intangible Assets —The Company’s intangible assets consist of contractual rights to provide its services within the theaters under the ESAs and the network affiliate agreements, customer relationships developed and maintained by the Company’s sales force and trademarks held and used by the Company. The intangible assets are stated at their estimated fair values upon the reconsolidation of NCM LLC on August 7, 2023 as further described within Note 5— Reconsolidation of NCM LLC, |
Amounts Due to/from Founding Members | Amounts Due to/from ESA Parties —Amounts due to/from ESA Parties include amounts due for the theater access fees and revenue share, offset by a receivable for advertising time purchased by the ESA Parties on behalf of their beverage concessionaire, plus any amounts outstanding under other contractually obligated payments. Payments to or received from the ESA Parties against outstanding balances are made monthly. Available cash distributions are made quarterly contingent upon the ESA Parties’ ownership of NCM LLC membership units, the Company's compliance with the covenants outlined within the 2023 Revolving Credit Facility and in accordance with the NCM LLC Operating Agreement. |
Income Taxes | Income Taxes —Income taxes are accounted for under the asset and liability method, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which differences are expected to be recovered or settled pursuant to the provisions of ASC 740 – Income Taxes . The effect of a change in tax rates on deferred tax assets and liabilities 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 all or a portion of its deferred income tax assets will not be realized, which will be assessed on an on-going basis. Only the portion of deferred income tax assets deemed more likely than not to be realized are considered within the calculation of the payable to the ESA Parties under the TRA which is equal to 90% of the Company’s actual tax benefit realized from the tax amortization of the basis difference for qualifying deferred income tax assets. Refer to Note 7— Income Taxes to the audited Consolidated Financial Statements for discussion of changes within the Company's valuation allowance on its deferred tax assets during the years ended December 28, 2023 and December 29, 2022. In addition, income tax rules and regulations are subject to interpretation and the application of those rules and regulations require judgment by the Company and may be challenged by the taxation authorities. The Company follows ASC 740-10-25, which requires the use of a two-step approach for recognizing and measuring tax benefits taken or expected to be taken in a tax return and disclosures regarding uncertainties in income tax positions. Only tax positions that meet the more likely than not recognition threshold are recognized. In addition, income tax rules and regulations are subject to interpretation and the application of those rules and regulations require judgment by the Company and may be challenged by the taxation authorities. The Company follows ASC 740-10-25, which requires the use of a two-step approach for recognizing and measuring tax benefits taken or expected to be taken in a tax return and disclosures regarding uncertainties in income tax positions. Only tax positions that meet the more likely than not recognition threshold are recognized. |
Debt Issuance Costs | Debt Issuance Costs —In relation to the issuance of outstanding debt discussed in Note 10— Borrowings , there is a balance of $2.2 million and |
Share-Based Compensation | Share-Based Compensation —During 2023 and 2022, the Company issued stock options and restricted stock units. Restricted stock units vest upon the achievement of Company two three on management’s financial projections and the probability of achieving the projections, which requires considerable judgment. A cumulative adjustment is recorded to share-based compensation expense in periods that management changes its estimate of the number of shares expected to vest. Ultimately, the Company adjusts the expense recognized to reflect the actual vested shares following the resolution of the performance conditions. Dividends are accrued when declared on unvested restricted stock units that are expected to vest and are only paid with respect to shares that actually vest. Compensation cost of stock options is based on the estimated grant date fair value using the Black-Scholes option pricing model, which requires that the Company make estimates of various factors. Under the fair value recognition provisions of ASC 718, Compensation—Stock Compensation , the Company recognizes share-based compensation net of an estimated forfeiture rate, and therefore only recognizes compensation cost for those shares expected to vest over the requisite service period of the award. Refer to Note 11— Share-Based Compensation for more information. |
Fair Value Measurements | Fair Value Measurements —Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. |
Consolidation | Consolidation —NCM, Inc. consolidates the accounts of NCM LLC under the provisions of ASC 810— Consolidation (“ASC 810”). Under Accounting Standards Update 2015-2, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-2”), a limited partnership is a variable interest entity unless a simple majority or lower threshold of all limited partners unrelated to the general partner have kick-out or participating rights. The non-managing members of NCM LLC do not have dissolution rights or removal rights. NCM, Inc. has evaluated the provisions of the NCM LLC membership agreement and has concluded that the various rights of the non-managing members are not substantive participating rights under ASC 810, as they do not limit NCM, Inc.’s ability to make decisions in the ordinary course of business. The Company concluded that NCM LLC is a variable interest entity and determined that NCM, Inc. should consolidate the accounts of NCM LLC pursuant to ASU 2015-2 because 1) it has the power to direct the activities of NCM LLC in its role as managing member and 2) NCM, Inc. has the obligation to absorb losses of, or the right to receive benefits from NCM LLC, that could potentially be significant provided its 100.0% ownership in NCM LLC. Upon NCM LLC’s emergence from bankruptcy, it was determined that NCM, Inc. continues to hold the current rights that give it power to direct activities of NCM LLC that most significantly impact NCM LLC’s economic performance and that NCM, Inc. continues to have the rights to receive the significant benefits or the obligations to absorb potentially significant losses, resulting in NCM, Inc. having a controlling financial interest in NCM LLC. As a result, NCM, Inc. was deemed to be the primary beneficiary of NCM LLC and the Company has consolidated NCM LLC under the variable interest entity provisions of ASC 810— Consolidation. The following table presents the changes in NCM, Inc.’s equity resulting from net income attributable to NCM, Inc. and transfers to or from noncontrolling interests (in millions): Years Ended December 28, 2023 December 29, 2022 Net income (loss) attributable to NCM, Inc. $ 705.2 $ (28.7) NCM LLC equity issued for purchase of intangible asset — 4.9 Income tax and other impacts of NCM LLC ownership changes 33.6 39.8 NCM, Inc. investment in NCM LLC (2.6) (12.4) Issuance of shares 241.3 12.0 Change from net income (loss) attributable to NCM, Inc. and transfers from $ 977.5 $ 15.6 |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In March 2020, the FASB issued Accounting Standards Update No. 2020-04, Reference Rate Reform (“ASU 2020-04”), which provides temporary optional guidance to companies impacted by the transition away from the London Interbank Offered Rate (“LIBOR”). The guidance provides certain expedients and exceptions to applying GAAP in order to lessen the potential accounting burden when contracts, hedging relationships, and other transactions that reference LIBOR as a benchmark rate are modified. This guidance is effective upon issuance and expires on December 31, 2024. The Company concluded the LIBOR transition did not have a material impact on the Company’s Consolidated Financial Statements. The Company did not adopt any other accounting pronouncements during the year ended December 28, 2023. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In January 2024, the FASB issued Accounting Standards Update No. 2023-09, Income Tax Disclosures (“ASU 2023-09”), which establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. Under the new guidance, entities must consistently categorize and provide greater disaggregation of information in the rate reconciliation. They must also further disaggregate income taxes paid. This guidance is effective upon issuance on December 15, 2024. The Company does not believe this will have a material impact on the Company’s Consolidated Financial Statements. The Company has considered all other recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact on its Consolidated Financial Statements or notes thereto. |
Debt (Policies)
Debt (Policies) | 12 Months Ended |
Dec. 28, 2023 | |
Debt Disclosure [Abstract] | |
Share-Based Compensation | Share-Based Compensation —During 2023 and 2022, the Company issued stock options and restricted stock units. Restricted stock units vest upon the achievement of Company two three on management’s financial projections and the probability of achieving the projections, which requires considerable judgment. A cumulative adjustment is recorded to share-based compensation expense in periods that management changes its estimate of the number of shares expected to vest. Ultimately, the Company adjusts the expense recognized to reflect the actual vested shares following the resolution of the performance conditions. Dividends are accrued when declared on unvested restricted stock units that are expected to vest and are only paid with respect to shares that actually vest. Compensation cost of stock options is based on the estimated grant date fair value using the Black-Scholes option pricing model, which requires that the Company make estimates of various factors. Under the fair value recognition provisions of ASC 718, Compensation—Stock Compensation , the Company recognizes share-based compensation net of an estimated forfeiture rate, and therefore only recognizes compensation cost for those shares expected to vest over the requisite service period of the award. Refer to Note 11— Share-Based Compensation for more information. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 28, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Fiscal Year Ends | Fiscal Year Ended Reference in December 28, 2023 2023 December 29, 2022 2022 |
Schedule of Receivables | As of December 28, 2023 December 29, 2022 Trade accounts $ 98.0 $ 93.1 Other — 0.6 Less: Allowance for doubtful accounts (1.4) (1.7) Total $ 96.6 $ 92.0 |
Schedule of Useful Lives | Equipment 4-10 years Computer hardware and software 3-5 years Leasehold improvements Lesser of lease term or asset life |
Changes in Debt Issuance Costs | Years Ended December 28, 2023 December 29, 2022 Beginning balance $ 11.2 $ 15.0 Debt issuance costs 0.9 5.1 Deconsolidation of NCM LLC (8.9) — Reconsolidation for NCM LLC 2.4 — Amortization of debt issuance costs (3.4) (8.9) Ending balance $ 2.2 $ 11.2 |
Changes in Equity | Years Ended December 28, 2023 December 29, 2022 Net income (loss) attributable to NCM, Inc. $ 705.2 $ (28.7) NCM LLC equity issued for purchase of intangible asset — 4.9 Income tax and other impacts of NCM LLC ownership changes 33.6 39.8 NCM, Inc. investment in NCM LLC (2.6) (12.4) Issuance of shares 241.3 12.0 Change from net income (loss) attributable to NCM, Inc. and transfers from $ 977.5 $ 15.6 |
Restrictions on Cash and Cash Equivalents | Restricted Cash — The Company’s restricted cash balance was $3.0 million and $2.1 million for the years ended December 28, 2023 and December 29, 2022, respectively. The balance as of December 28, 2023 is related to unsettled, agreed upon payments to NCM LLC’s unsecured creditors within the escrow accounts and “Accounts payable” on the audited Consolidated Balance Sheet. The balance as of December 29, 2022 related to fees due to Regal in accordance with the ESA which were held in escrow in conjunction with the Cineworld Proceeding. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 28, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table summarizes revenue from contracts with customers for the years ended December 28, 2023 and December 29, 2022 (in millions): Years ended December 28, 2023 December 29, 2022 National advertising revenue $ 114.8 $ 187.1 Local and regional advertising revenue 30.4 43.5 ESA advertising revenue from beverage concessionaire agreements 9.9 18.6 Management fee reimbursement 10.1 — Total revenue $ 165.2 $ 249.2 |
Financing Receivable, Current, Allowance for Credit Loss | The changes within the allowance for doubtful accounts balances for the years ended December 28, 2023 and December 29, 2022 were as follows (in millions): Years Ended December 28, 2023 December 29, 2022 Allowance for National Customer Receivables Allowance for Local/ Regional Customer Receivables Allowance for National Customer Receivables Allowance for Local/ Regional Customer Receivables Balance at beginning of period $ 0.3 $ 1.4 $ 0.3 $ 1.4 Provision for bad debt (0.2) 0.2 0.2 0.8 Write-offs, net of recoveries — (0.3) (0.2) (0.8) Balance at end of period $ 0.1 $ 1.3 $ 0.3 $ 1.4 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Mar. 30, 2023 | Jun. 29, 2023 | Dec. 28, 2023 | |
Earnings Per Share [Abstract] | |||
Schedule of Earnings Per Share, Basic and Diluted | Three Months Ended March 30, 2023 March 31, 2022 Net loss attributable to NCM, Inc. (in millions) $ (45.5) $ (25.2) Weighted average shares outstanding: Basic 14,550,799 8,104,066 Add: Dilutive effect of stock options, restricted — — Diluted 14,550,799 8,104,066 Loss per NCM, Inc. share: Basic $ (3.13) $ (3.11) Diluted $ (3.13) $ (3.11) | Three Months Ended Six Months Ended June 29, 2023 June 30, 2022 June 29, 2023 June 30, 2022 Net loss attributable to NCM, Inc. (in millions) $ 545.3 $ (0.7) $ 499.8 $ (25.9) Weighted average shares outstanding: Basic 17,405,864 8,146,766 15,978,331 8,125,415 Add: Dilutive effect of stock options, restricted — — 1,370,808 — Diluted 17,405,864 8,146,766 17,349,139 8,125,415 Loss per NCM, Inc. share: Basic $ 31.33 $ (0.09) $ 31.28 $ (3.19) Diluted $ 31.33 $ (0.09) $ 28.32 $ (3.19) The effect of t he 9,037,475 and 8,828,155 w eighted average exchangeable NCM LLC common membership units held by the ESA Parties for the three and six months ended June 30, 2022 was excluded from the calculation of diluted weighted average shares and earnings per NCM, Inc. share as it was antidilutive. The weighted average exchangeable NCM LLC common membership units held by the ESA Parties for the three and six months ended June 29, 2023 was 0 and 1,370,808 and are included in diluted weighted average shares. In addition, there were 491,517, 644,216, 491,517 and 644,216 stock options and non-vested (restricted) shares for the three months ended June 29, 2023 and June 30, 2022 and six months ended June 29, 2023 and June 30, 2022, respectively, excluded from the calculation as they were antidilutive. The Company’s non-vested (restricted) shares do not meet the definition of a participating security as the dividends will not be paid if the shares do not vest. | Years Ended December 28, 2023 December 29, 2022 Net income (loss) attributable to NCM, Inc. (in millions) $ 705.2 $ (28.7) Weighted average shares outstanding: Basic 47,882,944 8,196,801 Add: Dilutive effect of stock options, restricted 691,639 — Diluted 48,574,583 8,196,801 Income (loss) per NCM, Inc. share: Basic $ 14.73 $ (3.50) Diluted $ 14.34 $ (3.50) |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 28, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment | As of December 28, 2023 December 29, 2022 Equipment, computer hardware and software $ 15.4 $ 63.8 Leasehold improvements 0.7 2.9 Less: Accumulated depreciation (1.6) (54.8) Subtotal 14.5 11.9 Construction in progress 1.3 1.1 Total property and equipment $ 15.8 $ 13.0 |
RECONSOLIDATION OF NCM LLC_2
RECONSOLIDATION OF NCM LLC | 12 Months Ended |
Dec. 28, 2023 | |
RECONSOLIDATION OF NCM LLC [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the fair value of NCM LLC and provisional fair values of the assets acquired and liabilities assumed as of the reconsolidation date: Fair value of assets acquired: Cash, cash equivalents and restricted cash $ 49.6 Receivables, net (1) 74.8 Prepaid expenses and other current assets 7.2 Property and equipment, net 14.8 Other investments 0.9 Debt issuance costs, net 2.4 Fair value of intangible assets 415.0 Other assets 10.0 Total assets acquired 574.7 Fair value of liabilities assumed: Amounts due to members, net (15.3) Accrued expenses (0.7) Accrued payroll and related expenses (9.9) Accounts payable (37.3) Deferred revenue (11.1) Other current liabilities (1.5) Long-term debt (10.0) Other liabilities (5.5) Total liabilities assumed (91.3) Fair value of NCM LLC $ 483.4 (1) Includes a valuation adjustment recorded during the three months ended December 28, 2023 that decreased accounts receivable, net by $0.2 million. |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The following table summarizes the major classes of intangible assets acquired and their respective weighted-average estimated useful lives. Estimated Fair Value Useful Life (years) Exhibitor service agreements $ 250.0 13.0 Network affiliates agreements 75.0 16.0 Customer relationships 75.0 6.0 Trademarks 15.0 8.0 Total intangible assets $ 415.0 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 28, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Asset's Activity | The following is a summary of the Company’s intangible asset’s activity (in millions) during December 28, 2023 and December 29, 2022: As of Additions (1) Disposals (2) Amortization Integration and other encumbered theater payments (3) As of Gross carrying amount $ 856.9 $ 415.8 $ (857.4) $ — $ (6.0) $ 409.3 Accumulated amortization (270.2) — 277.6 (22.4) — (15.0) Total intangible assets, net $ 586.7 $ 415.8 $ (579.8) $ (22.4) $ (6.0) $ 394.3 As of Additions (4) Disposals Amortization Integration and other encumbered theater payments (3) As of Gross carrying amount $ 851.9 $ 10.8 $ (0.4) $ — $ (5.4) $ 856.9 Accumulated amortization (245.6) — 0.4 (25.0) — (270.2) Total intangible assets, net $ 606.3 $ 10.8 $ — $ (25.0) $ (5.4) $ 586.7 (1) On August 7, 2023, NCM, Inc. reconsolidated NCM LLC’s intangible assets of $415.0 million. Refer to Note 5 - Reconsolidation of NCM LLC for further information. Additionally, there were $0.8 million in upfront payments made to network affiliates prior to the deconsolidation of NCM LLC on April 11, 2023. (2) On April 11, 2023, the intangible asset balance of NCM LLC was deconsolidated from NCM, Inc. Refer to Note 5 - Reconsolidation of NCM LLC for further information. (3) Carmike theaters had pre-existing advertising agreements for some of the theaters it owned prior to their acquisitions by AMC. As a result, AMC will make integration and other encumbered theater payments over the remaining term of those agreements. For the periods while consolidated, December 30, 2022 through April 11, 2023 and August 7, 2023 through December 28, 2023 and for the year ended December 29, 2022, NCM LLC recorded a reduction to net intangible assets of $6.0 million and $5.4 million, respectively, related to integration and other encumbered theater payments due from AMC. During the year ended December 28, 2023 and December 29, 2022, AMC paid a total of $4.2 million and $2.8 million, respectively, related to integration and other encumbered theater payments. (4) During the first quarter of 2022, NCM LLC issued 4,140,896 common membership units, net of 2,342,997 returned common membership units, to its ESA Parties for the rights to exclusive access to the theater screens and attendees added, net of dispositions by the ESA Parties to NCM LLC’s network during the 2021 fiscal year and NCM LLC recorded a net intangible asset of $10.4 million during the first quarter of 2022 as a result of the Common Unit Adjustment. Additionally, there were $0.4 million of additions related to upfront affiliate payments in 2022. |
Summary of Estimated Aggregate Amortization Expense | The estimated aggregate amortization expense for each of the five succeeding years is as follows (in millions): Year Amortization 2024 $ 39.5 2025 $ 39.5 2026 $ 39.5 2027 $ 39.5 2028 $ 39.5 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 28, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Reconciliation of Provision for Income Taxes | Years Ended December 28, 2023 December 29, 2022 Provision calculated at federal statutory income tax rate: Income before income taxes $ 146.5 $ (13.9) Less: Noncontrolling interests 1.8 7.9 Income attributable to NCM, Inc. 148.3 (6.0) Current year change to enacted federal and state rate (0.2) 1.1 State and local income taxes, net of federal benefit 25.7 (1.1) Share-based compensation 1.4 0.6 Cancellation of debt income attributable to NCM LLC 16.5 — Deconsolidation effects of NCM LLC (37.2) — Effects of NCM LLC Bankruptcy (4.8) — Tax attribute reduction (1) 63.1 — Change in the valuation allowance (1) (208.4) 3.6 Executive compensation 0.9 0.5 Other (5.3) 1.3 Total income tax provision $ — $ — (1) Refer to the discussion of changes to the valuation allowance during the year ended December 28, 2023 within the Deferred Tax Assets table below. |
Schedule of Components of Deferred Tax Assets | Years Ended December 28, 2023 December 29, 2022 Deferred tax assets: Investment in consolidated subsidiary NCM LLC (1) $ 127.1 $ 149.7 Share-based compensation 0.8 1.0 Net operating losses (2) 13.3 76.4 Accrued bonus 0.7 0.1 Business interest expense limitation 3.7 18.2 Other 0.4 0.1 Total gross deferred tax assets 146.0 245.5 Valuation allowance (1) (146.0) (245.5) Total deferred tax assets, net of valuation allowance $ — $ — (1) The Company recognized a deferred tax asset in the amount o f $ 127.1 mi llion and $149.7 million as of December 28, 2023 and December 29, 2022, respectively, associated with the basis difference in our investment in NCM LLC. The Company evaluated its deferred tax assets as of December 28, 2023 and December 29, 2022 and considered both positive and negative evidence in determining whether it is more likely than not that all or some portion of its deferred tax assets will be realized. The Company generated a three-year cumulative pre-tax book loss during 2021 driven by the impact of the COVID-19 Pandemic on the Company’s operations in 2021 and 2020, the effect of which continued into 2022 and 2023. Given the associated weight assigned to this item as negative evidence within the Company’s analysis, the Company determined it is more-likely-than-not that the Company will not be able to realize certain of the Company’s deferred tax assets and the Company increased the valuation allowance against certain deferred tax assets. Once the Company returns to a more normal operating level and emerges from a three-year cumulative pre-tax book loss position, part or all the valuation allowance is expected to reverse, resulting in an inverse impact to the payable to ESA Parties under the tax receivable agreement which would increase to reflect future payments to the ESA Parties at that time. Once the valuation allowance is reversed, the payable to ESA Parties under the tax receivable agreement would be increased to reflect expected future payments to the ESA Parties at that time. (2) The decrease within the Net operating losses deferred tax asset from December 29, 2022 to December 28, 2023 was due to the reduction of the Company’s tax attributes in recognition of cancellation of debt income in conjunction with NCM LLC’s emergence from the Chapter 11 Case on August 7, 2023. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 28, 2023 | |
Related Party Transaction [Line Items] | |
Schedule of Mandatory Distributions to Members | from NCM LLC for the three months ended December 28, 2023 and December 29, 2022 were as follows (in millions): Three Months Ended December 28, 2023 December 29, 2022 Cinemark $ — $ 4.9 NCM, Inc. 30.3 14.4 Total $ 30.3 $ 19.3 |
Schedule of Amounts Due to Founding Members | For the year ended December 28, 2023 there was no related party activity subsequent to the deconsolidation of NCM LLC on April 11, 2023 for AMC, Cinemark and Regal as they were not considered related parties of NCM, Inc. nor was there any activity following the reconsolidation of NCM LLC on August 7, 2023, as AMC, Cinemark and Regal were no longer considered related parties. Amounts due to ESA Parties, net as of December 29, 2022 were comprised of the following (in millions): Cinemark Regal Total Theater access fees, net of beverage revenues $ 11.1 $ 4.1 $ 15.2 Total amounts due to ESA Parties, net $ 11.1 $ 4.1 $ 15.2 |
Borrowings (Tables)
Borrowings (Tables) - NCM, LLC. | 12 Months Ended |
Dec. 28, 2023 | |
Schedule of Outstanding Debt | The following table summarizes NCM LLC’s total outstanding debt as of December 28, 2023 and December 29, 2022 and the significant terms of its borrowing arrangements: Outstanding Balance as of Borrowings ($ in millions) December 28, 2023 December 29, 2022 Maturity Date Interest Rate Revolving credit facility 2023 $ 10.0 $ — August 7, 2026 (1) Revolving credit facility 2018 — 167.0 June 20, 2023 (1) Revolving credit facility 2022 — 50.0 June 20, 2023 (1) Term loans - first tranche — 258.5 June 20, 2025 (1) Term loans - second tranche — 49.3 December 20, 2024 (1) Senior secured notes due 2028 — 374.2 April 15, 2028 5.875% Senior unsecured notes due 2026 — 230.0 August 15, 2026 5.750% Total borrowings 10.0 1,129.0 Less: Debt issuance costs and discounts related to term — (7.9) Total borrowings, net 10.0 1,121.1 Less: current portion of debt — (1,121.1) Carrying value of long-term debt $ 10.0 $ — (1) The interest rates on the revolving credit facility and term loan are described below. |
Schedule of Annual Maturities on Credit Facility and Senior Notes | Year Amount 2024 $ — 2025 — 2026 10.0 2027 — 2028 — Thereafter — Total $ 10.0 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 28, 2023 | |
Schedule of Share-Based Compensation Costs | The Company recognized $4.5 million and $7.1 million for the years ended December 28, 2023 and December 29, 2022, respectively, of share-based compensation expense within “Network costs”, “Selling and marketing costs” and “Administrative and other costs” in the Consolidated Statements of Operations as shown in the table below (in millions): Years Ended December 28, 2023 December 29, 2022 Share-based compensation costs included in network costs $ 0.3 $ 0.7 Share-based compensation costs included in selling and marketing costs 0.7 1.7 Share-based compensation costs included in administrative and other costs 3.5 4.7 Total share-based compensation costs $ 4.5 $ 7.1 |
2007 Plan [Member] | |
Summary of Option Award Activity | A summary of option award activity as of December 28, 2023, and changes during the year then ended are presented below: Options Weighted Weighted Aggregate Outstanding as of December 29, 2022 209,779 $ 43.39 8.0 $ — Granted 25,000 $ 35.00 — $ — Forfeited — $ — — $ — Expired — $ — — $ — Outstanding as of December 28, 2023 234,779 $ 42.50 7.3 $ — Exercisable as of December 28, 2023 157,517 $ 49.31 6.6 $ — Vested and expected to vest as of December 28, 2023 233,045 $ 42.59 7.3 $ — |
2007 Plan and 2016 Plan [Member] | |
Summary of Restricted Stock Awards and Restricted Stock Units | A summary of restricted stock unit activity as of December 28, 2023, and changes during the year then ended are presented below: Number of Restricted Stock Units (1) Weighted Non-vested balance as of December 29, 2022 516,384 $ 28.04 Granted 497,390 $ 3.42 Vested (2) (239,450) $ 29.40 Forfeited (29,927) $ 42.96 Non-vested balance as of December 28, 2023 744,397 $ 10.55 (1) Includes 145,043 shares of performance-based restricted stock units as of December 28, 2023, including 74,560 shares granted during the year and 2,475 shares forfeited during the year. (2) Includes 13,057 vested shares that were withheld to cover tax obligations and were subsequently canceled. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 28, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Minimum Lease Payments Under Noncancelable Operating Leases | Year Minimum Lease Payments 2024 $ 2.1 2025 2.1 2026 2.6 2027 2.6 2028 1.1 Thereafter 5.5 Total 16.0 Less: Imputed interest on future lease payments (10.0) Total lease liability as of December 28, 2023 per the Consolidated Balance Sheet $ 6.0 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 28, 2023 | |
Fair Value Disclosures [Abstract] | |
Equity Method Investments | As of December 28, 2023 December 29, 2022 Investment in AC JV, LLC $ 0.7 $ 0.8 Other investments — 0.1 Total $ 0.7 $ 0.9 |
Estimated Fair Values of Company's Financial Instruments | As of December 28, 2023 As of December 29, 2022 Carrying Value Fair Value Carrying Value Fair Value (1) Revolving credit facilities $ — $ — $ 217.0 $ 58.0 Term Loans - first tranche $ — $ — $ 258.5 $ 65.8 Term Loans - second tranche $ — $ — $ 49.3 $ 13.1 Senior Notes due 2028 $ — $ — $ 374.2 $ 91.7 Senior Notes due 2026 $ — $ — $ 230.0 $ 6.9 (1) The Company has estimated the fair value on an average of at least two non-binding broker quotes and the Company’s analysis. If the Company were to measure the borrowings in the above table at fair value on the balance sheet they would be classified as Level 2. |
Fair Values of the Company's Assets | Fair Value Measurements at Fair Value As of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs ASSETS: Cash equivalents (1) $ 0.8 $ 0.8 $ — $ — Short-term marketable securities (2) 0.7 — 0.7 — Long-term marketable securities (2) 0.3 — 0.3 — Total assets $ 1.8 $ 0.8 $ 1.0 $ — (1) Cash Equivalents —The Company’s cash equivalents are carried at estimated fair value. Cash equivalents consist of money market accounts which the Company has classified as Level 1 given the active market for these accounts. (2) Short-Term and Long-Term Marketable Securities —The carrying amount and fair value of the marketable securities are equivalent since the Company accounts for these instruments at fair value. The Company’s government agency bonds, commercial paper and certificates of deposit are valued using third-party broker quotes. The value of the Company’s government agency bonds and municipal bonds are derived from quoted market information. The inputs in the valuation are classified as Level 1 if there is an active market for these securities; however, if an active market does not exist, the inputs are recorded at a lower level in the fair value hierarchy. The value of commercial paper and certificates of deposit is derived from pricing models using inputs based upon market information, including contractual terms, market prices and yield curves. The inputs to the valuation pricing models are observable in the market, and as such are generally classified as Level 2 in the fair value hierarchy. Original cost of short term marketable securities is based on the specific identification method. The Company did not recorded an allowance for credit losses for the marketable securities balance as of December 29, 2022 given the immaterial difference between the amortized cost basis and the aggregate fair value of the Company's securities. |
Debt Securities, Available-for-Sale | As of December 29, 2022 Amortized Aggregate Maturities (1) (in years) MARKETABLE SECURITIES: Short-term certificates of deposit $ 0.7 $ 0.7 1.0 Total short-term marketable securities 0.7 0.7 Long-term certificates of deposit 0.3 0.3 1.3 Total long-term marketable securities 0.3 0.3 Total marketable securities $ 1.0 $ 1.0 (1) Maturities — Securities available for sale include obligations with various contractual maturity dates some of which are greater than one year. The Company considers the securities to be liquid and convertible to cash within 30 days. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Aug. 07, 2023 | Dec. 28, 2023 | Dec. 29, 2022 | Dec. 30, 2021 | |
Accounting Policies [Line Items] | ||||
Operating Lease, Liability, Noncurrent | $ 5,000,000 | $ 18,000,000 | ||
Operating Lease, Right-of-Use Asset | 4,300,000 | 16,900,000 | ||
Operating Lease, Liability, Current | $ 1,000,000 | 2,200,000 | ||
Agreement With Founding Members, Remaining Term | 12 years 2 months 12 days | |||
Net book value | $ 15,800,000 | 13,000,000 | ||
Finite-Lived Intangible Assets, Costs Incured to Renew o Extend, Gross | 4,500,000 | 3,700,000 | ||
Research and development expense | 3,000,000 | 4,600,000 | ||
Deferred financing costs | 2,200,000 | 11,200,000 | $ 15,000,000 | |
Asset Impairment Charges | 0 | 5,800,000 | ||
Capitalized Implementation Costs Depreciation | 500,000 | 400,000 | ||
Restricted Cash | $ 3,000,000 | $ 2,100,000 | ||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | 9,000% | |||
Customer Percentage of Accounts Receivable | 13% | |||
Customer with revenue in excess of ten percent of Accounts Receivable | 0% | 100% | ||
Share-Based Compensation | Share-Based Compensation —During 2023 and 2022, the Company issued stock options and restricted stock units. Restricted stock units vest upon the achievement of Company two three on management’s financial projections and the probability of achieving the projections, which requires considerable judgment. A cumulative adjustment is recorded to share-based compensation expense in periods that management changes its estimate of the number of shares expected to vest. Ultimately, the Company adjusts the expense recognized to reflect the actual vested shares following the resolution of the performance conditions. Dividends are accrued when declared on unvested restricted stock units that are expected to vest and are only paid with respect to shares that actually vest. Compensation cost of stock options is based on the estimated grant date fair value using the Black-Scholes option pricing model, which requires that the Company make estimates of various factors. Under the fair value recognition provisions of ASC 718, Compensation—Stock Compensation , the Company recognizes share-based compensation net of an estimated forfeiture rate, and therefore only recognizes compensation cost for those shares expected to vest over the requisite service period of the award. Refer to Note 11— Share-Based Compensation for more information. | |||
Revenue from Rights Concentration Risk | ||||
Accounting Policies [Line Items] | ||||
Customer with revenue in excess of ten percent of total revenue | 11.20% | 12.90% | ||
Restricted Stock and Restricted Stock Units | Minimum | ||||
Accounting Policies [Line Items] | ||||
Share-based compensation, vesting period | 2 years | |||
Restricted Stock and Restricted Stock Units | Maximum | ||||
Accounting Policies [Line Items] | ||||
Share-based compensation, vesting period | 3 years | |||
Software And Development Costs | ||||
Accounting Policies [Line Items] | ||||
Net book value | $ 11,100,000 | $ 7,400,000 | ||
Depreciation expense | $ 1,800,000 | 3,800,000 | ||
NCM, LLC. | ||||
Accounting Policies [Line Items] | ||||
Weighted Average Term, ESA and Affiliate | 11 years 10 months 24 days | |||
Deferred financing costs | $ 0 | $ 7,900,000 | ||
Cinemark | ||||
Accounting Policies [Line Items] | ||||
Percentage of common membership units outstanding | 0% | |||
Regal | ||||
Accounting Policies [Line Items] | ||||
Percentage of common membership units outstanding | 0% | |||
AMC | ||||
Accounting Policies [Line Items] | ||||
Percentage of common membership units outstanding | 0% | |||
NCM Inc. [Member] | ||||
Accounting Policies [Line Items] | ||||
Percentage of common membership units outstanding | 10,000% | 100% | ||
Minimum | Software And Development Costs | ||||
Accounting Policies [Line Items] | ||||
Estimated useful life | 3 years | |||
Maximum | Software And Development Costs | ||||
Accounting Policies [Line Items] | ||||
Estimated useful life | 10 years |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies (Schedule of Receivables) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 28, 2023 | Dec. 29, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Less: Allowance for doubtful accounts | $ (1.4) | $ (1.7) |
Total | $ 96.6 | 92 |
Agreement With Founding Members, Remaining Term | 12 years 2 months 12 days | |
NCM, LLC. | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted Average Term, ESA and Affiliate | 11 years 10 months 24 days | |
Trade accounts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables | $ 98 | 93.1 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables | $ 0 | $ 0.6 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies (Schedule of Useful Lives) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 28, 2023 | Dec. 29, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, net of accumulated depreciation of $1.6 and $54.8, respectively | $ 15.8 | $ 13 |
Finite-Lived Intangible Assets, Costs Incured to Renew o Extend, Gross | 4.5 | 3.7 |
Capitalized Implementation Costs Depreciation | 0.5 | 0.4 |
Research and development expense | $ 3 | 4.6 |
Equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 4 years | |
Equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 10 years | |
Computer hardware and software | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 3 years | |
Computer hardware and software | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 5 years | |
Software And Development Costs | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, net of accumulated depreciation of $1.6 and $54.8, respectively | $ 11.1 | 7.4 |
Depreciation expense | $ 1.8 | $ 3.8 |
Software And Development Costs | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 3 years | |
Software And Development Costs | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 10 years |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies (Changes in Debt Issuance Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 28, 2023 | Dec. 29, 2022 | |
Accounting Policies [Abstract] | ||
Beginning balance | $ 11.2 | $ 15 |
Debt issuance costs | 0.9 | 5.1 |
Amortization of debt issuance costs | (3.4) | (8.9) |
Ending balance | 2.2 | 11.2 |
Debt Issuance Costs, Capitalized During Deconsolidation | (8.9) | 0 |
Debt Issuance Costs, Capitalized During Reconsolidation | $ 2.4 | $ 0 |
Basis of Presentation and Sum_7
Basis of Presentation and Summary of Significant Accounting Policies (Changes in Equity) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 29, 2023 | Mar. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 29, 2023 | Jun. 30, 2022 | Dec. 28, 2023 | Dec. 29, 2022 | |
Accounting Policies [Abstract] | ||||||||
Net income (loss) attributable to NCM, Inc. | $ 545.3 | $ (45.5) | $ (0.7) | $ (25.2) | $ 499.8 | $ (25.9) | $ 705.2 | $ (28.7) |
NCM LLC equity issued for purchase of intangible asset | 0 | 4.9 | ||||||
Income tax and other impacts of NCM LLC ownership changes | 33.6 | 39.8 | ||||||
NCM, Inc. investment in NCM LLC | (2.6) | (12.4) | ||||||
Issuance of shares | 241.3 | 12 | ||||||
Change from net income (loss) attributable to NCM, Inc. and transfers from noncontrolling interests | $ 977.5 | $ 15.6 |
Basis of Presentation and Sum_8
Basis of Presentation and Summary of Significant Accounting Policies (Effect of Change on Retained Earnings and APIC) (Details) - USD ($) $ in Millions | Dec. 28, 2023 | Dec. 29, 2022 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Balance | $ (464) | $ (383.5) |
Total equity/(deficit) | 434.5 | (464) |
Retained Earnings | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Balance | (370.4) | (332) |
Total equity/(deficit) | 316.6 | (370.4) |
Additional Paid In Capital (Deficit) | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Balance | (146.2) | (195.5) |
Total equity/(deficit) | $ 115.3 | $ (146.2) |
Basis of Presentation and Sum_9
Basis of Presentation and Summary of Significant Accounting Policies (Effect of Change on Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 28, 2023 | Dec. 29, 2022 | Dec. 30, 2021 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Long-term deferred tax assets, net of valuation allowance | $ 0 | $ 0 | |
TOTAL ASSETS | 567.7 | 792.4 | |
Long-term payable to founding members under tax receivable agreement | 59.8 | 35.3 | |
Total liabilities | 133.2 | 1,256.4 | |
Additional paid in capital (deficit) | 115.3 | (146.2) | |
Retained earnings (distributions in excess of earnings) | 316.6 | (370.4) | |
Total equity/(deficit) | 434.5 | (464) | $ (383.5) |
TOTAL LIABILITIES AND EQUITY/DEFICIT | 567.7 | 792.4 | |
Deferred Tax Assets, Valuation Allowance | $ 146 | $ 245.5 |
Basis of Presentation and Su_10
Basis of Presentation and Summary of Significant Accounting Policies (Effect of Change on Statement of Income) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 29, 2023 | Mar. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 29, 2023 | Jun. 30, 2022 | Dec. 28, 2023 | Dec. 29, 2022 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Gain on re-measurement of the payable to founding members under the TRA | $ 9.3 | $ (2.2) | ||||||
Total non-operating expenses | (724) | 73.1 | ||||||
INCOME BEFORE INCOME TAXES | 696.7 | (66.2) | ||||||
Income tax expense | 0 | 0 | ||||||
Consolidated net income (loss) | 696.7 | (66.2) | ||||||
(Loss) Net income attributable to NCM, Inc. | $ 545.3 | $ (45.5) | $ (0.7) | $ (25.2) | $ 499.8 | $ (25.9) | $ 705.2 | $ (28.7) |
Basic (in usd per share) | $ 31.33 | $ (3.13) | $ (0.09) | $ (3.11) | $ 31.28 | $ (3.19) | $ 14.73 | $ (3.50) |
Diluted (in usd per share) | $ 31.33 | $ (3.13) | $ (0.09) | $ (3.11) | $ 28.32 | $ (3.19) | $ 14.34 | $ (3.50) |
Basis of Presentation and Su_11
Basis of Presentation and Summary of Significant Accounting Policies (Effect of Change on Statements of Cash Flows) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 28, 2023 | Dec. 29, 2022 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Consolidated net income (loss) | $ 696.7 | $ (66.2) |
Non-cash loss on re-measurement of the payable under the TRA | 9.3 | 2.2 |
Net cash provided by operating activities | (6.7) | (47.3) |
Decrease within activity of APIC | $ 9.5 | $ 17.3 |
Basis of Presentation and Su_12
Basis of Presentation and Summary of Significant Accounting Policies (Details) | 12 Months Ended | |
Dec. 28, 2023 | Dec. 29, 2022 | |
Concentration Risk [Line Items] | ||
Customer with revenue in excess of ten percent of Accounts Receivable | 0% | 100% |
Customer Percentage of Accounts Receivable | 13% | |
Agreement With Founding Members, Remaining Term | 12 years 2 months 12 days | |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | 9,000% | |
Income Taxes [Line Items] | ||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | 9,000% | |
Revenue from Rights Concentration Risk | ||
Concentration Risk [Line Items] | ||
Customer with revenue in excess of ten percent of total revenue | 11.20% | 12.90% |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 28, 2023 | Dec. 29, 2022 | |
Disaggregation of Revenue [Line Items] | ||
ContentSegmentSeconds | 90 seconds | |
Revenue | $ 165,200,000 | $ 249,200,000 |
Payment terms | 30 days | |
Unbilled contracts receivable | $ 800,000 | 5,000,000 |
Contract with Customer, Liability, Change in Timeframe, Performance Obligation Satisfied, Revenue Recognized | 8.6 | |
Barter Transaction Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 100,000 | 0 |
Costs of goods and services sold | $ 100,000 | $ 0 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers (Disaggregation of Revenue) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 28, 2023 | Dec. 29, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 165.2 | $ 249.2 |
National advertising revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 114.8 | 187.1 |
Local Advertising Revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 30.4 | 43.5 |
ESA advertising revenue from beverage concessionaire agreements | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 9.9 | 18.6 |
Management Fee Reimbursement | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 10.1 | $ 0 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers (Changes in Deferred Revenue) (Details) | 12 Months Ended |
Dec. 28, 2023 USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Liability, Current | $ (10,200,000) |
Contract with Customer, Liability, Change in Timeframe, Performance Obligation Satisfied, Revenue Recognized | 8.6 |
Contract with Customer, Liability, Current | $ (9,800,000) |
Revenue from Contracts with C_6
Revenue from Contracts with Customers (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2023 | Dec. 29, 2022 | Dec. 30, 2021 | |
National advertising revenue | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Accounts Receivable, Allowance for Credit Loss | $ 0.1 | $ 0.3 | $ 0.3 |
Accounts Receivable, Credit Loss Expense (Reversal) | (0.2) | 0.2 | |
Accounts Receivable, Allowance for Credit Loss, Writeoff | 0 | (0.2) | |
Local Advertising Revenue [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Accounts Receivable, Allowance for Credit Loss | 1.3 | 1.4 | $ 1.4 |
Accounts Receivable, Credit Loss Expense (Reversal) | 0.2 | 0.8 | |
Accounts Receivable, Allowance for Credit Loss, Writeoff | $ (0.3) | $ (0.8) |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 29, 2023 | Mar. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 29, 2023 | Jun. 30, 2022 | Dec. 28, 2023 | Dec. 29, 2022 | |
Earnings Per Share [Abstract] | ||||||||
Net income (loss) attributable to NCM, Inc. | $ 545.3 | $ (45.5) | $ (0.7) | $ (25.2) | $ 499.8 | $ (25.9) | $ 705.2 | $ (28.7) |
Basic (in shares) | 17,405,864 | 14,550,799 | 8,146,766 | 8,104,066 | 15,978,331 | 8,125,415 | 47,882,944 | 8,196,801 |
Add: Dilutive effect of stock options, restricted stock, and exchangeable NCM LLC common membership units | 0 | 0 | 0 | 0 | 1,370,808 | 0 | 691,639 | 0 |
Diluted (in shares) | 17,405,864 | 14,550,799 | 8,146,766 | 8,104,066 | 17,349,139 | 8,125,415 | 48,574,583 | 8,196,801 |
Basic (in usd per share) | $ 31.33 | $ (3.13) | $ (0.09) | $ (3.11) | $ 31.28 | $ (3.19) | $ 14.73 | $ (3.50) |
Diluted (in usd per share) | $ 31.33 | $ (3.13) | $ (0.09) | $ (3.11) | $ 28.32 | $ (3.19) | $ 14.34 | $ (3.50) |
Earnings Per Share (Schedule _2
Earnings Per Share (Schedule of Earnings Per Share, Basic and Diluted) (Additional Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2023 | Dec. 29, 2022 | Dec. 30, 2021 | |
Earnings Per Share [Abstract] | |||
Dilutive Securities, Effect on Basic Earnings Per Share, Options and Restrictive Stock Units, Tax | $ 0 | $ 22.2 | $ 42.3 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Aug. 03, 2023 | Jun. 29, 2023 | Mar. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 29, 2023 | Jun. 30, 2022 | Dec. 28, 2023 | Dec. 29, 2022 | Aug. 02, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||
Stockholders' Equity, Reverse Stock Split | 1:10 | |||||||||
Common stock, shares outstanding (in shares) | 17,411,323 | |||||||||
Net income (loss) attributable to NCM, Inc. | $ 545.3 | $ (45.5) | $ (0.7) | $ (25.2) | $ 499.8 | $ (25.9) | $ 705.2 | $ (28.7) | ||
Basic (in shares) | 17,405,864 | 14,550,799 | 8,146,766 | 8,104,066 | 15,978,331 | 8,125,415 | 47,882,944 | 8,196,801 | ||
Add: Dilutive effect of stock options, restricted stock, and exchangeable NCM LLC common membership units | 0 | 0 | 0 | 0 | 1,370,808 | 0 | 691,639 | 0 | ||
Diluted (in shares) | 17,405,864 | 14,550,799 | 8,146,766 | 8,104,066 | 17,349,139 | 8,125,415 | 48,574,583 | 8,196,801 | ||
Basic (in usd per share) | $ 31.33 | $ (3.13) | $ (0.09) | $ (3.11) | $ 31.28 | $ (3.19) | $ 14.73 | $ (3.50) | ||
Diluted (in usd per share) | $ 31.33 | $ (3.13) | $ (0.09) | $ (3.11) | $ 28.32 | $ (3.19) | $ 14.34 | $ (3.50) | ||
NCM Inc. [Member] | ||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||
Common stock, shares outstanding (in shares) | 174,112,385 | |||||||||
Stock Options And Non-Vested Restricted Stock [Member] | ||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||
Shares excluded from the calculation of diluted weighted average shares | 491,517 | 494,695 | 644,216 | 346,330 | 491,517 | 644,216 | 979,176 | 727,338 | ||
Common Membership Units [Member] | ||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||
Shares excluded from the calculation of diluted weighted average shares | 0 | 2,741,617 | 9,037,475 | 8,623,385 | 1,370,808 | 8,828,155 | 685,404 | 8,880,101 |
Property and Equipment (Summary
Property and Equipment (Summary of Property and Equipment) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 28, 2023 | Dec. 29, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Less: Accumulated depreciation | $ (1.6) | $ (54.8) |
Subtotal | 14.5 | 11.9 |
Construction in progress | 1.3 | 1.1 |
Total property and equipment | 15.8 | 13 |
NCM, LLC. | ||
Property, Plant and Equipment [Line Items] | ||
Business Acquisition, Pro Forma Revenue | 259.8 | 249.2 |
Business Acquisition, Pro Forma Net Income (Loss) | (200.5) | 755.9 |
Equipment, Computer Hardware And Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 15.4 | 63.8 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 0.7 | $ 2.9 |
RECONSOLIDATION OF NCM LLC - Sc
RECONSOLIDATION OF NCM LLC - Schedule of Assets Acquired (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Aug. 07, 2023 | Dec. 29, 2022 | Dec. 28, 2023 | Jun. 29, 2023 | Mar. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 29, 2023 | Jun. 30, 2022 | Dec. 28, 2023 | Dec. 29, 2022 | Aug. 06, 2023 | |
RECONSOLIDATION OF NCM LLC [Abstract] | ||||||||||||
Issuance of shares, shares | 242,500,000 | 12,400,000 | ||||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Additions | $ 415,800,000 | $ 10,800,000 | ||||||||||
Issuance of shares, shares | 242,500,000 | 12,400,000 | ||||||||||
Related Party Transaction, Amounts of Transaction | $ (15,200,000) | |||||||||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ (167,800,000) | 0 | ||||||||||
Revenue (including revenue from related parties of $14.2 and $14.4, respectively) | 165,200,000 | 249,200,000 | ||||||||||
Net income (loss) attributable to NCM, Inc. | $ 545,300,000 | $ (45,500,000) | $ (700,000) | $ (25,200,000) | $ 499,800,000 | $ (25,900,000) | 705,200,000 | (28,700,000) | ||||
Deconsolidation, Gain (Loss), Amount | (557,700,000) | 0 | ||||||||||
Transfers Related To Bankruptcy Settlement | ||||||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Related Party Transaction, Amounts of Transaction | $ 15,500,000 | |||||||||||
Secured Creditors | ||||||||||||
RECONSOLIDATION OF NCM LLC [Abstract] | ||||||||||||
Issuance of shares, shares | 83,421,135 | |||||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Issuance of shares, shares | 83,421,135 | |||||||||||
Share Price | $ 2.94 | |||||||||||
Stock Issued | $ 245,300,000 | $ 0 | ||||||||||
NCM, LLC. | ||||||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Investment Owned, at Cost | $ 11,900,000 | |||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | (35,500,000) | $ 0 | ||||||||||
Repayments of Unsecured Debt | 500,000 | |||||||||||
Payments to Acquire Additional Interest in Subsidiaries | $ 15,000,000 | |||||||||||
Revenue (including revenue from related parties of $14.2 and $14.4, respectively) | 155,100,000 | |||||||||||
Net income (loss) attributable to NCM, Inc. | $ 42 | |||||||||||
Equity Interest Acquired, Percentage | 2.80% | |||||||||||
NCM Inc. [Member] | ||||||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Percentage of common membership units outstanding | 10,000% | 100% | ||||||||||
NCM, LLC. | ||||||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Additions | $ 415 | |||||||||||
Business Combination, Separately Recognized Transactions, Assets Recognized | 483,400,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 49,600,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 74,800,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 7,200,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 14,800,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 574,700,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Amounts Due To Members, Net | (15,300,000) | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accrued Expenses | (700,000) | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accrued Payroll And Related Expenses | (9,900,000) | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (5,500,000) | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (91,300,000) | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue | (11,100,000) | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (1,500,000) | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-Term Debt | (10,000,000) | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | (37,300,000) | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Debt Issuance Cost Non-current | 2,400,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Fair Value of Intangible Assets Non-current | 415,000,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 10,000,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Investments Non -current | 900,000 | |||||||||||
Business Combination, Price of Acquisition, Expected | 483,400,000 | |||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets | $ 0.2 | |||||||||||
NCM, LLC. | Intangible Assets ESA | ||||||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Additions | 250 | |||||||||||
Weighted average remaining life | 13 years | 13 years | ||||||||||
NCM, LLC. | Intangible Assets Affiliates | ||||||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Additions | 75 | |||||||||||
Weighted average remaining life | 16 years | 16 years | ||||||||||
NCM, LLC. | Customer Relationships | ||||||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Additions | 75 | |||||||||||
Weighted average remaining life | 6 years | 6 years | ||||||||||
NCM, LLC. | Trademarks | ||||||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Additions | $ 15 | |||||||||||
Weighted average remaining life | 8 years | 8 years |
Intangible Assets (Narrative) (
Intangible Assets (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Aug. 07, 2023 | Mar. 31, 2022 | Dec. 28, 2023 | Dec. 29, 2022 | Dec. 30, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Proceeds From Integration And Other Encumbered Theater Payments Made By Affiliates | $ 5,000,000 | $ 2,800,000 | |||
Intangible assets, net of accumulated amortization | 394,300,000 | 586,700,000 | $ 606,300,000 | ||
Amortization expense | 22,400,000 | 25,000,000 | |||
Additions | 415,800,000 | 10,800,000 | |||
NCM, LLC. | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Additions | $ 415 | ||||
Related Party Founding Members | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Proceeds From Integration And Other Encumbered Theater Payments Made By Affiliates | 0 | 0 | |||
Intangible assets, net of accumulated amortization | 0 | 312,200,000 | |||
NCM, LLC. | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Common Membership Units Issued | 6,483,893 | ||||
Increase (decrease) in intangible assets, net | $ 10,400,000 | ||||
Finite-Lived Intangible Assets, Period Increase (Decrease), Affiliate Payments | $ 0.8 | $ 400,000 | |||
NCM, LLC. | Related Party Founding Members | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, net of accumulated amortization | $ 236,700,000 | $ 572,400,000 | |||
Weighted average remaining life | 12 years 7 months 6 days | 16 years 3 months 18 days | |||
NCM, LLC. | Network Affiliates | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, net of accumulated amortization | $ 73,200,000 | $ 14,300,000 | |||
Weighted average remaining life | 15 years 7 months 6 days | 6 years 1 month 6 days | |||
NCM, LLC. | AMC | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Increase (decrease) in intangible assets, net | $ (6,000,000) | $ (5,400,000) | |||
Proceeds From Integration And Other Encumbered Theater Payments Made By Affiliates | 4,200,000 | 2,800,000 | |||
NCM, LLC. | Customer Relations | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, net of accumulated amortization | $ 70,100,000 | $ 0 | |||
Weighted average remaining life | 5 years 7 months 6 days | 0 years | |||
NCM, LLC. | Trademark | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, net of accumulated amortization | $ 14,300,000 | $ 0 | |||
Weighted average remaining life | 7 years 7 months 6 days | 0 years | |||
AMC | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Common Membership Units Issued And Cancelled | 16,581,829 |
Intangible Assets (Summary of I
Intangible Assets (Summary of Intangible Asset's Activity) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 28, 2023 | Dec. 29, 2022 | |
Finite-Lived Intangible Assets [Line Items] | |||
AccAmort,InangibleAsset,Affiliates | $ 277.6 | $ 0.4 | |
Gross carrying amount, beginning balance | $ 851.9 | 856.9 | 851.9 |
Accumulated amortization, beginning balance | (245.6) | (270.2) | (245.6) |
Total intangible assets, net, beginning balance | $ 606.3 | 586.7 | 606.3 |
Additions | 415.8 | 10.8 | |
Other Intangible Assets, Net | (579.8) | 0 | |
Disposal Group, Including Discontinued Operation, Intangible Assets | (857.4) | (0.4) | |
Amortization | (22.4) | (25) | |
Integration and other encumbered theater payments | (6) | (5.4) | |
Gross carrying amount, ending balance | 409.3 | 856.9 | |
Accumulated amortization, ending balance | (15) | (270.2) | |
Total intangible assets, net, ending balance | $ 394.3 | $ 586.7 | |
NCM, LLC. | |||
Finite-Lived Intangible Assets [Line Items] | |||
Common membership units issued, net (in shares) | 4,140,896 | ||
Increase (decrease) in intangible assets, net | $ 10.4 | ||
Regal | |||
Finite-Lived Intangible Assets [Line Items] | |||
Common membership units issued, net (in shares) | 2,342,997 |
Intangible Assets (Summary of_2
Intangible Assets (Summary of Intangible Asset's Activity) (Additional Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 28, 2023 | Dec. 29, 2022 | |
Finite-Lived Intangible Assets [Line Items] | |||
Proceeds From Integration And Other Encumbered Theater Payments Made By Affiliates | $ 5 | $ 2.8 | |
NCM, LLC. | |||
Finite-Lived Intangible Assets [Line Items] | |||
Common membership units issued, net (in shares) | 4,140,896 | ||
Common membership units issued (in shares) | 6,483,893 | ||
Increase (decrease) in intangible assets, net | $ 10.4 |
Intangible Assets (Summary of E
Intangible Assets (Summary of Estimated Aggregate Amortization Expense) (Details) $ in Millions | Dec. 28, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2018 | $ 39.5 |
2019 | 39.5 |
2020 | 39.5 |
2021 | 39.5 |
2022 | $ 39.5 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Millions | Dec. 28, 2023 | Dec. 29, 2022 |
Payables and Accruals [Abstract] | ||
Accrued Liabilities, Current, Total | $ 1.6 | $ 17.8 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 28, 2023 | Dec. 29, 2022 | |
Income Taxes [Line Items] | ||
Percentage of cash savings related to taxes | 90% | |
Loss on re-measurement of the payable under the tax receivable agreement | $ 9.3 | $ (2.2) |
U.S. federal statutory rate | 21% | 21% |
Deferred Tax Assets, Operating Loss Carryforwards | $ 13.3 | $ 76.4 |
Gain (Loss) On Re Measurement Of Payable To Founding Members Under TRA | (24.2) | (19.2) |
NCM, LLC. | ||
Income Taxes [Line Items] | ||
Effective Income Tax Rate Reconciliation, Cancellation of Debt | 16.5 | 0 |
Effective Income Tax Rate Reconciliation, Deconsolidation Effects | (37.2) | 0 |
Related Party Founding Members | Tax Year 2019 | ||
Income Taxes [Line Items] | ||
Payments to affiliates for tax sharing agreement | $ 0.9 | |
Related Party Founding Members | Tax Year 2021 | ||
Income Taxes [Line Items] | ||
Payments to affiliates for tax sharing agreement | $ 0 | |
Federal | Minimum | ||
Income Taxes [Line Items] | ||
Income tax examination, year under examination | 2020 | |
Federal | Maximum | ||
Income Taxes [Line Items] | ||
Income tax examination, year under examination | 2022 | |
State | Minimum | ||
Income Taxes [Line Items] | ||
Income tax examination, year under examination | 2019 | |
State | Maximum | ||
Income Taxes [Line Items] | ||
Income tax examination, year under examination | 2022 |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Tax Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 28, 2023 | Dec. 29, 2022 | |
Income Tax Disclosure [Abstract] | ||
Total income tax provision | $ 0 | $ 0 |
Income Taxes (Schedule of Recon
Income Taxes (Schedule of Reconciliation of Provision for Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 28, 2023 | Dec. 29, 2022 | |
Income Tax Disclosure [Abstract] | ||
Income before income taxes | $ 146.5 | $ (13.9) |
Less: Noncontrolling interests | 1.8 | 7.9 |
Income attributable to NCM, Inc. | 148.3 | (6) |
Current year change to enacted federal and state rate | (0.2) | 1.1 |
State and local income taxes, net of federal benefit | 25.7 | (1.1) |
Share-based compensation | 1.4 | 0.6 |
Change in the valuation allowance (1) | (208.4) | 3.6 |
Executive compensation | 0.9 | 0.5 |
Other | (5.3) | 1.3 |
Total income tax provision | 0 | 0 |
Effective Income Tax Rate Reconciliation, Tax Attribute Reduction (1) | 63.1 | 0 |
NCM, LLC. | ||
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation, Cancellation of Debt | 16.5 | 0 |
Effective Income Tax Rate Reconciliation, Deconsolidation Effects | (37.2) | 0 |
Effective Income Tax Rate Reconciliation, Bankruptcy Effects | (4.8) | 0 |
Income Taxes [Line Items] | ||
Effective Income Tax Rate Reconciliation, Bankruptcy Effects | $ (4.8) | $ 0 |
Income Taxes (Schedule of Com_2
Income Taxes (Schedule of Components of Deferred Tax Assets) (Details) - USD ($) $ in Millions | Dec. 28, 2023 | Dec. 29, 2022 |
Income Tax Disclosure [Abstract] | ||
Investment in consolidated subsidiary NCM LLC | $ 127.1 | $ 149.7 |
Share-based compensation | 0.8 | 1 |
Net operating losses | 13.3 | 76.4 |
Accrued bonus | 0.7 | 0.1 |
Interest Expense, Other | 3.7 | 18.2 |
Other | 0.4 | 0.1 |
Total gross deferred tax assets | 146 | 245.5 |
Valuation allowance | (146) | (245.5) |
Total deferred tax assets, net of valuation allowance | $ 0 | $ 0 |
Income Taxes (Schedule of Com_3
Income Taxes (Schedule of Components of Deferred Tax Assets) (Additional Information) (Details) - USD ($) $ in Millions | Dec. 28, 2023 | Dec. 29, 2022 |
Income Tax Disclosure [Abstract] | ||
Deferred tax assets recognized | $ 127.1 | $ 149.7 |
Deferred Tax Assets, Valuation Allowance | $ 146 | $ 245.5 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) | 12 Months Ended | |||
Dec. 28, 2023 item $ / shares shares | Aug. 07, 2023 USD ($) | Aug. 03, 2023 shares | Dec. 29, 2022 $ / shares shares | |
Class of Stock [Line Items] | ||||
Common stock, shares authorized (in shares) | 260,000,000 | |||
Common stock, par value (in usd per share) | $ / shares | $ 0.01 | |||
Common stock, shares issued (in shares) | 96,837,039 | 12,840,264 | ||
Common stock, shares outstanding (in shares) | 17,411,323 | |||
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 | ||
Preferred stock, par value (in usd per share) | $ / shares | $ 0.01 | $ 0.01 | ||
Preferred stock, shares issued (in shares) | 50 | |||
Preferred stock, shares outstanding (in shares) | 0 | |||
Number of votes per common share | item | 1 | |||
NCM, LLC. | ||||
Class of Stock [Line Items] | ||||
Members' Equity | $ | $ 0 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) | 5 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Aug. 07, 2023 | Jul. 02, 2015 | Dec. 31, 2015 | Sep. 28, 2023 | Sep. 29, 2022 | Dec. 28, 2023 | Dec. 29, 2022 | Jul. 31, 2018 | Dec. 26, 2013 | |
Related Party Transaction [Line Items] | |||||||||
On-screen advertising time to satisfy agreement obligations, in seconds | 30 seconds | 30 seconds | 30 seconds | ||||||
Percentage of cash savings related to taxes | 90% | ||||||||
Investment in AC JV, LLC | $ 0 | $ 100,000 | |||||||
Network costs | $ 6,300,000 | 8,400,000 | |||||||
Document Period End Date | Dec. 28, 2023 | ||||||||
On-screen advertising time purchased, in seconds | 60 seconds | ||||||||
Negative Distributions Made to Limited Liability Company | $ 50,600,000 | $ 39,400,000 | |||||||
AC JV, LLC [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Investment in AC JV, LLC | $ 700,000 | 800,000 | |||||||
Related Party Founding Members | NCM LLC | Founding Members | Founding Members | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related Party Transaction, Description of Transaction | Following is a summary of the related party transactions between the Company and the ESA Parties (in millions): Years EndedIncluded in the Consolidated Statements of Operations:December 28, 2023December 29, 2022Revenue:(1)Beverage concessionaire revenue (included in advertising revenue) (2)$4.1 $14.4 Management fee reimbursement (3)$10.1 $— Operating expenses:ESA theater access fee and revenue share (4)$16.5 $59.4 Selling and marketing costs (5)$— $0.1 (1)For the year ended December 28, 2023 there was no related party activity subsequent to the deconsolidation of NCM LLC on April 11, 2023 for AMC, Cinemark and Regal as they were not considered related parties of NCM, Inc. nor was there any activity following the reconsolidation of NCM LLC on August 7, 2023, as AMC, Cinemark and Regal were no longer considered related parties.(2)For the full years ended December 28, 2023 and December 29, 2022, Regal and Cinemark purchased 60 seconds of on-screen advertising time (all three ESA Parties having a right to purchase up to 90 seconds) from NCM LLC to satisfy their obligations under their beverage concessionaire agreements at a 30 second equivalent CPM rate specified by the ESA.(3)Comprised of payments from NCM LLC to NCM, Inc. for managing NCM LLC during the period where NCM LLC was deconsolidated of April 11, 2023 through August 7, 2023.(4)Comprised of payments per theater attendee, payments per digital screen with respect to the ESA Party theaters included in the Company’s network, payments for access to higher quality digital cinema equipment and payments to Cinemark and Regal for their portion of the Platinum Spot revenue for the utilization of the theaters post-showtime in accordance with the 2019 ESA Amendments. (5)Includes purchase of movie tickets, concession products, rental of theater space primarily for marketing to NCM LLC’s advertising clients and other payments made to the ESA Parties in the ordinary course of business. As ofIncluded in the Consolidated Balance Sheets:December 28, 2023December 29, 2022Common unit adjustments, net of amortization and integration payments (included in intangible assets) (1)$— $312.2 Current payable under the TRA (2)$— $0.2 Long-term payable under the TRA (2)$— $25.5 | ||||||||
AMC | |||||||||
Related Party Transaction [Line Items] | |||||||||
Proceeds from sale of common stock | $ 0 | ||||||||
Regal | |||||||||
Related Party Transaction [Line Items] | |||||||||
Negative Distributions Made to Limited Liability Company | 0 | 9,300,000 | |||||||
Regal | AC JV, LLC [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Ownership percentage | 32% | ||||||||
Cinemark | |||||||||
Related Party Transaction [Line Items] | |||||||||
Negative Distributions Made to Limited Liability Company | 0 | 10,500,000 | |||||||
Cinemark | Tax Year 2022 | |||||||||
Related Party Transaction [Line Items] | |||||||||
Payment to founding members under TRA | $ 0 | ||||||||
Cinemark | Tax Year 2021 | |||||||||
Related Party Transaction [Line Items] | |||||||||
Payment to founding members under TRA | $ 0 | ||||||||
Cinemark | AC JV, LLC [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Ownership percentage | 32% | ||||||||
Two Founding Members [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
On-screen advertising time purchased, in seconds | 60 seconds | 60 seconds | 60 seconds | ||||||
NCM Inc. [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Negative Distributions Made to Limited Liability Company | $ 50,600,000 | $ 19,600,000 | |||||||
NCM, LLC. | |||||||||
Related Party Transaction [Line Items] | |||||||||
Payments to Acquire Additional Interest in Subsidiaries | $ 15,000,000 | ||||||||
NCM, LLC. | Revolving Credit Facility 2023 | |||||||||
Related Party Transaction [Line Items] | |||||||||
Weighted-average interest rate | 920% | ||||||||
NCM, LLC. | AC JV, LLC [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Investment in AC JV, LLC | $ 700,000 | $ 800,000 | |||||||
Equity in earnings of non-consolidated entities | $ 600,000 | $ 400,000 | |||||||
NCM, LLC. | Regal | |||||||||
Related Party Transaction [Line Items] | |||||||||
Membership units exchangeable into common stock ratio | 100% | ||||||||
Number Of Days Utilized Within Membership Unit Redemption Payment Calculation | 3 days | ||||||||
NCM Inc. [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Percentage of common membership units outstanding | 10,000% | 100% | |||||||
Regal | |||||||||
Related Party Transaction [Line Items] | |||||||||
Percentage of common membership units outstanding | 0% | ||||||||
Units of Partnership Interest, Cash Surrender Value | $ 13 | ||||||||
Units of Partnership Interest, Amount Surrendered | 4,068,381 | ||||||||
AMC | |||||||||
Related Party Transaction [Line Items] | |||||||||
Percentage of common membership units outstanding | 0% | ||||||||
AMC | NCM, LLC. | |||||||||
Related Party Transaction [Line Items] | |||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 0% | 5% | |||||||
Cinemark | |||||||||
Related Party Transaction [Line Items] | |||||||||
Percentage of common membership units outstanding | 0% | ||||||||
Cinemark | NCM, LLC. | |||||||||
Related Party Transaction [Line Items] | |||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 5% | 0% | |||||||
Cinemark | NCM Inc. [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 450% | ||||||||
Minimum | |||||||||
Related Party Transaction [Line Items] | |||||||||
On-screen advertising time to satisfy agreement obligations, in seconds | 30 seconds | ||||||||
Maximum | |||||||||
Related Party Transaction [Line Items] | |||||||||
On-screen advertising time to satisfy agreement obligations, in seconds | 60 seconds | ||||||||
On-screen advertising time which founding members have right to purchase, in seconds | 90 seconds | 90 seconds | 90 seconds |
Related Party Transactions (Sum
Related Party Transactions (Summary of Transactions Between the Company and the Founding Members Included in Statements of Income) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 28, 2023 | Dec. 29, 2022 | |
Related Party Transaction [Line Items] | ||
Revenue | $ 165.2 | $ 249.2 |
Selling and marketing costs | 29.6 | 42.8 |
Administrative and other costs | 57.3 | 44.3 |
ACJV Cash Distributions | 0.6 | 0.4 |
Related Party Founding Members | ||
Related Party Transaction [Line Items] | ||
Revenue | 14.2 | 14.4 |
Selling and marketing costs | 0 | 0.1 |
Interest income from notes receivable (included in interest income) | 16.5 | 59.4 |
Revenue, Management Fee | 10.1 | 0 |
Costs and Expenses, Related Party | 16.5 | 59.4 |
Beverage Concessionaire | Related Party Founding Members | ||
Related Party Transaction [Line Items] | ||
Revenue | $ 4.1 | $ 14.4 |
Related Party Transactions (S_2
Related Party Transactions (Summary of Transactions Between the Company and the Founding Members Included in Statements of Income) (Additional Information) (Details) - USD ($) $ in Millions | 5 Months Ended | 6 Months Ended | 12 Months Ended | |
Jul. 02, 2015 | Dec. 31, 2015 | Dec. 28, 2023 | Dec. 29, 2022 | |
Related Party Transaction [Line Items] | ||||
On-screen advertising time purchased, in seconds | 60 seconds | |||
On-screen advertising time to satisfy agreement obligations, in seconds | 30 seconds | 30 seconds | 30 seconds | |
ACJV Cash Distributions | $ 0.6 | $ 0.4 | ||
One Founding Members [Member] | ||||
Related Party Transaction [Line Items] | ||||
On-screen advertising time purchased, in seconds | 30 seconds | 30 seconds | 30 seconds | |
Two Founding Members [Member] | ||||
Related Party Transaction [Line Items] | ||||
On-screen advertising time purchased, in seconds | 60 seconds | 60 seconds | 60 seconds | |
Maximum | ||||
Related Party Transaction [Line Items] | ||||
On-screen advertising time to satisfy agreement obligations, in seconds | 60 seconds | |||
On-screen advertising time which founding members have right to purchase, in seconds | 90 seconds | 90 seconds | 90 seconds | |
Minimum | ||||
Related Party Transaction [Line Items] | ||||
On-screen advertising time to satisfy agreement obligations, in seconds | 30 seconds |
Related Party Transactions (S_3
Related Party Transactions (Summary of Transactions Between the Company and the Founding Members Included in Balance Sheets) (Details) - USD ($) $ in Millions | Dec. 28, 2023 | Dec. 29, 2022 | Dec. 30, 2021 |
Related Party Transaction [Line Items] | |||
Intangible assets, net of accumulated amortization | $ 394.3 | $ 586.7 | $ 606.3 |
Current payable to founding members under tax receivable agreement | 0 | 0.3 | |
Long-term payable to founding members under tax receivable agreement | 59.8 | 35.3 | |
Related Party Founding Members | |||
Related Party Transaction [Line Items] | |||
Intangible assets, net of accumulated amortization | 0 | 312.2 | |
Current payable to founding members under tax receivable agreement | 0 | 0.2 | |
Long-term payable to founding members under tax receivable agreement | $ 0 | $ 25.5 |
Related Party Transactions (Sch
Related Party Transactions (Schedule of Mandatory Distributions to Members) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 28, 2023 | Dec. 29, 2022 | Sep. 28, 2023 | Sep. 29, 2022 | Dec. 29, 2022 | |
Related Party Transaction [Line Items] | |||||
Cash distributions declared to members | $ 30.3 | $ 19.3 | |||
Negative Distributions Made to Limited Liability Company | $ 50.6 | $ 39.4 | |||
Related Party Transaction, Due from (to) Related Party | $ 15.2 | ||||
Cinemark | |||||
Related Party Transaction [Line Items] | |||||
Cash distributions declared to members | 0 | 4.9 | |||
Negative Distributions Made to Limited Liability Company | 0 | 10.5 | |||
Related Party Transaction, Due from (to) Related Party | 11.1 | ||||
Regal | |||||
Related Party Transaction [Line Items] | |||||
Negative Distributions Made to Limited Liability Company | 0 | 9.3 | |||
Related Party Transaction, Due from (to) Related Party | $ 4.1 | ||||
NCM Inc. [Member] | |||||
Related Party Transaction [Line Items] | |||||
Cash distributions declared to members | $ 30.3 | $ 14.4 | |||
Negative Distributions Made to Limited Liability Company | $ 50.6 | $ 19.6 |
Related Party Transactions (S_4
Related Party Transactions (Schedule of Amounts Due to Founding Members) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 28, 2023 | Sep. 29, 2022 | Dec. 29, 2022 | |
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ (15.2) | ||
Negative Distributions Made to Limited Liability Company | $ 50.6 | $ 39.4 | |
Theater Access Fees Net Of Beverage Revenues And Other Encumbered Theaters Payments | 15.2 | ||
Cinemark | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | (11.1) | ||
Negative Distributions Made to Limited Liability Company | 0 | 10.5 | |
Theater Access Fees Net Of Beverage Revenues And Other Encumbered Theaters Payments | 11.1 | ||
Regal | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | (4.1) | ||
Negative Distributions Made to Limited Liability Company | $ 0 | $ 9.3 | |
Theater Access Fees Net Of Beverage Revenues And Other Encumbered Theaters Payments | $ 4.1 |
Borrowings (Schedule of Outstan
Borrowings (Schedule of Outstanding Debt) (Details) | 3 Months Ended | 12 Months Ended | |||||||
Aug. 07, 2023 USD ($) | Dec. 28, 2023 USD ($) | Dec. 28, 2023 USD ($) | Dec. 29, 2022 USD ($) | Jan. 05, 2022 USD ($) | Dec. 30, 2021 USD ($) | Mar. 08, 2021 USD ($) | Mar. 18, 2020 USD ($) | Aug. 19, 2016 | |
Debt Instrument [Line Items] | |||||||||
Less: Debt issuance costs and discounts related to term loans and senior notes | $ (2,200,000) | $ (2,200,000) | $ (11,200,000) | $ (15,000,000) | |||||
Long-term Debt | 10,000,000 | 10,000,000 | 1,121,100,000 | ||||||
Less: current portion of debt | 0 | 0 | (1,121,100,000) | ||||||
Carrying value of long-term debt | 10,000,000 | 10,000,000 | 0 | ||||||
Unrestricted Cash and Cash Equivalent | 100,000,000 | 100,000,000 | |||||||
Revolving Credit Facility, Debt Draw | $ 110,000,000 | ||||||||
Credit Agreement Third Amendment | |||||||||
Debt Instrument [Line Items] | |||||||||
Loss on the Modification of Debt | $ 0.4 | ||||||||
Debt Issuance Costs, Line of Credit Arrangements, Gross | 6.4 | ||||||||
NCM, LLC. | |||||||||
Debt Instrument [Line Items] | |||||||||
Outstanding Balance | 10,000,000 | 10,000,000 | 1,129,000,000 | ||||||
Less: Debt issuance costs and discounts related to term loans and senior notes | 0 | 0 | (7,900,000) | ||||||
Long-term Debt | 10,000,000 | $ 10,000,000 | |||||||
NCM, LLC. | Revolving credit facility 2023 | |||||||||
Debt Instrument [Line Items] | |||||||||
Outstanding Balance | 167,000,000 | ||||||||
NCM, LLC. | 2022 Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity date | Jun. 20, 2023 | ||||||||
NCM, LLC. | RevolvingCreditFacilityMember2022 | |||||||||
Debt Instrument [Line Items] | |||||||||
Outstanding Balance | 0 | $ 0 | 50,000,000 | ||||||
Borrowing amount of credit facility | $ 50,000,000 | ||||||||
NCM, LLC. | RevolvingCreditFacilityMember2022 | Base Rate [Member] | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rates | 1% | ||||||||
NCM, LLC. | RevolvingCreditFacilityMember2022 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rates | 8% | ||||||||
NCM, LLC. | RevolvingCreditFacilityMember2018 | |||||||||
Debt Instrument [Line Items] | |||||||||
Outstanding Balance | 0 | 0 | |||||||
NCM, LLC. | Revolving Credit Facility 2023 | |||||||||
Debt Instrument [Line Items] | |||||||||
Outstanding Balance | $ 10,000,000 | $ 10,000,000 | $ 0 | ||||||
Maturity date | Aug. 07, 2026 | ||||||||
Borrowing amount of credit facility | $ 55,000,000 | ||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 44,400,000 | ||||||||
Line Of Credit Facility, Percentage Of Revolving Commitment | 10% | ||||||||
Debt Intstrument, Debt Covenant Aggregate Revolving Commitment Trigger | 10% | 1,500% | 1,500% | ||||||
Debt Instrument, Trigger Amount Covenant | $ 5,000,000 | $ 8.25 | $ 8.25 | ||||||
NCM, LLC. | Revolving Credit Facility 2023 | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Fixed Coverage Covenant | 1.1 | 54.2 | 54.2 | ||||||
NCM, LLC. | Revolving Credit Facility 2023 | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Fixed Coverage Covenant | 1 | 1 | 1 | ||||||
NCM, LLC. | Revolving Credit Facility 2023 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate, percent | 4.50% | ||||||||
NCM, LLC. | Revolving Credit Facility 2023 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate, percent | 3.75% | ||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 5,000% | ||||||||
NCM, LLC. | 2018 Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity date | Jun. 20, 2023 | ||||||||
NCM, LLC. | Letters of Credit [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 600,000 | ||||||||
NCM, LLC. | Credit Agreement Third Amendment | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate, percent | 2% | ||||||||
NCM, LLC. | Credit Agreement Third Amendment | Base Rate [Member] | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rates | 1% | ||||||||
NCM, LLC. | Initial credit agreement | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rates | 3.50% | ||||||||
NCM, LLC. | Initial credit agreement | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate, percent | 3% | ||||||||
NCM, LLC. | Initial credit agreement | Base Rate [Member] | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rates | 2.50% | ||||||||
NCM, LLC. | Initial credit agreement | Base Rate [Member] | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rates | 2% | ||||||||
NCM, LLC. | Credit Agreement Second Amendment | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate, percent | 2.75% | ||||||||
NCM, LLC. | Credit Agreement Second Amendment | Base Rate [Member] | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rates | 1.75% | ||||||||
NCM, LLC. | Term Loan Second Tranche | |||||||||
Debt Instrument [Line Items] | |||||||||
Outstanding Balance | $ 0 | $ 0 | $ 49,300,000 | ||||||
NCM, LLC. | Term Loan - First Tranche | |||||||||
Debt Instrument [Line Items] | |||||||||
Outstanding Balance | $ 0 | $ 0 | 258,500,000 | ||||||
Maturity date | Jun. 20, 2025 | ||||||||
Basis spread on variable rate, percent | 400% | ||||||||
NCM, LLC. | Term Loan - First Tranche | Base Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate, percent | 300% | ||||||||
NCM, LLC. | Term Loan - Second Tranche | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity date | Dec. 20, 2024 | ||||||||
Basis spread on variable rate, percent | 8% | ||||||||
Other Long-Term Debt | $ 50,000,000 | ||||||||
NCM, LLC. | Senior secured notes due 2028 | |||||||||
Debt Instrument [Line Items] | |||||||||
Outstanding Balance | $ 0 | $ 0 | 230,000,000 | ||||||
Maturity date | Aug. 15, 2026 | ||||||||
Interest Rate | 5.75% | 5.75% | 5.75% | ||||||
Debt Instrument, Cure Payments | $ 10,000,000 | ||||||||
NCM, LLC. | Senior Secured Notes Due Two Zero Two Eight [Member] [Domain] | |||||||||
Debt Instrument [Line Items] | |||||||||
Outstanding Balance | $ 0 | $ 0 | $ 374,200,000 | ||||||
Maturity date | Apr. 15, 2028 | ||||||||
Interest Rate | 5.875% | 5.875% |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) | 3 Months Ended | 12 Months Ended | ||||||
Aug. 07, 2023 USD ($) | Dec. 28, 2023 USD ($) | Dec. 28, 2023 USD ($) | Dec. 29, 2022 USD ($) | Jan. 05, 2022 | Mar. 08, 2021 USD ($) | Oct. 08, 2019 USD ($) | Aug. 19, 2016 USD ($) | |
Debt Instrument [Line Items] | ||||||||
Cash and cash equivalents | $ 34,600,000 | $ 34,600,000 | $ 61,700,000 | |||||
Term Loan - Second Tranche, Net | $ 43,000,000 | |||||||
Debt Securities, Available-for-Sale, Noncurrent | 0 | 0 | 300,000 | |||||
Long Term Certificates of Deposit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Securities, Available-for-Sale, Noncurrent | 300,000 | |||||||
Revolving Credit Facility 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt issuance costs | $ 2,400,000 | |||||||
Proceeds from Lines of Credit | 9,100,000 | |||||||
Senior Secured Notes Due Two Thousand Twenty Eight | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument face amount | $ 400,000,000 | |||||||
Stated interest rate | 5.875% | |||||||
Debt instrument issued percentage of face value | 100% | |||||||
NCM, LLC. | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, carrying value | $ 10,000,000 | $ 10,000,000 | 1,129,000,000 | |||||
NCM, LLC. | Term Loan - Second Tranche | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity date | Dec. 20, 2024 | |||||||
Amortization rate | 1% | |||||||
Basis spread on variable rate, percent | 8% | |||||||
NCM, LLC. | Term Loan - First Tranche | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, carrying value | $ 0 | $ 0 | 258,500,000 | |||||
Maturity date | Jun. 20, 2025 | |||||||
Basis spread on variable rate, percent | 400% | |||||||
NCM, LLC. | RevolvingCreditFacilityMember2022 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, carrying value | $ 0 | $ 0 | 50,000,000 | |||||
NCM, LLC. | Revolving credit facility 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, carrying value | 167,000,000 | |||||||
Unused line fee, percent | 0.50% | |||||||
NCM, LLC. | Revolving Credit Facility 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, carrying value | $ 10,000,000 | $ 10,000,000 | 0 | |||||
Maturity date | Aug. 07, 2026 | |||||||
Remaining borrowing capacity of credit facility | $ 10 | $ 10 | ||||||
Weighted-average interest rate | 920% | 920% | ||||||
Debt Instrument, Trigger Amount Covenant | $ 5,000,000 | $ 8.25 | $ 8.25 | |||||
Debt Intstrument, Debt Covenant Aggregate Revolving Commitment Trigger | 10% | 1,500% | 1,500% | |||||
Line of Credit Facility, Current Borrowing Capacity | $ 44,400,000 | |||||||
NCM, LLC. | Senior secured notes due 2028 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, carrying value | $ 0 | $ 0 | 230,000,000 | |||||
Maturity date | Aug. 15, 2026 | |||||||
Debt instrument face amount | $ 250,000,000 | |||||||
Stated interest rate | 5.75% | 5.75% | 5.75% | |||||
Debt instrument issued percentage of face value | 100% | |||||||
NCM, LLC. | Senior Secured Notes Due Two Zero Two Eight [Member] [Domain] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, carrying value | $ 0 | $ 0 | $ 374,200,000 | |||||
Maturity date | Apr. 15, 2028 | |||||||
Stated interest rate | 5.875% | 5.875% | ||||||
NCM, LLC. | Maximum | Initial credit agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rates | 3.50% | |||||||
NCM, LLC. | Maximum | Revolving Credit Facility 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Fixed Coverage Covenant | 1.1 | 54.2 | 54.2 | |||||
NCM, LLC. | Minimum | Initial credit agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate, percent | 3% | |||||||
NCM, LLC. | Minimum | Credit Agreement Second Amendment | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate, percent | 2.75% | |||||||
NCM, LLC. | Minimum | Revolving Credit Facility 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Fixed Coverage Covenant | 1 | 1 | 1 | |||||
NCM, LLC. | Minimum | Credit Agreement Third Amendment | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate, percent | 2% | |||||||
NCM, LLC. | Base Rate [Member] | Term Loan - First Tranche | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate, percent | 300% | |||||||
NCM, LLC. | Base Rate [Member] | Maximum | Initial credit agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rates | 2.50% | |||||||
NCM, LLC. | Base Rate [Member] | Minimum | RevolvingCreditFacilityMember2022 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rates | 1% | |||||||
NCM, LLC. | Base Rate [Member] | Minimum | Initial credit agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rates | 2% | |||||||
NCM, LLC. | Base Rate [Member] | Minimum | Credit Agreement Second Amendment | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rates | 1.75% | |||||||
NCM, LLC. | Base Rate [Member] | Minimum | Credit Agreement Third Amendment | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rates | 1% | |||||||
NCM, LLC. | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum | Revolving Credit Facility 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate, percent | 4.50% | |||||||
NCM, LLC. | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum | RevolvingCreditFacilityMember2022 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rates | 8% | |||||||
NCM, LLC. | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum | Revolving Credit Facility 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate, percent | 3.75% |
Borrowings (Schedule of Annual
Borrowings (Schedule of Annual Maturities on Credit Facility and Senior Notes) (Details) - USD ($) $ in Millions | Dec. 28, 2023 | Dec. 29, 2022 |
Debt Instrument [Line Items] | ||
Total | $ 10 | $ 1,121.1 |
NCM, LLC. | ||
Debt Instrument [Line Items] | ||
2019 | 0 | |
2020 | 0 | |
2021 | 10 | |
2022 | 0 | |
2023 | 0 | |
Thereafter | 0 | |
Total | 10 | |
Outstanding Balance | 10 | 1,129 |
NCM, LLC. | Senior Secured Notes Due Two Zero Two Eight [Member] [Domain] | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 0 | $ 374.2 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) | 12 Months Ended | ||||||||
Aug. 18, 2023 | Aug. 03, 2023 | Dec. 28, 2023 | Dec. 29, 2022 | Dec. 30, 2021 | Dec. 26, 2013 | Dec. 27, 2012 | Nov. 02, 2023 | Aug. 07, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common stock available for grants | 12,394,912 | ||||||||
Achievement of percentage in performance based restricted stock | 100% | ||||||||
Recognized share-based compensation expense | $ 4,500,000 | $ 7,100,000 | |||||||
Capitalized share-based compensation expense | 100,000 | 200,000 | |||||||
Income tax benefit from share-based compensation | $ 0 | 0 | |||||||
Weighted average remaining period over which unrecognized compensation costs will be recognized | 1 year 4 months 24 days | ||||||||
Number of restricted stock and restricted stock units expected to vest, after consideration of expected forfeitures of shares | 737,232 | ||||||||
Number of restricted shares and restricted stock units, Granted (in shares) | 100,000 | 497,390 | |||||||
Stockholders' Equity, Reverse Stock Split | 1:10 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Percentage of Outstanding Stock Maximum | 2,000% | ||||||||
2016 Equity Incentive Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common stock available for issuance | 2,388,302 | ||||||||
2020 Omnibus Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common stock available for issuance | 7,500,000 | 12,000,000 | 1,500,000 | ||||||
2020 Omnibus Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Weighted average grant date fair value of granted options | $ 35 | ||||||||
Weighted average remaining contractual life, Exercisable | 6 years 7 months 6 days | ||||||||
Unvested Stock Options [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Unrecognized compensation expense related to non-vested options | $ 300,000 | ||||||||
Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Unrecognized compensation expense related to non-vested options | $ 2,100,000 | ||||||||
Weighted average remaining period over which unrecognized compensation costs will be recognized | 1 year 10 months 24 days | ||||||||
Fair value of awards vested | $ 7,100,000 | 5,900,000 | |||||||
Accrued dividend | $ 300,000 | $ 800,000 | |||||||
Vesting percentage for year | 33.33% | ||||||||
Vesting description | The Company has issued time-based restricted stock to its employees which vests over a three-year period with one-third vesting on each anniversary of the date of grant and performance-based restricted stock which vests following a three-year measurement period to the extent that the Company achieves specified non-GAAP targets at the end of the measurement period. | ||||||||
Weighted average grant date fair value of granted options | $ 3.42 | $ 2.12 | |||||||
Restricted Stock [Member] | Minimum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 2 years | ||||||||
Measurement period | 2 years | ||||||||
Restricted Stock [Member] | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 3 years | ||||||||
Measurement period | 3 years | ||||||||
Restricted Stock [Member] | Minimum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Estimated annual forfeiture rate, percentage | 2% | ||||||||
Restricted Stock [Member] | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Estimated annual forfeiture rate, percentage | 6% | ||||||||
Stock Options [Member] | 2007 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 0 | 0 | 0 | 0 | 0 | ||||
Stock Options [Member] | 2020 Omnibus Plan | Minimum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Options contractual term | 10 years | ||||||||
Stock Options [Member] | 2020 Omnibus Plan | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Options contractual term | 15 years | ||||||||
Restricted Stock and Restricted Stock Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Dividend payments during period upon vesting of stock units | $ 500,000 | $ 500,000 | |||||||
Restricted Stock and Restricted Stock Units | Minimum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 2 years | ||||||||
Restricted Stock and Restricted Stock Units | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 3 years | ||||||||
Performance Shares | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of restricted stock and restricted stock units expected to vest, after consideration of expected forfeitures of shares | 145,043 | ||||||||
Number of restricted shares and restricted stock units, Granted (in shares) | 74,560 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | 2,475 |
Share-Based Compensation (Sched
Share-Based Compensation (Schedule of Share-Based Compensation Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 28, 2023 | Dec. 29, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total share-based compensation costs | $ 4.5 | $ 7.1 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 4.10% | 2.60% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 86.40% | 68.10% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | 4.80% |
Network Costs | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total share-based compensation costs | $ 0.3 | $ 0.7 |
Selling and Marketing Costs | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total share-based compensation costs | 0.7 | 1.7 |
Administrative Cost | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total share-based compensation costs | $ 3.5 | $ 4.7 |
Share-Based Compensation (Summa
Share-Based Compensation (Summary of Option Award Activity) (Details) - $ / shares | 12 Months Ended | ||
Dec. 28, 2023 | Dec. 29, 2022 | Dec. 30, 2021 | |
Weighted Average Remaining Contractual Life (in years) | |||
Weighted average remaining contractual life, Outstanding | 6 years 7 months 6 days | 6 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 4.10% | 2.60% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 86.40% | 68.10% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | 4.80% | |
Number of restricted stock and restricted stock units expected to vest, after consideration of expected forfeitures of shares | 737,232 | ||
2020 Omnibus Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 25,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 35 | ||
Weighted Average Number of Shares Outstanding, Basic [Abstract] | |||
Options, Outstanding, beginning balance (in shares) | 209,779 | ||
Options, Forfeited (in shares) | 0 | ||
Options, Expired (in shares) | 0 | ||
Options, Outstanding, ending balance (in shares) | 234,779 | 209,779 | |
Options, Exercisable (in shares) | 157,517 | ||
Options, Vested and Expected to Vest (in shares) | 233,045 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Weighted Average Exercise Price, Outstanding, beginning balance (in dollars per share) | $ 43.39 | ||
Weighted average exercise price, Forfeited (in dollars per share) | 0 | ||
Weighted average exercise price, Expired (in dollars per share) | 0 | ||
Weighted average exercise price, Outstanding, ending balance (in dollars per share) | 42.59 | $ 43.39 | |
Weighted average exercise price, Exercisable (in dollars per share) | 49.31 | ||
Weighted average exercise price, Vested and Expected to Vest (in dollars per share) | $ 42.50 | ||
Weighted Average Remaining Contractual Life (in years) | |||
Weighted average remaining contractual life, Outstanding | 7 years 3 months 18 days | 8 years | |
Weighted average remaining contractual life, Exercisable | 6 years 7 months 6 days | ||
Weighted average remaining contractual life, Vested and Expected to Vest | 7 years 3 months 18 days |
Share-Based Compensation (Sum_2
Share-Based Compensation (Summary of Restricted Stock Awards and Restricted Stock Units) (Details) - $ / shares | 12 Months Ended | |
Aug. 18, 2023 | Dec. 28, 2023 | |
Number of Restricted Stock Units (1) | ||
Number of restricted shares and restricted stock units, Non-vested, beginning balance (in shares) | 516,384 | |
Number of restricted shares and restricted stock units, Granted (in shares) | 100,000 | 497,390 |
Number of restricted shares and restricted stock units, Vested (in shares) | 50,000 | (239,450) |
Number of restricted shares and restricted stock units, Forfeited (in shares) | (29,927) | |
Number of restricted shares and restricted stock units, Non-vested, ending balance (in shares) | 744,397 | |
Weighted Average Grant-Date Fair Value | ||
Weighted average grant-date fair value, Non-vested, beginning balance (in dollars per share) | $ 28.04 | |
Weighted average grant-date fair value, Granted (in dollars per share) | 3.42 | |
Weighted average grant-date fair value, Vested (in dollars per share) | 29.40 | |
Weighted average grant-date fair value, Forfeited (in dollars per share) | 42.96 | |
Weighted average grant-date fair value, Non-vested, ending balance (in dollars per share) | $ 10.55 | |
Share-Based Compensation | 11. SHARE-BASED COMPENSATION The NCM, Inc. 2020 Omnibus Equity Incentive Plan (the “2020 Plan”) was approved by NCM, Inc.'s stockholders on April 28, 2020 and approved 7,500,000 shares of common stock available for issuance or delivery under the 2020 Plan and an additional 7,500,000 shares of common stock available for issuance or delivery was approved on May 4, 2022. On August 3, 2023, the Company effected a one-for-ten (1:10) reverse stock split of its common stock, par value $0.01 per share. The reverse stock split, which was authorized by its Board of Directors, was approved by the Company’s stockholders on August 2, 2023. The reverse stock split reduced the number of outstanding shares of the Company’s 2020 Plan to 1,500,000. NCM, Inc.'s stockholders approved an additional 12,000,000 shares of common stock available for issuance or delivery under the 2020 Plan on November 2, 2023. The Company began issuing shares under the 2020 Plan in the second quarter of 2020. The 2020 Plan replaced NCM, Inc.’s 2016 Equity Incentive Plan (the “2016 Plan”), which replaced the 2007 Equity Incentive Plan (the “2007 Plan”). The 2020 Plan also includes 2,388,302 shares related to the number of shares reserved for issuance under the 2016 Plan that remained available for grant as of the effective date of the 2020 Plan and the number of shares subject to awards granted under the 2007 Plan as of the effective date of the 2020 Plan, which can become available for grant again upon expiration, termination, cancellation or forfeiture of the original award. As of December 28, 2023, 12,394,912 shares remain available for future grants (assuming 100% achievement of targets on performance-based restricted stock). The types of awards that may be granted under the 2020 Plan include stock options, stock appreciation rights, restricted stock, restricted stock units or other stock based awards. Certain option and share awards provide for accelerated vesting if there is a change in control, as defined in the 2016 Plan and 2020 Plan. Upon vesting of the restricted stock awards or exercise of options, NCM LLC will issue common membership units to the Company equal to the number of shares of the Company’s common stock represented by such awards. Compensation Cost —The Company recognized $4.5 million and $7.1 million for the years ended December 28, 2023 and December 29, 2022, respectively, of share-based compensation expense within “Network costs”, “Selling and marketing costs” and “Administrative and other costs” in the Consolidated Statements of Operations as shown in the table below (in millions): Years Ended December 28, 2023 December 29, 2022 Share-based compensation costs included in network costs $ 0.3 $ 0.7 Share-based compensation costs included in selling and marketing costs 0.7 1.7 Share-based compensation costs included in administrative and other costs 3.5 4.7 Total share-based compensation costs $ 4.5 $ 7.1 During the years ended December 28, 2023 and December 29, 2022, $0.1 million and $0.2 million was capitalized, respectively, in a corresponding manner to the capitalization of employee’s salaries for capitalized labor. The income tax benefit recognized in the statements of operations for share-based compensation was approximately $0.0 million and $0.0 million for the years ended December 28, 2023 and December 29, 2022, respectively. As of December 28, 2023, there was $0.3 million unrecognized compensation cost related to unvested options, which will be recognized over a remaining period of 1.4 years. As of December 28, 2023, unrecognized compensation cost related to restricted stock and restricted stock units was approximately $2.1 million, which will be recognized over a weighted average remaining period of 1.9 years. Stock Options —The Company granted stock options during 2023 and 2022. A portion of the stock options awarded in 2022 and 2023 were granted with an exercise price equal to the closing market price of NCM, Inc. common stock on the date the Company’s Board of Directors approved the grant. The remaining portion of stock options awarded in 2022 and 2023 were granted with an exercise price in excess of the closing market price of NCM, Inc. common stock on the date the Company’s Board of Directors approved the grant. All options have either 10-year or 15-year contractual terms. The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing valuation model that uses the assumptions noted in the table below. Expected volatilities are based on implied volatilities from traded options on the Company’s stock, historical volatility of the Company’s stock and other factors. The Company uses historical data to estimate option exercise and employee termination within the valuation model. The expected term of options granted was developed based on historical and peer company data and represents the period of time that options granted are expected to be outstanding. The expected term of the options granted during 2023 and 2022 were adjusted to include the Company's cost of equity in order to incorporate the impact of the option's market condition and simulate a lattice model. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The following assumptions were used in the valuation of the options for the year ended December 28, 2023 and December 29, 2022: Years Ended December 28, 2023 December 29, 2022 Expected term (in years) 6.6 6.0 Risk free interest rate 4.1 % 2.6 % Expected volatility 86.4 % 68.1 % Dividend yield — % 4.8 % A summary of option award activity as of December 28, 2023, and changes during the year then ended are presented below: Options Weighted Weighted Aggregate Outstanding as of December 29, 2022 209,779 $ 43.39 8.0 $ — Granted 25,000 $ 35.00 — $ — Forfeited — $ — — $ — Expired — $ — — $ — Outstanding as of December 28, 2023 234,779 $ 42.50 7.3 $ — Exercisable as of December 28, 2023 157,517 $ 49.31 6.6 $ — Vested and expected to vest as of December 28, 2023 233,045 $ 42.59 7.3 $ — Restricted Stock Units —Under the non-vested stock program, common stock of the Company may be granted at no cost to officers, independent directors and employees, subject to requisite service and/or financial performance targets. As such restrictions lapse, the award vests in that proportion. The participants are entitled to dividend equivalents, although the sale and transfer of such shares is prohibited and the shares are subject to forfeiture during the restricted period. Additionally, the accrued dividend equivalents are subject to forfeiture during the vesting period should the underlying units not vest. As of December 28, 2023 and December 29, 2022, accrued dividend equivalents totaled $0.3 million and $0.8 million, respectively and during the years ended December 28, 2023 and December 29, 2022, the Company paid $0.5 million and $0.5 million, respectively, for dividend equivalents upon vesting of the restricted stock units. The Company has issued time-based restricted stock units to its employees which generally vest over a two three two three Non-employee directors serving on the Board as of August 18, 2023, received a one-time grant with a fair market value equal to $100,000. The RSUs will vest after four years. The RSUs will be settled in shares of the Company’s common stock. The RSU awards include the right to receive dividend equivalents, subject to vesting. Additionally, non-employee directors will receive quarterly grants that vest immediately with a fair market value of $50,000. The number of shares will be determined by utilizing the weighted average closing price of the five days before and five days after the respective quarterly earnings release. Non-employee directors may choose to elect up to 20% of their quarterly grant in cash. The grant date fair value of restricted stock units is based on the closing market price of NCM, Inc. common stock on the date of grant. An annual forfeiture rate of 2-6% was estimated to reflect the potential separation of employees. The weighted average grant date fair value of non-vested stock was $3.42 and $2.12 for the years ended December 28, 2023 and December 29, 2022, respectively. The total fair value of awards that vested during the years ended December 28, 2023 and December 29, 2022 was $7.1 million and $5.9 million, respectively. A summary of restricted stock unit activity as of December 28, 2023, and changes during the year then ended are presented below: Number of Restricted Stock Units (1) Weighted Non-vested balance as of December 29, 2022 516,384 $ 28.04 Granted 497,390 $ 3.42 Vested (2) (239,450) $ 29.40 Forfeited (29,927) $ 42.96 Non-vested balance as of December 28, 2023 744,397 $ 10.55 (1) Includes 145,043 shares of performance-based restricted stock units as of December 28, 2023, including 74,560 shares granted during the year and 2,475 shares forfeited during the year. (2) Includes 13,057 vested shares that were withheld to cover tax obligations and were subsequently canceled. The above table reflects performance-based restricted stock granted at 100% achievement of performance conditions and as such does not reflect the maximum or minimum number of shares of performance-based restricted stock contingently issuable. As of December 28, 2023, the total number of restricted stock units that are ultimately expected to vest, after consideration of expected forfeitures and current projections of estimated vesting of performance-based restricted stock is 737,232 shares. |
Share-Based Compensation (Sum_3
Share-Based Compensation (Summary of Restricted Stock Awards and Restricted Stock Units) (Additional Information) (Details) | 12 Months Ended |
Dec. 28, 2023 shares | |
Share-Based Payment Arrangement [Abstract] | |
Vested shares withheld to cover tax obligations | 13,057 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) | 12 Months Ended |
Dec. 28, 2023 | |
Retirement Benefits [Abstract] | |
Percent of compensation participants may contribute | 20% |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) - USD ($) | 12 Months Ended | 60 Months Ended | |||||
Nov. 01, 2027 | Dec. 28, 2023 | Dec. 29, 2022 | Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2027 | Nov. 01, 2019 | |
Other Commitments [Line Items] | |||||||
Operating Lease, Weighted Average Discount Rate, Percent | 6.90% | ||||||
Operating Lease, Right-of-Use Asset | $ 4,300,000 | $ 16,900,000 | |||||
Short-term Lease Commitment, Amount | $ 1,000,000 | 2,200,000 | |||||
Operating Lease, Weighted Average Remaining Lease Term | 3 years 9 months 18 days | ||||||
Maximum potential payment | $ 276,200,000 | ||||||
Guarantee obligations amount paid | 0 | 0 | |||||
Liabilities recorded for related party obligations | 0 | 400,000 | |||||
Amount Increase In Payment Per Theater Patron | $ 0.08 | $ 0.05 | $ 0.0375 | $ 0.052 | |||
Platinum Spot Revenue Percentage | 25% | ||||||
Operating Lease, Lease Income, Lease Payments | 3,600,000 | 3,800,000 | |||||
Operating Lease, Liability, Noncurrent | 5,000,000 | 18,000,000 | |||||
NCM, LLC. | |||||||
Other Commitments [Line Items] | |||||||
Liabilities recorded for related party obligations | $ 0 | ||||||
Percentage of increase in payment per theatre patron | 8% | ||||||
Term of increase in payment percentage per theater patron | 5 years | ||||||
Percentage of increase in payment per digital screen and digital cinema equipment | 5% | ||||||
Percentage Of Increase in Payment Per Theater Patron - National CineMedia LLC | 400% | ||||||
NCM, LLC. | Related Party Founding Members | |||||||
Other Commitments [Line Items] | |||||||
Liabilities recorded for related party obligations | $ 0 | ||||||
Minimum | |||||||
Other Commitments [Line Items] | |||||||
Range of terms, in years | 1 year | ||||||
Minimum | NCM, LLC. | Related Party Founding Members | |||||||
Other Commitments [Line Items] | |||||||
Aggregate percentage of theater access fee paid | 12% | ||||||
Maximum | |||||||
Other Commitments [Line Items] | |||||||
Range of terms, in years | 14 years |
Commitments and Contingencies_3
Commitments and Contingencies (Schedule of Minimum Lease Payments Under Noncancelable Operating Leases) (Details) $ in Millions | Dec. 28, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2018 | $ 2.1 |
2019 | 2.1 |
2020 | 2.6 |
2021 | 2.6 |
2022 | 1.1 |
Thereafter | 5.5 |
Total | 16 |
ImputedInterestFutureLeasePayments | (10) |
TotalLeaseLiability | $ 6 |
Commitments and Contingencies L
Commitments and Contingencies Lease Cost Table (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 28, 2023 | Dec. 29, 2022 | |
Leases [Abstract] | ||
Operating Lease, Cost | $ 3.2 | $ 3.4 |
Variable Lease, Cost | 0.5 | 0.5 |
Lease, Cost | $ 3.7 | $ 3.9 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Other Investments) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 28, 2023 | Dec. 29, 2022 | |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Investment in AC JV, LLC | $ 0 | $ 0.1 |
Other Investments | 0.7 | 0.9 |
Total other investments | $ 0.7 | 0.9 |
Debt Securities, Available-for-Sale | 1 | |
Equity Method Investments | As of December 28, 2023 December 29, 2022 Investment in AC JV, LLC $ 0.7 $ 0.8 Other investments — 0.1 Total $ 0.7 $ 0.9 | |
AC JV, LLC [Member] | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Investment in AC JV, LLC | $ 0.7 | $ 0.8 |
Fair Value Measurements (Sche_2
Fair Value Measurements (Schedule of Other Investments) (Additional Information) (Details) | 12 Months Ended |
Dec. 29, 2022 | |
Maximum | |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | |
Cost-method ownership percentage | 20% |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 28, 2023 | Dec. 29, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment on Investment | $ 0 | $ 0.1 |
Impairment on Investment Remaining Balance | 0 | |
Debt Securities, Available-for-Sale, Noncurrent | 0 | 300,000 |
Debt Securities, Available-for-Sale, Amortized Cost | 1,000,000 | |
Debt Securities, Available-for-Sale, Current | $ 0 | 700,000 |
Debt Securities, Available-for-Sale | 1,000,000 | |
Equity Method Investments | As of December 28, 2023 December 29, 2022 Investment in AC JV, LLC $ 0.7 $ 0.8 Other investments — 0.1 Total $ 0.7 $ 0.9 | |
Equity Method Investments | As of December 28, 2023 December 29, 2022 Investment in AC JV, LLC $ 0.7 $ 0.8 Other investments — 0.1 Total $ 0.7 $ 0.9 | |
Carrying Value [Member] | 2018 Revolving Credit Facility | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument | 217,000,000 | |
Carrying Value [Member] | Term Loan - First Tranche | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument | $ 0 | 258,500,000 |
Carrying Value [Member] | Term Loan - Second Tranche | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument | 0 | 49,300,000 |
Carrying Value [Member] | Senior secured notes due 2028 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument | 0 | 230,000,000 |
Carrying Value [Member] | 2018 and 2022 Revolving Credit Facilities Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument | 0 | |
Carrying Value [Member] | Senior Secured Notes Due Two Zero Two Eight [Member] [Domain] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument | 0 | 374,200,000 |
Fair Value [Member] | 2018 Revolving Credit Facility | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument | 58,000,000 | |
Fair Value [Member] | Term Loan - First Tranche | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument | 0 | 65,800,000 |
Fair Value [Member] | Term Loan - Second Tranche | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument | 0 | 13,100,000 |
Fair Value [Member] | Senior secured notes due 2028 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument | 0 | 6,900,000 |
Fair Value [Member] | 2018 and 2022 Revolving Credit Facilities Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument | 0 | |
Fair Value [Member] | Senior Secured Notes Due Two Zero Two Eight [Member] [Domain] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument | $ 0 | 91,700,000 |
Long-term Marketable Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Noncurrent | 300,000 | |
Debt Securities, Available-for-Sale, Amortized Cost | 300,000 | |
Long Term Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Noncurrent | 300,000 | |
Debt Securities, Available-for-Sale, Amortized Cost | $ 300,000 | |
Maturities | 1 year 3 months 18 days | |
Short-term Marketable Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | $ 700,000 | |
Debt Securities, Available-for-Sale, Current | 700,000 | |
Short-term Certificates of Deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | $ 700,000 | |
Maturities | 1 year | |
Debt Securities, Available-for-Sale, Current | $ 700,000 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Values of the Company's Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 28, 2023 | Dec. 29, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Current | $ 0 | $ 0.7 |
Debt Securities, Available-for-Sale, Noncurrent | $ 0 | 0.3 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0.8 | |
Debt Securities, Available-for-Sale, Current | 0.7 | |
Debt Securities, Available-for-Sale, Noncurrent | 0.3 | |
Total assets | 1.8 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0.8 | |
Total assets | 0.8 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Debt Securities, Available-for-Sale, Current | 0.7 | |
Debt Securities, Available-for-Sale, Noncurrent | 0.3 | |
Total assets | $ 1 |
Fair Value Measurements (Sche_3
Fair Value Measurements (Schedule of Marketable Securities) (Details) - USD ($) $ in Millions | Dec. 28, 2023 | Dec. 29, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | $ 1 | |
Aggregate Fair Value - Short term marketable securities | $ 0 | 0.7 |
Aggregate Fair Value - Long term marketable securities | $ 0 | 0.3 |
Aggregate Fair Value - Total marketable securities | $ 1 |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts (Schedule of Valuation and Qualifying Accounts) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 28, 2023 | Dec. 29, 2022 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Payable under the TRA (related party payables of $0.0 and $25.5, respectively) | $ 59.8 | $ 35.3 |
Related Party Founding Members | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Payable under the TRA (related party payables of $0.0 and $25.5, respectively) | 0 | 25.5 |
Valuation Allowance On Deferred Tax Assets [Member] | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Beginning Balance | 245.5 | 223.8 |
Valuation allowance reversed | 0 | 21.7 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Ending Balance | 146 | 245.5 |
Valuation Allowance On Deferred Tax Assets [Member] | Valuation Allowance Reversed | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Valuation allowance reversed | $ (99.5) | $ 0 |
Quarterly Financial Data (Sched
Quarterly Financial Data (Schedule of Quarterly Financial Data) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 29, 2023 | Mar. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 29, 2023 | Jun. 30, 2022 | Dec. 28, 2023 | Dec. 29, 2022 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||
Operating expenses | $ 192.5 | $ 242.3 | ||||||
OPERATING (LOSS) INCOME | (27.3) | 6.9 | ||||||
(Loss) Net income attributable to NCM, Inc. | $ 545.3 | $ (45.5) | $ (0.7) | $ (25.2) | $ 499.8 | $ (25.9) | $ 705.2 | $ (28.7) |
(Loss) Earnings per NCM, Inc. share, basic | $ 31.33 | $ (3.13) | $ (0.09) | $ (3.11) | $ 31.28 | $ (3.19) | $ 14.73 | $ (3.50) |
(Loss) Earnings per NCM, Inc. share, diluted | $ 31.33 | $ (3.13) | $ (0.09) | $ (3.11) | $ 28.32 | $ (3.19) | $ 14.34 | $ (3.50) |
Subsequent Event (Narrative) (D
Subsequent Event (Narrative) (Details) - NCM, LLC. $ in Millions | 3 Months Ended |
Mar. 31, 2022 USD ($) shares | |
Subsequent Events [Line Items] | |
Common membership units issued, net (in shares) | shares | 4,140,896 |
Increase (decrease) in intangible assets, net | $ | $ 10.4 |
Related Party Disclosures (Deta
Related Party Disclosures (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 28, 2023 | Sep. 29, 2022 | |
Related Party Transactions [Abstract] | ||
Negative Distributions Made to Limited Liability Company | $ 50.6 | $ 39.4 |
Related Party Transaction [Line Items] | ||
Negative Distributions Made to Limited Liability Company | 50.6 | 39.4 |
Cinemark | ||
Related Party Transactions [Abstract] | ||
Negative Distributions Made to Limited Liability Company | 0 | 10.5 |
Related Party Transaction [Line Items] | ||
Negative Distributions Made to Limited Liability Company | 0 | 10.5 |
Regal | ||
Related Party Transactions [Abstract] | ||
Negative Distributions Made to Limited Liability Company | 0 | 9.3 |
Related Party Transaction [Line Items] | ||
Negative Distributions Made to Limited Liability Company | 0 | 9.3 |
NCM Inc. [Member] | ||
Related Party Transactions [Abstract] | ||
Negative Distributions Made to Limited Liability Company | 50.6 | 19.6 |
Related Party Transaction [Line Items] | ||
Negative Distributions Made to Limited Liability Company | $ 50.6 | $ 19.6 |
Risks and Uncertainties (Detail
Risks and Uncertainties (Details) | Dec. 29, 2022 |
Risks and Uncertainties [Abstract] | |
Customer Percentage of Accounts Receivable | 13% |
Uncategorized Items - ncmi-2023
Label | Element | Value |
Related Party Founding Members [Member] | ||
Amounts due to founding members, net | ncmi_AmountsDueToFoundingMembersNet | $ 15,200,000 |
Amounts due to founding members, net | ncmi_AmountsDueToFoundingMembersNet | $ 0 |