Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | |||
Dec. 31, 2023 | Feb. 09, 2024 | Jun. 30, 2023 | Dec. 31, 2022 | |
Entity Information [Line Items] | ||||
Document Type | 10-K | |||
Amendment Flag | false | |||
Document Period End Date | Dec. 31, 2023 | |||
Document Fiscal Year Focus | 2023 | |||
Document Fiscal Period Focus | FY | |||
Entity Registrant Name | Cinemark Holdings, Inc. | |||
Entity Central Index Key | 0001385280 | |||
Current Fiscal Year End Date | --12-31 | |||
Entity Filer Category | Large Accelerated Filer | |||
Entity Emerging Growth Company | false | |||
Entity Small Business | false | |||
Entity Current Reporting Status | Yes | |||
Entity Interactive Data Current | Yes | |||
Entity Shell Company | false | |||
Entity File Number | 001-33401 | |||
Entity Tax Identification Number | 20-5490327 | |||
Entity Address, Address Line One | 3900 Dallas Parkway | |||
Entity Address, City or Town | Plano | |||
Entity Address, State or Province | TX | |||
Entity Address, Postal Zip Code | 75093 | |||
City Area Code | (972) | |||
Local Phone Number | 665-1000 | |||
Entity Incorporation, State or Country Code | DE | |||
Document Annual Report | true | |||
Document Transition Report | false | |||
Title of Each Class | Common Stock, par value $0.001 per share | |||
Trading Symbol(s) | CNK | |||
Name of each exchange on which registered | NYSE | |||
Document Financial Statement Error Correction [Flag] | false | |||
Entity Public Float | $ 1.7 | |||
Entity Well-known Seasoned Issuer | Yes | |||
Entity Voluntary Filers | No | |||
ICFR Auditor Attestation Flag | true | |||
Documents Incorporated by Reference | Certain portions of Holdings’ definitive proxy statement, in connection with its 2024 annual meeting of stockholders, to be filed within 120 days of December 31, 2023 , are incorporated by reference into Part III, Items 10-14, of this annual report on Form 10-K. | |||
Auditor Name | Deloitte & Touche LLP | |||
Auditor Firm ID | 34 | |||
Auditor Location | Dallas, Texas | |||
CUSA [Member] | ||||
Entity Information [Line Items] | ||||
Entity Registrant Name | Cinemark USA, Inc. | |||
Entity Filer Category | Non-accelerated Filer | |||
Entity Emerging Growth Company | false | |||
Entity Small Business | false | |||
Entity Current Reporting Status | No | |||
Entity Interactive Data Current | Yes | |||
Entity Shell Company | false | |||
Entity File Number | 33-47040 | |||
Entity Tax Identification Number | 75-2206284 | |||
Entity Address, Address Line One | 3900 Dallas Parkway | |||
Entity Address, City or Town | Plano | |||
Entity Address, State or Province | TX | |||
Entity Address, Postal Zip Code | 75093 | |||
City Area Code | (972) | |||
Local Phone Number | 665-1000 | |||
Entity Incorporation, State or Country Code | TX | |||
Document Financial Statement Error Correction [Flag] | false | |||
Entity Well-known Seasoned Issuer | No | |||
Entity Voluntary Filers | Yes | |||
ICFR Auditor Attestation Flag | true | |||
Auditor Name | Deloitte & Touche LLP | |||
Auditor Firm ID | 34 | |||
Auditor Location | Dallas, Texas | |||
CUSA [Member] | Class A Common Stock | ||||
Entity Information [Line Items] | ||||
Entity Common Stock, Shares Outstanding | 1,500 | |||
Common stock, shares issued | 1,500 | 1,500 | ||
Common stock, shares outstanding | 1,500 | 1,500 | ||
CUSA [Member] | Class B Common Stock | ||||
Entity Information [Line Items] | ||||
Entity Common Stock, Shares Outstanding | 182,648 | |||
Common stock, shares issued | 239,893 | 239,893 | ||
Common stock, shares outstanding | 182,648 | 182,648 | ||
CNK [Member] | ||||
Entity Information [Line Items] | ||||
Common stock, shares issued | 127,598,774 | 121,589,633 | 126,082,187 | |
Common stock, shares outstanding | 121,596,206 | 120,403,833 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Current assets | |||
Theatre properties and equipment, net | $ 1,161.7 | $ 1,232.1 | |
Operating lease right-of-use assets, net | [1] | 986.4 | 1,102.7 |
Other long-term assets | |||
Goodwill | [2] | 1,251 | 1,250.9 |
Intangible assets, net | 302.8 | 304.6 | |
Current liabilities | |||
Current portion of operating lease obligations | [1] | 212.5 | 219.3 |
Current portion of finance lease obligations | [1] | 14 | 14.4 |
Accrued other current liabilities (see Note 13) | 239.2 | 200.4 | |
Long-term liabilities | |||
Operating lease obligations, less current portion | [1] | 853.3 | 970.6 |
Finance lease obligations, less current portion | [1] | 73.8 | 88 |
Commitments and contingencies (see Note 21) | |||
Cinemark Holdings, Inc.'s stockholders' equity: | |||
Treasury stock shares | (98.3) | (95.4) | |
Noncontrolling interests | 9 | 9.3 | |
CUSA | |||
Current assets | |||
Cash and cash equivalents | 612.4 | 427.3 | |
Inventories | 23.3 | 23.7 | |
Accounts receivable | 78.2 | 69 | |
Current income tax receivable | 56.1 | 45.1 | |
Prepaid expenses and other | 50.5 | 50.7 | |
Accounts receivable from parent | 58.6 | 53.4 | |
Total current assets | 879.1 | 669.2 | |
Theatre properties and equipment, net | 1,161.7 | 1,232.1 | |
Operating lease right-of-use assets, net | 986.4 | 1,102.7 | |
Other long-term assets | |||
Goodwill | 1,251 | 1,250.9 | |
Intangible assets, net | 302.8 | 304.6 | |
Investments in affiliates | 23.6 | 22.6 | |
Deferred charges and other assets, net | 33.2 | 31.6 | |
Total other long-term assets | 1,628.7 | 1,619.3 | |
Total assets | 4,655.9 | 4,623.3 | |
Current liabilities | |||
Current portion of long-term debt | 7.8 | 10.7 | |
Current portion of operating lease obligations | 212.5 | 219.3 | |
Current portion of finance lease obligations | 14 | 14.4 | |
Current income tax payable | 4.2 | 3.2 | |
Accounts payable | 53.3 | 72.2 | |
Accrued interest | 28.2 | 31.2 | |
Accrued film rentals | 73.8 | 65.1 | |
Accrued payroll | 60.1 | 54.5 | |
Accrued property taxes | 29.4 | 29.6 | |
Accrued other current liabilities (see Note 13) | 239.1 | 200.1 | |
Total current liabilities | 722.4 | 700.3 | |
Long-term liabilities | |||
Long-term debt, less current portion | 1,936.8 | 2,023 | |
Operating lease obligations, less current portion | 853.3 | 970.6 | |
Finance lease obligations, less current portion | 73.8 | 88 | |
Long-term deferred tax liability | 51.7 | 36.1 | |
Long-term liability for uncertain tax positions | 48 | 47.9 | |
NCM screen advertising advances | 328.4 | 338.2 | |
Other long-term liabilities | 41.2 | 37.3 | |
Total long-term liabilities | 3,333.2 | 3,541.1 | |
Commitments and contingencies (see Note 21) | |||
Cinemark Holdings, Inc.'s stockholders' equity: | |||
Additional paid-in-capital | 1,503.3 | 1,479.5 | |
Treasury stock shares | (24.2) | (24.2) | |
Accumulated deficit | (570.6) | (775.9) | |
Accumulated other comprehensive loss | (366.7) | (356.3) | |
Total equity | 591.3 | 372.6 | |
Noncontrolling interests | 9 | 9.3 | |
Total equity | 600.3 | 381.9 | |
Total liabilities and equity | 4,655.9 | 4,623.3 | |
CUSA | Class A Common Stock | |||
Cinemark Holdings, Inc.'s stockholders' equity: | |||
Common stock value | 0 | 0 | |
CUSA | Class B Common Stock | |||
Cinemark Holdings, Inc.'s stockholders' equity: | |||
Common stock value | 49.5 | 49.5 | |
CNK [Member] | |||
Current assets | |||
Cash and cash equivalents | 849.1 | 674.5 | |
Inventories | 23.3 | 23.7 | |
Accounts receivable | 80.4 | 69.6 | |
Current income tax receivable | 56.7 | 45.1 | |
Prepaid expenses and other | 50.5 | ||
Accounts receivable from parent | 50.7 | ||
Total current assets | 1,060 | 863.6 | |
Theatre properties and equipment, net | 1,161.7 | 1,232.1 | |
Operating lease right-of-use assets, net | 986.4 | 1,102.7 | |
Other long-term assets | |||
Goodwill | 1,251 | 1,250.9 | |
Intangible assets, net | 302.8 | 304.6 | |
Investments in affiliates | 23.6 | 22.6 | |
Deferred charges and other assets, net | 33.2 | 31.6 | |
Total other long-term assets | 1,628.7 | 1,619.3 | |
Total assets | 4,836.8 | 4,817.7 | |
Current liabilities | |||
Current portion of long-term debt | 7.8 | 10.7 | |
Current portion of operating lease obligations | 212.5 | 219.3 | |
Current portion of finance lease obligations | 14 | 14.4 | |
Current income tax payable | 4.2 | 3.2 | |
Accounts payable | 53.3 | 72.2 | |
Accrued interest | 36 | 39.1 | |
Accrued film rentals | 73.8 | 65.1 | |
Accrued payroll | 60.1 | 54.5 | |
Accrued property taxes | 29.4 | 29.6 | |
Accrued other current liabilities (see Note 13) | 239.2 | 200.4 | |
Total current liabilities | 730.3 | 708.5 | |
Long-term liabilities | |||
Long-term debt, less current portion | [3] | 2,391.3 | 2,474 |
Operating lease obligations, less current portion | 853.3 | 970.6 | |
Finance lease obligations, less current portion | 73.8 | 88 | |
Long-term deferred tax liability | 51.7 | 33.7 | |
Long-term liability for uncertain tax positions | 48 | 47.9 | |
Other long-term liabilities | 41.2 | 37.3 | |
Total long-term liabilities | 3,787.7 | 3,989.7 | |
Commitments and contingencies (see Note 21) | |||
Cinemark Holdings, Inc.'s stockholders' equity: | |||
Common stock value | 0.1 | 0.1 | |
Additional paid-in-capital | 1,244.3 | 1,219.3 | |
Treasury stock shares | (98.3) | (95.4) | |
Accumulated deficit | (472.4) | (660.6) | |
Accumulated other comprehensive loss | (363.9) | (353.2) | |
Total equity | 309.8 | 110.2 | |
Noncontrolling interests | 9 | 9.3 | |
Total equity | 318.8 | 119.5 | |
Total liabilities and equity | 4,836.8 | 4,817.7 | |
NCM | CUSA | |||
Other long-term assets | |||
Investment in NCMI/NCM | 18.1 | 9.6 | |
NCM | CNK [Member] | |||
Other long-term assets | |||
Investment in NCMI/NCM | 18.1 | 9.6 | |
Long-term liabilities | |||
NCM screen advertising advances | $ 328.4 | $ 338.2 | |
[1] The operating lease right-of-use assets and liabilities recorded on the Company’s consolidated balance sheets generally do not include renewal options that have not yet been exercised. Balances are presented net of accumulated impairment losses of $ 214.0 for the U.S. operating segment and $ 43.8 for the international operating segment. The only differences between the long-term debt for Holdings, as presented above, and the long-term debt for CUSA are the $ 460.0 million 4.50 % Convertible Senior Notes due 2025 and the related debt issuance costs. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Accumulated depreciation and amortization | [1] | $ 2,329.3 | $ 2,163.2 |
CUSA [Member] | |||
Treasury stock | 57,245 | 57,245 | |
CUSA [Member] | Class A Common Stock | |||
Common stock, par value | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 10,000,000 | 10,000,000 | |
Common stock, shares issued | 1,500 | 1,500 | |
Common stock, shares outstanding | 1,500 | 1,500 | |
CUSA [Member] | Class B Common Stock | |||
Common stock, par value | $ 0 | $ 0 | |
Common stock, shares authorized | 1,000,000 | 1,000,000 | |
Common stock, shares issued | 239,893 | 239,893 | |
Common stock, shares outstanding | 182,648 | 182,648 | |
CNK [Member] | |||
Common stock, par value | $ 0.001 | $ 0.001 | |
Common stock, shares authorized | 300,000,000 | 300,000,000 | |
Common stock, shares issued | 127,598,774 | 126,082,187 | |
Common stock, shares outstanding | 121,596,206 | 120,403,833 | |
Treasury stock | 6,002,568 | 5,678,354 | |
[1] Amortization of finance lease assets is included in depreciation and amortization expense on the consolidated statements of income (loss). Accumulated amortization of finance lease assets as of December 31, 2022 and 2023 was $ 62.5 and $ 73.9 , respectively. |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenue | ||||
Total revenue | $ 3,066.7 | $ 2,454.7 | $ 1,510.5 | |
Cost of operations | ||||
Depreciation and amortization | 209.5 | 238.2 | 265.4 | |
Impairment of long-lived and other assets | 16.6 | 174.1 | 20.8 | |
Restructuring costs | 0 | (0.5) | (1) | |
Other income (expense) | ||||
Interest expense | [1] | 150.4 | 155.3 | 149.7 |
Loss on debt extinguishment and refinancing | 10.7 | 0 | 6.5 | |
Interest expense - NCM | (22.6) | (23.2) | (23.6) | |
Total | 221.4 | (265) | (439) | |
Income tax (benefit) expense | 29.9 | 3 | (16.8) | |
Net (loss) income | 191.5 | (268) | (422.2) | |
Less: Net income attributable to noncontrolling interests | 3.3 | |||
Net (loss) income attributable to Cinemark Holdings, Inc. | $ 188.2 | $ (271.2) | $ (422.8) | |
Weighted average shares outstanding | ||||
Basic | 119.1 | 118.2 | 117.3 | |
Diluted | 152 | 118.2 | 117.3 | |
(Loss) income per share attributable to Cinemark Holdings, Inc.'s common stockholders | ||||
Basic | $ 1.55 | $ (2.26) | $ (3.55) | |
Diluted | $ 1.34 | $ (2.26) | $ (3.55) | |
CUSA [Member] | ||||
Revenue | ||||
Total revenue | $ 3,066.7 | $ 2,454.7 | $ 1,510.5 | |
Cost of operations | ||||
Film rentals and advertising | 865.7 | 704.4 | 415 | |
Concession supplies | 221.3 | 169.3 | 97.9 | |
Salaries and wages | 403.1 | 372.7 | 232.9 | |
Facility lease expense | 329.7 | 308.3 | 280 | |
Utilities and other | 466.8 | 407.2 | 282.9 | |
General and administrative expenses | 195.5 | 174.6 | 158.5 | |
Depreciation and amortization | 209.5 | 238.2 | 265.4 | |
Impairment of long-lived and other assets | 16.6 | 174.1 | 20.8 | |
Restructuring costs | 0 | (0.5) | (1) | |
Loss (gain) on disposal of assets and other | (7.7) | (6.8) | 8 | |
Total cost of operations | 2,700.5 | 2,541.5 | 1,760.4 | |
Operating (loss) income | 366.2 | (86.8) | (249.9) | |
Other income (expense) | ||||
Interest expense | (126.3) | (131.2) | (125.6) | |
Interest income | 43.2 | 16.5 | 6.3 | |
Loss on debt extinguishment and refinancing | (10.7) | 0 | (6.5) | |
Foreign currency exchange and other related loss | (28.8) | (11.5) | (1.3) | |
Equity in income of affiliates | 3.6 | (9.3) | (25) | |
Unrealized gain on investment in NCMI | 12.4 | 0 | 0 | |
Total other (expense) income | (129.2) | (155) | (162.5) | |
Total | 237 | (241.8) | (412.4) | |
Income tax (benefit) expense | 28.4 | (13.1) | (32.3) | |
Net (loss) income | 208.6 | (228.7) | (380.1) | |
Less: Net income attributable to noncontrolling interests | 3.3 | 3.2 | 0.6 | |
Net (loss) income attributable to Cinemark Holdings, Inc. | 205.3 | (231.9) | (380.7) | |
CNK [Member] | ||||
Revenue | ||||
Total revenue | 3,066.7 | 2,454.7 | 1,510.5 | |
Cost of operations | ||||
Film rentals and advertising | 865.7 | 704.4 | 415 | |
Concession supplies | 221.3 | 169.3 | 97.9 | |
Salaries and wages | 403.1 | 372.7 | 232.9 | |
Facility lease expense | 329.7 | 308.3 | 280 | |
Utilities and other | 466.8 | 407.2 | 282.9 | |
General and administrative expenses | 198.8 | 177.6 | 161.1 | |
Depreciation and amortization | 209.5 | 238.2 | 265.4 | |
Impairment of long-lived and other assets | 16.6 | 174.1 | 20.8 | |
Restructuring costs | 0 | (0.5) | (1) | |
Loss (gain) on disposal of assets and other | (7.7) | (6.8) | 8 | |
Total cost of operations | 2,703.8 | 2,544.5 | 1,763 | |
Operating (loss) income | 362.9 | (89.8) | (252.5) | |
Other income (expense) | ||||
Interest expense | (150.4) | (155.3) | (149.7) | |
Interest income | 55 | 20.4 | 6.4 | |
Loss on debt extinguishment and refinancing | (10.7) | 0 | (6.5) | |
Foreign currency exchange and other related loss | (28.8) | (11.5) | (1.3) | |
Equity in income of affiliates | 3.6 | (9.3) | (25) | |
Unrealized gain on investment in NCMI | 12.4 | 0 | 0 | |
Total other (expense) income | (141.5) | (175.2) | (186.5) | |
Total | 221.4 | (265) | (439) | |
Income tax (benefit) expense | 29.9 | 3 | (16.8) | |
Net (loss) income | 191.5 | (268) | (422.2) | |
Less: Net income attributable to noncontrolling interests | 3.3 | 3.2 | 0.6 | |
Net (loss) income attributable to Cinemark Holdings, Inc. | $ 188.2 | $ (271.2) | $ (422.8) | |
Weighted average shares outstanding | ||||
Basic | 119.1 | 118.2 | 117.3 | |
Diluted | 152 | 118.2 | 117.3 | |
(Loss) income per share attributable to Cinemark Holdings, Inc.'s common stockholders | ||||
Basic | $ 1.55 | $ (2.26) | $ (3.55) | |
Diluted | $ 1.34 | $ (2.26) | $ (3.55) | |
NCM | CUSA [Member] | ||||
Other income (expense) | ||||
Distributions from NCM | $ 0 | $ 0 | $ 0.1 | |
Interest expense - NCM | (22.6) | (23.2) | (23.6) | |
NCM | CNK [Member] | ||||
Other income (expense) | ||||
Distributions from NCM | 0 | 0 | 0.1 | |
Interest expense - NCM | (22.6) | (23.2) | (23.6) | |
DCIP | CUSA [Member] | ||||
Other income (expense) | ||||
Distributions from DCIP | 0 | 3.7 | 13.1 | |
DCIP | CNK [Member] | ||||
Other income (expense) | ||||
Distributions from DCIP | 0 | 3.7 | 13.1 | |
Admissions | CUSA [Member] | ||||
Revenue | ||||
Total revenue | 1,555.6 | 1,246.9 | 780 | |
Admissions | CNK [Member] | ||||
Revenue | ||||
Total revenue | 1,555.6 | 1,246.9 | 780 | |
Concession | ||||
Revenue | ||||
Total revenue | 1,192 | 938.3 | 561.7 | |
Concession | CUSA [Member] | ||||
Revenue | ||||
Total revenue | 1,192 | 938.3 | 561.7 | |
Concession | CNK [Member] | ||||
Revenue | ||||
Total revenue | 1,192 | 938.3 | 561.7 | |
Other | CUSA [Member] | ||||
Revenue | ||||
Total revenue | 319.1 | 269.5 | 168.8 | |
Other | CNK [Member] | ||||
Revenue | ||||
Total revenue | $ 319.1 | $ 269.5 | $ 168.8 | |
[1] Includes amortization of debt issuance costs, amortization of original issue discount, and amortization of accumulated (gains) losses for amended swap agreements. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net (loss) income | $ 191.5 | $ (268) | $ (422.2) |
Other comprehensive income (loss), net of tax | |||
Foreign currency translation adjustments | 4.9 | 4.6 | (18.8) |
CUSA [Member] | |||
Net (loss) income | 208.6 | (228.7) | (380.1) |
Other comprehensive income (loss), net of tax | |||
Unrealized gain (loss) due to fair value adjustments on interest rate swap agreements, net of taxes and settlements | (8.9) | 31.6 | 16 |
Foreign currency translation adjustments | 4.9 | 4.6 | (18.8) |
Total other comprehensive (loss) income, net of tax | (4) | 36.2 | (2.8) |
Total comprehensive (loss) income, net of tax | 204.6 | (192.5) | (382.9) |
Comprehensive income attributable to noncontrolling interests | (3.3) | (3.2) | (0.6) |
Comprehensive (loss) income attributable to Cinemark, Inc. | 201.3 | (195.7) | (383.5) |
CNK [Member] | |||
Net (loss) income | 191.5 | (268) | (422.2) |
Other comprehensive income (loss), net of tax | |||
Unrealized gain (loss) due to fair value adjustments on interest rate swap agreements, net of taxes and settlements | (9.2) | 32.2 | 18.5 |
Foreign currency translation adjustments | 4.9 | 4.6 | (18.8) |
Total other comprehensive (loss) income, net of tax | (4.3) | 36.8 | (0.3) |
Total comprehensive (loss) income, net of tax | 187.2 | (231.2) | (422.5) |
Comprehensive income attributable to noncontrolling interests | (3.3) | (3.2) | (0.6) |
Comprehensive (loss) income attributable to Cinemark, Inc. | $ 183.9 | $ (234.4) | $ (423.1) |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CUSA [Member] | |||
Unrealized loss due to fair value adjustments on interest rate swap agreements, taxes | $ 1.5 | $ (3.4) | $ (3.3) |
CNK [Member] | |||
Unrealized loss due to fair value adjustments on interest rate swap agreements, taxes | $ 1.2 | $ (2.8) | $ (0.7) |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions | Total | CUSA [Member] | CUSA | CNK [Member] | Common Stock CUSA [Member] Class B Common Stock | Common Stock CNK [Member] | Treasury Stock Preferred CUSA [Member] | Treasury Stock Preferred CNK [Member] | Additional Paid-in- Capital CUSA [Member] | Additional Paid-in- Capital CNK [Member] | Retained Earnings CUSA [Member] | Retained Earnings CNK [Member] | Accumulated Other Comprehensive Loss CUSA [Member] | Accumulated Other Comprehensive Loss CNK [Member] | Total Cinemark Holdings, Inc.'s Stockholders' Equity CUSA [Member] | Total Cinemark Holdings, Inc.'s Stockholders' Equity CNK [Member] | Noncontrolling Interests CUSA [Member] | Noncontrolling Interests CNK [Member] | |
Balance at Dec. 31, 2020 | $ 784.9 | $ 798.9 | $ 49.5 | $ 0.1 | $ (24.2) | $ (87) | $ 1,310.6 | $ 1,245.6 | $ (163.3) | $ 27.9 | $ (398.7) | $ (398.7) | $ 773.9 | $ 787.9 | $ 11 | $ 11 | |||
Balance (in shares) at Dec. 31, 2020 | 200,000 | 123,600,000 | (100,000) | (5,100,000) | |||||||||||||||
Impact of adoption of ASU 2020-06, net of tax | ASU 2020-06 | (71.6) | (77.1) | 5.5 | (71.6) | |||||||||||||||
Issuance of restricted stock (in shares) | 1,300,000 | ||||||||||||||||||
Issuance of stock share upon vesting of performance stock units | 200,000 | ||||||||||||||||||
Restricted stock forfeitures and stock withholdings related to share based awards that vested during the year | [1] | $ (4.1) | |||||||||||||||||
Restricted stock forfeitures | (4.1) | $ (4.1) | (4.1) | ||||||||||||||||
Restricted stock forfeitures and stock withholdings related to share based awards that vested during the year (in shares) | (300,000) | ||||||||||||||||||
Share based awards compensation expense | 28.4 | 29.3 | 28.4 | 29.3 | 28.4 | 29.3 | |||||||||||||
Contributions received from parent | 120 | 120 | 120 | ||||||||||||||||
Net (loss) income | (422.2) | (380.1) | (422.2) | (380.7) | (422.8) | (380.7) | (422.8) | 0.6 | 0.6 | ||||||||||
Amortization of accumulated losses for amended swap agreements | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | |||||||||||||
Other comprehensive income (loss) | (2.8) | (0.3) | (2.8) | (0.3) | (2.8) | (0.3) | |||||||||||||
Balance at Dec. 31, 2021 | 554.9 | 334.5 | $ 49.5 | $ 0.1 | $ (24.2) | $ (91.1) | 1,459 | 1,197.8 | (544) | (389.4) | (397) | (394.5) | 543.3 | 322.9 | 11.6 | 11.6 | |||
Balance (in shares) at Dec. 31, 2021 | 200,000 | 125.1 | (100,000) | (5.4) | |||||||||||||||
Issuance of restricted stock (in shares) | 900,000 | ||||||||||||||||||
Issuance of stock share upon vesting of performance stock units | 100,000 | ||||||||||||||||||
Restricted stock forfeitures and stock withholdings related to share based awards that vested during the year | [1] | (4.3) | |||||||||||||||||
Restricted stock forfeitures | (4.3) | $ (4.3) | (4.3) | ||||||||||||||||
Restricted stock forfeitures and stock withholdings related to share based awards that vested during the year (in shares) | (300,000) | ||||||||||||||||||
Share based awards compensation expense | 20.5 | 21.5 | 20.5 | 21.5 | 20.5 | 21.5 | |||||||||||||
Contributions received from parent | 0 | ||||||||||||||||||
Distributions to noncontrolling interests | (5.5) | (5.5) | |||||||||||||||||
Stock issued during period value Distributions to noncontrolling interests | (5.5) | (5.5) | |||||||||||||||||
Net (loss) income | (268) | (228.7) | (268) | (231.9) | (271.2) | (231.9) | (271.2) | 3.2 | 3.2 | ||||||||||
Amortization of accumulated losses for amended swap agreements | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | |||||||||||||
Other comprehensive income (loss) | 36.2 | 36.8 | 36.2 | 36.8 | 36.2 | 36.8 | |||||||||||||
Balance at Dec. 31, 2022 | 381.9 | $ 381.9 | 119.5 | $ 49.5 | $ 0.1 | $ (24.2) | $ (95.4) | 1,479.5 | 1,219.3 | (775.9) | (660.6) | (356.3) | (353.2) | 372.6 | 110.2 | 9.3 | 9.3 | ||
Balance (in shares) at Dec. 31, 2022 | 200,000 | 126.1 | (100,000) | (5.7) | |||||||||||||||
Issuance of restricted stock (in shares) | 1,400,000 | ||||||||||||||||||
Issuance of stock share upon vesting of performance stock units | 100,000 | ||||||||||||||||||
Restricted stock forfeitures and stock withholdings related to share based awards that vested during the year | [1] | (2.9) | |||||||||||||||||
Restricted stock forfeitures | (2.9) | $ (2.9) | (2.9) | ||||||||||||||||
Restricted stock forfeitures and stock withholdings related to share based awards that vested during the year (in shares) | (300,000) | ||||||||||||||||||
Share based awards compensation expense | 23.8 | 25 | 23.8 | 25 | 23.8 | 25 | |||||||||||||
Contributions received from parent | 0 | ||||||||||||||||||
Distributions to noncontrolling interests | (3.6) | (3.6) | |||||||||||||||||
Stock issued during period value Distributions to noncontrolling interests | (3.6) | (3.6) | |||||||||||||||||
Net (loss) income | $ 191.5 | 208.6 | 191.5 | 205.3 | 188.2 | 205.3 | 188.2 | 3.3 | 3.3 | ||||||||||
Amortization of accumulated losses for amended swap agreements | (6.4) | (6.4) | (6.4) | (6.4) | (6.4) | (6.4) | |||||||||||||
Other comprehensive income (loss) | (4) | (4.3) | (4) | (4.3) | (4) | 4.3 | |||||||||||||
Balance at Dec. 31, 2023 | $ 600.3 | $ 600.3 | $ 318.8 | $ 49.5 | $ 0.1 | $ (24.2) | $ (98.3) | $ 1,503.3 | $ 1,244.3 | $ (570.6) | $ (472.4) | $ (366.7) | $ (363.9) | $ 591.3 | $ 309.8 | $ 9 | $ 9 | ||
Balance (in shares) at Dec. 31, 2023 | 200,000 | 127,600,000 | (100,000) | (6,000,000) | |||||||||||||||
[1] Holdings withheld shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock and restricted stock units. Holdings determined the number of shares to be withheld based upon market values of the common stock of Holdings on the vest dates. Below is a summary of the range of market values per share on the vest dates for the years indicated: |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) $ in Millions | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
CNK [Member] | |
Cumulative effect of change in accounting principle, taxes | $ 20.3 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities | |||
Net (loss) income | $ 191.5 | $ (268) | $ (422.2) |
Adjustments to reconcile net (loss) income to cash provided by operating activities: | |||
Loss on debt extinguishment and refinancing | (10.7) | 0 | (6.5) |
Impairment of long-lived and other assets | 16.6 | 174.1 | 20.8 |
Share based awards compensation expense | 25 | 21.5 | 29.3 |
Non-cash rent expense | (17.9) | (10.8) | (3.4) |
Deferred income tax (benefit) expense | 10.6 | (9.3) | (22.6) |
Financing activities | |||
Payments on finance leases | (14.4) | (14.3) | (14.7) |
CUSA [Member] | |||
Operating activities | |||
Net (loss) income | 208.6 | (228.7) | (380.1) |
Adjustments to reconcile net (loss) income to cash provided by operating activities: | |||
Depreciation | 207.3 | 235.7 | 262.7 |
Amortization of intangible and other assets | 2.2 | 2.5 | 2.7 |
Loss on debt extinguishment and refinancing | 10.7 | 0 | 6.5 |
Amortization of debt issuance costs | 6.7 | 7.5 | 7.3 |
Amortization of accumulated losses (gains) for amended swap agreements | (6.4) | 4.5 | 4.5 |
Impairment of long-lived and other assets | 16.6 | 174.1 | 20.8 |
Share based awards compensation expense | 23.8 | 20.5 | 28.4 |
Loss (gain) on disposal of assets and other | (7.7) | (6.8) | 8 |
Unrealized gain on investment in NCMI | (12.4) | 0 | 0 |
Non-cash rent expense | (17.9) | (10.8) | (3.4) |
Equity in loss (income) of affiliates | (3.6) | 9.3 | 25 |
Deferred income tax (benefit) expense | 8.5 | (25.4) | (38.1) |
Distributions from equity investees | 5.7 | 6.9 | 0.2 |
Changes in other assets and liabilities: | |||
Inventories | 0.3 | (8.2) | (2.9) |
Accounts receivable | (12.6) | (3) | (49.3) |
Income tax receivable | (11.5) | 1.5 | 112.3 |
Prepaid expenses and other | (2.3) | (2.3) | (1.8) |
Deferred charges and other assets, net | 0.3 | (1.2) | 0.8 |
Accounts payable and accrued expenses | 46.1 | (24.9) | 175.2 |
Income tax payable | 1 | 3.2 | (5.9) |
Liabilities for uncertain tax positions | (0.1) | 2 | 30.2 |
Other long-term liabilities | 1.1 | 6.3 | (17.9) |
Net cash provided by operating activities | 454.8 | 153.4 | 176.4 |
Investing activities | |||
Additions to theatre properties and equipment and other | (149.5) | (110.7) | (95.5) |
Net proceeds from sale of subsidiary | 14.8 | 0 | 0 |
Proceeds from sale of assets and other | 2.9 | 14.4 | 6.2 |
Net cash (used for) provided by investing activities | (131.8) | (96.3) | (89.3) |
Financing activities | |||
Proceeds from refinancing of senior secured credit facility | 640.2 | 0 | 0 |
Repayment of term loan upon refinancing of senior secured credit facility | (624.9) | 0 | 0 |
Redemption of $100.0 of 8.75% Secured Notes at 102.2% | (102.2) | 0 | 0 |
Proceeds from issuance of senior notes | 0 | 0 | 1,170 |
Redemption of senior notes | 0 | 0 | (1,155) |
Proceeds from other borrowings | 0 | 0 | 13.5 |
Payment of debt issuance costs | (7.5) | 0 | (17.3) |
Fees paid related to debt refinancing | (2.6) | 0 | (2) |
Other repayments of long-term debt | (10.6) | (28.1) | (10.3) |
Contributions received from parent | 0 | 0 | 120 |
Restricted stock withholdings for payroll taxes | (2.9) | (4.3) | (4.1) |
Payments on finance leases | (14.4) | (14.3) | (14.7) |
Other | (0.5) | (5.5) | 0 |
Net cash used for financing activities | (125.4) | (52.2) | 100.1 |
Effect of exchange rate changes on cash and cash equivalents | (12.5) | (20.3) | (5) |
Increase (decrease) in cash and cash equivalents | 185.1 | (15.4) | 182.2 |
Cash and cash equivalents: | |||
Beginning of period | 427.3 | 442.7 | 260.5 |
End of period | 612.4 | 427.3 | 442.7 |
CNK [Member] | |||
Operating activities | |||
Net (loss) income | 191.5 | (268) | (422.2) |
Adjustments to reconcile net (loss) income to cash provided by operating activities: | |||
Depreciation | 207.3 | 235.7 | 262.7 |
Amortization of intangible and other assets | 2.2 | 2.5 | 2.7 |
Loss on debt extinguishment and refinancing | 10.7 | 0 | 6.5 |
Amortization of debt issuance costs | 10.2 | 10.9 | 10.7 |
Amortization of accumulated losses (gains) for amended swap agreements | (6.4) | 4.5 | 4.5 |
Impairment of long-lived and other assets | 16.6 | 174.1 | 20.8 |
Share based awards compensation expense | 25 | 21.5 | 29.3 |
Loss (gain) on disposal of assets and other | (7.7) | (6.8) | 8 |
Unrealized gain on investment in NCMI | (12.4) | 0 | 0 |
Non-cash rent expense | (17.9) | (10.8) | (3.4) |
Equity in loss (income) of affiliates | (3.6) | 9.3 | 25 |
Deferred income tax (benefit) expense | 10.6 | (9.3) | (22.6) |
Distributions from equity investees | 5.7 | 6.9 | 0.2 |
Changes in other assets and liabilities: | |||
Inventories | 0.3 | (8.2) | (2.9) |
Accounts receivable | (11.5) | (1.2) | (43.6) |
Income tax receivable | (12.1) | 1.5 | 118.5 |
Prepaid expenses and other | (2.3) | (2.3) | (1.8) |
Deferred charges and other assets, net | 0.3 | (1.2) | 0.8 |
Accounts payable and accrued expenses | 45.4 | (25.1) | 175.5 |
Income tax payable | 1 | 3.2 | (6) |
Liabilities for uncertain tax positions | (0.1) | 2 | 30.2 |
Other long-term liabilities | 1.1 | 6.1 | (17.9) |
Net cash provided by operating activities | 444.3 | 136 | 166.2 |
Investing activities | |||
Additions to theatre properties and equipment and other | (149.5) | (110.7) | (95.5) |
Net proceeds from sale of subsidiary | 14.8 | 0 | 0 |
Proceeds from sale of assets and other | 2.9 | 14.4 | 6.2 |
Net cash (used for) provided by investing activities | (131.8) | (96.3) | (89.3) |
Financing activities | |||
Proceeds from refinancing of senior secured credit facility | 640.2 | 0 | 0 |
Repayment of term loan upon refinancing of senior secured credit facility | (624.9) | 0 | 0 |
Redemption of $100.0 of 8.75% Secured Notes at 102.2% | (102.2) | 0 | 0 |
Proceeds from issuance of senior notes | 0 | 0 | 1,170 |
Redemption of senior notes | 0 | 0 | (1,155) |
Proceeds from other borrowings | 0 | 0 | 13.5 |
Payment of debt issuance costs | (7.5) | 0 | (17.3) |
Fees paid related to debt refinancing | (2.6) | 0 | (2) |
Other repayments of long-term debt | (10.6) | (28.1) | (10.3) |
Restricted stock withholdings for payroll taxes | (2.9) | (4.3) | (4.1) |
Payments on finance leases | (14.4) | (14.3) | (14.7) |
Other | (0.5) | (5.5) | 0 |
Net cash used for financing activities | (125.4) | (52.2) | (19.9) |
Effect of exchange rate changes on cash and cash equivalents | (12.5) | (20.3) | (5) |
Increase (decrease) in cash and cash equivalents | 174.6 | (32.8) | 52 |
Cash and cash equivalents: | |||
Beginning of period | 674.5 | 707.3 | 655.3 |
End of period | 849.1 | 674.5 | 707.3 |
NCM | CUSA [Member] | |||
Adjustments to reconcile net (loss) income to cash provided by operating activities: | |||
Interest accrued on NCM screen advertising advances | 22.6 | 23.2 | 23.6 |
Amortization of NCM screen advertising advances and other deferred revenues | (32.4) | (32.5) | (32.4) |
NCM | CNK [Member] | |||
Adjustments to reconcile net (loss) income to cash provided by operating activities: | |||
Interest accrued on NCM screen advertising advances | 22.6 | 23.2 | 23.6 |
Amortization of NCM screen advertising advances and other deferred revenues | (32.4) | (32.5) | (32.4) |
NCMI [Member] | CUSA [Member] | |||
Adjustments to reconcile net (loss) income to cash provided by operating activities: | |||
Unrealized gain on investment in NCMI | 12.4 | 0 | 0 |
NCMI [Member] | CNK [Member] | |||
Adjustments to reconcile net (loss) income to cash provided by operating activities: | |||
Unrealized gain on investment in NCMI | $ (12.4) | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - 8.75% Secured Notes $ in Millions | May 01, 2023 USD ($) |
Debt instrument, face amount | $ 100 |
CNK [Member] | |
Debt instrument, face amount | $ 100 |
Debt instrument, redemption price, percentage | 102.20% |
CUSA [Member] | |
Debt instrument, face amount | $ 100 |
Debt instrument, redemption price, percentage | 102.20% |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 188.2 | $ (271.2) | $ (422.8) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business — Cinemark Holdings, Inc. (“Holdings”) is a holding company and its wholly-owned subsidiary is Cinemark USA, Inc. (“CUSA”). Holdings consolidates CUSA and its subsidiaries for financial statement purposes, and CUSA’s operating revenue and operating expenses comprise nearly 100 % of Holdings’ revenue and operating expenses. As such, the following Notes to Consolidated Financial Statements relate to Holdings and CUSA and their respective consolidated subsidiaries in all material aspects, unless otherwise noted. Where it is important to distinguish between Holdings and CUSA, specific reference is made to either Holdings or CUSA. Otherwise, all references to “we”, “our”, “us” and “the Company” relate to Cinemark Holdings, Inc. and its consolidated subsidiaries and all references to CUSA relate to CUSA and its consolidated subsidiaries. We operate in the motion picture exhibition industry, with theatres in the United States (“U.S.”) and in 13 countries in Latin America as of December 31, 2023 . Principles of Consolidation — The consolidated financial statements include the accounts of Cinemark Holdings, Inc. and its subsidiaries and Cinemark USA, Inc. and its subsidiaries. Majority-owned subsidiaries that Holdings or CUSA, as applicable, has control of are consolidated while those investments in entities of which Holdings or CUSA, as applicable, owns between 20 % and 50 % and does not control, but has significant influence over the investee, are accounted for under the equity method. Investments in entities of which Holdings or CUSA, as applicable, owns between 20 % and 50 % and does not control or have significant influence over are accounted for under the fair value method. If Holdings or CUSA cease to exercise significant influence over an equity investee, the investment is accounted for under the fair value method. Investments in entities of which Holdings or CUSA, as applicable, owns less than 20 % are generally accounted for under the cost method. The results of these subsidiaries and other investees are included in the consolidated financial statements of Holdings and CUSA, as applicable, effective from their date of formation or from their date of acquisition. Intercompany balances and transactions are eliminated in consolidation. Cash and Cash Equivalents — Cash and cash equivalents consist of operating funds held in financial institutions, petty cash held at the theatres, highly liquid investments with original maturities of three months or less when purchased and restricted cash. The Company invests its cash primarily in money market funds, certificates of deposit, commercial paper or other similar funds. Accounts Receivable – Accounts receivable, which are recorded at net realizable value, consist primarily of receivables related to screen advertising, screen rental, receivables related to gift cards sold to third party retail locations, receivables from landlords related to theatre construction projects, rebates earned from the Company’s concession vendors and value-added and other non-income tax receivables. Inventories — Concession inventories are stated at the lower of cost (first-in, first-out method) or net realizable value. Theatre Properties and Equipment — Theatre properties and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets as follows: Category Useful Life Buildings on owned land 40 years Buildings on leased land Lesser of lease term or 40 years Land and buildings under finance leases Lease term Theatre furniture and equipment 3 to 15 years Leasehold improvements Lesser of lease term or useful life The Company evaluates long-lived assets for impairment indicators on a quarterly basis or whenever events or changes in circumstances indicate the carrying amount of the assets may not be fully recoverable (qualitative evaluation). The Company also performs a full quantitative impairment evaluation on an annual basis. These qualitative and quantitative evaluations are described below: • Quantitative approach The Company performs a quantitative evaluation at the theatre level using estimated undiscounted cash flows from continuing use through the remainder of the theatre’s useful life. The remainder of the theatre’s useful life correlates with the remaining lease period, which may include the probability of the exercise of available renewal periods for leased properties, and the lesser of twenty years or the building’s remaining useful life for owned properties. If the estimated undiscounted cash flows are not sufficient to recover a long-lived asset’s carrying value, the Company then compares the carrying value of the asset group (theatre) with its estimated fair value. When estimated fair value is determined to be lower than the carrying value of the asset group (theatre), the asset group (theatre) is written down to its estimated fair value. Significant judgment, including management’s estimate of future theatre level cash flows for each theatre is involved in estimating fair value. Fair value is estimated based on a multiple of cash flows. Management’s estimates, which fall under Level 3 of the U.S. GAAP fair value hierarchy, as defined by FASB ASC Topic 820-10-35, are based on historical and projected operating performance, recent market transactions and current industry trading multiples. • Qualitative approach The Company’s qualitative assessment considers relevant economic and market conditions, industry trading multiples and recent developments that would impact its estimates of future cash flows as compared to its most recent quantitative impairment assessment. Goodwill and Other Intangible Assets — The Company evaluates goodwill for impairment annually during the fourth quarter or whenever events or changes in circumstances indicate the carrying value of the goodwill may not be fully recoverable. The Company evaluates goodwill for impairment at the reporting unit level. which is the U.S. and each of its international countries that has been allocated goodwill (the Company does not have goodwill recorded for all of its international locations). Under ASC Topic 350, Goodwill, Intangibles and Other (“ASC Topic 350”), the Company can elect to perform a qualitative or a quantitative impairment assessment of our goodwill as described below: • Quantitative approach Under a quantitative goodwill impairment analysis, the Company estimates the fair value of each reporting unit and compares it with its carrying value. Fair value is estimated using (i) a market approach, which considers a multiple of cash flows for each reporting unit based upon public trading and recent transaction valuation multiples as the basis for fair value and (ii) an income approach, which uses a discounted cash flow model incorporating discount rates commensurate with the risks involved as the basis for fair value. Significant judgment including management’s estimate of future theatre level cash flows for each theatre is involved in estimating fair value of a reporting unit. The Company’s estimates, which fall under Level 3 of the U.S. GAAP fair value hierarchy as defined by FASB ASC Topic 820-10-35, are based on projected operating performance of each reporting unit, recent market transactions and current industry trading multiples. • Qualitative approach The Company’s qualitative assessment of goodwill for each reporting unit considers economic and market conditions, industry trading multiples and the impact of recent developments that would impact the estimated fair values as determined during its most recent quantitative assessment. Tradename intangible assets are tested for impairment at least annually during the fourth quarter or whenever events or changes in circumstances indicate the carrying value may not be fully recoverable. Under ASC Topic 350, the Company can elect to perform a qualitative or quantitative impairment assessment for our tradename intangible assets as described below: • Quantitative approach The Company compares the carrying values of its tradename assets to their estimated fair values. Fair values are estimated by applying an estimated market royalty rate that could be charged for the use of the tradenames to forecasted future revenues, with an adjustment for the present value of such royalties. If the estimated fair value is less than the carrying value, the tradename intangible asset is written down to its estimated fair value. Significant judgment is involved in estimating market royalty rates and long-term revenue forecasts. Management’s estimates, which fall under Level 3 of the U.S. GAAP fair value hierarchy as defined by FASB ASC Topic 820-10-35, are based on historical and projected revenue performance and industry trends. • Qualitative approach The Company’s qualitative assessment considers industry and market conditions and recent developments that may impact the revenue forecasts and other estimates as compared to its most recent quantitative assessment. The table below summarizes the Company’s intangible assets and the amortization method used for each type of intangible asset: Intangible Asset Amortization Method Goodwill Indefinite-lived Tradename Indefinite-lived and definite-lived. Definite-lived tradename asset has a remaining useful life of approximately one year . Other intangible assets Straight-line method over the terms of the underlying agreement. The remaining useful lives of these intangible assets is two years . Lease Accounting — See Note 4 for discussion of the Company’s lease accounting policies. Deferred Charges and Other Assets — Deferred charges and other assets consist of construction, lease and other deposits, equipment to be placed in service, and other assets of a long-term nature. Self-Insurance Reserves — In the U.S., the Company is self-insured for general liability claims, which are capped at $ 0.3 per occurrence with no aggregate annual cap. For its international locations, the Company is fully insured for general liability claims with little or no deductibles per occurrence. Under the Company’s fully-funded deductible workers compensation insurance plan in the U.S., the Company is responsible for pre-funding claims and is responsible for claims up to $ 0.3 per occurrence, with an annual cap of $ 5.0 . The Company is also self-insured for domestic medical and dental claims with a cap of $ 0.3 per occurrence. As of December 31, 2022 and 2023, the Company’s self-insurance reserves were $ 10.0 and $ 11.4 , respectively, and are reflected in accrued other current liabilities on the consolidated balance sheets. For its international locations, the Company is fully insured for workers compensation claims. Medical and dental benefits for the Company’s international locations are covered through a government-sponsored healthcare system that is funded through employee and employer payroll tax contributions. Revenue Recognition — See Note 5 for discussion of revenue recognition and deferred revenue. Expenses — Film rental costs are based on the film licensing arrangements and accrued based on the applicable box office receipts and either; 1) a sliding scale formula, which is generally established with the studio prior to the opening of the film, 2) a firm terms formula as negotiated prior to a film's theatrical run or 3) estimates of the final settlement rate, which occurs at the conclusion of the film’s run. Under a sliding scale formula, the Company pays a percentage of box office revenues using a pre-determined scale that is based upon box office performance of the film for its full theatrical run. Under a firm terms formula, the Company pays the distributor a percentage of box office receipts that can either be an aggregate rate for the full theatrical run or rates that decline over the term of the theatrical run. The settlement process allows for negotiation of film rental fees upon the conclusion of the film's theatrical run based upon how the film performs. Estimates are based on the expected success of a film. The success of a film can generally be determined a few weeks after a film is released when the initial box office performance of the film is known. If actual box office performance differs from our estimates, film rental costs are adjusted accordingly throughout a film’s theatrical run. Accounting for Share Based Awards — The Company measures the cost of employee services received in exchange for an equity award based on the fair value of the award on the date of the grant. The grant date fair value is based on Holdings’ stock price on the grant date. Such costs are recognized over the period during which an employee is required to provide service in exchange for the award (which is usually the vesting period). At the time of the grant, Holdings also estimates the number of awards that will ultimately be forfeited. Holdings also periodically estimates the number of awards that will ultimately vest based upon the achievement of pre-established Company performance targets on those awards that are both performance-based and time-based. A cumulative expense adjustment is recognized when that estimate changes. See Note 18 for discussion of Holdings’ share based awards and related compensation expense. Income Taxes — The Company uses an asset and liability approach to financial accounting and reporting for income taxes. CUSA participates in the consolidated return of Holdings; however, CUSA’s provisions for income taxes is computed on a stand-alone basis. Deferred income taxes are provided when tax laws and financial accounting standards differ with respect to the amount of income for a year and the basis of assets and liabilities. A valuation allowance is recorded to reduce the carrying amount of deferred tax assets unless it is more likely than not that such assets will be realized. Income taxes are provided on unremitted earnings from foreign subsidiaries unless such earnings are expected to be indefinitely reinvested. Income taxes have also been provided for potential tax assessments. The evaluation of an uncertain tax position is a two-step process. The first step is recognition: The Company determines whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. In evaluating whether a tax position has met the more-likely-than-not recognition threshold, the Company should presume that the position would be examined by the appropriate taxing authority that would have full knowledge of all relevant information. The second step is measurement: A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Differences between tax positions taken in a tax return and amounts recognized in the financial statements result in (1) a change in a liability for income taxes payable or (2) a change in an income tax refund receivable, a deferred tax asset or a deferred tax liability or both (1) and (2). The Company accrues interest and penalties on its uncertain tax positions as a component of income tax expense. See further discussion in Note 20. Segments — For the years ended December 31, 2021, 2022 and 2023 , the Company managed its business under two reportable operating segments, U.S. markets and international markets. See Note 22. Use of Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. The Company’s consolidated financial statements include amounts that are based on management’s best estimates and judgments. Actual results could differ from those estimates. Foreign Currency Translations — The assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. dollars at current exchange rates as of the balance sheet date, and revenues and expenses are translated at average monthly exchange rates. The resulting translation adjustments are recorded in the consolidated balance sheets in accumulated other comprehensive loss. See Note 16 for a summary of the translation adjustments recorded in accumulated other comprehensive loss for the years ended December 31, 2021, 2022 and 2023. The Company recognizes foreign currency transaction gains and losses when changes in exchange rates impact transactions, other than intercompany transactions of a long-term investment nature, that have been denominated in a currency other than the functional currency. The Company deemed Argentina to be highly inflationary beginning July 1, 2018. A highly inflationary economy is defined as an economy with a cumulative inflation rate of approximately 100 percent or more over a three-year period. If a country’s economy is classified as highly inflationary, the financial statements of the foreign entity operating in that country must be remeasured to the functional currency of the reporting entity. The financial statements of the Company’s Argentina subsidiaries have been remeasured in U.S. dollars in accordance with ASC Topic 830, Foreign Currency Matters , effective beginning July 1, 2018. See further discussion in Note 16. During 2019, the Argentine government instituted exchange controls restricting the ability of entities and individuals to exchange Argentine pesos for foreign currencies and to remit foreign currency out of Argentina. As a result of these currency exchange controls, markets in Argentina developed a legal trading mechanism known as the Blue Chip Swap that allows entities to transfer U.S. dollars out of and into Argentina. In a Blue Chip Swap transaction, an entity buys U.S. dollar denominated securities in Argentina using Argentine pesos, and subsequently sells the securities for U.S. dollars, in Argentina, to access U.S. dollars locally, or outside Argentina, by transferring the securities abroad, prior to being sold (the latter commonly known as Blue Chip Swap Rate). The Blue Chip Swap rate is the implicit exchange rate resulting from the Blue Chip Swap transaction. The Blue Chip Swap rate can diverge significantly from Argentina’s official exchange rate. See further discussion in Note 16. Fair Value Measurements — According to authoritative guidance, inputs used in fair value measurements fall into three different categories; Level 1, Level 2 and Level 3. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. See Note 15 for a discussion of our fair value measurements for the years ended December 31, 2021, 2022 and 2023 . Interest Rate Swaps – The Company evaluates its interest rate swap agreements, which are designated as cash flow hedges, to determine whether they are effective on a quarterly basis in accordance with ASC Topic 815, Derivatives and Hedging . The fair values of the interest rate swaps are estimated based on future estimated net cash flows considering forecasted interest rates for the terms of the interest rate swap agreements as compared to the fixed interest rates paid under the agreements. If deemed to be effective, fair value estimates are recorded on the consolidated balance sheets as an asset or liability with the related gains or losses reported as a component of accumulated other comprehensive loss. If the swaps are determined to not be effective, the gains or losses are recorded in interest expense on the consolidated income statement. See further discussion in Note 14. Restructuring Charges – During the year ended December 31, 2020, the Company recorded restructuring charges based on an approved and announced restructuring plan, specifically related to headcount reductions, the permanent closure of underperforming theatres and the write-down of related theatre assets. The costs of the restructuring actions were accrued based on estimates at the time the plan was formalized. Adjustments made to restructuring charges based on actual costs incurred were recorded during the years ended December 31, 2021 and 2022. The balance of accrued and unpaid restructuring charges at December 31, 2022 and 2023 was $ 0 . See further discussion in Note 3. |
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
NEW ACCOUNTING PRONOUNCEMENTS | 2. NEW ACCOUNTING PRONOUNCEMENTS ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , (“ASU 2020-04”), ASU 2021-01, Reference Rate Reform (Topic 848): Scope , (“ASU 2021-01”), and ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 ( “ASU 2022-06”). The purpose of ASU 2020-04 is to provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. More specifically, the amendments in ASU 2020-04 provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in ASU 2021-01 clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The amendments in ASU 2022-06 deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The amendments in ASU 2020-04 and ASU 2021-01 are effective as of March 12, 2020 through December 31, 2024. The Company applied the optional relief guidance prospectively to the modification of the reference rate in its interest rate swap agreements from LIBOR to Term SOFR during the second quarter of 2023 (see Note 14). The application of the guidance did not have a material impact on the Company’s consolidated financial statements. ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The purpose of ASU 2023-07 is to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses to enable investors to better understand an entity’s overall performance and assess potential future cash flows. In addition, the amendments of ASU 2023-07 enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The amendments in ASU 2023-07 are effective for all public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is in the process of evaluating the impact of adopting the additional disclosure requirements of ASU 2023-07. ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The purpose of ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures to provide information to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. The amendments in ASU-2023-09 require that public entities, on an annual basis, (i) disclose specific categories in the income tax rate reconciliation and (ii) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pre-tax income or loss by the applicable statutory income tax rate). The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is evaluating the impact of adopting ASU 2023-09 on its consolidated financial statements. |
IMPACT OF THE COVID-19 PANDEMIC
IMPACT OF THE COVID-19 PANDEMIC | 12 Months Ended |
Dec. 31, 2023 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Impact of The COVID-19 Pandemic | 3. IMPACT OF THE COVID-19 PANDEMIC The impact of the COVID-19 pandemic had an unprecedented effect on the theatrical exhibition industry. We temporarily closed our theatres in the U.S. and Latin America during March of 2020 at the onset of the COVID-19 outbreak. We reopened theatres as soon as local restrictions and the status of the COVID-19 pandemic would allow. All of our domestic and international theatres were reopened by the end of 2021. After reopening our theatres, we faced ongoing challenges with the significant reduction in the volume of new film releases. The industry has made significant progress in its recovery from the COVID-19 pandemic; however its ongoing recovery continues to be contingent upon several key factors, including the volume of new film content available, which has also been impacted by the recent writers’ and actors’ guild strikes, the box office performance of new film content released, the duration of the exclusive theatrical release window, and evolving consumer behavior with competition from other forms of in-and-out-of-home entertainment. Government Assistance During the years ended December 31, 2021 and 2022, the Company received an aggregate of approximately $ 2.8 in government assistance pursuant to (i) payroll continuation support programs under the CARES Act, (ii) various grants provided in certain states intended to cover janitorial and personal protection equipment costs incurred by the Company in response to local regulations and (iii) subsidies for certain payroll costs in certain international locations. The Company has met all applicable conditions related to the government assistance received. The government assistance received was reflected as credits to salaries and wages, utilities and other costs, and general and administrative expenses in the consolidated statements of loss. Restructuring Charges In 2020, Company management approved and announced a restructuring plan to realign its operations to create a more efficient cost structure (referred to herein as the “Restructuring Plan”) in response to the COVID-19 pandemic. The Restructuring Plan primarily included a headcount reduction at its domestic corporate office and the permanent closure of certain domestic and international theatres. The following table summarizes activity recorded during the years ended December 31, 2021 and 2022: U.S. Operating Segment International Operating Segment Consolidated Employee-related Costs Facility Closure Costs Total Charges Employee-related Costs Facility Closure Costs Total Charges Employee-related Costs Facility Closure Costs Total Charges Reserve balance at January 1, 2021 $ 0.9 $ 5.7 $ 6.6 $ — $ 0.1 $ 0.1 $ 0.9 $ 5.8 $ 6.7 Amounts paid ( 0.4 ) ( 3.9 ) ( 4.3 ) — — — ( 0.4 ) ( 3.9 ) ( 4.3 ) Reserve adjustments (1) ( 0.1 ) ( 0.9 ) ( 1.0 ) — — — ( 0.1 ) ( 0.9 ) ( 1.0 ) Reserve balance at December 31, 2021 $ 0.4 $ 0.9 $ 1.3 $ — $ 0.1 $ 0.1 $ 0.4 $ 1.0 $ 1.4 Amounts paid ( 0.4 ) ( 0.5 ) ( 0.9 ) — — — ( 0.4 ) ( 0.5 ) ( 0.9 ) Reserve adjustments (1) — ( 0.4 ) ( 0.4 ) — ( 0.1 ) ( 0.1 ) — ( 0.5 ) ( 0.5 ) Reserve balance at December 31, 2022 $ — $ — $ — $ — $ — $ — $ — $ — $ — Amounts were primarily adjustments based on final facility lease payments for certain closed theatres as compared with original estimates recorded. |
LEASE ACCOUNTING
LEASE ACCOUNTING | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Lease Accounting | 4. LEASE ACCOUNTING Real Estate Leases — The Company conducts a significant part of its theatre operations in leased properties under noncancelable operating and finance leases with base terms generally ranging from 10 to 25 years . In addition to fixed lease payments, some of the leases provide for variable lease payments and some require the payment of taxes, insurance, common area maintenance and other costs applicable to the property. Variable lease payments include payments based on a percentage of retail sales or a percentage of retail sales over defined thresholds. Other variable lease payments include payments adjusted periodically for inflation, changes in attendance or changes in average ticket price. The Company can renew, at its option, many of its leases at defined or then market rental rates for various renewal periods. Some leases also provide for escalating rent payments throughout the lease term. The Company also leases certain office and warehouse facilities in the U.S. and in international locations, which generally only include fixed payments. The Company recognizes fixed lease expense for the operating leases on a straight-line basis over the lease term. The Company’s real estate lease agreements do not contain any residual value guarantees or restrictive covenants. Equipment Leases — The Company leases certain equipment under operating leases, including trash compactors and various other equipment used in the day-to-day operation of its theatres. Certain of the leases require fixed lease payments to be made over the duration of the lease term, while others are variable in nature based on usage or sales. Certain of these leases are month-to-month, while others have noncancelable terms ranging from 1 to 7 years . The Company’s equipment lease agreements do not contain any residual value guarantees or restrictive covenants. The following table represents the operating and finance right-of-use assets and lease liabilities as of the periods indicated. As of Leases Classification December 31, 2022 December 31, 2023 Assets (1) Operating lease assets Operating lease right-of-use assets $ 1,102.7 $ 986.4 Finance lease assets Theatre properties and equipment, net of accumulated depreciation (2) 67.8 55.7 Total lease assets $ 1,170.5 $ 1,042.1 Liabilities (1) Current Operating Current portion of operating lease obligations $ 219.3 $ 212.5 Finance Current portion of finance lease obligations 14.4 14.0 Noncurrent Operating Operating lease obligations, less current portion 970.6 853.3 Finance Finance lease obligations, less current portion 88.0 73.8 Total lease liabilities $ 1,292.3 $ 1,153.6 (1) The operating lease right-of-use assets and liabilities recorded on the Company’s consolidated balance sheets generally do not include renewal options that have not yet been exercised. The Company does not consider a lease renewal exercise as reasonably certain until immediately before the necessary notification is provided to the landlord after consideration of market conditions and performance of the theatre. (2) Finance lease assets are net of accumulated amortization of $ 62.5 and $ 73.9 as of December 31, 2022 and 2023 , respectively. As of December 31, 2023, the Company had signed lease agreements with total noncancelable lease payments of approximately $ 44.8 related to theatre leases that had not yet commenced. The timing of lease commencement is dependent on the completion of construction of the related theatre facility. Additionally, these amounts are based on estimated square footage and costs to construct each facility and may be subject to adjustment upon final completion of each construction project. In accordance with ASC Topic 842, fixed minimum lease payments related to these theatres are not included in the right-of-use assets and lease liabilities as of December 31, 2023. The following table represents the Company’s aggregate lease costs, by lease classification, for the periods indicated. Year Ended December 31, Lease Cost Classification 2021 2022 2023 Operating lease costs Equipment (1) Utilities and other $ 2.3 $ 4.4 $ 4.1 Real Estate (1) Facility lease expense 281.0 315.7 348.6 Total operating lease costs $ 283.3 $ 320.1 $ 352.7 Finance lease costs Depreciation of leased assets Depreciation and amortization $ 12.6 $ 12.4 $ 12.0 Interest on lease liabilities Interest expense 5.9 5.3 4.9 Total finance lease costs $ 18.5 $ 17.7 $ 16.9 (1) Includes short-term lease payments, variable lease payments and office lease payments reflected in general and administrative expense as set forth in the following table for the periods presented: Year Ended December 31, Lease Cost Classification 2021 2022 2023 Operating lease costs Equipment - Short-term and variable lease payments Utilities and other $ 1.8 $ 3.9 $ 3.6 Real Estate - Variable lease payments (1) Facility lease expense $ 11.8 $ 36.4 $ 68.3 Real Estate - Office leases General and administrative $ 1.3 $ 1.3 $ 1.4 (1) Represents lease payments that are based on a change in index, such as CPI or inflation, variable payments based on revenue or attendance and variable common area maintenance costs. The following table represents the maturity of lease liabilities, by lease classification, as of December 31, 2023. Operating Finance Years Ending Leases Leases 2024 $ 267.2 $ 18.0 2025 237.4 16.4 2026 199.6 12.0 2027 158.5 11.9 2028 121.9 11.6 Thereafter 295.4 35.1 Total lease payments $ 1,280.0 $ 105.0 Less: Interest 214.2 17.2 Present value of lease liabilities $ 1,065.8 $ 87.8 The following table represents the weighted-average remaining lease term and discount rate, disaggregated by lease classification, as of December 31, 2023. As of Lease Term and Discount Rate December 31, 2023 Weighted-average remaining lease term (years) (1) Operating leases - equipment 3.3 Operating leases - real estate 6.4 Finance leases - equipment 2.6 Finance leases - real estate 7.6 Weighted-average discount rate (2) Operating leases - equipment 6.3 % Operating leases - real estate 11.5 % Finance leases - equipment 3.6 % Finance leases - real estate 4.9 % (1) The lease assets and liabilities recorded on the Company’s consolidated balance sheets generally do not include renewal options that have not yet been executed. The Company does not consider a lease renewal exercise as reasonably certain until immediately before the necessary notification is provided to the landlord after consideration of market conditions and performance of the theatre. (2) The discount rate for each lease represents the incremental borrowing rate at which the Company would borrow funds, on a collateralized basis, over a similar term and at an amount equal to the lease payments in a similar economic environment. The following table represents the minimum cash lease payments included in the measurement of lease liabilities and the non-cash addition of right-of-use assets for the periods presented. Year Ended December 31, Other Information 2021 2022 2023 Cash paid for amounts included in the measurement of lease liabilities Cash outflows for operating leases $ 269.7 $ 279.8 $ 280.8 Cash outflows for finance leases - operating activities $ 5.9 $ 5.3 $ 4.9 Cash outflows for finance leases - financing activities $ 14.7 $ 14.3 $ 14.4 Non-cash amount of leased assets obtained in exchange for: Operating lease liabilities $ 180.1 $ 114.1 $ 87.0 Finance lease liabilities $ 0.7 $ — $ — Lessor Arrangements Under the Company’s Exhibitor Services Agreement (“ESA”) with National CineMedia, LLC (“NCM”), the nonconsecutive periods of use of the theatre screens by NCM qualify as a lease in accordance with ASC Topic 842. See further discussion in Note 9. The Company rents its theatre auditoriums for corporate meetings, screenings, education and training sessions and other private events. These rentals, which are not significant to the Company, are generally one-time events and the related revenue is reflected as other revenue on the consolidated statements of income (loss). |
REVENUE RECOGNITION
REVENUE RECOGNITION | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE RECOGNITION | 5. REVENUE RECOGNITION Revenue Recognition Policy The Company’s patrons have the option to purchase movie tickets well in advance of a movie showtime, right before the movie showtime, or at any point in between those two timeframes depending on seat availability. The Company recognizes such admissions revenue when the showtime for a purchased movie ticket has passed. Concession revenue is recognized when products are sold to the consumer, or if purchased in advance, once the showtime associated with the customer’s movie ticket has passed. Other revenue primarily consists of screen advertising, screen rental revenue, promotional income, studio trailer placements and transactional fees. Except for NCM screen advertising advances discussed below in Note 9, these revenues are generally recognized when the Company has fulfilled its performance obligations by providing the specified services. The Company sells gift cards and discount ticket vouchers, the proceeds from which are recorded as deferred revenue. Deferred revenue for gift cards and discount ticket vouchers is recognized when they are redeemed for concession items or, if redeemed for movie tickets, when the showtime has passed. The Company generally records breakage revenue on gift cards and discount ticket vouchers based on redemption activity and historical experience with unused balances. The Company offers a subscription program in the U.S. whereby patrons can pay a monthly or annual fee to receive a monthly credit for use towards a future movie ticket purchase. We also offer monthly subscription fee programs in several of our international locations where customers can pay a monthly fee to receive benefits such as a free monthly ticket. The Company records the subscription program fees as deferred revenue and records admissions revenue when the showtime for a movie ticket purchased with a credit has passed. The Company has loyalty programs in the U.S. and many of its international locations that either have a prepaid annual fee or award points to customers as purchases are made. For those loyalty programs that have a prepaid annual fee, the Company recognizes the fee collected as other revenue on a straight-line basis over the annual membership period. For those loyalty programs that award points to customers based on their purchases, the Company records a portion of the original transaction proceeds as deferred revenue based on the number of reward points issued to customers and recognizes the deferred revenue when the customer redeems such points. The value of loyalty points issued is based on the estimated fair value of the rewards offered. The Company records breakage revenue generally upon the expiration of loyalty points and subscription credits as the Company does not yet have sufficient historical data related to the redemption patterns for these programs to estimate breakage. Accounts receivable as of December 31, 2022 and 2023 included approximately $ 22.9 and $ 31.6 , respectively, of receivables related to contracts with customers. The Company did not record any assets related to the costs to obtain or fulfill a contract with customers during the years ended December 31, 2022 or 2023. Disaggregation of Revenue The following tables present revenue for the periods indicated, disaggregated based on major type of good or service and by reportable operating segment. Year Ended December 31, 2023 U.S. International Operating Operating Major Goods/Services Segment (1) Segment Consolidated Admissions Revenue $ 1,236.0 $ 319.6 $ 1,555.6 Concession Revenue 952.0 240.0 1,192.0 Screen advertising, screen rental and promotional revenue 91.0 53.6 144.6 Other Revenue 136.3 38.2 174.5 Total Revenue $ 2,415.3 $ 651.4 $ 3,066.7 Year Ended December 31, 2022 U.S. International Operating Operating Major Goods/Services Segment (1) Segment Consolidated Admissions Revenue $ 1,010.2 $ 236.7 $ 1,246.9 Concession Revenue 763.0 175.3 938.3 Screen advertising, screen rental and promotional revenue 81.7 45.3 127.0 Other Revenue 115.3 27.2 142.5 Total Revenue $ 1,970.2 $ 484.5 $ 2,454.7 Year Ended December 31, 2021 U.S. International Operating Operating Major Goods/Services Segment (1) Segment Consolidated Admissions Revenue $ 671.7 $ 108.3 $ 780.0 Concession Revenue 482.8 78.9 561.7 Screen advertising, screen rental and promotional revenue 66.2 17.9 84.1 Other Revenue 72.9 11.8 84.7 Total Revenue $ 1,293.6 $ 216.9 $ 1,510.5 (1) U.S. segment revenues exclude intercompany transactions with the international operating segment. See Note 22 for additional information on intercompany eliminations. The following tables present revenue for the periods indicated, disaggregated based on timing of revenue recognition (as discussed above) and by reportable segment. Year Ended December 31, 2023 U.S. International Operating Operating Segment (1) Segment Consolidated Goods and services transferred at a point in time $ 2,327.9 $ 588.9 $ 2,916.8 Goods and services transferred over time 87.4 62.5 149.9 Total $ 2,415.3 $ 651.4 $ 3,066.7 Year Ended December 31, 2022 U.S. International Operating Operating Segment (1) Segment Consolidated Goods and services transferred at a point in time $ 1,856.5 $ 428.3 $ 2,284.8 Goods and services transferred over time 113.7 56.2 169.9 Total $ 1,970.2 $ 484.5 $ 2,454.7 Year Ended December 31, 2021 U.S. International Operating Operating Segment (1) Segment Consolidated Goods and services transferred at a point in time $ 1,201.2 $ 193.7 $ 1,394.9 Goods and services transferred over time 92.4 23.2 115.6 Total $ 1,293.6 $ 216.9 $ 1,510.5 (1) U.S. segment revenues exclude intercompany transactions with the international operating segment. See Note 22 for additional information on intercompany eliminations . Screen Advertising Advances and Other Deferred Revenue The following table presents changes in the Company’s deferred revenue for the periods indicated: Deferred Revenue NCM Screen (2) Other Deferred (3) Balance at January 1, 2022 $ 346.0 $ 160.3 Amounts recognized as accounts receivable — 1.8 Cash received from customers in advance — 241.1 Common units received from NCM (see Note 9) 1.3 — Interest accrued related to significant financing component 23.2 — Revenue recognized during period ( 32.3 ) ( 206.9 ) Foreign currency translation adjustments — ( 1.4 ) Balance at December 31, 2022 338.2 194.9 Amounts recognized as accounts receivable — 4.6 Cash received from customers in advance — 327.4 Dispositions (1) — ( 0.4 ) Interest accrued related to significant financing component 22.6 — Revenue recognized during period ( 32.4 ) ( 299.5 ) Foreign currency translation adjustments — ( 5.4 ) Balance at December 31, 2023 $ 328.4 $ 221.6 (1) Relates to the sale of the Company’s Ecuador subsidiary. See Note 8 . (2) See Significant Financing Component in Note 9 for discussion of NCM screen advertising advances and maturity of balances as of December 31, 2023 . (3) Includes liabilities associated with outstanding gift cards and discount ticket vouchers, points or rebates outstanding under the Company’s loyalty and membership programs and revenue not yet recognized for screen advertising and other promotional activities. Amount is classified as accounts payable and accrued expenses or other long-term liabilities on the consolidated balance sheets. The table below summarizes the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied for other deferred revenue in the table above as of December 31, 2023 and when the Company expects to recognize this revenue. Year Ended December 31, Remaining Performance Obligations 2024 2025 Thereafter Total Other deferred revenue $ 195.2 26.4 — $ 221.6 |
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
EARNINGS (LOSS) PER SHARE | 6. EARNINGS (LOSS) PER SHARE The following table presents computations of basic and diluted earnings (loss) per share for Holdings under the two class method: Year Ended December 31, 2021 2022 2023 Numerator: Net (loss) income attributable to Cinemark Holdings, Inc. $ ( 422.8 ) $ ( 271.2 ) $ 188.2 Loss (income) allocated to participating share-based awards (1) 6.1 3.8 ( 3.3 ) Basic net (loss) income attributable to common stockholders $ ( 416.7 ) $ ( 267.4 ) $ 184.9 Add: Interest expense on convertible notes, net of tax (3) — — $ 18.2 Diluted net (loss) income attributable to common stockholders $ ( 416.7 ) $ ( 267.4 ) $ 203.1 Denominator : Basic weighted average shares outstanding 117.3 118.2 119.1 Common equivalent shares for restricted performance stock units (2) — — 0.9 Common equivalent shares for convertible notes (3) — — 32.0 Common equivalent shares for warrants (4) — — — Diluted weighted average shares outstanding 117.3 118.2 152.0 Basic (loss) earnings per share attributable to common stockholders $ ( 3.55 ) $ ( 2.26 ) $ 1.55 Diluted (loss) earnings per share attributable to common stockholders $ ( 3.55 ) $ ( 2.26 ) $ 1.34 (1) For the years ended December 31, 2021, 2022 and 2023, a weighted average of approximately 1.7 shares, 1.7 shares and 2.1 shares of unvested restricted stock, respectively, are considered participating securities. (2) For the years ended December 31, 2021 and 2022 , approximately 0.0 and 0.4 common equivalent shares for performance stock units were excluded because they were anti-dilutive. (3) For the years ended December 31, 2021 and 2022 , diluted loss per share excludes the assumed conversion of the 4.50 % Convertible Senior Notes into 32.0 shares of common stock, as they would have been anti-dilutive. See further discussion below. (4) For all periods presented, diluted earnings (loss) per share excludes the warrants, as they would be anti-dilutive. Share-based awards Holdings considers its unvested share-based payment awards, which contain non-forfeitable rights to dividends, participating securities, and includes such participating securities in its computation of earnings (loss) per share pursuant to the two-class method. Basic earnings (loss) per share for the two classes of stock (common stock and unvested restricted stock) is calculated by dividing net income (loss) by the weighted average number of shares of common stock and unvested restricted stock outstanding during the reporting period. Diluted earnings (loss) per share is calculated using the weighted average number of shares of common stock plus the potentially dilutive effect of common equivalent shares outstanding determined under both the two-class method and the treasury stock method. Convertible notes, hedges and warrants The 4.50% Convertible Senior Notes, discussed further in Note 14, are dilutive in periods in which Holdings has net income. The impact of such dilution on earnings per share is calculated under the if-converted method, which requires that all of the shares of Holdings’ common stock issuable upon conversion of the 4.50% Convertible Senior Notes be included in the calculation of diluted EPS assuming conversion at the beginning of the reporting period. The closing price of Holdings’ common stock did not exceed the strike price of $ 18.66 per share ( 130 % of the initial exercise price of $ 14.35 per share) during at least 20 of the last 30 trading days of the quarter ended December 31, 2023 and, therefore, the 4.50% Convertible Senior Notes will not be convertible during the first quarter of 2024. The converted value of the 4.50% Convertible Senior Notes, based on the weighted average closing price of Holdings’ common stock for 2023, exceeded the aggregate outstanding principal of the notes by $ 23.3 as of December 31, 2023 . As noted in Note 14, Holdings entered into hedge transactions with counterparties in connection with the issuance of the 4.50% Convertible Senior Notes. The convertible note hedge transactions cover, subject to anti-dilution adjustments substantially similar to those applicable to the 4.50% Convertible Senior Notes, the number of shares of Holdings’ common stock underlying the 4.50% Convertible Notes, which initially gives Holdings the option to purchase approximately 32.0 shares of its common stock at a price of approximately $ 14.35 per share. Concurrently with entering into the convertible note hedge transactions, Holdings also entered into warrant transactions with each option counterparty whereby Holdings sold to such option counterparty warrants to purchase, subject to customary anti-dilution adjustments, up to the same number of shares of Holdings’ common stock, which initially gives the option counterparties the option to purchase approximately 32.0 shares at a price of approximately $ 22.08 per share. The economic effect of these transactions is to effectively raise the strike price of the 4.50% Convertible Senior Notes from approximately $ 18.66 per share of Holdings’ common stock to approximately $ 22.08 per share. |
DIVIDENDS
DIVIDENDS | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
DIVIDENDS | 7. DIVIDENDS The Company suspended its quarterly dividend in March 2020 as a result of the COVID-19 pandemic as discussed in Note 3. |
THEATRE PROPERTIES AND EQUIPMEN
THEATRE PROPERTIES AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment, Net [Abstract] | |
THEATRE PROPERTIES AND EQUIPMENT | 8. THEATRE PROPERTIES AND EQUIPMENT Properties and equipment consisted of the following as of the periods presented: December 31, 2022 2023 Theatre properties and equipment Land $ 99.7 $ 97.8 Buildings 528.9 530.6 Property under finance lease 130.3 129.6 Theatre furniture and equipment 1,429.5 1,432.8 Leasehold interests and improvements 1,206.9 1,300.2 Total 3,395.3 3,491.0 Less: accumulated depreciation and amortization (1) ( 2,163.2 ) ( 2,329.3 ) Theatre properties and equipment, net $ 1,232.1 $ 1,161.7 (1) Amortization of finance lease assets is included in depreciation and amortization expense on the consolidated statements of income (loss). Accumulated amortization of finance lease assets as of December 31, 2022 and 2023 was $ 62.5 and $ 73.9 , respectively. Sale of Subsidiary During December 2022, the Company entered into a purchase and sale agreement for the sale of the stock of its Ecuador subsidiary. The Company completed the sale in September 2023 and recognized a gain of $ 6.9 , which is reflected in “Loss (gain) on disposal of assets and other” in the Company’s consolidated statement of income for the year ended December 31, 2023. T he sale of the Ecuador subsidiary did not qualify as discontinued operations since it did not represent a strategic shift in the Company’s operations that will have a major effect on its results and operations. The following table presents the carrying value of Ecuador’s significant assets and liabilities as of the periods presented: December 31, 2022 2023 Theatre property and equipment, net $ 5.4 $ — Operating lease right-of-use asset, net 2.9 — Goodwill 4.2 — Total assets $ 15.3 $ — Total liabilities $ 8.5 $ — The table below summarizes total revenue and operating income for the Ecuador subsidiary for the periods presented: Year Ended December 31, 2022 2023 Total revenue $ 13.3 $ 13.5 Operating (loss) income $ ( 1.2 ) $ 2.0 |
INVESTMENT IN NATIONAL CINEMEDI
INVESTMENT IN NATIONAL CINEMEDIA, INC/ NATIONAL CINEMEDIA LLC | 12 Months Ended |
Dec. 31, 2023 | |
NCM | |
INVESTMENT IN NATIONAL CINEMEDIA, INC / NATIONAL CINEMEDIA LLC | 9. INVESTMENT IN NATIONAL CINEMEDIA, INC / NATIONAL CINEMEDIA LLC NCM operates a digital in-theatre network in the U.S. for providing cinema advertising. The Company has an investment in NCM’s parent National CineMedia, Inc. (”NCMI”) and previously held an investment in NCM. See further discussion below under Investment in National CineMedia . The Company entered into an Exhibitor Services Agreement with NCM (“ESA”) pursuant to which NCM primarily provides screen advertising to our domestic theatres through its branded “ Noovie ” pre-show entertainment program. See further discussion below under Exhibitor Services Agreement . Summary of Activity with NCMI/NCM Below is a summary of activity with NCMI and NCM included in each of Holdings’ and CUSA’s consolidated financial statements for the periods indicated. See Note 5 for discussion of revenue recognition. Investment NCM Screen Advertising Advances Distributions from NCM (5) Equity (3) Other Revenue Interest Expense Cash Received Balance as of January 1, 2021 $ 152.0 $ ( 344.3 ) Receipt of common units due to annual common unit adjustment 10.2 ( 10.2 ) — — — — — Screen rental revenues earned under ESA (1) — — — — ( 12.0 ) — 12.0 Interest accrued related to significant financing component — ( 23.6 ) — — — 23.6 — Receipt under tax receivable agreement ( 0.2 ) — ( 0.1 ) — — — 0.3 Equity in loss ( 26.6 ) — — 26.6 — — — Amortization of screen advertising advances — 32.1 — — ( 32.1 ) — — Balance as of and for the year ended December 31, 2021 $ 135.4 $ ( 346.0 ) $ ( 0.1 ) $ 26.6 $ ( 44.1 ) $ 23.6 $ 12.3 Receipt of common units due to annual common unit adjustment 1.3 ( 1.3 ) — — — — — Screen rental revenues earned under ESA (1) — — — — ( 19.9 ) — 19.9 Interest accrued related to significant financing component — ( 23.2 ) — — — 23.2 — Equity in loss ( 13.9 ) — — 13.9 — — — Impairment of investment in NCM (2) ( 113.2 ) — — — — — — Amortization of screen advertising advances — 32.3 — — ( 32.3 ) — — Balance as of and for the year ended December 31, 2022 $ 9.6 $ ( 338.2 ) $ — $ 13.9 $ ( 52.2 ) $ 23.2 $ 19.9 Screen rental revenues earned under ESA (1) — — — — ( 20.9 ) — 20.9 Interest accrued related to significant financing component — ( 22.6 ) — — — 22.6 — Redemption of common units of NCM for common stock of NCMI (2) — — — — — — — Equity in loss (3) ( 3.2 ) — — 3.2 — — — Impairment of investment in NCMI (4) ( 0.7 ) — — — — — — Unrealized gain on fair market value adjustment of investment in NCMI (2) 12.4 — — — — — — Amortization of screen advertising advances — 32.4 — — ( 32.4 ) — — Balance as of and for the year ended December 31, 2023 $ 18.1 $ ( 328.4 ) $ — $ 3.2 $ ( 53.3 ) $ 22.6 $ 20.9 (1) Amounts include the per patron and per digital screen theatre access fees, net of amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire. The amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire were approximately $ 4.9 , $ 7.5 and $ 8.9 for the years ended December 31, 2021, 2022 and 2023, respectively. Amounts unpaid and reflected in accounts receivable were $ 4.9 and $ 4.9 as of December 31, 2022 and 2023 , respectively. (2) See Investment in National CineMedia below. (3) Equity in loss was recorded through April 11, 2023, the date NCM filed its bankruptcy petition, after which the Company applied the fair value accounting method as discussed below. (4) Reflected in impairment of long-lived and other assets on the consolidated income statement for the year indicated. See further discussion at Investment in National CineMedia below . (5) Excess cash distributions from NCM to its members were restricted through December 2023 in accordance with the credit agreement amendment NCM entered into with its lenders and as a result of their bankruptcy filing. NCMI also suspended its dividend. In addition to the activity in the table above, the Company made de minimus payments to NCM during the years ended December 31, 2021, 2022 and 2023, respectively, related to certain equipment used for digital advertising, which is included in theatre furniture and equipment on the consolidated balance sheets. Investment in National CineMedia On February 13, 2007 NCMI, a holding company that serves as the sole manager of NCM, completed an initial public offering (“IPO”) of its common stock. NCM comprises approximately the entire balance of NCMI’s assets, liabilities and operating cash flows. In connection with the NCMI initial public offering, the Company amended its operating agreement and the ESA. At the time of the NCMI IPO and as a result of amending the ESA, the Company received approximately $ 174.0 in cash consideration from NCM. The proceeds were recorded as deferred revenue or NCM screen advertising advances, and are being amortized over the term of the Amended and Restated ESA or through February 2041 . As of January 1, 2023, the Company owned approximately 43.7 common units of NCM, which represented an interest in NCM of approximately 25.4 %. On February 17, 2023, the Company delivered a redemption notice to NCM pursuant to the redemption right under its operating agreement with NCM to redeem approximately 42.0 of the Company’s 43.7 common units in NCM in exchange for approximately 42.0 newly issued shares of NCMI common stock, with a redemption date of February 23, 2023 (the “Redemption”). On March 20, 2023, the Company delivered a second redemption notice to NCM to redeem the Company’s remaining 1.7 common units in NCM in exchange for 1.7 newly issued shares of NCMI common stock, with a redemption date of March 23, 2023 (collectively with the February 23, 2023 redemption, the “Redemptions”). NCMI is a holding company and the sole manager of NCM. NCM comprises approximately the entire balance of NCMI’s assets, liabilities and operating cash flows. On April 11, 2023, NCM filed a petition for reorganization under Chapter 11 of the United States Bankruptcy Code. NCMI continued to manage NCM, the “debtor in possession,” under the jurisdiction of the bankruptcy court and in accordance with the applicable bankruptcy laws and orders of the bankruptcy court. In general, as debtor in possession under the Bankruptcy Code, NCM was authorized to continue to operate as an ongoing business but could not engage in transactions outside the ordinary course of business without the prior approval of the bankruptcy court. Due to NCM’s bankruptcy proceedings, the Company reassessed its rights and level of influence over NCM. The Company determined that effective April 11, 2023, the date NCM filed its bankruptcy petition, it no longer had significant influence over NCM and therefore ceased accounting for its investment in NCMI under the equity method of accounting in the second quarter of 2023. During the years ended December 31, 2021 and 2022, and through April 11, 2023, the Company accounted for its investment in NCMI under the equity method of accounting, and therefore assessed its investment for other than temporary impairment during those periods. The Company recorded impairment charges totaling $ 113.2 and $ 0.7 on its investment in NCMI/NCM during the years ended December 31, 2022 and 2023, respectively, because the share price of NCMI was significantly below the Company’s carrying value of NCMI per common share and NCM’s pace of recovery from the COVID-19 pandemic lagged that of the Company and the movie theatre industry. See Note 12 for impairment expense recorded during the years ended December 31, 2021, 2022 and 2023. On August 3, 2023, NCMI announced that it had effected a 1-for-10 reverse stock split of its common stock. NCMI’s common stock automatically began trading on a split adjusted basis at the opening of the market on August 4, 2023. After giving effect to the reverse stock split, the Company owns approximately 4.4 shares of NCMI common stock. NCM emerged from bankruptcy on August 7, 2023, and the Company’s ownership interest in NCMI was reduced to less than 5 %. The Company now accounts for its investment in NCMI in accordance with the guidance set forth in FASB ASC Topic 321 Investments - Equity Securities, which requires the Company to measure its investment in common stock of NCMI at fair value and recognize unrealized holding gains and losses on its investment in earnings. The Company recognized an unrealized gain of $ 12.4 on its investment in NCMI in the Company’s consolidated statement of income for the year ended December 31, 2023. Common Unit Adjustments In addition to the consideration received upon the NCMI IPO and ESA modification in 2007, the Company also periodically receives consideration in the form of common units from NCM. Pursuant to a Common Unit Adjustment Agreement dated as of February 13, 2007 between NCMI and the Company, annual adjustments to the common membership units are made primarily based on increases or decreases in the number of theatre screens operated and theatre attendance generated by the Company. The common units received are recorded at estimated fair value as an increase in the Company’s investment in NCM with an offset to deferred revenue or NCM screen advertising advances. Through April 11, 2023, the Company’s investment was accounted for under the equity method, with undistributed equity earnings related to its investment included as a component of earnings in equity in income of affiliates or recorded as a reduction of its investment basis depending on the tranche of common units it was related to. During March 2023 , NCM performed its annual common unit adjustment calculation under the Common Unit Adjustment Agreement. As a result of the calculation, the Company was entitled to an additional 4.8 common units of NCM. The issuance of these additional common units of NCM was stayed by NCM’s bankruptcy filing on April 11, 2023. In June 2023 the bankruptcy court issued an order cancelling the issuance of these common units of NCM and found that these common units were never issued. Below is a summary of common units received by the Company under the Common Unit Adjustment (“CUA”) Agreement during the years ended December 31, 2021 and 2022: Event Date Common Units Received Number of Common Units Received Fair Value of Common Units Received (1) 2021 annual common unit adjustment 4/14/2021 2.3 $ 10.2 2022 annual common unit adjustment 4/13/2022 0.5 $ 1.3 (1) The fair value of the common units received was estimated based on the market price of NCMI common stock (Level 1 input as defined in FASB ASC Topic 820) at the time the common units were determined, adjusted for volatility associated with the estimated time period it would take to convert the common units and register the respective shares . Exhibitor Services Agreement As previously discussed, the Company’s domestic theatres are part of the in-theatre digital network operated by NCM, the terms of which are defined in the ESA. NCM primarily provides advertising to its theatres through its branded “ Noovie ” pre-show entertainment program. The Company receives a monthly theatre access fee for participation in the NCM network. Effective September 17, 2019, the Company signed an amendment to the ESA, under which the Company provided incremental advertising time to NCM, and extended the term through February 2041 . At the time of the amendment, the Company determined that the amended ESA met the definition of a lease under ASC Topic 842. The Company leases nonconsecutive periods of use of its domestic theatre screens to NCM for purposes of showing third party advertising content. The lease, which is classified as an operating lease, generally requires variable lease payments based on the number of patrons attending the showtimes during which such advertising is shown. The lease agreement is considered short-term due to the fact that the nonconsecutive periods of use, or advertising time slots, are set on a weekly basis. The revenues earned under the ESA are reflected in other revenue on the consolidated income statements. The recognition of revenue related to the NCM screen advertising advances is recorded on a straight-line basis over the new term of the amended ESA through February 2041. Year Ended December 31, Remaining Maturity 2024 2025 2026 2027 2028 Thereafter Total NCM screen advertising advances (1) $ 10.5 $ 11.2 $ 12.0 $ 12.8 $ 13.7 $ 268.2 $ 328.4 (1) Amounts are net of the estimated interest to be accrued for the periods presented. Significant Financing Component As noted above, the Company received approximately $ 174.0 in cash consideration from NCM at the time of NCMI’s IPO and also periodically receives consideration in the form of common units (discussed at Common Unit Adjustments above) from NCM in exchange for exclusive access to the Company’s newly opened domestic screens under the ESA. Due to the significant length of time between receiving the consideration from NCM and fulfillment of the related performance obligation, the ESA includes an implied significant financing component, as per the guidance in ASC Topic 606. The interest expense was calculated using the Company’s incremental borrowing rates at the time the cash and each tranche of common units were received from NCM, which ranged from 4.4 % to 8.3 %. Effective September 17, 2019, upon the Company’s evaluation and determination that ASC Topic 842 applies to the amended ESA, the Company determined it acceptable to apply the significant financing component guidance from ASC Topic 606 by analogy as the economic substance of the agreement represents a financing arrangement. Summary Financial Information for NCMI/NCM The tables below present summary financial information for NCMI/NCM for its fiscal periods indicated: Year Ended Three Months Ended December 30, 2021 December 29, 2022 March 30, 2023 (1) Revenue $ 114.6 $ 249.2 $ 34.9 Operating income (loss) $ ( 68.6 ) $ 10.9 $ ( 30.6 ) Net loss $ ( 134.6 ) $ ( 69.8 ) $ ( 54.0 ) (1) Financial information for NCMI is presented for the latest reporting period available through which the Company accounted for its investment in NCMI under the equity method. As of December 29, 2022 March 30, 2023 (1) Current assets $ 148.6 $ 121.7 Noncurrent assets $ 628.2 $ 618.5 Current liabilities $ 97.5 $ 1,204.8 Noncurrent liabilities $ 1,161.6 $ 67.2 Members'/Total deficit $ ( 482.3 ) $ ( 531.8 ) (1) Financial information for NCMI is presented for the latest reporting period available through which the Company accounted for its investment in NCMI under the equity method. |
INVESTMENTS IN AFFILIATES
INVESTMENTS IN AFFILIATES | 12 Months Ended |
Dec. 31, 2023 | |
Financial Support for Nonconsolidated Legal Entity [Abstract] | |
INVESTMENTS IN AFFILIATES | 10. INVESTMENTS IN AFFILIATES Below is a summary of activity for each of the Company’s affiliates for the periods indicated: AC JV, DCDC FE Concepts Other (1) Total Balance at January 1, 2021 $ 3.7 $ 1.3 $ 18.3 $ 0.5 $ 23.8 Equity in income — 0.5 1.0 — 1.5 Other (1) — — — ( 0.1 ) ( 0.1 ) Balance at December 31, 2021 $ 3.7 $ 1.8 $ 19.3 $ 0.4 $ 25.2 Equity in income 3.4 — 1.2 — 4.6 Cash distributions received ( 2.9 ) — ( 4.0 ) — ( 6.9 ) Other (1) — — — ( 0.3 ) ( 0.3 ) Balance at December 31, 2022 $ 4.2 $ 1.8 $ 16.5 $ 0.1 $ 22.6 Equity in income 4.9 0.3 1.6 — 6.8 Cash distributions received ( 5.7 ) — — — ( 5.7 ) Other (1) — — — ( 0.1 ) ( 0.1 ) Balance at December 31, 2023 $ 3.4 $ 2.1 $ 18.1 $ - $ 23.6 (1) Consists primarily of mark-to-market adjustment on an investment in marketable securities. AC JV, LLC During December 2013, the Company, Regal, AMC (the “AC Founding Members”) and NCM entered into a series of agreements that resulted in the formation of AC JV, LLC (“AC”), a joint venture that owns “Fathom Events” (consisting of Fathom Events and Fathom Consumer Events) formerly operated by NCM. The Fathom Events business focuses on the marketing and distribution of live and pre-recorded entertainment programming to various theatre operators to provide additional programs to augment their feature film schedule. The Company paid event fees to AC of $ 6.2 , $ 13.3 and $ 16.0 for the years ended December 31, 2021, 2022 and 2023, respectively, which are included in film rentals and advertising costs on the consolidated statements of income (loss) of Holdings and CUSA. Also, the Company received cash distributions of $ 2.9 and $ 5.7 during the years ended December 31, 2022 and 2023, which were recorded as a reduction in the Company’s investment in AC. The Company accounts for its investment in AC under the equity method of accounting. Digital Cinema Distribution Coalition The Company is a party to a joint venture with certain exhibitors and distributors called Digital Cinema Distribution Coalition (“DCDC”). DCDC operates a satellite distribution network that distributes all digital content to U.S. theatres via satellite. The Company has an approximate 14.6 % ownership in DCDC. The Company paid approximately $ 0.6 , $ 0.5 and $ 0.6 to DCDC during the years ended December 31, 2021, 2022 and 2023, respectively, related to content delivery services, which is included in film rentals and advertising costs on the consolidated statements of income (loss) of Holdings and CUSA. The Company accounts for its investment in DCDC under the equity method of accounting. FE Concepts, LLC During April 2018, the Company, through its wholly-owned indirect subsidiary CNMK Texas Properties, LLC (“CNMK”), formed a joint venture, FE Concepts, LLC (“FE Concepts”) with AWSR Investments, LLC (“AWSR”), an entity owned by Lee Roy Mitchell and Tandy Mitchell. In December 2019, FE Concepts opened a family entertainment center that offers bowling, gaming, movies and other amenities. The Company and AWSR each invested approximately $ 20 and each have a 50 % voting interest in FE Concepts. The Company accounts for its investment in FE Concepts under the equity method of accounting. The Company has a theatre services agreement with FE Concepts under which it receives service fees for providing film booking and equipment monitoring services for the facility. The Company recorded $ 0.1 , $ 0.1 and $ 0.1 of related service fees during the years ended December 31, 2021, 2022 and 2023, respectively. During the years ended December 31, 2022 and 2023, the Company received cash distributions of $ 4.0 and $ 0.0 from FE Concepts. The cash distributions received were recorded as a reduction of the Company’s investment in FE Concepts. Additional Considerations The Company performs a qualitative impairment analysis for each of these equity investments annually during the fourth quarter. Based on the analysis performed, no impairment was recorded for the years ended December 31, 2021, 2022 and 2023 |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS - NET | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS, NET | 11. GOODWILL AND INTANGIBLE ASSETS, NET The Company’s goodwill was as follows for the periods presented: U.S. International Total Balance at December 31, 2021 (1) $ 1,182.9 $ 65.9 $ 1,248.8 Foreign currency translation adjustments — 2.1 2.1 Balance at December 31, 2022 (1) $ 1,182.9 $ 68.0 $ 1,250.9 Disposition (2) — $ ( 4.2 ) ( 4.2 ) Foreign currency translation adjustments — 4.3 4.3 Balance at December 31, 2023 (1) $ 1,182.9 $ 68.1 $ 1,251.0 (1) Balances are presented net of accumulated impairment losses of $ 214.0 for the U.S. operating segment and $ 43.8 for the international operating segment. (2) Relates to the sale of the Company’s Ecuador subsidiary. See Note 8. Intangible assets activity and balances consisted of the following for the periods indicated: Balance at January 1, 2022 Additions Amortization Foreign Currency Translation Adjustments and Other (1) Balance at December 31, 2022 Intangible assets with finite lives: Gross carrying amount $ 81.7 $ — $ — $ ( 4.0 ) $ 77.7 Accumulated amortization ( 71.0 ) — ( 2.4 ) 0.2 ( 73.2 ) Total intangible assets with finite lives, net $ 10.7 $ — $ ( 2.4 ) $ ( 3.8 ) $ 4.5 Intangible assets with indefinite lives: Tradename and other 300.1 — — — 300.1 Total intangible assets, net $ 310.8 $ — $ ( 2.4 ) $ ( 3.8 ) $ 304.6 Balance at January 1, 2023 Additions (2) Disposals (3) Amortization Foreign Currency Translation Adjustments and Other (4) Balance at December 31, 2023 Intangible assets with finite lives: Gross carrying amount $ 77.7 $ — $ — $ — $ 0.1 $ 77.8 Accumulated amortization ( 73.2 ) — — ( 2.1 ) — ( 75.3 ) Total intangible assets with finite lives, net $ 4.5 $ — $ — $ ( 2.1 ) $ 0.1 $ 2.5 Intangible assets with indefinite lives: Tradename and other 300.1 0.4 ( 0.4 ) — 0.2 300.3 Total intangible assets, net $ 304.6 $ 0.4 $ ( 0.4 ) $ ( 2.1 ) $ 0.3 $ 302.8 (1) Includes foreign currency translation adjustments and an impairment recorded for a U.S. intangible asset during 2022. See Note 12 for discussion of impairment evaluations performed during the year ended December 31, 2022 . (2) Amount represents licenses acquired to sell alcoholic beverages for certain locations. (3) Relates to the sale of the Company’s Ecuador subsidiary. See Note 8 . (4) Includes foreign currency translation adjustments . Estimated aggregate future amortization expense for intangible assets is as follows: Year ended December 31, 2024 $ 2.0 Year ended December 31, 2025 0.5 Year ended December 31, 2026 — Year ended December 31, 2027 — Year ended December 31, 2028 — Total $ 2.5 |
IMPAIRMENT OF LONG-LIVED AND OT
IMPAIRMENT OF LONG-LIVED AND OTHER ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |
IMPAIRMENT OF LONG-LIVED AND OTHER ASSETS | 12. IMPAIRMENT OF LONG-LIVED AND OTHER ASSETS The Company reviews for impairment indicators related to its long-lived assets on a quarterly basis and goodwill on an annual basis or whenever events or changes in circumstances indicate the carrying amount of those assets may not be fully recoverable. The Company performed a quantitative impairment analysis on its goodwill, tradename intangible assets and other long-lived assets, including theatre properties and right-of-use assets, as of December 31, 2023. See Note 1 for a discussion of the Company’s impairment policy and a description of qualitative and quantitative impairment assessments. Below is a summary of impairment charges for the periods indicated: Year Ended December 31, 2021 2022 2023 U.S. segment Theatre properties $ 6.4 $ 19.7 $ 6.6 Theatre operating lease right-of-use assets 6.8 34.0 7.1 Investment in NCM (1) — 113.2 0.7 Other — 3.9 — U.S. total 13.2 170.8 14.4 International segment Theatre properties 4.0 2.2 0.7 Theatre operating lease right-of-use assets 3.2 1.1 1.5 Intangible assets, net 0.4 — — International total 7.6 3.3 2.2 Total impairment $ 20.8 $ 174.1 $ 16.6 (1) See discussion at Investment in National CineMedia in Note 9 . For the years ended December 31, 2021, 2022 and 2023 , impairment charges were primarily due to the unprecedented impact of the COVID-19 pandemic on the theatrical exhibition industry and its ongoing recovery, as discussed in Note 3. |
ACCRUED OTHER CURRENT LIABILITI
ACCRUED OTHER CURRENT LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
ACCRUED OTHER CURRENT LIABILITIES | 13. ACCRUED OTHER CURRENT LIABILITIES Accrued other current liabilities consisted of the following as of the periods presented: December 31, 2022 2023 Gift card liability (1) $ 64.5 $ 73.6 Subscription membership program liability (1) 58.4 77.3 Discount vouchers liability (1) 32.8 31.9 Other (2) 44.7 56.4 Total $ 200.4 $ 239.2 (1) See discussion at Revenue Recognition Policy in Note 5. (2) The only difference between accrued other current liabilities for Holdings, as presented above, and CUSA is an additional $ 0.3 and $ 0.1 in other as of December 31, 2022 and 2023 , respectively. |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 14. LONG-TERM DEBT Long-term debt of Holdings and CUSA consisted of the following for the periods presented: December 31, 2022 2023 Cinemark Holdings, Inc. 4.50% convertible senior notes due 2025 $ 460.0 $ 460.0 Cinemark USA, Inc. term loan due 2030 ( see Senior Secured Credit Facility below ) 626.5 645.1 Cinemark USA, Inc. 8.75% senior secured notes due 2025 250.0 150.0 Cinemark USA, Inc. 5.875% senior notes due 2026 405.0 405.0 Cinemark USA, Inc. 5.25% senior notes due 2028 765.0 765.0 Other 10.1 7.0 Total long-term debt carrying value (1) $ 2,516.6 $ 2,432.1 Less: Current portion 10.7 7.8 Less: Debt issuance costs and original issue discount, net of accumulated amortization (1) 31.9 33.0 Long-term debt, less current portion, net of unamortized debt issuance costs and original issue discount (1) $ 2,474.0 $ 2,391.3 (1) The only differences between the long-term debt for Holdings, as presented above, and the long-term debt for CUSA are the $ 460.0 million 4.50 % Convertible Senior Notes due 2025 and the related debt issuance costs. The following table sets forth, as of the periods indicated, the total long-term debt carrying value, current portion of long-term debt and debt issuance costs, net of amortization for CUSA: December 31, 2022 2023 Total long-term debt carrying value $ 2,056.6 $ 1,972.1 Less: Current portion 10.7 7.8 Less: Debt issuance costs, net of accumulated amortization and original issue discount 22.9 27.5 Long-term debt, less current portion, net of unamortized debt issuance costs and original issue discount $ 2,023.0 $ 1,936.8 Fair Value of Long Term Debt The Company estimates the fair value of its long-term debt primarily using quoted market prices, which fall under Level 2 of the U.S. GAAP fair value hierarchy as defined by FASB ASC Topic 820-10-35. The carrying value of the Company’s long term debt as of December 31, 2022 and 2023 is shown in the table above. The table below presents the fair value of the Company's long-term debt as of the periods presented: As of December 31, 2022 December 31, 2023 Holdings fair value (1) $ 2,210.5 $ 2,460.3 CUSA fair value $ 1,771.3 $ 1,903.8 (1) The fair value of the 4.50 % convertible notes was $ 439.2 and $ 556.5 as of December 31, 2022 and , respectively. 4.50% Convertible Senior Notes On August 21, 2020, Holdings issued $ 460.0 aggregate principal amount of 4.50 % convertible senior notes due 2025 (the “4.50% Convertible Senior Notes”). The 4.50% Convertible Senior Notes will mature on August 15, 2025 , unless earlier repurchased or converted in accordance with the indenture. Interest on the 4.50% Convertible Senior Notes is payable on February 15 and August 15 of each year. Holders of the 4.50% Convertible Senior Notes may convert their 4.50% Convertible Senior Notes at their option at any time prior to the close of business on the business day immediately preceding May 15, 2025 only under the following circumstances: (1) during the five business day period after any five consecutive trading day period, or the measurement period, in which the trading price per $ 1,000 principal amount of notes for each trading day of the measurement period was less than 98 % of the product of the last reported sale price of Holdings’ common stock and the conversion rate on each such trading day; (2) if Holdings distributes to all or substantially all stockholders (i) rights options or warrants entitling them to purchase shares at a discount to the recent average trading price of Holdings’ common stock (including due to a stockholder rights plan) or (ii) Holdings’ assets or securities or rights, options or warrants to purchase the same with a per share value exceeding 10% of the trading price of Holdings’ stock, (3) upon the occurrence of specified corporate events as described further in the indenture, or (4) during any calendar quarter commencing after the calendar quarter ending on September 30, 2020 (and only during such calendar quarter), if the last reported sale price of Holdings’ common stock for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to $ 18.66 per share ( 130 % of the initial conversion price of $ 14.35 per share), on each applicable trading day. Beginning May 15, 2025 , holders may convert their 4.50% Convertible Senior Notes at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion of the 4.50% Convertible Senior Notes, Holdings will pay or deliver cash, shares of Holdings’ common stock or a combination of cash and shares of Holdings’ common stock, at Holdings’ election. The initial conversion rate is 69.6767 shares of Holdings’ common stock per one thousand dollars principal amount of the 4.50% Convertible Senior Notes. The conversion rate is subject to adjustment upon the occurrence of certain events. If a make-whole fundamental change as defined in the indenture governing the 4.50% Convertible Senior Notes occurs prior to the maturity date, Holdings will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 4.50% Convertible Senior Notes in connection with such make-whole fundamental change. The 4.50% Convertible Senior Notes are effectively subordinated to any of Holdings’, or its subsidiaries’, existing and future secured debt to the extent of the value of the assets securing such indebtedness, including obligations under the Credit Agreement. The 4.50% Convertible Senior Notes are structurally subordinated to all existing and future debt and other liabilities of our subsidiaries, including trade payables, and including CUSA’s 5.125% Senior Notes, 4.875% Senior Notes and the 8.75% Secured Notes, or, collectively, CUSA’s senior notes (but excluding all obligations under the Credit Agreement which are guaranteed by Holdings). The 4.50% Convertible Senior Notes rank equally in right of payment with all of Holdings’ existing and future unsubordinated debt, including all obligations under the Credit Agreement, which such Credit Agreement is guaranteed by Holdings, and senior in right of payment to any future debt that is expressly subordinated in right of payment to the 4.50% Convertible Senior Notes. The 4.50% Convertible Notes are not guaranteed by any of Holdings’ subsidiaries. Concurrently with the issuance of the 4.50 % Convertible Senior Notes, Holdings entered into privately negotiated convertible note hedge transactions (the “Hedge Transactions”) with one or more of the initial purchasers of the 4.50% Convertible Senior Notes or their respective affiliates (the “Option Counterparties”). The Hedge Transactions cover the number of shares of Holdings’ common stock that will initially underlie the aggregate amount of the 4.50% Convertible Senior Notes, subject to anti-dilution adjustments substantially similar to those applicable to the 4.50% Convertible Senior Notes. The Hedge Transactions are generally expected to reduce potential dilution to Holdings’ common stock upon any conversion of the 4.50% Convertible Senior Notes and/or offset any cash payments Holdings may be required to make in excess of the principal amount of converted 4.50% Convertible Senior Notes, as the case may be. Concurrently with entering into the Hedge Transactions, Holdings also entered into separate privately negotiated warrant transactions with Option Counterparties whereby it sold to Option Counterparties warrants to purchase (subject to the net share settlement provisions set forth therein) up to the same number of shares of Holdings’ common stock, subject to customary anti-dilution adjustments (the “Warrant Transactions”). The warrants could separately have a dilutive effect to the extent that the market value per share of Holdings’ common stock exceeds the strike price of the warrants on the applicable expiration dates unless, subject to the terms of the warrants, Holdings elects to cash settle the warrants. The exercise price of the warrants is initially $ 22.08 and is subject to certain adjustments under the terms of the warrants. Holdings received $ 89.4 in cash proceeds from the Warrant Transactions, which were used along with proceeds from the 4.50% Convertible Senior Notes, to pay approximately $ 142.1 to enter into the Hedge Transactions. Together, the Hedge Transactions and the Warrants are intended to reduce the potential dilution from the conversion of the 4.50% Convertible Senior Notes. The Hedge Transactions and Warrants are recorded in equity and are not accounted for as derivatives, in accordance with applicable accounting guidance. Senior Secured Credit Facility On May 26, 2023, CUSA amended and restated its senior secured credit facility (the “Credit Agreement”) to provide for an aggregate principal amount of $ 775.0 , consisting of a $ 650.0 term loan with a maturity date of May 24, 2030 and a $ 125.0 revolving credit facility with a maturity date of May 26, 2028 . The term loan is subject to a springing maturity date of April 15, 2028 if CUSA’s 5.25 % Senior Notes due 2028 have not been paid or refinanced as required under the Credit Agreement prior to such date. The revolving credit facility is subject to springing maturity dates of January 30, 2025, December 14, 2025 and April 15, 2028 if CUSA’s 8.75 % Senior Secured Notes due 2025, 5.875 % Senior Notes due 2026 and 5.25 % Senior Notes due 2028 have not been paid or refinanced as required under the Credit Agreement prior to such dates, as more specifically described in the Credit Agreement. CUSA used the $ 632.7 net proceeds of the borrowings under the Credit Agreement to fund the $ 628.3 repayment of the term loan outstanding under the Credit Agreement prior to the amendment and restatement and accrued interest thereon, and for other general corporate purposes. As of December 31, 2023, there was $ 645.1 outstanding under the term loan. Under the Credit Agreement, quarterly principal payments of $ 1.6 are due on the term loan through December 31, 2030 , with a final principal payment of the remaining unpaid principal due on May 24, 2030 . The amended term loan was issued net of an original issue discount of $ 9.8 . CUSA also incurred a total of approximately $ 10.1 in debt issuance costs in connection with the amendment, which are reflected in the consolidated financial statements as follows: (i) $ 7.5 in debt issuance costs were capitalized and are reflected as a reduction of “Long-term debt, less current portion” on the Company’s consolidated balance sheet; and (ii) $ 2.1 of fees paid to lenders and $ 0.5 of legal and other fees are included in “Loss on debt extinguishment and refinancing” in the Company’s consolidated statement of income for the year ended December 31, 2023. As a result of the amendment, CUSA also wrote-off $ 4.7 of unamortized debt issuance costs associated with exiting lenders of the refinanced Credit Agreement. Interest on the term loan accrues, at CUSA's option, at either (i) a rate determined by reference to the secured overnight financing rate ("SOFR") as published by CME Group Benchmark Administration Limited and identified by Barclay's Bank PLC (the Administrative Agent) as the forward-looking term rate based on SOFR for a period of 1, 3, or 6 months (depending upon the Interest Period (as defined in the Credit Agreement) chosen by CUSA) (the "Term SOFR Rate"), subject to a floor of 0.50 % per annum, plus an applicable margin of 3.75 % per annum , or (ii) for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Reserve Bank of New York Rate in effect on such day, plus 1/2 of 1.00 % and (c) the Term SOFR Rate for a one month Interest Period, as published two U.S. Government Securities Business Days prior to such day (or if such day is not a U.S. Government Securities Business Day, the immediately preceding U.S. Government Securities Business Day), plus 1.00 % (this clause (ii), the "Alternate Base Rate"), subject in the case of this clause (ii) to a floor of 1.50 % per annum, plus, in the case of this clause (ii), an applicable margin of 2.75 %. The average interest rate on outstanding term loan borrowings under the Credit Agreement as of December 31, 2023 was approximately 7.1 % per annum, after giving effect to the interest rate swap agreements discussed below. Interest on revolving credit loans accrues, at CUSA's option, at either (i) the Term SOFR Rate plus an applicable margin that ranges from 3.00 % to 3.50 % per annum, or (ii) the Alternate Base Rate, subject, in the case of this clause (ii) to a floor of 1.00 % per annum, plus, in the case of this clause (ii), an applicable margin that ranges from 2.00 % to 2.50 %. The applicable margin with respect to revolving credit loans is a function of the Consolidated Net Senior Secured Leverage Ratio as defined in the Credit Agreement. As of December 31, 2023, the applicable margin was 3.25 % , however, there were no borrowings outstanding under the revolving line of credit. In addition, CUSA is required to pay a commitment fee on the revolving line of credit that accrues at a rate ranging from 0.20 % to 0.375 % per annum of the daily unused portion of the revolving line of credit. The commitment fee rate is a function of the Consolidated Net Senior Secured Leverage Ratio and was 0.25 % at December 31, 2023. CUSA’s obligations under the Credit Agreement are guaranteed by Holdings and certain subsidiaries of Holdings other than CUSA (the “Other Guarantors”) and are secured by security interests in substantially all of CUSA’s, Holdings’ and the Other Guarantors’ personal property. The Credit Agreement contains usual and customary negative covenants for agreements of this type, including, but not limited to, restrictions on the ability of Holdings, CUSA and their subsidiaries to: merge, consolidate, liquidate, or dissolve; sell, transfer or otherwise dispose of assets; create, incur or permit to exist certain indebtedness and liens; pay dividends, repurchase stock and make other Restricted Payments (as defined in the Credit Agreement); prepay certain indebtedness; make investments; enter into transactions with affiliates; and change the nature of their business. At any time that CUSA has revolving credit loans outstanding, it is not permitted to allow the Consolidated Net Senior Secured Leverage Ratio to exceed 3.5 to 1.0 for any period of four consecutive fiscal quarters ending on the last day of any fiscal quarter. As of December 31, 2023 , there were no revolving credit loans outstanding under the revolving line of credit, and CUSA’s Consolidated Net Senior Secured Leverage Ratio was 0.3 to 1.0 . The Credit Agreement also includes customary events of default, including, among other things, payment default, covenant default, breach of representation or warranty, bankruptcy, cross-default, material ERISA events, a change of control, material money judgments and failure to maintain security interests. If an event of default occurs, all commitments under the Credit Agreement may be terminated and all obligations under the Credit Agreement could be accelerated by the Lenders, causing all loans outstanding (including accrued interest and fees payable thereunder) to be declared immediately due and payable. The Restricted Payments covenant, as defined in the Credit Agreement generally does not limit the ability of Holdings and its subsidiaries to pay dividends and make other Restricted Payments if the Consolidated Net Total Leverage Ratio (as defined in the Credit Agreement) is less than or equal to 2.75 to 1.00 . If the Consolidated Net Total Leverage Ratio is greater than 2.75 to 1.00 , but not greater than 5.00 to 1.00 , Restricted Payments generally may be made in an aggregate amount not to exceed the Available Amount (as defined in the Credit Agreement), which is a function of CUSA’s Consolidated EBITDA minus 1.75 times its Consolidated Interest Expense (as such terms are defined in the Credit Agreement) and certain other factors as specified in the Credit Agreement. As of December 31, 2023, the Consolidated Net Total Leverage Ratio was 2.13 to 1.00 and the Available Amount was $ 599.1 . In addition, the Credit Agreement contains other baskets that allow certain Restricted Payments in excess of the Applicable Amount. 5.875% Senior Notes On March 16, 2021, CUSA issued $ 405.0 aggregate principal amount of 5.875 % senior notes due 2026, at par value (the “5.875% Senior Notes”). Proceeds, after payment of fees, were used to fund a cash tender offer to purchase any and all of CUSA’s 5.125% Senior Notes (the “5.125% Senior Notes”) and to redeem any of the 5.125% Senior Notes that remained outstanding after the tender offer. See further discussion of the tender offer below. Interest on the 5.875% Senior Notes is payable on March 15 and September 15 of each year. The 5.875% Senior Notes mature on March 15, 2026 . CUSA incurred debt issuance costs of approximately $ 6.0 in connection with the issuance, which are recorded as a reduction of long-term debt on the consolidated balance sheet. The 5.875% Senior Notes are fully and unconditionally guaranteed on a joint and several senior unsecured basis by certain of CUSA’s subsidiaries that guarantee, assume or become liable with respect to any of CUSA’s or a guarantor’s debt. The 5.875% Senior Notes and the guarantees are senior unsecured obligations and rank equally in right of payment with all of CUSA’s and its guarantor’s existing and future senior debt and are senior in right of payment to all of CUSA’s and its guarantors’ existing and future senior subordinated debt. The 5.875% Senior Notes and the guarantees are effectively subordinated to all of CUSA’s and its guarantor’s existing and future secured debt to the extent of the value of the collateral securing such debt, including all borrowings under CUSA’s Credit Agreement. The 5.875% Senior Notes and the guarantees are structurally subordinated to all existing and future debt and other liabilities of CUSA’s subsidiaries that do not guarantee the 5.875% Senior Notes. The indenture to the 5.875% Senior Notes contains covenants that limit, among other things, the ability of CUSA and certain of its subsidiaries to (1) make investments or other restricted payments, including paying dividends, making other distributions or repurchasing subordinated debt or equity, (2) incur additional indebtedness and issue preferred stock, (3) enter into transactions with affiliates, (4) enter new lines of business, (5) merge or consolidate with, or sell all or substantially all of its assets to, another person and (6) create liens. Upon a change of control, as defined in the indenture, CUSA would be required to make an offer to repurchase the 5.875% Senior Notes at a price equal to 101 % of the aggregate principal amount outstanding plus accrued and unpaid interest, if any, through the date of repurchase. The indenture governing the 5.875% Senior Notes allows CUSA to incur additional indebtedness if we satisfy the coverage ratio specified in the indenture, after giving effect to the incurrence of the additional indebtedness, and in certain other circumstances. Cinemark USA, Inc. may redeem the 5.875% Senior Notes in whole or in part at redemption prices specified in the indenture. 5.25% Senior Notes On June 15, 2021, CUSA issued $ 765.0 aggregate principal amount of 5.25 % senior notes due 2028, at par value (the “5.25% Senior Notes”). Proceeds, after payment of fees, were used to redeem all of CUSA’s 4.875 % $ 755.0 aggregate principal amount of Senior Notes due 2023 (the “4.875% Senior Notes”). Interest on the 5.25% Senior Notes is payable on January 15 and July 15 of each year, beginning January 15, 2022. The 5.25% Senior Notes mature on July 15, 2028 . CUSA incurred debt issuance costs of approximately $ 10.7 in connection with the issuance, which are recorded as a reduction of long-term debt on the consolidated balance sheet. The 5.25% Senior Notes are fully and unconditionally guaranteed on a joint and several senior unsecured basis by certain of CUSA’s subsidiaries that guarantee, assume or become liable with respect to any of CUSA’s or a guarantor’s debt. The 5.25% Senior Notes and the guarantees will be CUSA’s and the guarantors’ senior unsecured obligations and (i) rank equally in right of payment to CUSA’s and the guarantors’ existing and future senior debt, including borrowings under CUSA’s Credit Agreement (as defined below) and CUSA’s existing senior notes, (ii) rank senior in right of payment to CUSA’s and the guarantors’ future subordinated debt, (iii) are effectively subordinated to all of CUSA’s and the guarantors’ existing and future secured debt, including all obligations under the Credit Agreement and CUSA’s 8.75 % senior secured notes due 2025, in each case to the extent of the value of the collateral securing such debt, (iv) are structurally subordinated to all existing and future debt and other liabilities of CUSA’s non-guarantor subsidiaries, and (v) are structurally senior to the 4.50 % convertible senior notes due 2025 issued by Holdings. The indenture to the 5.25% Senior Notes contains covenants that limit, among other things, the ability of CUSA and certain of its subsidiaries to (1) make investments or other restricted payments, including paying dividends, making other distributions or repurchasing subordinated debt or equity, (2) incur additional indebtedness and issue preferred stock, (3) enter into transactions with affiliates, (4) enter new lines of business, (5) merge or consolidate with, or sell all or substantially all of its assets to, another person and (6) create liens. Upon a change of control, as defined in the indenture, CUSA would be required to make an offer to repurchase the 5.25% Senior Notes at a price equal to 101 % of the aggregate principal amount outstanding plus accrued and unpaid interest, if any, through the date of repurchase. The indenture governing the 5.25% Senior Notes allows CUSA to incur additional indebtedness if it satisfies the coverage ratio specified in the indenture, after giving effect to the incurrence of the additional indebtedness, and in certain other circumstances . Prior to July 15, 2024, CUSA may redeem all or any part of the 5.25% Senior Notes at its option at 100% of the principal amount plus a make-whole premium plus accrued and unpaid interest on the 5.25% Senior Notes to the date of redemption. On or after July 15, 2024, CUSA may redeem the 5.25% Senior Notes in whole or in part at redemption prices specified in the indenture. In addition, prior to July 15, 2024, CUSA may redeem up to 40% of the aggregate principal amount of the 5.25% Senior Notes from the net proceeds of certain equity offerings at the redemption price set forth in the indenture, so long as at least 60% of the principal amount of the 5.25% Senior Notes remains outstanding immediately after each such redemption. 8.75% Secured Notes On April 20, 2020, CUSA issued $ 250.0 in aggregate principal amount of 8.75 % senior secured notes due 2025 (the “8.75% Secured Notes”). The 8.75% Secured Notes mature on May 1, 2025 . Interest on the 8.75% Secured Notes is payable on May 1 and November 1 of each year. CUSA may redeem the 8.75% Secured Notes in whole or in part at redemption prices specified in the indenture. Prior to May 1, 2024, CUSA, Inc. may redeem all or any part of the 8.75% Senior Notes at its option at 102.188 % of the principal amount plus accrued and unpaid interest on the 8.75% Senior Notes to the date of redemption. On or after May 1, 2024, CUSA may redeem the 8.75% Senior Notes in whole or in part at 100 % of the principal amount plus accrued and unpaid interest on the 8.75% Senior Notes to the date of redemption. On May 1, 2023, CUSA redeemed $ 100.0 in principal amount of the 8.75 % Secured Notes plus accrued interest thereon for $ 106.6 in cash. Following the redemption, $ 150.0 in aggregate principal amount of the 8.75% Secured Notes remains outstanding. As a result of the redemption, CUSA recognized a loss on extinguishment of debt totaling $ 3.4 , which includes a $ 2.2 premium paid on the redemption of bonds and a $ 1.2 write-off of unamortized debt issuance costs, and is reflected in “Loss on debt extinguishment and refinancing” in the Company’s consolidated statement of income for the year ended December 31, 2023. The 8.75% Secured Notes are fully and unconditionally guaranteed on a joint and several senior basis by certain of CUSA’s subsidiaries that guarantee, assume or in any other manner become liable with respect to any of CUSA’s or its guarantors’ other debt. If CUSA cannot make payments on the 8.75% Secured Notes when they are due, CUSA’s guarantors must make them instead. Under certain circumstances, the guarantees may be released without action by, or the consent of, the holders of the 8.75% Secured Notes. The indenture governing the 8.75% Secured Notes contains covenants that limit, among other things, the ability of CUSA and certain of its subsidiaries to (1) make investments or other restricted payments, including paying dividends, making other distributions or repurchasing subordinated debt or equity, (2) incur additional indebtedness and issue preferred stock, (3) enter into transactions with affiliates, (4) enter new lines of business, (5) merge or consolidate with, or sell all or substantially all of its assets to, another person and (6) create liens. Upon a change of control, as defined in the indenture governing the 8.75 % Secured Notes, CUSA would be required to make an offer to repurchase the 8.75% Secured Notes at a price equal to 101 % of the aggregate principal amount outstanding plus accrued and unpaid interest, if any, through the date of repurchase. The indenture governing the 8.75% Secured Notes allows CUSA to incur additional indebtedness if it satisfies a coverage ratio specified in the indenture, after giving effect to the incurrence of the additional indebtedness, and in certain other circumstances. 4.875% Senior Notes On May 21, 2021, Cinemark USA, Inc. issued a conditional notice of optional redemption to redeem the $ 755.0 outstanding principal amount of the 4.875% Senior Notes. In connection therewith, CUSA deposited with Wells Fargo Bank, N.A., as Trustee for the 4.875% Senior Notes (the “Trustee”), funds sufficient to redeem all 4.875% Senior Notes remaining outstanding on June 21, 2021 (the “Redemption Date”). The redemption payment (the “Redemption Payment”) included $ 755.0 of outstanding principal at the redemption price equal to 100 % of the principal amount plus accrued and unpaid interest thereon to the Redemption Date. Upon deposit of the Redemption Payment with the Trustee on June 15, 2021, the indenture governing the 4.875% Senior Notes was fully satisfied and discharged. The Company recorded a loss on extinguishment of debt of $ 3.9 , which included the write-off of $ 3.3 of unamortized debt issuance costs and the payment of $ 0.6 in legal fees during the year ended December 31, 2021. 5.125% Senior Notes On March 16, 2021, CUSA completed a tender offer to purchase its previously outstanding 5.125% Senior Notes, of which $ 334.0 was tendered at the expiration of the offer. On March 16, 2021, CUSA also issued a notice of optional redemption to redeem the remaining $ 66.0 principal amount of the 5.125% Senior Notes. In connection therewith, CUSA deposited with Wells Fargo Bank, N.A., as Trustee for the 5.125% Senior Notes (the “Trustee”), funds sufficient to redeem all 5.125% Notes remaining outstanding on April 15, 2021 (the “Redemption Date”). The redemption payment (the “Redemption Payment”) included $ 66.0 of outstanding principal at the redemption price equal to 100 % of the principal amount plus accrued and unpaid interest thereon to the Redemption Date. Upon deposit of the Redemption Payment with the Trustee on March 16, 2021, the indenture governing the 5.125% Senior Notes was fully satisfied and discharged. The Company recorded a loss on extinguishment of debt of $ 2.6 during the year ended December 31, 2021, which included the write-off of $ 1.2 of unamortized debt issuance costs and the payment of $ 1.4 in tender and legal fees. Additional Borrowings of International Subsidiaries During the years ended December 31, 2020 and 2021, certain of CUSA’s international subsidiaries borrowed an aggregate of $ 35.8 under various local bank loans, with original maturity dates ranging between November 2022 and January 2029. During the years ended December 31, 2022 and 2023, the Company repaid $ 21.5 and $ 4.1 , respectively, of these bank loans. The remaining bank loan outstanding at December 31, 2023 is for our Brazil subsidiary and matures in January 2029. The current interest rate on the remaining bank loan outstanding at December 31, 2023 is 4.0 % . Covenant Compliance The indentures governing the 5.875% Senior Notes, the 5.25% Senior Notes and the 8.750% Secured Notes ("the indentures") contain covenants that limit, among other things, the ability of Cinemark USA, Inc. and certain of its subsidiaries to (1) make investments or other restricted payments, including paying dividends, making other distributions or repurchasing subordinated debt or equity, (2) incur additional indebtedness and issue preferred stock, (3) enter into transactions with affiliates, (4) enter new lines of business, (5) merge or consolidate with, or sell all or substantially all of its assets to, another person and (6) create liens. As of December 31, 2023, Cinemark USA, Inc. could have distributed up to approximately $ 3,556.8 to its parent company and sole stockholder, Cinemark Holdings, Inc., under the terms of the indentures, subject to its available cash and other borrowing restrictions outlined in the indentures. Upon a change of control, as defined in the indentures, Cinemark USA, Inc. would be required to make an offer to repurchase the 5.875% Senior Notes, the 5.25% Senior Notes and the 8.750% Secured Notes at a price equal to 101 % of the aggregate principal amount outstanding plus accrued and unpaid interest, if any, through the date of repurchase. The indentures allow Cinemark USA, Inc. to incur additional indebtedness if we satisfy the coverage ratio specified in the indenture, after giving effect to the incurrence of the additional indebtedness, and in certain other circumstances. The required minimum coverage ratio is 2 to 1 and our actual ratio as of December 31, 2023 was 5.5 to 1 . See discussion of dividend restrictions and the consolidated net senior secured leverage ratio under the Credit Agreement at Senior Secured Credit Facility above. As of December 31, 2023, the Company believes it was in full financial compliance with all agreements, including related covenants, governing its outstanding debt. Debt Maturity Holdings' long-term debt, excluding unamortized debt issuance costs, at December 31, 2023 matures as follows: 2024 $ 7.8 2025 617.7 2026 412.7 2027 7.7 2028 772.7 Thereafter 613.5 Total (1) $ 2,432.1 (1) The only difference between the long-term debt maturity payments for Holdings, as presented above, and those for CUSA is the $ 460.0 repayment of Holdings’ 4.50 % Convertible Senior Notes in 2025. Interest Rate Swap Agreements Effective May 31, 2023, in conjunction with the amendment of its Credit Agreement, the Company amended its three then existing interest rate swap agreements to update the reference rate from LIBOR to Term SOFR, and the Company applied the optional relief provided in FASB ASC Topic 848 prospectively to account for this modification. Topic 848 provides optional expedients that allow an entity not to dedesignate an existing hedging relationship when critical terms of the agreement are modified, but rather allow an existing hedging relationship to continue when one or more of the critical terms in the existing hedging agreement change because of reference rate reform. Therefore, the Company did not dedesignate the hedging relationship due to the amendment of its existing interest rate swap agreements on May 31, 2023, and accumulated losses due to the fair value adjustments on the interest rate swaps remained in other comprehensive income. Effective November 30, 2023, the Company amended and extended its then existing $ 175.0 notional amount interest rate swap agreement to extend the maturity date to December 31, 2026 . Upon amending the interest rate swap agreement effective November 30, 2023, the Company determined that the interest payments hedged with the agreement are still probable to occur, therefore the gain that accumulated on th |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | 15. FAIR VALUE MEASUREMENTS The Company determines fair value measurements in accordance with FASB ASC Topic 820, which establishes a fair value hierarchy under which an asset or liability is categorized based on the lowest level of input significant to its fair value measurement. The levels of input defined by FASB ASC Topic 820 are as follows: Level 1 – quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date; Level 2 – other than quoted market prices included in Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3 – unobservable and should be used to measure fair value to the extent that observable inputs are not available. Below is a summary of assets measured at fair value on a recurring basis by the Company under FASB ASC Topic 820 as of the periods presented: As of Carrying Fair Value Description December 31, Value Level 1 Level 2 Level 3 Interest rate swap assets (1) 2022 $ 20.4 $ — $ 20.4 $ — Interest rate swap assets (1) 2023 $ 9.9 $ — $ 9.9 $ — Investment in NCMI (2) 2023 $ 18.1 $ — $ 18.1 $ — (1) See further discussion of interest rate swaps at Note 14. (2) See further discussion of investment in NCMI at Note 9. The Company also uses the market and income approach for fair value measurements on a nonrecurring basis in the impairment evaluations of its long-lived assets (see Note 1 and Note 12). Additionally, the Company uses the market approach to estimate the fair value of its long-term debt (see Note 14). There were no changes in valuation techniques during the period. There were no transfers in or out of Level 1, Level 2 or Level 3 during the years ended December 31, 2021, 2022 and 2023 . |
FOREIGN CURRENCY TRANSLATION
FOREIGN CURRENCY TRANSLATION | 12 Months Ended |
Dec. 31, 2023 | |
Foreign Currency [Abstract] | |
FOREIGN CURRENCY TRANSLATION | 16. FOREIGN CURRENCY TRANSLATION The accumulated other comprehensive loss account in Holdings’ stockholders’ equity of $ 353.2 and $ 363.9 and CUSA’s stockholder’s equity of $ 356.3 and $ 366.7 , each at December 31, 2022 and 2023, respectively, each primarily includes cumulative foreign currency net losses of $ 389.8 and $ 384.9 , at December 31, 2022 and 2023, from translating the financial statements of the Company’s international subsidiaries and the cumulative changes in fair value of the interest rate swap agreements that are designated as hedges. As of December 31, 2023 , all foreign countries where the Company has operations are non-highly inflationary, other than Argentina. In non-highly inflationary countries, the local currency is the same as the functional currency and any fluctuation in the currency results in a cumulative foreign currency translation adjustment recorded to accumulated other comprehensive loss. The Company deemed Argentina to be highly inflationary beginning July 1, 2018. A highly inflationary economy is defined as an economy with a cumulative inflation rate of approximately 100 percent or more over a three-year period. If a country’s economy is classified as highly inflationary, the financial statements of the foreign entity operating in that country must be remeasured to the functional currency of the reporting entity. The financial information of the Company’s Argentina subsidiaries has been remeasured in U.S. dollars in accordance with ASC Topic 830, Foreign Currency Matters , effective beginning July 1, 2018. During 2019, the Argentine government instituted exchange controls restricting the ability of entities and individuals to exchange Argentine pesos for foreign currencies and to remit foreign currency out of Argentina. As a result of these currency exchange controls, markets in Argentina developed a legal trading mechanism known as the Blue Chip Swap that allows entities to transfer U.S. dollars out of and into Argentina. In a Blue Chip Swap transaction, an entity buys U.S. dollar denominated securities in Argentina using Argentine pesos, and subsequently sells the securities for U.S. dollars, in Argentina, to access U.S. dollars locally, or outside of Argentina, by transferring the securities abroad, prior to being sold (the latter commonly known as Blue Chip Swap Rate). The Blue Chip Swap rate is the implicit exchange rate resulting from the Blue Chip Swap transaction. The Blue Chip Swap rate can diverge significantly from Argentina’s official exchange rate. During the year ended December 31, 2023, the Company entered into Blue Chip Swap transactions that resulted in a loss of approximately $ 12.4 which is reflected in “Foreign currency exchange and other related loss” in the Company’s consolidated statement of income for the year ended December 31, 2023. Below is a summary of the impact of translating the financial statements of the Company’s international subsidiaries for the periods presented. Other Comprehensive Income (Loss) Exchange Rate as of December 31, Year Ended December 31, Country 2021 2022 2023 2021 2022 2023 Brazil 5.57 5.29 4.85 $ ( 4.7 ) $ 2.7 $ 5.5 Colombia 3,981.16 4,810.19 3,885.85 ( 0.1 ) — 1.20 Chile 852.02 852.00 879.54 ( 10.9 ) 0.3 ( 3.1 ) Peru 4.02 3.81 3.75 ( 2.8 ) 1.3 0.3 All other ( 0.3 ) 0.3 1.0 $ ( 18.8 ) $ 4.6 $ 4.9 As noted above, beginning July 1, 2018, Argentina was deemed highly inflationary. The impact of translating Argentina’s financial results to U.S. dollars, subsequent to June 30, 2018, has been recorded in foreign currency exchange gain (loss) on the Company’s consolidated statements of income (loss). A foreign currency exchange gain (loss) of $ 0.2 , $ 8.5 , and $( 24.2 ) , excluding the impact of the Blue Chip Swap transactions noted above, was recorded for the years ended December 31, 2021, 2022 and 2023 , respectively. |
NONCONTROLLING INTERESTS IN SUB
NONCONTROLLING INTERESTS IN SUBSIDIARIES | 12 Months Ended |
Dec. 31, 2023 | |
Noncontrolling Interest [Abstract] | |
NONCONTROLLING INTERESTS IN SUBSIDIARIES | 17. NONCONTROLLING INTERESTS IN SUBSIDIARIES Noncontrolling interests in subsidiaries of the Company were as follows as of the periods presented: December 31, 2022 2023 Cinemark Partners II $ 7.7 $ 7.4 Laredo Theatres 0.2 0.3 Greeley Ltd. 0.9 0.8 Other 0.5 0.5 Total $ 9.3 $ 9.0 There were no changes in the Company’s ownership interest in these subsidiaries during the years ended December 31, 2021, 2022 and 2023 . |
CAPITAL STOCK
CAPITAL STOCK | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
CAPITAL STOCK | 18. CAPITAL STOCK Common Stock - Holdings Common stockholders are entitled to vote on all matters submitted to a vote of the Holdings’ stockholders. Subject to the rights of holders of any then outstanding shares of Holdings’ preferred stock, Holdings’ common stockholders are entitled to dividends declared by Holdings’ board of directors. The shares of the Holdings’ common stock are not subject to any redemption provisions. Holdings has no issued and outstanding shares of preferred stock. Holdings’ ability to pay dividends is effectively limited by its status as a holding company and the terms of CUSA’s indentures and senior secured credit facility, which also significantly restricts the ability of certain of CUSA’s subsidiaries to pay dividends directly or indirectly to Holdings. See Note 14 for discussion of restrictions contained within the debt agreements of CUSA. Treasury Stock - Holdings Treasury stock represents shares of common stock repurchased by Holdings and not yet retired. Holdings has applied the cost method in recording its treasury shares. Below is a summary of Holdings’ treasury stock activity for the years ended December 31, 2021, 2022 and 2023. Number of Cost Balance at January 1, 2021 5.05 $ 87.0 Restricted stock withholdings (1) 0.24 4.1 Restricted stock forfeitures (2) 0.06 — Balance at December 31, 2021 5.35 $ 91.1 Restricted stock withholdings (1) 0.26 4.3 Restricted stock forfeitures (2) 0.07 — Balance at December 31, 2022 5.68 $ 95.4 Restricted stock withholdings (1) 0.22 2.9 Restricted stock forfeitures (2) 0.10 — Balance at December 31, 2023 6.00 $ 98.3 (1) Holdings withheld shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock and restricted stock units. Holdings determined the number of shares to be withheld based upon market values of the common stock of Holdings on the vest dates. Below is a summary of the range of market values per share on the vest dates for the years indicated: Year Ended December 31, 2021 2022 2023 Market Values $ 15.21 to $ 24.14 $ 12.11 to $ 18.3 3 $ 11.16 to $ 18.36 (2) Holdings repurchased forfeited restricted shares at a cost of $ 0.001 per share in accordance with the 2017 Omnibus Plan. As of December 31, 2023, Holdings had no plans to retire any shares of its treasury stock. Common and Preferred Stock - CUSA CUSA has 1.5 shares (in thousands) of Class A common stock and 182.6 shares (in thousands) of Class B common stock outstanding, all of which are held by Holdings. Holders of Class A common stock have exclusive voting rights . Holders of Class B common stock have no voting rights except upon any proposed amendments to the articles of incorporation . However, they may convert their Class B common stock, at their option, to Class A common stock. In the event of any liquidation, holders of the Class A and Class B common stock will be entitled to their pro-rata share of assets remaining after any holders of preferred stock have received their preferential amounts based on their respective shares held. CUSA has 1.0 shares of preferred stock, $ 1.00 par value, authorized with none issued or outstanding. The rights and preferences of preferred stock will be determined by the CUSA Board of Directors at the time of issuance. CUSA’s ability to pay dividends is effectively limited by the terms of its indentures and its senior secured credit facility, which also significantly restricts the ability of certain of CUSA’s subsidiaries to pay dividends directly or indirectly to it. See Note 14 for a discussion of restrictions contained within CUSA’s debt agreements. Restricted Stock Below is a summary of restricted stock activity for the years ended December 31, 2021, 2022 and 2023: Year Ended Year Ended Year Ended December 31, 2021 December 31, 2022 December 31, 2023 Shares of Weighted Shares of Weighted Shares of Weighted Outstanding at January 1 1.43 $ 21.11 1.99 $ 21.73 1.85 $ 20.64 Granted 1.24 $ 21.91 0.88 $ 16.40 1.38 $ 12.07 Vested ( 0.62 ) $ 20.92 ( 0.95 ) $ 19.13 ( 0.78 ) $ 21.04 Forfeited ( 0.06 ) $ 18.96 ( 0.07 ) $ 18.91 ( 0.10 ) $ 16.40 Outstanding at December 31 1.99 $ 21.73 1.85 $ 20.64 2.35 $ 15.67 During the year ended December 31, 2023, Holdings granted 1.4 shares of its restricted stock to certain CUSA employees and to Holdings’ directors. The fair value of the restricted stock granted was determined based on the market value of the Holdings’ common stock on the grant dates, which ranged from $ 11.19 to $ 19.07 per share for the 2023 grants. The Company assumed forfeiture rates ranging from 0 % to 10 % for the restricted stock awards granted in 2023 . The restricted stock granted to employees vests over periods ranging from one to three years based on continued service. The recipients of restricted stock are entitled to receive non-forfeitable dividends and to vote their respective shares, however, the sale and transfer of the restricted stock is prohibited during the restriction period. Below is a summary of restricted stock award activity recorded for the periods indicated. Year Ended December 31, 2021 2022 2023 Compensation expense recognized during the period: CUSA employees (1) $ 22.0 $ 14.8 $ 15.1 Holdings directors 0.9 1.0 1.2 Total recognized by Holdings $ 22.9 $ 15.8 $ 16.3 Fair value of vested restricted stock held by: CUSA employees $ 9.7 $ 15.3 $ 9.1 Holdings directors 1.3 0.6 1.3 Holdings total $ 11.0 $ 15.9 $ 10.4 Income tax benefit recognized upon vesting of restricted stock CUSA employees $ 0.8 $ 2.7 $ 0.6 Holdings directors 0.3 0.1 0.3 Holdings total income tax benefit $ 1.1 $ 2.8 $ 0.9 (1) The former CEO of Holdings retired on December 31, 2021, and all of his outstanding unvested shares vested upon his retirement in accordance with his employment agreement. The Company recorded incremental compensation expense of $ 4.3 related to the accelerated vesting of these awards during the year ended December 31, 2021. As of December 31, 2023, the estimated remaining unrecognized compensation expense related to the unvested restricted stock awards was as follows: Estimated Remaining Expense CUSA employees (1) $ 17.8 Holdings directors 0.6 Total remaining - Holdings (1) $ 18.4 (1) The weighted average period over which this remaining compensation expense will be recognized by both Holdings and CUSA is approximately 1.5 years. Performance Stock Units Holdings granted performance awards in the form of performance stock units (“PSUs”), formerly referred to as restricted stock units, in 2020, 2022 and 2023. Based upon the terms of the award agreements, the performance stock units vest based on a combination of financial performance factors and continued service. The financial performance factors for the performance stock units have a threshold, target and maximum level of payment opportunity and vest on a prorata basis according to the performance level achieved by the Company during the performance period against the performance goals. At the time of the performance stock unit grants, the Company assumes the financial performance target will be reached for the defined measurement period in determining the amount of compensation expense to record for such grants. If and when additional information becomes available to indicate that something other than the target level will be achieved, the Company adjusts compensation expense on a prospective basis over the remaining service period. Grantees of performance stock units are eligible to receive a ratable portion of the common stock issuable if the achievement of the performance goals is within the targets previously noted. All performance stock units granted will be paid in the form of Holdings’ common stock if the participant continues to provide services through the third anniversary of the respective grant date. Performance stock unit award participants are eligible to receive dividend equivalent payments from the grant date to the extent declared by Holdings if, and at the time, the performance stock unit awards vest. 2023 awards - During the year ended December 31, 2023, Holdings granted performance awards in the form of performance stock units. Each PSU that vests will result in the issuance of one share of Holdings’ common stock. The maximum number of shares issuable under the performance awards granted during 2023 is approximately 1.5 shares of Holdings' common stock. The grant date fair value for the units issued was determined based on the closing price of Holdings' common stock on the date of grant, which was $ 11.68 per share. The performance metrics for these performance awards are based upon cumulative three-year Adjusted EBITDA and consolidated cash flows, and payout levels are determined based upon the achievement of pre-established criteria for these metrics as defined in the award agreement. Based upon the terms of the award agreement, PSUs vest based on a combination of performance factors and continued service. The performance measurement period for the PSUs is three years, January 1, 2023 through December 31, 2025 and the service period ends on February 20, 2026. Below is a summary of the performance metrics and measurement period for these performance awards: Performance Measurement Period Three years with additional service requirement to the third anniversary of the date of the grant Maximum Performance Target Level 200% of target level Percentage of maximum performance stock units that vest if performance metrics meet the threshold level (1) 25 % or 0.37 PSUs Percentage of maximum performance stock units that vest if performance metrics are at target (1) 50 % or 0.73 PSUs Percentage of maximum performance stock units that vest if performance metrics are at the maximum (1) 100 % or 1.47 PSUs Most likely performance metrics outcome estimated to be achieved at the time performance stock units were issued Target Assumed forfeiture rate for performance stock unit awards 5 % (1) Number of PSUs that vest based on maximum amount of PSUs that could vest of 1.47 . 2022 awards - During the year ended December 31, 2022, Holdings granted performance awards in the form of performance stock units. The maximum number of shares issuable under the performance awards granted during 2022 is 0.8 shares of Holdings’ common stock. The grant date fair value for the units issued during the year ended December 31, 2022 was determined based on the closing price of Holdings’ common stock on the date of grant, which was $ 16.65 per share. The financial performance metrics are based upon the achievement of pre-established criteria for revenue and consolidated cash flows as defined in the award agreement. Based upon the terms of the award agreement, PSUs vest based on a combination of performance factors and continued service. The performance measurement period for the financial performance metrics is one year, and there is an additional two-year service requirement. 2021 awards -There were no performance stock awards granted during the year ended December 31, 2021. During the year ended December 31, 2021, the Compensation Committee of Holdings’ Board of Directors (“Compensation Committee”) evaluated the impact of the COVID-19 pandemic on the performance metric used for the performance stock unit awards granted during 2019 and 2020 and determined that the COVID-19 pandemic significantly impacted Holdings’ ability to meet the performance metric. The Compensation Committee made a discretionary decision to certify the vest of the 2019 and 2020 performance stock unit awards at target based upon the unforeseen, external circumstances that were beyond management’s control, the projected macroeconomic conditions through 2021 and beyond, and the uncertain timing as to the recovery of the Company’s industry. The requirement to satisfy the applicable service period under the performance stock unit awards was not changed. In addition, the Compensation Committee determined that it would not be appropriate to issue performance awards during 2021 due to the aforementioned macroeconomic conditions and industry recovery. In lieu of performance stock units, the Compensation Committee granted restricted stock with a four-year vest period. Below is a summary of performance stock unit activity for the periods presented: Year Ended December 31, 2021 2022 2023 Number of performance stock unit awards that vested during the period 0.23 0.10 0.14 Fair value of performance stock unit awards that vested during the period $ 4.1 $ 1.7 $ 1.8 Accumulated dividends paid upon vesting of performance stock unit awards $ 0.1 $ 0.3 $ 0.2 Compensation expense recognized during the period (1) $ 6.4 $ 5.7 $ 8.7 Income tax benefit (expense) related to stock unit awards $ 0.7 $ — $ ( 0.8 ) (1) The former CEO of Holdings retired on December 31, 2021 and all of his outstanding unvested restricted stock units vested upon his retirement in accordance with his employment agreement. Holdings recorded incremental compensation expense of $ 2.4 related to the accelerated vesting of these awards during the year ended December 31, 2021. As of December 31, 2023 , the estimated remaining unrecognized compensation expense related to the outstanding performance stock unit awards was $ 12.6 . The weighted average period over which this remaining compensation expense will be recognized is approximately 1.7 years. As of December 31, 2023 , Holdings had performance stock units outstanding that represented a total of 1.7 hypothetical shares of common stock, net of estimated forfeitures, reflecting actual certified performance levels, which was target for PSUs granted during 2020 and maximum performance level for PSUs granted during 2022, and an estimated performance level for the 2023 grant slightly above target. |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | 19. SUPPLEMENTAL CASH FLOW INFORMATION The following is provided as supplemental information to the consolidated statements of cash flows: Year Ended December 31, 2021 2022 2023 Cash paid for interest by Holdings (1) $ 108.2 $ 140.7 $ 151.3 Cash paid for interest by CUSA $ 87.8 $ 109.1 $ 130.6 (Refunds received) cash paid for income taxes, net $ ( 136.5 ) $ 4.6 $ 22.3 Cash deposited in (transferred from) restricted accounts (2) $ 11.9 $ ( 14.9 ) $ ( 10.8 ) Noncash operating activities: Interest expense - NCM (see Note 9) $ ( 23.6 ) $ ( 23.2 ) $ ( 22.6 ) Noncash investing activities: Change in accounts payable and accrued expenses for the acquisition of theatre properties and equipment (3) $ 20.1 $ ( 3.8 ) $ 5.4 Theatre properties acquired under finance leases $ 0.7 $ — $ — Investment in NCMI/NCM – receipt of common units (see Note 9) $ 10.2 $ 1.3 $ — (1) Includes the cash interest paid by CUSA. (2) Represents cash deposited in (transferred out) of collateral account during the period to support the issuance of letters of credit to lenders, net of returned deposits from such accounts upon the repayment of related debt. (3) Additions to theatre properties and equipment included in accounts payable as of December 31, 2022 and 2023 were $ 12.0 and $ 6.6 respectively. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 20. INCOME TAXES Holdings The provision for federal and foreign income tax expense for continuing operations of Holdings consisted of the following: Year Ended December 31, 2021 2022 2023 (Loss) income before income taxes: U.S. $ ( 389.2 ) $ ( 286.9 ) $ 151.4 Foreign ( 49.8 ) 21.9 70.0 Total $ ( 439.0 ) $ ( 265.0 ) $ 221.4 Current and deferred income taxes for Holdings were as follows: Year Ended December 31, 2021 2022 2023 Current: Federal $ 4.0 $ 1.9 $ 2.2 Foreign 0.8 9.2 14.2 State 1.0 1.2 2.9 Total current expense 5.8 12.3 19.3 Deferred: Federal $ ( 20.2 ) $ ( 2.7 ) $ 15.8 Foreign 0.4 ( 2.4 ) ( 5.7 ) State ( 2.8 ) ( 4.2 ) 0.5 Total deferred taxes ( 22.6 ) ( 9.3 ) 10.6 Income taxes $ ( 16.8 ) $ 3.0 $ 29.9 A reconciliation between Holdings’ income tax expense and taxes computed by applying the applicable statutory federal income tax rate to income before income taxes is as follows: Year Ended December 31, 2021 2022 2023 Computed statutory tax expense $ ( 92.2 ) $ ( 55.7 ) $ 46.5 State and local income taxes, net of federal income tax impact ( 1.4 ) ( 2.2 ) 5.4 Changes in valuation allowance 76.3 60.6 ( 63.9 ) Foreign tax rate differential ( 4.5 ) 1.3 1.4 Foreign tax credits — ( 4.0 ) ( 13.0 ) Changes in uncertain tax positions 7.5 1.6 ( 0.9 ) U.S. tax impact of foreign operations 0.8 ( 1.6 ) 10.3 Return to provision ( 5.1 ) 1.4 ( 3.3 ) Expiration of attribute carryforwards 0.6 — 37.1 Permanent differences 5.4 4.6 8.6 Other, net ( 4.2 ) ( 3.0 ) 1.7 Income taxes $ ( 16.8 ) $ 3.0 $ 29.9 CUSA The provision for federal and foreign income tax expense for continuing operations of CUSA consisted of the following: Year Ended December 31, 2021 2022 2023 (Loss) income before income taxes: U.S. $ ( 362.6 ) $ ( 263.7 ) $ 167.0 Foreign ( 49.8 ) 21.9 70.0 Total $ ( 412.4 ) $ ( 241.8 ) $ 237.0 Current and deferred income taxes for CUSA were as follows: Year Ended December 31, 2021 2022 2023 Current: Federal $ 4.0 $ 1.9 $ 2.8 Foreign 0.8 9.2 14.2 State 1.0 1.2 2.9 Total current expense 5.8 12.3 19.9 Deferred: Federal $ ( 36.7 ) $ ( 16.2 ) $ 13.8 Foreign 0.4 ( 2.4 ) ( 5.7 ) State ( 1.8 ) ( 6.8 ) 0.4 Total deferred taxes ( 38.1 ) ( 25.4 ) 8.5 Income taxes $ ( 32.3 ) $ ( 13.1 ) $ 28.4 A reconciliation between CUSA’s income tax expense and taxes computed by applying the applicable statutory federal income tax rate to income before income taxes is as follows: Year Ended December 31, 2021 2022 2023 Computed statutory tax expense $ ( 86.6 ) $ ( 50.8 ) $ 49.8 State and local income taxes, net of federal income tax impact ( 0.7 ) ( 4.2 ) 5.9 Changes in valuation allowance 54.3 41.8 ( 68.6 ) Foreign tax rate differential ( 4.5 ) 1.3 1.4 Foreign tax credits — ( 4.0 ) ( 12.9 ) Changes in uncertain tax positions 5.7 1.6 ( 0.9 ) U.S. tax impact of foreign operations 0.8 ( 1.6 ) 10.4 Return to provision ( 3.2 ) 1.2 ( 3.3 ) Expiration of attribute carryforwards 0.6 — 36.4 Permanent differences 5.5 4.5 8.6 Other, net ( 4.2 ) ( 2.9 ) 1.6 Income taxes $ ( 32.3 ) $ ( 13.1 ) $ 28.4 . As of December 31, 2023 , the Company will not indefinitely reinvest $ 2.0 of accumulated undistributed losses of its Curacao subsidiary. As of December 31, 2023 , the Company had approximately $ 157.6 of accumulated undistributed earnings and profits which it considers to be indefinitely reinvested. Of this indefinitely reinvested amount, approximately $ 159.3 was subject to the one-time transition tax pursuant to the 2017 Tax Cuts and Jobs Act. Additional tax due on the repatriation of these previously-taxed earnings would generally be foreign withholding and U.S. state income taxes. The Company does not intend to repatriate these offshore earnings and profits, and therefore has not recorded any deferred taxes on such earnings. The Company considers any excess of the amount for financial reporting over the tax basis of its investment in these foreign subsidiaries to be indefinitely reinvested. At this time, the determination of deferred tax liabilities on this amount is not practicable. Deferred Income Taxes Holdings The tax effects of significant temporary differences and tax loss and tax credit carryforwards comprising the net long-term deferred income tax liabilities for Holdings as of the periods presented consisted of the following: December 31, 2022 2023 Deferred liabilities: Theatre properties and equipment $ 76.9 $ 68.4 Finance lease assets 16.0 13.3 Operating lease right-of-use assets 274.3 248.8 Intangible asset – other 49.6 55.8 Intangible asset – tradenames 68.9 69.5 Total deferred liabilities 485.7 455.8 Deferred assets: Deferred revenue – NCM and Other 82.6 82.2 Prepaid rent 4.1 2.7 Gift cards 8.8 9.7 Investment in partnerships 5.2 1.4 Operating lease obligations 296.1 269.0 Finance lease obligations 21.6 18.6 Tax impact of items in accumulated other comprehensive income and additional paid-in-capital 16.4 13.4 Restricted stock 5.1 4.5 Accrued expenses 3.7 2.9 Other tax loss carryforwards 126.1 82.7 Other tax credit and attribute carryforwards 193.5 179.3 Other expenses, not currently deductible for tax purposes 14.9 11.7 Total deferred assets 778.1 678.1 Net deferred income tax (asset) liability before valuation allowance ( 292.4 ) ( 222.3 ) Valuation allowance against deferred assets – non-current 326.1 266.3 Net deferred income tax liability $ 33.7 $ 44.0 Net deferred tax (asset) liability – Foreign $ 4.7 $ ( 0.1 ) Net deferred tax liability – U.S. 29.0 44.1 Total $ 33.7 $ 44.0 CUSA The tax effects of significant temporary differences and tax loss and tax credit carryforwards comprising the net long-term deferred income tax liabilities for CUSA as of the periods presented consisted of the following: December 31, 2022 2023 Deferred liabilities: Theatre properties and equipment $ 76.7 $ 68.2 Finance lease assets 15.9 13.2 Operating lease right-of-use assets 273.9 248.1 Intangible asset – other 49.5 55.7 Intangible asset – tradenames 68.8 69.3 Tax impact of items in accumulated other comprehensive income and additional paid-in-capital 5.3 1.4 Total deferred liabilities 490.1 455.9 Deferred assets: Deferred revenue – NCM and Other 82.4 82.0 Prepaid rent 4.1 2.7 Gift Cards 8.8 9.7 Investment in partnerships 5.2 1.4 Operating lease obligations 295.6 268.3 Finance lease obligations 21.6 18.6 Restricted stock 4.9 4.3 Accrued expenses 3.7 2.9 Other tax loss carryforwards 122.0 80.0 Other tax credit and attribute carryforwards 174.1 149.0 Other expenses, not currently deductible for tax purposes 14.8 11.5 Total deferred assets 737.2 630.4 Net deferred income tax (asset) liability before valuation allowance ( 247.1 ) ( 174.5 ) Valuation allowance against deferred assets – non-current 283.2 218.5 Net deferred income tax liability $ 36.1 $ 44.0 Net deferred tax (asset) liability – Foreign $ 4.7 $ ( 0.1 ) Net deferred tax liability – U.S. 31.4 44.1 Total $ 36.1 $ 44.0 Federal net operating losses and interest expense limitation carryforwards have an indefinite carryforward period. Foreign net operating losses have varying carryforward periods with some being indefinite. Similarly, state net operating losses have varying carryforward periods with some being indefinite. Foreign tax credits have a 10 year carryforward period. A majority of the Company’s foreign tax credit carryforwards expire in 2026 and 2027, with the remainder expiring in future periods. The Company assesses the likelihood that it will be able to recover its deferred tax assets against future sources of taxable income and reduces the carrying amounts of deferred tax assets by recording a valuation allowance, if, based on all available evidence, the Company believes it is more likely than not that all or a portion of such assets will not be realized. As of the year ended December 31, 2023 , the Company remained in a three-year cumulative pre-tax loss domestically and in certain foreign jurisdictions. This is heavily weighted as objectively verifiable negative evidence and, as a result, the Company is unable to include future projected earnings in assessing the recoverability of its deferred tax assets in these jurisdictions . The Company has established a valuation allowance against certain deferred tax assets for which the ultimate realization of future benefits is uncertain. Expiring carryforwards and the required valuation allowances are adjusted annually. After application of the valuation allowances described above, the Company anticipates that no limitations will apply with respect to utilization of any of the other deferred tax assets described above. The Company’s valuation allowance changed from $ 326.1 as of December 31, 2022 to $ 266.3 as of December 31, 2023. CUSA’s valuation allowance changed from $ 283.2 as of December 31, 2022 to $ 218.5 as of December 31, 2023. The decrease primarily relates to a release of valuation allowances previously recorded against certain expiring foreign tax credits and foreign loss carryforwards, as well as net deferred tax assets in certain foreign jurisdictions. The remaining valuation allowance associated with these deferred tax assets is primarily a result of not having sufficient income from deferred tax liability reversals in future periods to support the realization of the deferred tax assets. When the Company begins to generate taxable income at a normal level, the Company expects to reverse the valuation allowances with an offsetting increase to reported earnings. There is a possibility that within the next 12 months, sufficient positive evidence may become available to reach a conclusion that a portion of the valuation allowance in certain foreign jurisdictions will no longer be required. Holdings’ valuation allowance for deferred tax assets, which includes CUSA’s valuation allowance for deferred tax assets, and CUSA’s valuation for deferred tax assets, for the periods presented were as follows: Valuation Allowance for Deferred Taxes Holdings CUSA Balance at January 1, 2021 $ 203.6 $ 203.6 Additions 69.1 52.5 Deductions ( 4.3 ) ( 10.9 ) Currency translation ( 4.3 ) ( 4.3 ) Balance at December 31, 2021 $ 264.1 $ 240.9 Additions 67.0 47.0 Deductions ( 5.3 ) ( 4.9 ) Currency translation 0.3 0.2 Balance at December 31, 2022 $ 326.1 $ 283.2 Additions 16.6 5.9 Deductions ( 83.0 ) ( 77.2 ) Currency translation 6.6 6.6 Balance at December 31, 2023 $ 266.3 $ 218.5 Uncertain Tax Positions The following is a reconciliation of the total amounts of unrecognized tax benefits excluding interest and penalties for Holdings for the periods presented: Year Ended December 31, 2021 2022 2023 Balance at January 1, $ 46.5 $ 55.9 $ 55.8 Gross increases - tax positions in prior periods 7.7 — 2.2 Gross decreases - tax positions in prior periods ( 1.6 ) ( 0.2 ) ( 5.1 ) Gross increases - current period tax positions 3.4 0.1 0.2 Statute of limitations expiration ( 0.1 ) — ( 0.2 ) Balance at December 31, $ 55.9 $ 55.8 $ 52.9 The following is a reconciliation of the total amounts of unrecognized tax benefits excluding interest and penalties for CUSA for the periods presented: Year Ended December 31, 2021 2022 2023 Balance at January 1, $ 46.5 $ 54.0 $ 53.9 Gross increases - tax positions in prior periods 5.8 — 2.2 Gross decreases - tax positions in prior periods ( 1.6 ) ( 0.2 ) ( 5.1 ) Gross increases - current period tax positions 3.4 0.1 0.2 Statute of limitations expiration ( 0.1 ) — ( 0.2 ) Balance at December 31, $ 54.0 $ 53.9 $ 51.0 Holdings had $ 64.3 and $ 64.1 of unrecognized tax benefits, including interest and penalties, as of December 31, 2022 and 2023 , respectively. Of these amounts, $ 64.3 and $ 64.1 represent the amount of unrecognized tax benefits that, if recognized, would impact the effective income tax rate for the years ended December 31, 2022 and 2023 , respectively. CUSA had $ 62.5 and $ 62.2 of unrecognized tax benefits, including interest and penalties, as of December 31, 2022 and 2023 , respectively. Of these amounts, $ 62.5 and $ 62.2 represent the amount of unrecognized tax benefits that, if recognized, would impact the effective income tax rate for the years ended December 31, 2022 and 2023 , respectively. Holdings and CUSA had $ 8.5 and $ 11.1 accrued for interest and penalties as of December 31, 2022 and 2023 , respectively. The Company believes it is reasonably possible that its existing unrecognized tax benefits may be reduced by an amount up to $ 35.9 within the next 12 months as a result of resolution of examination with taxing authorities. The Company prepares and files income tax returns based upon its interpretation of tax laws and regulations and record estimates based upon these judgments and interpretations. In the normal course of business, the Company’s income tax returns are subject to examination by various taxing authorities. Such examinations may result in future tax and interest assessments by these taxing authorities. Inherent uncertainties exist in estimates of tax contingencies due to changes in tax law resulting from legislation, regulation, and/or as concluded through the various jurisdictions' tax court systems. Significant judgment is exercised in applying complex tax laws and regulations across multiple global jurisdictions where we conduct our operations. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities, including resolutions of any related appeals or litigation processes, based upon the technical merits of the position. The Company is no longer subject to income tax audits from the Internal Revenue Service for years before 2018. The Company is no longer subject to state income tax examinations by tax authorities in its major state jurisdictions for years before 2019. The Company is no longer subject to non-U.S. income tax examinations by tax authorities in its major non-U.S. tax jurisdictions for years before 2008. The Company is currently under IRS audit for tax years 2019 and 2020 and is under audit in the non-U.S. tax jurisdiction of Brazil. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 21. COMMITMENTS AND CONTINGENCIES Employment Agreements — As of December 31, 2023 , the Company had employment agreements with Sean Gamble, Melissa Thomas, Valmir Fernandes and Michael Cavalier. These employment agreements are subject to automatic extensions for a one year period, unless the employment agreements are terminated. The base salaries stipulated in the employment agreements are subject to review at least annually during the term of the agreements for increase (but not decrease) by the Company’s Compensation Committee. Management personnel subject to these employment agreements are eligible to receive annual cash incentive bonuses upon the Company meeting certain performance targets established by the Compensation Committee. Retirement Savings Plan — The Company has a 401(k) retirement savings plan (“401(k) Plan”) for the benefit of all eligible U.S. based employees and makes discretionary matching contributions as determined annually in accordance with the 401(k) Plan. Employer matching contribution payments of $ 5.7 and $ 6.4 were made during the years ended December 31, 2022 and 2023, respectively. A liability of approximately $ 0.9 was recorded as of December 31, 2023 for employer contribution payments to be made in 2024 for the remaining amounts owed for plan year 2023. Legal Proceedings From time to time, the Company is involved in various legal proceedings arising from the ordinary course of its business operations, such as personal injury claims, employment matters, patent claims, landlord-tenant disputes, contractual disputes with landlords over certain termination rights or the right to discontinue rent payments due to the COVID-19 pandemic and other contractual disputes, some of which are covered by insurance. The Company believes its potential liability with respect to proceedings currently pending is not material, individually or in the aggregate, to the Company’s financial position, results of operations and cash flows. Cinemark Holdings, Inc., et al vs Factory Mutual Insurance Company . The Company filed suit on November 18, 2020, in the District Court, 471st Judicial District, Collin County, Texas. On December 22, 2020, the case was moved to the US District Court for the Eastern District of Texas, Sherman Division. The Company submitted a claim under its property insurance policy issued by Factory Mutual Insurance Company (the “FM Policy”) for losses sustained as a result of the closure of the Company’s theatres due to the COVID-19 pandemic. Factory Mutual Insurance Company (“FM”) denied the Company’s claim. The Company is seeking damages resulting from FM’s breach of contract, FM’s bad faith conduct and a declaration of the parties’ rights under the FM Policy. The Company cannot predict the outcome of this litigation. The District Court granted FM’s motion for summary judgment. The Company has appealed the District Court’s decision. Lakeenya Neal, et al v. Cinemark Holdings, Inc., et al. This class action lawsuit was filed against the Company on December 10, 2021, in the Central District of Los Angeles County Superior Court of the State of California alleging certain violations of the Fair and Accurate Credit Transactions Act. The plaintiffs voluntarily dismissed this case. Gerardo Rodriguez, individually and on behalf of a class of all others similarly situated vs Cinemark USA, Inc. and Cinemark Holdings, Inc., et al. This class action lawsuit was filed against the Company on February 24, 2023 in the Cook County Circuit Court in Illinois alleging violation of the Fair and Accurate Credit Transactions Act. The Company firmly maintains that the allegations are without merit and will vigorously defend itself against the lawsuit. The Company cannot predict the outcome of this litigation. National CineMedia LLC Bankruptcy. On June 3, 2023, NCM filed an Emergency Motion for Entry of an Order (1) approving and Authorizing Debtor to Enter into and Perform Under (a) the Termination and Settlement Agreement and (b) the Network Affiliate Transaction Agreement with Regal Cinemas, Inc. (the “9019 Motion”). The 9019 Motion requested an order, among other things, that the most favored nations clause (the “MFN”) in Cinemark’s Exhibitor Services Agreement was not triggered by the Network Affiliate Transaction Agreement with Regal Cinemas, Inc. On June 14, 2023, Cinemark filed an objection to the 9019 Motion. On June 26, 2023, the bankruptcy court entered a confirmation order, which among other things, approves NCM’s assumption of Cinemark’s Exhibitor Services Agreement but fails to preserve or recognize Cinemark’s rights under the MFN with respect to the Network Affiliate Transaction Agreement. Cinemark has appealed the confirmation order in the United States District Court for the Southern District of Texas, Houston Division. The Company cannot predict the outcome of this appeal. |
SEGMENTS - HOLDINGS
SEGMENTS - HOLDINGS | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segments - Holdings | 22. SEGMENTS - HOLDINGS The international market and U.S. market are managed as separate reportable operating segments, with the international segment consisting of operations in Brazil, Argentina, Chile, Colombia, Peru, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Bolivia and Paraguay. The Company closed its one theatre in Curacao in January 2023 and sold the shares of its Ecuador subsidiary in September 2023. See Note 8 for a discussion of the sale of our Ecuador subsidiary. Each segment’s revenue is derived from admissions and concession sales and other ancillary revenue. Holdings uses Adjusted EBITDA, as shown in the reconciliation table below, as the primary measure of segment profit and loss to evaluate performance and allocate its resources. The Company does not report total assets by segment because that information is not used to evaluate the performance or allocate resources between segments. Holdings revenue, Adjusted EBITDA and capital expenditures by reportable operating segment The following table is a breakdown of selected financial information by reportable operating segment for Holdings for the periods presented: Year Ended December 31, 2021 2022 2023 Revenue U.S. $ 1,296.3 $ 1,977.9 $ 2,428.1 International 216.9 484.5 651.4 Eliminations ( 2.7 ) ( 7.7 ) ( 12.8 ) Total Revenue $ 1,510.5 $ 2,454.7 $ 3,066.7 Adjusted EBITDA (1) U.S. $ 84.2 $ 255.7 $ 463.9 International ( 4.2 ) 80.8 130.2 Total Adjusted EBITDA $ 80.0 $ 336.5 $ 594.1 Capital expenditures U.S. $ 78.3 $ 87.2 $ 111.5 International 17.2 23.5 38.0 Total capital expenditures $ 95.5 $ 110.7 $ 149.5 (1) Distributions from equity investees are reported entirely within the U.S. operating segment . The following table sets forth a reconciliation of net (loss) income to Adjusted EBITDA for Holdings for the periods presented: Year Ended December 31, 2021 2022 2023 Net (loss) income $ ( 422.2 ) $ ( 268.0 ) $ 191.5 Add (deduct): Income tax (benefit) expense ( 16.8 ) 3.0 29.9 Interest expense (1) 149.7 155.3 150.4 Other expense (income), net (2) 43.5 23.6 ( 19.6 ) Cash distributions from equity investees (3) 0.2 6.9 5.7 Depreciation and amortization 265.4 238.2 209.5 Impairment of long-lived and other assets 20.8 174.1 16.6 Restructuring costs ( 1.0 ) ( 0.5 ) — (Gain) loss on disposal of assets and other 8.0 ( 6.8 ) ( 7.7 ) Loss on debt extinguishment and refinancing 6.5 — 10.7 Non-cash rent expense ( 3.4 ) ( 10.8 ) ( 17.9 ) Share-based awards compensation expense 29.3 21.5 25.0 Adjusted EBITDA $ 80.0 $ 336.5 $ 594.1 (1) Includes amortization of debt issuance costs, amortization of original issue discount, and amortization of accumulated (gains) losses for amended swap agreements. (2) Includes interest income, foreign currency exchange and other related loss, interest expense – NCM and equity in income (loss) of affiliates and unrealized gain on investment in NCMI. Excludes distributions from NCM and DCIP. (3) Reflects cash distributions received from equity investees that were recorded as a reduction of the respective investment balances (see Note 10). These distributions are reported entirely within the U.S. operating segment. Financial Information About Geographic Area The following table sets forth a breakdown of select financial information for Holdings by geographic area for the periods presented: Year Ended December 31, 2021 2022 2023 Revenue U.S. $ 1,296.3 $ 1,977.9 $ 2,428.1 Brazil 73.5 179.0 233.4 Other international countries 143.4 305.5 418.0 Eliminations ( 2.7 ) ( 7.7 ) ( 12.8 ) Total $ 1,510.5 $ 2,454.7 $ 3,066.7 As of December 31, 2022 2023 Theatre properties and equipment, net U.S. $ 1,075.3 $ 1,002.1 Brazil 49.5 54.7 Other international countries 107.3 104.9 Total $ 1,232.1 $ 1,161.7 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 23. RELATED PARTY TRANSACTIONS A subsidiary of the Company manages a theatre for Laredo Theatres, Ltd. (“Laredo”). The Company is the sole general partner and owns 75 % of the limited partnership interests of Laredo. Lone Star Theatres, Inc. owns the remaining 25 % of the limited partnership interests in Laredo and is 100 % owned by Mr. David Roberts, who is Lee Roy Mitchell’s son-in-law and Kevin Mitchell’s brother-in-law. Lee Roy Mitchell, our founder, owns, both directly and indirectly, approximately 8.5 % of Holdings’ common stock and Kevin Mitchell is a member of Holdings’ Board of Directors. Under the agreement, management fees are paid by Laredo to the Company at a rate of 5 % of annual theatre revenue. The Company recorded $ 0.4 , $ 0.6 and $ 0.7 of management fee revenue during the years ended December 31, 2021, 2022 and 2023, respectively. All such amounts are included in each of Holdings’ and CUSA’s consolidated financial statements with the intercompany amounts eliminated in consolidation. During the years ended December 31, 2022 and 2023, the Company paid excess cash distributions of $ 2.7 and $ 1.3 , respectively, to Lone Star Theatres, Inc. as required by the partnership agreement, which were recorded as a reduction of noncontrolling interests on each of Holdings’ and CUSA’s consolidated balance sheets. Walter Hebert, Mr. Lee Roy Mitchell’s brother-in-law, previously served as the Executive Vice President – Purchasing of the Company and retired in July 2021. Mr. Hebert served as a consultant to the Company until July 2022. During the years ended December 31, 2021 and 2022, the Company paid Mr. Hebert $ 0.1 and $ 0.2 related to consulting services. A subsidiary of the Company has an Aircraft Time Sharing Agreement with Copper Beech Capital, LLC to use, on occasion, a private aircraft owned by Copper Beech Capital, LLC. Copper Beech Capital, LLC is owned by Mr. Lee Roy Mitchell and his wife, Tandy Mitchell. The private aircraft is used by Messrs. Lee Roy and Kevin Mitchell and other executives who accompany Mr. Lee Roy Mitchell to business meetings for the Company. The Company reimburses Copper Beech Capital, LLC the actual costs of fuel usage and the expenses of the pilots, landing fees, storage fees and similar expenses incurred during the trip. The aggregate amount paid to Copper Beech Capital, LLC for the use of the aircraft was less than $ 0.1 for each of the years ended December 31, 2021, 2022 and 2023. A subsidiary of the Company currently leases 12 theatres from Syufy Enterprises, LP (“Syufy”) or affiliates of Syufy. Raymond Syufy is one of Holdings’ directors and is an officer of the general partner of Syufy. For the years ended December 31, 2021, 2022 and 2023, the Company paid total rent of approximately $ 23.3 , $ 22.3 and $ 22.1 , respectively, to Syufy. CUSA also provides digital equipment support to drive-in theatres owned by Syufy. The Company recorded management fees of approximately $ 0.1 , $ 0.0 and $ 0.0 related to these services during the years ended December 31, 2021, 2022 and 2023, respectively. A subsidiary of the Company has a 50 % voting interest in FE Concepts, a joint venture with AWSR, an entity owned by Lee Roy Mitchell and Tandy Mitchell. FE Concepts operates a family entertainment center that offers bowling, gaming, movies and other amenities. See Note 10 for further discussion. The Company has a theatre services agreement with FE Concepts under which the Company receives service fees for providing film booking and equipment monitoring services for the facility. The Company recorded services fees of approximately $ 0.1 , $ 0.1 and $ 0.1 related to this agreement during the years ended December 31, 2021, 2022 and 2023, respectively. During the year ended December 31, 2022, the Company received cash distributions of $ 4.0 from FE Concepts. |
CONDENSED FINANCIAL INFORMATION
CONDENSED FINANCIAL INFORMATION OF REGISTRANT | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
CONDENSED FINANCIAL INFORMATION OF REGISTRANT | CINEMAR K HOLDINGS, INC. PARENT COMPANY BALANCE SHEETS (in millions, except share data) December 31, December 31, 2022 2023 Assets Cash and cash equivalents $ 247.2 $ 236.8 Interest receivable and other current assets 0.6 2.6 Investment in subsidiaries 372.5 591.2 Total assets $ 620.3 $ 830.6 Liabilities and equity Liabilities Accrued other current liabilities, including accounts payable to subsidiaries $ 61.5 $ 66.5 Long-term debt 451.0 454.4 Other long-term liabilities ( 2.4 ) ( 0.1 ) Total liabilities 510.1 520.8 Commitments and contingencies (see Note 6 ) Equity Common stock, $ 0.001 par value: 300,000,000 shares authorized, 126,082,187 shares issued and 120,403,833 shares outstanding at December 31, 2022 and 127,598,774 shares issued and 121,596,206 shares outstanding at December 31, 2023 0.1 0.1 Additional paid-in-capital 1,219.3 1,244.3 Treasury stock, 5,678,354 and 6,002,568 shares, at cost, at December 31, 2022 and December 31, 2023, respectively ( 95.4 ) ( 98.3 ) Accumulated deficit ( 660.6 ) ( 472.4 ) Accumulated other comprehensive loss ( 353.2 ) ( 363.9 ) Total equity 110.2 309.8 Total liabilities and equity $ 620.3 $ 830.6 The accompanying notes are an integral part of the condensed financial information of Cinemark Holdings Inc. CINEMARK HOLDINGS, INC. PARENT COMPANY STATEMENTS OF INCOME (LOSS) (in millions) Year Ended December 31, 2021 2022 2023 Revenue $ — $ — $ — Cost of operations 2.6 2.9 3.3 Operating loss ( 2.6 ) ( 2.9 ) ( 3.3 ) Interest expense ( 24.1 ) ( 24.1 ) ( 24.1 ) Interest income 0.1 3.8 11.8 Loss before income taxes and equity in (loss) income of subsidiaries ( 26.6 ) ( 23.2 ) ( 15.6 ) Income tax benefit (expense) 5.7 ( 16.1 ) ( 1.5 ) Equity in (loss) income of subsidiaries, net of taxes ( 401.9 ) ( 231.9 ) 205.3 Net (loss) income $ ( 422.8 ) $ ( 271.2 ) $ 188.2 The accompanying notes are an integral part of the condensed financial information of Cinemark Holdings, Inc. CINEMARK HOLDINGS, INC. PARENT COMPANY STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in millions) Year Ended December 31, 2021 2022 2023 Net (loss) income $ ( 422.8 ) $ ( 271.2 ) $ 188.2 Other comprehensive (loss) income, net of tax Unrealized gain (loss) due to fair value adjustments on interest rate swap agreements, net of taxes of $( 0.7 ), $( 2.8 ) and $ 1.2 , and net of settlements 18.5 32.2 ( 9.2 ) Foreign currency translation adjustments ( 18.8 ) 4.6 4.9 Total other comprehensive (loss) income, net of tax ( 0.3 ) 36.8 ( 4.3 ) Comprehensive (loss) income attributable to Cinemark Holdings, Inc. $ ( 423.1 ) $ ( 234.4 ) $ 183.9 The accompanying notes are an integral part of the condensed financial information of Cinemark Holdings Inc. CINEMARK HOLDINGS, INC. PARENT COMPANY STATEMENTS OF CASH FLOWS (in millions) Year Ended December 31, 2021 2022 2023 Operating Activities Net (loss) income $ ( 422.8 ) $ ( 271.2 ) $ 188.2 Adjustments to reconcile net (loss) income to cash used for operating activities: Share-based awards compensation expense 0.9 1.0 1.2 Amortization of debt issuance costs 3.5 3.4 3.5 Equity in loss (income) of subsidiaries 401.9 231.9 ( 205.3 ) Changes in other assets and liabilities 10.5 21.7 4.9 Net cash used for operating activities ( 6.0 ) ( 13.2 ) ( 7.5 ) Investing Activities Contributions to subsidiaries ( 120.0 ) — — Net cash used for investing activities ( 120.0 ) — — Financing Activities Restricted stock withholdings for payroll taxes ( 4.1 ) ( 4.3 ) ( 2.9 ) Net cash used for financing activities ( 4.1 ) ( 4.3 ) ( 2.9 ) Decrease in cash and cash equivalents ( 130.1 ) ( 17.5 ) ( 10.4 ) Cash and cash equivalents: Beginning of period 394.8 264.7 247.2 End of period $ 264.7 $ 247.2 $ 236.8 The accompanying notes are an integral part of the condensed financial information of Cinemark Holdings, Inc. CINEMARK HOLDINGS, INC. NOTES TO PARENT COMPANY FINANCIAL STATEMENTS (in millions, except share and per share data) 1. BASIS OF PRESENTATION Cinemark Holdings, Inc. conducts substantially all of its operations through its subsidiaries. These statements should be read in conjunction with Cinemark Holdings Inc. and subsidiaries' consolidated financial statements and notes included elsewhere in this annual report on Form 10-K. There are significant restrictions over Cinemark Holdings, Inc.’s ability to obtain funds from its subsidiaries through dividends, loans or advances as contained in CUSA’s senior secured credit facility and the indentures to each of the 5.25 % Senior Notes, the 5.875 % Senior Notes and the 8.75 % Secured Notes (collectively referred to herein as the “Notes”). These condensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X, as the restricted net assets of Cinemark Holdings, Inc.’s subsidiaries under each of the debt agreements previously noted exceeds 25 percent of the consolidated net assets of Cinemark Holdings, Inc. As of December 31, 2023, the restricted net assets totaled approximately $ 427.8 million under the Notes. See Note 14 to the consolidated financial statements included elsewhere in this annual report on Form 10-K. 2. DIVIDEND PAYMENTS Holdings suspended its quarterly dividend in March 2020 as a result of the COVID-19 pandemic. as discussed in Note 3 of the consolidated financial statements included elsewhere in this annual report on Form 10-K. 3. DIVIDENDS AND DISTRIBUTIONS WITH SUBSIDIARIES During the year ended December 31, 2021 , Holdings paid a distribution of $ 120.0 million to its subsidiary, CUSA. 4. LONG-TERM DEBT On August 21, 2020, Holdings issued $ 460.0 million aggregate principal amount of 4.50 % Convertible Senior Notes, which will mature on August 15, 2025. Additionally, certain of Holdings’ subsidiaries have direct outstanding debt obligations. For a discussion of the debt obligations of Holdings, see Note 14 to the consolidated financial statements included elsewhere in this annual report on Form 10-K. 5. CAPITAL STOCK Holdings’ capital stock along with its long-term incentive plan and related activity are discussed in Note 18 of the consolidated financial statements included elsewhere in this annual report on Form 10-K. 6. COMMITMENTS AND CONTINGENCIES Holdings has no direct commitments and contingencies, but its subsidiaries do. See Note 21 of the consolidated financial statements included elsewhere in this annual report on Form 10-K. |
CONSOLIDATING FINANCIAL INFORMA
CONSOLIDATING FINANCIAL INFORMATION OF SUBSIDIARIES | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
CONSOLIDATING FINANCIAL INFORMATION OF SUBSIDIARIES | UNAUDITED SUPPLEMENTAL SCHEDULES SPECIFIED BY THE SENIOR NOTES INDENTURES CINEMARK USA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2023 (in millions) Restricted Unrestricted Group Group Eliminations Consolidated Assets Current assets Cash and cash equivalents $ 496.3 $ 116.1 $ — $ 612.4 Other current assets 393.4 ( 115.8 ) ( 10.9 ) 266.7 Total current assets 889.7 0.3 ( 10.9 ) 879.1 Theatre properties and equipment, net 1,161.7 — — 1,161.7 Operating lease right-of-use assets, net 986.4 — — 986.4 Other assets 1,718.1 285.8 ( 375.2 ) 1,628.7 Total assets $ 4,755.9 $ 286.1 $ ( 386.1 ) $ 4,655.9 Liabilities and equity Current liabilities Current portion of long-term debt $ 7.8 $ — $ — $ 7.8 Current portion of operating lease obligations 212.5 — — 212.5 Current portion of finance lease obligations 14.0 — — 14.0 Current income tax payable 4.2 — — 4.2 Accounts payable and accrued expenses 494.8 — ( 10.9 ) 483.9 Total current liabilities 733.3 — ( 10.9 ) 722.4 Long-term liabilities Long-term debt, less current portion 2,199.0 — ( 262.2 ) 1,936.8 Operating lease obligations, less current portion 853.3 — — 853.3 Finance lease obligations, less current portion 73.8 — — 73.8 Other long-term liabilities and deferrals 468.7 0.6 — 469.3 Total long-term liabilities 3,594.8 0.6 ( 262.2 ) 3,333.2 Commitments and contingencies Equity 427.8 285.5 ( 113.0 ) 600.3 Total liabilities and equity $ 4,755.9 $ 286.1 $ ( 386.1 ) $ 4,655.9 Note: “Restricted Group” and “Unrestricted Group” are defined in the indentures for the senior notes. CINEMARK USA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF INCOME YEAR ENDED DECEMBER 31, 2023 (in millions) Restricted Unrestricted Group Group Eliminations Consolidated Revenue $ 3,066.7 $ — $ — $ 3,066.7 Cost of operations Theatre operating costs 2,286.6 — — 2,286.6 General and administrative expenses 195.5 — 195.5 Depreciation and amortization 209.5 — — 209.5 Impairment of long-lived assets 15.9 0.7 — 16.6 Gain on disposal of assets and other ( 7.7 ) — ( 7.7 ) Total cost of operations 2,699.8 0.7 — 2,700.5 Operating income (loss) 366.9 ( 0.7 ) — 366.2 Interest expense ( 129.1 ) — 2.8 ( 126.3 ) Loss on debt extinguishment and refinancing ( 10.7 ) — — ( 10.7 ) Equity in income of affiliates 1.6 2.0 — 3.6 Interest expense - NCM ( 22.6 ) — — ( 22.6 ) Other income 9.3 20.3 ( 2.8 ) 26.8 Total other (expense) income ( 151.5 ) 22.3 — ( 129.2 ) Income before income taxes 215.4 21.6 — 237.0 Income tax expense 24.0 4.4 — 28.4 Net income 191.4 17.2 — 208.6 Less: Net income attributable to noncontrolling interests 3.3 — — 3.3 Net income attributable to Cinemark USA, Inc. $ 188.1 $ 17.2 $ — $ 205.3 Note: “Restricted Group” and “Unrestricted Group” are defined in the indentures for the senior notes. CINEMARK USA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (in millions) Restricted Unrestricted Group Group Eliminations Consolidated Net income $ 191.4 $ 17.2 $ — $ 208.6 Other comprehensive loss, net of tax Unrealized loss due to fair value adjustments on interest rate swap agreements, net of taxes of $ 1.5 , net of settlements ( 8.9 ) — — ( 8.9 ) Foreign currency translation adjustments 4.9 — — 4.9 Total other comprehensive loss, net of tax ( 4.0 ) — — ( 4.0 ) Total comprehensive loss, net of tax 187.4 17.2 — 204.6 Comprehensive income attributable to noncontrolling interests ( 3.3 ) — — ( 3.3 ) Comprehensive income attributable to Cinemark USA, Inc. $ 184.1 $ 17.2 $ — $ 201.3 Note: “Restricted Group” and “Unrestricted Group” are defined in the indentures for the senior notes. CINEMARK USA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2023 (in millions) Restricted Unrestricted Group Group Eliminations Consolidated Operating activities Net income $ 191.4 $ 17.2 $ — $ 208.6 Adjustments to reconcile net income to cash provided by operating activities 219.3 4.4 — 223.7 Changes in assets and liabilities 36.5 ( 14.0 ) — 22.5 Net cash provided by operating activities 447.2 7.6 — 454.8 Investing activities Additions to theatre properties and equipment ( 149.5 ) — — ( 149.5 ) Net proceeds from sale of subsidiary 14.8 — — 14.8 Proceeds from sale of assets and other 2.9 — — 2.9 Investment and loans to affiliates ( 2.3 ) 2.3 — — Net cash (used for) provided by investing activities ( 134.1 ) 2.3 — ( 131.8 ) Financing activities Proceeds from refinancing of senior secured credit facility 640.2 — — 640.2 Repayment of term loan on refinancing of senior secured credit facility ( 624.9 ) — — ( 624.9 ) Redemption of $ 100.0 of 8.75 % Secured Notes at 102.2 % ( 102.2 ) — — ( 102.2 ) Payment of debt issuance costs ( 7.5 ) — — ( 7.5 ) Payment of fees on refinancing of senior secured credit facility ( 2.6 ) — — ( 2.6 ) Other repayments of long-term debt ( 10.6 ) — — ( 10.6 ) Restricted stock withholdings for payroll taxes ( 2.9 ) — — ( 2.9 ) Payments on finance leases ( 14.4 ) — — ( 14.4 ) Other financing activities ( 0.5 ) — — ( 0.5 ) Net cash used for financing activities ( 125.4 ) — — ( 125.4 ) Effect of exchange rate changes on cash and cash equivalents ( 12.5 ) — — ( 12.5 ) Increase in cash and cash equivalents 175.2 9.9 — 185.1 Cash and cash equivalents: Beginning of year 321.1 106.2 — 427.3 End of year $ 496.3 $ 116.1 $ — $ 612.4 Note: “Restricted Group” and “Unrestricted Group” are defined in the indentures for the senior notes. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Business | Business — Cinemark Holdings, Inc. (“Holdings”) is a holding company and its wholly-owned subsidiary is Cinemark USA, Inc. (“CUSA”). Holdings consolidates CUSA and its subsidiaries for financial statement purposes, and CUSA’s operating revenue and operating expenses comprise nearly 100 % of Holdings’ revenue and operating expenses. As such, the following Notes to Consolidated Financial Statements relate to Holdings and CUSA and their respective consolidated subsidiaries in all material aspects, unless otherwise noted. Where it is important to distinguish between Holdings and CUSA, specific reference is made to either Holdings or CUSA. Otherwise, all references to “we”, “our”, “us” and “the Company” relate to Cinemark Holdings, Inc. and its consolidated subsidiaries and all references to CUSA relate to CUSA and its consolidated subsidiaries. We operate in the motion picture exhibition industry, with theatres in the United States (“U.S.”) and in 13 countries in Latin America as of December 31, 2023 . |
Principles of Consolidation | Principles of Consolidation — The consolidated financial statements include the accounts of Cinemark Holdings, Inc. and its subsidiaries and Cinemark USA, Inc. and its subsidiaries. Majority-owned subsidiaries that Holdings or CUSA, as applicable, has control of are consolidated while those investments in entities of which Holdings or CUSA, as applicable, owns between 20 % and 50 % and does not control, but has significant influence over the investee, are accounted for under the equity method. Investments in entities of which Holdings or CUSA, as applicable, owns between 20 % and 50 % and does not control or have significant influence over are accounted for under the fair value method. If Holdings or CUSA cease to exercise significant influence over an equity investee, the investment is accounted for under the fair value method. Investments in entities of which Holdings or CUSA, as applicable, owns less than 20 % are generally accounted for under the cost method. The results of these subsidiaries and other investees are included in the consolidated financial statements of Holdings and CUSA, as applicable, effective from their date of formation or from their date of acquisition. Intercompany balances and transactions are eliminated in consolidation. |
Cash and Cash Equivalents | Cash and Cash Equivalents — Cash and cash equivalents consist of operating funds held in financial institutions, petty cash held at the theatres, highly liquid investments with original maturities of three months or less when purchased and restricted cash. The Company invests its cash primarily in money market funds, certificates of deposit, commercial paper or other similar funds. |
Accounts Receivable | Accounts Receivable – Accounts receivable, which are recorded at net realizable value, consist primarily of receivables related to screen advertising, screen rental, receivables related to gift cards sold to third party retail locations, receivables from landlords related to theatre construction projects, rebates earned from the Company’s concession vendors and value-added and other non-income tax receivables. |
Inventories | Inventories — Concession inventories are stated at the lower of cost (first-in, first-out method) or net realizable value. |
Theatre Properties and Equipment | Theatre Properties and Equipment — Theatre properties and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets as follows: Category Useful Life Buildings on owned land 40 years Buildings on leased land Lesser of lease term or 40 years Land and buildings under finance leases Lease term Theatre furniture and equipment 3 to 15 years Leasehold improvements Lesser of lease term or useful life The Company evaluates long-lived assets for impairment indicators on a quarterly basis or whenever events or changes in circumstances indicate the carrying amount of the assets may not be fully recoverable (qualitative evaluation). The Company also performs a full quantitative impairment evaluation on an annual basis. These qualitative and quantitative evaluations are described below: • Quantitative approach The Company performs a quantitative evaluation at the theatre level using estimated undiscounted cash flows from continuing use through the remainder of the theatre’s useful life. The remainder of the theatre’s useful life correlates with the remaining lease period, which may include the probability of the exercise of available renewal periods for leased properties, and the lesser of twenty years or the building’s remaining useful life for owned properties. If the estimated undiscounted cash flows are not sufficient to recover a long-lived asset’s carrying value, the Company then compares the carrying value of the asset group (theatre) with its estimated fair value. When estimated fair value is determined to be lower than the carrying value of the asset group (theatre), the asset group (theatre) is written down to its estimated fair value. Significant judgment, including management’s estimate of future theatre level cash flows for each theatre is involved in estimating fair value. Fair value is estimated based on a multiple of cash flows. Management’s estimates, which fall under Level 3 of the U.S. GAAP fair value hierarchy, as defined by FASB ASC Topic 820-10-35, are based on historical and projected operating performance, recent market transactions and current industry trading multiples. • Qualitative approach The Company’s qualitative assessment considers relevant economic and market conditions, industry trading multiples and recent developments that would impact its estimates of future cash flows as compared to its most recent quantitative impairment assessment. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets — The Company evaluates goodwill for impairment annually during the fourth quarter or whenever events or changes in circumstances indicate the carrying value of the goodwill may not be fully recoverable. The Company evaluates goodwill for impairment at the reporting unit level. which is the U.S. and each of its international countries that has been allocated goodwill (the Company does not have goodwill recorded for all of its international locations). Under ASC Topic 350, Goodwill, Intangibles and Other (“ASC Topic 350”), the Company can elect to perform a qualitative or a quantitative impairment assessment of our goodwill as described below: • Quantitative approach Under a quantitative goodwill impairment analysis, the Company estimates the fair value of each reporting unit and compares it with its carrying value. Fair value is estimated using (i) a market approach, which considers a multiple of cash flows for each reporting unit based upon public trading and recent transaction valuation multiples as the basis for fair value and (ii) an income approach, which uses a discounted cash flow model incorporating discount rates commensurate with the risks involved as the basis for fair value. Significant judgment including management’s estimate of future theatre level cash flows for each theatre is involved in estimating fair value of a reporting unit. The Company’s estimates, which fall under Level 3 of the U.S. GAAP fair value hierarchy as defined by FASB ASC Topic 820-10-35, are based on projected operating performance of each reporting unit, recent market transactions and current industry trading multiples. • Qualitative approach The Company’s qualitative assessment of goodwill for each reporting unit considers economic and market conditions, industry trading multiples and the impact of recent developments that would impact the estimated fair values as determined during its most recent quantitative assessment. Tradename intangible assets are tested for impairment at least annually during the fourth quarter or whenever events or changes in circumstances indicate the carrying value may not be fully recoverable. Under ASC Topic 350, the Company can elect to perform a qualitative or quantitative impairment assessment for our tradename intangible assets as described below: • Quantitative approach The Company compares the carrying values of its tradename assets to their estimated fair values. Fair values are estimated by applying an estimated market royalty rate that could be charged for the use of the tradenames to forecasted future revenues, with an adjustment for the present value of such royalties. If the estimated fair value is less than the carrying value, the tradename intangible asset is written down to its estimated fair value. Significant judgment is involved in estimating market royalty rates and long-term revenue forecasts. Management’s estimates, which fall under Level 3 of the U.S. GAAP fair value hierarchy as defined by FASB ASC Topic 820-10-35, are based on historical and projected revenue performance and industry trends. • Qualitative approach The Company’s qualitative assessment considers industry and market conditions and recent developments that may impact the revenue forecasts and other estimates as compared to its most recent quantitative assessment. The table below summarizes the Company’s intangible assets and the amortization method used for each type of intangible asset: Intangible Asset Amortization Method Goodwill Indefinite-lived Tradename Indefinite-lived and definite-lived. Definite-lived tradename asset has a remaining useful life of approximately one year . Other intangible assets Straight-line method over the terms of the underlying agreement. The remaining useful lives of these intangible assets is two years . |
Lease Accounting | Lease Accounting — See Note 4 for discussion of the Company’s lease accounting policies. |
Deferred Charges and Other Assets | Deferred Charges and Other Assets — Deferred charges and other assets consist of construction, lease and other deposits, equipment to be placed in service, and other assets of a long-term nature. |
Self-Insurance Reserves | Self-Insurance Reserves — In the U.S., the Company is self-insured for general liability claims, which are capped at $ 0.3 per occurrence with no aggregate annual cap. For its international locations, the Company is fully insured for general liability claims with little or no deductibles per occurrence. Under the Company’s fully-funded deductible workers compensation insurance plan in the U.S., the Company is responsible for pre-funding claims and is responsible for claims up to $ 0.3 per occurrence, with an annual cap of $ 5.0 . The Company is also self-insured for domestic medical and dental claims with a cap of $ 0.3 per occurrence. As of December 31, 2022 and 2023, the Company’s self-insurance reserves were $ 10.0 and $ 11.4 , respectively, and are reflected in accrued other current liabilities on the consolidated balance sheets. For its international locations, the Company is fully insured for workers compensation claims. Medical and dental benefits for the Company’s international locations are covered through a government-sponsored healthcare system that is funded through employee and employer payroll tax contributions. |
Revenue and Expense Recognition | Revenue Recognition — See Note 5 for discussion of revenue recognition and deferred revenue. Expenses — Film rental costs are based on the film licensing arrangements and accrued based on the applicable box office receipts and either; 1) a sliding scale formula, which is generally established with the studio prior to the opening of the film, 2) a firm terms formula as negotiated prior to a film's theatrical run or 3) estimates of the final settlement rate, which occurs at the conclusion of the film’s run. Under a sliding scale formula, the Company pays a percentage of box office revenues using a pre-determined scale that is based upon box office performance of the film for its full theatrical run. Under a firm terms formula, the Company pays the distributor a percentage of box office receipts that can either be an aggregate rate for the full theatrical run or rates that decline over the term of the theatrical run. The settlement process allows for negotiation of film rental fees upon the conclusion of the film's theatrical run based upon how the film performs. Estimates are based on the expected success of a film. The success of a film can generally be determined a few weeks after a film is released when the initial box office performance of the film is known. If actual box office performance differs from our estimates, film rental costs are adjusted accordingly throughout a film’s theatrical run. |
Accounting for Share Based Awards | Accounting for Share Based Awards — The Company measures the cost of employee services received in exchange for an equity award based on the fair value of the award on the date of the grant. The grant date fair value is based on Holdings’ stock price on the grant date. Such costs are recognized over the period during which an employee is required to provide service in exchange for the award (which is usually the vesting period). At the time of the grant, Holdings also estimates the number of awards that will ultimately be forfeited. Holdings also periodically estimates the number of awards that will ultimately vest based upon the achievement of pre-established Company performance targets on those awards that are both performance-based and time-based. A cumulative expense adjustment is recognized when that estimate changes. See Note 18 for discussion of Holdings’ share based awards and related compensation expense. |
Income Taxes | Income Taxes — The Company uses an asset and liability approach to financial accounting and reporting for income taxes. CUSA participates in the consolidated return of Holdings; however, CUSA’s provisions for income taxes is computed on a stand-alone basis. Deferred income taxes are provided when tax laws and financial accounting standards differ with respect to the amount of income for a year and the basis of assets and liabilities. A valuation allowance is recorded to reduce the carrying amount of deferred tax assets unless it is more likely than not that such assets will be realized. Income taxes are provided on unremitted earnings from foreign subsidiaries unless such earnings are expected to be indefinitely reinvested. Income taxes have also been provided for potential tax assessments. The evaluation of an uncertain tax position is a two-step process. The first step is recognition: The Company determines whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. In evaluating whether a tax position has met the more-likely-than-not recognition threshold, the Company should presume that the position would be examined by the appropriate taxing authority that would have full knowledge of all relevant information. The second step is measurement: A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Differences between tax positions taken in a tax return and amounts recognized in the financial statements result in (1) a change in a liability for income taxes payable or (2) a change in an income tax refund receivable, a deferred tax asset or a deferred tax liability or both (1) and (2). The Company accrues interest and penalties on its uncertain tax positions as a component of income tax expense. See further discussion in Note 20. |
Segments | Segments — For the years ended December 31, 2021, 2022 and 2023 , the Company managed its business under two reportable operating segments, U.S. markets and international markets. See Note 22. |
Use of Estimates | Use of Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. The Company’s consolidated financial statements include amounts that are based on management’s best estimates and judgments. Actual results could differ from those estimates. |
Foreign Currency Translations | Foreign Currency Translations — The assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. dollars at current exchange rates as of the balance sheet date, and revenues and expenses are translated at average monthly exchange rates. The resulting translation adjustments are recorded in the consolidated balance sheets in accumulated other comprehensive loss. See Note 16 for a summary of the translation adjustments recorded in accumulated other comprehensive loss for the years ended December 31, 2021, 2022 and 2023. The Company recognizes foreign currency transaction gains and losses when changes in exchange rates impact transactions, other than intercompany transactions of a long-term investment nature, that have been denominated in a currency other than the functional currency. The Company deemed Argentina to be highly inflationary beginning July 1, 2018. A highly inflationary economy is defined as an economy with a cumulative inflation rate of approximately 100 percent or more over a three-year period. If a country’s economy is classified as highly inflationary, the financial statements of the foreign entity operating in that country must be remeasured to the functional currency of the reporting entity. The financial statements of the Company’s Argentina subsidiaries have been remeasured in U.S. dollars in accordance with ASC Topic 830, Foreign Currency Matters , effective beginning July 1, 2018. See further discussion in Note 16. During 2019, the Argentine government instituted exchange controls restricting the ability of entities and individuals to exchange Argentine pesos for foreign currencies and to remit foreign currency out of Argentina. As a result of these currency exchange controls, markets in Argentina developed a legal trading mechanism known as the Blue Chip Swap that allows entities to transfer U.S. dollars out of and into Argentina. In a Blue Chip Swap transaction, an entity buys U.S. dollar denominated securities in Argentina using Argentine pesos, and subsequently sells the securities for U.S. dollars, in Argentina, to access U.S. dollars locally, or outside Argentina, by transferring the securities abroad, prior to being sold (the latter commonly known as Blue Chip Swap Rate). The Blue Chip Swap rate is the implicit exchange rate resulting from the Blue Chip Swap transaction. The Blue Chip Swap rate can diverge significantly from Argentina’s official exchange rate. See further discussion in Note 16. |
Fair Value Measurements | Fair Value Measurements — According to authoritative guidance, inputs used in fair value measurements fall into three different categories; Level 1, Level 2 and Level 3. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. See Note 15 for a discussion of our fair value measurements for the years ended December 31, 2021, 2022 and 2023 . |
Interest Rate Swaps | Interest Rate Swaps – The Company evaluates its interest rate swap agreements, which are designated as cash flow hedges, to determine whether they are effective on a quarterly basis in accordance with ASC Topic 815, Derivatives and Hedging . The fair values of the interest rate swaps are estimated based on future estimated net cash flows considering forecasted interest rates for the terms of the interest rate swap agreements as compared to the fixed interest rates paid under the agreements. If deemed to be effective, fair value estimates are recorded on the consolidated balance sheets as an asset or liability with the related gains or losses reported as a component of accumulated other comprehensive loss. If the swaps are determined to not be effective, the gains or losses are recorded in interest expense on the consolidated income statement. See further discussion in Note 14. |
Restructuring Charges | Restructuring Charges – During the year ended December 31, 2020, the Company recorded restructuring charges based on an approved and announced restructuring plan, specifically related to headcount reductions, the permanent closure of underperforming theatres and the write-down of related theatre assets. The costs of the restructuring actions were accrued based on estimates at the time the plan was formalized. Adjustments made to restructuring charges based on actual costs incurred were recorded during the years ended December 31, 2021 and 2022. The balance of accrued and unpaid restructuring charges at December 31, 2022 and 2023 was $ 0 . See further discussion in Note 3. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary Of Estimated Useful Life of Assets | Depreciation is recorded using the straight-line method over the estimated useful lives of the assets as follows: Category Useful Life Buildings on owned land 40 years Buildings on leased land Lesser of lease term or 40 years Land and buildings under finance leases Lease term Theatre furniture and equipment 3 to 15 years Leasehold improvements Lesser of lease term or useful life |
Summary Of Intangible Assets and Amortization Method | The table below summarizes the Company’s intangible assets and the amortization method used for each type of intangible asset: Intangible Asset Amortization Method Goodwill Indefinite-lived Tradename Indefinite-lived and definite-lived. Definite-lived tradename asset has a remaining useful life of approximately one year . Other intangible assets Straight-line method over the terms of the underlying agreement. The remaining useful lives of these intangible assets is two years . |
IMPACT OF THE COVID-19 PANDEM_2
IMPACT OF THE COVID-19 PANDEMIC (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Unusual Or Infrequent Item [Line Items] | |
Schedule of Restructuring Plan | The following table summarizes activity recorded during the years ended December 31, 2021 and 2022: U.S. Operating Segment International Operating Segment Consolidated Employee-related Costs Facility Closure Costs Total Charges Employee-related Costs Facility Closure Costs Total Charges Employee-related Costs Facility Closure Costs Total Charges Reserve balance at January 1, 2021 $ 0.9 $ 5.7 $ 6.6 $ — $ 0.1 $ 0.1 $ 0.9 $ 5.8 $ 6.7 Amounts paid ( 0.4 ) ( 3.9 ) ( 4.3 ) — — — ( 0.4 ) ( 3.9 ) ( 4.3 ) Reserve adjustments (1) ( 0.1 ) ( 0.9 ) ( 1.0 ) — — — ( 0.1 ) ( 0.9 ) ( 1.0 ) Reserve balance at December 31, 2021 $ 0.4 $ 0.9 $ 1.3 $ — $ 0.1 $ 0.1 $ 0.4 $ 1.0 $ 1.4 Amounts paid ( 0.4 ) ( 0.5 ) ( 0.9 ) — — — ( 0.4 ) ( 0.5 ) ( 0.9 ) Reserve adjustments (1) — ( 0.4 ) ( 0.4 ) — ( 0.1 ) ( 0.1 ) — ( 0.5 ) ( 0.5 ) Reserve balance at December 31, 2022 $ — $ — $ — $ — $ — $ — $ — $ — $ — Amounts were primarily adjustments based on final facility lease payments for certain closed theatres as compared with original estimates recorded. |
LEASE ACCOUNTING (Tables)
LEASE ACCOUNTING (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Operating and Finance Right-of-Use Assets and Lease Liabilities | The following table represents the operating and finance right-of-use assets and lease liabilities as of the periods indicated. As of Leases Classification December 31, 2022 December 31, 2023 Assets (1) Operating lease assets Operating lease right-of-use assets $ 1,102.7 $ 986.4 Finance lease assets Theatre properties and equipment, net of accumulated depreciation (2) 67.8 55.7 Total lease assets $ 1,170.5 $ 1,042.1 Liabilities (1) Current Operating Current portion of operating lease obligations $ 219.3 $ 212.5 Finance Current portion of finance lease obligations 14.4 14.0 Noncurrent Operating Operating lease obligations, less current portion 970.6 853.3 Finance Finance lease obligations, less current portion 88.0 73.8 Total lease liabilities $ 1,292.3 $ 1,153.6 (1) The operating lease right-of-use assets and liabilities recorded on the Company’s consolidated balance sheets generally do not include renewal options that have not yet been exercised. The Company does not consider a lease renewal exercise as reasonably certain until immediately before the necessary notification is provided to the landlord after consideration of market conditions and performance of the theatre. (2) Finance lease assets are net of accumulated amortization of $ 62.5 and $ 73.9 as of December 31, 2022 and 2023 , respectively. |
Schedule of Aggregate Lease Costs by Lease Classification | The following table represents the Company’s aggregate lease costs, by lease classification, for the periods indicated. Year Ended December 31, Lease Cost Classification 2021 2022 2023 Operating lease costs Equipment (1) Utilities and other $ 2.3 $ 4.4 $ 4.1 Real Estate (1) Facility lease expense 281.0 315.7 348.6 Total operating lease costs $ 283.3 $ 320.1 $ 352.7 Finance lease costs Depreciation of leased assets Depreciation and amortization $ 12.6 $ 12.4 $ 12.0 Interest on lease liabilities Interest expense 5.9 5.3 4.9 Total finance lease costs $ 18.5 $ 17.7 $ 16.9 (1) Includes short-term lease payments, variable lease payments and office lease payments reflected in general and administrative expense as set forth in the following table for the periods presented: Year Ended December 31, Lease Cost Classification 2021 2022 2023 Operating lease costs Equipment - Short-term and variable lease payments Utilities and other $ 1.8 $ 3.9 $ 3.6 Real Estate - Variable lease payments (1) Facility lease expense $ 11.8 $ 36.4 $ 68.3 Real Estate - Office leases General and administrative $ 1.3 $ 1.3 $ 1.4 (1) Represents lease payments that are based on a change in index, such as CPI or inflation, variable payments based on revenue or attendance and variable common area maintenance costs. |
Schedule of Maturity of Lease Liabilities by Lease Classification | The following table represents the maturity of lease liabilities, by lease classification, as of December 31, 2023. Operating Finance Years Ending Leases Leases 2024 $ 267.2 $ 18.0 2025 237.4 16.4 2026 199.6 12.0 2027 158.5 11.9 2028 121.9 11.6 Thereafter 295.4 35.1 Total lease payments $ 1,280.0 $ 105.0 Less: Interest 214.2 17.2 Present value of lease liabilities $ 1,065.8 $ 87.8 |
Schedule of Weighted-Average Remaining Lease Term and Discount Rate | The following table represents the weighted-average remaining lease term and discount rate, disaggregated by lease classification, as of December 31, 2023. As of Lease Term and Discount Rate December 31, 2023 Weighted-average remaining lease term (years) (1) Operating leases - equipment 3.3 Operating leases - real estate 6.4 Finance leases - equipment 2.6 Finance leases - real estate 7.6 Weighted-average discount rate (2) Operating leases - equipment 6.3 % Operating leases - real estate 11.5 % Finance leases - equipment 3.6 % Finance leases - real estate 4.9 % (1) The lease assets and liabilities recorded on the Company’s consolidated balance sheets generally do not include renewal options that have not yet been executed. The Company does not consider a lease renewal exercise as reasonably certain until immediately before the necessary notification is provided to the landlord after consideration of market conditions and performance of the theatre. (2) The discount rate for each lease represents the incremental borrowing rate at which the Company would borrow funds, on a collateralized basis, over a similar term and at an amount equal to the lease payments in a similar economic environment. |
Schedule of Minimum Cash Lease Payments | The following table represents the minimum cash lease payments included in the measurement of lease liabilities and the non-cash addition of right-of-use assets for the periods presented. Year Ended December 31, Other Information 2021 2022 2023 Cash paid for amounts included in the measurement of lease liabilities Cash outflows for operating leases $ 269.7 $ 279.8 $ 280.8 Cash outflows for finance leases - operating activities $ 5.9 $ 5.3 $ 4.9 Cash outflows for finance leases - financing activities $ 14.7 $ 14.3 $ 14.4 Non-cash amount of leased assets obtained in exchange for: Operating lease liabilities $ 180.1 $ 114.1 $ 87.0 Finance lease liabilities $ 0.7 $ — $ — |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Revenues Disaggregated Based on Type of Good Or Service By Reportable Operating Segment and On Timing of Revenue Recognition | The following tables present revenue for the periods indicated, disaggregated based on major type of good or service and by reportable operating segment. Year Ended December 31, 2023 U.S. International Operating Operating Major Goods/Services Segment (1) Segment Consolidated Admissions Revenue $ 1,236.0 $ 319.6 $ 1,555.6 Concession Revenue 952.0 240.0 1,192.0 Screen advertising, screen rental and promotional revenue 91.0 53.6 144.6 Other Revenue 136.3 38.2 174.5 Total Revenue $ 2,415.3 $ 651.4 $ 3,066.7 Year Ended December 31, 2022 U.S. International Operating Operating Major Goods/Services Segment (1) Segment Consolidated Admissions Revenue $ 1,010.2 $ 236.7 $ 1,246.9 Concession Revenue 763.0 175.3 938.3 Screen advertising, screen rental and promotional revenue 81.7 45.3 127.0 Other Revenue 115.3 27.2 142.5 Total Revenue $ 1,970.2 $ 484.5 $ 2,454.7 Year Ended December 31, 2021 U.S. International Operating Operating Major Goods/Services Segment (1) Segment Consolidated Admissions Revenue $ 671.7 $ 108.3 $ 780.0 Concession Revenue 482.8 78.9 561.7 Screen advertising, screen rental and promotional revenue 66.2 17.9 84.1 Other Revenue 72.9 11.8 84.7 Total Revenue $ 1,293.6 $ 216.9 $ 1,510.5 (1) U.S. segment revenues exclude intercompany transactions with the international operating segment. See Note 22 for additional information on intercompany eliminations. The following tables present revenue for the periods indicated, disaggregated based on timing of revenue recognition (as discussed above) and by reportable segment. Year Ended December 31, 2023 U.S. International Operating Operating Segment (1) Segment Consolidated Goods and services transferred at a point in time $ 2,327.9 $ 588.9 $ 2,916.8 Goods and services transferred over time 87.4 62.5 149.9 Total $ 2,415.3 $ 651.4 $ 3,066.7 Year Ended December 31, 2022 U.S. International Operating Operating Segment (1) Segment Consolidated Goods and services transferred at a point in time $ 1,856.5 $ 428.3 $ 2,284.8 Goods and services transferred over time 113.7 56.2 169.9 Total $ 1,970.2 $ 484.5 $ 2,454.7 Year Ended December 31, 2021 U.S. International Operating Operating Segment (1) Segment Consolidated Goods and services transferred at a point in time $ 1,201.2 $ 193.7 $ 1,394.9 Goods and services transferred over time 92.4 23.2 115.6 Total $ 1,293.6 $ 216.9 $ 1,510.5 (1) U.S. segment revenues exclude intercompany transactions with the international operating segment. See Note 22 for additional information on intercompany eliminations . |
Changes in Deferred Revenues | The following table presents changes in the Company’s deferred revenue for the periods indicated: Deferred Revenue NCM Screen (2) Other Deferred (3) Balance at January 1, 2022 $ 346.0 $ 160.3 Amounts recognized as accounts receivable — 1.8 Cash received from customers in advance — 241.1 Common units received from NCM (see Note 9) 1.3 — Interest accrued related to significant financing component 23.2 — Revenue recognized during period ( 32.3 ) ( 206.9 ) Foreign currency translation adjustments — ( 1.4 ) Balance at December 31, 2022 338.2 194.9 Amounts recognized as accounts receivable — 4.6 Cash received from customers in advance — 327.4 Dispositions (1) — ( 0.4 ) Interest accrued related to significant financing component 22.6 — Revenue recognized during period ( 32.4 ) ( 299.5 ) Foreign currency translation adjustments — ( 5.4 ) Balance at December 31, 2023 $ 328.4 $ 221.6 (1) Relates to the sale of the Company’s Ecuador subsidiary. See Note 8 . (2) See Significant Financing Component in Note 9 for discussion of NCM screen advertising advances and maturity of balances as of December 31, 2023 . (3) Includes liabilities associated with outstanding gift cards and discount ticket vouchers, points or rebates outstanding under the Company’s loyalty and membership programs and revenue not yet recognized for screen advertising and other promotional activities. Amount is classified as accounts payable and accrued expenses or other long-term liabilities on the consolidated balance sheets. |
Aggregate Amount of Transaction Price Allocated To Performance Obligation That Are Unsatisfied And Expected To Be Recognized | The table below summarizes the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied for other deferred revenue in the table above as of December 31, 2023 and when the Company expects to recognize this revenue. Year Ended December 31, Remaining Performance Obligations 2024 2025 Thereafter Total Other deferred revenue $ 195.2 26.4 — $ 221.6 |
EARNINGS (LOSS) PER SHARE (Tabl
EARNINGS (LOSS) PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of computations of basic and diluted loss per share | The following table presents computations of basic and diluted earnings (loss) per share for Holdings under the two class method: Year Ended December 31, 2021 2022 2023 Numerator: Net (loss) income attributable to Cinemark Holdings, Inc. $ ( 422.8 ) $ ( 271.2 ) $ 188.2 Loss (income) allocated to participating share-based awards (1) 6.1 3.8 ( 3.3 ) Basic net (loss) income attributable to common stockholders $ ( 416.7 ) $ ( 267.4 ) $ 184.9 Add: Interest expense on convertible notes, net of tax (3) — — $ 18.2 Diluted net (loss) income attributable to common stockholders $ ( 416.7 ) $ ( 267.4 ) $ 203.1 Denominator : Basic weighted average shares outstanding 117.3 118.2 119.1 Common equivalent shares for restricted performance stock units (2) — — 0.9 Common equivalent shares for convertible notes (3) — — 32.0 Common equivalent shares for warrants (4) — — — Diluted weighted average shares outstanding 117.3 118.2 152.0 Basic (loss) earnings per share attributable to common stockholders $ ( 3.55 ) $ ( 2.26 ) $ 1.55 Diluted (loss) earnings per share attributable to common stockholders $ ( 3.55 ) $ ( 2.26 ) $ 1.34 (1) For the years ended December 31, 2021, 2022 and 2023, a weighted average of approximately 1.7 shares, 1.7 shares and 2.1 shares of unvested restricted stock, respectively, are considered participating securities. (2) For the years ended December 31, 2021 and 2022 , approximately 0.0 and 0.4 common equivalent shares for performance stock units were excluded because they were anti-dilutive. (3) For the years ended December 31, 2021 and 2022 , diluted loss per share excludes the assumed conversion of the 4.50 % Convertible Senior Notes into 32.0 shares of common stock, as they would have been anti-dilutive. See further discussion below. (4) For all periods presented, diluted earnings (loss) per share excludes the warrants, as they would be anti-dilutive. |
THEATRE PROPERTIES AND EQUIPM_2
THEATRE PROPERTIES AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment, Net [Abstract] | |
Schedule Of Properties And Equipment | Properties and equipment consisted of the following as of the periods presented: December 31, 2022 2023 Theatre properties and equipment Land $ 99.7 $ 97.8 Buildings 528.9 530.6 Property under finance lease 130.3 129.6 Theatre furniture and equipment 1,429.5 1,432.8 Leasehold interests and improvements 1,206.9 1,300.2 Total 3,395.3 3,491.0 Less: accumulated depreciation and amortization (1) ( 2,163.2 ) ( 2,329.3 ) Theatre properties and equipment, net $ 1,232.1 $ 1,161.7 (1) Amortization of finance lease assets is included in depreciation and amortization expense on the consolidated statements of income (loss). Accumulated amortization of finance lease assets as of December 31, 2022 and 2023 was $ 62.5 and $ 73.9 , respectively. |
Schedule of Carrying Value of Subsidiary's Significant Assets and Liabilities | The following table presents the carrying value of Ecuador’s significant assets and liabilities as of the periods presented: December 31, 2022 2023 Theatre property and equipment, net $ 5.4 $ — Operating lease right-of-use asset, net 2.9 — Goodwill 4.2 — Total assets $ 15.3 $ — Total liabilities $ 8.5 $ — |
Schedule of Total Revenue and Operating Income | The table below summarizes total revenue and operating income for the Ecuador subsidiary for the periods presented: Year Ended December 31, 2022 2023 Total revenue $ 13.3 $ 13.5 Operating (loss) income $ ( 1.2 ) $ 2.0 |
INVESTMENT IN NATIONAL CINEME_2
INVESTMENT IN NATIONAL CINEMEDIA, INC/NATIONAL CINEMEDIA LLC (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Aggregate Amount of Transaction Price Allocated To Performance Obligation That Are Unsatisfied And Expected To Be Recognized | The table below summarizes the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied for other deferred revenue in the table above as of December 31, 2023 and when the Company expects to recognize this revenue. Year Ended December 31, Remaining Performance Obligations 2024 2025 Thereafter Total Other deferred revenue $ 195.2 26.4 — $ 221.6 |
NCM Screen Advertising Advances | |
Aggregate Amount of Transaction Price Allocated To Performance Obligation That Are Unsatisfied And Expected To Be Recognized | The recognition of revenue related to the NCM screen advertising advances is recorded on a straight-line basis over the new term of the amended ESA through February 2041. Year Ended December 31, Remaining Maturity 2024 2025 2026 2027 2028 Thereafter Total NCM screen advertising advances (1) $ 10.5 $ 11.2 $ 12.0 $ 12.8 $ 13.7 $ 268.2 $ 328.4 (1) Amounts are net of the estimated interest to be accrued for the periods presented. |
NCM | |
Summary of Activity With Equity Investee Included in the Company's Consolidated Financial Statements | Summary of Activity with NCMI/NCM Below is a summary of activity with NCMI and NCM included in each of Holdings’ and CUSA’s consolidated financial statements for the periods indicated. See Note 5 for discussion of revenue recognition. Investment NCM Screen Advertising Advances Distributions from NCM (5) Equity (3) Other Revenue Interest Expense Cash Received Balance as of January 1, 2021 $ 152.0 $ ( 344.3 ) Receipt of common units due to annual common unit adjustment 10.2 ( 10.2 ) — — — — — Screen rental revenues earned under ESA (1) — — — — ( 12.0 ) — 12.0 Interest accrued related to significant financing component — ( 23.6 ) — — — 23.6 — Receipt under tax receivable agreement ( 0.2 ) — ( 0.1 ) — — — 0.3 Equity in loss ( 26.6 ) — — 26.6 — — — Amortization of screen advertising advances — 32.1 — — ( 32.1 ) — — Balance as of and for the year ended December 31, 2021 $ 135.4 $ ( 346.0 ) $ ( 0.1 ) $ 26.6 $ ( 44.1 ) $ 23.6 $ 12.3 Receipt of common units due to annual common unit adjustment 1.3 ( 1.3 ) — — — — — Screen rental revenues earned under ESA (1) — — — — ( 19.9 ) — 19.9 Interest accrued related to significant financing component — ( 23.2 ) — — — 23.2 — Equity in loss ( 13.9 ) — — 13.9 — — — Impairment of investment in NCM (2) ( 113.2 ) — — — — — — Amortization of screen advertising advances — 32.3 — — ( 32.3 ) — — Balance as of and for the year ended December 31, 2022 $ 9.6 $ ( 338.2 ) $ — $ 13.9 $ ( 52.2 ) $ 23.2 $ 19.9 Screen rental revenues earned under ESA (1) — — — — ( 20.9 ) — 20.9 Interest accrued related to significant financing component — ( 22.6 ) — — — 22.6 — Redemption of common units of NCM for common stock of NCMI (2) — — — — — — — Equity in loss (3) ( 3.2 ) — — 3.2 — — — Impairment of investment in NCMI (4) ( 0.7 ) — — — — — — Unrealized gain on fair market value adjustment of investment in NCMI (2) 12.4 — — — — — — Amortization of screen advertising advances — 32.4 — — ( 32.4 ) — — Balance as of and for the year ended December 31, 2023 $ 18.1 $ ( 328.4 ) $ — $ 3.2 $ ( 53.3 ) $ 22.6 $ 20.9 (1) Amounts include the per patron and per digital screen theatre access fees, net of amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire. The amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire were approximately $ 4.9 , $ 7.5 and $ 8.9 for the years ended December 31, 2021, 2022 and 2023, respectively. Amounts unpaid and reflected in accounts receivable were $ 4.9 and $ 4.9 as of December 31, 2022 and 2023 , respectively. (2) See Investment in National CineMedia below. (3) Equity in loss was recorded through April 11, 2023, the date NCM filed its bankruptcy petition, after which the Company applied the fair value accounting method as discussed below. (4) Reflected in impairment of long-lived and other assets on the consolidated income statement for the year indicated. See further discussion at Investment in National CineMedia below . (5) Excess cash distributions from NCM to its members were restricted through December 2023 in accordance with the credit agreement amendment NCM entered into with its lenders and as a result of their bankruptcy filing. NCMI also suspended its dividend. |
Summary of Common Units Received Under Common Unit Adjustment Agreement | Below is a summary of common units received by the Company under the Common Unit Adjustment (“CUA”) Agreement during the years ended December 31, 2021 and 2022: Event Date Common Units Received Number of Common Units Received Fair Value of Common Units Received (1) 2021 annual common unit adjustment 4/14/2021 2.3 $ 10.2 2022 annual common unit adjustment 4/13/2022 0.5 $ 1.3 (1) The fair value of the common units received was estimated based on the market price of NCMI common stock (Level 1 input as defined in FASB ASC Topic 820) at the time the common units were determined, adjusted for volatility associated with the estimated time period it would take to convert the common units and register the respective shares . |
Summary Financial Information | Summary Financial Information for NCMI/NCM The tables below present summary financial information for NCMI/NCM for its fiscal periods indicated: Year Ended Three Months Ended December 30, 2021 December 29, 2022 March 30, 2023 (1) Revenue $ 114.6 $ 249.2 $ 34.9 Operating income (loss) $ ( 68.6 ) $ 10.9 $ ( 30.6 ) Net loss $ ( 134.6 ) $ ( 69.8 ) $ ( 54.0 ) (1) Financial information for NCMI is presented for the latest reporting period available through which the Company accounted for its investment in NCMI under the equity method. As of December 29, 2022 March 30, 2023 (1) Current assets $ 148.6 $ 121.7 Noncurrent assets $ 628.2 $ 618.5 Current liabilities $ 97.5 $ 1,204.8 Noncurrent liabilities $ 1,161.6 $ 67.2 Members'/Total deficit $ ( 482.3 ) $ ( 531.8 ) (1) Financial information for NCMI is presented for the latest reporting period available through which the Company accounted for its investment in NCMI under the equity method. |
INVESTMENTS IN AFFILIATES (Tabl
INVESTMENTS IN AFFILIATES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Activity for Each of Company's Other Investments | Below is a summary of activity for each of the Company’s affiliates for the periods indicated: AC JV, DCDC FE Concepts Other (1) Total Balance at January 1, 2021 $ 3.7 $ 1.3 $ 18.3 $ 0.5 $ 23.8 Equity in income — 0.5 1.0 — 1.5 Other (1) — — — ( 0.1 ) ( 0.1 ) Balance at December 31, 2021 $ 3.7 $ 1.8 $ 19.3 $ 0.4 $ 25.2 Equity in income 3.4 — 1.2 — 4.6 Cash distributions received ( 2.9 ) — ( 4.0 ) — ( 6.9 ) Other (1) — — — ( 0.3 ) ( 0.3 ) Balance at December 31, 2022 $ 4.2 $ 1.8 $ 16.5 $ 0.1 $ 22.6 Equity in income 4.9 0.3 1.6 — 6.8 Cash distributions received ( 5.7 ) — — — ( 5.7 ) Other (1) — — — ( 0.1 ) ( 0.1 ) Balance at December 31, 2023 $ 3.4 $ 2.1 $ 18.1 $ - $ 23.6 (1) Consists primarily of mark-to-market adjustment on an investment in marketable securities. |
GOODWILL AND INTANGIBLE ASSETS,
GOODWILL AND INTANGIBLE ASSETS, NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Goodwill | The Company’s goodwill was as follows for the periods presented: U.S. International Total Balance at December 31, 2021 (1) $ 1,182.9 $ 65.9 $ 1,248.8 Foreign currency translation adjustments — 2.1 2.1 Balance at December 31, 2022 (1) $ 1,182.9 $ 68.0 $ 1,250.9 Disposition (2) — $ ( 4.2 ) ( 4.2 ) Foreign currency translation adjustments — 4.3 4.3 Balance at December 31, 2023 (1) $ 1,182.9 $ 68.1 $ 1,251.0 (1) Balances are presented net of accumulated impairment losses of $ 214.0 for the U.S. operating segment and $ 43.8 for the international operating segment. (2) Relates to the sale of the Company’s Ecuador subsidiary. See Note 8. |
Intangible Assets | Intangible assets activity and balances consisted of the following for the periods indicated: Balance at January 1, 2022 Additions Amortization Foreign Currency Translation Adjustments and Other (1) Balance at December 31, 2022 Intangible assets with finite lives: Gross carrying amount $ 81.7 $ — $ — $ ( 4.0 ) $ 77.7 Accumulated amortization ( 71.0 ) — ( 2.4 ) 0.2 ( 73.2 ) Total intangible assets with finite lives, net $ 10.7 $ — $ ( 2.4 ) $ ( 3.8 ) $ 4.5 Intangible assets with indefinite lives: Tradename and other 300.1 — — — 300.1 Total intangible assets, net $ 310.8 $ — $ ( 2.4 ) $ ( 3.8 ) $ 304.6 Balance at January 1, 2023 Additions (2) Disposals (3) Amortization Foreign Currency Translation Adjustments and Other (4) Balance at December 31, 2023 Intangible assets with finite lives: Gross carrying amount $ 77.7 $ — $ — $ — $ 0.1 $ 77.8 Accumulated amortization ( 73.2 ) — — ( 2.1 ) — ( 75.3 ) Total intangible assets with finite lives, net $ 4.5 $ — $ — $ ( 2.1 ) $ 0.1 $ 2.5 Intangible assets with indefinite lives: Tradename and other 300.1 0.4 ( 0.4 ) — 0.2 300.3 Total intangible assets, net $ 304.6 $ 0.4 $ ( 0.4 ) $ ( 2.1 ) $ 0.3 $ 302.8 (1) Includes foreign currency translation adjustments and an impairment recorded for a U.S. intangible asset during 2022. See Note 12 for discussion of impairment evaluations performed during the year ended December 31, 2022 . (2) Amount represents licenses acquired to sell alcoholic beverages for certain locations. (3) Relates to the sale of the Company’s Ecuador subsidiary. See Note 8 . Includes foreign currency translation adjustments . |
Estimated Aggregate Future Amortization Expense for Intangible Assets | Estimated aggregate future amortization expense for intangible assets is as follows: Year ended December 31, 2024 $ 2.0 Year ended December 31, 2025 0.5 Year ended December 31, 2026 — Year ended December 31, 2027 — Year ended December 31, 2028 — Total $ 2.5 |
IMPAIRMENT OF LONG-LIVED AND _2
IMPAIRMENT OF LONG-LIVED AND OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |
Long-Lived Asset Impairment Losses | Below is a summary of impairment charges for the periods indicated: Year Ended December 31, 2021 2022 2023 U.S. segment Theatre properties $ 6.4 $ 19.7 $ 6.6 Theatre operating lease right-of-use assets 6.8 34.0 7.1 Investment in NCM (1) — 113.2 0.7 Other — 3.9 — U.S. total 13.2 170.8 14.4 International segment Theatre properties 4.0 2.2 0.7 Theatre operating lease right-of-use assets 3.2 1.1 1.5 Intangible assets, net 0.4 — — International total 7.6 3.3 2.2 Total impairment $ 20.8 $ 174.1 $ 16.6 (1) See discussion at Investment in National CineMedia in Note 9 . |
ACCRUED OTHER CURRENT LIABILI_2
ACCRUED OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Other Current Liabilities | Accrued other current liabilities consisted of the following as of the periods presented: December 31, 2022 2023 Gift card liability (1) $ 64.5 $ 73.6 Subscription membership program liability (1) 58.4 77.3 Discount vouchers liability (1) 32.8 31.9 Other (2) 44.7 56.4 Total $ 200.4 $ 239.2 (1) See discussion at Revenue Recognition Policy in Note 5. (2) The only difference between accrued other current liabilities for Holdings, as presented above, and CUSA is an additional $ 0.3 and $ 0.1 in other as of December 31, 2022 and 2023 , respectively. |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Components of Long-Term Debt | Long-term debt of Holdings and CUSA consisted of the following for the periods presented: December 31, 2022 2023 Cinemark Holdings, Inc. 4.50% convertible senior notes due 2025 $ 460.0 $ 460.0 Cinemark USA, Inc. term loan due 2030 ( see Senior Secured Credit Facility below ) 626.5 645.1 Cinemark USA, Inc. 8.75% senior secured notes due 2025 250.0 150.0 Cinemark USA, Inc. 5.875% senior notes due 2026 405.0 405.0 Cinemark USA, Inc. 5.25% senior notes due 2028 765.0 765.0 Other 10.1 7.0 Total long-term debt carrying value (1) $ 2,516.6 $ 2,432.1 Less: Current portion 10.7 7.8 Less: Debt issuance costs and original issue discount, net of accumulated amortization (1) 31.9 33.0 Long-term debt, less current portion, net of unamortized debt issuance costs and original issue discount (1) $ 2,474.0 $ 2,391.3 (1) The only differences between the long-term debt for Holdings, as presented above, and the long-term debt for CUSA are the $ 460.0 million 4.50 % Convertible Senior Notes due 2025 and the related debt issuance costs. The following table sets forth, as of the periods indicated, the total long-term debt carrying value, current portion of long-term debt and debt issuance costs, net of amortization for CUSA: December 31, 2022 2023 Total long-term debt carrying value $ 2,056.6 $ 1,972.1 Less: Current portion 10.7 7.8 Less: Debt issuance costs, net of accumulated amortization and original issue discount 22.9 27.5 Long-term debt, less current portion, net of unamortized debt issuance costs and original issue discount $ 2,023.0 $ 1,936.8 |
Schedule of carrying values and fair values of debt instruments | The table below presents the fair value of the Company's long-term debt as of the periods presented: As of December 31, 2022 December 31, 2023 Holdings fair value (1) $ 2,210.5 $ 2,460.3 CUSA fair value $ 1,771.3 $ 1,903.8 (1) The fair value of the 4.50 % convertible notes was $ 439.2 and $ 556.5 as of December 31, 2022 and , respectively. |
Maturities of Long-Term Debt, Excluding Unamortized Debt Issuance Costs | Holdings' long-term debt, excluding unamortized debt issuance costs, at December 31, 2023 matures as follows: 2024 $ 7.8 2025 617.7 2026 412.7 2027 7.7 2028 772.7 Thereafter 613.5 Total (1) $ 2,432.1 (1) The only difference between the long-term debt maturity payments for Holdings, as presented above, and those for CUSA is the $ 460.0 repayment of Holdings’ 4.50 % Convertible Senior Notes in 2025. |
Summary of Company's Interest Rate Swap Agreements Designated as Cash Flow Hedges | Below is a summary of the Company’s interest rate swap agreements designated as cash flow hedges as of December 31, 2023: Estimated Fair Value at Notional December 31, Amount Pay Rate Receive Rate Expiration Date 2023 (1) $ 137.5 (2) 2.15 % 1-Month Term SOFR December 31, 2024 $ 3.5 $ 137.5 (3) 2.08 % 1-Month Term SOFR December 31, 2024 3.5 $ 175.0 3.20 % 1-Month Term SOFR December 31, 2026 2.9 Total $ 9.9 (1) Approximately $ 9.7 of the total is included in prepaid expenses and other and $ 0.2 is included in deferred charges on the consolidated balance sheet as of December 31, 2023 . (2) In January 2024, the Company amended and extended one of its two then existing $ 137.5 notional amount interest rate swap agreements to amend the pay rate to 3.17 % and extend the maturity date to December 31, 2027 , effective January 31, 2024 . (3) In February 2024, the Company amended and extended the second of its two then existing $ 137.5 notional amount interest rate swap agreements to amend the pay rate to 3.21 % and extend the maturity date to December 31, 2026 , effective February 29, 2024 . |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Liabilities Measured at Fair Value on a Recurring Basis | Below is a summary of assets measured at fair value on a recurring basis by the Company under FASB ASC Topic 820 as of the periods presented: As of Carrying Fair Value Description December 31, Value Level 1 Level 2 Level 3 Interest rate swap assets (1) 2022 $ 20.4 $ — $ 20.4 $ — Interest rate swap assets (1) 2023 $ 9.9 $ — $ 9.9 $ — Investment in NCMI (2) 2023 $ 18.1 $ — $ 18.1 $ — (1) See further discussion of interest rate swaps at Note 14. (2) See further discussion of investment in NCMI at Note 9. |
FOREIGN CURRENCY TRANSLATION (T
FOREIGN CURRENCY TRANSLATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Impact of Translating Financial Statements of Company's International Subsidiaries | Below is a summary of the impact of translating the financial statements of the Company’s international subsidiaries for the periods presented. Other Comprehensive Income (Loss) Exchange Rate as of December 31, Year Ended December 31, Country 2021 2022 2023 2021 2022 2023 Brazil 5.57 5.29 4.85 $ ( 4.7 ) $ 2.7 $ 5.5 Colombia 3,981.16 4,810.19 3,885.85 ( 0.1 ) — 1.20 Chile 852.02 852.00 879.54 ( 10.9 ) 0.3 ( 3.1 ) Peru 4.02 3.81 3.75 ( 2.8 ) 1.3 0.3 All other ( 0.3 ) 0.3 1.0 $ ( 18.8 ) $ 4.6 $ 4.9 |
NONCONTROLLING INTERESTS IN S_2
NONCONTROLLING INTERESTS IN SUBSIDIARIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests in Subsidiaries | Noncontrolling interests in subsidiaries of the Company were as follows as of the periods presented: December 31, 2022 2023 Cinemark Partners II $ 7.7 $ 7.4 Laredo Theatres 0.2 0.3 Greeley Ltd. 0.9 0.8 Other 0.5 0.5 Total $ 9.3 $ 9.0 |
CAPITAL STOCK (Tables)
CAPITAL STOCK (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Treasury Stock Activity | Below is a summary of Holdings’ treasury stock activity for the years ended December 31, 2021, 2022 and 2023. Number of Cost Balance at January 1, 2021 5.05 $ 87.0 Restricted stock withholdings (1) 0.24 4.1 Restricted stock forfeitures (2) 0.06 — Balance at December 31, 2021 5.35 $ 91.1 Restricted stock withholdings (1) 0.26 4.3 Restricted stock forfeitures (2) 0.07 — Balance at December 31, 2022 5.68 $ 95.4 Restricted stock withholdings (1) 0.22 2.9 Restricted stock forfeitures (2) 0.10 — Balance at December 31, 2023 6.00 $ 98.3 (1) Holdings withheld shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock and restricted stock units. Holdings determined the number of shares to be withheld based upon market values of the common stock of Holdings on the vest dates. Below is a summary of the range of market values per share on the vest dates for the years indicated: Year Ended December 31, 2021 2022 2023 Market Values $ 15.21 to $ 24.14 $ 12.11 to $ 18.3 3 $ 11.16 to $ 18.36 (2) Holdings repurchased forfeited restricted shares at a cost of $ 0.001 per share in accordance with the 2017 Omnibus Plan. |
Summary of Restricted Stock Activity | Below is a summary of restricted stock activity for the years ended December 31, 2021, 2022 and 2023: Year Ended Year Ended Year Ended December 31, 2021 December 31, 2022 December 31, 2023 Shares of Weighted Shares of Weighted Shares of Weighted Outstanding at January 1 1.43 $ 21.11 1.99 $ 21.73 1.85 $ 20.64 Granted 1.24 $ 21.91 0.88 $ 16.40 1.38 $ 12.07 Vested ( 0.62 ) $ 20.92 ( 0.95 ) $ 19.13 ( 0.78 ) $ 21.04 Forfeited ( 0.06 ) $ 18.96 ( 0.07 ) $ 18.91 ( 0.10 ) $ 16.40 Outstanding at December 31 1.99 $ 21.73 1.85 $ 20.64 2.35 $ 15.67 |
Summary of Restricted Stock and Restricted Stock Unit Award Activity | Below is a summary of restricted stock award activity recorded for the periods indicated. Year Ended December 31, 2021 2022 2023 Compensation expense recognized during the period: CUSA employees (1) $ 22.0 $ 14.8 $ 15.1 Holdings directors 0.9 1.0 1.2 Total recognized by Holdings $ 22.9 $ 15.8 $ 16.3 Fair value of vested restricted stock held by: CUSA employees $ 9.7 $ 15.3 $ 9.1 Holdings directors 1.3 0.6 1.3 Holdings total $ 11.0 $ 15.9 $ 10.4 Income tax benefit recognized upon vesting of restricted stock CUSA employees $ 0.8 $ 2.7 $ 0.6 Holdings directors 0.3 0.1 0.3 Holdings total income tax benefit $ 1.1 $ 2.8 $ 0.9 (1) The former CEO of Holdings retired on December 31, 2021, and all of his outstanding unvested shares vested upon his retirement in accordance with his employment agreement. The Company recorded incremental compensation expense of $ 4.3 related to the accelerated vesting of these awards during the year ended December 31, 2021. |
Schedule of Estimated Remaining expense | As of December 31, 2023, the estimated remaining unrecognized compensation expense related to the unvested restricted stock awards was as follows: Estimated Remaining Expense CUSA employees (1) $ 17.8 Holdings directors 0.6 Total remaining - Holdings (1) $ 18.4 (1) The weighted average period over which this remaining compensation expense will be recognized by both Holdings and CUSA is approximately 1.5 years. |
Summary of Performance Metrics and Measurement Period of Performance Award | Below is a summary of the performance metrics and measurement period for these performance awards: Performance Measurement Period Three years with additional service requirement to the third anniversary of the date of the grant Maximum Performance Target Level 200% of target level Percentage of maximum performance stock units that vest if performance metrics meet the threshold level (1) 25 % or 0.37 PSUs Percentage of maximum performance stock units that vest if performance metrics are at target (1) 50 % or 0.73 PSUs Percentage of maximum performance stock units that vest if performance metrics are at the maximum (1) 100 % or 1.47 PSUs Most likely performance metrics outcome estimated to be achieved at the time performance stock units were issued Target Assumed forfeiture rate for performance stock unit awards 5 % (1) Number of PSUs that vest based on maximum amount of PSUs that could vest of 1.47 . |
Restricted Stock Units (RSUs) | |
Summary of Restricted Stock and Restricted Stock Unit Award Activity | Below is a summary of performance stock unit activity for the periods presented: Year Ended December 31, 2021 2022 2023 Number of performance stock unit awards that vested during the period 0.23 0.10 0.14 Fair value of performance stock unit awards that vested during the period $ 4.1 $ 1.7 $ 1.8 Accumulated dividends paid upon vesting of performance stock unit awards $ 0.1 $ 0.3 $ 0.2 Compensation expense recognized during the period (1) $ 6.4 $ 5.7 $ 8.7 Income tax benefit (expense) related to stock unit awards $ 0.7 $ — $ ( 0.8 ) (1) The former CEO of Holdings retired on December 31, 2021 and all of his outstanding unvested restricted stock units vested upon his retirement in accordance with his employment agreement. Holdings recorded incremental compensation expense of $ 2.4 related to the accelerated vesting of these awards during the year ended December 31, 2021. |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Information to Consolidated Statements of Cash Flows | The following is provided as supplemental information to the consolidated statements of cash flows: Year Ended December 31, 2021 2022 2023 Cash paid for interest by Holdings (1) $ 108.2 $ 140.7 $ 151.3 Cash paid for interest by CUSA $ 87.8 $ 109.1 $ 130.6 (Refunds received) cash paid for income taxes, net $ ( 136.5 ) $ 4.6 $ 22.3 Cash deposited in (transferred from) restricted accounts (2) $ 11.9 $ ( 14.9 ) $ ( 10.8 ) Noncash operating activities: Interest expense - NCM (see Note 9) $ ( 23.6 ) $ ( 23.2 ) $ ( 22.6 ) Noncash investing activities: Change in accounts payable and accrued expenses for the acquisition of theatre properties and equipment (3) $ 20.1 $ ( 3.8 ) $ 5.4 Theatre properties acquired under finance leases $ 0.7 $ — $ — Investment in NCMI/NCM – receipt of common units (see Note 9) $ 10.2 $ 1.3 $ — (1) Includes the cash interest paid by CUSA. (2) Represents cash deposited in (transferred out) of collateral account during the period to support the issuance of letters of credit to lenders, net of returned deposits from such accounts upon the repayment of related debt. (3) Additions to theatre properties and equipment included in accounts payable as of December 31, 2022 and 2023 were $ 12.0 and $ 6.6 respectively. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Line Items] | |
Provision for Federal and Foreign Income Tax Expense for Continuing Operations | The provision for federal and foreign income tax expense for continuing operations of Holdings consisted of the following: Year Ended December 31, 2021 2022 2023 (Loss) income before income taxes: U.S. $ ( 389.2 ) $ ( 286.9 ) $ 151.4 Foreign ( 49.8 ) 21.9 70.0 Total $ ( 439.0 ) $ ( 265.0 ) $ 221.4 |
Current and Deferred Income Taxes | Current and deferred income taxes for Holdings were as follows: Year Ended December 31, 2021 2022 2023 Current: Federal $ 4.0 $ 1.9 $ 2.2 Foreign 0.8 9.2 14.2 State 1.0 1.2 2.9 Total current expense 5.8 12.3 19.3 Deferred: Federal $ ( 20.2 ) $ ( 2.7 ) $ 15.8 Foreign 0.4 ( 2.4 ) ( 5.7 ) State ( 2.8 ) ( 4.2 ) 0.5 Total deferred taxes ( 22.6 ) ( 9.3 ) 10.6 Income taxes $ ( 16.8 ) $ 3.0 $ 29.9 |
Reconciliation Between Income Tax Expense and Taxes Computed | A reconciliation between Holdings’ income tax expense and taxes computed by applying the applicable statutory federal income tax rate to income before income taxes is as follows: Year Ended December 31, 2021 2022 2023 Computed statutory tax expense $ ( 92.2 ) $ ( 55.7 ) $ 46.5 State and local income taxes, net of federal income tax impact ( 1.4 ) ( 2.2 ) 5.4 Changes in valuation allowance 76.3 60.6 ( 63.9 ) Foreign tax rate differential ( 4.5 ) 1.3 1.4 Foreign tax credits — ( 4.0 ) ( 13.0 ) Changes in uncertain tax positions 7.5 1.6 ( 0.9 ) U.S. tax impact of foreign operations 0.8 ( 1.6 ) 10.3 Return to provision ( 5.1 ) 1.4 ( 3.3 ) Expiration of attribute carryforwards 0.6 — 37.1 Permanent differences 5.4 4.6 8.6 Other, net ( 4.2 ) ( 3.0 ) 1.7 Income taxes $ ( 16.8 ) $ 3.0 $ 29.9 |
Tax Effects of Significant Temporary Differences and Tax Loss and Tax Credit Carryforwards | The tax effects of significant temporary differences and tax loss and tax credit carryforwards comprising the net long-term deferred income tax liabilities for Holdings as of the periods presented consisted of the following: December 31, 2022 2023 Deferred liabilities: Theatre properties and equipment $ 76.9 $ 68.4 Finance lease assets 16.0 13.3 Operating lease right-of-use assets 274.3 248.8 Intangible asset – other 49.6 55.8 Intangible asset – tradenames 68.9 69.5 Total deferred liabilities 485.7 455.8 Deferred assets: Deferred revenue – NCM and Other 82.6 82.2 Prepaid rent 4.1 2.7 Gift cards 8.8 9.7 Investment in partnerships 5.2 1.4 Operating lease obligations 296.1 269.0 Finance lease obligations 21.6 18.6 Tax impact of items in accumulated other comprehensive income and additional paid-in-capital 16.4 13.4 Restricted stock 5.1 4.5 Accrued expenses 3.7 2.9 Other tax loss carryforwards 126.1 82.7 Other tax credit and attribute carryforwards 193.5 179.3 Other expenses, not currently deductible for tax purposes 14.9 11.7 Total deferred assets 778.1 678.1 Net deferred income tax (asset) liability before valuation allowance ( 292.4 ) ( 222.3 ) Valuation allowance against deferred assets – non-current 326.1 266.3 Net deferred income tax liability $ 33.7 $ 44.0 Net deferred tax (asset) liability – Foreign $ 4.7 $ ( 0.1 ) Net deferred tax liability – U.S. 29.0 44.1 Total $ 33.7 $ 44.0 |
Valuation Allowance For Deferred Tax Assets | Holdings’ valuation allowance for deferred tax assets, which includes CUSA’s valuation allowance for deferred tax assets, and CUSA’s valuation for deferred tax assets, for the periods presented were as follows: Valuation Allowance for Deferred Taxes Holdings CUSA Balance at January 1, 2021 $ 203.6 $ 203.6 Additions 69.1 52.5 Deductions ( 4.3 ) ( 10.9 ) Currency translation ( 4.3 ) ( 4.3 ) Balance at December 31, 2021 $ 264.1 $ 240.9 Additions 67.0 47.0 Deductions ( 5.3 ) ( 4.9 ) Currency translation 0.3 0.2 Balance at December 31, 2022 $ 326.1 $ 283.2 Additions 16.6 5.9 Deductions ( 83.0 ) ( 77.2 ) Currency translation 6.6 6.6 Balance at December 31, 2023 $ 266.3 $ 218.5 |
Reconciliation of Total Amounts of Unrecognized Tax Benefits Excluding Interest and Penalties | The following is a reconciliation of the total amounts of unrecognized tax benefits excluding interest and penalties for Holdings for the periods presented: Year Ended December 31, 2021 2022 2023 Balance at January 1, $ 46.5 $ 55.9 $ 55.8 Gross increases - tax positions in prior periods 7.7 — 2.2 Gross decreases - tax positions in prior periods ( 1.6 ) ( 0.2 ) ( 5.1 ) Gross increases - current period tax positions 3.4 0.1 0.2 Statute of limitations expiration ( 0.1 ) — ( 0.2 ) Balance at December 31, $ 55.9 $ 55.8 $ 52.9 |
CUSA | |
Income Taxes [Line Items] | |
Provision for Federal and Foreign Income Tax Expense for Continuing Operations | The provision for federal and foreign income tax expense for continuing operations of CUSA consisted of the following: Year Ended December 31, 2021 2022 2023 (Loss) income before income taxes: U.S. $ ( 362.6 ) $ ( 263.7 ) $ 167.0 Foreign ( 49.8 ) 21.9 70.0 Total $ ( 412.4 ) $ ( 241.8 ) $ 237.0 |
Current and Deferred Income Taxes | Current and deferred income taxes for CUSA were as follows: Year Ended December 31, 2021 2022 2023 Current: Federal $ 4.0 $ 1.9 $ 2.8 Foreign 0.8 9.2 14.2 State 1.0 1.2 2.9 Total current expense 5.8 12.3 19.9 Deferred: Federal $ ( 36.7 ) $ ( 16.2 ) $ 13.8 Foreign 0.4 ( 2.4 ) ( 5.7 ) State ( 1.8 ) ( 6.8 ) 0.4 Total deferred taxes ( 38.1 ) ( 25.4 ) 8.5 Income taxes $ ( 32.3 ) $ ( 13.1 ) $ 28.4 |
Reconciliation Between Income Tax Expense and Taxes Computed | A reconciliation between CUSA’s income tax expense and taxes computed by applying the applicable statutory federal income tax rate to income before income taxes is as follows: Year Ended December 31, 2021 2022 2023 Computed statutory tax expense $ ( 86.6 ) $ ( 50.8 ) $ 49.8 State and local income taxes, net of federal income tax impact ( 0.7 ) ( 4.2 ) 5.9 Changes in valuation allowance 54.3 41.8 ( 68.6 ) Foreign tax rate differential ( 4.5 ) 1.3 1.4 Foreign tax credits — ( 4.0 ) ( 12.9 ) Changes in uncertain tax positions 5.7 1.6 ( 0.9 ) U.S. tax impact of foreign operations 0.8 ( 1.6 ) 10.4 Return to provision ( 3.2 ) 1.2 ( 3.3 ) Expiration of attribute carryforwards 0.6 — 36.4 Permanent differences 5.5 4.5 8.6 Other, net ( 4.2 ) ( 2.9 ) 1.6 Income taxes $ ( 32.3 ) $ ( 13.1 ) $ 28.4 |
Tax Effects of Significant Temporary Differences and Tax Loss and Tax Credit Carryforwards | The tax effects of significant temporary differences and tax loss and tax credit carryforwards comprising the net long-term deferred income tax liabilities for CUSA as of the periods presented consisted of the following: December 31, 2022 2023 Deferred liabilities: Theatre properties and equipment $ 76.7 $ 68.2 Finance lease assets 15.9 13.2 Operating lease right-of-use assets 273.9 248.1 Intangible asset – other 49.5 55.7 Intangible asset – tradenames 68.8 69.3 Tax impact of items in accumulated other comprehensive income and additional paid-in-capital 5.3 1.4 Total deferred liabilities 490.1 455.9 Deferred assets: Deferred revenue – NCM and Other 82.4 82.0 Prepaid rent 4.1 2.7 Gift Cards 8.8 9.7 Investment in partnerships 5.2 1.4 Operating lease obligations 295.6 268.3 Finance lease obligations 21.6 18.6 Restricted stock 4.9 4.3 Accrued expenses 3.7 2.9 Other tax loss carryforwards 122.0 80.0 Other tax credit and attribute carryforwards 174.1 149.0 Other expenses, not currently deductible for tax purposes 14.8 11.5 Total deferred assets 737.2 630.4 Net deferred income tax (asset) liability before valuation allowance ( 247.1 ) ( 174.5 ) Valuation allowance against deferred assets – non-current 283.2 218.5 Net deferred income tax liability $ 36.1 $ 44.0 Net deferred tax (asset) liability – Foreign $ 4.7 $ ( 0.1 ) Net deferred tax liability – U.S. 31.4 44.1 Total $ 36.1 $ 44.0 |
Reconciliation of Total Amounts of Unrecognized Tax Benefits Excluding Interest and Penalties | The following is a reconciliation of the total amounts of unrecognized tax benefits excluding interest and penalties for CUSA for the periods presented: Year Ended December 31, 2021 2022 2023 Balance at January 1, $ 46.5 $ 54.0 $ 53.9 Gross increases - tax positions in prior periods 5.8 — 2.2 Gross decreases - tax positions in prior periods ( 1.6 ) ( 0.2 ) ( 5.1 ) Gross increases - current period tax positions 3.4 0.1 0.2 Statute of limitations expiration ( 0.1 ) — ( 0.2 ) Balance at December 31, $ 54.0 $ 53.9 $ 51.0 |
SEGMENTS - HOLDINGS (Tables)
SEGMENTS - HOLDINGS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Selected Financial Information by Reportable Operating Segment | The following table is a breakdown of selected financial information by reportable operating segment for Holdings for the periods presented: Year Ended December 31, 2021 2022 2023 Revenue U.S. $ 1,296.3 $ 1,977.9 $ 2,428.1 International 216.9 484.5 651.4 Eliminations ( 2.7 ) ( 7.7 ) ( 12.8 ) Total Revenue $ 1,510.5 $ 2,454.7 $ 3,066.7 Adjusted EBITDA (1) U.S. $ 84.2 $ 255.7 $ 463.9 International ( 4.2 ) 80.8 130.2 Total Adjusted EBITDA $ 80.0 $ 336.5 $ 594.1 Capital expenditures U.S. $ 78.3 $ 87.2 $ 111.5 International 17.2 23.5 38.0 Total capital expenditures $ 95.5 $ 110.7 $ 149.5 Distributions from equity investees are reported entirely within the U.S. operating segment |
Reconciliation of Net (loss) Income to Adjusted EBITDA | The following table sets forth a reconciliation of net (loss) income to Adjusted EBITDA for Holdings for the periods presented: Year Ended December 31, 2021 2022 2023 Net (loss) income $ ( 422.2 ) $ ( 268.0 ) $ 191.5 Add (deduct): Income tax (benefit) expense ( 16.8 ) 3.0 29.9 Interest expense (1) 149.7 155.3 150.4 Other expense (income), net (2) 43.5 23.6 ( 19.6 ) Cash distributions from equity investees (3) 0.2 6.9 5.7 Depreciation and amortization 265.4 238.2 209.5 Impairment of long-lived and other assets 20.8 174.1 16.6 Restructuring costs ( 1.0 ) ( 0.5 ) — (Gain) loss on disposal of assets and other 8.0 ( 6.8 ) ( 7.7 ) Loss on debt extinguishment and refinancing 6.5 — 10.7 Non-cash rent expense ( 3.4 ) ( 10.8 ) ( 17.9 ) Share-based awards compensation expense 29.3 21.5 25.0 Adjusted EBITDA $ 80.0 $ 336.5 $ 594.1 (1) Includes amortization of debt issuance costs, amortization of original issue discount, and amortization of accumulated (gains) losses for amended swap agreements. (2) Includes interest income, foreign currency exchange and other related loss, interest expense – NCM and equity in income (loss) of affiliates and unrealized gain on investment in NCMI. Excludes distributions from NCM and DCIP. (3) Reflects cash distributions received from equity investees that were recorded as a reduction of the respective investment balances (see Note 10). These distributions are reported entirely within the U.S. operating segment. |
Selected Financial Information by Geographic Area | The following table sets forth a breakdown of select financial information for Holdings by geographic area for the periods presented: Year Ended December 31, 2021 2022 2023 Revenue U.S. $ 1,296.3 $ 1,977.9 $ 2,428.1 Brazil 73.5 179.0 233.4 Other international countries 143.4 305.5 418.0 Eliminations ( 2.7 ) ( 7.7 ) ( 12.8 ) Total $ 1,510.5 $ 2,454.7 $ 3,066.7 As of December 31, 2022 2023 Theatre properties and equipment, net U.S. $ 1,075.3 $ 1,002.1 Brazil 49.5 54.7 Other international countries 107.3 104.9 Total $ 1,232.1 $ 1,161.7 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) Segments | Dec. 31, 2022 USD ($) Segments | Dec. 31, 2021 Segments | Dec. 31, 2020 USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Unpaid and accrued restructuring costs | $ 0 | $ 0 | ||
Operating revenues comprise | 100% | |||
Operating expenses comprise | 100% | |||
Description of motion picture exhibition industry | We operate in the motion picture exhibition industry, with theatres in the United States (“U.S.”) and in 13 countries in Latin America as of December 31, 2023. | |||
General liability claim per occurrence, cap | $ 0.3 | |||
Aggregate annual cap per policy year | $ 0 | |||
Pre-funding claims and covers claims annual cap | 5 | |||
Medical claim per occurrence, cap | 0.3 | |||
Insurance Reserves | $ 11.4 | $ 10 | ||
Minimum Percentage for Tax position measure as largest amount of benefit | 50% | |||
Reportable operating segments | Segments | 2 | 2 | 2 | |
Minimum | Cinemark Holdings Inc | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Equity method investment, ownership percentage | 20% | |||
Fair value method investment, ownership percentage | 20% | |||
Maximum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Cost method investment, ownership Percentage | 20% | |||
Pre-funding claims and covers claims per occurrence | $ 0.3 | |||
Maximum | Cinemark Holdings Inc | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Equity method investment, ownership percentage | 50% | |||
Fair value method investment, ownership percentage | 50% |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Estimated Useful Lives of Assets (Detail) | Dec. 31, 2023 |
Buildings On Owned Land | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of assets | 40 years |
Buildings On Leased Land | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of assets | 40 years |
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration] | Property, Plant and Equipment, Net |
Land And Buildings Under Finance Leases | |
Property, Plant and Equipment [Line Items] | |
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration] | Property, Plant and Equipment, Net |
Theatre furniture and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of assets | 3 years |
Theatre furniture and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of assets | 15 years |
Leasehold Improvements | |
Property, Plant and Equipment [Line Items] | |
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration] | Property, Plant and Equipment, Net |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Intangible Assets and Amortization Method (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Finite Lived Intangible Assets [Line Items] | |
Goodwill | Indefinite-lived |
Tradename | Indefinite-lived and definite-lived. Definite-lived tradename asset has a remaining useful life of approximately one year. |
Other Intangible Assets | |
Finite Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Amortization Method | Straight-line method over the terms of the underlying agreement. The remaining useful lives of these intangible assets is two years. |
Other Intangible Assets | Maximum | |
Finite Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 2 years |
Trade Names | |
Finite Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 1 year |
IMPACT OF THE COVID-19 PANDEM_3
IMPACT OF THE COVID-19 PANDEMIC - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Unusual Or Infrequent Item [Line Items] | ||
Government assistance received | $ 2.8 | $ 2.8 |
Government Assistance, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Cost and Expense, Operating | Other Cost and Expense, Operating |
IMPACT OF THE COVID-19 PANDEM_4
IMPACT OF THE COVID-19 PANDEMIC - Schedule of Restructuring Plan (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Unusual Or Infrequent Item [Line Items] | ||||
Restructuring Reserve, Beginning Balance | $ 0 | |||
Restructuring costs | 0 | $ (0.5) | $ (1) | |
Restructuring Reserve, Ending Balance | 0 | 0 | ||
2020 Restructuring Plan | U.S. Operating Segment | ||||
Unusual Or Infrequent Item [Line Items] | ||||
Restructuring Reserve, Beginning Balance | 0 | 1.3 | 6.6 | |
Amounts paid | (0.9) | (4.3) | ||
Reserve adjustments | [1] | (0.4) | (1) | |
Restructuring Reserve, Ending Balance | 0 | 1.3 | ||
2020 Restructuring Plan | U.S. Operating Segment | Employee Related | ||||
Unusual Or Infrequent Item [Line Items] | ||||
Restructuring Reserve, Beginning Balance | 0 | 0.4 | 0.9 | |
Amounts paid | (0.4) | (0.4) | ||
Reserve adjustments | [1] | 0 | (0.1) | |
Restructuring Reserve, Ending Balance | 0 | 0.4 | ||
2020 Restructuring Plan | U.S. Operating Segment | Facility Closure Costs | ||||
Unusual Or Infrequent Item [Line Items] | ||||
Restructuring Reserve, Beginning Balance | 0 | 0.9 | 5.7 | |
Amounts paid | (0.5) | (3.9) | ||
Reserve adjustments | [1] | (0.4) | (0.9) | |
Restructuring Reserve, Ending Balance | 0 | 0.9 | ||
2020 Restructuring Plan | International Operating Segment | ||||
Unusual Or Infrequent Item [Line Items] | ||||
Restructuring Reserve, Beginning Balance | 0 | 0.1 | 0.1 | |
Amounts paid | 0 | 0 | ||
Reserve adjustments | [1] | (0.1) | 0 | |
Restructuring Reserve, Ending Balance | 0 | 0.1 | ||
2020 Restructuring Plan | International Operating Segment | Employee Related | ||||
Unusual Or Infrequent Item [Line Items] | ||||
Restructuring Reserve, Beginning Balance | 0 | 0 | 0 | |
Amounts paid | 0 | 0 | ||
Reserve adjustments | [1] | 0 | 0 | |
Restructuring Reserve, Ending Balance | 0 | 0 | ||
2020 Restructuring Plan | International Operating Segment | Facility Closure Costs | ||||
Unusual Or Infrequent Item [Line Items] | ||||
Restructuring Reserve, Beginning Balance | 0 | 0.1 | 0.1 | |
Amounts paid | 0 | 0 | ||
Reserve adjustments | [1] | (0.1) | 0 | |
Restructuring Reserve, Ending Balance | 0 | 0.1 | ||
2020 Restructuring Plan | Consolidated | ||||
Unusual Or Infrequent Item [Line Items] | ||||
Restructuring Reserve, Beginning Balance | 0 | 1.4 | 6.7 | |
Amounts paid | (0.9) | (4.3) | ||
Reserve adjustments | [1] | (0.5) | (1) | |
Restructuring Reserve, Ending Balance | 0 | 1.4 | ||
2020 Restructuring Plan | Consolidated | Employee Related | ||||
Unusual Or Infrequent Item [Line Items] | ||||
Restructuring Reserve, Beginning Balance | 0 | 0.4 | 0.9 | |
Amounts paid | (0.4) | (0.4) | ||
Reserve adjustments | [1] | 0 | (0.1) | |
Restructuring Reserve, Ending Balance | 0 | 0.4 | ||
2020 Restructuring Plan | Consolidated | Facility Closure Costs | ||||
Unusual Or Infrequent Item [Line Items] | ||||
Restructuring Reserve, Beginning Balance | $ 0 | 1 | 5.8 | |
Amounts paid | (0.5) | (3.9) | ||
Reserve adjustments | [1] | (0.5) | (0.9) | |
Restructuring Reserve, Ending Balance | $ 0 | $ 1 | ||
[1] Amounts were primarily adjustments based on final facility lease payments for certain closed theatres as compared with original estimates recorded. |
LEASE ACCOUNTING - Additional I
LEASE ACCOUNTING - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Theatres | |
Lease [Line Items] | |
Contractual minimum lease payments payable under operating lease, lease not yet commenced | $ 44.8 |
Minimum | Theatres | |
Lease [Line Items] | |
Noncancelable operating and finance leases, term | 10 years |
Minimum | Equipment | |
Lease [Line Items] | |
Noncancelable operating leases, term | 1 year |
Maximum | Theatres | |
Lease [Line Items] | |
Noncancelable operating and finance leases, term | 25 years |
Maximum | Equipment | |
Lease [Line Items] | |
Noncancelable operating leases, term | 7 years |
LEASE ACCOUNTING - Schedule of
LEASE ACCOUNTING - Schedule of Operating and Finance Right-of-Use Assets and Lease Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Assets | |||
Operating lease assets | [1] | $ 986.4 | $ 1,102.7 |
Finance lease assets | [1],[2] | $ 55.7 | $ 67.8 |
Finance Lease Right Of Use Asset Statement Of Financial Position [Extensible List] | Theatre properties and equipment, net of accumulated depreciation | Theatre properties and equipment, net of accumulated depreciation | |
Total lease assets | [1] | $ 1,042.1 | $ 1,170.5 |
Liabilities, Current | |||
Operating | [1] | 212.5 | 219.3 |
Current portion of finance lease obligations | [1] | 14 | 14.4 |
Liabilities, Noncurrent | |||
Operating | [1] | 853.3 | 970.6 |
Finance lease obligations, less current portion | [1] | 73.8 | 88 |
Total lease liabilities | [1] | $ 1,153.6 | $ 1,292.3 |
[1] The operating lease right-of-use assets and liabilities recorded on the Company’s consolidated balance sheets generally do not include renewal options that have not yet been exercised. Finance lease assets are net of accumulated amortization of $ 62.5 and $ 73.9 as of December 31, 2022 and 2023 , respectively. |
LEASE ACCOUNTING - Schedule o_2
LEASE ACCOUNTING - Schedule of Operating and Finance Right-of-Use Assets and Lease Liabilities (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Finance lease assets, accumulated amortization | $ 73.9 | $ 62.5 |
LEASE ACCOUNTING - Schedule o_3
LEASE ACCOUNTING - Schedule of Aggregate Lease Costs by Lease Classification (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Operating lease costs | ||||
Total operating lease costs | $ 352.7 | $ 320.1 | $ 283.3 | |
Finance lease costs | ||||
Depreciation of leased assets | 73.9 | 62.5 | ||
Total finance lease costs | 0 | 17.7 | 18.5 | |
Depreciation and Amortization | ||||
Finance lease costs | ||||
Depreciation of leased assets | 12 | 12.4 | 12.6 | |
Interest Expense | ||||
Finance lease costs | ||||
Interest on lease liabilities | 4.9 | 5.3 | 5.9 | |
Equipment | Utilities and Other | ||||
Operating lease costs | ||||
Total operating lease costs | [1] | 4.1 | 4.4 | 2.3 |
Real Estate | Facility Lease Expense | ||||
Operating lease costs | ||||
Total operating lease costs | [1] | $ 348.6 | $ 315.7 | $ 281 |
[1] Includes short-term lease payments, variable lease payments and office lease payments reflected in general and administrative expense as set forth in the following table for the periods presented: Year Ended December 31, Lease Cost Classification 2021 2022 2023 Operating lease costs Equipment - Short-term and variable lease payments Utilities and other $ 1.8 $ 3.9 $ 3.6 Real Estate - Variable lease payments (1) Facility lease expense $ 11.8 $ 36.4 $ 68.3 Real Estate - Office leases General and administrative $ 1.3 $ 1.3 $ 1.4 (1) Represents lease payments that are based on a change in index, such as CPI or inflation, variable payments based on revenue or attendance and variable common area maintenance costs. |
LEASE ACCOUNTING - Schedule o_4
LEASE ACCOUNTING - Schedule of Aggregate Lease Costs by Lease Classification (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lease Cost [Line Items] | |||
Office leases | $ 280.8 | $ 279.8 | $ 269.7 |
Equipment | Utilities and Other | |||
Lease Cost [Line Items] | |||
Short term lease payments | 3.6 | 3.9 | 1.8 |
Real Estate | Facility Lease Expense | |||
Lease Cost [Line Items] | |||
Variable lease payments | 68.3 | 36.4 | 11.8 |
Office leases | $ 1.4 | $ 1.3 | $ 1.3 |
LEASE ACCOUNTING - Schedule o_5
LEASE ACCOUNTING - Schedule of Maturity of Lease Liabilities by Lease Classification (Detail) $ in Millions | Dec. 31, 2023 USD ($) |
Leases [Abstract] | |
Operating Leases, 2024 | $ 267.2 |
Operating Leases, 2025 | 237.4 |
Operating Leases, 2026 | 199.6 |
Operating Leases, 2027 | 158.5 |
Operating Leases, 2028 | 121.9 |
Operating Leases, Thereafter | 295.4 |
Operating Leases, Total lease payments | 1,280 |
Operating Leases, Less: Interest | 214.2 |
Operating Leases, Present value of lease liabilities | 1,065.8 |
Finance Leases, 2024 | 18 |
Finance Leases, 2025 | 16.4 |
Finance Leases, 2026 | 12 |
Finance Leases, 2027 | 11.9 |
Finance Leases, 2028 | 11.6 |
Finance Leases, Thereafter | 35.1 |
Finance Leases, Total lease payments | 105 |
Finance Leases, Less: Interest | 17.2 |
Finance Leases, Present value of lease liabilities | $ 87.8 |
LEASE ACCOUNTING - Schedule o_6
LEASE ACCOUNTING - Schedule of Weighted-Average Remaining Lease Term and Discount Rate (Detail) | Dec. 31, 2023 | |
Equipment | ||
Lease [Line Items] | ||
Weighted-average remaining lease term - Operating leases | 3 years 3 months 18 days | [1] |
Weighted-average remaining lease term - Finance leases | 2 years 7 months 6 days | [1] |
Weighted-average discount rate - Operating leases | 6.30% | [2] |
Weighted-average discount rate - Finance leases | 3.60% | [2] |
Real Estate | ||
Lease [Line Items] | ||
Weighted-average remaining lease term - Operating leases | 6 years 4 months 24 days | [1] |
Weighted-average remaining lease term - Finance leases | 7 years 7 months 6 days | [1] |
Weighted-average discount rate - Operating leases | 11.50% | [2] |
Weighted-average discount rate - Finance leases | 4.90% | [2] |
[1] The lease assets and liabilities recorded on the Company’s consolidated balance sheets generally do not include renewal options that have not yet been executed. The Company does not consider a lease renewal exercise as reasonably certain until immediately before the necessary notification is provided to the landlord after consideration of market conditions and performance of the theatre. The discount rate for each lease represents the incremental borrowing rate at which the Company would borrow funds, on a collateralized basis, over a similar term and at an amount equal to the lease payments in a similar economic environment. |
LEASE ACCOUNTING - Schedule o_7
LEASE ACCOUNTING - Schedule of Minimum Cash Lease Payments (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities | |||
Cash outflows for operating leases | $ 280.8 | $ 279.8 | $ 269.7 |
Cash outflows for finance leases - operating activities | 4.9 | 5.3 | 5.9 |
Cash outflows for finance leases - financing activities | 14.4 | 14.3 | 14.7 |
Non-cash amount of leased assets obtained in exchange for: | |||
Operating lease liabilities | 87 | 114.1 | 180.1 |
Finance lease liabilities | $ 0 | $ 0 | $ 0.7 |
REVENUE RECOGNITION - Additiona
REVENUE RECOGNITION - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Revenue from Contract with Customer [Abstract] | ||
Receivables related to contracts with customers | $ 31.6 | $ 22.9 |
Assets related to costs to obtain or fulfill contract with customers | $ 0 | $ 0 |
REVENUE RECOGNITION - Summary o
REVENUE RECOGNITION - Summary of Revenues Disaggregated Based on Major Type of Good or Service and by Reportable Operating Segment (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 3,066.7 | $ 2,454.7 | $ 1,510.5 | |
Admissions Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,555.6 | 1,246.9 | 780 | |
Concession Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,192 | 938.3 | 561.7 | |
Screen Advertising, Screen Rental and Promotional Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 144.6 | 127 | 84.1 | |
Other Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 174.5 | 142.5 | 84.7 | |
U.S. Operating Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | [1],[2] | 2,415.3 | 1,970.2 | 1,293.6 |
U.S. Operating Segment | Admissions Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | [1] | 1,236 | 1,010.2 | 671.7 |
U.S. Operating Segment | Concession Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | [1] | 952 | 763 | 482.8 |
U.S. Operating Segment | Screen Advertising, Screen Rental and Promotional Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | [1] | 91 | 81.7 | 66.2 |
U.S. Operating Segment | Other Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | [1] | 136.3 | 115.3 | 72.9 |
International Operating Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 651.4 | 484.5 | 216.9 | |
International Operating Segment | Admissions Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 319.6 | 236.7 | 108.3 | |
International Operating Segment | Concession Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 240 | 175.3 | 78.9 | |
International Operating Segment | Screen Advertising, Screen Rental and Promotional Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 53.6 | 45.3 | 17.9 | |
International Operating Segment | Other Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 38.2 | $ 27.2 | $ 11.8 | |
[1] U.S. segment revenues exclude intercompany transactions with the international operating segment. See Note 22 for additional information on intercompany eliminations. U.S. segment revenues exclude intercompany transactions with the international operating segment. See Note 22 for additional information on intercompany eliminations |
REVENUE RECOGNITION - Summary_2
REVENUE RECOGNITION - Summary of Revenues Disaggregated Based on Timing of Revenue Recognition (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 3,066.7 | $ 2,454.7 | $ 1,510.5 | |
U.S. Operating Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | [1],[2] | 2,415.3 | 1,970.2 | 1,293.6 |
International Operating Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 651.4 | 484.5 | 216.9 | |
Goods and Services Transferred at a Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2,916.8 | 2,284.8 | 1,394.9 | |
Goods and Services Transferred at a Point in Time | U.S. Operating Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | [2] | 2,327.9 | 1,856.5 | 1,201.2 |
Goods and Services Transferred at a Point in Time | International Operating Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 588.9 | 428.3 | 193.7 | |
Goods and Services Transferred Over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 149.9 | 169.9 | 115.6 | |
Goods and Services Transferred Over Time | U.S. Operating Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | [2] | 87.4 | 113.7 | 92.4 |
Goods and Services Transferred Over Time | International Operating Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 62.5 | $ 56.2 | $ 23.2 | |
[1] U.S. segment revenues exclude intercompany transactions with the international operating segment. See Note 22 for additional information on intercompany eliminations. U.S. segment revenues exclude intercompany transactions with the international operating segment. See Note 22 for additional information on intercompany eliminations |
REVENUE RECOGNITION - Changes i
REVENUE RECOGNITION - Changes in Deferred Revenues (Detail) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Change in Contract with Customer Liability [Line Items] | ||||||
Amounts recognized as accounts receivable | $ 4.9 | $ 4.9 | ||||
NCM Screen Advertising Advances | ||||||
Change in Contract with Customer Liability [Line Items] | ||||||
Beginning Balance | [1] | 338.2 | 346 | |||
Amounts recognized as accounts receivable | [1] | 0 | 0 | |||
Cash received from customers in advance | [1] | 0 | 0 | |||
Dispositions | [1],[2] | 0 | ||||
Common units received from NCM (see Note 9) | (1.3) | $ (10.2) | ||||
Interest accrued related to significant financing component | 22.6 | [1] | 23.2 | [1] | 23.6 | |
Revenue recognized during period | [1] | (32.4) | (32.3) | |||
Foreign currency translation adjustments | [1] | 0 | 0 | |||
Ending Balance | [1] | 328.4 | 338.2 | 346 | ||
NCM Screen Advertising Advances | NCM | ||||||
Change in Contract with Customer Liability [Line Items] | ||||||
Common units received from NCM (see Note 9) | [1] | (1.3) | ||||
Other Deferred Revenues | ||||||
Change in Contract with Customer Liability [Line Items] | ||||||
Beginning Balance | [3] | 194.9 | 160.3 | |||
Amounts recognized as accounts receivable | [3] | 4.6 | 1.8 | |||
Cash received from customers in advance | [3] | 327.4 | 241.1 | |||
Dispositions | [2],[3] | (0.4) | ||||
Interest accrued related to significant financing component | [3] | 0 | 0 | |||
Revenue recognized during period | [3] | (299.5) | (206.9) | |||
Foreign currency translation adjustments | [3] | (5.4) | (1.4) | |||
Ending Balance | [3] | $ 221.6 | 194.9 | $ 160.3 | ||
Other Deferred Revenues | NCM | ||||||
Change in Contract with Customer Liability [Line Items] | ||||||
Common units received from NCM (see Note 9) | [3] | $ 0 | ||||
[1] See Significant Financing Component in Note 9 for discussion of NCM screen advertising advances and maturity of balances as of December 31, 2023 . Relates to the sale of the Company’s Ecuador subsidiary. See Note 8 Includes liabilities associated with outstanding gift cards and discount ticket vouchers, points or rebates outstanding under the Company’s loyalty and membership programs and revenue not yet recognized for screen advertising and other promotional activities. Amount is classified as accounts payable and accrued expenses or other long-term liabilities on the consolidated balance sheets. |
REVENUE RECOGNITION - Aggregate
REVENUE RECOGNITION - Aggregate Amount of Transaction Price Allocated To Performance Obligation That Are Unsatisfied And Expected To Be Recognized (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 221.6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Remaining performance obligations | $ 195.2 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Remaining performance obligations | $ 26.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Remaining performance obligations | $ 0 |
EARNINGS (LOSS) PER SHARE - Com
EARNINGS (LOSS) PER SHARE - Computations of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Earnings Per Share Disclosure [Line Items] | ||||
Net Income (Loss) | $ 188.2 | $ (271.2) | $ (422.8) | |
Income (loss) allocated to participating share-based awards | [1] | (3.3) | 3.8 | 6.1 |
Basic net (loss) income attributable to common stockholders | 184.9 | (267.4) | (416.7) | |
Interest expense on convertible notes, net of tax | [2] | 18.2 | 0 | 0 |
Diluted net (loss) income attributable to common stockholders | $ 203.1 | $ (267.4) | $ (416.7) | |
Basic weighted average shares outstanding | 119.1 | 118.2 | 117.3 | |
Common equivalent shares for restricted stock units | [3] | 0.9 | 0 | 0 |
Common equivalent shares for convertible notes | [2] | 32 | 0 | 0 |
Common equivalent shares for warrants | [4] | 0 | 0 | 0 |
Diluted weighted average shares outstanding | 152 | 118.2 | 117.3 | |
Basic (loss) earnings per share attributable to common stockholders | $ 1.55 | $ (2.26) | $ (3.55) | |
Diluted (loss) earnings per share attributable to common stockholders | $ 1.34 | $ (2.26) | $ (3.55) | |
Restricted Stock Units (RSUs) | ||||
Earnings Per Share Disclosure [Line Items] | ||||
Common equivalent shares for restricted stock units | 0.4 | 0 | ||
[1] For the years ended December 31, 2021, 2022 and 2023, a weighted average of approximately 1.7 shares, 1.7 shares and 2.1 shares of unvested restricted stock, respectively, are considered participating securities. For the years ended December 31, 2021 and 2022 , diluted loss per share excludes the assumed conversion of the 4.50 % Convertible Senior Notes into 32.0 shares of common stock, as they would have been anti-dilutive. See further discussion below. For the years ended December 31, 2021 and 2022 , approximately 0.0 and 0.4 common equivalent shares for performance stock units were excluded because they were anti-dilutive. For all periods presented, diluted earnings (loss) per share excludes the warrants, as they would be anti-dilutive. |
EARNINGS (LOSS) PER SHARE - C_2
EARNINGS (LOSS) PER SHARE - Computations of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) - shares shares in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Aug. 21, 2020 | ||
Earnings Per Share Disclosure [Line Items] | |||||
Weighted average shares of participating unvested restricted stock | 2.1 | 1.7 | 1.7 | ||
Common equivalent shares for restricted stock units | [1] | 0.9 | 0 | 0 | |
Debt instrument, interest rate, stated percentage | 4.50% | 4.50% | |||
4.50 % Convertible Senior Notes | |||||
Earnings Per Share Disclosure [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 4.50% | 4.50% | 4.50% | ||
Common shares issued | 32 | 32 | |||
Restricted Stock Units (RSUs) | |||||
Earnings Per Share Disclosure [Line Items] | |||||
Common equivalent shares for restricted stock units | 0.4 | 0 | |||
[1] For the years ended December 31, 2021 and 2022 , approximately 0.0 and 0.4 common equivalent shares for performance stock units were excluded because they were anti-dilutive. |
EARNINGS (LOSS) PER SHARE - Add
EARNINGS (LOSS) PER SHARE - Additional Information (Detail) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Aug. 21, 2020 Tradingday $ / shares | Dec. 31, 2023 USD ($) Tradingday $ / shares shares | Dec. 31, 2022 shares | Dec. 31, 2021 shares | |
Earnings Per Share Disclosure [Line Items] | ||||
Interest rate | 4.50% | 4.50% | ||
Convertible senior note, if-converted value in excess of outstanding principal value | $ | $ 23.3 | |||
4.50 % Convertible Senior Notes | ||||
Earnings Per Share Disclosure [Line Items] | ||||
Interest rate | 4.50% | 4.50% | 4.50% | |
Common stock, strike price | $ 18.66 | |||
Debt Instrument, Convertible, Associated Derivative Transactions, Description | The converted value of the 4.50% Convertible Senior Notes, based on the weighted average closing price of Holdings’ common stock for 2023, exceeded the aggregate outstanding principal of the notes by $23.3 as of December 31, 2023. | |||
Debt instrument convertible conversion, percentage | 130% | |||
Exercise price | $ 14.35 | $ 14.35 | ||
Debt instrument, convertible, threshold trading days | Tradingday | 20 | |||
ShareBased Compensation Arrangements By ShareBased Payment Award Options Grants In Period Weighted Average Exercise Price | $ 14.35 | |||
ShareBased Compensation Arrangement By ShareBased Payment Award Options Grants In Period Gross | shares | 32,000,000 | |||
Common Stock Convertible Conversion Price Increase | $ 22.08 | |||
CommonStock Convertible Conversion Price | $ 18.66 | |||
Common shares issued | shares | 32,000,000 | 32,000,000 | ||
4.50 % Convertible Senior Notes | Minimum | ||||
Earnings Per Share Disclosure [Line Items] | ||||
Debt instrument, convertible, threshold trading days | Tradingday | 20 | |||
4.50 % Convertible Senior Notes | Maximum | ||||
Earnings Per Share Disclosure [Line Items] | ||||
Debt instrument, convertible, threshold trading days | Tradingday | 30 | |||
Warrant | 4.50 % Convertible Senior Notes | ||||
Earnings Per Share Disclosure [Line Items] | ||||
ShareBased Compensation Arrangements By ShareBased Payment Award Options Grants In Period Weighted Average Exercise Price | $ 22.08 | |||
ShareBased Compensation Arrangement By ShareBased Payment Award Options Grants In Period Gross | shares | 32,000,000 |
THEATRE PROPERTIES AND EQUIPM_3
THEATRE PROPERTIES AND EQUIPMENT - Schedule Of Properties And Equipment (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | |||
Total | $ 3,491 | $ 3,395.3 | |
Less: accumulated depreciation and amortization | [1] | (2,329.3) | (2,163.2) |
Theatre properties and equipment, net | 1,161.7 | 1,232.1 | |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Total | 97.8 | 99.7 | |
Building | |||
Property, Plant and Equipment [Line Items] | |||
Total | 530.6 | 528.9 | |
Property Under Finance Lease | |||
Property, Plant and Equipment [Line Items] | |||
Total | 129.6 | 130.3 | |
Theatre furniture and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total | 1,432.8 | 1,429.5 | |
Leasehold interests and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Total | $ 1,300.2 | $ 1,206.9 | |
[1] Amortization of finance lease assets is included in depreciation and amortization expense on the consolidated statements of income (loss). Accumulated amortization of finance lease assets as of December 31, 2022 and 2023 was $ 62.5 and $ 73.9 , respectively. |
THEATRE PROPERTIES AND EQUIPM_4
THEATRE PROPERTIES AND EQUIPMENT - Schedule Of Properties And Equipment (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Accumulated amortization of finance lease assets | $ 73.9 | $ 62.5 |
THEATRE PROPERTIES AND EQUIPM_5
THEATRE PROPERTIES AND EQUIPMENT (Additional Information) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Long-Lived Assets Held-for-Sale [Line Items] | |
Gain (loss) on disposal of assets and other | $ 6.9 |
THEATRE PROPERTIES AND EQUIPM_6
THEATRE PROPERTIES AND EQUIPMENT - Summary of Carrying Value of Ecuador's Significant Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||||
Theatre properties and equipment, net of accumulated depreciation | $ 1,161.7 | $ 1,232.1 | ||
Operating lease right-of-use assets, net | [1] | 986.4 | 1,102.7 | |
Goodwill | [2] | 1,251 | 1,250.9 | $ 1,248.8 |
Theatre Assets Held for Sale [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Theatre properties and equipment, net of accumulated depreciation | 0 | 5.4 | ||
Operating lease right-of-use assets, net | 0 | 2.9 | ||
Goodwill | 0 | 4.2 | ||
Assets | 0 | 15.3 | ||
Liabilities | $ 0 | $ 8.5 | ||
[1] The operating lease right-of-use assets and liabilities recorded on the Company’s consolidated balance sheets generally do not include renewal options that have not yet been exercised. Balances are presented net of accumulated impairment losses of $ 214.0 for the U.S. operating segment and $ 43.8 for the international operating segment. |
THEATRE PROPERTIES AND EQUIPM_7
THEATRE PROPERTIES AND EQUIPMENT - Summary of Total Revenue and Operating Income for the Ecuador Subsidiary (Details) - Theatre Assets Held for Sale [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Revenues | $ 13.5 | $ 13.3 |
Operating (loss) income | $ 2 | $ (1.2) |
INVESTMENT IN NATIONAL CINEME_3
INVESTMENT IN NATIONAL CINEMEDIA, INC / NATIONAL CINEMEDIA LLC - Summary of Activity with NCM Included in Company's Consolidated Financial Statements (Detail) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Impairment of long-lived and other assets | $ (16.6) | $ (174.1) | $ (20.8) | |||
Investment In NCM | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Beginning Balance | 9.6 | 135.4 | 152 | |||
Receipt of common units due to annual common unit adjustment | 1.3 | 10.2 | ||||
Receipt under tax receivable agreement | (0.2) | |||||
Equity in income (loss) of affiliates | (13.9) | (26.6) | ||||
Impairment of long-lived and other assets | (0.7) | (113.2) | [1] | |||
Ending Balance | 9.6 | 135.4 | ||||
Investment in NCMI [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Equity in income (loss) of affiliates | [2] | (3.2) | ||||
Impairment of long-lived and other assets | [3] | 0.7 | ||||
Unrealized Gain (Loss) on Investments | [1] | 12.4 | ||||
Ending Balance | 18.1 | |||||
NCM Screen Advertising Advances | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Beginning Balance | (338.2) | (346) | (344.3) | |||
Receipt of common units due to annual common unit adjustment | (1.3) | (10.2) | ||||
Interest accrued on NCM screen advertising advances | (22.6) | [4] | (23.2) | [4] | (23.6) | |
Amortization of screen advertising advances | 32.4 | 32.3 | 32.1 | |||
Ending Balance | (328.4) | (338.2) | (346) | |||
NCM Screen Advertising Advances | NCM | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Receipt of common units due to annual common unit adjustment | [4] | (1.3) | ||||
Distributions from NCM | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Beginning Balance | [5] | (0.1) | ||||
Receipt under tax receivable agreement | [5] | (0.1) | ||||
Ending Balance | [5] | (0.1) | ||||
Equity in Loss | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Beginning Balance | [2] | 13.9 | 26.6 | |||
Equity in income (loss) of affiliates | [2] | 3.2 | 13.9 | 26.6 | ||
Ending Balance | [2] | 3.2 | 13.9 | 26.6 | ||
Other Revenue | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Beginning Balance | (52.2) | (44.1) | ||||
Revenues earned under ESA | [6] | (20.9) | (19.9) | (12) | ||
Amortization of screen advertising advances | (32.4) | (32.3) | (32.1) | |||
Ending Balance | (53.3) | (52.2) | (44.1) | |||
Interest Expense - NCM | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Beginning Balance | 23.2 | 23.6 | ||||
Interest accrued on NCM screen advertising advances | 22.6 | 23.2 | 23.6 | |||
Ending Balance | 22.6 | 23.2 | 23.6 | |||
Cash Received | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Beginning Balance | 19.9 | 12.3 | ||||
Revenues earned under ESA | [6] | 20.9 | 19.9 | 12 | ||
Receipt under tax receivable agreement | 0.3 | |||||
Ending Balance | $ 20.9 | $ 19.9 | $ 12.3 | |||
[1] See Investment in National CineMedia below. Equity in loss was recorded through April 11, 2023, the date NCM filed its bankruptcy petition, after which the Company applied the fair value accounting method as discussed below. Reflected in impairment of long-lived and other assets on the consolidated income statement for the year indicated. See further discussion at Investment in National CineMedia below See Significant Financing Component in Note 9 for discussion of NCM screen advertising advances and maturity of balances as of December 31, 2023 . Excess cash distributions from NCM to its members were restricted through December 2023 in accordance with the credit agreement amendment NCM entered into with its lenders and as a result of their bankruptcy filing. NCMI also suspended its dividend. Amounts include the per patron and per digital screen theatre access fees, net of amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire. The amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire were approximately $ 4.9 , $ 7.5 and $ 8.9 for the years ended December 31, 2021, 2022 and 2023, respectively. Amounts unpaid and reflected in accounts receivable were $ 4.9 and $ 4.9 as of December 31, 2022 and 2023 , respectively. |
INVESTMENT IN NATIONAL CINEME_4
INVESTMENT IN NATIONAL CINEMEDIA, INC / NATIONAL CINEMEDIA LLC - Summary of Activity with NCM Included in Company's Consolidated Financial Statements (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Equity Method Investments [Line Items] | |||
Company's beverage concessionaire advertising costs | $ 8.9 | $ 7.5 | $ 4.9 |
Amounts recognized as accounts receivable | $ 4.9 | $ 4.9 |
INVESTMENT IN NATIONAL CINEME_5
INVESTMENT IN NATIONAL CINEMEDIA, INC / NATIONAL CINEMEDIA LLC - Summary of Recognition of Revenue Related To Deferred Revenue (Detail) $ in Millions | Dec. 31, 2023 USD ($) |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue remaining performance obligation, amount | $ 221.6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue remaining performance obligation, amount | $ 195.2 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue remaining performance obligation, amount | $ 26.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue remaining performance obligation, amount | $ 0 |
NCM Screen Advertising Advances | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue remaining performance obligation, amount | $ 328.4 |
NCM Screen Advertising Advances | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue remaining performance obligation, amount | $ 10.5 |
NCM Screen Advertising Advances | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue remaining performance obligation, amount | $ 11.2 |
NCM Screen Advertising Advances | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue remaining performance obligation, amount | $ 12 |
NCM Screen Advertising Advances | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue remaining performance obligation, amount | $ 12.8 |
NCM Screen Advertising Advances | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2028-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue remaining performance obligation, amount | $ 13.7 |
NCM Screen Advertising Advances | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2029-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | |
Revenue remaining performance obligation, amount | $ 268.2 |
INVESTMENT IN NATIONAL CINEME_6
INVESTMENT IN NATIONAL CINEMEDIA, INC / NATIONAL CINEMEDIA LLC - Summary of Recognition of Revenue Related To Deferred Revenue (Detail1) $ in Millions | Dec. 31, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 221.6 |
N C M Screen Advertising Advances [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 328.4 |
INVESTMENT IN NATIONAL CINEME_7
INVESTMENT IN NATIONAL CINEMEDIA, INC / NATIONAL CINEMEDIA LLC - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||||||||||
Mar. 20, 2023 | Feb. 17, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Aug. 03, 2023 | Jan. 01, 2023 | Dec. 31, 2020 | ||||
Schedule Of Equity Method Investments [Line Items] | |||||||||||
Number of additional common units of NCM received under common unit adjustment agreement | 4.8 | ||||||||||
Value of common units received from NCM | $ 0 | [1] | $ 1.3 | $ 10.2 | |||||||
Impairment of long-lived and other assets | (16.6) | (174.1) | (20.8) | ||||||||
Noncontrolling interests | 9 | 9.3 | |||||||||
Investment In Ncm [Member] | |||||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||||
Number of NCM to Redeem Shares | 42 | ||||||||||
Common Share Units in Ncm in Exchange | 1.7 | 43.7 | |||||||||
Interest in common units of NCM acquired by Company | 25.40% | ||||||||||
Number of common units of NCM owned by Company | 43.7 | ||||||||||
Carrying value | 9.6 | $ 135.4 | $ 152 | ||||||||
Impairment of long-lived and other assets | $ (0.7) | $ (113.2) | [2] | ||||||||
Deferred revenue or NCM screen advertising advances extended term | 2041-02 | ||||||||||
Investment in NCMI [Member] | |||||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||||
Stock Issued During Period, Shares, New Issues | 1.7 | 42 | |||||||||
Unrealized Gain (Loss) on Investments | [2] | $ 12.4 | |||||||||
Number of Common Shares Held in N C M I | 4.4 | ||||||||||
Interest in common units of NCM acquired by Company | 5% | ||||||||||
Carrying value | $ 18.1 | ||||||||||
Impairment of long-lived and other assets | [3] | 0.7 | |||||||||
Ncm [Member] | |||||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||||
Remaining performance obligations | $ 174 | ||||||||||
Deferred revenue amortization year and month | 2041-02 | ||||||||||
Ncm [Member] | Minimum [Member] | |||||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||||
Percentage Of Incremental Borrowing Rates | 4.40% | ||||||||||
Ncm [Member] | Maximum [Member] | |||||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||||
Percentage Of Incremental Borrowing Rates | 8.30% | ||||||||||
[1] Additions to theatre properties and equipment included in accounts payable as of December 31, 2022 and 2023 were $ 12.0 and $ 6.6 respectively. See Investment in National CineMedia below. Reflected in impairment of long-lived and other assets on the consolidated income statement for the year indicated. See further discussion at Investment in National CineMedia below |
INVESTMENT IN NATIONAL CINEME_8
INVESTMENT IN NATIONAL CINEMEDIA, INC / NATIONAL CINEMEDIA LLC - Summary of Common Units Received Under Adjustment Agreement (Detail) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Apr. 13, 2022 | Apr. 14, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Schedule Of Equity Method Investments [Line Items] | |||||||
Number of Common Units Received | 4.8 | ||||||
Value Of Common Units Received From Company One | $ 0 | [1] | $ 1.3 | $ 10.2 | |||
Annual Common Unit Adjustment [Member] | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Date Common Units Received | Apr. 13, 2022 | Apr. 14, 2021 | |||||
Number of Common Units Received | 0.5 | 2.3 | |||||
Value Of Common Units Received From Company One | [2] | $ 1.3 | $ 10.2 | ||||
[1] Additions to theatre properties and equipment included in accounts payable as of December 31, 2022 and 2023 were $ 12.0 and $ 6.6 respectively. The fair value of the common units received was estimated based on the market price of NCMI common stock (Level 1 input as defined in FASB ASC Topic 820) at the time the common units were determined, adjusted for volatility associated with the estimated time period it would take to convert the common units and register the respective shares |
INVESTMENT IN NATIONAL CINEME_9
INVESTMENT IN NATIONAL CINEMEDIA, INC / NATIONAL CINEMEDIA LLC - Summary Financial Information for National CineMedia (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 29, 2022 | Dec. 31, 2021 | Dec. 30, 2021 | ||
Schedule Of Equity Method Investments [Line Items] | |||||||
Net Income (Loss) | $ 188.2 | $ (271.2) | $ (422.8) | ||||
N C M I [Member] | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Revenues | $ 34.9 | [1] | $ 249.2 | $ 114.6 | |||
Operating (loss) income | (30.6) | [1] | 10.9 | (68.6) | |||
Net Income (Loss) | (54) | [1] | (69.8) | $ (134.6) | |||
Current assets | 121.7 | [2] | 148.6 | ||||
Noncurrent assets | 618.5 | [2] | 628.2 | ||||
Current liabilities | 1,204.8 | [2] | 97.5 | ||||
Noncurrent liabilities | 67.2 | [2] | 1,161.6 | ||||
Members' deficit | $ (531.8) | [2] | $ (482.3) | ||||
[1] Financial information for NCMI is presented for the latest reporting period available through which the Company accounted for its investment in NCMI under the equity method. Financial information for NCMI is presented for the latest reporting period available through which the Company accounted for its investment in NCMI under the equity method. |
INVESTMENTS IN AFFILIATES - Add
INVESTMENTS IN AFFILIATES - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Apr. 30, 2018 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
AC JV, LLC [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Cash distributions from equity investees | $ 5.7 | $ 2.9 | ||
AC JV, LLC [Member] | Film rentals and advertising | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Event fees | $ 16 | 13.3 | $ 6.2 | |
Digital Cinema Distribution Coalition | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Percentage of voting interest | 14.60% | |||
Payments for content delivery services | $ 0.6 | 0.5 | 0.6 | |
F E Concepts L L C [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Percentage of voting interest | 50% | |||
F E Concepts L L C [Member] | AWSR Investments, LLC | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Percentage of voting interest | 50% | |||
Cash distributions from equity investees | $ 0 | 4 | ||
Payments to Acquire Equity Method Investments | $ 20 | |||
Management fee revenues | $ 0.1 | $ 0.1 | $ 0.1 |
INVESTMENTS IN AFFILIATES - Sum
INVESTMENTS IN AFFILIATES - Summary of Activity for Each of Company's Other Investments (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Other Affiliates | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Investments, beginning balance | $ 22.6 | $ 25.2 | $ 23.8 | |
Equity in income of affiliates | 6.8 | 4.6 | 1.5 | |
Cash distributions received | (5.7) | (6.9) | ||
Other | [1] | (0.1) | (0.3) | (0.1) |
Investments, ending balance | 23.6 | 22.6 | 25.2 | |
AC JV, LLC [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Cash distributions received | (5.7) | (2.9) | ||
AC JV, LLC [Member] | Other Affiliates | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Investments, beginning balance | 4.2 | 3.7 | 3.7 | |
Equity in income of affiliates | 4.9 | 3.4 | 0 | |
Cash distributions received | (5.7) | (2.9) | ||
Other | [1] | 0 | 0 | 0 |
Investments, ending balance | 3.4 | 4.2 | 3.7 | |
Digital Cinema Distribution Coalition | Other Affiliates | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Investments, beginning balance | 1.8 | 1.8 | 1.3 | |
Equity in income of affiliates | 0.3 | 0 | 0.5 | |
Cash distributions received | 0 | 0 | ||
Other | [1] | 0 | 0 | 0 |
Investments, ending balance | 2.1 | 1.8 | 1.8 | |
FE Concepts, LLC | Other Affiliates | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Investments, beginning balance | 16.5 | 19.3 | 18.3 | |
Equity in income of affiliates | 1.6 | 1.2 | 1 | |
Cash distributions received | 0 | (4) | ||
Other | [1] | 0 | 0 | 0 |
Investments, ending balance | 18.1 | 16.5 | 19.3 | |
Other Investments | Other Affiliates | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Investments, beginning balance | [1] | 0.1 | 0.4 | 0.5 |
Equity in income of affiliates | [1] | 0 | 0 | 0 |
Cash distributions received | [1] | 0 | 0 | |
Other | [1] | (0.1) | (0.3) | (0.1) |
Investments, ending balance | [1] | $ 0 | $ 0.1 | $ 0.4 |
[1] Consists primarily of mark-to-market adjustment on an investment in marketable securities. |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS, NET - Summary of Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Goodwill [Line Items] | |||
Beginning Balance | [1] | $ 1,250.9 | $ 1,248.8 |
Foreign currency translation adjustments | 4.3 | 2.1 | |
Goodwill, Transfers | [2] | (4.2) | |
Ending Balance | [1] | 1,251 | 1,250.9 |
U.S. Operating Segment | |||
Goodwill [Line Items] | |||
Beginning Balance | [1] | 1,182.9 | 1,182.9 |
Foreign currency translation adjustments | 0 | 0 | |
Goodwill, Transfers | [2] | 0 | |
Ending Balance | [1] | 1,182.9 | 1,182.9 |
International Operating Segment | |||
Goodwill [Line Items] | |||
Beginning Balance | [1] | 68 | 65.9 |
Foreign currency translation adjustments | 4.3 | 2.1 | |
Goodwill, Transfers | [2] | (4.2) | |
Ending Balance | [1] | $ 68.1 | $ 68 |
[1] Balances are presented net of accumulated impairment losses of $ 214.0 for the U.S. operating segment and $ 43.8 for the international operating segment. Relates to the sale of the Company’s Ecuador subsidiary. See Note 8. |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS, NET - Summary of Goodwill (Parenthetical) (Detail) $ in Millions | Dec. 31, 2023 USD ($) |
U.S. Operating Segment | |
Goodwill [Line Items] | |
Accumulated impairment losses | $ 214 |
International Operating Segment | |
Goodwill [Line Items] | |
Accumulated impairment losses | $ 43.8 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS, NET - Intangible Assets-Net (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | ||||
Intangible Assets [Line Items] | |||||
Intangible assets with finite lives, Beginning balance | $ 77.7 | $ 81.7 | |||
ForeignCurrencyTranslationAdjustmentsAndOtherGross carrying amount | 0.1 | [1] | (4) | [2] | |
Intangible assets with finite lives, Ending balance | 77.8 | 77.7 | |||
Intangible assets with finite lives, Accumulated amortization, Beginning balance | (73.2) | (71) | |||
Accumulated amortization | (2.1) | (2.4) | |||
Foreign Currency Translation Adjustments And Other Accumulated Amortization | [2] | 0.2 | |||
Intangible assets with finite lives, Accumulated amortization, Ending balance | (75.3) | (73.2) | |||
Net intangible assets with finite lives, Beginning balance | 4.5 | 10.7 | |||
Foreign Currency Translation Adjustments and Other, Total intangible assets with finite lives, net | 0.1 | [1] | (3.8) | [2] | |
Foreign Currency Translation Adjustments And Other Indefinite Lived Intangible Assets | 0.2 | [1] | 0 | [2] | |
Net intangible assets with finite lives, Ending balance | 2.5 | 4.5 | |||
Indefinite-lived Intangible Assets, Tradename and Other, Beginning Balance | 300.1 | 300.1 | |||
Indefinite-Lived Intangible Assets Acquired | 0.4 | [3] | 0 | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill), Total | 0 | ||||
Intangible assets with indefinite lives, Disposals | [4] | (0.4) | |||
Indefinite-lived Intangible Assets, Tradename and Other, Ending Balance | 300.3 | 300.1 | |||
Total intangible assets - net, Beginning balance | 304.6 | 310.8 | |||
Amortization, intangible assets | (2.1) | (2.4) | |||
Other, Total intangible assets - net | 0.3 | [1] | (3.8) | [2] | |
Total intangible assets - net, Ending balance | 302.8 | $ 304.6 | |||
Tradename and Other [Member] | |||||
Intangible Assets [Line Items] | |||||
Indefinite-Lived Intangible Assets Acquired | [3] | 0.4 | |||
Intangible assets with indefinite lives, Disposals | [4] | $ (0.4) | |||
[1] Includes foreign currency translation adjustments Includes foreign currency translation adjustments and an impairment recorded for a U.S. intangible asset during 2022. See Note 12 for discussion of impairment evaluations performed during the year ended December 31, 2022 . Amount represents licenses acquired to sell alcoholic beverages for certain locations. Relates to the sale of the Company’s Ecuador subsidiary. See Note 8 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS - NET Estimated Aggregate Future Amortization Expense for Intangible Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets, Net [Abstract] | |||
Year ended December 31, 2024 | $ 2 | ||
Year ended December 31, 2025 | 0.5 | ||
Year ended December 31, 2026 | 0 | ||
Year ended December 31, 2027 | 0 | ||
Year ended December 31, 2028 | 0 | ||
Total | $ 2.5 | $ 4.5 | $ 10.7 |
IMPAIRMENT OF LONG-LIVED AND _3
IMPAIRMENT OF LONG-LIVED AND OTHER ASSETS - Summary of Long-Lived Asset Impairment Losses (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||||
Total impairment | $ 16.6 | $ 174.1 | $ 20.8 | ||
Investment In Ncm [Member] | |||||
Impaired Long Lived Assets Held And Used [Line Items] | |||||
Total impairment | 0.7 | 113.2 | [1] | ||
Us Operating Segment [Member] | |||||
Impaired Long Lived Assets Held And Used [Line Items] | |||||
Theatre properties | 6.6 | 19.7 | 6.4 | ||
Theatre operating lease right-of-use assets | 7.1 | 34 | 6.8 | ||
Investment | [2] | 0.7 | 113.2 | 0 | |
Other | 0 | 3.9 | 0 | ||
Total impairment | 14.4 | 170.8 | 13.2 | ||
International Operating Segment [Member] | |||||
Impaired Long Lived Assets Held And Used [Line Items] | |||||
Theatre properties | 0.7 | 2.2 | 4 | ||
Theatre operating lease right-of-use assets | 1.5 | 1.1 | 3.2 | ||
Intangible assets | 0 | 0 | 0.4 | ||
Total impairment | $ 0 | $ 3.3 | $ 7.6 | ||
[1] See Investment in National CineMedia below. See discussion at Investment in National CineMedia in Note 9 . |
ACCRUED OTHER CURRENT LIABILI_3
ACCRUED OTHER CURRENT LIABILITIES - Schedule of Accrued Other Current Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |||
Gift card liability | [1] | $ 73.6 | $ 64.5 |
Subscription membership program liability | [1] | 77.3 | 58.4 |
Discount vouchers (Supersavers) liability | [1] | 31.9 | 32.8 |
Other | [2] | 56.4 | 44.7 |
Total | $ 239.2 | $ 200.4 | |
[1] See discussion at Revenue Recognition Policy in Note 5. The only difference between accrued other current liabilities for Holdings, as presented above, and CUSA is an additional $ 0.3 and $ 0.1 in other as of December 31, 2022 and 2023 , respectively. |
ACCRUED OTHER CURRENT LIABILI_4
ACCRUED OTHER CURRENT LIABILITIES - Schedule of Accrued Other Current Liabilities (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accrued other current liabilities, including accounts payable to subsidiaries | $ 239.2 | $ 200.4 |
Additional gap amount | $ 0.1 | $ 0.3 |
LONG-TERM DEBT - Components of
LONG-TERM DEBT - Components of Long-Term Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Total long-term debt carrying value | [1] | $ 2,432.1 | |
CUSA [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt carrying value | 1,972.1 | $ 2,056.6 | |
Less: Current portion | 7.8 | 10.7 | |
Less: Debt issuance costs, net of accumulated amortization and original issue discount | 27.5 | 22.9 | |
Long-term debt, less current portion, net of unamortized debt issuance costs and original issue discount | 1,936.8 | 2,023 | |
CNK [Member] | |||
Debt Instrument [Line Items] | |||
Cinemark USA, Inc. term loan due 2025 | 645.1 | 626.5 | |
Other | 10.1 | ||
Total long-term debt carrying value | [2] | 2,432.1 | 2,516.6 |
Less: Current portion | 7.8 | 10.7 | |
Less: Debt issuance costs, net of accumulated amortization and original issue discount | [2] | 33 | 31.9 |
Long-term debt, less current portion, net of unamortized debt issuance costs and original issue discount | [2] | 2,391.3 | 2,474 |
4.500% convertible senior notes due 2025 | CNK [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | 460 | 460 | |
8.750% Senior Secured Notes Due 2025 | CNK [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | 150 | 250 | |
5.875% senior notes due 2026 | CNK [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | 405 | 405 | |
5.250% senior notes due 2028 | CNK [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | 765 | $ 765 | |
Other | $ 7 | ||
[1] The only difference between the long-term debt maturity payments for Holdings, as presented above, and those for CUSA is the $ 460.0 repayment of Holdings’ 4.50 % Convertible Senior Notes in 2025. The only differences between the long-term debt for Holdings, as presented above, and the long-term debt for CUSA are the $ 460.0 million 4.50 % Convertible Senior Notes due 2025 and the related debt issuance costs. |
LONG-TERM DEBT - Components o_2
LONG-TERM DEBT - Components of Long-Term Debt (Parenthetical) (Detail) - Parent Company [Member] - USD ($) $ in Millions | Dec. 31, 2023 | Aug. 21, 2020 |
Debt Instrument [Line Items] | ||
Aggregate principal amount | $ 460 | $ 460 |
Convertible senior notes percentage | 4.50% | 4.50% |
LONG-TERM DEBT - Schedule of Ca
LONG-TERM DEBT - Schedule of Carrying Values and Fair Values of Debt Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
CNK [Member] | |||
Debt Instrument [Line Items] | |||
Long-Term Debt, Fair Value | [1] | $ 2,460.3 | $ 2,210.5 |
CUSA [Member] | |||
Debt Instrument [Line Items] | |||
Long-Term Debt, Fair Value | $ 1,903.8 | $ 1,771.3 | |
[1] The fair value of the 4.50 % convertible notes was $ 439.2 and $ 556.5 as of December 31, 2022 and , respectively. |
LONG-TERM DEBT - Schedule of _2
LONG-TERM DEBT - Schedule of Carrying Values and Fair Values of Debt Instruments (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Interest rate | 4.50% | 4.50% |
Convertible Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-Term Debt, Fair Value | $ 556.5 | $ 439.2 |
LONG-TERM DEBT - Additional Inf
LONG-TERM DEBT - Additional Information (Detail) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||
May 01, 2023 USD ($) | Aug. 21, 2020 USD ($) Tradingday $ / shares | Apr. 20, 2020 USD ($) | May 26, 2023 USD ($) | Jun. 15, 2021 USD ($) | May 21, 2021 USD ($) | Mar. 16, 2021 USD ($) | Dec. 31, 2023 USD ($) Tradingday Agreement $ / shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) Tradingday | |
Debt Instrument [Line Items] | |||||||||||
Interest rate | 4.50% | 4.50% | |||||||||
Legal and other fees | $ 0.5 | ||||||||||
Average interest rate on outstanding borrowings | 7.10% | ||||||||||
Multiple Consolidated Interest Expense Under Subcondition Two Of Condition Two Under Dividend Restriction | 0.0175 | ||||||||||
Loss accumulated on swaps prior to the amendments | $ 5.1 | ||||||||||
Amortization of accumulated losses for amended swap agreements | (6.4) | $ 4.5 | $ 4.5 | ||||||||
Loss on debt extinguishment and refinancing | (10.7) | 0 | (6.5) | ||||||||
Loans Amount | 35.8 | $ 35.8 | |||||||||
Restricted payments available amount | 599.1 | ||||||||||
CUSA [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayments of long-term debt | 10.6 | 28.1 | 10.3 | ||||||||
Payment of debt issuance costs | $ 7.5 | 0 | 17.3 | ||||||||
Total Leverage Ratio, Percentage | 0.25% | ||||||||||
Debt instrument, maturity date | May 24, 2030 | ||||||||||
Proceeds, Net From Long Term Borrowing | $ 632.7 | ||||||||||
Fair value of long-term debt | 1,903.8 | 1,771.3 | |||||||||
Debt issuance costs | 27.5 | 22.9 | |||||||||
Loss on debt extinguishment and refinancing | $ 10.7 | $ 0 | $ 6.5 | ||||||||
Interest Rate Swap | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of Interest Rate Swap Agreements Amended | Agreement | 3 | ||||||||||
Interest Rate Swap Agreements Three | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maturity Date | Dec. 31, 2026 | ||||||||||
Derivative, Notional Amount | $ 175 | ||||||||||
Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Net Total Leverage Ratio | 1% | ||||||||||
Net Total Leverage Ratio Minimum | 1% | ||||||||||
Net Total Leverage Ratio Maximum | 1% | ||||||||||
Minimum | CUSA [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage of variable margin rate added to Eurodollar rate | 0.20% | ||||||||||
Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Net Total Leverage Ratio | 2.75% | ||||||||||
Net Total Leverage Ratio Minimum | 2.75% | ||||||||||
Net Total Leverage Ratio Maximum | 5% | ||||||||||
Maximum | CUSA [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage of variable margin rate added to Eurodollar rate | 0.375% | ||||||||||
Senior Secured Credit Facility | CUSA [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount of add-on to Senior Notes | $ 775 | ||||||||||
Amended Senior Secured Credit Facility | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior secured leverage ratio required | 1% | ||||||||||
Amended Senior Secured Credit Facility | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior secured leverage ratio required | 3.50% | ||||||||||
4.50 % Convertible Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount of add-on to Senior Notes | $ 460 | ||||||||||
Interest rate | 4.50% | 4.50% | 4.50% | ||||||||
Debt instrument, maturity date | Aug. 15, 2025 | ||||||||||
Conversion price per share, percentage | 130% | ||||||||||
Initial conversion price | $ / shares | $ 14.35 | $ 14.35 | |||||||||
Trading price per principal amount of notes | $ 1,000 | ||||||||||
Percentage of product of last reported sale price of common stock and conversion rate | 98% | ||||||||||
Debt conversion, description | (1) during the five business day period after any five consecutive trading day period, or the measurement period, in which the trading price per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of Holdings’ common stock and the conversion rate on each such trading day; (2) if Holdings distributes to all or substantially all stockholders (i) rights options or warrants entitling them to purchase shares at a discount to the recent average trading price of Holdings’ common stock (including due to a stockholder rights plan) or (ii) Holdings’ assets or securities or rights, options or warrants to purchase the same with a per share value exceeding 10% of the trading price of Holdings’ stock, (3) upon the occurrence of specified corporate events as described further in the indenture, or (4) during any calendar quarter commencing after the calendar quarter ending on September 30, 2020 (and only during such calendar quarter), if the last reported sale price of Holdings’ common stock for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to $18.66 per share (130% of the initial conversion price of $14.35 per share), on each applicable trading day. Beginning May 15, 2025, holders may convert their 4.50% Convertible Senior Notes at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion of the 4.50% Convertible Senior Notes, Holdings will pay or deliver cash, shares of Holdings’ common stock or a combination of cash and shares of Holdings’ common stock, at Holdings’ election. | ||||||||||
Debt instrument, convertible, latest date | May 15, 2025 | ||||||||||
Debt instrument, convertible, threshold trading days | Tradingday | 20 | ||||||||||
Debt instrument, convertible, threshold consecutive trading days | Tradingday | 30 | ||||||||||
Debt instrument, convertible, conversion ratio per 1000 principal amount | 69.6767 | ||||||||||
Total cost of the Hedge Transactions | $ 142.1 | ||||||||||
Warrants, per share | $ / shares | $ 22.08 | ||||||||||
Cash proceeds from the sale of the warrants | $ 89.4 | ||||||||||
4.50 % Convertible Senior Notes | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Sale price per share | $ / shares | $ 18.66 | ||||||||||
Debt instrument, convertible, threshold trading days | Tradingday | 20 | ||||||||||
4.50 % Convertible Senior Notes | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, convertible, threshold trading days | Tradingday | 30 | ||||||||||
4.875 % Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount of add-on to Senior Notes | $ 755 | ||||||||||
Interest rate | 4.875% | ||||||||||
Tender offer amount | $ 755 | ||||||||||
Remaining principal amount of optional redemption | $ 755 | ||||||||||
Outstanding principal at the redemption price percentage | 100% | ||||||||||
Loss on debt extinguishment and refinancing | $ (3.9) | ||||||||||
4.875 % Senior Notes | Unamortized Debt Issuance Costs | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Unamortized debt issuance costs | 3.3 | ||||||||||
4.875 % Senior Notes | Payment of Fees | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Unamortized debt issuance costs | 0.6 | ||||||||||
5.125% Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Tender offer amount | $ 334 | ||||||||||
Remaining principal amount of optional redemption | $ 66 | ||||||||||
Outstanding principal at the redemption price percentage | 100% | ||||||||||
Loss on debt extinguishment and refinancing | (2.6) | ||||||||||
5.125% Senior Notes | Unamortized Debt Issuance Costs | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Unamortized debt issuance costs | 1.2 | ||||||||||
5.125% Senior Notes | Payment of Fees | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Unamortized debt issuance costs | $ 1.4 | ||||||||||
5.250% Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount of add-on to Senior Notes | $ 765 | ||||||||||
Interest rate | 5.25% | 5.25% | |||||||||
Debt instrument, maturity date | Jul. 15, 2028 | ||||||||||
Debt Instrument Issue Discount | 101% | ||||||||||
Debt issuance costs | $ 10.7 | ||||||||||
5.875% Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount of add-on to Senior Notes | $ 405 | ||||||||||
Interest rate | 5.875% | 5.875% | |||||||||
Disclosure of dividend restrictions associated with the debt agreement | $ 3,556.8 | ||||||||||
Debt instrument, maturity date | Mar. 15, 2026 | ||||||||||
Debt Instrument Issue Discount | 101% | 101% | |||||||||
Debt issuance costs | $ 6 | ||||||||||
5.875% Senior Notes | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt covenants, required minimum coverage ratio | 1% | ||||||||||
Actual coverage ratio | 1% | ||||||||||
5.875% Senior Notes | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt covenants, required minimum coverage ratio | 2% | ||||||||||
Actual coverage ratio | 5.50% | ||||||||||
8.750 % Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount of add-on to Senior Notes | $ 100 | $ 250 | |||||||||
Interest rate | 8.75% | 8.75% | 8.75% | ||||||||
Premium Paid on the Redemption of Bond | $ 2.2 | ||||||||||
Loss on extinguishment of debt | $ 3.4 | ||||||||||
Debt Instrument Accrued Interest | 106.6 | ||||||||||
Debt instrument, maturity date | May 01, 2025 | ||||||||||
Debt Instrument Issue Discount | 101% | ||||||||||
Remaining principal amount of optional redemption | 150 | ||||||||||
Unamortized debt issuance costs | 1.2 | ||||||||||
8.750 % Senior Notes | CUSA [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount of add-on to Senior Notes | $ 100 | ||||||||||
Senior Secured Notes Due 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 8.75% | ||||||||||
Convertible Senior Notes Due 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 4.50% | ||||||||||
Convertible Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Fair value of long-term debt | $ 556.5 | $ 439.2 | |||||||||
8.75 % Senior Notes Due June 1, 2024 | CUSA [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Option rates | 100% | ||||||||||
International Segment | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 4% | ||||||||||
Repayments of principal loan amount | $ 4.1 | $ 21.5 | |||||||||
Prior | 8.75 % Senior Notes Due June 1, 2024 | CUSA [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Option rates | 102.188% | ||||||||||
Revolving Credit Facility [Member] | CUSA [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Revolving credit line, maturity date | May 26, 2028 | ||||||||||
Revolving Credit Facility [Member] | Amended Senior Secured Credit Facility | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior secured leverage ratio required | 1% | ||||||||||
Revolving Credit Facility [Member] | Amended Senior Secured Credit Facility | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior secured leverage ratio required | 0.30% | ||||||||||
Term Loan Credit facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage of variable margin rate added to Eurodollar rate | 2.75% | ||||||||||
Amount outstanding under the term loan | $ 645.1 | ||||||||||
Percentage of Variable Rate added to Secured Overnight Financing Rate | 0.50% | ||||||||||
Term Loan Credit facility | CUSA [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Unamortized Debt Issuance Expense | $ 4.7 | ||||||||||
Lender Fees Paid on Debt Extinguishment | 2.1 | ||||||||||
Debt Issuance Costs Capitalized | 7.5 | ||||||||||
Original issue discount | 9.8 | ||||||||||
Repayments of long-term debt | 628.3 | ||||||||||
Debt issuance costs | $ 10.1 | ||||||||||
Term Loan Credit facility | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Net Total Leverage Ratio | 1% | ||||||||||
Term Loan Credit facility | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Net Total Leverage Ratio | 2.13% | ||||||||||
Term Loan Credit facility | Senior Secured Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Quarterly principal payments due | $ 1.6 | ||||||||||
Debt instrument description of interest | SOFR for a period of 1, 3, or 6 months (depending upon the Interest Period (as defined in the Credit Agreement) chosen by CUSA) (the "Term SOFR Rate"), subject to a floor of 0.50% per annum, plus an applicable margin of 3.75% per annum | ||||||||||
Term Loan Credit facility | Senior Secured Credit Facility | CUSA [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount of add-on to Senior Notes | $ 650 | ||||||||||
Final principal payment due date | May 24, 2030 | ||||||||||
Last quarterly payment date | Dec. 31, 2030 | ||||||||||
Term Loan Credit facility | Amended Senior Secured Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage of variable margin rate added to Eurodollar rate | 3.75% | ||||||||||
Percentage of Variable Rate added to Federal Reserve Bank Effective Rate | 1% | ||||||||||
Percentage of Variable Rate added to Alternate Base Rate | 1% | ||||||||||
Term Loan Credit facility | 5.250% Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 5.25% | ||||||||||
Revolving Credit Line | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage of Variable Rate added to Alternate Base Rate | 1% | ||||||||||
Revolving Credit Line | Senior Secured Credit Facility | CUSA [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount of add-on to Senior Notes | $ 125 | ||||||||||
Revolving Credit Line | Amended Senior Secured Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage of variable margin rate added to Eurodollar rate | 3.25% | ||||||||||
Percentage of Variable Rate added to Alternate Base Rate | 1.50% | ||||||||||
Amount outstanding under the revolving credit line | $ 0 | ||||||||||
Revolving Credit Line | Amended Senior Secured Credit Facility | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage of Variable Rate added to Secured Overnight Financing Rate | 3% | ||||||||||
Percentage of Variable Rate added to Alternate Base Rate | 2% | ||||||||||
Revolving Credit Line | Amended Senior Secured Credit Facility | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage of Variable Rate added to Secured Overnight Financing Rate | 3.50% | ||||||||||
Percentage of Variable Rate added to Alternate Base Rate | 2.50% |
LONG-TERM DEBT - Summary of Bor
LONG-TERM DEBT - Summary of Borrowings of International Subsidiaries (Detail) | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Interest rate | 4.50% | 4.50% |
LONG-TERM DEBT - Maturities of
LONG-TERM DEBT - Maturities of Long-Term Debt, Excluding Unamortized Debt Issuance Costs (Detail) $ in Millions | Dec. 31, 2023 USD ($) | |
Debt Disclosure [Abstract] | ||
2024 | $ 7.8 | |
2025 | 617.7 | |
2026 | 412.7 | |
2027 | 7.7 | |
2028 | 772.7 | |
Thereafter | 613.5 | |
Total | $ 2,432.1 | [1] |
[1] The only difference between the long-term debt maturity payments for Holdings, as presented above, and those for CUSA is the $ 460.0 repayment of Holdings’ 4.50 % Convertible Senior Notes in 2025. |
LONG-TERM DEBT - Maturities o_2
LONG-TERM DEBT - Maturities of Long-Term Debt, Excluding Unamortized Debt Issuance Costs (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Interest rate | 4.50% | 4.50% |
CNK [Member] | ||
Debt Instrument [Line Items] | ||
Repayments of holding's | $ 460 | |
Interest rate | 4.50% |
LONG-TERM DEBT - Summary of Com
LONG-TERM DEBT - Summary of Company's Interest Rate Swap Agreements Designated as Cash Flow Hedges (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Feb. 29, 2024 | Jan. 31, 2024 | ||
Interest Rate Swap Agreement 1 | ||||
Debt Instrument [Line Items] | ||||
Effective Date | Feb. 29, 2024 | |||
Pay Rate | 3.21% | |||
Expiration Date | Dec. 31, 2026 | |||
Interest Rate Swap Agreement 2 | ||||
Debt Instrument [Line Items] | ||||
Effective Date | Jan. 31, 2024 | |||
Pay Rate | 3.17% | |||
Expiration Date | Dec. 31, 2027 | |||
Designated as Hedging Instrument | Cash Flow Hedging | ||||
Debt Instrument [Line Items] | ||||
Estimated Fair Value | [1] | $ 9.9 | ||
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap Agreement 1 | ||||
Debt Instrument [Line Items] | ||||
Notional Amount | [2] | $ 137.5 | ||
Pay Rate | [2] | 2.08% | ||
Receive Rate | [2] | 1-Month Term SOFR | ||
Expiration Date | [2] | Dec. 31, 2024 | ||
Estimated Fair Value | [1],[2] | $ 3.5 | ||
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap Agreement 2 | ||||
Debt Instrument [Line Items] | ||||
Notional Amount | [3] | $ 137.5 | ||
Pay Rate | [3] | 2.15% | ||
Receive Rate | [3] | 1-Month Term SOFR | ||
Expiration Date | [3] | Dec. 31, 2024 | ||
Estimated Fair Value | [1],[3] | $ 3.5 | ||
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap Agreement 3 | ||||
Debt Instrument [Line Items] | ||||
Notional Amount | $ 175 | |||
Pay Rate | 3.20% | |||
Receive Rate | 1-Month Term SOFR | |||
Expiration Date | Dec. 31, 2026 | |||
Estimated Fair Value | [1] | $ 2.9 | ||
[1] Approximately $ 9.7 of the total is included in prepaid expenses and other and $ 0.2 is included in deferred charges on the consolidated balance sheet as of December 31, 2023 . In February 2024, the Company amended and extended the second of its two then existing $ 137.5 notional amount interest rate swap agreements to amend the pay rate to 3.21 % and extend the maturity date to December 31, 2026 , effective February 29, 2024 . In January 2024, the Company amended and extended one of its two then existing $ 137.5 notional amount interest rate swap agreements to amend the pay rate to 3.17 % and extend the maturity date to December 31, 2027 , effective January 31, 2024 . |
LONG-TERM DEBT - Summary of C_2
LONG-TERM DEBT - Summary of Company's Interest Rate Swap Agreements Designated as Cash Flow Hedges (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 29, 2024 | Jan. 31, 2024 | |
Interest Rate Swap Agreement 1 | |||
Debt Instrument [Line Items] | |||
Pay Rate | 3.21% | ||
Effective Date | Feb. 29, 2024 | ||
Maturity Date | Dec. 31, 2026 | ||
Interest Rate Swap Agreement 2 | |||
Debt Instrument [Line Items] | |||
Existing Notional Amount | $ 137.5 | $ 137.5 | |
Pay Rate | 3.17% | ||
Effective Date | Jan. 31, 2024 | ||
Maturity Date | Dec. 31, 2027 | ||
prepaid Expenses and Other | |||
Debt Instrument [Line Items] | |||
Estimated Fair Value | $ 9.7 | ||
Other Assets | |||
Debt Instrument [Line Items] | |||
Estimated Fair Value | $ 0.2 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Detail) - Fair Value Measurements, Recurring - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Interest rate swap assets | [1] | $ 9.9 | $ 20.4 |
Investment In NCMI | [2] | 18.1 | |
Level 1 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Interest rate swap assets | [1] | 0 | 0 |
Investment In NCMI | [2] | 0 | |
Level 2 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Interest rate swap assets | [1] | 9.9 | 20.4 |
Investment In NCMI | [2] | 18.1 | |
Level 3 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Interest rate swap assets | [1] | 0 | $ 0 |
Investment In NCMI | [2] | $ 0 | |
[1] See further discussion of interest rate swaps at Note 14. See further discussion of investment in NCMI at Note 9. |
FAIR VALUE MEASUREMENTS - Addit
FAIR VALUE MEASUREMENTS - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |||
Fair value, asset transfers out of Level 3 | $ 0 | $ 0 | $ 0 |
FOREIGN CURRENCY TRANSLATION -
FOREIGN CURRENCY TRANSLATION - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Foreign Currency Translation [Line Items] | |||
Cumulative foreign currency losses | $ (384.9) | $ (389.8) | |
Cumulative inflation rate | 100% | ||
Cumulative inflation period | 3 years | ||
Blue Chip Swap [Member] | |||
Foreign Currency Translation [Line Items] | |||
Foreign currency exchange and other related loss | $ 12.4 | ||
Argentina | |||
Foreign Currency Translation [Line Items] | |||
Foreign currency exchange and other related loss | (24.2) | 8.5 | $ 0.2 |
CNK [Member] | |||
Foreign Currency Translation [Line Items] | |||
Accumulated other comprehensive loss | (363.9) | (353.2) | |
Foreign currency exchange and other related loss | (28.8) | (11.5) | (1.3) |
CUSA [Member] | |||
Foreign Currency Translation [Line Items] | |||
Accumulated other comprehensive loss | (366.7) | (356.3) | |
Foreign currency exchange and other related loss | $ (28.8) | $ (11.5) | $ (1.3) |
FOREIGN CURRENCY TRANSLATION _2
FOREIGN CURRENCY TRANSLATION - Summary of Impact of Translating Financial Statements of Company's International Subsidiaries (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Foreign Currency Translation [Line Items] | |||
Other comprehensive Income (Loss) | $ 4,900 | $ 4,600 | $ (18,800) |
Brazil | |||
Foreign Currency Translation [Line Items] | |||
Exchange Rate | 4.85 | 5.29 | 5.57 |
Other comprehensive Income (Loss) | $ 5,500 | $ 2,700 | $ (4,700) |
Colombia | |||
Foreign Currency Translation [Line Items] | |||
Exchange Rate | 3,885.85 | 4,810.19 | 3,981.16 |
Other comprehensive Income (Loss) | $ 1,200 | $ 0 | $ (100) |
Chile | |||
Foreign Currency Translation [Line Items] | |||
Exchange Rate | 879.54 | 852 | 852.02 |
Other comprehensive Income (Loss) | $ (3,100) | $ 300 | $ (10,900) |
Peru | |||
Foreign Currency Translation [Line Items] | |||
Exchange Rate | 3.75 | 3.81 | 4.02 |
Other comprehensive Income (Loss) | $ 300 | $ 1,300 | $ (2,800) |
Other foreign countries | |||
Foreign Currency Translation [Line Items] | |||
Other comprehensive Income (Loss) | $ 1,000 | $ 300 | $ (300) |
NON-CONTROLLING INTEREST IN SUB
NON-CONTROLLING INTEREST IN SUBSIDIARIES (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | $ 9 | $ 9.3 |
Cinemark Partners Second | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | 7.4 | 7.7 |
Laredo Theatre | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | 0.3 | 0.2 |
Greeley Ltd | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | 0.8 | 0.9 |
Other | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | $ 0.5 | $ 0.5 |
NON-CONTROLLING INTEREST IN S_2
NON-CONTROLLING INTEREST IN SUBSIDIARIES - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Noncontrolling Interest [Abstract] | |||
Changes in ownership interest in subsidiaries | $ 0 | $ 0 | $ 0 |
CAPITAL STOCK - Additional Info
CAPITAL STOCK - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stockholders Equity Note [Line Items] | |||
Preferred stock, shares issued | 0 | ||
Preferred stock, shares outstanding | 0 | ||
CUSA | |||
Stockholders Equity Note [Line Items] | |||
Preferred stock, shares issued | 0 | ||
Preferred stock, shares outstanding | 0 | ||
Preferred stock shares authorized | 1,000,000 | ||
Preferred stock par value | $ 1 | ||
CUSA | Class A Common Stock | |||
Stockholders Equity Note [Line Items] | |||
Common stock, shares outstanding | 1,500 | ||
Common stock voting rights | Holders of Class A common stock have exclusive voting rights | ||
CUSA | Class B Common Stock | |||
Stockholders Equity Note [Line Items] | |||
Common stock, shares outstanding | 182,600 | ||
Common stock voting rights | Holders of Class B common stock have no voting rights except upon any proposed amendments to the articles of incorporation | ||
Restricted Stock | |||
Stockholders Equity Note [Line Items] | |||
Number of restricted shares granted | 1,380,000 | 880,000 | 1,240,000 |
Market value of common stock on the dates of grant | $ 12.07 | $ 16.4 | $ 21.91 |
Number of restricted stock unit awards that vested during the period | 780,000 | 950,000 | 620,000 |
Restricted Stock | CUSA Employees and Holdings Directors | |||
Stockholders Equity Note [Line Items] | |||
Number of restricted shares granted | 1,400,000 | ||
Restricted Stock | Minimum | CUSA Employees and Holdings Directors | |||
Stockholders Equity Note [Line Items] | |||
Market value of common stock on the dates of grant | $ 11.19 | ||
Forfeiture rate for restricted stock awards | 0% | ||
Award vesting period for restricted stock | 1 year | ||
Restricted Stock | Maximum | CUSA Employees and Holdings Directors | |||
Stockholders Equity Note [Line Items] | |||
Market value of common stock on the dates of grant | $ 19.07 | ||
Forfeiture rate for restricted stock awards | 10% | ||
Award vesting period for restricted stock | 3 years | ||
Restricted Stock Units (RSUs) | |||
Stockholders Equity Note [Line Items] | |||
Market value of common stock on the dates of grant | $ 11.68 | $ 16.65 | |
Number of restricted stock unit awards that vested during the period | 140,000 | 100,000 | 230,000 |
Unrecognized compensation expense | $ 12.6 | ||
Remaining Compensation Expense recognition period (in years) | 1 year 8 months 12 days | ||
Number of hypothetical shares of common stock | 1,500,000 | 800,000 | |
Number of hypothetical shares of common stock at maximum IRR level | 1,700,000 |
CAPITAL STOCK - Summary of Trea
CAPITAL STOCK - Summary of Treasury Stock Activity (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Treasury Stock, Number of Shares and Restriction Disclosures [Abstract] | |||||
Treasury Stock Shares | 6,000,000 | 5,680,000 | 5,350,000 | 5,050,000 | |
Restricted stock withholdings | [1] | 220,000 | 260,000 | 240,000 | |
Restricted stock forfeitures | [2] | 100,000 | 70,000 | 60,000 | |
Beginning Balance, Cost | $ 95.4 | $ 91.1 | $ 87 | ||
Restricted stock withholdings | [1] | 2.9 | 4.3 | 4.1 | |
Restricted stock forfeitures | [2] | 0 | 0 | 0 | |
Ending Balance, Cost | $ 98.3 | $ 95.4 | $ 91.1 | ||
[1] Holdings withheld shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock and restricted stock units. Holdings determined the number of shares to be withheld based upon market values of the common stock of Holdings on the vest dates. Below is a summary of the range of market values per share on the vest dates for the years indicated: Holdings repurchased forfeited restricted shares at a cost of $ 0.001 per share in accordance with the 2017 Omnibus Plan. |
CAPITAL STOCK - Summary of Tr_2
CAPITAL STOCK - Summary of Treasury Stock Activity (Detail) (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Treasury Stock [Line Items] | |||
Common stock repurchased value as result of restricted stock forfeitures | $ 0.001 | ||
Minimum | |||
Schedule of Treasury Stock [Line Items] | |||
Market Value of Restricted Shares | $ 11.16 | $ 12.11 | 15.21 |
Maximum | |||
Schedule of Treasury Stock [Line Items] | |||
Market Value of Restricted Shares | $ 18.36 | $ 18.3 | $ 24.14 |
CAPITAL STOCK - Summary of Rest
CAPITAL STOCK - Summary of Restricted Stock Activity (Detail) - Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Shares of Restricted Stock | |||
Shares of Restricted Stock, Beginning balance | 1,850,000 | 1,990,000 | 1,430,000 |
Shares of Restricted Stock, Granted | 1,380,000 | 880,000 | 1,240,000 |
Shares of Restricted Stock, Vested | (780,000) | (950,000) | (620,000) |
Shares of Restricted Stock, Forfeited | (100,000) | (70,000) | (60,000) |
Shares of Restricted Stock, Ending balance | 2,350,000 | 1,850,000 | 1,990,000 |
Weighted Average Grant Date Fair Value | |||
Weighted Average Grant Date Fair Value Outstanding, Beginning | $ 20.64 | $ 21.73 | $ 21.11 |
Weighted Average Grant Date Fair Value, Granted | 12.07 | 16.4 | 21.91 |
Weighted Average Grant Date Fair Value, Vested | 21.04 | 19.13 | 20.92 |
Weighted Average Grant Date Fair Value, Forfeited | 16.4 | 18.91 | 18.96 |
Weighted Average Grant Date Fair Value Outstanding, Ending | $ 15.67 | $ 20.64 | $ 21.73 |
CAPITAL STOCK - Schedule of Est
CAPITAL STOCK - Schedule of Estimated Remaining Expense (Detail) - Restricted Stock Units (RSUs) [Member] $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Estimated remaining expense | $ 18.4 | [1] |
Cinemark Partners Second [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Estimated remaining expense | 17.8 | [1] |
Cinemark Holdings Inc [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Estimated remaining expense | $ 0.6 | |
[1] The weighted average period over which this remaining compensation expense will be recognized by both Holdings and CUSA is approximately 1.5 years. |
CAPITAL STOCK - Schedule of E_2
CAPITAL STOCK - Schedule of Estimated Remaining Expense (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Cinemark Partners Second [Member] | Restricted Stock Units (RSUs) [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Weighted average period remaining | 1 year 6 months |
CAPITAL STOCK - Summary of Perf
CAPITAL STOCK - Summary of Performance Metrics and Measurement Period of Performance Award (Detail) | 12 Months Ended | |
Dec. 31, 2023 $ / shares | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Restricted stock units that vest at maximum performance targets | $ 1.47 | |
If performance metrics are at the maximum | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Restricted stock units that vest at maximum performance targets | $ 1.47 | [1] |
Restricted Stock Units (RSUs) | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Performance Measurement Period | Three years with additional service requirement to the third anniversary of the date of the grant | |
Maximum Performance Target Level | 200% of target level | |
Percentage of maximum restricted stock units vest | 50% | [1] |
Restricted stock units that vest at maximum performance targets | $ 0.73 | [1] |
Estimated forfeiture rates | 5% | |
Restricted Stock Units (RSUs) | If performance metrics meet the target level | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Percentage of maximum restricted stock units vest | 25% | [1] |
Restricted Stock Units (RSUs) | Stock units vest if performance metrics meet the threshold level | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Restricted stock units that vest at maximum performance targets | $ 0.37 | [1] |
Restricted Stock Units (RSUs) | If performance metrics are at the maximum | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Percentage of maximum restricted stock units vest | 100% | [1] |
Restricted Stock Units (RSUs) | Estimated to be achieved at the time units were issued | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Most likely performance metrics outcome estimated | Target | |
[1] Number of PSUs that vest based on maximum amount of PSUs that could vest of 1.47 . |
CAPITAL STOCK - Summary of Pe_2
CAPITAL STOCK - Summary of Performance Metrics and Measurement Period of Performance Award (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2023 $ / shares | |
Share-Based Payment Arrangement [Abstract] | |
Restricted stock units that vest at maximum performance targets | $ 1.47 |
CAPITAL STOCK - Summary of Re_2
CAPITAL STOCK - Summary of Restricted Stock Units Granted (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Restricted Stock Units (RSUs) | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Estimated forfeiture rates | 5% |
CAPITAL STOCK - Summary of Re_3
CAPITAL STOCK - Summary of Restricted Stock and Restricted Stock Unit Award Activity (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense recognized during the period | $ 16,300,000 | $ 15,800,000 | $ 22,900,000 | |
Fair value of vested restricted stock held by: | 10,400,000 | 15,900,000 | 11,000,000 | |
Income tax benefit recognized upon vesting of restricted stock awards held by: | $ 900,000 | $ 2,800,000 | $ 1,100,000 | |
Number of restricted stock unit awards that vested during the period | 780,000 | 950,000 | 620,000 | |
Restricted Stock | CUSA Employees | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense recognized during the period | [1] | $ 15,100,000 | $ 14,800,000 | $ 22,000,000 |
Fair value of vested restricted stock held by: | 9,100,000 | 15,300,000 | 9,700,000 | |
Income tax benefit recognized upon vesting of restricted stock awards held by: | 600,000 | 2,700,000 | 800,000 | |
Restricted Stock | Holdings Directors | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense recognized during the period | 1,200,000 | 1,000,000 | 900,000 | |
Fair value of vested restricted stock held by: | 1,300,000 | 600,000 | 1,300,000 | |
Income tax benefit recognized upon vesting of restricted stock awards held by: | 300,000 | 100,000 | 300,000 | |
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense recognized during the period | [1] | 8,700,000 | 5,700,000 | 6,400,000 |
Fair value of vested restricted stock held by: | 1,800,000 | 1,700,000 | 4,100,000 | |
Income tax benefit recognized upon vesting of restricted stock awards held by: | $ (800,000) | $ 0 | $ 700,000 | |
Number of restricted stock unit awards that vested during the period | 140,000 | 100,000 | 230,000 | |
Accumulated dividends paid upon vesting of restricted stock unit awards | $ 200,000 | $ 300,000 | $ 100,000 | |
[1] The former CEO of Holdings retired on December 31, 2021 and all of his outstanding unvested restricted stock units vested upon his retirement in accordance with his employment agreement. Holdings recorded incremental compensation expense of $ 2.4 related to the accelerated vesting of these awards during the year ended December 31, 2021. |
CAPITAL STOCK - Summary of Re_4
CAPITAL STOCK - Summary of Restricted Stock and Restricted Stock Unit Award Activity (Detail) (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted Stock | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Incremental compensation expense | $ 4.3 | ||
Restricted Stock Units (RSUs) | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Dividends payable to former CEO | $ 0.2 | $ 0.3 | 0.1 |
Incremental compensation expense | $ 2.4 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION - Supplemental Information to Condensed Consolidated Statements of Cash Flows (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Schedule Of Cash Flow Supplemental [Line Items] | |||||
Cash paid for interest by Holdings | [1] | $ 151.3 | $ 140.7 | $ 108.2 | |
(Refunds received) cash paid for income taxes, net | 22.3 | 4.6 | (136.5) | ||
Cash deposited in (transferred from) restricted accounts | [2] | (10.8) | (14.9) | (11.9) | |
Noncash investing and financing activities: | |||||
Interest expense - NCM | (22.6) | (23.2) | (23.6) | ||
Change in accounts payable and accrued expenses for the acquisition of theatre properties and equipment | [3] | 5.4 | (3.8) | 20.1 | |
Theatre properties acquired under finance leases | 0 | [3] | 0 | 0.7 | |
Investment in NCMI/NCM - receipt of common units | 0 | [3] | 1.3 | 10.2 | |
CUSA | |||||
Schedule Of Cash Flow Supplemental [Line Items] | |||||
Cash paid for interest by CUSA | $ 130.6 | $ 109.1 | $ 87.8 | ||
[1] Includes the cash interest paid by CUSA. Represents cash deposited in (transferred out) of collateral account during the period to support the issuance of letters of credit to lenders, net of returned deposits from such accounts upon the repayment of related debt. Additions to theatre properties and equipment included in accounts payable as of December 31, 2022 and 2023 were $ 12.0 and $ 6.6 respectively. |
SUPPLEMENTAL CASH FLOW INFORM_4
SUPPLEMENTAL CASH FLOW INFORMATION - Supplemental Information to Condensed Consolidated Statements of Cash Flows (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | ||
Additions to theatre properties and equipment included in accounts payable | $ 6.6 | $ 12 |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Line Items] | ||||
Tax credit carryforwards expiring year description | the Company remained in a three-year cumulative pre-tax loss domestically and in certain foreign jurisdictions. This is heavily weighted as objectively verifiable negative evidence and, as a result, the Company is unable to include future projected earnings in assessing the recoverability of its deferred tax assets in these jurisdictions | |||
Deferred tax assets valuation allowance | $ 266.3 | $ 326.1 | ||
Gross unrecognized tax benefits, including interest and penalties | 64.1 | 64.3 | ||
Unrecognized tax benefit that if recognized would impact effective tax rate | 64.1 | 64.3 | ||
Reduction in existing unrecognized tax benefits | 52.9 | 55.8 | $ 55.9 | $ 46.5 |
Maximum | ||||
Income Taxes [Line Items] | ||||
Reduction in unrecognized tax benefits is reasonably possible | 35.9 | |||
CUSA | ||||
Income Taxes [Line Items] | ||||
Deferred tax assets valuation allowance | 218.5 | 283.2 | ||
Gross unrecognized tax benefits, including interest and penalties | 62.2 | 62.5 | ||
Unrecognized tax benefit that if recognized would impact effective tax rate | 62.2 | 62.5 | ||
Accrued for interest and penalties | 11.1 | 8.5 | ||
Reduction in existing unrecognized tax benefits | 51 | $ 53.9 | $ 54 | $ 46.5 |
Curacao Subsidiary | ||||
Income Taxes [Line Items] | ||||
Accumulated undistributed earnings and profits | 2 | |||
Foreign | ||||
Income Taxes [Line Items] | ||||
Accumulated undistributed earnings and profits | 157.6 | |||
One-time transition tax accumulated undistributed earnings and profits | $ 159.3 | |||
Tax credits carryforward period | 10 years |
INCOME TAXES - Summary of Provi
INCOME TAXES - Summary of Provision for Federal and Foreign Income Tax Expense for Continuing Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Line Items] | |||
U.S | $ 151.4 | $ (286.9) | $ (389.2) |
Foreign | 70 | 21.9 | (49.8) |
Total | 221.4 | (265) | (439) |
CUSA | |||
Income Taxes [Line Items] | |||
U.S | 167 | (263.7) | (362.6) |
Foreign | 70 | 21.9 | (49.8) |
Total | $ 237 | $ (241.8) | $ (412.4) |
INCOME TAXES - Summary of Curre
INCOME TAXES - Summary of Current and Deferred Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||
Federal | $ 2.2 | $ 1.9 | $ 4 |
Foreign | 14.2 | 9.2 | 0.8 |
State | 2.9 | 1.2 | 1 |
Total current expense | 19.3 | 12.3 | 5.8 |
Deferred: | |||
Federal | 15.8 | (2.7) | (20.2) |
Foreign | (5.7) | (2.4) | 0.4 |
State | (0.5) | (4.2) | (2.8) |
Total deferred taxes | 10.6 | (9.3) | (22.6) |
Income taxes | 29.9 | 3 | (16.8) |
CUSA | |||
Current: | |||
Federal | 2.8 | 1.9 | 4 |
Foreign | 14.2 | 9.2 | 0.8 |
State | 2.9 | 1.2 | 1 |
Total current expense | 19.9 | 12.3 | 5.8 |
Deferred: | |||
Federal | 13.8 | (16.2) | (36.7) |
Foreign | (5.7) | (2.4) | 0.4 |
State | 0.4 | (6.8) | (1.8) |
Total deferred taxes | 8.5 | (25.4) | (38.1) |
Income taxes | $ 28.4 | $ (13.1) | $ (32.3) |
INCOME TAXES - Summary of Recon
INCOME TAXES - Summary of Reconciliation Between Income Tax Expenses (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Line Items] | |||
Computed statutory tax expense | $ 46.5 | $ (55.7) | $ (92.2) |
State and local income taxes, net of federal income tax impact | 5.4 | (2.2) | (1.4) |
Changes in valuation allowance | (63.9) | 60.6 | 76.3 |
Foreign tax rate differential | 1.4 | 1.3 | (4.5) |
Foreign tax credits | (13) | (4) | 0 |
Changes in uncertain tax positions | (0.9) | 1.6 | 7.5 |
U.S. tax impact of foreign operations | 10.3 | (1.6) | 0.8 |
Return to provision | 3.3 | 1.4 | 5.1 |
Expiration of attribute carryforwards | 37.1 | 0 | 0.6 |
Permanent Differences | 8.6 | 4.6 | 5.4 |
Other, net | 1.7 | (3) | (4.2) |
Income taxes | 29.9 | 3 | (16.8) |
CUSA | |||
Income Taxes [Line Items] | |||
Computed statutory tax expense | 49.8 | (50.8) | (86.6) |
State and local income taxes, net of federal income tax impact | 5.9 | (4.2) | (0.7) |
Changes in valuation allowance | (68.6) | 41.8 | 54.3 |
Foreign tax rate differential | 1.4 | 1.3 | (4.5) |
Foreign tax credits | (12.9) | (4) | 0 |
Changes in uncertain tax positions | (0.9) | 1.6 | 5.7 |
U.S. tax impact of foreign operations | 10.4 | (1.6) | 0.8 |
Return to provision | (3.3) | 1.2 | (3.2) |
Expiration of attribute carryforwards | 36.4 | 0 | 0.6 |
Permanent Differences | 8.6 | 4.5 | 5.5 |
Other, net | 1.6 | (2.9) | (4.2) |
Income taxes | $ 28.4 | $ (13.1) | $ (32.3) |
INCOME TAXES - Summary of Valua
INCOME TAXES - Summary of Valuation Allowance For Deferred Tax Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Line Items] | |||
Beginning Balance | $ 326.1 | $ 264.1 | $ 203.6 |
Additions | 16.6 | 67 | 69.1 |
Deductions | 83 | 5.3 | 4.3 |
Currency translation | (6.6) | (0.3) | 4.3 |
Ending Balance | 266.3 | 326.1 | 264.1 |
CUSA | |||
Income Taxes [Line Items] | |||
Beginning Balance | 283.2 | 240.9 | 203.6 |
Additions | 5.9 | 47 | 52.5 |
Deductions | 77.2 | 4.9 | 10.9 |
Currency translation | (6.6) | (0.2) | 4.3 |
Ending Balance | $ 218.5 | $ 283.2 | $ 240.9 |
INCOME TAXES - Tax Effects of S
INCOME TAXES - Tax Effects of Significant Temporary Differences and Tax Loss and Tax Credit Carryforwards (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule Of Deferred Income Tax Assets And Liabilities [Line Items] | ||
Theatre properties and equipment | $ 68.4 | $ 76.9 |
Finance lease assets | 13.3 | 16 |
Operating lease right-of-use assets | 248.8 | 274.3 |
Intangible asset — other | 55.8 | 49.6 |
Intangible asset — tradenames | 69.5 | 68.9 |
Total deferred liabilities | 455.8 | 485.7 |
Prepaid rent | 2.7 | 4.1 |
Gift Cards | 9.7 | 8.8 |
Investment in partnerships | 1.4 | 5.2 |
Operating lease obligations | 269 | 296.1 |
Finance lease obligations | 18.6 | 21.6 |
Tax impact of items in accumulated other comprehensive income and additional paid-in-capital | 13.4 | 16.4 |
Restricted stock | 4.5 | 5.1 |
Accrued expenses | 2.9 | 3.7 |
Other tax loss carryforwards | 82.7 | 126.1 |
Other tax credit and attribute carryforwards | 179.3 | 193.5 |
Other expenses, not currently deductible for tax purposes | 11.7 | 14.9 |
Total deferred assets | 678.1 | 778.1 |
Net deferred income tax (asset) liability before valuation allowance | (222.3) | (292.4) |
Valuation allowance against deferred assets – non-current | 266.3 | 326.1 |
Net deferred income tax liability | 44 | 33.7 |
CUSA | ||
Schedule Of Deferred Income Tax Assets And Liabilities [Line Items] | ||
Theatre properties and equipment | 68.2 | 76.7 |
Finance lease assets | 13.2 | 15.9 |
Operating lease right-of-use assets | 248.1 | 273.9 |
Intangible asset — other | 55.7 | 49.5 |
Intangible asset — tradenames | 69.3 | 68.8 |
Tax impact of items in accumulated other comprehensive income and additional paid-in-capital | 1.4 | 5.3 |
Total deferred liabilities | 455.9 | 490.1 |
Deferred revenue - NCM and other | 82 | 82.4 |
Prepaid rent | 2.7 | 4.1 |
Gift Cards | 9.7 | 8.8 |
Investment in partnerships | 1.4 | 5.2 |
Operating lease obligations | 268.3 | 295.6 |
Finance lease obligations | 18.6 | 21.6 |
Restricted stock | 4.3 | 4.9 |
Accrued expenses | 2.9 | 3.7 |
Other tax loss carryforwards | 80 | 122 |
Other tax credit and attribute carryforwards | 149 | 174.1 |
Other expenses, not currently deductible for tax purposes | 11.5 | 14.8 |
Total deferred assets | 630.4 | 737.2 |
Net deferred income tax (asset) liability before valuation allowance | (174.5) | (247.1) |
Valuation allowance against deferred assets – non-current | 218.5 | 283.2 |
Net deferred income tax liability | 44 | 36.1 |
NCM | ||
Schedule Of Deferred Income Tax Assets And Liabilities [Line Items] | ||
Deferred revenue - NCM and other | 82.2 | 82.6 |
Foreign | ||
Schedule Of Deferred Income Tax Assets And Liabilities [Line Items] | ||
Net deferred Income tax (asset) liability | 0.1 | 4.7 |
Foreign | CUSA | ||
Schedule Of Deferred Income Tax Assets And Liabilities [Line Items] | ||
Net deferred Income tax (asset) liability | 0.1 | 4.7 |
U.S. | ||
Schedule Of Deferred Income Tax Assets And Liabilities [Line Items] | ||
Net deferred income tax liability | 44.1 | 29 |
U.S. | CUSA | ||
Schedule Of Deferred Income Tax Assets And Liabilities [Line Items] | ||
Net deferred income tax liability | $ 44.1 | $ 31.4 |
INCOME TAXES - Reconciliation o
INCOME TAXES - Reconciliation of Total Amounts of Unrecognized Tax Benefits Excluding Interest and Penalties (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Line Items] | |||
Beginning Balance | $ 55.8 | $ 55.9 | $ 46.5 |
Gross increases - tax positions in prior periods | 2.2 | 0 | 7.7 |
Gross decreases - tax positions in prior periods | (5.1) | (0.2) | (1.6) |
Gross increases - current period tax positions | 0.2 | 0.1 | 3.4 |
Statute of limitations expiration | (0.2) | 0 | (0.1) |
Ending Balance | 52.9 | 55.8 | 55.9 |
CUSA | |||
Income Taxes [Line Items] | |||
Beginning Balance | 53.9 | 54 | 46.5 |
Gross increases - tax positions in prior periods | 2.2 | 0 | 5.8 |
Gross decreases - tax positions in prior periods | (5.1) | (0.2) | (1.6) |
Gross increases - current period tax positions | 0.2 | 0.1 | 3.4 |
Statute of limitations expiration | (0.2) | 0 | (0.1) |
Ending Balance | $ 51 | $ 53.9 | $ 54 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Line Items] | ||
Employer matching contribution payments | $ 6.4 | $ 5.7 |
Liability recorded for employer contribution payments | $ 0.9 | |
Messrs. Thomas, Gamble, Fernandes and Cavalier | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Employment agreements term extension | 1 year |
SEGMENTS - HOLDINGS - Selected
SEGMENTS - HOLDINGS - Selected Financial Information by Reportable Operating Segment (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 3,066.7 | $ 2,454.7 | $ 1,510.5 | |
Adjusted EBITDA | [1] | 594.1 | 336.5 | 80 |
Total capital expenditures | 149.5 | 110.7 | 95.5 | |
U.S. Operating Segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | [2],[3] | 2,415.3 | 1,970.2 | 1,293.6 |
International Operating Segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 651.4 | 484.5 | 216.9 | |
Operating Segments | U.S. Operating Segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 2,428.1 | 1,977.9 | 1,296.3 | |
Adjusted EBITDA | [1] | 463.9 | 255.7 | 84.2 |
Total capital expenditures | 111.5 | 87.2 | 78.3 | |
Operating Segments | International Operating Segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 651.4 | 484.5 | 216.9 | |
Adjusted EBITDA | [1] | 130.2 | 80.8 | (4.2) |
Total capital expenditures | 38 | 23.5 | 17.2 | |
Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ (12.8) | $ (7.7) | $ (2.7) | |
[1] Distributions from equity investees are reported entirely within the U.S. operating segment U.S. segment revenues exclude intercompany transactions with the international operating segment. See Note 22 for additional information on intercompany eliminations. U.S. segment revenues exclude intercompany transactions with the international operating segment. See Note 22 for additional information on intercompany eliminations |
SEGMENTS - HOLDINGS - Reconcili
SEGMENTS - HOLDINGS - Reconciliation of Net Income to Adjusted EBITDA (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Segment Reporting Information [Line Items] | ||||
Net (loss) income | $ 191.5 | $ (268) | $ (422.2) | |
Add (deduct): | ||||
Income tax benefit (expense) | 29.9 | 3 | (16.8) | |
Interest expense | [1] | 150.4 | 155.3 | 149.7 |
Other expense (income), net | [2] | (19.6) | 23.6 | 43.5 |
Depreciation and amortization | 209.5 | 238.2 | 265.4 | |
Impairment of long-lived and other assets | 16.6 | 174.1 | 20.8 | |
Restructuring costs | 0 | (0.5) | (1) | |
(Gain) loss on disposal of assets and other | (7.7) | (6.8) | 8 | |
Loss on debt extinguishment and refinancing | 10.7 | 0 | 6.5 | |
Non-cash rent expense | (17.9) | (10.8) | (3.4) | |
Share based awards compensation expense | 25 | 21.5 | 29.3 | |
Adjusted EBITDA | [3] | 594.1 | 336.5 | 80 |
Other Cash Distributions From Equity Investees [Member] | ||||
Add (deduct): | ||||
Cash distributions from equity investees | [4] | $ 5.7 | $ 6.9 | $ 0.2 |
[1] Includes amortization of debt issuance costs, amortization of original issue discount, and amortization of accumulated (gains) losses for amended swap agreements. Includes interest income, foreign currency exchange and other related loss, interest expense – NCM and equity in income (loss) of affiliates and unrealized gain on investment in NCMI. Excludes distributions from NCM and DCIP. Distributions from equity investees are reported entirely within the U.S. operating segment Reflects cash distributions received from equity investees that were recorded as a reduction of the respective investment balances (see Note 10). These distributions are reported entirely within the U.S. operating segment. |
SEGMENTS - HOLDINGS - Selecte_2
SEGMENTS - HOLDINGS - Selected Financial Information by Geographic Area (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | $ 3,066.7 | $ 2,454.7 | $ 1,510.5 |
Theatre properties and equipment, net of accumulated depreciation | 1,161.7 | 1,232.1 | |
Reportable Geographical Components | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 3,066.7 | 2,454.7 | 1,510.5 |
Theatre properties and equipment, net of accumulated depreciation | 1,161.7 | 1,232.1 | |
Reportable Geographical Components | U.S. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 2,428.1 | 1,977.9 | 1,296.3 |
Theatre properties and equipment, net of accumulated depreciation | 1,002.1 | 1,075.3 | |
Reportable Geographical Components | Brazil | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 233.4 | 179 | 73.5 |
Theatre properties and equipment, net of accumulated depreciation | 54.7 | 49.5 | |
Reportable Geographical Components | Other international countries | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 418 | 305.5 | 143.4 |
Theatre properties and equipment, net of accumulated depreciation | 104.9 | 107.3 | |
Reportable Geographical Components | Eliminations | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | $ (12.8) | $ (7.7) | $ (2.7) |
RELATED PARTY TRANSACTIONS - Ad
RELATED PARTY TRANSACTIONS - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Theatre | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
FE Concepts, LLC | |||
Related Party Transaction [Line Items] | |||
Service fees | $ 0.1 | $ 0.1 | $ 0.1 |
Percentage of voting interest | 50% | ||
Cash distributions from affiliate/equity investment | 4 | ||
Laredo Theatre, Ltd | |||
Related Party Transaction [Line Items] | |||
Company's interest in Laredo | 75% | ||
Lone Star Theatre's interest in Laredo | 25% | ||
Ownership interest held by David Roberts | 100% | ||
Percentage of stock owned by founder | 8.50% | ||
Percentage of management fees based on theatre revenues | 5% | ||
Management fee revenues | $ 0.7 | 0.6 | 0.4 |
Distribution Made to Limited Partner, Cash Distributions Paid | 1.3 | 2.7 | |
Walter Hebert | |||
Related Party Transaction [Line Items] | |||
Consulting services paid | 0.2 | 0.1 | |
Copper Beech Capital LLC | |||
Related Party Transaction [Line Items] | |||
Amount paid for the use of aircraft | 0.1 | 0.1 | 0.1 |
Syufy Enterprises, LP | |||
Related Party Transaction [Line Items] | |||
Management fee revenues | $ 0 | 0 | 0.1 |
Number of theatres leased | Theatre | 12 | ||
Total rent paid to Syufy | $ 22.1 | $ 22.3 | $ 23.3 |
VALUATION AND QUALIFYING ACCOUN
VALUATION AND QUALIFYING ACCOUNTS - Valuation Allowance of Deferred Tax Assets (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | $ 326,100,000 | $ 264,100,000 | $ 203,600,000 |
Additions | 0 | ||
Deductions | 83,000,000 | 5,300,000 | 4,300,000 |
Ending Balance | 266,300,000 | 326,100,000 | 264,100,000 |
CUSA | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | 283,200,000 | 240,900,000 | 203,600,000 |
Deductions | 77,200,000 | 4,900,000 | 10,900,000 |
Ending Balance | $ 218,500,000 | $ 283,200,000 | $ 240,900,000 |
QUARTERLY FINANCIAL INFORMATION
QUARTERLY FINANCIAL INFORMATION (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |||
Revenue | $ 3,066.7 | $ 2,454.7 | $ 1,510.5 |
Net (loss) income | 191.5 | (268) | (422.2) |
Net income attributable to Cinemark USA, Inc. | $ 188.2 | $ (271.2) | $ (422.8) |
Net income per share attributable to Cinemark Holdings, Inc.’s common stockholders: | |||
Basic | $ 1.55 | $ (2.26) | $ (3.55) |
Diluted | $ 1.34 | $ (2.26) | $ (3.55) |
SUBSEQUENT EVENTS - Additional
SUBSEQUENT EVENTS - Additional Information (Details) shares in Millions | Jan. 01, 2023 shares |
Investment In NCM | |
Subsequent Event [Line Items] | |
Number of common units of NCM owned by Company | 43.7 |
Condensed Parent Company Balanc
Condensed Parent Company Balance Sheets (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Liabilities | ||||
Accrued other current liabilities, including accounts payable to subsidiaries | $ 239.2 | $ 200.4 | ||
Commitments and contingencies (see Note 6) | ||||
Equity | ||||
Treasury stock shares | (98.3) | (95.4) | $ (91.1) | $ (87) |
Cinemark Holdings, Inc. | ||||
Assets | ||||
Cash and cash equivalents | 236.8 | 247.2 | ||
Interest receivable and other current assets | 2.6 | 0.6 | ||
Investment in subsidiaries | 591.2 | 372.5 | ||
Total assets | 830.6 | 620.3 | ||
Liabilities | ||||
Accrued other current liabilities, including accounts payable to subsidiaries | 66.5 | 61.5 | ||
Long-term debt | 454.4 | 451 | ||
Other long-term liabilities | (0.1) | (2.4) | ||
Total liabilities | 520.8 | 510.1 | ||
Commitments and contingencies (see Note 6) | ||||
Equity | ||||
Common stock value | 0.1 | 0.1 | ||
Additional paid-in-capital | 1,244.3 | 1,219.3 | ||
Treasury stock shares | (98.3) | (95.4) | ||
Accumulated deficit | (472.4) | (660.6) | ||
Accumulated other comprehensive loss | (363.9) | (353.2) | ||
Total equity | 309.8 | 110.2 | ||
Total liabilities and equity | $ 830.6 | $ 620.3 |
Condensed Parent Company Bala_2
Condensed Parent Company Balance Sheets (Parenthetical) (Detail) - Cinemark Holdings, Inc. - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Condensed Financial Statements, Captions [Line Items] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 127,598,774 | 126,082,187 |
Common stock, shares outstanding | 121,596,206 | 120,403,833 |
Treasury stock, shares | 6,002,568 | 5,678,354 |
Condensed Parent Company Statem
Condensed Parent Company Statements of Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | $ 3,066.7 | $ 2,454.7 | $ 1,510.5 | |
Interest expense | [1] | 150.4 | 155.3 | 149.7 |
Income tax benefit (expense) | (29.9) | (3) | 16.8 | |
Net Income (Loss) | 188.2 | (271.2) | (422.8) | |
Cinemark Holdings, Inc. | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue | 0 | 0 | 0 | |
Cost of operations | 3.3 | 2.9 | 2.6 | |
Operating (loss) income | (3.3) | (2.9) | (2.6) | |
Interest expense | (24.1) | (24.1) | (24.1) | |
Interest income | 11.8 | 3.8 | 0.1 | |
Loss before income taxes and equity in loss of subsidiaries | (15.6) | (23.2) | (26.6) | |
Income tax benefit (expense) | (1.5) | (16.1) | 5.7 | |
Equity in income (loss) of affiliates | 205.3 | (231.9) | (401.9) | |
Net Income (Loss) | $ 188.2 | $ (271.2) | $ (422.8) | |
[1] Includes amortization of debt issuance costs, amortization of original issue discount, and amortization of accumulated (gains) losses for amended swap agreements. |
Condensed Parent Company Stat_2
Condensed Parent Company Statements of Comprehensive Income (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Condensed Statement of Income Captions [Line Items] | |||
Net (loss) income | $ 191.5 | $ (268) | $ (422.2) |
Other comprehensive income (loss), net of tax | |||
Foreign currency translation adjustments | 4.9 | 4.6 | (18.8) |
Cinemark Holdings, Inc. | |||
Condensed Statement of Income Captions [Line Items] | |||
Net (loss) income | 188.2 | (271.2) | (422.8) |
Other comprehensive income (loss), net of tax | |||
Unrealized gain (loss) due to fair value adjustments on interest rate swap agreements, net of taxes and settlements | (9.2) | 32.2 | 18.5 |
Foreign currency translation adjustments | 4.9 | 4.6 | (18.8) |
Total other comprehensive (loss) income, net of tax | (4.3) | 36.8 | (0.3) |
Comprehensive (loss) income attributable to Cinemark, Inc. | $ 183.9 | $ (234.4) | $ (423.1) |
Condensed Parent Company Stat_3
Condensed Parent Company Statements of Comprehensive Income (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cinemark Holdings, Inc. | |||
Condensed Statement of Income Captions [Line Items] | |||
Unrealized gain due to fair value adjustments on interest rate swap agreements, tax | $ 1.2 | $ (2.8) | $ (0.7) |
Condensed Parent Company Stat_4
Condensed Parent Company Statements of Cash Flows (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Activities | |||
Net (loss) income | $ 191.5 | $ (268) | $ (422.2) |
Adjustments to reconcile net (loss) income to cash used for operating activities: | |||
Share based awards compensation expense | 25 | 21.5 | 29.3 |
Cinemark Holdings, Inc. | |||
Operating Activities | |||
Net (loss) income | 188.2 | (271.2) | (422.8) |
Adjustments to reconcile net (loss) income to cash used for operating activities: | |||
Share based awards compensation expense | 1.2 | 1 | 0.9 |
Amortization of debt issuance costs | 3.5 | 3.4 | 3.5 |
Equity in loss (income) of affiliates | (205.3) | 231.9 | 401.9 |
Changes in other assets and liabilities | 4.9 | 21.7 | 10.5 |
Net cash used for operating activities | (7.5) | (13.2) | (6) |
Investing Activities | |||
Contributions to subsidiaries | 0 | 0 | (120) |
Net cash (used for) provided by investing activities | 0 | 0 | (120) |
Financing Activities | |||
Restricted stock withholdings for payroll taxes | (2.9) | (4.3) | (4.1) |
Net cash used for financing activities | (2.9) | (4.3) | (4.1) |
Decrease in cash and cash equivalents | (10.4) | (17.5) | (130.1) |
Cash and cash equivalents: | |||
Beginning of period | 247.2 | 264.7 | 394.8 |
End of period | $ 236.8 | $ 247.2 | $ 264.7 |
Schedule 1 Basis of Presentatio
Schedule 1 Basis of Presentation - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | May 24, 2013 | Dec. 18, 2012 |
Organization and Summary of Significant Accounting Policies Disclosure [Line Items] | |||||
Interest rate | 4.50% | 4.50% | |||
Cinemark Holdings, Inc. | |||||
Organization and Summary of Significant Accounting Policies Disclosure [Line Items] | |||||
Restricted net assets as a percentage of consolidated net assets | 25% | ||||
Cinemark Holdings, Inc. | 4.875 % Senior Notes Due June 1, 2023 | |||||
Organization and Summary of Significant Accounting Policies Disclosure [Line Items] | |||||
Interest rate | 5.25% | ||||
Cinemark Holdings, Inc. | 5.125% Senior Notes Due 2022 | |||||
Organization and Summary of Significant Accounting Policies Disclosure [Line Items] | |||||
Interest rate | 5.875% | ||||
Cinemark Holdings, Inc. | 8.750% Senior Secured Notes Due 2025 | |||||
Organization and Summary of Significant Accounting Policies Disclosure [Line Items] | |||||
Interest rate | 8.75% | ||||
Senior Notes [Member] | Cinemark Holdings, Inc. | |||||
Organization and Summary of Significant Accounting Policies Disclosure [Line Items] | |||||
Restricted net assets | $ 427.8 |
Schedule 1 Dividends and Distri
Schedule 1 Dividends and Distributions with Subsidiaries - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Cinemark Holdings, Inc. | |
Dividends [Line Items] | |
Dividends Paid to Cinemark USA, Inc. | $ 120 |
Long-term Debt - Additional I_2
Long-term Debt - Additional Information (Details) - Cinemark Holdings, Inc. - USD ($) $ in Millions | Dec. 31, 2023 | Aug. 21, 2020 |
Debt Instrument [Line Items] | ||
Aggregate principal amount | $ 460 | $ 460 |
Convertible senior notes percentage | 4.50% | 4.50% |
SUBSIDIARIES - CONDENSED CONSOL
SUBSIDIARIES - CONDENSED CONSOLIDATING BALANCE SHEET (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Current assets | |||
Theatre properties and equipment, net of accumulated depreciation | $ 1,161.7 | $ 1,232.1 | |
Operating lease right-of-use assets, net | [1] | 986.4 | 1,102.7 |
Current liabilities | |||
Current portion of operating lease obligations | [1] | 212.5 | 219.3 |
Current portion of finance lease obligations | [1] | 14 | 14.4 |
Long-term liabilities | |||
Operating lease obligations, less current portion | [1] | 853.3 | 970.6 |
Finance lease obligations, less current portion | [1] | 73.8 | $ 88 |
Commitments and Contingencies | |||
CINEMARK USA, INC. AND SUBSIDIARIES | |||
Current assets | |||
Cash and cash equivalents | 612.4 | ||
Other current assets | 266.7 | ||
Total current assets | 879.1 | ||
Theatre properties and equipment, net of accumulated depreciation | 1,161.7 | ||
Operating lease right-of-use assets, net | 986.4 | ||
Other assets | 1,628.7 | ||
Total assets | 4,655.9 | ||
Current liabilities | |||
Current portion of long-term debt | 7.8 | ||
Current portion of operating lease obligations | 212.5 | ||
Current portion of finance lease obligations | 14 | ||
Current income tax payable | 4.2 | ||
Accounts payable and accrued expenses | 483.9 | ||
Total current liabilities | 722.4 | ||
Long-term liabilities | |||
Long-term debt, less current portion | 1,936.8 | ||
Operating lease obligations, less current portion | 853.3 | ||
Finance lease obligations, less current portion | 73.8 | ||
Other long-term liabilities and deferrals | 469.3 | ||
Total long-term liabilities | 3,333.2 | ||
Equity | 600.3 | ||
Total liabilities and equity | 4,655.9 | ||
Restricted Group [Member] | CINEMARK USA, INC. AND SUBSIDIARIES | |||
Current assets | |||
Cash and cash equivalents | 496.3 | ||
Other current assets | 393.4 | ||
Total current assets | 889.7 | ||
Theatre properties and equipment, net of accumulated depreciation | 1,161.7 | ||
Operating lease right-of-use assets, net | 986.4 | ||
Other assets | 1,718.1 | ||
Total assets | 4,755.9 | ||
Current liabilities | |||
Current portion of long-term debt | 7.8 | ||
Current portion of operating lease obligations | 212.5 | ||
Current portion of finance lease obligations | 14 | ||
Current income tax payable | 4.2 | ||
Accounts payable and accrued expenses | 494.8 | ||
Total current liabilities | 733.3 | ||
Long-term liabilities | |||
Long-term debt, less current portion | 2,199 | ||
Operating lease obligations, less current portion | 853.3 | ||
Finance lease obligations, less current portion | 73.8 | ||
Other long-term liabilities and deferrals | 468.7 | ||
Total long-term liabilities | 3,594.8 | ||
Equity | 427.8 | ||
Total liabilities and equity | 4,755.9 | ||
Unrestricted Group [Member] | CINEMARK USA, INC. AND SUBSIDIARIES | |||
Current assets | |||
Cash and cash equivalents | 116.1 | ||
Other current assets | (115.8) | ||
Total current assets | 0.3 | ||
Theatre properties and equipment, net of accumulated depreciation | 0 | ||
Operating lease right-of-use assets, net | 0 | ||
Other assets | 285.8 | ||
Total assets | 286.1 | ||
Current liabilities | |||
Current portion of long-term debt | 0 | ||
Current portion of operating lease obligations | 0 | ||
Current portion of finance lease obligations | 0 | ||
Current income tax payable | 0 | ||
Accounts payable and accrued expenses | 0 | ||
Total current liabilities | 0 | ||
Long-term liabilities | |||
Long-term debt, less current portion | 0 | ||
Operating lease obligations, less current portion | 0 | ||
Finance lease obligations, less current portion | 0 | ||
Other long-term liabilities and deferrals | 0.6 | ||
Total long-term liabilities | 0.6 | ||
Equity | 285.5 | ||
Total liabilities and equity | 286.1 | ||
Eliminations [Member] | CINEMARK USA, INC. AND SUBSIDIARIES | |||
Current assets | |||
Cash and cash equivalents | 0 | ||
Other current assets | (10.9) | ||
Total current assets | (10.9) | ||
Theatre properties and equipment, net of accumulated depreciation | 0 | ||
Operating lease right-of-use assets, net | 0 | ||
Other assets | (375.2) | ||
Total assets | (386.1) | ||
Current liabilities | |||
Current portion of long-term debt | 0 | ||
Current portion of operating lease obligations | 0 | ||
Current portion of finance lease obligations | 0 | ||
Current income tax payable | 0 | ||
Accounts payable and accrued expenses | 10.9 | ||
Total current liabilities | 10.9 | ||
Long-term liabilities | |||
Long-term debt, less current portion | (262.2) | ||
Operating lease obligations, less current portion | 0 | ||
Finance lease obligations, less current portion | 0 | ||
Other long-term liabilities and deferrals | 0 | ||
Total long-term liabilities | (262.2) | ||
Equity | (113) | ||
Total liabilities and equity | $ (386.1) | ||
[1] The operating lease right-of-use assets and liabilities recorded on the Company’s consolidated balance sheets generally do not include renewal options that have not yet been exercised. |
SUBSIDIARIES - CONDENSED CONS_2
SUBSIDIARIES - CONDENSED CONSOLIDATING STATEMENT OF INCOME (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenue | $ 3,066.7 | $ 2,454.7 | $ 1,510.5 | |
Cost of operations | ||||
Depreciation and amortization | 2.1 | 2.4 | ||
Depreciation and amortization | 209.5 | 238.2 | 265.4 | |
Gain on disposal of assets and other | 7.7 | 6.8 | (8) | |
Interest expense | [1] | 150.4 | 155.3 | 149.7 |
Loss on debt extinguishment and refinancing | 10.7 | 0 | 6.5 | |
Interest expense - NCM | (22.6) | (23.2) | (23.6) | |
Other income | [2] | 19.6 | (23.6) | (43.5) |
Income before income taxes | 151.4 | (286.9) | (389.2) | |
Income tax expense | 29.9 | 3 | (16.8) | |
Net income (loss) | 191.5 | (268) | (422.2) | |
Less: Net income attributable to noncontrolling interests | 3.3 | |||
Net income attributable to Cinemark USA, Inc. | 188.2 | $ (271.2) | $ (422.8) | |
Cinemark USA, Inc. [Member] | ||||
Cost of operations | ||||
Net income attributable to Cinemark USA, Inc. | 205.3 | |||
CINEMARK USA, INC. AND SUBSIDIARIES | ||||
Revenue | 3,066.7 | |||
Cost of operations | ||||
Theatre operating costs | 2,286.6 | |||
General and administrative expenses | 195.5 | |||
Depreciation and amortization | 209.5 | |||
Impairment of long-lived assets | 16.6 | |||
Gain on disposal of assets and other | (7.7) | |||
Total cost of operations | 2,700.5 | |||
Operating income (loss) | 366.2 | |||
Interest expense | (126.3) | |||
Loss on debt extinguishment and refinancing | 10.7 | |||
Equity in income of affiliates | 3.6 | |||
Interest expense - NCM | (22.6) | |||
Other income | (26.8) | |||
Total other (expense) income | (129.2) | |||
Income before income taxes | 237 | |||
Income tax expense | 28.4 | |||
Net income (loss) | 208.6 | |||
Net income attributable to Cinemark USA, Inc. | 208.6 | |||
Restricted Group [Member] | ||||
Revenue | 3,066.7 | |||
Cost of operations | ||||
Theatre operating costs | 2,286.6 | |||
General and administrative expenses | 195.5 | |||
Depreciation and amortization | 209.5 | |||
Impairment of long-lived assets | 15.9 | |||
Gain on disposal of assets and other | (7.7) | |||
Total cost of operations | 2,699.8 | |||
Operating income (loss) | 366.9 | |||
Interest expense | (129.1) | |||
Loss on debt extinguishment and refinancing | 10.7 | |||
Equity in income of affiliates | 1.6 | |||
Other income | (9.3) | |||
Total other (expense) income | (151.5) | |||
Income before income taxes | 215.4 | |||
Income tax expense | 24 | |||
Net income (loss) | 191.4 | |||
Less: Net income attributable to noncontrolling interests | 3.3 | |||
Restricted Group [Member] | Cinemark USA, Inc. [Member] | ||||
Cost of operations | ||||
Net income attributable to Cinemark USA, Inc. | 188.1 | |||
Restricted Group [Member] | CINEMARK USA, INC. AND SUBSIDIARIES | ||||
Cost of operations | ||||
Net income attributable to Cinemark USA, Inc. | 191.4 | |||
Restricted Group [Member] | NCM | ||||
Cost of operations | ||||
Interest expense - NCM | (22.6) | |||
Unrestricted Group [Member] | Cinemark USA, Inc. [Member] | ||||
Cost of operations | ||||
Net income attributable to Cinemark USA, Inc. | 17.2 | |||
Unrestricted Group [Member] | CINEMARK USA, INC. AND SUBSIDIARIES | ||||
Revenue | 0 | |||
Cost of operations | ||||
Theatre operating costs | 0 | |||
Depreciation and amortization | 0 | |||
Impairment of long-lived assets | 0.7 | |||
Total cost of operations | 0.7 | |||
Operating income (loss) | (0.7) | |||
Interest expense | 0 | |||
Loss on debt extinguishment and refinancing | 0 | |||
Equity in income of affiliates | 2 | |||
Interest expense - NCM | 0 | |||
Other income | (20.3) | |||
Total other (expense) income | 22.3 | |||
Income before income taxes | 21.6 | |||
Income tax expense | 4.4 | |||
Net income (loss) | 17.2 | |||
Less: Net income attributable to noncontrolling interests | 0 | |||
Net income attributable to Cinemark USA, Inc. | 17.2 | |||
Eliminations [Member] | Cinemark USA, Inc. [Member] | ||||
Cost of operations | ||||
Net income attributable to Cinemark USA, Inc. | 0 | |||
Eliminations [Member] | CINEMARK USA, INC. AND SUBSIDIARIES | ||||
Revenue | 0 | |||
Cost of operations | ||||
Theatre operating costs | 0 | |||
General and administrative expenses | 0 | |||
Depreciation and amortization | 0 | |||
Impairment of long-lived assets | 0 | |||
Gain on disposal of assets and other | 0 | |||
Total cost of operations | 0 | |||
Operating income (loss) | 0 | |||
Interest expense | (2.8) | |||
Loss on debt extinguishment and refinancing | 0 | |||
Equity in income of affiliates | 0 | |||
Interest expense - NCM | 0 | |||
Other income | 2.8 | |||
Total other (expense) income | 0 | |||
Income before income taxes | 0 | |||
Income tax expense | 0 | |||
Net income (loss) | 0 | |||
Less: Net income attributable to noncontrolling interests | 0 | |||
Net income attributable to Cinemark USA, Inc. | $ 0 | |||
[1] Includes amortization of debt issuance costs, amortization of original issue discount, and amortization of accumulated (gains) losses for amended swap agreements. Includes interest income, foreign currency exchange and other related loss, interest expense – NCM and equity in income (loss) of affiliates and unrealized gain on investment in NCMI. Excludes distributions from NCM and DCIP. |
SUBSIDIARIES - CONDENSED CONS_3
SUBSIDIARIES - CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Income (Loss) | $ 188.2 | $ (271.2) | $ (422.8) |
Other comprehensive income, net of tax | |||
Foreign currency translation adjustments | 4.9 | $ 4.6 | $ (18.8) |
CINEMARK USA, INC. AND SUBSIDIARIES | |||
Net Income (Loss) | 208.6 | ||
Other comprehensive income, net of tax | |||
Unrealized gain (loss) due to fair value adjustments on interest rate swap agreements, net of taxes and settlements | (8.9) | ||
Foreign currency translation adjustments | 4.9 | ||
Total other comprehensive (loss) income, net of tax | (4) | ||
Total comprehensive (loss) income, net of tax | 204.6 | ||
Comprehensive income attributable to noncontrolling interests | (3.3) | ||
Comprehensive (loss) income attributable to Cinemark, Inc. | 201.3 | ||
Restricted Group [Member] | CINEMARK USA, INC. AND SUBSIDIARIES | |||
Net Income (Loss) | 191.4 | ||
Other comprehensive income, net of tax | |||
Unrealized gain (loss) due to fair value adjustments on interest rate swap agreements, net of taxes and settlements | (8.9) | ||
Foreign currency translation adjustments | 4.9 | ||
Total other comprehensive (loss) income, net of tax | (4) | ||
Total comprehensive (loss) income, net of tax | 187.4 | ||
Comprehensive income attributable to noncontrolling interests | (3.3) | ||
Comprehensive (loss) income attributable to Cinemark, Inc. | 184.1 | ||
Unrestricted Group [Member] | CINEMARK USA, INC. AND SUBSIDIARIES | |||
Net Income (Loss) | 17.2 | ||
Other comprehensive income, net of tax | |||
Unrealized gain (loss) due to fair value adjustments on interest rate swap agreements, net of taxes and settlements | 0 | ||
Foreign currency translation adjustments | 0 | ||
Total other comprehensive (loss) income, net of tax | 0 | ||
Total comprehensive (loss) income, net of tax | 17.2 | ||
Comprehensive income attributable to noncontrolling interests | 0 | ||
Comprehensive (loss) income attributable to Cinemark, Inc. | 17.2 | ||
Eliminations [Member] | CINEMARK USA, INC. AND SUBSIDIARIES | |||
Net Income (Loss) | 0 | ||
Other comprehensive income, net of tax | |||
Unrealized gain (loss) due to fair value adjustments on interest rate swap agreements, net of taxes and settlements | 0 | ||
Foreign currency translation adjustments | 0 | ||
Total other comprehensive (loss) income, net of tax | 0 | ||
Total comprehensive (loss) income, net of tax | 0 | ||
Comprehensive income attributable to noncontrolling interests | 0 | ||
Comprehensive (loss) income attributable to Cinemark, Inc. | $ 0 |
SUBSIDIARIES - CONDENSED CONS_4
SUBSIDIARIES - CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Parenthetical) (Detail) - CUSA [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | $ 1.5 | $ (3.4) | $ (3.3) |
CINEMARK USA, INC. AND SUBSIDIARIES | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | $ (1.5) |
SUBSIDIARIES - CONDENSED CONS_5
SUBSIDIARIES - CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities | |||
Net Income (Loss) | $ 188.2 | $ (271.2) | $ (422.8) |
Investing activities | |||
Investments and loans to affiliates | 0 | ||
Financing activities | |||
Payments on finance leases | (14.4) | (14.3) | $ (14.7) |
CINEMARK USA, INC. AND SUBSIDIARIES | |||
Operating activities | |||
Net Income (Loss) | 208.6 | ||
Adjustments to reconcile net income to cash provided by operating activities | 223.7 | ||
Changes in assets and liabilities | 22.5 | ||
Net cash provided by operating activities | 454.8 | ||
Investing activities | |||
Additions to theatre properties and equipment | (149.5) | ||
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | 14.8 | ||
Net proceeds from sale of subsidiary | 2.9 | ||
Net cash (used for) provided by investing activities | (131.8) | ||
Financing activities | |||
Redemption Of Senior Notes | (102.2) | ||
Proceeds from Issuance of Secured Debt | 640.2 | ||
Repayments of Secured Debt | (624.9) | ||
Payment of debt issuance costs | (7.5) | ||
Payment of fees on refinancing of senior secured credit facility | (2.6) | ||
Restricted stock withholdings for payroll taxes | (2.9) | ||
Other repayments on long-term debt | (10.6) | ||
Payments on finance leases | 14.4 | ||
Proceeds from (Payments for) Other Financing Activities | (0.5) | ||
Net cash used for financing activities | (125.4) | ||
Effect of exchange rate changes on cash and cash equivalents | (12.5) | ||
Increase in cash and cash equivalents | 185.1 | ||
Cash and cash equivalents: | |||
Beginning of period | 427.3 | ||
End of period | 612.4 | 427.3 | |
Restricted Group [Member] | CINEMARK USA, INC. AND SUBSIDIARIES | |||
Operating activities | |||
Net Income (Loss) | 191.4 | ||
Adjustments to reconcile net income to cash provided by operating activities | 219.3 | ||
Changes in assets and liabilities | 36.5 | ||
Net cash provided by operating activities | 447.2 | ||
Investing activities | |||
Additions to theatre properties and equipment | (149.5) | ||
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | 14.8 | ||
Net proceeds from sale of subsidiary | 2.9 | ||
Investments and loans to affiliates | (2.3) | ||
Net cash (used for) provided by investing activities | (134.1) | ||
Financing activities | |||
Redemption Of Senior Notes | (102.2) | ||
Proceeds from Issuance of Secured Debt | 640.2 | ||
Repayments of Secured Debt | (624.9) | ||
Payment of debt issuance costs | (7.5) | ||
Payment of fees on refinancing of senior secured credit facility | (2.6) | ||
Restricted stock withholdings for payroll taxes | (2.9) | ||
Other repayments on long-term debt | (10.6) | ||
Payments on finance leases | (14.4) | ||
Proceeds from (Payments for) Other Financing Activities | (0.5) | ||
Net cash used for financing activities | (125.4) | ||
Effect of exchange rate changes on cash and cash equivalents | (12.5) | ||
Increase in cash and cash equivalents | 175.2 | ||
Cash and cash equivalents: | |||
Beginning of period | 321.1 | ||
End of period | 496.3 | 321.1 | |
Unrestricted Group [Member] | CINEMARK USA, INC. AND SUBSIDIARIES | |||
Operating activities | |||
Net Income (Loss) | 17.2 | ||
Adjustments to reconcile net income to cash provided by operating activities | 4.4 | ||
Changes in assets and liabilities | (14) | ||
Net cash provided by operating activities | 7.6 | ||
Investing activities | |||
Additions to theatre properties and equipment | 0 | ||
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | 0 | ||
Net proceeds from sale of subsidiary | 0 | ||
Investments and loans to affiliates | 2.3 | ||
Net cash (used for) provided by investing activities | 2.3 | ||
Financing activities | |||
Redemption Of Senior Notes | 0 | ||
Proceeds from Issuance of Secured Debt | 0 | ||
Repayments of Secured Debt | 0 | ||
Payment of debt issuance costs | 0 | ||
Payment of fees on refinancing of senior secured credit facility | 0 | ||
Restricted stock withholdings for payroll taxes | 0 | ||
Other repayments on long-term debt | 0 | ||
Payments on finance leases | 0 | ||
Proceeds from (Payments for) Other Financing Activities | 0 | ||
Net cash used for financing activities | 0 | ||
Effect of exchange rate changes on cash and cash equivalents | 0 | ||
Increase in cash and cash equivalents | 9.9 | ||
Cash and cash equivalents: | |||
Beginning of period | 106.2 | ||
End of period | 116.1 | 106.2 | |
Eliminations [Member] | CINEMARK USA, INC. AND SUBSIDIARIES | |||
Operating activities | |||
Net Income (Loss) | 0 | ||
Adjustments to reconcile net income to cash provided by operating activities | 0 | ||
Changes in assets and liabilities | 0 | ||
Net cash provided by operating activities | 0 | ||
Investing activities | |||
Additions to theatre properties and equipment | 0 | ||
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | 0 | ||
Net proceeds from sale of subsidiary | 0 | ||
Net cash (used for) provided by investing activities | 0 | ||
Financing activities | |||
Redemption Of Senior Notes | 0 | ||
Proceeds from Issuance of Secured Debt | 0 | ||
Repayments of Secured Debt | 0 | ||
Payment of debt issuance costs | 0 | ||
Payment of fees on refinancing of senior secured credit facility | 0 | ||
Restricted stock withholdings for payroll taxes | 0 | ||
Other repayments on long-term debt | 0 | ||
Payments on finance leases | 0 | ||
Proceeds from (Payments for) Other Financing Activities | 0 | ||
Net cash used for financing activities | 0 | ||
Effect of exchange rate changes on cash and cash equivalents | 0 | ||
Increase in cash and cash equivalents | 0 | ||
Cash and cash equivalents: | |||
Beginning of period | 0 | ||
End of period | $ 0 | $ 0 |
SUBSIDIARIES - CONDENSED CONS_6
SUBSIDIARIES - CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (Parenthetical) (Details) - USD ($) $ in Millions | May 01, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Debt instrument, interest rate, stated percentage | 4.50% | 4.50% | ||
8.75% Secured Notes | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Debt instrument, face amount | $ 100 | |||
Debt instrument, redemption price, percentage | 102.20% | |||
Debt instrument, interest rate, stated percentage | 8.75% | 8.75% | 8.75% |