Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | CNK | |
Entity Registrant Name | Cinemark Holdings, Inc. | |
Entity Central Index Key | 1385280 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 115,874,516 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Current assets | ||||
Cash and cash equivalents | $532,845 | $638,869 | ||
Inventories | 13,460 | 13,419 | ||
Accounts receivable | 55,415 | 47,917 | ||
Current income tax receivable | 836 | 19,350 | ||
Current deferred tax asset | 9,928 | 10,518 | ||
Prepaid expenses and other | 16,337 | 10,937 | ||
Total current assets | 628,821 | 741,010 | ||
Theatre properties and equipment | 2,562,729 | 2,549,092 | ||
Less: accumulated depreciation and amortization | 1,109,986 | 1,098,280 | ||
Theatre properties and equipment, net | 1,452,743 | 1,450,812 | ||
Other assets | ||||
Goodwill | 1,265,425 | [1] | 1,277,383 | [1] |
Intangible assets-net | 345,899 | 348,024 | ||
Investments in and advances to affiliates | 84,094 | 77,658 | ||
Long-term deferred tax asset | 164 | 164 | ||
Deferred charges and other assets-net | 80,895 | 77,990 | ||
Total other assets | 1,964,723 | 1,960,158 | ||
Total assets | 4,046,287 | 4,151,980 | ||
Current liabilities | ||||
Current portion of long-term debt | 8,423 | 8,423 | ||
Current portion of capital lease obligations | 16,732 | 16,494 | ||
Current income tax payable | 17,963 | 6,396 | ||
Current liability for uncertain tax positions | 7,633 | 7,283 | ||
Accounts payable and accrued expenses | 300,875 | 375,811 | ||
Total current liabilities | 351,626 | 414,407 | ||
Long-term liabilities | ||||
Long-term debt, less current portion | 1,812,815 | 1,814,574 | ||
Capital lease obligations, less current portion | 195,857 | 201,978 | ||
Long-term deferred tax liability | 125,172 | 140,973 | ||
Long-term liability for uncertain tax positions | 8,462 | 8,410 | ||
Deferred lease expenses | 44,613 | 46,003 | ||
Other long-term liabilities | 65,839 | 67,287 | ||
Total long-term liabilities | 2,601,428 | 2,614,444 | ||
Commitments and contingencies (see Note 17) | ||||
Cinemark Holdings, Inc.'s stockholders' equity: | ||||
Common stock, $0.001 par value: 300,000,000 shares authorized, 120,051,213 shares issued and 115,874,516 shares outstanding at March 31, 2015 and 119,757,582 shares issued and 115,700,447 shares outstanding at December 31, 2014 | 120 | 120 | ||
Additional paid-in-capital | 1,100,782 | 1,095,040 | ||
Treasury stock, 4,176,697 and 4,057,135 shares, at cost, at March 31, 2015 and December 31, 2014, respectively | -66,555 | -61,807 | ||
Retained earnings | 237,716 | 224,219 | ||
Accumulated other comprehensive loss | -189,546 | -144,772 | ||
Total Cinemark Holdings, Inc.'s stockholders' equity | 1,082,517 | 1,112,800 | ||
Noncontrolling interests | 10,716 | 10,329 | ||
Total equity | 1,093,233 | 1,123,129 | ||
Total liabilities and equity | 4,046,287 | 4,151,980 | ||
NCM | ||||
Other assets | ||||
Investment in NCM | 188,246 | 178,939 | ||
Long-term liabilities | ||||
Deferred revenue-NCM | $348,670 | $335,219 | ||
[1] | Balances are presented net of accumulated impairment losses of $214,031 for the U.S. operating segment and $27,622 for the international operating segment. |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 120,051,213 | 119,757,582 |
Common stock, shares outstanding | 115,874,516 | 115,700,447 |
Treasury stock, shares | 4,176,697 | 4,057,135 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Revenues | ||||
Admissions | $400,662 | $380,914 | ||
Concession | 214,427 | 193,023 | ||
Other | 30,309 | 28,343 | ||
Total revenues | 645,398 | 602,280 | ||
Cost of operations | ||||
Film rentals and advertising | 215,659 | 200,657 | ||
Concession supplies | 32,503 | 30,053 | ||
Salaries and wages | 69,223 | 64,351 | ||
Facility lease expense | 79,617 | 78,357 | ||
Utilities and other | 75,357 | 75,932 | ||
General and administrative expenses | 37,925 | 39,372 | ||
Depreciation and amortization | 45,332 | 42,496 | ||
Impairment of long-lived assets | 794 | 354 | ||
(Gain) loss on sale of assets and other | -1,450 | 2,853 | ||
Total cost of operations | 554,960 | 534,425 | ||
Operating income | 90,438 | 67,855 | ||
Other income (expense) | ||||
Interest expense | -28,207 | [1] | -28,480 | [1] |
Interest income | 1,519 | 1,014 | ||
Foreign currency exchange gain (loss) | -8,206 | 3,052 | ||
Distributions from NCM | 8,499 | 9,497 | ||
Equity in income of affiliates | 5,239 | 3,620 | ||
Total other expense | -21,156 | -11,297 | ||
Income before income taxes | 69,282 | 56,558 | ||
Income taxes | 26,380 | 20,862 | ||
Net income | 42,902 | 35,696 | ||
Less: Net income attributable to noncontrolling interests | 381 | 253 | ||
Net income attributable to Cinemark Holdings, Inc. | $42,521 | $35,443 | ||
Weighted average shares outstanding | ||||
Basic | 114,837 | 114,182 | ||
Diluted | 115,058 | 114,610 | ||
Earnings per share attributable to Cinemark Holdings, Inc.'s common stockholders | ||||
Basic | $0.37 | $0.31 | ||
Diluted | $0.37 | $0.31 | ||
Dividends declared per common share | $0.25 | $0.25 | ||
[1] | Includes amortization of debt issue costs. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net income | $42,902 | $35,696 |
Other comprehensive income (loss), net of tax | ||
Unrealized gain due to fair value adjustments on interest rate swap agreements, net of settlements, net of taxes of $453 and $368 | 757 | 497 |
Unrealized gain due to fair value adjustments on available-for-sale securities, net of taxes of $444 and $1,192 | 766 | 2,023 |
Other comprehensive income of equity method investments | 384 | 262 |
Foreign currency translation adjustments | -46,675 | -9,189 |
Total other comprehensive loss, net of tax | -44,768 | -6,407 |
Total comprehensive income (loss), net of tax | -1,866 | 29,289 |
Comprehensive income attributable to noncontrolling interests | -387 | -259 |
Comprehensive income (loss) attributable to Cinemark Holdings, Inc. | ($2,253) | $29,030 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Unrealized gain due to fair value adjustments on interest rate swap agreements, tax | $453 | $368 |
Unrealized gain due to fair value adjustments on available-for-sale securities, tax | $444 | $1,192 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Operating activities | ||||
Net income | $42,902 | $35,696 | ||
Adjustments to reconcile net income to cash provided by operating activities: | ||||
Depreciation | 44,731 | 41,724 | ||
Amortization of intangible and other assets and favorable/unfavorable leases | 601 | 772 | ||
Amortization of long-term prepaid rents | 713 | 378 | ||
Amortization of debt issue costs | 1,312 | 1,311 | ||
Amortization of deferred revenues, deferred lease incentives and other | -3,255 | -3,288 | ||
Impairment of long-lived assets | 794 | 354 | ||
Share based awards compensation expense | 3,498 | 3,523 | ||
(Gain) loss on sale of assets and other | -1,450 | 2,853 | ||
Deferred lease expenses | -703 | 1,599 | ||
Equity in income of affiliates | -5,239 | -3,620 | ||
Deferred income tax expenses | -14,349 | -16,436 | ||
Distributions from equity investees | 7,264 | 7,328 | ||
Changes in assets and liabilities and other | -51,705 | -10,317 | ||
Net cash provided by operating activities | 25,114 | 61,877 | ||
Investing activities | ||||
Additions to theatre properties and equipment and other | -85,747 | -52,806 | ||
Acquisition of theatre in Brazil | -2,651 | |||
Proceeds from sale of theatre properties and equipment and other | 2,388 | 51 | ||
Investment in joint ventures and other | -713 | -946 | ||
Net cash used for investing activities | -86,723 | -53,701 | ||
Financing activities | ||||
Proceeds from stock option exercises | 112 | |||
Payroll taxes paid as a result of restricted stock withholdings | -4,748 | -9,776 | ||
Dividends paid to stockholders | -28,923 | [1] | -28,845 | [2] |
Repayments of long-term debt | -1,758 | -2,457 | ||
Payments on capital leases | -3,913 | -3,989 | ||
Other | 2,244 | 3,518 | ||
Net cash used for financing activities | -37,098 | -41,437 | ||
Effect of exchange rate changes on cash and cash equivalents | -7,317 | -3,965 | ||
Decrease in cash and cash equivalents | -106,024 | -37,226 | ||
Cash and cash equivalents: | ||||
Beginning of period | 638,869 | 599,929 | ||
End of period | $532,845 | $562,703 | ||
[1] | On February 17, 2015, the Company's board of directors declared a cash dividend for the fourth quarter of 2014 in the amount of $0.25 per share of common stock payable to stockholders of record on March 4, 2015. The dividend was paid on March 18, 2015. | |||
[2] | On February 14, 2014, the Company's board of directors declared a cash dividend for the fourth quarter of 2013 in the amount of $0.25 per share of common stock payable to stockholders of record on March 4, 2014. The dividend was paid on March 19, 2014. |
The_Company_and_Basis_of_Prese
The Company and Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
The Company and Basis of Presentation | 1. The Company and Basis of Presentation |
Cinemark Holdings, Inc. and subsidiaries (the “Company”) operates in the motion picture exhibition industry, with theatres in the United States (“U.S.”), Brazil, Argentina, Chile, Colombia, Peru, Ecuador, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala and Bolivia. | |
The accompanying condensed consolidated balance sheet as of December 31, 2014, which was derived from audited financial statements, and the unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation have been included. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ from these estimates. Majority-owned subsidiaries that the Company has control of are consolidated while those affiliates of which the Company owns between 20% and 50% and does not control are accounted for under the equity method. Those affiliates of which the Company owns less than 20% are generally accounted for under the cost method, unless the Company is deemed to have the ability to exercise significant influence over the affiliate, in which case the Company would account for its investment under the equity method. The results of these subsidiaries and affiliates are included in the condensed consolidated financial statements effective with their formation or from their dates of acquisition. Intercompany balances and transactions are eliminated in consolidation. | |
These condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and the notes thereto for the year ended December 31, 2014, included in the Annual Report on Form 10-K filed February 27, 2015 by the Company under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Operating results for the three months ended March 31, 2015 are not necessarily indicative of the results to be achieved for the full year. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
New Accounting Pronouncements | 2. New Accounting Pronouncements |
In February 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, (“ASU 2015-02”). ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership and affects the consolidation analysis of reporting entities that are involved with certain VIEs. ASU 2015-02 also provides a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. ASU 2015-02 is effective for fiscal years beginning after December 15, 2015. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2015-02 on its condensed consolidated financial statements. | |
In April 2015, the FASB issued Accounting Standards Update 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, (“ASU 2015-03”). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU 2015-03. ASU 2015-03 is effective for fiscal years beginning after December 15, 2015. Early adoption is permitted. The Company plans to adopt this ASU effective January 1, 2016 and will revise its presentation of debt issue costs at that time. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share | 3. Earnings Per Share | ||||||||
The Company considers its unvested restricted stock awards, which contain non-forfeitable rights to dividends, participating securities, and includes such participating securities in its computation of earnings per share pursuant to the two-class method. Basic earnings per share for the two classes of stock (common stock and unvested restricted stock) is calculated by dividing net income by the weighted average number of shares of common stock and unvested restricted stock outstanding during the reporting period. Diluted earnings 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. | |||||||||
The following table presents computations of basic and diluted earnings per share under the two-class method: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Numerator: | |||||||||
Net income attributable to Cinemark Holdings, Inc. | $ | 42,521 | $ | 35,443 | |||||
Earnings allocated to participating share-based awards (1) | (218 | ) | (211 | ) | |||||
Net income attributable to common stockholders | $ | 42,303 | $ | 35,232 | |||||
Denominator (shares in thousands): | |||||||||
Basic weighted average common stock outstanding | 114,837 | 114,182 | |||||||
Common equivalent shares for restricted stock units | 221 | 428 | |||||||
Diluted | 115,058 | 114,610 | |||||||
Basic earnings per share attributable to common stockholders | $ | 0.37 | $ | 0.31 | |||||
Diluted earnings per share attributable to common stockholders | $ | 0.37 | $ | 0.31 | |||||
(1) | For the three months ended March 31, 2015 and 2014, a weighted average of approximately 595 and 689 shares of unvested restricted stock, respectively, were considered participating securities. |
Fair_Value_of_LongTerm_Debt
Fair Value of Long-Term Debt | 3 Months Ended |
Mar. 31, 2015 | |
Fair Value of Long-Term Debt | 4. 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 Accounting Standards Codification (“ASC”) Topic 820-10-35, Fair Value Measurement. The carrying value of the Company’s long-term debt was $1,821,238 and $1,822,997 as of March 31, 2015 and December 31, 2014, respectively. The fair value of the Company’s long-term debt was $1,835,398 and $1,790,987 as of March 31, 2015 and December 31, 2014, respectively. |
Equity
Equity | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Equity | 5. Equity | ||||||||||||
Below is a summary of changes in stockholders’ equity attributable to Cinemark Holdings, Inc., noncontrolling interests and total equity for the three months ended March 31, 2015 and 2014: | |||||||||||||
Cinemark | |||||||||||||
Holdings, Inc. | |||||||||||||
Stockholders’ | Noncontrolling | Total | |||||||||||
Equity | Interests | Equity | |||||||||||
Balance at January 1, 2015 | $ | 1,112,800 | $ | 10,329 | $ | 1,123,129 | |||||||
Share based awards compensation expense | 3,498 | — | 3,498 | ||||||||||
Stock withholdings related to share based awards that vested during the three months ended March 31, 2015 | (4,748 | ) | — | (4,748 | ) | ||||||||
Tax benefit related to share based awards vesting | 2,244 | — | 2,244 | ||||||||||
Dividends paid to stockholders (1) | (28,923 | ) | — | (28,923 | ) | ||||||||
Dividends accrued on unvested restricted stock unit awards (1) | (101 | ) | — | (101 | ) | ||||||||
Net income | 42,521 | 381 | 42,902 | ||||||||||
Fair value adjustments on interest rate swap agreements designated as hedges, net of settlements, net of taxes of $453 | 757 | — | 757 | ||||||||||
Fair value adjustments on available-for-sale securities, net of taxes of $444 | 766 | — | 766 | ||||||||||
Other comprehensive income in equity method investees | 384 | — | 384 | ||||||||||
Foreign currency translation adjustments | (46,681 | ) | 6 | (46,675 | ) | ||||||||
Balance at March 31, 2015 | $ | 1,082,517 | $ | 10,716 | $ | 1,093,233 | |||||||
Cinemark | |||||||||||||
Holdings, Inc. | |||||||||||||
Stockholders’ | Noncontrolling | Total | |||||||||||
Equity | Interests | Equity | |||||||||||
Balance at January 1, 2014 | $ | 1,093,422 | $ | 8,995 | $ | 1,102,417 | |||||||
Share based awards compensation expense | 3,523 | — | 3,523 | ||||||||||
Stock withholdings related to share based awards that vested during the three months ended March 31, 2014 | (9,776 | ) | — | (9,776 | ) | ||||||||
Exercise of stock options | 112 | 112 | |||||||||||
Tax benefit related to share based awards vesting | 3,518 | — | 3,518 | ||||||||||
Dividends paid to stockholders (2) | (28,845 | ) | — | (28,845 | ) | ||||||||
Dividends accrued on unvested restricted stock unit awards (2) | (171 | ) | — | (171 | ) | ||||||||
Net income | 35,443 | 253 | 35,696 | ||||||||||
Fair value adjustments on interest rate swap agreements designated as hedges, net of settlements, net of taxes of $368 | 497 | — | 497 | ||||||||||
Fair value adjustments on available-for-sale securities, net of taxes of $1,192 | 2,023 | — | 2,023 | ||||||||||
Other comprehensive income in equity method investees | 262 | — | 262 | ||||||||||
Foreign currency translation adjustments | (9,195 | ) | 6 | (9,189 | ) | ||||||||
Balance at March 31, 2014 | $ | 1,090,813 | $ | 9,254 | $ | 1,100,067 | |||||||
(1) | On February 17, 2015, the Company’s board of directors declared a cash dividend for the fourth quarter of 2014 in the amount of $0.25 per share of common stock payable to stockholders of record on March 4, 2015. The dividend was paid on March 18, 2015. | ||||||||||||
(2) | On February 14, 2014, the Company’s board of directors declared a cash dividend for the fourth quarter of 2013 in the amount of $0.25 per share of common stock payable to stockholders of record on March 4, 2014. The dividend was paid on March 19, 2014. |
Investment_in_National_CineMed
Investment in National CineMedia | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Investment in National CineMedia | 6. Investment in National CineMedia | ||||||||||||||||||||||||||||
The Company has an investment in National CineMedia, LLC (“NCM”). NCM operates a digital in-theatre network in the U.S. for providing cinema advertising. Upon joining NCM, the Company entered into an Exhibitor Services Agreement with NCM (“ESA”), pursuant to which NCM provides advertising, promotion and event services to our theatres. As described further in Note 6 to the Company’s financial statements as included in its 2014 Annual Report on Form 10-K, on February 13, 2007, National CineMedia, Inc. (“NCM, Inc.”), an entity that serves as the sole manager of NCM, completed an initial public offering (“IPO”) of its common stock. In connection with the NCM Inc. initial public offering, the Company amended its operating agreement and the ESA. Following the NCM, Inc. IPO, the Company does not recognize undistributed equity in the earnings on its original NCM membership units (referred to herein as the Company’s Tranche 1 Investment) until NCM’s future net earnings, less distributions received, surpass the amount of the excess distribution. The Company recognizes equity in earnings on its Tranche 1 Investment only to the extent it receives cash distributions from NCM. The Company recognizes cash distributions it receives from NCM on its Tranche 1 Investment as a component of earnings as Distributions from NCM. The Company believes that the accounting model provided by ASC 323-10-35-22 for recognition of equity investee losses in excess of an investor’s basis is analogous to the accounting for equity income subsequent to recognizing an excess distribution. | |||||||||||||||||||||||||||||
Below is a summary of activity with NCM included in the Company’s condensed consolidated financial statements: | |||||||||||||||||||||||||||||
Distributions | Other | ||||||||||||||||||||||||||||
Investment | Deferred | from | Equity in | Other | Comprehensive | Cash | |||||||||||||||||||||||
in NCM | Revenue | NCM | Earnings | Revenue | Income | Received | |||||||||||||||||||||||
Balance as of January 1, 2015 | $ | 178,939 | $ | (335,219 | ) | ||||||||||||||||||||||||
Receipt of common units due to annual common unit adjustment | 15,421 | (15,421 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Revenues earned under ESA (1) | — | — | — | — | (2,756 | ) | — | 2,756 | |||||||||||||||||||||
Receipt of excess cash distributions | (5,393 | ) | — | (6,258 | ) | — | — | — | 11,651 | ||||||||||||||||||||
Receipt under tax receivable agreement | (1,871 | ) | — | (2,241 | ) | — | — | — | 4,112 | ||||||||||||||||||||
Equity in earnings | 795 | — | — | (795 | ) | — | — | — | |||||||||||||||||||||
Equity in other comprehensive income | 355 | — | — | — | — | (355 | ) | — | |||||||||||||||||||||
Amortization of deferred revenue | — | 1,970 | — | — | (1,970 | ) | — | — | |||||||||||||||||||||
Balance as of and for the period ended March 31, 2015 | $ | 188,246 | $ | (348,670 | ) | $ | (8,499 | ) | $ | (795 | ) | $ | (4,726 | ) | $ | (355 | ) | $ | 18,519 | ||||||||||
(1) | Amount includes the per patron and per digital screen theatre access fees due to the Company, net of amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire of approximately $2,264. | ||||||||||||||||||||||||||||
During the three months ended March 31, 2015 and 2014, the Company recorded equity earnings of approximately $795 and $432, respectively. | |||||||||||||||||||||||||||||
Pursuant to a Common Unit Adjustment Agreement dated as of February 13, 2007 between NCM, Inc. and the Company, AMC Entertainment, Inc. (“AMC”) and Regal Entertainment Group (“Regal”), annual adjustments to the common membership units are made primarily based on increases or decreases in the number of theatre screens operated and theatre attendance generated by each Founding Member. As further discussed in Note 6 to the Company’s financial statements as included in its 2014 Annual Report on Form 10-K, the common units received are recorded at fair value as an increase in the Company’s investment in NCM with an offset to deferred revenue. The deferred revenue is amortized over the remaining term of the ESA. During March 2015, NCM performed its annual common unit adjustment calculation under the Common Unit Adjustment Agreement. As a result of the calculation, the Company received an additional 1,074,910 common units of NCM, each of which is convertible into one share of NCM, Inc. common stock. The Company recorded the additional common units received at fair value with a corresponding adjustment to deferred revenue of approximately $15,421. The deferred revenue will be recognized over the remaining term of the ESA, which is approximately 21 years. | |||||||||||||||||||||||||||||
As of March 31, 2015, the Company owned a total of 25,631,046 common units of NCM, representing an ownership interest of approximately 20%. | |||||||||||||||||||||||||||||
Below is summary financial information for NCM for the year ended January 1, 2015 and the quarter ended March 27, 2014. | |||||||||||||||||||||||||||||
Year Ended | Quarter Ended | ||||||||||||||||||||||||||||
January 1, 2015 (1) | March 27, 2014 | ||||||||||||||||||||||||||||
Gross revenues | $ | 373,994 | $ | 70,215 | |||||||||||||||||||||||||
Operating income | $ | 159,624 | $ | 12,767 | |||||||||||||||||||||||||
Net earnings (loss) | $ | 96,309 | $ | (2,764 | ) | ||||||||||||||||||||||||
(1) | Financial information for the quarter ended April 2, 2015 is not yet available |
Other_Investments
Other Investments | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Other Investments | 7. Other Investments | ||||||||||||||||||||||||
The Company had the following other investments at March 31, 2015: | |||||||||||||||||||||||||
Digital Cinema Implementation Partners (“DCIP”), equity method investment | $ | 56,009 | |||||||||||||||||||||||
RealD, Inc. (“RealD”), investment in marketable security | 15,639 | ||||||||||||||||||||||||
AC JV, LLC, equity method investment | 8,297 | ||||||||||||||||||||||||
Digital Cinema Distribution Coalition (“DCDC”), equity method investment | 2,494 | ||||||||||||||||||||||||
Other | 1,655 | ||||||||||||||||||||||||
Total | $ | 84,094 | |||||||||||||||||||||||
Below is a summary of activity for each of the investments for the three months ended March 31, 2015: | |||||||||||||||||||||||||
DCIP | RealD | AC JV, | DCDC | Other | Total | ||||||||||||||||||||
LLC | |||||||||||||||||||||||||
Balance at January 1, 2015 | $ | 51,277 | $ | 14,429 | $ | 7,899 | $ | 2,438 | $ | 1,615 | $ | 77,658 | |||||||||||||
Cash contributions | 713 | — | — | — | — | 713 | |||||||||||||||||||
Equity in income | 3,990 | — | 398 | 56 | — | 4,444 | |||||||||||||||||||
Equity in comprehensive income | 29 | — | — | — | — | 29 | |||||||||||||||||||
Unrealized holding gain | — | 1,210 | — | — | — | 1,210 | |||||||||||||||||||
Other | — | — | — | — | 40 | 40 | |||||||||||||||||||
Balance at March 31, 2015 | $ | 56,009 | $ | 15,639 | $ | 8,297 | $ | 2,494 | $ | 1,655 | $ | 84,094 | |||||||||||||
Digital Cinema Implementation Partners LLC | |||||||||||||||||||||||||
On February 12, 2007, the Company, AMC and Regal entered into a joint venture known as Digital Cinema Implementation Partners LLC to facilitate the implementation of digital cinema in the Company’s theatres and to establish agreements with major motion picture studios for the financing of digital cinema. On March 10, 2010, the Company signed a master equipment lease agreement and other related agreements (collectively the “Agreements”) with Kasima LLC (“Kasima”), which is an indirect subsidiary of DCIP and a related party to the Company. Upon signing the Agreements, the Company contributed the majority of its U.S. digital projection systems to DCIP, which DCIP then contributed to Kasima. The Company has a variable interest in Kasima through the terms of its master equipment lease agreement; however, the Company has determined that it is not the primary beneficiary of Kasima, as the Company does not have the ability to direct the activities of Kasima that most significantly impact Kasima’s economic performance. As of March 31, 2015, the Company had a 33% voting interest in DCIP and a 24.3% economic interest in DCIP. The Company accounts for its investment in DCIP and its subsidiaries under the equity method of accounting. | |||||||||||||||||||||||||
Below is summary financial information for DCIP for the three months ended March 31, 2015 and 2014. | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
March 31, 2015 | March 31, 2014 | ||||||||||||||||||||||||
Revenues | $ | 40,741 | $ | 42,688 | |||||||||||||||||||||
Operating income | $ | 23,764 | $ | 24,304 | |||||||||||||||||||||
Net income | $ | 17,444 | $ | 5,528 | |||||||||||||||||||||
As of March 31, 2015, the Company had 3,701 digital projection systems being leased under the master equipment lease agreement with Kasima. The Company made equipment lease payments of approximately $1,010 and $1,001 during the three months ended March 31, 2015 and 2014, respectively, which is included in utilities and other costs on the condensed consolidated statements of income. | |||||||||||||||||||||||||
RealD, Inc. | |||||||||||||||||||||||||
The Company licenses 3-D systems from RealD. The Company owns 1,222,780 shares of RealD and accounts for its investment in RealD as a marketable security. The Company has determined that its RealD shares are available-for-sale securities in accordance with ASC Topic 320-10-35-1, therefore unrealized holding gains and losses are reported as a component of accumulated other comprehensive loss until realized. | |||||||||||||||||||||||||
As of March 31, 2015, the estimated fair value of the Company’s investment in RealD was $15,639, which is based on the closing price of RealD’s common stock on March 31, 2015, and falls under Level 1 of the U.S. GAAP fair value hierarchy as defined by ASC Topic 820-10-35. The Company paid licensing fees of $1,156 and $1,801 to RealD during the three months ended March 31, 2015 and 2014, which is included in utilities and other costs on the condensed consolidated statements of income. | |||||||||||||||||||||||||
AC JV, LLC | |||||||||||||||||||||||||
During December 2013, the Company, Regal, AMC and NCM entered into a series of agreements that resulted in the formation of a new joint venture that now owns the “Fathom Events” division (consisting of Fathom Events and Fathom Consumer Events) formerly operated by NCM. The Fathom Events business focuses on the marketing and distribution of live and pre-recorded entertainment programming to various theatre operators to provide additional programs to augment their feature film schedule. The Fathom Consumer Events business includes live and pre-recorded concerts featuring contemporary music, opera and symphony, DVD product releases and marketing events, theatrical premieres, Broadway plays, live sporting events and other special events. The Company paid event fees of $3,401 and $0 to AC JV during the three months ended March 31, 2015 and 2014, which is included in film rentals and advertising costs on the condensed consolidated statements of income. | |||||||||||||||||||||||||
The joint venture, AC JV, LLC (“AC”), was formed by the Founding Members and NCM. NCM, under a contribution agreement, contributed the assets associated with its Fathom Events division to AC in exchange for 97% ownership of the Class A Units of AC. Under a separate contribution agreement, the Founding Members each contributed cash of approximately $268 to AC in exchange for 1% of the Class A Units of AC. Subsequently, NCM and the Founding Members entered into a Membership Interest Purchase Agreement, under which NCM sold each of the Founding Members 31% of its Class A Units in AC, the aggregate value of which was determined to be $25,000, in exchange for a six-year Promissory Note. Each of the Founding Members’ Promissory Notes were originally for $8,333, bear interest at 5% per annum and require annual principal and interest payments, with the first of such payments made during December 2014. | |||||||||||||||||||||||||
Digital Cinema Distribution Coalition | |||||||||||||||||||||||||
The Company is a party to a joint venture with certain exhibitors and distributors called DCDC, which 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 $208 and $201 to DCDC during the three months ended March 31, 2015 and 2014 related to content delivery services provided by DCDC, which is included in utilities and other costs on the condensed consolidated statements of income. |
Treasury_Stock_and_Share_Based
Treasury Stock and Share Based Awards | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Treasury Stock and Share Based Awards | 8. Treasury Stock and Share Based Awards | ||||||||
Treasury Stock — Treasury stock represents shares of common stock repurchased or withheld by the Company and not yet retired. The Company has applied the cost method in recording its treasury shares. Below is a summary of the Company’s treasury stock activity for the three months ended March 31, 2015: | |||||||||
Number of | |||||||||
Treasury | |||||||||
Shares | Cost | ||||||||
Balance at January 1, 2015 | 4,057,135 | $ | 61,807 | ||||||
Restricted stock withholdings (1) | 107,825 | 4,748 | |||||||
Restricted stock forfeitures | 11,737 | — | |||||||
Balance at March 31, 2015 | 4,176,697 | $ | 66,555 | ||||||
(1) | The Company withheld restricted shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock and restricted stock units. The Company determined the number of shares to be withheld based upon market values ranging from $41.21 to $44.67 per share. | ||||||||
As of March 31, 2015, the Company had no plans to retire any shares of treasury stock. | |||||||||
Restricted Stock – During the three months ended March 31, 2015, the Company granted 169,862 shares of restricted stock to employees. The fair value of the restricted stock granted was determined based on the market value of the Company’s common stock on the date of grant, which was $43.28 per share. The Company assumed forfeiture rates ranging from 0% to 5% for the restricted stock awards. Certain of the restricted stock granted to employees vests over one year based on continued service and the remaining restricted stock granted to employees vests over four years based on continued service. The recipients of restricted stock are entitled to receive dividends and to vote their respective shares, however, the sale and transfer of the restricted shares is prohibited during the restriction period. | |||||||||
Below is a summary of restricted stock activity for the three months ended March 31, 2015: | |||||||||
Shares of | Weighted | ||||||||
Average | |||||||||
Restricted | Grant Date | ||||||||
Stock | Fair Value | ||||||||
Outstanding at January 1, 2015 | 878,897 | $ | 24.92 | ||||||
Granted | 169,862 | $ | 43.28 | ||||||
Vested | (298,251 | ) | $ | 22.97 | |||||
Forfeited | (11,737 | ) | $ | 25.72 | |||||
Outstanding at March 31, 2015 | 738,771 | $ | 29.93 | ||||||
Unvested restricted stock at March 31, 2015 | 738,771 | $ | 29.93 | ||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Compensation expense recognized during the period | $ | 2,590 | $ | 2,616 | |||||
Fair value of restricted shares that vested during the period | $ | 13,161 | $ | 17,466 | |||||
Income tax deduction upon vesting of restricted stock awards | $ | 3,311 | $ | 6,645 | |||||
As of March 31, 2015, the estimated remaining unrecognized compensation expense related to restricted stock awards was $16,872 and the weighted average period over which this remaining compensation expense will be recognized is approximately two years. | |||||||||
Restricted Stock Units – During the three months ended March 31, 2015, the Company granted restricted stock units representing 137,982 hypothetical shares of common stock to employees. The restricted stock units vest based on a combination of financial performance factors and continued service. The financial performance factors are based on an implied equity value concept that determines an internal rate of return (“IRR”) during the two fiscal year periods ending December 31, 2016 based on a formula utilizing a multiple of Adjusted EBITDA subject to certain specified adjustments as specified by the Compensation Committee prior to the grant date. The financial performance factors for the restricted stock units have a threshold, target and maximum level of payment opportunity and vest on a prorata basis according to the IRR achieved by the Company during the performance period. If the IRR for the two-year period is at least 7.5%, which is the threshold, one-third of the restricted stock units vest. If the IRR for the two-year period is at least 9.5%, which is the target, two-thirds of the restricted stock units vest. If the IRR for the two-year period is at least 11.5%, which is the maximum, 100% of the restricted stock units vest. Grantees are eligible to receive a ratable portion of the common stock issuable if the IRR is within the targets previously noted. All payouts of restricted stock units that vest will be subject to an additional two-year service requirement and will be paid in the form of common stock if the participant continues to provide services through March 2019, which is the fourth anniversary of the grant date. Restricted stock unit award participants are eligible to receive dividend equivalent payments from the grant date if, and at the time that, the restricted stock unit awards vest. | |||||||||
Below is a table summarizing the potential number of shares that could vest under restricted stock unit awards granted during the three months ended March 31, 2015 at each of the three target levels of financial performance (excluding forfeiture assumptions): | |||||||||
Number of | |||||||||
Shares | Value at | ||||||||
Vesting | Grant | ||||||||
at IRR of at least 7.5% | 45,994 | $ | 1,991 | ||||||
at IRR of at least 9.5% | 91,988 | $ | 3,981 | ||||||
at IRR of at least 11.5% | 137,982 | $ | 5,972 | ||||||
Due to the fact that the IRR for the two-year performance period could not be determined at the time of grant, the Company estimated that the most likely outcome is the achievement of the mid-point IRR level. The fair value of the restricted stock unit awards was determined based on the market value of the Company’s common stock on the date of grant, which was $43.28 per share. The Company assumed forfeiture rates ranging from 0% to 5% for the restricted stock unit awards. If during the service period, additional information becomes available to lead the Company to believe a different IRR level will be achieved for the two-year performance period, the Company will reassess the number of units that will vest for the grant and adjust its compensation expense accordingly on a prospective basis over the remaining service period. | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Number of restricted stock unit awards that vested during the period | 123,769 | 392,238 | |||||||
Fair value of restricted stock unit awards that vested during the period | $ | 5,501 | $ | 11,194 | |||||
Accumulated dividends paid upon vesting of restricted stock unit awards (1) | $ | 46 | $ | — | |||||
Income tax benefit recognized upon vesting of restricted stock unit awards | $ | 2,303 | $ | 4,751 | |||||
Compensation expense recognized during the period | $ | 908 | $ | 907 | |||||
(1) | Additional dividends of approximately $396 and $1,341 were paid during April 2015 and 2014, respectively. | ||||||||
As of March 31, 2015, the estimated remaining unrecognized compensation expense related to the outstanding restricted stock unit awards was $7,705. The weighted average period over which this remaining compensation expense will be recognized is approximately two years. As of March 31, 2015, the Company had restricted stock units outstanding that represented a total of 539,141 hypothetical shares of common stock, net of actual cumulative forfeitures of 19,934 units, assuming an IRR of 11.1% was reached for the 2012 grant and the maximum IRR level is achieved for each of the 2013, 2014, and 2015 grants. |
Interest_Rate_Swap_Agreements
Interest Rate Swap Agreements | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||
Interest Rate Swap Agreements | 9. Interest Rate Swap Agreements | ||||||||||||||||||||||
The Company is currently a party to three interest rate swap agreements that are used to hedge interest rate risk associated with the variable interest rates on the Company’s term loan debt and qualify for cash flow hedge accounting. The fair values of the interest rate swaps are recorded on the Company’s condensed consolidated balance sheet as an asset or liability with the effective portion of the interest rate swaps’ gains or losses reported as a component of accumulated other comprehensive loss and the ineffective portion reported in earnings. The changes in fair values are reclassified from accumulated other comprehensive loss into earnings in the same period that the hedged items affect earnings. | |||||||||||||||||||||||
The valuation technique used to determine fair value is the income approach and under this approach, the Company uses projected future interest rates as provided by counterparties to the interest rate swap agreements and the fixed rates that the Company is obligated to pay under these agreements. Therefore, the Company’s measurements use significant unobservable inputs, which fall in Level 3 of the U.S. GAAP hierarchy as defined by FASB ASC Topic 820-10-35. There were no changes in valuation techniques during the period and no transfers in or out of Level 3. See Note 12 for a summary of unrealized gains or losses recorded in accumulated other comprehensive loss and earnings. | |||||||||||||||||||||||
Below is a summary of the Company’s current interest rate swap agreements designated as cash flow hedges as of March 31, 2015: | |||||||||||||||||||||||
Estimated | |||||||||||||||||||||||
Nominal | Effective Date | Pay Rate | Receive Rate | Expiration | Current | Long- | Total Fair | ||||||||||||||||
Amount | Date | Liability (1) | Term | Value at | |||||||||||||||||||
Liability (2) | March 31, | ||||||||||||||||||||||
2015 | |||||||||||||||||||||||
$175,000 | December 2010 | 1.3975 | % | 1-Month LIBOR | September 2015 | $ | 961 | $ | — | $ | 961 | ||||||||||||
$175,000 | Dec-10 | 1.4 | % | 1-Month LIBOR | Sep-15 | 970 | $ | — | 970 | ||||||||||||||
$100,000 | November 2011 | 1.715 | % | 1-Month LIBOR | Apr-16 | 1,340 | 91 | 1,431 | |||||||||||||||
$450,000 | $ | 3,271 | $ | 91 | $ | 3,362 | |||||||||||||||||
(1) | Included in accounts payable and accrued expenses on the condensed consolidated balance sheet as of March 31, 2015. | ||||||||||||||||||||||
(2) | Included in other long-term liabilities on the condensed consolidated balance sheet as of March 31, 2015. | ||||||||||||||||||||||
The changes in accumulated other comprehensive loss, net of taxes, related to the Company’s interest rate swap agreements for the three months ended March 31, 2015 and 2014 were as follows: | |||||||||||||||||||||||
Interest Rate Swaps | |||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||
Beginning balances – January 1 | $ | (2,870 | ) | $ | (5,716 | ) | |||||||||||||||||
Other comprehensive loss before reclassifications, net of taxes | (689 | ) | (979 | ) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss to interest expense, net of taxes | 1,446 | 1,476 | |||||||||||||||||||||
Net other comprehensive income | 757 | 497 | |||||||||||||||||||||
Ending balances – March 31 | $ | (2,113 | ) | $ | (5,219 | ) | |||||||||||||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Goodwill and Other Intangible Assets | 10. Goodwill and Other Intangible Assets | ||||||||||||||||
The Company’s goodwill was as follows: | |||||||||||||||||
U.S. | International | Total | |||||||||||||||
Operating | Operating | ||||||||||||||||
Segment | Segment | ||||||||||||||||
Balance at January 1, 2015 (1) | $ | 1,156,556 | $ | 120,827 | $ | 1,277,383 | |||||||||||
Foreign currency translation adjustments | — | (11,958 | ) | (11,958 | ) | ||||||||||||
Balance at March 31, 2015 (1) | $ | 1,156,556 | $ | 108,869 | $ | 1,265,425 | |||||||||||
(1) | Balances are presented net of accumulated impairment losses of $214,031 for the U.S. operating segment and $27,622 for the international operating segment. | ||||||||||||||||
The Company evaluates goodwill for impairment on an annual basis during the fourth quarter or whenever events or changes in circumstances indicate the carrying value of goodwill might exceed its estimated fair value. The Company evaluates goodwill for impairment at the reporting unit level and has allocated goodwill to the reporting unit based on an estimate of its relative fair value. The Company considers the reporting unit to be each of its eighteen regions in the U.S. and each of its eight countries internationally (Honduras, El Salvador, Nicaragua, Costa Rica, Panama and Guatemala are considered one reporting unit). Goodwill impairment is evaluated using a two-step approach requiring the Company to compute the fair value of a reporting unit and compare it with its carrying value. If the carrying value of the reporting unit exceeds the estimated fair value, a second step is performed to measure the potential goodwill impairment. Significant judgment is involved in estimating cash flows and fair value. Management’s estimates, which fall under Level 3 of the U.S. GAAP fair value hierarchy as defined by FASB ASC Topic 820-10-35, are based on historical and projected operating performance, recent market transactions and current industry trading multiples. Fair value is determined based on a multiple of cash flows, which was eight times for the evaluation performed during the fourth quarter of 2014. | |||||||||||||||||
No events or changes in circumstances occurred during the three months ended March 31, 2015 that indicated the carrying value of goodwill might exceed its estimated fair value. | |||||||||||||||||
Intangible assets consisted of the following: | |||||||||||||||||
Balance at | Amortization | Other (1) | Balance at | ||||||||||||||
January 1, | March 31, | ||||||||||||||||
2015 | 2015 | ||||||||||||||||
Intangible assets with finite lives: | |||||||||||||||||
Gross carrying amount | $ | 99,922 | $ | — | $ | (220 | ) | $ | 99,702 | ||||||||
Accumulated amortization | (52,232 | ) | (1,458 | ) | — | (53,690 | ) | ||||||||||
Total net intangible assets with finite lives | $ | 47,690 | (1,458 | ) | (220 | ) | $ | 46,012 | |||||||||
Intangible assets with indefinite lives: | |||||||||||||||||
Tradename | 300,334 | — | (447 | ) | 299,887 | ||||||||||||
Total intangible assets — net | $ | 348,024 | $ | (1,458 | ) | $ | (667 | ) | $ | 345,899 | |||||||
(1) | Consists primarily of foreign currency translation adjustments. | ||||||||||||||||
Estimated aggregate future amortization expense for intangible assets is as follows: | |||||||||||||||||
For the nine months ended December 31, 2015 | $ | 4,341 | |||||||||||||||
For the twelve months ended December 31, 2016 | 5,585 | ||||||||||||||||
For the twelve months ended December 31, 2017 | 5,052 | ||||||||||||||||
For the twelve months ended December 31, 2018 | 4,925 | ||||||||||||||||
For the twelve months ended December 31, 2019 | 4,016 | ||||||||||||||||
Thereafter | 22,093 | ||||||||||||||||
Total | $ | 46,012 | |||||||||||||||
Impairment_of_LongLived_Assets
Impairment of Long-Lived Assets | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Impairment of Long-Lived Assets | 11. Impairment of Long-Lived Assets | ||||||||
The Company reviews long-lived assets for impairment indicators on a quarterly basis or whenever events or changes in circumstances indicate the carrying amount of the assets may not be fully recoverable. | |||||||||
The Company considers actual theatre level cash flows, budgeted theatre level cash flows, theatre property and equipment carrying values, amortizing intangible asset carrying values, the age of a recently built theatre, competitive theatres in the marketplace, the impact of recent ticket price changes, available lease renewal options and other factors considered relevant in its assessment of impairment of individual theatre assets. Long-lived assets are evaluated for impairment on an individual theatre basis, which the Company believes is the lowest applicable level for which there are identifiable cash flows. The impairment evaluation is based on the estimated undiscounted cash flows from continuing use through the remainder of the theatre’s useful life. The remainder of the theatre’s useful life correlates with the available remaining lease period, which includes the probability of renewal periods, for leased properties and the lesser of twenty years or the building’s remaining useful life for fee owned properties. If the estimated undiscounted cash flows are not sufficient to recover a long-lived asset’s carrying value, the Company then compares the carrying value of the asset group with its estimated fair value. When estimated fair value is determined to be lower than the carrying value of the asset group, the asset group is written down to its estimated fair value. Significant judgment is involved in estimating cash flows and fair value. Management’s estimates, which fall under Level 3 of the U.S. GAAP fair value hierarchy as defined by FASB ASC Topic 820-10-35, are based on historical and projected operating performance, recent market transactions and current industry trading multiples. Fair value is determined based on a multiple of cash flows, which was six and a half times for the evaluations performed during the three months ended March 31, 2015 and 2014. As of March 31, 2015, the estimated aggregate fair value of the long-lived assets impaired during the three months ended March 31, 2015 was approximately $1,369. | |||||||||
The long-lived asset impairment charges recorded during each of the periods presented are specific to theatres that were directly and individually impacted by increased competition, adverse changes in market demographics or adverse changes in the development or the conditions of the areas surrounding the theatre. | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
United States theatre properties | $ | 794 | $ | 354 | |||||
International theatre properties | — | — | |||||||
Impairment of long-lived assets | $ | 794 | $ | 354 | |||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Measurements | 12. 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 and liabilities measured at fair value on a recurring basis by the Company under FASB ASC Topic 820 as of March 31, 2015: | |||||||||||||||||
Carrying | Fair Value | ||||||||||||||||
Description | Value | Level 1 | Level 2 | Level 3 | |||||||||||||
Interest rate swap liabilities – current (see Note 9) | $ | (3,271 | ) | $ | — | $ | — | $ | (3,271 | ) | |||||||
Interest rate swap liabilities – long-term (see Note 9) | $ | (91 | ) | $ | — | $ | — | $ | (91 | ) | |||||||
Investment in RealD (see Note 7) | $ | 15,639 | $ | 15,639 | $ | — | $ | — | |||||||||
Below is a summary of assets and liabilities measured at fair value on a recurring basis by the Company under FASB ASC Topic 820 as of December 31, 2014: | |||||||||||||||||
Carrying | Fair Value | ||||||||||||||||
Description | Value | Level 1 | Level 2 | Level 3 | |||||||||||||
Interest rate swap liabilities – current (see Note 9) | $ | (4,255 | ) | $ | — | $ | — | $ | (4,255 | ) | |||||||
Interest rate swap liabilities – long term (see Note 9) | $ | (317 | ) | $ | — | $ | — | $ | (317 | ) | |||||||
Investment in RealD (see Note 7) | $ | 14,429 | $ | 14,429 | $ | — | $ | — | |||||||||
Below is a reconciliation of the beginning and ending balance for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3): | |||||||||||||||||
Liabilities | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Beginning balances – January 1 | $ | 4,572 | $ | 9,176 | |||||||||||||
Total loss included in accumulated other comprehensive loss | 236 | 610 | |||||||||||||||
Settlements | (1,446 | ) | (1,476 | ) | |||||||||||||
Ending balances – March 31 | $ | 3,362 | $ | 8,310 | |||||||||||||
The Company also uses the market approach for fair value measurements on a nonrecurring basis in the impairment evaluations of its long-lived assets (see Note 10 and Note 11). Additionally, the Company uses the market approach to estimate the fair value of its long-term debt (see Note 4). There were no changes in valuation techniques and there were no transfers in or out of Level 1, Level 2 or Level 3 during the three months ended March 31, 2015. |
Foreign_Currency_Translation
Foreign Currency Translation | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Foreign Currency Translation | 13. Foreign Currency Translation | ||||||||||||
The accumulated other comprehensive loss account in stockholders’ equity of $189,546 and $144,772 at March 31, 2015 and December 31, 2014, respectively, includes cumulative foreign currency adjustments of $194,611 and $147,930, respectively, from translating the financial statements of the Company’s international subsidiaries, and also includes the change in fair values of the Company’s interest rate swap agreements that are designated as hedges and the change in fair value of the Company’s available-for-sale securities. | |||||||||||||
All foreign countries where the Company has operations are non-highly inflationary and the local currency is the same as the functional currency in all of the locations. Thus, any fluctuation in the currency results in a cumulative foreign currency translation adjustment recorded to accumulated other comprehensive loss. | |||||||||||||
Below is a summary of the impact of translating the March 31, 2015 financial statements of certain of the Company’s international subsidiaries: | |||||||||||||
Other | |||||||||||||
Comprehensive | |||||||||||||
Loss for The | |||||||||||||
Exchange Rate as of | Three Months Ended | ||||||||||||
Country | March 31, 2015 | December 31, 2014 | March 31, 2015 | ||||||||||
Brazil | 3.25 | 2.69 | $ | (39,243 | ) | ||||||||
Argentina | 8.82 | 8.55 | (2,369 | ) | |||||||||
Colombia | 2,576.05 | 2,392.40 | (2,290 | ) | |||||||||
All other | (2,779 | ) | |||||||||||
$ | (46,681 | ) | |||||||||||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Supplemental Cash Flow Information | 14. Supplemental Cash Flow Information | ||||||||
The following is provided as supplemental information to the condensed consolidated statements of cash flows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Cash paid for interest | $ | 11,358 | $ | 11,615 | |||||
Cash paid for income taxes, net of refunds received | $ | 6,552 | $ | 18,074 | |||||
Noncash investing and financing activities: | |||||||||
Change in accounts payable and accrued expenses for the acquisition of theatre properties and equipment (1) | $ | 2,384 | $ | (3,792 | ) | ||||
Theatre properties acquired under capital lease | $ | 3,100 | $ | 4,012 | |||||
Investment in NCM – receipt of common units (see Note 6) | $ | 15,421 | $ | 8,216 | |||||
Dividends accrued on unvested restricted stock unit awards | $ | (101 | ) | $ | (171 | ) | |||
(1) | Additions to theatre properties and equipment included in accounts payable as of March 31, 2015 and December 31, 2014 were $15,619 and $13,235, respectively. |
Segments
Segments | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segments | 15. Segments | ||||||||
The Company manages its international market and its U.S. market as separate reportable operating segments, with the international segment consisting of operations in Brazil, Argentina, Chile, Colombia, Peru, Ecuador, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala and Bolivia. Each segment’s revenue is derived from admissions and concession sales and other ancillary revenues, primarily screen advertising. The measure of segment profit and loss the Company uses to evaluate performance and allocate its resources is Adjusted EBITDA, as defined in the reconciliation table below. The Company does not report asset information by segment because that information is not used to evaluate the performance of or allocate resources between segments. | |||||||||
Below is a breakdown of selected financial information by reportable operating segment: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Revenues | |||||||||
U.S. | $ | 474,295 | $ | 444,920 | |||||
International | 174,333 | 160,192 | |||||||
Eliminations | (3,230 | ) | (2,832 | ) | |||||
Total revenues | $ | 645,398 | $ | 602,280 | |||||
Adjusted EBITDA (1) | |||||||||
U.S. | $ | 107,107 | $ | 93,540 | |||||
International | 40,014 | 35,015 | |||||||
Total Adjusted EBITDA | $ | 147,121 | $ | 128,555 | |||||
Capital expenditures | |||||||||
U.S. | $ | 74,267 | $ | 30,312 | |||||
International | 11,480 | 22,494 | |||||||
Total capital expenditures | $ | 85,747 | $ | 52,806 | |||||
(1) | Distributions from NCM are reported entirely within the U.S. operating segment. | ||||||||
The following table sets forth a reconciliation of net income to Adjusted EBITDA: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Net income | $ | 42,902 | $ | 35,696 | |||||
Add (deduct): | |||||||||
Income taxes | 26,380 | 20,862 | |||||||
Interest expense (1) | 28,207 | 28,480 | |||||||
Other (income) expense (2) | 1,448 | (7,686 | ) | ||||||
Depreciation and amortization | 45,332 | 42,496 | |||||||
Impairment of long-lived assets | 794 | 354 | |||||||
(Gain) loss on sale of assets and other | (1,450 | ) | 2,853 | ||||||
Deferred lease expenses | (703 | ) | 1,599 | ||||||
Amortization of long-term prepaid rents | 713 | 378 | |||||||
Share based awards compensation expense | 3,498 | 3,523 | |||||||
Adjusted EBITDA | $ | 147,121 | $ | 128,555 | |||||
(1) | Includes amortization of debt issue costs. | ||||||||
(2) | Includes interest income, foreign currency exchange gain (loss) and equity in income of affiliates and excludes distributions from NCM. | ||||||||
Financial Information About Geographic Areas | |||||||||
Below is a breakdown of selected financial information by geographic area: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Revenues | |||||||||
U.S. | $ | 474,295 | $ | 444,920 | |||||
Brazil | 78,293 | 75,399 | |||||||
Other international countries | 96,040 | 84,793 | |||||||
Eliminations | (3,230 | ) | (2,832 | ) | |||||
Total | $ | 645,398 | $ | 602,280 | |||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Theatre Properties and Equipment-net | |||||||||
U.S. | $ | 1,138,826 | $ | 1,094,076 | |||||
Brazil | 168,619 | 204,107 | |||||||
Other international countries | 145,298 | 152,629 | |||||||
Total | $ | 1,452,743 | $ | 1,450,812 | |||||
Related_Party_Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions | 16. Related Party Transactions |
The Company manages theatres for Laredo Theatre, Ltd. (“Laredo”). The Company is the sole general partner and owns 75% of the limited partnership interests of Laredo. Lone Star Theatres, Inc. owns the remaining 25% of the limited partnership interests in Laredo and is 100% owned by Mr. David Roberts, Lee Roy Mitchell’s son-in-law. Lee Roy Mitchell is the Company’s Chairman of the Board of Directors and directly and indirectly owns approximately 9% of the Company’s common stock. Under the agreement, management fees are paid by Laredo to the Company at a rate of 5% of annual theatre revenues. The Company recorded $135 and $113 of management fee revenues during the three months ended March 31, 2015 and 2014, respectively. All such amounts are included in the Company’s condensed consolidated financial statements with the intercompany amounts eliminated in consolidation. | |
The Company leases 15 theatres and one parking facility from Syufy Enterprises, LP (“Syufy”) or affiliates of Syufy. Raymond Syufy is one of the Company’s directors and is an officer of the general partner of Syufy. Of these 16 leases, 14 have fixed minimum annual rent. The two leases without minimum annual rent have rent based upon a specified percentage of gross sales as defined in the lease. For the three months ended March 31, 2015 and 2014, the Company paid total rent of approximately $5,566 and $5,765, respectively, to Syufy. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies | 17. Commitments and Contingencies |
Litigation — Joseph Amey, et al. v. Cinemark USA, Inc., Case No. 3:13cv05669, In the United States District Court for the Northern District of California, San Francisco Division. The case presents putative class action claims for damages and attorney’s fees arising from employee wage and hour claims under California law for alleged meal period, rest break, reporting time pay, unpaid wages, pay upon termination, and wage statements violations. The claims are also asserted as a representative action under the California Private Attorney General Act (“PAGA”). The Company denies the claims, denies that class certification is appropriate and denies that a PAGA representative action is appropriate, and is vigorously defending against the claims. The case is in pretrial discovery, no class action has been certified, and no representative action has been quantified or recognized. The Company denies any violation of law and plans to vigorously defend against all claims. The Company is unable to predict the outcome of the litigation or the range of potential loss, if any; however, the Company believes that its potential liability with respect to such proceeding is not material, in the aggregate, to its financial position, results of operations and cash flows. Accordingly, the Company has not established a reserve for loss in connection with this proceeding. | |
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, landlord-tenant disputes, patent claims and 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. |
Subsequent_Event_Amendment_to_
Subsequent Event - Amendment to Senior Secured Credit Facility | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Event - Amendment to Senior Secured Credit Facility | 18. Subsequent Event — Amendment to Senior Secured Credit Facility |
The Company is currently in the process of amending its Senior Secured Credit Facility to extend the maturity of the $700,000 term loan under the facility from 2019 to 2022 (“Amended Senior Secured Credit Facility”). Under the Amended Senior Secured Credit Facility, quarterly principal payments of $1,750 will be due through March 31, 2022 with the remaining principal of $635,250 due on May 8, 2022. Interest on the term loan and the revolving credit line will remain the same under the Amended Senior Secured Credit Facility. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share | The following table presents computations of basic and diluted earnings per share under the two-class method: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Numerator: | |||||||||
Net income attributable to Cinemark Holdings, Inc. | $ | 42,521 | $ | 35,443 | |||||
Earnings allocated to participating share-based awards (1) | (218 | ) | (211 | ) | |||||
Net income attributable to common stockholders | $ | 42,303 | $ | 35,232 | |||||
Denominator (shares in thousands): | |||||||||
Basic weighted average common stock outstanding | 114,837 | 114,182 | |||||||
Common equivalent shares for restricted stock units | 221 | 428 | |||||||
Diluted | 115,058 | 114,610 | |||||||
Basic earnings per share attributable to common stockholders | $ | 0.37 | $ | 0.31 | |||||
Diluted earnings per share attributable to common stockholders | $ | 0.37 | $ | 0.31 | |||||
(1) | For the three months ended March 31, 2015 and 2014, a weighted average of approximately 595 and 689 shares of unvested restricted stock, respectively, were considered participating securities. |
Equity_Tables
Equity (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Summary of Changes in Stockholders' Equity | Below is a summary of changes in stockholders’ equity attributable to Cinemark Holdings, Inc., noncontrolling interests and total equity for the three months ended March 31, 2015 and 2014: | ||||||||||||
Cinemark | |||||||||||||
Holdings, Inc. | |||||||||||||
Stockholders’ | Noncontrolling | Total | |||||||||||
Equity | Interests | Equity | |||||||||||
Balance at January 1, 2015 | $ | 1,112,800 | $ | 10,329 | $ | 1,123,129 | |||||||
Share based awards compensation expense | 3,498 | — | 3,498 | ||||||||||
Stock withholdings related to share based awards that vested during the three months ended March 31, 2015 | (4,748 | ) | — | (4,748 | ) | ||||||||
Tax benefit related to share based awards vesting | 2,244 | — | 2,244 | ||||||||||
Dividends paid to stockholders (1) | (28,923 | ) | — | (28,923 | ) | ||||||||
Dividends accrued on unvested restricted stock unit awards (1) | (101 | ) | — | (101 | ) | ||||||||
Net income | 42,521 | 381 | 42,902 | ||||||||||
Fair value adjustments on interest rate swap agreements designated as hedges, net of settlements, net of taxes of $453 | 757 | — | 757 | ||||||||||
Fair value adjustments on available-for-sale securities, net of taxes of $444 | 766 | — | 766 | ||||||||||
Other comprehensive income in equity method investees | 384 | — | 384 | ||||||||||
Foreign currency translation adjustments | (46,681 | ) | 6 | (46,675 | ) | ||||||||
Balance at March 31, 2015 | $ | 1,082,517 | $ | 10,716 | $ | 1,093,233 | |||||||
Cinemark | |||||||||||||
Holdings, Inc. | |||||||||||||
Stockholders’ | Noncontrolling | Total | |||||||||||
Equity | Interests | Equity | |||||||||||
Balance at January 1, 2014 | $ | 1,093,422 | $ | 8,995 | $ | 1,102,417 | |||||||
Share based awards compensation expense | 3,523 | — | 3,523 | ||||||||||
Stock withholdings related to share based awards that vested during the three months ended March 31, 2014 | (9,776 | ) | — | (9,776 | ) | ||||||||
Exercise of stock options | 112 | 112 | |||||||||||
Tax benefit related to share based awards vesting | 3,518 | — | 3,518 | ||||||||||
Dividends paid to stockholders (2) | (28,845 | ) | — | (28,845 | ) | ||||||||
Dividends accrued on unvested restricted stock unit awards (2) | (171 | ) | — | (171 | ) | ||||||||
Net income | 35,443 | 253 | 35,696 | ||||||||||
Fair value adjustments on interest rate swap agreements designated as hedges, net of settlements, net of taxes of $368 | 497 | — | 497 | ||||||||||
Fair value adjustments on available-for-sale securities, net of taxes of $1,192 | 2,023 | — | 2,023 | ||||||||||
Other comprehensive income in equity method investees | 262 | — | 262 | ||||||||||
Foreign currency translation adjustments | (9,195 | ) | 6 | (9,189 | ) | ||||||||
Balance at March 31, 2014 | $ | 1,090,813 | $ | 9,254 | $ | 1,100,067 | |||||||
(1) | On February 17, 2015, the Company’s board of directors declared a cash dividend for the fourth quarter of 2014 in the amount of $0.25 per share of common stock payable to stockholders of record on March 4, 2015. The dividend was paid on March 18, 2015. | ||||||||||||
(2) | On February 14, 2014, the Company’s board of directors declared a cash dividend for the fourth quarter of 2013 in the amount of $0.25 per share of common stock payable to stockholders of record on March 4, 2014. The dividend was paid on March 19, 2014. |
Investment_in_National_CineMed1
Investment in National CineMedia (Tables) (NCM) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
NCM | |||||||||||||||||||||||||||||
Summary of Activity with Included in Company's Condensed Consolidated Financial Statements | Below is a summary of activity with NCM included in the Company’s condensed consolidated financial statements: | ||||||||||||||||||||||||||||
Distributions | Other | ||||||||||||||||||||||||||||
Investment | Deferred | from | Equity in | Other | Comprehensive | Cash | |||||||||||||||||||||||
in NCM | Revenue | NCM | Earnings | Revenue | Income | Received | |||||||||||||||||||||||
Balance as of January 1, 2015 | $ | 178,939 | $ | (335,219 | ) | ||||||||||||||||||||||||
Receipt of common units due to annual common unit adjustment | 15,421 | (15,421 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Revenues earned under ESA (1) | — | — | — | — | (2,756 | ) | — | 2,756 | |||||||||||||||||||||
Receipt of excess cash distributions | (5,393 | ) | — | (6,258 | ) | — | — | — | 11,651 | ||||||||||||||||||||
Receipt under tax receivable agreement | (1,871 | ) | — | (2,241 | ) | — | — | — | 4,112 | ||||||||||||||||||||
Equity in earnings | 795 | — | — | (795 | ) | — | — | — | |||||||||||||||||||||
Equity in other comprehensive income | 355 | — | — | — | — | (355 | ) | — | |||||||||||||||||||||
Amortization of deferred revenue | — | 1,970 | — | — | (1,970 | ) | — | — | |||||||||||||||||||||
Balance as of and for the period ended March 31, 2015 | $ | 188,246 | $ | (348,670 | ) | $ | (8,499 | ) | $ | (795 | ) | $ | (4,726 | ) | $ | (355 | ) | $ | 18,519 | ||||||||||
(1) | Amount includes the per patron and per digital screen theatre access fees due to the Company, net of amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire of approximately $2,264. |
Other_Investments_Tables
Other Investments (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Other Investments | The Company had the following other investments at March 31, 2015: | ||||||||||||||||||||||||
Digital Cinema Implementation Partners (“DCIP”), equity method investment | $ | 56,009 | |||||||||||||||||||||||
RealD, Inc. (“RealD”), investment in marketable security | 15,639 | ||||||||||||||||||||||||
AC JV, LLC, equity method investment | 8,297 | ||||||||||||||||||||||||
Digital Cinema Distribution Coalition (“DCDC”), equity method investment | 2,494 | ||||||||||||||||||||||||
Other | 1,655 | ||||||||||||||||||||||||
Total | $ | 84,094 | |||||||||||||||||||||||
Summary of Activity of Investments | Below is a summary of activity for each of the investments for the three months ended March 31, 2015: | ||||||||||||||||||||||||
DCIP | RealD | AC JV, | DCDC | Other | Total | ||||||||||||||||||||
LLC | |||||||||||||||||||||||||
Balance at January 1, 2015 | $ | 51,277 | $ | 14,429 | $ | 7,899 | $ | 2,438 | $ | 1,615 | $ | 77,658 | |||||||||||||
Cash contributions | 713 | — | — | — | — | 713 | |||||||||||||||||||
Equity in income | 3,990 | — | 398 | 56 | — | 4,444 | |||||||||||||||||||
Equity in comprehensive income | 29 | — | — | — | — | 29 | |||||||||||||||||||
Unrealized holding gain | — | 1,210 | — | — | — | 1,210 | |||||||||||||||||||
Other | — | — | — | — | 40 | 40 | |||||||||||||||||||
Balance at March 31, 2015 | $ | 56,009 | $ | 15,639 | $ | 8,297 | $ | 2,494 | $ | 1,655 | $ | 84,094 | |||||||||||||
NCM | |||||||||||||||||||||||||
Summary Financial Information | Below is summary financial information for NCM for the year ended January 1, 2015 and the quarter ended March 27, 2014. | ||||||||||||||||||||||||
Year Ended | Quarter Ended | ||||||||||||||||||||||||
January 1, 2015 (1) | March 27, 2014 | ||||||||||||||||||||||||
Gross revenues | $ | 373,994 | $ | 70,215 | |||||||||||||||||||||
Operating income | $ | 159,624 | $ | 12,767 | |||||||||||||||||||||
Net earnings (loss) | $ | 96,309 | $ | (2,764 | ) | ||||||||||||||||||||
(1) | Financial information for the quarter ended April 2, 2015 is not yet available | ||||||||||||||||||||||||
Digital Cinema Implementation Partners LLC | |||||||||||||||||||||||||
Summary Financial Information | Below is summary financial information for DCIP for the three months ended March 31, 2015 and 2014. | ||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
March 31, 2015 | March 31, 2014 | ||||||||||||||||||||||||
Revenues | $ | 40,741 | $ | 42,688 | |||||||||||||||||||||
Operating income | $ | 23,764 | $ | 24,304 | |||||||||||||||||||||
Net income | $ | 17,444 | $ | 5,528 |
Treasury_Stock_and_Share_Based1
Treasury Stock and Share Based Awards (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Treasury Stock | Below is a summary of the Company’s treasury stock activity for the three months ended March 31, 2015: | ||||||||
Number of | |||||||||
Treasury | |||||||||
Shares | Cost | ||||||||
Balance at January 1, 2015 | 4,057,135 | $ | 61,807 | ||||||
Restricted stock withholdings (1) | 107,825 | 4,748 | |||||||
Restricted stock forfeitures | 11,737 | — | |||||||
Balance at March 31, 2015 | 4,176,697 | $ | 66,555 | ||||||
(1) | The Company withheld restricted shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock and restricted stock units. The Company determined the number of shares to be withheld based upon market values ranging from $41.21 to $44.67 per share. | ||||||||
Restricted Stock | Below is a summary of restricted stock activity for the three months ended March 31, 2015: | ||||||||
Shares of | Weighted | ||||||||
Average | |||||||||
Restricted | Grant Date | ||||||||
Stock | Fair Value | ||||||||
Outstanding at January 1, 2015 | 878,897 | $ | 24.92 | ||||||
Granted | 169,862 | $ | 43.28 | ||||||
Vested | (298,251 | ) | $ | 22.97 | |||||
Forfeited | (11,737 | ) | $ | 25.72 | |||||
Outstanding at March 31, 2015 | 738,771 | $ | 29.93 | ||||||
Unvested restricted stock at March 31, 2015 | 738,771 | $ | 29.93 | ||||||
Summary of Restricted Stock Award Activity | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Compensation expense recognized during the period | $ | 2,590 | $ | 2,616 | |||||
Fair value of restricted shares that vested during the period | $ | 13,161 | $ | 17,466 | |||||
Income tax deduction upon vesting of restricted stock awards | $ | 3,311 | $ | 6,645 | |||||
Number of Shares Vested Under Restricted Stock Unit Awards | Below is a table summarizing the potential number of shares that could vest under restricted stock unit awards granted during the three months ended March 31, 2015 at each of the three target levels of financial performance (excluding forfeiture assumptions): | ||||||||
Number of | |||||||||
Shares | Value at | ||||||||
Vesting | Grant | ||||||||
at IRR of at least 7.5% | 45,994 | $ | 1,991 | ||||||
at IRR of at least 9.5% | 91,988 | $ | 3,981 | ||||||
at IRR of at least 11.5% | 137,982 | $ | 5,972 | ||||||
Summary of Activity for Restricted Stock Unit Awards | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Number of restricted stock unit awards that vested during the period | 123,769 | 392,238 | |||||||
Fair value of restricted stock unit awards that vested during the period | $ | 5,501 | $ | 11,194 | |||||
Accumulated dividends paid upon vesting of restricted stock unit awards (1) | $ | 46 | $ | — | |||||
Income tax benefit recognized upon vesting of restricted stock unit awards | $ | 2,303 | $ | 4,751 | |||||
Compensation expense recognized during the period | $ | 908 | $ | 907 | |||||
(1) | Additional dividends of approximately $396 and $1,341 were paid during April 2015 and 2014, respectively. |
Interest_Rate_Swap_Agreements_
Interest Rate Swap Agreements (Tables) | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||
Interest Rate Swap Agreements Designated as Hedge Agreements | Below is a summary of the Company’s current interest rate swap agreements designated as cash flow hedges as of March 31, 2015: | ||||||||||||||||||||||
Estimated | |||||||||||||||||||||||
Nominal | Effective Date | Pay Rate | Receive Rate | Expiration | Current | Long- | Total Fair | ||||||||||||||||
Amount | Date | Liability (1) | Term | Value at | |||||||||||||||||||
Liability (2) | March 31, | ||||||||||||||||||||||
2015 | |||||||||||||||||||||||
$175,000 | December 2010 | 1.3975 | % | 1-Month LIBOR | September 2015 | $ | 961 | $ | — | $ | 961 | ||||||||||||
$175,000 | Dec-10 | 1.4 | % | 1-Month LIBOR | Sep-15 | 970 | $ | — | 970 | ||||||||||||||
$100,000 | November 2011 | 1.715 | % | 1-Month LIBOR | Apr-16 | 1,340 | 91 | 1,431 | |||||||||||||||
$450,000 | $ | 3,271 | $ | 91 | $ | 3,362 | |||||||||||||||||
(1) | Included in accounts payable and accrued expenses on the condensed consolidated balance sheet as of March 31, 2015. | ||||||||||||||||||||||
(2) | Included in other long-term liabilities on the condensed consolidated balance sheet as of March 31, 2015. | ||||||||||||||||||||||
Interest Rate Swap | |||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Loss, Net of Taxes | The changes in accumulated other comprehensive loss, net of taxes, related to the Company’s interest rate swap agreements for the three months ended March 31, 2015 and 2014 were as follows: | ||||||||||||||||||||||
Interest Rate Swaps | |||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||
Beginning balances – January 1 | $ | (2,870 | ) | $ | (5,716 | ) | |||||||||||||||||
Other comprehensive loss before reclassifications, net of taxes | (689 | ) | (979 | ) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss to interest expense, net of taxes | 1,446 | 1,476 | |||||||||||||||||||||
Net other comprehensive income | 757 | 497 | |||||||||||||||||||||
Ending balances – March 31 | $ | (2,113 | ) | $ | (5,219 | ) | |||||||||||||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Summary of Goodwill | The Company’s goodwill was as follows: | ||||||||||||||||
U.S. | International | Total | |||||||||||||||
Operating | Operating | ||||||||||||||||
Segment | Segment | ||||||||||||||||
Balance at January 1, 2015 (1) | $ | 1,156,556 | $ | 120,827 | $ | 1,277,383 | |||||||||||
Foreign currency translation adjustments | — | (11,958 | ) | (11,958 | ) | ||||||||||||
Balance at March 31, 2015 (1) | $ | 1,156,556 | $ | 108,869 | $ | 1,265,425 | |||||||||||
(1) | Balances are presented net of accumulated impairment losses of $214,031 for the U.S. operating segment and $27,622 for the international operating segment. | ||||||||||||||||
Intangible Assets | Intangible assets consisted of the following: | ||||||||||||||||
Balance at | Amortization | Other (1) | Balance at | ||||||||||||||
January 1, | March 31, | ||||||||||||||||
2015 | 2015 | ||||||||||||||||
Intangible assets with finite lives: | |||||||||||||||||
Gross carrying amount | $ | 99,922 | $ | — | $ | (220 | ) | $ | 99,702 | ||||||||
Accumulated amortization | (52,232 | ) | (1,458 | ) | — | (53,690 | ) | ||||||||||
Total net intangible assets with finite lives | $ | 47,690 | (1,458 | ) | (220 | ) | $ | 46,012 | |||||||||
Intangible assets with indefinite lives: | |||||||||||||||||
Tradename | 300,334 | — | (447 | ) | 299,887 | ||||||||||||
Total intangible assets — net | $ | 348,024 | $ | (1,458 | ) | $ | (667 | ) | $ | 345,899 | |||||||
(1) | Consists primarily of foreign currency translation adjustments. | ||||||||||||||||
Estimated Aggregate Future Amortization Expense for Intangible Assets | Estimated aggregate future amortization expense for intangible assets is as follows: | ||||||||||||||||
For the nine months ended December 31, 2015 | $ | 4,341 | |||||||||||||||
For the twelve months ended December 31, 2016 | 5,585 | ||||||||||||||||
For the twelve months ended December 31, 2017 | 5,052 | ||||||||||||||||
For the twelve months ended December 31, 2018 | 4,925 | ||||||||||||||||
For the twelve months ended December 31, 2019 | 4,016 | ||||||||||||||||
Thereafter | 22,093 | ||||||||||||||||
Total | $ | 46,012 | |||||||||||||||
Impairment_of_LongLived_Assets1
Impairment of Long-Lived Assets (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Long-Lived Asset Impairment Charges | The long-lived asset impairment charges recorded during each of the periods presented are specific to theatres that were directly and individually impacted by increased competition, adverse changes in market demographics or adverse changes in the development or the conditions of the areas surrounding the theatre. | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
United States theatre properties | $ | 794 | $ | 354 | |||||
International theatre properties | — | — | |||||||
Impairment of long-lived assets | $ | 794 | $ | 354 | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Measurement of Assets and Liabilities on Recurring Basis | Below is a summary of assets and liabilities measured at fair value on a recurring basis by the Company under FASB ASC Topic 820 as of March 31, 2015: | ||||||||||||||||
Carrying | Fair Value | ||||||||||||||||
Description | Value | Level 1 | Level 2 | Level 3 | |||||||||||||
Interest rate swap liabilities – current (see Note 9) | $ | (3,271 | ) | $ | — | $ | — | $ | (3,271 | ) | |||||||
Interest rate swap liabilities – long-term (see Note 9) | $ | (91 | ) | $ | — | $ | — | $ | (91 | ) | |||||||
Investment in RealD (see Note 7) | $ | 15,639 | $ | 15,639 | $ | — | $ | — | |||||||||
Below is a summary of assets and liabilities measured at fair value on a recurring basis by the Company under FASB ASC Topic 820 as of December 31, 2014: | |||||||||||||||||
Carrying | Fair Value | ||||||||||||||||
Description | Value | Level 1 | Level 2 | Level 3 | |||||||||||||
Interest rate swap liabilities – current (see Note 9) | $ | (4,255 | ) | $ | — | $ | — | $ | (4,255 | ) | |||||||
Interest rate swap liabilities – long term (see Note 9) | $ | (317 | ) | $ | — | $ | — | $ | (317 | ) | |||||||
Investment in RealD (see Note 7) | $ | 14,429 | $ | 14,429 | $ | — | $ | — | |||||||||
Reconciliation of Beginning and Ending Balance for Liabilities Measured at Fair Value | Below is a reconciliation of the beginning and ending balance for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3): | ||||||||||||||||
Liabilities | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Beginning balances – January 1 | $ | 4,572 | $ | 9,176 | |||||||||||||
Total loss included in accumulated other comprehensive loss | 236 | 610 | |||||||||||||||
Settlements | (1,446 | ) | (1,476 | ) | |||||||||||||
Ending balances – March 31 | $ | 3,362 | $ | 8,310 | |||||||||||||
Foreign_Currency_Translation_T
Foreign Currency Translation (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Summary of Impact of Translating Financial Statements of Certain of Company's International Subsidiaries | Below is a summary of the impact of translating the March 31, 2015 financial statements of certain of the Company’s international subsidiaries: | ||||||||||||
Other | |||||||||||||
Comprehensive | |||||||||||||
Loss for The | |||||||||||||
Exchange Rate as of | Three Months Ended | ||||||||||||
Country | March 31, 2015 | December 31, 2014 | March 31, 2015 | ||||||||||
Brazil | 3.25 | 2.69 | $ | (39,243 | ) | ||||||||
Argentina | 8.82 | 8.55 | (2,369 | ) | |||||||||
Colombia | 2,576.05 | 2,392.40 | (2,290 | ) | |||||||||
All other | (2,779 | ) | |||||||||||
$ | (46,681 | ) | |||||||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Supplemental Information to Condensed Consolidated Statements of Cash Flows | The following is provided as supplemental information to the condensed consolidated statements of cash flows: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Cash paid for interest | $ | 11,358 | $ | 11,615 | |||||
Cash paid for income taxes, net of refunds received | $ | 6,552 | $ | 18,074 | |||||
Noncash investing and financing activities: | |||||||||
Change in accounts payable and accrued expenses for the acquisition of theatre properties and equipment (1) | $ | 2,384 | $ | (3,792 | ) | ||||
Theatre properties acquired under capital lease | $ | 3,100 | $ | 4,012 | |||||
Investment in NCM – receipt of common units (see Note 6) | $ | 15,421 | $ | 8,216 | |||||
Dividends accrued on unvested restricted stock unit awards | $ | (101 | ) | $ | (171 | ) | |||
(1) | Additions to theatre properties and equipment included in accounts payable as of March 31, 2015 and December 31, 2014 were $15,619 and $13,235, respectively. |
Segments_Tables
Segments (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Selected Financial Information by Reportable Operating Segment | Below is a breakdown of selected financial information by reportable operating segment: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Revenues | |||||||||
U.S. | $ | 474,295 | $ | 444,920 | |||||
International | 174,333 | 160,192 | |||||||
Eliminations | (3,230 | ) | (2,832 | ) | |||||
Total revenues | $ | 645,398 | $ | 602,280 | |||||
Adjusted EBITDA (1) | |||||||||
U.S. | $ | 107,107 | $ | 93,540 | |||||
International | 40,014 | 35,015 | |||||||
Total Adjusted EBITDA | $ | 147,121 | $ | 128,555 | |||||
Capital expenditures | |||||||||
U.S. | $ | 74,267 | $ | 30,312 | |||||
International | 11,480 | 22,494 | |||||||
Total capital expenditures | $ | 85,747 | $ | 52,806 | |||||
(1) | Distributions from NCM are reported entirely within the U.S. operating segment. | ||||||||
Reconciliation of Net Income to Adjusted EBITDA | The following table sets forth a reconciliation of net income to Adjusted EBITDA: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Net income | $ | 42,902 | $ | 35,696 | |||||
Add (deduct): | |||||||||
Income taxes | 26,380 | 20,862 | |||||||
Interest expense (1) | 28,207 | 28,480 | |||||||
Other (income) expense (2) | 1,448 | (7,686 | ) | ||||||
Depreciation and amortization | 45,332 | 42,496 | |||||||
Impairment of long-lived assets | 794 | 354 | |||||||
(Gain) loss on sale of assets and other | (1,450 | ) | 2,853 | ||||||
Deferred lease expenses | (703 | ) | 1,599 | ||||||
Amortization of long-term prepaid rents | 713 | 378 | |||||||
Share based awards compensation expense | 3,498 | 3,523 | |||||||
Adjusted EBITDA | $ | 147,121 | $ | 128,555 | |||||
(1) | Includes amortization of debt issue costs. | ||||||||
(2) | Includes interest income, foreign currency exchange gain (loss) and equity in income of affiliates and excludes distributions from NCM. | ||||||||
Selected Financial Information by Geographic Area | Below is a breakdown of selected financial information by geographic area: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Revenues | |||||||||
U.S. | $ | 474,295 | $ | 444,920 | |||||
Brazil | 78,293 | 75,399 | |||||||
Other international countries | 96,040 | 84,793 | |||||||
Eliminations | (3,230 | ) | (2,832 | ) | |||||
Total | $ | 645,398 | $ | 602,280 | |||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Theatre Properties and Equipment-net | |||||||||
U.S. | $ | 1,138,826 | $ | 1,094,076 | |||||
Brazil | 168,619 | 204,107 | |||||||
Other international countries | 145,298 | 152,629 | |||||||
Total | $ | 1,452,743 | $ | 1,450,812 | |||||
Computations_of_Basic_and_Dilu
Computations of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Earnings Per Share Disclosure [Line Items] | ||||
Net income attributable to Cinemark Holdings, Inc. | $42,521 | $35,443 | ||
Earnings allocated to participating share-based awards | -218 | [1] | -211 | [1] |
Net income attributable to common stockholders | $42,303 | $35,232 | ||
Basic weighted average common stock outstanding | 114,837 | 114,182 | ||
Common equivalent shares for restricted stock units | 221 | 428 | ||
Diluted | 115,058 | 114,610 | ||
Basic earnings per share attributable to common stockholders | $0.37 | $0.31 | ||
Diluted earnings per share attributable to common stockholders | $0.37 | $0.31 | ||
[1] | For the three months ended March 31, 2015 and 2014, a weighted average of approximately 595 and 689 shares of unvested restricted stock, respectively, were considered participating securities. |
Computations_of_Basic_and_Dilu1
Computations of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share Disclosure [Line Items] | ||
Weighted average shares of participating unvested restricted stock | 595 | 689 |
Fair_Value_of_LongTerm_Debt_Ad
Fair Value of Long-Term Debt - Additional Information (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Carrying value of long-term debt | $1,821,238 | $1,822,997 |
Fair value of long-term debt | $1,835,398 | $1,790,987 |
Summary_of_Changes_in_Stockhol
Summary of Changes in Stockholders Equity (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Shareholders Equity [Line Items] | ||||
Cinemark Holdings, Inc. Stockholders' equity, Beginning Balance | $1,112,800 | $1,102,417 | ||
Share based awards compensation expense | 3,498 | 3,523 | ||
Stock withholdings related to share based awards that vested | -4,748 | -9,776 | ||
Tax benefit related to share based awards vesting | 2,244 | 3,518 | ||
Dividends paid to stockholders | -28,923 | [1] | -28,845 | [2] |
Dividends accrued on unvested restricted stock unit awards | -101 | [1] | -171 | [2] |
Net income | 42,902 | 35,696 | ||
Fair value adjustments on interest rate swap agreements designated as hedges, net of settlements, net of taxes | 757 | 497 | ||
Fair value adjustments on available-for-sale securities, net of taxes | 766 | 2,023 | ||
Other comprehensive income in equity method investees | 384 | 262 | ||
Foreign currency translation adjustments | -46,675 | -9,189 | ||
Cinemark Holdings, Inc. Stockholders' Equity, Ending Balance | 1,082,517 | |||
Noncontrolling Interests, Beginning Balance | 10,329 | |||
Net income attributable to Noncontrolling Interests | -381 | -253 | ||
Noncontrolling Interests, Ending Balance | 10,716 | |||
Total Equity, Beginning Balance | 1,123,129 | |||
Total Equity, Ending Balance | 1,093,233 | 1,100,067 | ||
Exercise of stock options | 112 | |||
Cinemark Holdings, Inc. Stockholders' Equity | ||||
Shareholders Equity [Line Items] | ||||
Cinemark Holdings, Inc. Stockholders' equity, Beginning Balance | 1,112,800 | 1,093,422 | ||
Share based awards compensation expense | 3,498 | 3,523 | ||
Stock withholdings related to share based awards that vested | -4,748 | -9,776 | ||
Tax benefit related to share based awards vesting | 2,244 | 3,518 | ||
Dividends paid to stockholders | -28,923 | [1] | -28,845 | [2] |
Dividends accrued on unvested restricted stock unit awards | -101 | [1] | -171 | [2] |
Net income | 42,521 | 35,443 | ||
Fair value adjustments on interest rate swap agreements designated as hedges, net of settlements, net of taxes | 757 | 497 | ||
Fair value adjustments on available-for-sale securities, net of taxes | 766 | 2,023 | ||
Other comprehensive income in equity method investees | 384 | 262 | ||
Foreign currency translation adjustments | -46,681 | -9,195 | ||
Cinemark Holdings, Inc. Stockholders' Equity, Ending Balance | 1,082,517 | 1,090,813 | ||
Exercise of stock options | 112 | |||
Noncontrolling Interests | ||||
Shareholders Equity [Line Items] | ||||
Foreign currency translation adjustments | 6 | 6 | ||
Noncontrolling Interests, Beginning Balance | 10,329 | 8,995 | ||
Net income attributable to Noncontrolling Interests | 381 | 253 | ||
Noncontrolling Interests, Ending Balance | $10,716 | $9,254 | ||
[1] | On February 17, 2015, the Company's board of directors declared a cash dividend for the fourth quarter of 2014 in the amount of $0.25 per share of common stock payable to stockholders of record on March 4, 2015. The dividend was paid on March 18, 2015. | |||
[2] | On February 14, 2014, the Company's board of directors declared a cash dividend for the fourth quarter of 2013 in the amount of $0.25 per share of common stock payable to stockholders of record on March 4, 2014. The dividend was paid on March 19, 2014. |
Summary_of_Changes_in_Stockhol1
Summary of Changes in Stockholders Equity (Parenthetical) (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Shareholders Equity [Line Items] | ||
Unrealized loss due to fair value adjustments on interest rate swap agreements, taxes | $453 | $368 |
Unrealized (loss) gain due to fair value adjustments on available-for-sale securities, taxes | 444 | 1,192 |
Declaration Date | 17-Feb-15 | 14-Feb-14 |
Amount per Share of Common Stock | $0.25 | $0.25 |
Record Date | 4-Mar-15 | 4-Mar-14 |
Date Paid | 18-Mar-15 | 19-Mar-14 |
Cinemark Holdings, Inc. Stockholders' Equity | ||
Shareholders Equity [Line Items] | ||
Unrealized loss due to fair value adjustments on interest rate swap agreements, taxes | 453 | 368 |
Unrealized (loss) gain due to fair value adjustments on available-for-sale securities, taxes | $444 | $1,192 |
Summary_of_Activity_with_NCM_I
Summary of Activity with NCM Included in Company's Condensed Consolidated Financial Statements (Detail) (USD $) | 1 Months Ended | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||||
Receipt of common units due to annual common unit adjustment | $15,421 | $15,421 | $8,216 | ||
Equity in earnings | 5,239 | 3,620 | |||
Equity in other comprehensive income | 384 | 262 | |||
Other Comprehensive Income (Loss) | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ending Balance | -355 | -355 | |||
Cash Received | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Revenues earned under ESA | 2,756 | [1] | |||
Receipt of excess cash distributions | 11,651 | ||||
Receipt under tax receivable agreement | 4,112 | ||||
Ending Balance | 18,519 | 18,519 | |||
Other Revenue | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Revenues earned under ESA | -2,756 | [1] | |||
Ending Balance | -4,726 | -4,726 | |||
Equity in Earnings | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ending Balance | -795 | -795 | |||
Distributions from NCM | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Receipt of excess cash distributions | -6,258 | ||||
Receipt under tax receivable agreement | -2,241 | ||||
Ending Balance | -8,499 | -8,499 | |||
Investment In NCM | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Beginning Balance | 178,939 | ||||
Receipt of excess cash distributions | -5,393 | ||||
Receipt under tax receivable agreement | -1,871 | ||||
Equity in earnings | 795 | ||||
Equity in other comprehensive income | 355 | ||||
Ending Balance | 188,246 | 188,246 | |||
Investment In NCM | Annual Common Unit Adjustment | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Receipt of common units due to annual common unit adjustment | 15,421 | ||||
Deferred Revenue | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Beginning Balance | -335,219 | ||||
Ending Balance | -348,670 | -348,670 | -335,219 | ||
Deferred Revenue | Annual Common Unit Adjustment | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Receipt of common units due to annual common unit adjustment | -15,421 | ||||
NCM | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Beginning Balance | 178,939 | ||||
Equity in earnings | 795 | 432 | |||
Ending Balance | 188,246 | 188,246 | |||
Beginning Balance | 335,219 | ||||
Ending Balance | 348,670 | 348,670 | |||
NCM | Other Comprehensive Income (Loss) | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity in other comprehensive income | -355 | ||||
NCM | Other Revenue | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Amortization of deferred revenue | -1,970 | ||||
NCM | Equity in Earnings | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity in earnings | -795 | ||||
NCM | Deferred Revenue | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Amortization of deferred revenue | $1,970 | ||||
[1] | Amount includes the per patron and per digital screen theatre access fees due to the Company, net of amounts due to NCM for on-screen advertising time provided to the Company's beverage concessionaire of approximately $0. |
Summary_of_Activity_with_NCM_I1
Summary of Activity with NCM Included in Company's Condensed Consolidated Financial Statements (Parenthetical) (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Schedule of Equity Method Investments [Line Items] | |
Company's beverage concessionaire | $2,264 |
Investment_in_National_CineMed2
Investment in National CineMedia - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings | $5,239 | $3,620 | |
Number of additional common units of NCM received under common unit adjustment agreement | 1,074,910 | ||
Investment in NCM - receipt of common units | 15,421 | 15,421 | 8,216 |
Remaining term of exhibitor services agreement | 21 years | ||
Number of common units of NCM owned by Company | 25,631,046 | 25,631,046 | |
Interest on common units of NCM owned by Company | 20.00% | 20.00% | |
NCM | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings | $795 | $432 |
Summary_Financial_Information_
Summary Financial Information for National Cinemedia (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 27, 2014 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||||
Revenues | $645,398 | $602,280 | |||
Operating income | 90,438 | 67,855 | |||
Net earnings (loss) | 42,902 | 35,696 | |||
NCM | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Revenues | 70,215 | 373,994 | [1] | ||
Operating income | 12,767 | 159,624 | [1] | ||
Net earnings (loss) | ($2,764) | $96,309 | [1] | ||
[1] | Financial information for the quarter ended April 2, 2015 is not yet available |
Other_Investments_Detail
Other Investments (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Investments in and Advances to Affiliates [Line Items] | ||
Investments in and advances to affiliates | $84,094 | $77,658 |
Investments | ||
Investments in and Advances to Affiliates [Line Items] | ||
Investments in and advances to affiliates | 84,094 | 77,658 |
Digital Cinema Implementation Partners LLC | Investments | ||
Investments in and Advances to Affiliates [Line Items] | ||
Investments in and advances to affiliates | 56,009 | 51,277 |
RealD | ||
Investments in and Advances to Affiliates [Line Items] | ||
Investments in and advances to affiliates | 15,639 | 14,429 |
RealD | Investments | ||
Investments in and Advances to Affiliates [Line Items] | ||
Investments in and advances to affiliates | 15,639 | |
AC JV, LLC | Investments | ||
Investments in and Advances to Affiliates [Line Items] | ||
Investments in and advances to affiliates | 8,297 | 7,899 |
Digital Cinema Distribution Coalition | Investments | ||
Investments in and Advances to Affiliates [Line Items] | ||
Investments in and advances to affiliates | 2,494 | 2,438 |
Other Investment | Investments | ||
Investments in and Advances to Affiliates [Line Items] | ||
Investments in and advances to affiliates | $1,655 |
Summary_of_Activity_for_Each_o
Summary of Activity for Each of Investments (Detail) (USD $) | 3 Months Ended | 1 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2013 |
Schedule of Equity Method Investments [Line Items] | |||
Investments, beginning balance | $77,658 | ||
Equity in income | -5,239 | -3,620 | |
Equity in comprehensive income | -384 | -262 | |
Investments, ending balance | 84,094 | ||
Investments | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments, beginning balance | 77,658 | ||
Cash contributions | 713 | ||
Equity in income | 4,444 | ||
Equity in comprehensive income | 29 | ||
Unrealized holding gain | 1,210 | ||
Other | 40 | ||
Investments, ending balance | 84,094 | ||
Digital Cinema Implementation Partners LLC | Investments | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments, beginning balance | 51,277 | ||
Cash contributions | 713 | ||
Equity in income | 3,990 | ||
Equity in comprehensive income | 29 | ||
Investments, ending balance | 56,009 | ||
Real D Inc | Investments | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments, beginning balance | 14,429 | ||
Unrealized holding gain | 1,210 | ||
Investments, ending balance | 15,639 | ||
AC JV, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Cash contributions | 268 | ||
AC JV, LLC | Investments | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments, beginning balance | 7,899 | ||
Equity in income | 398 | ||
Investments, ending balance | 8,297 | ||
Digital Cinema Distribution Coalition | Investments | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments, beginning balance | 2,438 | ||
Equity in income | 56 | ||
Investments, ending balance | 2,494 | ||
Other | Investments | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments, beginning balance | 1,615 | ||
Other | 40 | ||
Investments, ending balance | $1,655 |
Other_Investments_Additional_I
Other Investments - Additional Information (Detail) (USD $) | 3 Months Ended | 1 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | |||||
Number of shares owned in RealD | 1,222,780 | ||||
Estimated fair value of company owned shares | $84,094 | $77,658 | |||
RealD | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Estimated fair value of company owned shares | 15,639 | 14,429 | |||
RealD | Utilities and other costs | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Licensing fees | 1,156 | 1,801 | |||
Digital Cinema Implementation Partners LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Percentage of voting interest | 33.00% | ||||
Economic interest in Digital Cinema Implementation Partners | 24.30% | ||||
Number of equipments being leased under master equipment lease agreement | 3,701 | ||||
Equipment lease expense | 1,010 | 1,001 | |||
AC JV, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership of class A units sold to Founding Members | 97.00% | ||||
Cash contributions | 268 | ||||
Ownership of class A units | 1.00% | ||||
Ownership of class A units | 31.00% | ||||
Aggregate value of Class A units | 25,000 | ||||
Promissory note term | 6 years | ||||
Aggregate value of promissory note | 8,333 | ||||
Interest bearing promissory notes | 5.00% | 5.00% | |||
AC JV, LLC | Film rentals and advertising | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Event fees | 3,401 | 0 | |||
Digital Cinema Distribution Coalition | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Percentage of voting interest | 14.60% | ||||
Payments for content delivery services | $208 | $201 |
Summary_Financial_Information_1
Summary Financial Information for DCIP (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Revenues | $645,398 | $602,280 |
Operating income | 90,438 | 67,855 |
Net income | 42,902 | 35,696 |
Digital Cinema Implementation Partners LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | 40,741 | 42,688 |
Operating income | 23,764 | 24,304 |
Net income | $17,444 | $5,528 |
Summary_of_Treasury_Stock_Acti
Summary of Treasury Stock Activity (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | |
Schedule of Treasury Stock [Line Items] | ||
Beginning Balance, Shares | 4,057,135 | |
Restricted stock withholdings | 107,825 | [1] |
Restricted stock forfeitures | 11,737 | |
Ending Balance, Shares | 4,176,697 | |
Beginning Balance, Cost | $61,807 | |
Restricted stock withholdings | 4,748 | [1] |
Restricted stock forfeitures | 0 | |
Ending Balance, Cost | $66,555 | |
[1] | The Company withheld restricted shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock and restricted stock units. The Company determined the number of shares to be withheld based upon market values ranging from $41.21 to $44.67 per share. |
Summary_of_Treasury_Stock_Acti1
Summary of Treasury Stock Activity (Parenthetical) (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Minimum | |
Schedule of Treasury Stock [Line Items] | |
Market Value of Restricted Shares | $41.21 |
Maximum | |
Schedule of Treasury Stock [Line Items] | |
Market Value of Restricted Shares | $44.67 |
Treasury_Stock_and_Share_Based2
Treasury Stock and Share Based Awards - Additional Information (Detail) (USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 |
Stockholders Equity Note [Line Items] | |
Actual cumulative forfeitures (in units) | 19,934 |
Restricted Stock | |
Stockholders Equity Note [Line Items] | |
Shares of Restricted Stock Granted | 169,862 |
Market value of common stock on the date of grant | 43.28 |
Minimum forfeiture rate for restricted stock awards | 0.00% |
Maximum forfeiture rate for restricted stock awards | 5.00% |
Unrecognized compensation expense | 16,872 |
Remaining Compensation Expense recognition period (in years) | 2 years |
Restricted Stock | Minimum | Employees | |
Stockholders Equity Note [Line Items] | |
Award vesting period for restricted stock granted | 1 year |
Restricted Stock | Maximum | Employees | |
Stockholders Equity Note [Line Items] | |
Award vesting period for restricted stock granted | 4 years |
Restricted Stock Units (RSUs) | |
Stockholders Equity Note [Line Items] | |
Market value of common stock on the date of grant | 43.28 |
Unrecognized compensation expense | 7,705 |
Remaining Compensation Expense recognition period (in years) | 2 years |
Number of hypothetical shares of common stock | 137,982 |
Percentage of IRR, which is the threshold | 7.50% |
Percentage of IRR, which is the target | 9.50% |
Percentage of IRR, which is the maximum | 11.50% |
Number of hypothetical shares of common stock at assumed IRR level | 539,141 |
Restricted Stock Units (RSUs) | 2012 Grants | |
Stockholders Equity Note [Line Items] | |
Assumed IRR for grant | 11.10% |
Restricted Stock Units (RSUs) | Minimum | |
Stockholders Equity Note [Line Items] | |
Expected forfeiture rate | 0.00% |
Restricted Stock Units (RSUs) | Maximum | |
Stockholders Equity Note [Line Items] | |
Expected forfeiture rate | 5.00% |
Summary_of_Restricted_Stock_Ac
Summary of Restricted Stock Activity (Detail) (Restricted Stock, USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Restricted Stock | |
Shares of Restricted Stock | |
Shares of Restricted Stock, Beginning balance | 878,897 |
Shares of Restricted Stock, Granted | 169,862 |
Shares of Restricted Stock, Vested | -298,251 |
Shares of Restricted Stock, Forfeited | -11,737 |
Shares of Restricted Stock, Ending balance | 738,771 |
Shares of Restricted Stock, Unvested restricted stock | 738,771 |
Weighted Average Grant Date Fair Value | |
Weighted Average Grant Date Fair Value Outstanding, Beginning | $24.92 |
Weighted Average Grant Date Fair Value, Granted | $43.28 |
Weighted Average Grant Date Fair Value, Vested | $22.97 |
Weighted Average Grant Date Fair Value, Forfeited | $25.72 |
Weighted Average Grant Date Fair Value Outstanding, Ending | $29.93 |
Weighted Average Grant Date Fair Value, Unvested restricted stock | $29.93 |
Summary_of_Restricted_Stock_Aw
Summary of Restricted Stock Award Activity (Detail) (USD $) | 1 Months Ended | 3 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Apr. 30, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Accumulated dividends paid upon vesting of restricted stock unit awards | $1,341 | |||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of restricted stock unit awards that vested during the period | 298,251 | |||
Fair value of restricted shares that vested during the period | 13,161 | 17,466 | ||
Income tax benefit recognized upon vesting of restricted stock unit awards | 3,311 | 6,645 | ||
Compensation expense recognized during the period | 2,590 | 2,616 | ||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of restricted stock unit awards that vested during the period | 123,769 | 392,238 | ||
Fair value of restricted shares that vested during the period | 5,501 | 11,194 | ||
Accumulated dividends paid upon vesting of restricted stock unit awards | 46 | [1] | ||
Income tax benefit recognized upon vesting of restricted stock unit awards | 2,303 | 4,751 | ||
Compensation expense recognized during the period | $908 | $907 | ||
[1] | Additional dividends of approximately $396 and $1,341 were paid during April 2015 and 2014, respectively. |
Summary_of_Potential_Number_of
Summary of Potential Number of Shares Vesting under Restricted Stock Unit Awards (Detail) (USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 |
Schedule of Restricted Stock Unit [Line Items] | |
at IRR of at least 7.5% | 45,994 |
at IRR of at least 9.5% | 91,988 |
at IRR of at least 11.5% | 137,982 |
at IRR of at least 7.5% | $1,991 |
at IRR of at least 9.5% | 3,981 |
at IRR of at least 11.5% | $5,972 |
Summary_of_Restricted_Stock_Aw1
Summary of Restricted Stock Award Activity (Parenthetical) (Detail) (USD $) | 1 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Payments of additional dividends | $1,341 | |
Subsequent Event | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Payments of additional dividends | $396 |
Interest_Rate_Swap_Agreements_1
Interest Rate Swap Agreements - Additional Information (Detail) | Mar. 31, 2015 |
Agreement | |
Derivative [Line Items] | |
Number of interest rate swap agreements | 3 |
Summary_of_Interest_Rate_Swap_
Summary of Interest Rate Swap Agreements Designated as Hedge Agreements (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | |
Interest Rate Swaps [Line Items] | |||
Nominal Amount | $450,000 | ||
Current Liability | 3,271 | [1] | 4,255 |
Long-Term Liability | 91 | [2] | 317 |
Estimated Total Fair Value at December 31, 2014 | 3,362 | ||
Agreement One | |||
Interest Rate Swaps [Line Items] | |||
Nominal Amount | 175,000 | ||
Effective Date | 1-Dec-10 | ||
Pay Rate | 1.40% | ||
Receive Rate | 1-Month LIBOR | ||
Expiration Date | 1-Sep-15 | ||
Current Liability | 961 | [1] | |
Estimated Total Fair Value at December 31, 2014 | 961 | ||
Agreement Two | |||
Interest Rate Swaps [Line Items] | |||
Nominal Amount | 175,000 | ||
Effective Date | 1-Dec-10 | ||
Pay Rate | 1.40% | ||
Receive Rate | 1-Month LIBOR | ||
Expiration Date | 1-Sep-15 | ||
Current Liability | 970 | [1] | |
Estimated Total Fair Value at December 31, 2014 | 970 | ||
Agreement Three | |||
Interest Rate Swaps [Line Items] | |||
Nominal Amount | 100,000 | ||
Effective Date | 1-Nov-11 | ||
Pay Rate | 1.72% | ||
Receive Rate | 1-Month LIBOR | ||
Expiration Date | 1-Apr-16 | ||
Current Liability | 1,340 | [1] | |
Long-Term Liability | 91 | [2] | |
Estimated Total Fair Value at December 31, 2014 | $1,431 | ||
[1] | Included in accounts payable and accrued expenses on the condensed consolidated balance sheet as of March 31, 2015. | ||
[2] | Included in other long-term liabilities on the condensed consolidated balance sheet as of March 31, 2015. |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Loss, Net of Taxes, Related to Interest Rate Swap Agreements (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive loss before reclassifications, net of taxes | $757 | $497 |
Net other comprehensive income | 757 | 497 |
Interest Rate Swap | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balances | -2,870 | -5,716 |
Other comprehensive loss before reclassifications, net of taxes | -689 | -979 |
Amounts reclassified from accumulated other comprehensive loss to interest expense, net of taxes | 1,446 | 1,476 |
Net other comprehensive income | 757 | 497 |
Ending balances | ($2,113) | ($5,219) |
Summary_of_Goodwill_Detail
Summary of Goodwill (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | |
Goodwill [Line Items] | ||
Beginning Balance | $1,277,383 | [1] |
Foreign currency translation adjustments | -11,958 | |
Ending Balance | 1,265,425 | [1] |
U.S. Operating Segment | ||
Goodwill [Line Items] | ||
Beginning Balance | 1,156,556 | [1] |
Foreign currency translation adjustments | 0 | |
Ending Balance | 1,156,556 | [1] |
International Operating Segment | ||
Goodwill [Line Items] | ||
Beginning Balance | 120,827 | [1] |
Foreign currency translation adjustments | -11,958 | |
Ending Balance | $108,869 | [1] |
[1] | Balances are presented net of accumulated impairment losses of $214,031 for the U.S. operating segment and $27,622 for the international operating segment. |
Summary_of_Goodwill_Parentheti
Summary of Goodwill (Parenthetical) (Detail) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
U.S. Operating Segment | |
Goodwill [Line Items] | |
Accumulated impairment losses | $214,031 |
International Operating Segment | |
Goodwill [Line Items] | |
Accumulated impairment losses | $27,622 |
Intangible_Assets_Detail
Intangible Assets (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | |
Intangible Assets [Line Items] | ||
Intangible assets with finite lives, Beginning balance | $99,922 | |
Other, Gross carrying amount | -220 | [1] |
Intangible assets with finite lives, Ending balance | 99,702 | |
Intangible assets with finite lives, Accumulated amortization, Beginning balance | -52,232 | |
Accumulated amortization | -1,458 | |
Other Accumulated Amortization of Intangible Assets | 0 | [1] |
Intangible assets with finite lives, Accumulated amortization, Ending balance | -53,690 | |
Net intangible assets with finite lives, Beginning balance | 47,690 | |
Amortization, intangible assets | -1,458 | |
Other, Finite lived intangible assets | -220 | [1] |
Net intangible assets with finite lives, Ending balance | 46,012 | |
Total intangible assets - net, Beginning balance | 348,024 | |
Accumulated amortization | -1,458 | |
Other, Total intangible assets - net | -667 | [1] |
Total intangible assets - net, Ending balance | 345,899 | |
Trade Names | ||
Intangible Assets [Line Items] | ||
Indefinite-lived Intangible Assets, Tradename, Beginning Balance | 300,334 | |
Other, Tradename | -447 | [1] |
Indefinite-lived Intangible Assets, Tradename, Ending Balance | $299,887 | |
[1] | Consists primarily of foreign currency translation adjustments. |
Estimated_Aggregate_Future_Amo
Estimated Aggregate Future Amortization Expense for Intangible Assets (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
For the nine months ended December 31, 2015 | $4,341 | |
For the twelve months ended December 31, 2016 | 5,585 | |
For the twelve months ended December 31, 2017 | 5,052 | |
For the twelve months ended December 31, 2018 | 4,925 | |
For the twelve months ended December 31, 2019 | 4,016 | |
Thereafter | 22,093 | |
Total | $46,012 | $47,690 |
Impairment_of_LongLived_Assets2
Impairment of Long-Lived Assets - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Indefinite-lived Intangible Assets [Line Items] | ||
Estimated aggregate fair value of long-lived assets impaired during current period | $1,369 | |
Lease period of fee owned properties | 20 years | |
Fair value of long-lived assets in the multiples of cash flow | Six and a half times | Six and a half times |
LongLived_Asset_Impairment_Cha
Long-Lived Asset Impairment Charges (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Impairment of long-lived assets | $794 | $354 |
U.S. Operating Segment | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Impairment of long-lived assets | 794 | 354 |
International Operating Segment | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Impairment of long-lived assets | $0 | $0 |
Summary_of_Assets_and_Liabilit
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | |
In Thousands, unless otherwise specified | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate swap liabilities - current | ($3,271) | [1] | ($4,255) |
Interest rate swap liabilities - long term | -91 | [2] | -317 |
Investment in RealD | 84,094 | 77,658 | |
RealD | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment in RealD | 15,639 | 14,429 | |
Level 1 | RealD | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment in RealD | 15,639 | 14,429 | |
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate swap liabilities - current | -3,271 | -4,255 | |
Interest rate swap liabilities - long term | ($91) | ($317) | |
[1] | Included in accounts payable and accrued expenses on the condensed consolidated balance sheet as of March 31, 2015. | ||
[2] | Included in other long-term liabilities on the condensed consolidated balance sheet as of March 31, 2015. |
Reconciliation_of_Beginning_an
Reconciliation of Beginning and Ending Balance for Liabilities Measured at Fair Value on Recurring Basis Unobservable Inputs (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balances - Liabilities | $4,572 | $9,176 |
Total loss included in accumulated other comprehensive loss | 236 | 610 |
Settlements | -1,446 | -1,476 |
Ending balances - Liabilities | $3,362 | $8,310 |
Foreign_Currency_Translation_A
Foreign Currency Translation - Additional Information (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Foreign Currency Translation [Line Items] | ||
Accumulated other comprehensive income (loss) | ($189,546) | ($144,772) |
Cumulative foreign currency adjustments | ($194,611) | ($147,930) |
Summary_of_Impact_of_Translati
Summary of Impact of Translating Financial Statements of Certain of Company's International Subsidiaries (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Foreign Currency Translation [Line Items] | |||
Other comprehensive Income (Loss) | ($46,675) | ($9,189) | |
Cinemark Holdings, Inc. Stockholders' Equity | |||
Foreign Currency Translation [Line Items] | |||
Other comprehensive Income (Loss) | -46,681 | -9,195 | |
Brazil | |||
Foreign Currency Translation [Line Items] | |||
Exchange Rate | 3.25 | 2.69 | |
Other comprehensive Income (Loss) | -39,243 | ||
Argentina | |||
Foreign Currency Translation [Line Items] | |||
Exchange Rate | 8.82 | 8.55 | |
Other comprehensive Income (Loss) | -2,369 | ||
All Other | |||
Foreign Currency Translation [Line Items] | |||
Other comprehensive Income (Loss) | -2,779 | ||
Colombia | |||
Foreign Currency Translation [Line Items] | |||
Exchange Rate | 2,576.05 | 2,392.40 | |
Other comprehensive Income (Loss) | ($2,290) |
Supplemental_Information_to_Co
Supplemental Information to Condensed Consolidated Statements of Cash Flows (Detail) (USD $) | 1 Months Ended | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | ||
Schedule of Cash Flow, Supplemental [Line Items] | |||||
Cash paid for interest | $11,358 | $11,615 | |||
Cash paid for income taxes, net of refunds received | 6,552 | 18,074 | |||
Noncash investing and financing activities: | |||||
Change in accounts payable and accrued expenses for the acquisition of theatre properties and equipment | 2,384 | [1] | -3,792 | [1] | |
Theatre properties acquired under capital lease | 3,100 | 4,012 | |||
Investment in NCM - receipt of common units (see Note 6) | 15,421 | 15,421 | 8,216 | ||
Dividends accrued on unvested restricted stock unit awards | ($101) | [2] | ($171) | [3] | |
[1] | (1) Additions to theatre properties and equipment included in accounts payable as of March 31, 2015 and December 31, 2014 were $15,619 and $13,235, respectively. | ||||
[2] | On February 17, 2015, the Company's board of directors declared a cash dividend for the fourth quarter of 2014 in the amount of $0.25 per share of common stock payable to stockholders of record on March 4, 2015. The dividend was paid on March 18, 2015. | ||||
[3] | On February 14, 2014, the Company's board of directors declared a cash dividend for the fourth quarter of 2013 in the amount of $0.25 per share of common stock payable to stockholders of record on March 4, 2014. The dividend was paid on March 19, 2014. |
Supplemental_Information_to_Co1
Supplemental Information to Condensed Consolidated Statements of Cash Flows (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of Cash Flow, Supplemental [Line Items] | ||
Additions to theatre properties and equipment included in accounts payable | $15,619 | $13,235 |
Selected_Financial_Information
Selected Financial Information by Reportable Operating Segment (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Segment Reporting Information [Line Items] | ||||
Revenues | $645,398 | $602,280 | ||
Adjusted EBITDA | 147,121 | [1] | 128,555 | [1] |
Capital expenditures | 85,747 | 52,806 | ||
Operating Segments | U.S. Operating Segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 474,295 | 444,920 | ||
Adjusted EBITDA | 107,107 | [1] | 93,540 | [1] |
Capital expenditures | 74,267 | 30,312 | ||
Operating Segments | International Operating Segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 174,333 | 160,192 | ||
Adjusted EBITDA | 40,014 | [1] | 35,015 | [1] |
Capital expenditures | 11,480 | 22,494 | ||
Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | ($3,230) | ($2,832) | ||
[1] | Distributions from NCM are reported entirely within the U.S. operating segment. |
Reconciliation_of_Net_Income_t
Reconciliation of Net Income to Adjusted EBITDA (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Segment Reporting Information [Line Items] | ||||
Net income | $42,902 | $35,696 | ||
Add (deduct): | ||||
Income taxes | 26,380 | 20,862 | ||
Interest expense | 28,207 | [1] | 28,480 | [1] |
Other (income) expense | 1,448 | [2] | -7,686 | [2] |
Depreciation and amortization | 45,332 | 42,496 | ||
Impairment of long-lived assets | 794 | 354 | ||
(Gain) loss on sale of assets and other | -1,450 | 2,853 | ||
Deferred lease expenses | -703 | 1,599 | ||
Amortization of long-term prepaid rents | 713 | 378 | ||
Share based awards compensation expense | 3,498 | 3,523 | ||
Adjusted EBITDA | $147,121 | [3] | $128,555 | [3] |
[1] | Includes amortization of debt issue costs. | |||
[2] | Includes interest income, foreign currency exchange gain (loss) and equity in income of affiliates and excludes distributions from NCM. | |||
[3] | Distributions from NCM are reported entirely within the U.S. operating segment. |
Selected_Financial_Information1
Selected Financial Information by Geographic Area (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $645,398 | $602,280 | |
Theatre Properties and Equipment - net | 1,452,743 | 1,450,812 | |
Reportable Geographical Components | U.S. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 474,295 | 444,920 | |
Theatre Properties and Equipment - net | 1,138,826 | 1,094,076 | |
Reportable Geographical Components | Brazil | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 78,293 | 75,399 | |
Theatre Properties and Equipment - net | 168,619 | 204,107 | |
Reportable Geographical Components | Other foreign countries | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 96,040 | 84,793 | |
Theatre Properties and Equipment - net | 145,298 | 152,629 | |
Eliminations | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | ($3,230) | ($2,832) |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Facility | ||
Leases | ||
Theatre | ||
Syufy Enterprises, LP | ||
Related Party Transaction [Line Items] | ||
Number of theatres leased | 15 | |
Number of parking facilities leased | 1 | |
Total number of leases | 16 | |
Number of leases with minimum annual rent | 14 | |
Number of leases without minimum annual rent | 2 | |
Total rent paid to Syufy | $5,566 | $5,765 |
Laredo Theatre, Ltd | ||
Related Party Transaction [Line Items] | ||
Company's interest in Laredo | 75.00% | |
Lone Star Theatre's interest in Laredo | 25.00% | |
Ownership interest held by David Roberts | 100.00% | |
Percentage of common stock held by Chairman of the Board of Directors | 9.00% | |
Percentage of management fees based on theatre revenues | 5.00% | |
Management fee revenues | $135 | $113 |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (Amended Senior Secured Credit Facility, USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Subsequent Event [Line Items] | |
Remaining principal | $635,250 |
Quarterly Principal Payment | |
Subsequent Event [Line Items] | |
Quarterly principal payments due | 1,750 |
Term Loan Credit Facilty | |
Subsequent Event [Line Items] | |
Aggregate principal amount issued | $700,000 |
Maturity earliest date | 31-Mar-22 |
Maturity latest date | 8-May-22 |