Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 19, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CNK | ||
Entity Registrant Name | Cinemark Holdings, Inc. | ||
Entity Central Index Key | 1,385,280 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 115,923,909 | ||
Entity Public Float | $ 4,226,626,904 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Current assets | |||
Cash and cash equivalents | $ 588,539 | $ 638,869 | |
Inventories | 15,954 | 13,419 | |
Accounts receivable | 74,287 | 47,917 | |
Current income tax receivable | 22,877 | 19,350 | |
Current deferred tax asset | 10,518 | ||
Prepaid expenses and other | 13,494 | 10,937 | |
Total current assets | 715,151 | 741,010 | |
Theatre properties and equipment | |||
Land | 95,479 | 95,699 | |
Buildings | 453,034 | 416,680 | |
Property under capital lease | 336,666 | 313,277 | |
Theatre furniture and equipment | 929,180 | 878,453 | |
Leasehold interests and improvements | 873,032 | 844,983 | |
Total | 2,687,391 | 2,549,092 | |
Less accumulated depreciation and amortization | 1,182,322 | 1,098,280 | |
Theatre properties and equipment, net | 1,505,069 | 1,450,812 | |
Other assets | |||
Goodwill | [1] | 1,247,548 | 1,277,383 |
Intangible assets - net | 339,644 | 348,024 | |
Investments in and advances to affiliates | 94,973 | 77,658 | |
Long-term deferred tax asset | 2,114 | 164 | |
Deferred charges and other assets - net (see Note 2) | [2] | 38,243 | 46,571 |
Total other assets | 1,906,277 | 1,928,739 | |
Total assets | 4,126,497 | 4,120,561 | |
Current liabilities | |||
Current portion of long-term debt | 8,405 | 8,423 | |
Current portion of capital lease obligations | 18,780 | 16,494 | |
Current income tax payable | 7,332 | 6,396 | |
Current deferred tax liability | 75 | ||
Current liability for uncertain tax positions | 9,155 | 7,283 | |
Accounts payable | 108,844 | 119,172 | |
Accrued film rentals | 97,172 | 86,250 | |
Accrued payroll | 45,811 | 37,457 | |
Accrued property taxes | 31,719 | 29,925 | |
Accrued other current liabilities | 112,575 | 102,932 | |
Total current liabilities | 439,793 | 414,407 | |
Long-term liabilities | |||
Long-term debt, less current portion (see Note 2) | 1,772,930 | 1,783,155 | |
Capital lease obligations, less current portion | 208,952 | 201,978 | |
Long-term deferred tax liability | 139,905 | 140,973 | |
Long-term liability for uncertain tax positions | 7,853 | 8,410 | |
Deferred lease expenses | 43,333 | 46,003 | |
Other long-term liabilities | 60,784 | 67,287 | |
Total long-term liabilities | $ 2,575,891 | $ 2,583,025 | |
Commitments and contingencies (see Note 19) | |||
Cinemark Holdings, Inc.'s stockholders' equity | |||
Common stock, $0.001 par value: 300,000,000 shares authorized; 119,757,582 shares issued and 115,700,447 shares outstanding at December 31, 2014 and 120,107,563 shares issued and 115,924,059 shares outstanding at December 31, 2015 | $ 120 | $ 120 | |
Additional paid-in-capital | 1,113,219 | 1,095,040 | |
Treasury stock, 4,057,135 and 4,183,504 common shares at cost at December 31, 2014 and December 31, 2015, respectively | (66,577) | (61,807) | |
Retained earnings | 324,632 | 224,219 | |
Accumulated other comprehensive loss | (271,686) | (144,772) | |
Total Cinemark Holdings, Inc.'s stockholders' equity | 1,099,708 | 1,112,800 | |
Noncontrolling interests | 11,105 | 10,329 | |
Total equity | 1,110,813 | 1,123,129 | |
Total liabilities and equity | 4,126,497 | 4,120,561 | |
NCM | |||
Other assets | |||
Investment in NCM | 183,755 | 178,939 | |
Long-term liabilities | |||
Deferred revenue - NCM | $ 342,134 | $ 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. | ||
[2] | See Note 2 for discussion of debt issuance costs reclassification upon adoption of ASU 2015-03. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Common stock, par value | $ 0.001 | $ 0.001 | ||
Common stock, shares authorized | 300,000,000 | 300,000,000 | ||
Common stock, shares issued | 120,107,563 | 119,757,582 | ||
Common stock, shares outstanding | 115,924,059 | 115,700,447 | ||
Treasury stock, shares | 4,183,504 | 4,057,135 | 3,694,935 | 3,553,085 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Revenues | ||||
Admissions | $ 1,765,519 | $ 1,644,169 | $ 1,706,145 | |
Concession | 936,970 | 845,376 | 845,168 | |
Other | 150,120 | 137,445 | 131,581 | |
Total revenues | 2,852,609 | 2,626,990 | 2,682,894 | |
Cost of operations | ||||
Film rentals and advertising | 976,590 | 883,052 | 919,511 | |
Concession supplies | 144,270 | 131,985 | 135,715 | |
Salaries and wages | 301,099 | 273,880 | 269,353 | |
Facility lease expense | 319,761 | 317,096 | 307,851 | |
Utilities and other | 324,851 | 308,445 | 305,703 | |
General and administrative expenses | 156,736 | 151,444 | 165,351 | |
Depreciation and amortization | 189,206 | 175,656 | 163,970 | |
Impairment of long-lived assets | 8,801 | 6,647 | 3,794 | |
(Gain) loss on sale of assets and other | 8,143 | 15,715 | (3,845) | |
Total cost of operations | 2,429,457 | 2,263,920 | 2,267,403 | |
Operating income | 423,152 | 363,070 | 415,491 | |
Other income (expense) | ||||
Interest expense | [1] | (112,741) | (113,698) | (124,714) |
Interest income | 8,708 | 5,599 | 3,622 | |
Foreign currency exchange loss | (16,793) | (6,192) | (1,616) | |
Loss on amendment to debt agreement | (925) | |||
Loss on early retirement of debt | (72,302) | |||
Distributions from NCM | 18,140 | 18,541 | 20,701 | |
Equity in income of affiliates | 28,126 | 22,743 | 22,682 | |
Total other expense | (75,485) | (73,007) | (151,627) | |
Income before income taxes | 347,667 | 290,063 | 263,864 | |
Income taxes | 128,939 | 96,064 | 113,316 | |
Net income | 218,728 | 193,999 | 150,548 | |
Less: Net income attributable to noncontrolling interests | 1,859 | 1,389 | 2,078 | |
Net income attributable to Cinemark Holdings, Inc. | $ 216,869 | $ 192,610 | $ 148,470 | |
Weighted average shares outstanding | ||||
Basic | 115,080 | 114,653 | 113,896 | |
Diluted | 115,399 | 114,966 | 114,396 | |
Earnings per share attributable to Cinemark Holdings, Inc.'s common stockholders: | ||||
Basic | $ 1.87 | $ 1.66 | $ 1.28 | |
Diluted | $ 1.87 | $ 1.66 | $ 1.28 | |
[1] | Includes amortization of debt issue costs. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income | $ 58,235 | $ 46,701 | $ 70,890 | $ 42,902 | $ 47,637 | $ 38,532 | $ 72,134 | $ 35,696 | $ 218,728 | $ 193,999 | $ 150,548 |
Other comprehensive income (loss), net of tax | |||||||||||
Unrealized gain due to fair value adjustments on interest rate swap agreements, net of taxes of $1,865, $1,759 and $1,562, net of settlements | 2,636 | 2,846 | 3,151 | ||||||||
Unrealized gain (loss) due to fair value adjustments on available-for-sale securities, net of taxes of $1,223, $1,479 and $572 | (957) | 2,507 | (2,041) | ||||||||
Other comprehensive income (loss) in equity method investments | (3,119) | 676 | 2,386 | ||||||||
Foreign currency translation adjustments, net of taxes of $0, $0, and $888 | (125,512) | (68,997) | (47,699) | ||||||||
Total other comprehensive loss, net of tax | (126,952) | (62,968) | (44,203) | ||||||||
Total comprehensive income, net of tax | 91,776 | 131,031 | 106,345 | ||||||||
Comprehensive income attributable to noncontrolling interests | (1,821) | (1,374) | (1,996) | ||||||||
Comprehensive income attributable to Cinemark Holdings, Inc. | $ 89,955 | $ 129,657 | $ 104,349 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Unrealized gain due to fair value adjustments on interest rate swap agreements, tax | $ 1,562 | $ 1,759 | $ 1,865 |
Unrealized gain (loss) due to fair value adjustments on available-for-sale securities, tax | 572 | 1,479 | 1,223 |
Foreign currency translation adjustments, tax | $ 888 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Common Stock | Treasury Stock | Additional Paid-in- Capital | Retained Earnings (Deficit) | Accumulated Other Comprehensive Income (Loss) | Total Cinemark Holdings, Inc.'s Stockholders' Equity | Noncontrolling Interests | |
Balance (in shares) at Dec. 31, 2012 | 118,503,000 | (3,553,000) | |||||||
Balance at Dec. 31, 2012 | $ 1,094,984 | $ 118 | $ (48,482) | $ 1,064,016 | $ 106,111 | $ (37,698) | $ 1,084,065 | $ 10,919 | |
Issuance of restricted stock (in shares) | 284,000 | ||||||||
Issuance of restricted stock | $ 1 | $ 1 | 1 | ||||||
Issuance of stock upon vesting of restricted stock units (in shares) | 284,000 | ||||||||
Exercise of stock options (in shares) | 7,438 | 6,000 | |||||||
Exercise of stock options | $ 57 | 57 | 57 | ||||||
Restricted stock forfeitures and stock withholdings related to share based awards that vested during the year (in shares) | (142,000) | ||||||||
Restricted stock forfeitures and stock withholdings related to share based awards that vested during the year | (3,464) | [1] | $ (3,464) | (3,464) | |||||
Share based awards compensation expense | 16,886 | 16,886 | 16,886 | ||||||
Tax benefit related to share based award vestings | 2,963 | 2,963 | 2,963 | ||||||
Purchase of noncontrolling interests' share of Brazilian subsidiary | (5,621) | (4,618) | (4,618) | (1,003) | |||||
Dividends paid to stockholders | (106,045) | (106,045) | (106,045) | ||||||
Dividends accrued on unvested restricted stock unit awards | (772) | (772) | (772) | ||||||
Dividends paid to noncontrolling interests | (2,917) | (2,917) | |||||||
Net income | 150,548 | 148,470 | 148,470 | 2,078 | |||||
Other comprehensive loss | (44,203) | (44,121) | (44,121) | (82) | |||||
Balance (in shares) at Dec. 31, 2013 | 119,077,000 | (3,695,000) | |||||||
Balance at Dec. 31, 2013 | 1,102,417 | $ 119 | $ (51,946) | 1,079,304 | 147,764 | (81,819) | 1,093,422 | 8,995 | |
Issuance of restricted stock (in shares) | 270,000 | ||||||||
Issuance of stock upon vesting of restricted stock units (in shares) | 396,000 | ||||||||
Issuance of stock upon vesting of restricted stock units | $ 1 | $ 1 | 1 | ||||||
Exercise of stock options (in shares) | 14,584 | 15,000 | |||||||
Exercise of stock options | $ 112 | 112 | 112 | ||||||
Restricted stock forfeitures and stock withholdings related to share based awards that vested during the year (in shares) | (362,000) | ||||||||
Restricted stock forfeitures and stock withholdings related to share based awards that vested during the year | (9,861) | [1] | $ (9,861) | (9,861) | |||||
Share based awards compensation expense | 12,818 | 12,818 | 12,818 | ||||||
Tax benefit related to share based award vestings | 2,806 | 2,806 | 2,806 | ||||||
Noncontrolling interests' share of acquired subsidiary | 346 | 346 | |||||||
Dividends paid to stockholders | (115,625) | (115,625) | (115,625) | ||||||
Dividends accrued on unvested restricted stock unit awards | (530) | (530) | (530) | ||||||
Dividends paid to noncontrolling interests | (386) | (386) | |||||||
Net income | 193,999 | 192,610 | 192,610 | 1,389 | |||||
Other comprehensive loss | (62,968) | (62,953) | (62,953) | (15) | |||||
Balance (in shares) at Dec. 31, 2014 | 119,758,000 | (4,057,000) | |||||||
Balance at Dec. 31, 2014 | 1,123,129 | $ 120 | $ (61,807) | 1,095,040 | 224,219 | (144,772) | 1,112,800 | 10,329 | |
Issuance of restricted stock (in shares) | 226,000 | ||||||||
Issuance of stock upon vesting of restricted stock units (in shares) | 124,000 | ||||||||
Restricted stock forfeitures and stock withholdings related to share based awards that vested during the year (in shares) | (127,000) | ||||||||
Restricted stock forfeitures and stock withholdings related to share based awards that vested during the year | (4,770) | [1] | $ (4,770) | (4,770) | |||||
Share based awards compensation expense | 15,758 | 15,758 | 15,758 | ||||||
Tax benefit related to share based award vestings | 2,421 | 2,421 | 2,421 | ||||||
Dividends paid to stockholders | (115,863) | (115,863) | (115,863) | ||||||
Dividends accrued on unvested restricted stock unit awards | (593) | (593) | (593) | ||||||
Dividends paid to noncontrolling interests | (1,045) | (1,045) | |||||||
Net income | 218,728 | 216,869 | 216,869 | 1,859 | |||||
Other comprehensive loss | (126,952) | (126,914) | (126,914) | (38) | |||||
Balance (in shares) at Dec. 31, 2015 | 120,108,000 | (4,184,000) | |||||||
Balance at Dec. 31, 2015 | $ 1,110,813 | $ 120 | $ (66,577) | $ 1,113,219 | $ 324,632 | $ (271,686) | $ 1,099,708 | $ 11,105 | |
[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. The Company determined the number of shares to be withheld based upon market values that ranged from $28.84 to $44.67 per share. |
CONSOLIDATED STATEMENTS OF EQU8
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Dividends paid to stockholders, per share | $ 1 | $ 1 | $ 0.92 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities | |||
Net income | $ 218,728 | $ 193,999 | $ 150,548 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 186,898 | 173,138 | 160,071 |
Amortization of intangible and other assets and favorable/unfavorable leases | 2,308 | 2,518 | 3,899 |
Amortization of long-term prepaid rents | 2,361 | 1,542 | 2,625 |
Amortization of debt issue costs | 5,151 | 5,245 | 5,476 |
Amortization of deferred revenues, deferred lease incentives and other | (17,163) | (13,665) | (11,712) |
Amortization of bond discount | 482 | ||
Impairment of long-lived assets | 8,801 | 6,647 | 3,794 |
Share based awards compensation expense | 15,758 | 12,818 | 16,886 |
(Gain) loss on sale of assets and other | 8,143 | 15,715 | (3,845) |
Write-off of unamortized debt issue costs, debt discount and accumulated other comprehensive loss related to early retirement of debt | 15,688 | ||
Deferred lease expenses | (1,806) | 2,536 | 5,701 |
Equity in income of affiliates | (28,126) | (22,743) | (22,682) |
Deferred income tax expenses | 11,095 | 526 | (37,790) |
Interest paid on redemption of senior notes | (8,054) | ||
Distributions from equity investees | 19,027 | 19,172 | 13,658 |
Changes in other assets and liabilities: | |||
Inventories | (2,535) | 400 | (1,539) |
Accounts receivable | (26,370) | 33,804 | (15,938) |
Income tax receivable | (3,527) | (18,681) | 4,060 |
Prepaid expenses and other | (2,557) | 4,011 | (3,557) |
Deferred charges and other assets - net | 8,126 | 19,713 | (17,624) |
Accounts payable and accrued expenses | 43,827 | 32,570 | 48,963 |
Income tax payable | 936 | (15,685) | 15,035 |
Liabilities for uncertain tax positions | 1,315 | (4,437) | (14,345) |
Other long-term liabilities | 5,481 | 5,491 | (134) |
Net cash provided by operating activities | 455,871 | 454,634 | 309,666 |
Investing activities | |||
Additions to theatre properties and equipment | (331,726) | (244,705) | (259,670) |
Proceeds from sale of theatre properties and equipment and other | 9,966 | 2,545 | 34,271 |
Acquisition of theatres in the U.S., net of cash acquired | (7,951) | (259,247) | |
Acquisition of theatre in Brazil | (2,651) | ||
Proceeds from disposition of Mexico theatres | 126,167 | ||
Investment in joint ventures and other | (3,711) | (3,228) | (6,222) |
Net cash used for investing activities | (328,122) | (253,339) | (364,701) |
Financing activities | |||
Proceeds from stock option exercises | 112 | 57 | |
Payroll taxes paid as a result of restricted stock withholdings | (4,770) | (9,861) | (3,464) |
Dividends paid to stockholders | (115,863) | (115,625) | (106,045) |
Proceeds from issuance of notes | 530,000 | ||
Other short term borrowings | 1,473 | ||
Redemption of senior notes | (461,946) | ||
Repayments of other long-term debt | (8,420) | (9,846) | (9,339) |
Payment of debt issue costs | (6,957) | (9,328) | |
Payments on capital leases | (16,513) | (14,035) | (12,015) |
Purchases of non-controlling interests | (5,621) | ||
Other | 1,376 | 2,422 | 44 |
Net cash used for financing activities | (151,147) | (146,833) | (76,184) |
Effect of exchange rates on cash and cash equivalents | (26,932) | (15,522) | (11,516) |
Increase (decrease) in cash and cash equivalents | (50,330) | 38,940 | (142,735) |
Cash and cash equivalents: | |||
Beginning of period | 638,869 | 599,929 | 742,664 |
End of period | $ 588,539 | $ 638,869 | $ 599,929 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business Principles of Consolidation Cash and Cash Equivalents Accounts Receivable — Inventories Theatre Properties and Equipment Category Useful Life Buildings on owned land 40 years Buildings on leased land Lesser of lease term or useful life Land and buildings under capital lease (1) Lesser of lease term or useful life Theatre furniture and equipment 3 to 15 years Leasehold improvements Lesser of lease term or useful life (1) Amortization of capital lease assets is included in depreciation and amortization expense on the consolidated statements of income. Accumulated amortization of capital lease assets as of December 31, 2014 and 2015 was $133,022 and $150,968, respectively. 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 (theatre) with its estimated fair value. When estimated fair value is determined to be lower than the carrying value of the asset group (theatre), the asset group (theatre) is written down to its estimated fair value. Significant judgment is involved in estimating cash flows and fair value. Management’s estimates, which fall under Level 3 of the U.S. GAAP fair value hierarchy as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820-10-35, are based on historical and projected operating performance, recent market transactions and current industry trading multiples. Fair value is determined based on a multiple of cash flows, which was six and a half times for the evaluations performed during 2013, 2014 and 2015. The long-lived asset impairment charges recorded during each of the periods presented are specific to theatres that were directly and individually impacted by increased competition, adverse changes in market demographics, or adverse changes in the development or the conditions of the areas surrounding the theatre. See Note 9. Goodwill and Other Intangible Assets For the year ended December 31, 2015, the Company performed a qualitative goodwill impairment assessment on all reporting units except one, in accordance with ASU 2011-08 Testing Goodwill for Impairment Tradename intangible assets are tested for impairment at least annually during the fourth quarter or whenever events or changes in circumstances indicate the carrying value may not be fully recoverable. During 2013 and 2014, the Company estimated the fair value of its tradenames by applying an estimated market royalty rate that could be charged for the use of our tradename to forecasted future revenues, with an adjustment for the present value of such royalties. If the estimated fair value is less than the carrying value, the tradename intangible asset is written down to its estimated fair value. Significant judgment is involved in estimating market royalty rates and long-term revenue forecasts. Management’s estimates, which fall under Level 3 of the U.S. GAAP fair value hierarchy as defined by FASB ASC Topic 820-10-35, are based on historical and projected revenue performance and industry trends. As of December 31, 2014, the estimated fair value of the Company’s tradename intangible assets exceeded their carrying values by at least 10%. For the year ended December 31, 2015, the Company performed a qualitative tradename intangible asset impairment assessment in accordance with ASU 2011-08. The qualitative assessment included consideration of the Company’s historical and forecasted revenues and estimated royalty rates for each tradename intangible asset. Based on the qualitative assessment performed, the Company determined that it was not more likely than not that the fair values of tradename intangible assets were less than their carrying values. The table below summarizes the Company’s intangible assets and the amortization method used for each type of intangible asset: Intangible Asset Amortization Method Goodwill Indefinite-lived Tradename Indefinite-lived Vendor contracts Straight-line method over the terms of the underlying contracts. The remaining terms of the underlying contracts range from two to five years. Favorable/unfavorable leases Based on the pattern in which the economic benefits are realized over the terms of the lease agreements. The remaining terms of the lease agreements range from approximately three to twenty-one years. Other intangible assets Straight-line method over the terms of the underlying agreement or the expected useful life of the intangible asset. The remaining useful lives of these intangible assets range from two to eleven years. Deferred Charges and Other Assets Lease Accounting Deferred Revenues Self-Insurance Reserves — Revenue and Expense Recognition Film rental costs are accrued based on the applicable box office receipts and either firm terms or a sliding scale formula, which are generally established prior to the opening of the film, or estimates of the final rate, which occurs at the conclusion of the film run, subject to the film licensing arrangement. Under a firm terms formula, the Company pays the distributor a percentage of box office receipts, which reflects either an aggregate rate for the life of the film or rates that decline over the term of the run. Under a sliding scale formula, film rental is paid as a percentage of box office revenues using a pre-determined matrix based upon box office performance of the film. The settlement process allows for negotiation of film rental fees upon the conclusion of the film run based upon how the film performs. Estimates are based on the expected success of a film. The success of a film can typically be determined a few weeks after a film is released when initial box office performance of the film is known. Accordingly, final settlements typically approximate estimates since box office receipts are known at the time the estimate is made and the expected success of a film can typically be estimated early in the film’s run. If actual settlements are different than those estimates, film rental costs are adjusted at that time. Accounting for Share Based Awards Income Taxes — Segments Use of Estimates Foreign Currency Translations Fair Value Measurements — Goodwill and Other Intangible Assets Theatre Properties and Equipment Acquisitions |
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Dec. 31, 2015 | |
NEW ACCOUNTING PRONOUNCEMENTS | 2. NEW ACCOUNTING PRONOUNCEMENTS In January 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2015-01, Income Statement — Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items In February 2015, the FASB issued Accounting Standards Update 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, 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 In April 2015, the FASB issued Accounting Standards Update 2015-05, Intangibles — Goodwill and Other — Internal Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in Cloud Computing Arrangement In July 2015, the FASB issued Accounting Standards Update 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory In August 2015, the FASB issued Accounting Standards Update 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, Revenue from Contracts with Customers (Topic 606) In August 2015, the FASB issued Accounting Standards Update 2015-15, Interest — Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of- Credit Arrangements In September 2015, the FASB issued Accounting Standards Update 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments In November 2015, the FASB issued Accounting Standards Update 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes In January 2016, the FASB issued Accounting Standards Update 2016-01, Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2015 | |
EARNINGS PER SHARE | 3. EARNINGS PER SHARE The Company considers its unvested share based payment awards, which contain non-forfeitable rights to dividends, participating securities, and includes such participating securities in its computation of earnings 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 and unvested restricted 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: Year ended December 31, 2013 2014 2015 Numerator: Net income attributable to Cinemark Holdings, Inc. $ 148,470 $ 192,610 $ 216,869 Earnings allocated to participating share-based awards (1) (1,530 ) (1,345 ) (1,306 ) Net income attributable to common stockholders $ 146,940 $ 191,265 $ 215,563 Denominator Basic weighted average common stock outstanding 113,896 114,653 115,080 Common equivalent shares for stock options 9 — — Common equivalent shares for restricted stock units 491 313 319 Diluted 114,396 114,966 115,399 Basic earnings per share attributable to common stockholders $ 1.28 $ 1.66 $ 1.87 Diluted earnings per share attributable to common stockholders $ 1.28 $ 1.66 $ 1.87 (1) For the years ended December 31, 2013, 2014 and 2015, a weighted average of approximately 1,198 shares, 810 shares and 699 shares, of unvested restricted stock, respectively, are considered participating securities. |
DIVIDENDS
DIVIDENDS | 12 Months Ended |
Dec. 31, 2015 | |
DIVIDENDS | 4. DIVIDENDS Below is a summary of dividends declared for the fiscal periods indicated. Date Declared Date of Record Date Paid Amount per Common (2) Total Dividends (1) 02/12/13 03/04/13 03/15/13 $0.21 $24,325 05/24/13 06/06/13 06/20/13 $0.21 24,348 08/15/13 08/28/13 09/12/13 $0.25 28,992 11/19/13 12/02/13 12/11/13 $0.25 29,152 Total — Year ended December 31, 2013 $106,817 02/14/14 03/04/14 03/19/14 $0.25 $29,015 05/22/14 06/06/14 06/20/14 $0.25 29,030 08/13/14 08/28/14 09/12/14 $0.25 29,032 11/12/14 12/02/14 12/11/14 $0.25 29,078 Total — Year ended December 31, 2014 $116,155 02/17/15 03/04/15 03/18/15 $0.25 $29,025 05/18/15 06/05/15 06/19/15 $0.25 29,075 08/20/15 08/31/15 09/11/15 $0.25 29,080 11/13/15 12/02/15 12/16/15 $0.25 29,276 Total — Year ended December 31, 2015 $116,456 (1) Of the dividends recorded during 2013, 2014 and 2015, $772, $530 and $593, respectively, were related to outstanding restricted stock units and will not be paid until such units vest. See Note 16. (2) Beginning with the dividend declared on August 15, 2013, the Company’s board of directors raised the quarterly dividend to $0.25 per common share. |
ACQUISITIONS AND DISPOSITIONS
ACQUISITIONS AND DISPOSITIONS | 12 Months Ended |
Dec. 31, 2015 | |
ACQUISITIONS AND DISPOSITIONS | 5. ACQUISITIONS AND DISPOSITIONS Acquisition of Rave Theatres On May 29, 2013, the Company acquired 32 theatres with 483 screens from Rave Real Property Holdco, LLC and certain of its subsidiaries, Rave Cinemas, LLC and RC Processing, LLC (collectively “Rave”) in an asset purchase for approximately $236,875 in cash plus the assumption of certain liabilities (the “Rave Acquisition”). The acquisition resulted in an expansion of the Company’s domestic theatre base into one new state and seven new markets. The transaction was subject to antitrust approval by the Department of Justice or Federal Trade Commission. The Department of Justice required the Company to agree to divest of three of the newly-acquired theatres, which occurred during August 2013 (see discussion below). The Company incurred approximately $500 in transaction costs, which are reflected in general and administrative expenses on the consolidated statement of income for the year ended December 31, 2013. The transaction was accounted for by applying the acquisition method. The following table represents the fair value of the identifiable assets acquired and liabilities assumed as of the acquisition date: Theatre properties and equipment $ 102,977 Tradename 25,000 Favorable leases 17,587 Goodwill 186,418 Unfavorable leases (30,718 ) Deferred revenue (6,634 ) Capital lease liabilities (61,651 ) Other assets, net of other liabilities 3,896 Total $ 236,875 The weighted average amortization period for the intangible assets acquired was approximately 14 years as of the acquisition date. The goodwill is fully deductible for tax purposes. The acquired theatres are reported in the Company’s U.S. segment. The following unaudited pro forma information summarizes our results of operations as if the Rave Acquisition had occurred as of January 1, 2013: Year Ended Total revenues $ 2,777,458 Income before income taxes $ 273,440 Acquisition of Other U.S. Theatres The Company acquired two additional theatres with 30 screens during April 2013 in two separate transactions for an aggregate purchase price of approximately $22,372 in cash plus the assumption of certain liabilities. The transactions were accounted for by applying the acquisition method. The following table represents the aggregate fair values of identifiable assets acquired and the liabilities assumed as of the acquisition date: Theatre properties and equipment $ 17,524 Goodwill 17,409 Capital lease liability (12,173 ) Deferred revenue (388 ) Total $ 22,372 Disposition of Three Rave Theatres In conjunction with the Rave Acquisition, the Company was required to divest of three theatres pursuant to a Hold Separate Agreement with the Department of Justice. On July 17, 2013, the Company entered into a definitive agreement to sell these three theatres to Carmike Cinemas, Inc. The transaction was approved by the Department of Justice and closed on August 16, 2013. Disposition of Mexico Subsidiaries During February 2013, the Company entered into a stock purchase agreement with Grupo Cinemex, S.A. De C.V. pursuant to which the Company would sell its Mexican subsidiaries, which consisted of 31 theatres and 290 screens. The transaction was subject to approval by the Mexican Federal Competition Commission (the “Competition Commission”). During August 2013, the Competition Commission voted three to two to block the transaction and the Company filed an appeal for the Competition Commission to reconsider the sale. During November 2013, the Competition Committee approved the sale and the transaction closed on November 15, 2013. The sales price, which was paid in Mexican pesos, was approximately $126,167, based on the exchange rate at November 15, 2013. The Company recorded a pre-tax gain of approximately $3,521 on the sale during the year ended December 31, 2013. |
INVESTMENT IN NATIONAL CINEMEDI
INVESTMENT IN NATIONAL CINEMEDIA LLC | 12 Months Ended |
Dec. 31, 2015 | |
NCM | |
INVESTMENT IN NATIONAL CINEMEDIA LLC | 6. INVESTMENT IN NATIONAL CINEMEDIA LLC The Company has an investment in National CineMedia, LLC (“NCM”). NCM operates a digital in-theatre network in the U.S. for providing cinema advertising and non-film events. Upon joining NCM, the Company entered into an Exhibitor Services Agreement, or the ESA, with NCM, pursuant to which NCM provides advertising, promotion and event services to our theatres. On February 13, 2007, National CineMedia, Inc. (“NCMI”), an entity that serves as the sole manager of NCM, completed an IPO of its common stock. In connection with the NCMI initial public offering, the Company amended its operating agreement and the ESA with NCMI. The ESA modification reflected a shift from circuit share expense under the prior ESA, which obligated NCM to pay the Company a percentage of revenue, to a monthly theatre access fee, which significantly reduced the contractual amounts paid to us by NCM. The Company recorded the proceeds related to the ESA modification as deferred revenue, which is being amortized into other revenues over the life of the agreement using the units of revenue method. In consideration for NCM’s exclusive access to the Company’s theatre attendees for on-screen advertising and use of off-screen areas within the Company’s theatres for lobby entertainment and lobby promotions, the Company receives a monthly theatre access fee under the modified ESA. The theatre access fee is composed of a fixed payment per patron, initially seven cents, and a fixed payment per digital screen, which may be adjusted for certain reasons outlined in the modified ESA. The payment per theatre patron increases by 8% every five years, with the first such increase taking effect after the end of fiscal 2011, and the payment per digital screen, initially eight hundred dollars per digital screen per year, increases annually by 5%. For 2013, 2014 and 2015, the annual payment per digital screen was one thousand seventy-two dollars, one thousand one hundred twenty-five dollars and one thousand one hundred eight-two dollars, respectively. The theatre access fee paid in the aggregate to Regal Entertainment Group (“Regal”), AMC Entertainment, Inc. (“AMC”) and the Company will not be less than 12% of NCM’s Aggregate Advertising Revenue (as defined in the modified ESA), or it will be adjusted upward to reach this minimum payment. Additionally, with respect to any on-screen advertising time provided to the Company’s beverage concessionaire, the Company is required to purchase such time from NCM at a negotiated rate. The modified ESA has, except with respect to certain limited services, a remaining term of approximately 21 years. As a result of the application of a portion of the proceeds it received from the NCMI initial public offering, the Company had a negative basis in its original membership units in NCM, which is referred to herein as the Company’s Tranche 1 Investment. Following the NCMI IPO, the Company does not recognize undistributed equity in the earnings on its Tranche 1 Investment until NCM’s net earnings, less distributions received, surpass the amount of the excess distribution. The Company recognizes equity in earnings on its Tranche 1 Investment only to the extent it receives cash distributions from NCM. The Company 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. Common Unit Adjustments Pursuant to a Common Unit Adjustment Agreement dated as of February 13, 2007 between NCMI and the Company, AMC and Regal, which we refer to collectively as the Founding Members, annual adjustments to the common membership units are made primarily based on increases or decreases in the number of theatre screens operated and theatre attendance generated by each Founding Member. To account for the receipt of additional common units under the Common Unit Adjustment Agreement, we follow the guidance in FASB ASC 323-10-35-29 (formerly EITF 02-18, “Accounting for Subsequent Investments in an Investee after Suspension of Equity Loss Recognition”) by analogy, which also refers to AICPA Technical Practice Aid 2220.14, which indicates that if a subsequent investment is made in an equity method investee that has experienced significant losses, the investor must determine if the subsequent investment constitutes funding of prior losses. We concluded that the construction or acquisition of new theatres that has led to the common unit adjustments equates to making additional investments in NCM. We evaluated the receipt of the additional common units in NCM and the assets exchanged for these additional units and have determined that the right to use our incremental new screens would not be considered funding of prior losses. We account for these additional common units, which we refer to herein as our Tranche 2 Investment, as a separate investment than our Tranche 1 Investment. The common units received are recorded at fair value as an increase in our investment in NCM with an offset to deferred revenue. The deferred revenue is amortized over the remaining term of the ESA. Our Tranche 2 Investment is accounted for following the equity method, with undistributed equity earnings related to our Tranche 2 Investment included as a component of earnings in equity in income of affiliates and distributions received related to our Tranche 2 Investment are recorded as a reduction of our investment basis. In the event that a common unit adjustment is determined to be a negative number, the Founding Member can elect to either transfer and surrender to NCM the number of common units equal to all or part of such Founding Member’s common unit adjustment or to pay to NCM an amount equal to such Founding Member’s common unit adjustment calculated in accordance with the Common Unit Adjustment Agreement. If the Company then elects to surrender common units as part of a negative common unit adjustment, the Company would record a reduction to deferred revenue at the then fair value of the common units surrendered and a reduction of the Company’s Tranche 2 Investment at an amount equal to the weighted average cost for Tranche 2 common units, with the difference between the two values recorded as a gain or loss on sale of assets and other. Below is a summary of common units received by the Company under the Common Unit Adjustment Agreement during the years ended December 31, 2013, 2014 and 2015: Event Date Number of Fair Value of 2013 Annual common unit adjustment 03/28/13 588,024 $ 8,869 2013 Extraordinary common unit adjustment (as result of Rave Acquisition – see Note 5) 05/29/13 5,315,837 $ 89,928 2014 Annual common unit adjustment 03/27/14 557,631 $ 8,216 2015 Annual common unit adjustment 03/31/15 1,074,910 $ 15,421 Each common unit received by the Company is convertible into one share of NCMI common stock. The fair value of the common units received was estimated based on the market price of NCMI stock at the time that the common units were received, adjusted for volatility associated with the estimated period of time it would take to convert the common units and register the respective shares. The fair value measurement used for the common units falls under Level 2 of the U.S. GAAP fair value hierarchy as defined by ASC Topic 820-10-35. The Company records additional common units it receives as part of its Tranche 2 Investment at estimated fair value with a corresponding adjustment to deferred revenue. As of December 31, 2015, the Company owned a total of 25,631,046 common units of NCM, which represented an approximate 19% interest. Each common unit is convertible into one share of NCMI common stock. The estimated fair value of the Company’s investment in NCM was approximately $402,664 as of December 31, 2015, using NCMI’s stock price as of December 31, 2015 of $15.71 per share. Summary of Activity with NCM Below is a summary of activity with NCM included in the Company’s consolidated financial statements for the periods indicated: Investment Deferred Distributions Equity in Other Other Cash Balance as of January 1, 2013 $ 78,123 $ (241,305 ) Receipt of common units due to annual common unit adjustment 8,869 (8,869 ) $ — $ — $ — $ — $ — Receipt of common units due to extraordinary common unit adjustment 89,928 (89,928 ) — — — — — Revenues earned under ESA (1) — — (7,960 ) — 7,960 Receipt of excess cash distributions (13,166 ) — (19,374 ) — — — 32,540 Receipt under tax receivable agreement (492 ) — (1,327 ) — — — 1,819 Equity in earnings (2) 13,753 — — (11,578 ) — — — Equity in other comprehensive income 1,838 — — — — (1,838 ) — Amortization of deferred revenue — 5,673 — — (5,673 ) — — Balance as of and for the period ended December 31, 2013 $ 178,853 $ (334,429 ) $ (20,701 ) $ (11,578 ) $ (13,633 ) $ (1,838 ) $ 42,319 Receipt of common units due to annual common unit adjustment 8,216 (8,216 ) $ — $ — $ — $ — $ — Revenues earned under ESA (1) — — — — (9,249 ) — 9,249 Receipt of excess cash distributions (12,574 ) — (14,778 ) — — — 27,352 Receipt under tax receivable agreement (2,594 ) — (3,763 ) — — — 6,357 Equity in earnings 6,142 — — (6,142 ) — — — Equity in other comprehensive income 896 — — — — (896 ) — Amortization of deferred revenue — 7,426 — — (7,426 ) — — Balance as of and for the period ended December 31, 2014 $ 178,939 $ (335,219 ) $ (18,541 ) $ (6,142 ) $ (16,675 ) $ (896 ) $ 42,958 Receipt of common units due to annual common unit adjustment 15,421 (15,421 ) $ — $ — $ — $ — $ — Revenues earned under ESA (1) — — — — (11,330 ) — 11,330 Receipt of excess cash distributions (14,072 ) — (15,396 ) — — — 29,468 Receipt under tax receivable agreement (2,308 ) — (2,744 ) — — — 5,052 Equity in earnings 8,510 — — (8,510 ) — — — Equity in other comprehensive loss (2,735 ) — — — — 2,735 — Amortization of deferred revenue — 8,506 — — (8,506 ) — — Balance as of and for the period ended December 31, 2015 $ 183,755 $ (342,134 ) $ (18,140 ) $ (8,510 ) $ (19,836 ) $ 2,735 $ 45,850 (1) Amounts include the per patron and per digital screen theatre access fees due to the Company, net of amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire. The amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire were approximately $11,958, $11,489 and $9,819 for the years ended December 31, 2013, 2014 and 2015, respectively. (2) A portion of the equity in earnings recorded for the year ended December 31, 2013 was recorded as a reduction in our investment basis in a joint venture (AC JV, LLC) that the Company, along with Regal and AMC, recently formed with NCM. See Note 7. On May 5, 2014, NCMI announced that it had entered into a merger agreement to acquire Screenvision, LLC. On November 3, 2014, the U.S. Department of Justice (“DOJ”) filed an antitrust lawsuit seeking to enjoin the proposed merger between NCMI and Screenvision, LLC. On March 16, 2015, NCMI announced that it had agreed with Screenvision, LLC to terminate the merger agreement. The termination of the merger agreement resulted in a $26.8 million termination payment to Screenvision by NCMI. NCM indemnified NCMI for the termination fee. The impact of the termination payment and related merger costs resulted in NCM not making an excess cash distribution to its shareholders during the second quarter of 2015. The Company made payments to NCM of approximately $124 and $50 during the years ended December 31, 2014 and 2015, respectively, related to installation of certain equipment used for digital advertising, which is included in theatre furniture and equipment on the consolidated balance sheets. The Company paid event fees of $8,249 to NCM for the year ended December 31, 2013, prior to the formation of AC JV, LLC, as discussed in Note 7, which are included in film rentals and advertising costs on the consolidated statements of income. The tables below present summary financial information for NCM for the periods indicated (financial information for the year ended December 31, 2015 is not yet available): Year Ended Nine Months October 1, 2015 December 26, 2013 January 1, 2015 Gross revenues $ 462,815 $ 393,994 $ 310,061 Operating income $ 202,019 $ 159,624 $ 40,442 Net income $ 162,870 $ 96,309 $ 38,519 As of January 1, 2015 As of October 1, 2015 Total assets $ 681,107 $ 700,326 Total liabilities $ 998,529 $ 1,030,243 |
OTHER INVESTMENTS
OTHER INVESTMENTS | 12 Months Ended |
Dec. 31, 2015 | |
OTHER INVESTMENTS | 7. OTHER INVESTMENTS The Company had the following other investments at December 31: 2014 2015 Digital Cinema Implementation Partners (“DCIP”), equity method investment $ 51,277 $ 71,579 RealD, Inc. (“RealD”), investment in marketable security 14,429 12,900 AC JV, LLC, equity method investment 7,899 7,269 Digital Cinema Distribution Coalition (“DCDC”), equity method investment 2,438 2,562 Other 1,615 663 Total $ 77,658 $ 94,973 Below is a summary of activity for each of the investments for the years ended December 31, 2013, 2014 and 2015: DCIP RealD AC JV, DCDC Other Total Balance at January 1, 2013 $ 23,012 $ 13,707 $ — $ 5 $ 1,477 $ 38,201 Cash contributions 3,232 — 268 2,721 — 6,221 Issuance of promissory note to NCM — — 8,333 — — 8,333 Equity in income (loss) 11,241 — — (137 ) — 11,104 Equity in other comprehensive income 548 — — — — 548 Adjustment for gain recognized by NCM — — (2,175 ) — — (2,175 ) Unrealized holding loss — (3,264 ) — — — (3,264 ) Other — — — — 689 689 Balance at December 31, 2013 $ 38,033 $ 10,443 $ 6,426 $ 2,589 $ 2,166 $ 59,657 Cash contributions 2,188 — — — — 2,188 Equity in income (loss) 15,279 — 1,473 (151 ) — 16,601 Equity in other comprehensive loss (219 ) — — — — (219 ) Unrealized holding gain — 3,986 — — — 3,986 Cash distributions received (4,004 ) — — — — (4,004 ) Other — — — — (551 ) (551 ) Balance at December 31, 2014 $ 51,277 $ 14,429 $ 7,899 $ 2,438 $ 1,615 $ 77,658 Cash contributions 3,211 — — — 500 3,711 Equity in income 18,522 — 970 124 — 19,616 Equity in other comprehensive loss (384 ) — — — — (384 ) Unrealized holding loss — (1,529 ) — — — (1,529 ) Sale of investment in Taiwan (1) — — — — (1,383 ) (1,383 ) Cash distributions received (1,047 ) — (1,600 ) — — (2,647 ) Other — — — — (69 ) (69 ) Balance at December 31, 2015 $ 71,579 $ 12,900 $ 7,269 $ 2,562 $ 663 $ 94,973 (1) The Company sold its investment in a Taiwan joint venture for approximately $2,634, resulting in a gain of $1,251, which is included in (gain) loss on sale of assets and other for the year ended December 31, 2015. 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 December 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 as of and for the years ended December 31, 2013, 2014 and 2015. Year ended December 31, 2013 2014 2015 Net operating revenue $ 182,659 $ 170,724 $ 171,203 Operating income $ 116,235 $ 101,956 $ 103,449 Net income $ 48,959 $ 61,293 $ 79,255 As of December 31, December 31, Total assets $ 1,097,467 $ 1,004,292 Total liabilities $ 845,319 $ 674,727 As a result of the Agreements, the Company installed digital projection systems to a majority of its first run U.S. theatres. The digital projection systems are being leased from Kasima under an operating lease with an initial term of twelve years that contains ten one-year fair value renewal options. The equipment lease agreement also contains a fair value purchase option. Under the equipment lease agreement, the Company pays annual rent of one thousand dollars per digital projection system. The Company may also be subject to various types of other rent if such digital projection systems do not meet minimum performance requirements as outlined in the agreements. Certain of the other rent payments are subject to either a monthly or an annual maximum. As of December 31, 2015, the Company had 3,781 digital projection systems being leased under the master equipment lease agreement with Kasima. The Company had the following transactions with DCIP during the years ended December 31, 2013, 2014 and 2015: Year Ended December 31, 2013 2014 2015 Equipment lease payments $ 3,853 $ 4,012 $ 4,474 Warranty reimbursements from DCIP $ (1,893 ) $ (3,169 ) $ (4,329 ) RealD, Inc. The Company licenses 3-D systems from RealD. Under its license agreement with RealD, the Company earned options to purchase shares of RealD common stock as it installed a certain number of 3-D systems as outlined in the license agreement. During 2010 and 2011, the Company vested in a total of 1,222,780 RealD options. Upon vesting in these options, the Company recorded an investment in RealD and a deferred lease incentive liability using the estimated fair value of the RealD options at the time of vesting. During March 2011, the Company exercised all of its options to purchase shares of common stock in RealD for $0.00667 per share. The Company 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 December 31, 2015, the estimated fair value of the Company’s investment in RealD was $12,900, which is based on the closing price of RealD’s common stock of $10.55 per share on December 31, 2015, and falls under Level 1 of the U.S. GAAP fair value hierarchy as defined by ASC Topic 820-10-35. AC JV, LLC During December 2013, the Company, Regal, AMC (the “AC Founding Members”) and NCM entered into a series of agreements that resulted in the formation of AC JV, LLC (“AC”), a new joint venture that now owns “Fathom Events” (consisting of Fathom Events and Fathom Consumer Events) formerly operated by NCM. The Fathom Events business focuses on the marketing and distribution of live and pre-recorded entertainment programming to various theatre operators to provide additional programs to augment their feature film schedule. The Fathom Consumer Events business includes live and pre-recorded concerts featuring contemporary music, opera and symphony, DVD product releases and marketing events, theatrical premieres, Broadway plays, live sporting events and other special events. The Company paid event fees of $9,273 and $11,440 for the years ended December 31, 2014 and 2015, respectively, which are included in film rentals and advertising costs on the consolidated statements of income. AC was formed by the AC Founding Members and NCM. NCM, under a contribution agreement, contributed the assets associated with its Fathom Events division to AC in exchange for 97% ownership of the Class A Units of AC. Under a separate contribution agreement, the Founding Members each contributed cash of approximately $268 to AC in exchange for 1% of the Class A Units of AC. Subsequently, NCM and the Founding Members entered into a Membership Interest Purchase Agreement, under which NCM sold each of the Founding Members 31% of its Class A Units in AC, the aggregate value of which was determined to be $25,000, in exchange for a six-year Promissory Note. Each of the Founding Members’ Promissory Notes were originally for $8,333, bear interest at 5% per annum and require annual principal and interest payments, with the first of such payments made during December 2014. The remaining outstanding balance of the note payable from the Company to AC as of December 31, 2015 was $5,555. Digital Cinema Distribution Coalition The Company is a party to a joint venture with certain exhibitors and distributors called Digital Cinema Distribution Coalition (“DCDC”). DCDC operates a satellite distribution network that distributes all digital content to U.S. theatres via satellite. The Company has an approximate 14.6% ownership in DCDC. The Company paid approximately $741 and $807 to DCDC during the years ended December 31, 2014 and 2015 related to content delivery services provided by DCDC, which is included in film rentals and advertising costs on the consolidated statements of income. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS - NET | 12 Months Ended |
Dec. 31, 2015 | |
GOODWILL AND OTHER INTANGIBLE ASSETS - NET | 8. GOODWILL AND OTHER INTANGIBLE ASSETS — NET The Company’s goodwill was as follows: U.S. Operating Segment International Operating Segment Total Balance at December 31, 2013 (1) $ 1,150,471 $ 137,619 $ 1,288,090 Acquisition of U.S. theatres 6,085 — 6,085 Other acquisitions — 1,108 1,108 Foreign currency translation adjustments — (17,900 ) (17,900 ) Balance at December 31, 2014 (1) $ 1,156,556 $ 120,827 $ 1,277,383 Acquisition of Brazil theatre — 356 356 Foreign currency translation adjustments — (30,191 ) (30,191 ) Balance at December 31, 2015 (1) $ 1,156,556 $ 90,992 $ 1,247,548 (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. As of December 31, intangible assets-net, consisted of the following: December 31, Acquisitions Amortization Other (1) December 31, Intangible assets with finite lives: Gross carrying amount $ 101,617 $ 300 $ — $ (1,995 ) $ 99,922 Accumulated amortization (46,297 ) — (5,947 ) 12 (52,232 ) Total net intangible assets with finite lives $ 55,320 $ 300 $ (5,947 ) $ (1,983 ) $ 47,690 Intangible assets with indefinite lives: Tradename 300,824 — — (490 ) 300,334 Total intangible assets — net $ 356,144 $ 300 $ (5,947 ) $ (2,473 ) $ 348,024 December 31, Amortization Other (2) December 31, Intangible assets with finite lives: Gross carrying amount $ 99,922 $ — $ 46 $ 99,968 Accumulated amortization (52,232 ) (5,716 ) (1,758 ) (59,706 ) Total net intangible assets with finite lives $ 47,690 $ (5,716 ) $ (1,712 ) $ 40,262 Intangible assets with indefinite lives: Tradename 300,334 — (952 ) 299,382 Total intangible assets — net $ 348,024 $ (5,716 ) $ (2,664 ) $ 339,644 (1) Activity for 2014 primarily consists of $479 for impairment of a tradename intangible asset related to one U.S. theatre and foreign currency translation adjustments. (2) Activity for 2015 primarily consists of the write-off of intangible assets for closed theatres, the write-off of a vendor contract intangible asset, $992 for impairment of a favorable lease and foreign currency translation adjustments. Estimated aggregate future amortization expense for intangible assets is as follows: For the year ended December 31, 2016 $ 5,389 For the year ended December 31, 2017 4,857 For the year ended December 31, 2018 4,857 For the year ended December 31, 2019 3,977 For the year ended December 31, 2020 4,252 Thereafter 16,930 Total $ 40,262 |
IMPAIRMENT OF LONG-LIVED ASSETS
IMPAIRMENT OF LONG-LIVED ASSETS | 12 Months Ended |
Dec. 31, 2015 | |
IMPAIRMENT OF LONG-LIVED ASSETS | 9. IMPAIRMENT OF LONG-LIVED ASSETS The Company reviews long-lived assets for impairment indicators on a quarterly basis or whenever events or changes in circumstances indicate the carrying amount of the assets may not be fully recoverable. See Note 1 for discussion of the Company’s impairment policy. The Company’s long-lived asset impairment losses are summarized in the following table: Year Ended December 31, 2013 2014 2015 United States theatre properties $ 1,911 $ 6,168 $ 7,052 International theatre properties 1,175 — 757 Subtotal 3,086 6,168 7,809 Intangible assets (see Note 8) 708 479 992 Impairment of long-lived assets $ 3,794 $ 6,647 $ 8,801 The long-lived asset impairment charges recorded during each of the years presented are specific to theatres that were directly and individually impacted by increased competition, adverse changes in market demographics, or adverse changes in the development or the conditions of the areas surrounding the theatre. As of December 31, 2015, the estimated aggregate remaining fair value of the long-lived assets impaired during the year ended December 31, 2015 was approximately $8,395. |
DEFERRED CHARGES AND OTHER ASSE
DEFERRED CHARGES AND OTHER ASSETS - NET | 12 Months Ended |
Dec. 31, 2015 | |
DEFERRED CHARGES AND OTHER ASSETS - NET | 10. DEFERRED CHARGES AND OTHER ASSETS — NET As of December 31, deferred charges and other assets — net consisted of the following: December 31, 2014 2015 Long-term prepaid rents 7,296 4,278 Construction and other deposits 14,171 8,459 Equipment to be placed in service 14,124 15,388 Other 10,980 10,118 Total (1) $ 46,571 $ 38,243 (1) See Note 2 for discussion of debt issuance costs reclassification upon adoption of ASU 2015-03. |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2015 | |
LONG-TERM DEBT | 11. LONG-TERM DEBT As of December 31, long-term debt consisted of the following: December 31, 2014 2015 Cinemark USA, Inc. term loan $ 686,000 $ 679,000 Cinemark USA, Inc. 4.875% senior notes due 2023 530,000 530,000 Cinemark USA, Inc. 5.125% senior notes due 2022 400,000 400,000 Cinemark USA, Inc. 7.375% senior subordinated notes due 2021 200,000 200,000 Other (1) 6,997 5,572 Total long-term debt 1,822,997 1,814,572 Less current portion 8,423 8,405 Less debt issuance costs, net of accumulated amortization of $10,918 and $16,058, respectively (2) 31,419 33,237 Long-term debt, less current portion $ 1,783,155 $ 1,772,930 (1) Primarily represents debt owed to NCM in relation to the recently-formed joint venture AC JV, LLC. See Note 7. (2) See Note 2 for discussion of debt issuance costs reclassification upon adoption of ASU 2015-03. Senior Secured Credit Facility Cinemark USA, Inc. has a senior secured credit facility that includes a seven year $700,000 term loan and a five year $100,000 revolving credit line (the “Senior Secured Credit Facility”). On May 8, 2015, Cinemark USA, Inc., our wholly-owned subsidiary, amended its senior secured credit facility to extend the maturity of the $700,000 term loan from December 2019 to May 2022. Quarterly principal payments in the amount of $1,750 are due on the term loan through March 31, 2022, with the remaining principal of $635,250 due on May 8, 2022. The Company incurred debt issue costs of approximately $6,875 in connection with the amendment. In addition, the Company incurred approximately $925 in legal and other fees that are reflected as loss on amendment to debt agreement on the consolidated statement of income for the year ended December 31, 2015. Interest on the term loan accrues at Cinemark USA, Inc.’s option at: (A) the base rate equal to the higher of (1) the prime lending rate as set forth on the British Banking Association Telerate page 5, or (2) the federal funds effective rate from time to time plus 0.50%, plus a margin of 2.0% per annum, or (B) a “eurodollar rate” plus a margin of 3.0% per annum. Interest on the revolving credit line accrues, at Cinemark USA, Inc.’s option, at: (A) a base rate equal to the higher of (1) the prime lending rate as set forth on the British Banking Association Telerate page 5 and (2) the federal funds effective rate from time to time plus 0.50%, plus a margin that ranges from 1.00% to 1.75% per annum, or (B) a “eurodollar rate” plus a margin that ranges from 2.00% to 2.75% per annum. The margin of the revolving credit line is determined by the consolidated net senior secured leverage ratio as defined in the credit agreement. Cinemark USA, Inc.’s obligations under the Senior Secured Credit Facility are guaranteed by Cinemark Holdings, Inc. and certain of Cinemark USA, Inc.’s domestic subsidiaries and are secured by mortgages on certain fee and leasehold properties and security interests in substantially all of Cinemark USA, Inc.’s and the guarantors’ personal property, including, without limitation, pledges of all of Cinemark USA, Inc.’s capital stock, all of the capital stock of certain of Cinemark USA, Inc.’s domestic subsidiaries and 65% of the voting stock of certain of its foreign subsidiaries. The Senior Secured Credit Facility contains usual and customary negative covenants for agreements of this type, including, but not limited to, restrictions on Cinemark USA, Inc.’s ability, and in certain instances, its subsidiaries’ and Cinemark Holdings, Inc.’s ability, to consolidate or merge or liquidate, wind up or dissolve; substantially change the nature of its business; sell, transfer or dispose of assets; create or incur indebtedness; create liens; pay dividends, and repurchase stock; and make capital expenditures and investments. If Cinemark USA, Inc. has borrowings outstanding on the revolving credit line, it is required to satisfy a consolidated net senior secured leverage ratio covenant as determined in accordance with the Senior Secured Credit Facility. The dividend restriction contained in the Senior Secured Credit Facility prevents the Company and any of its subsidiaries from paying a dividend or otherwise distributing cash to its stockholders unless (1) the Company is not in default, and the distribution would not cause Cinemark USA, Inc. to be in default, under the Senior Secured Credit Facility; and (2) the aggregate amount of certain dividends, distributions, investments, redemptions and capital expenditures made since December 18, 2012, including dividends declared by the board of directors, is less than the sum of (a) the aggregate amount of cash and cash equivalents received by Cinemark Holdings, Inc. or Cinemark USA, Inc. as common equity since December 18, 2012, (b) Cinemark USA, Inc.’s consolidated EBITDA minus 1.75 times its consolidated interest expense, each as defined in the Senior Secured Credit Facility, and (c) certain other defined amounts. As of December 31, 2015, Cinemark USA, Inc. could have distributed up to approximately $1,905,096 to its parent company and sole stockholder, Cinemark Holdings, Inc., under the terms of the Senior Secured Credit Facility, subject to its available cash and other borrowing restrictions outlined in the agreement. At December 31, 2015, there was $679,000 outstanding under the term loan and no borrowings outstanding under the revolving credit line. Cinemark USA, Inc. had $100,000 in available borrowing capacity on the revolving credit line. Cinemark USA, Inc. had no borrowings under the revolving credit line during the years ended December 31, 2014 or 2015. The average interest rate on outstanding term loan borrowings under the Senior Secured Credit Facility at December 31, 2015 was approximately 3.6% per annum. 4.875% Senior Notes On May 24, 2013, Cinemark USA, Inc. issued $530,000 aggregate principal amount of 4.875% senior notes due 2023, at par value, (the “4.875% Senior Notes”). Proceeds, after payment of fees, were used to finance a redemption of the 8.625% Senior Notes due 2019, discussed below. Interest on the 4.875% Senior Notes is payable on June 1 and December 1 of each year, beginning December 1, 2013. The 4.875% Senior Notes mature on June 1, 2023. The 4.875% Senior Notes are fully and unconditionally guaranteed on a joint and several senior unsecured basis by certain of Cinemark USA, Inc.’s subsidiaries that guarantee, assume or become liable with respect to any of Cinemark USA, Inc.’s or a guarantor’s debt. The 4.875% Senior Notes and the guarantees are senior unsecured obligations and rank equally in right of payment with all of Cinemark USA, Inc.’s and its guarantor’s existing and future senior unsecured debt and senior in right of payment to all of Cinemark USA, Inc.’s and its guarantor’s existing and future senior subordinated debt. The 4.875% Senior Notes and the guarantees are effectively subordinated to all of Cinemark USA, Inc.’s and its guarantor’s existing and future secured debt to the extent of the value of the assets securing such debt, including all borrowings under Cinemark USA, Inc.’s senior secured credit facility. The 4.875% Senior Notes and the guarantees are structurally subordinated to all existing and future debt and other liabilities of Cinemark USA, Inc.’s subsidiaries that do not guarantee the 4.875% Senior Notes. The indenture to the 4.875% Senior Notes contains covenants that limit, among other things, the ability of Cinemark USA, Inc. and certain of its subsidiaries to (1) make investments or other restricted payments, including paying dividends, making other distributions or repurchasing subordinated debt or equity, (2) incur additional indebtedness and issue preferred stock, (3) enter into transactions with affiliates, (4) enter new lines of business, (5) merge or consolidate with, or sell all or substantially all of its assets to, another person and (6) create liens. As of December 31, 2015, Cinemark USA, Inc. could have distributed up to approximately $2,079,680 to its parent company and sole stockholder, Cinemark Holdings, Inc., under the terms of the indenture to the 4.875% Senior Notes, subject to its available cash and other borrowing restrictions outlined in the indenture. Upon a change of control, as defined in the indenture governing the 4.875% Senior Notes, Cinemark USA, Inc. would be required to make an offer to repurchase the 4.875% Senior Notes at a price equal to 101% of the aggregate principal amount outstanding plus accrued and unpaid interest, if any, through the date of repurchase. The indenture governing the 4.875% Senior Notes allows Cinemark USA, Inc. to incur additional indebtedness if it satisfies the coverage ratio specified in the indenture, after giving effect to the incurrence of the additional indebtedness, and in certain other circumstances. The required minimum coverage ratio is 2 to 1 and our actual ratio as of December 31, 2015 was approximately 7.7 to 1. Prior to June 1, 2018, Cinemark USA, Inc. may redeem all or any part of the 4.875% Senior Notes at its option at 100% of the principal amount plus a make-whole premium plus accrued and unpaid interest on the 4.875% Senior Notes to the date of redemption. After June 1, 2018, Cinemark USA, Inc. may redeem the 4.875% Senior Notes in whole or in part at redemption prices specified in the indenture. In addition, prior to June 1, 2016, Cinemark USA, Inc. may redeem up to 35% of the aggregate principal amount of the 4.875% Senior Notes from the net proceeds of certain equity offerings at the redemption price set forth in the indenture. 5.125% Senior Notes On December 18, 2012, Cinemark USA, Inc. issued $400,000 aggregate principal amount of 5.125% senior notes due 2022, at par value (the “5.125% Senior Notes”). A portion of the proceeds were used to refinance a portion of the former senior secured credit facility and to fund the purchase price for the Rave Acquisition (see Note 5 to the consolidated financial statements). Interest on the 5.125% Senior Notes is payable on June 15 and December 15 of each year, beginning June 15, 2013. The 5.125% Senior Notes mature on December 15, 2022. The 5.125% Senior Notes are fully and unconditionally guaranteed on a joint and several senior unsecured basis by certain of Cinemark USA, Inc.’s subsidiaries that guarantee, assume or become liable with respect to any of Cinemark USA, Inc.’s or a guarantor’s debt. The 5.125% Senior Notes and the guarantees are senior unsecured obligations and rank equally in right of payment with all of Cinemark USA, Inc.’s and its guarantor’s existing and future senior unsecured debt and senior in right of payment to all of Cinemark USA, Inc.’s and its guarantor’s existing and future subordinated debt. The 5.125% Senior Notes and the guarantees are effectively subordinated to all of Cinemark USA, Inc.’s and its guarantor’s existing and future secured debt to the extent of the value of the assets securing such debt, including all borrowings under Cinemark USA, Inc.’s senior secured credit facility. The 5.125% Senior Notes and the guarantees are structurally subordinated to all existing and future debt and other liabilities of Cinemark USA, Inc.’s subsidiaries that do not guarantee the 5.125% Senior Notes. The indenture to the 5.125% Senior Notes contains covenants that limit, among other things, the ability of Cinemark USA, Inc. and certain of its subsidiaries to (1) make investments or other restricted payments, including paying dividends, making other distributions or repurchasing subordinated debt or equity, (2) incur additional indebtedness and issue preferred stock, (3) enter into transactions with affiliates, (4) enter new lines of business, (5) merge or consolidate with, or sell all or substantially all of its assets to, another person and (6) create liens. As of December 31, 2015, Cinemark USA, Inc. could have distributed up to approximately $2,083,985 to its parent company and sole stockholder, Cinemark Holdings, Inc., under the terms of the indenture to the 5.125% Senior Notes, subject to its available cash and other borrowing restrictions outlined in the indenture. Upon a change of control, as defined in the indenture governing the 5.125% Senior Notes, Cinemark USA, Inc. would be required to make an offer to repurchase the 5.125% Senior Notes at a price equal to 101% of the aggregate principal amount outstanding plus accrued and unpaid interest, if any, through the date of repurchase. The indenture governing the 5.125% Senior Notes allows Cinemark USA, Inc. to incur additional indebtedness if it satisfies the coverage ratio specified in the indenture, after giving effect to the incurrence of the additional indebtedness, and in certain other circumstances. The required minimum coverage ratio is 2 to 1 and our actual ratio as of December 31, 2015 was approximately 7.7 to 1. Prior to December 15, 2017, Cinemark USA, Inc. may redeem all or any part of the 5.125% Senior Notes at its option at 100% of the principal amount plus a make-whole premium. After December 15, 2017, Cinemark USA, Inc. may redeem the 5.125% Senior Notes in whole or in part at redemption prices described in the 5.125% Senior Notes. In addition, Cinemark USA, Inc. may redeem up to 35% of the aggregate principal amount of the 5.125% Senior Notes from the net proceeds of certain equity offerings at the redemption price set forth in the 5.125% Senior Notes. 7.375% Senior Subordinated Notes On June 3, 2011, Cinemark USA, Inc. issued $200,000 aggregate principal amount of 7.375% senior subordinated notes due 2021, at par value (the “Senior Subordinated Notes”). Interest on the Senior Subordinated Notes is payable on June 15 and December 15 of each year. The Senior Subordinated Notes mature on June 15, 2021. The Senior Subordinated Notes are fully and unconditionally guaranteed on a joint and several senior subordinated unsecured basis by certain of Cinemark USA, Inc.’s subsidiaries that guarantee, assume or become liable with respect to any of Cinemark USA, Inc.’s or a guarantor’s other debt. The Senior Subordinated Notes and the guarantees are senior subordinated unsecured obligations and rank equally in right of payment with all of Cinemark USA, Inc.’s and a guarantor’s future senior subordinated indebtedness; are subordinate in right of payment to all of Cinemark USA, Inc.’s and a guarantor’s existing and future senior indebtedness, whether secured or unsecured, including Cinemark USA, Inc.’s obligations under its Senior Secured Credit Facility, its 5.125% Senior Notes and 4.875% Senior Notes; and structurally subordinate to all existing and future indebtedness and other liabilities of Cinemark USA, Inc.’s non-guarantor subsidiaries. The indenture to the Senior Subordinated Notes contains covenants that limit, among other things, the ability of Cinemark USA, Inc. and certain of its subsidiaries to (1) make investments or other restricted payments, including paying dividends, making other distributions or repurchasing subordinated debt or equity, (2) incur additional indebtedness and issue preferred stock, (3) enter into transactions with affiliates, (4) enter new lines of business, (5) merge or consolidate with, or sell all or substantially all of its assets to, another person and (6) create liens. As of December 31, 2015, Cinemark USA, Inc. could have distributed up to approximately $2,072,800 to its parent company and sole stockholder, Cinemark Holdings, Inc., under the terms of the indenture to the Senior Subordinated Notes, subject to its available cash and other borrowing restrictions outlined in the indenture governing the Senior Subordinated Notes. Upon a change of control, as defined in the indenture, Cinemark USA, Inc. would be required to make an offer to repurchase the Senior Subordinated Notes at a price equal to 101% of the aggregate principal amount outstanding plus accrued and unpaid interest, if any, through the date of repurchase. The indenture allows Cinemark USA, Inc. to incur additional indebtedness if it satisfies the coverage ratio specified in the indenture, after giving effect to the incurrence of the additional indebtedness, and in certain other circumstances. The required minimum coverage ratio is 2 to 1, and our actual ratio as of December 31, 2015 was approximately 7.7 to 1. Prior to June 15, 2016, Cinemark USA, Inc. may redeem all or any part of the Senior Subordinated Notes at its option at 100% of the principal amount plus a make-whole premium plus accrued and unpaid interest on the senior subordinated notes to the date of redemption. After June 15, 2016, Cinemark USA, Inc. may redeem the Senior Subordinated Notes in whole or in part at redemption prices specified in the indenture. In addition, prior to June 15, 2014, Cinemark USA, Inc. may redeem up to 35% of the aggregate principal amount of the Senior Subordinated Notes from the net proceeds of certain equity offerings at the redemption price set forth in the indenture. 8.625% Senior Notes On June 29, 2009, Cinemark USA, Inc. issued $470,000 aggregate principal amount of 8.625% senior notes due 2019 (the “8.625% Senior Notes”), with an original issue discount of $11,468, resulting in proceeds of approximately $458,532. On June 24, 2013, Cinemark USA, Inc. redeemed its 8.625% Senior Notes at 112.035% of the principal amount, inclusive of a make-whole premium, plus accrued and unpaid interest, utilizing the proceeds from the issuance of the 4.875% Senior Notes discussed above. As a result of the redemption, we wrote-off approximately $8,054 in unamortized bond discount and $7,634 in unamortized debt issue costs, paid a make-whole premium of approximately $56,564 and paid other fees of $50, all of which are reflected in loss on early retirement of debt during the year ended December 31, 2013. Fair Value of Long Term Debt The Company estimates the fair value of its long-term debt primarily using quoted market prices, which fall under Level 2 of the U.S. GAAP fair value hierarchy as defined by FASB ASC Topic 820-10-35. The carrying value of the Company’s long term debt was $1,822,997 and $1,814,572 as of December 31, 2014 and 2015, respectively, excluding debt issuance costs of $31,419 and $33,237, respectively. The fair value of the Company’s long term debt was $1,790,987 and $1,806,276 as of December 31, 2014 and 2015, respectively. Covenant Compliance and Debt Maturity As of December 31, 2015, the Company believes it was in full compliance with all agreements, including related covenants, governing its outstanding debt. The Company’s long-term debt, excluding debt issuance costs, at December 31, 2015 matures as follows: 2016 $ 8,405 2017 8,389 2018 8,389 2019 8,389 2020 7,000 Thereafter 1,774,000 Total $ 1,814,572 |
INTEREST RATE SWAP AGREEMENT
INTEREST RATE SWAP AGREEMENT | 12 Months Ended |
Dec. 31, 2015 | |
INTEREST RATE SWAP AGREEMENT | 12. INTEREST RATE SWAP AGREEMENT The Company is currently a party to one interest rate swap agreement that is used to hedge a portion of the interest rate risk associated with the variable interest rates on the Company’s term loan debt and qualifies for cash flow hedge accounting. The fair value of the interest rate swap is recorded on the Company’s consolidated balance sheet as an asset or liability with the effective portion of the interest rate swap’s gains or losses reported as a component of accumulated other comprehensive loss and the ineffective portion reported in earnings. The changes in fair value are reclassified from accumulated other comprehensive loss into earnings in the same period that the hedged item affects 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 counterparty to the interest rate swap agreement and the fixed rates that the Company is obligated to pay under the agreement. 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 13 for a summary of unrealized gains or losses recorded in accumulated other comprehensive loss and earnings. Below is a summary of the Company’s interest rate swap agreement designated as cash flow hedge as of December 31, 2015: Notional Effective Date Pay Rate Receive Rate Expiration Date Estimated (1) $100,000 November 2011 1.7150 % 1-Month LIBOR April 2016 $ 373 (1) Included in accrued other current liabilities on the consolidated balance sheet as of December 31, 2015. The changes in accumulated other comprehensive loss, net of taxes, related to the Company’s interest rate swap agreements for the years ended December 31, 2013, 2014 and 2015 were as follows: 2013 2014 2015 Beginning balances — January 1 $ (8,867 ) $ (5,716 ) $ (2,870 ) Other comprehensive loss before reclassifications, net of taxes (2,668 ) (3,169 ) (2,154 ) Amounts reclassified from accumulated other comprehensive loss to interest expense, net of taxes 5,819 6,015 4,790 Net other comprehensive income 3,151 2,846 2,636 Ending balances — December 31 $ (5,716 ) $ (2,870 ) $ (234 ) |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2015 | |
FAIR VALUE MEASUREMENTS | 13. 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 December 31, 2014: Description Carrying Value Fair Value Level 1 Level Level 3 Interest rate swap liabilities — current (see Note 12) $ (4,255 ) $ — $ — $ (4,255 ) Interest rate swap liabilities — long term (see Note 12) $ (317 ) $ — $ — $ (317 ) Investment in RealD (see Note 7) $ 14,429 $ 14,429 $ — $ — 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, 2015: Carrying Value Fair Value Description Level 1 Level Level 3 Interest rate swap liabilities — current (see Note 12) $ (373 ) $ — $ — $ (373 ) Investment in RealD (see Note 7) $ 12,900 $ 12,900 $ — $ — 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 2014 2015 Beginning balances — January 1 $ 9,176 $ 4,572 Total (gain) loss included in accumulated other comprehensive loss 1,411 (155 ) Settlements (6,015 ) (4,790 ) Ending balances — December 31 $ 4,572 $ 373 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 8 and Note 9). Additionally, the Company uses the market approach to estimate the fair value of its long-term debt (see Note 11). There were no changes in valuation techniques during the period. There were no transfers in or out of Level 1, Level 2 or Level 3 during the years ended December 31, 2013, 2014 and 2015. |
FOREIGN CURRENCY TRANSLATION
FOREIGN CURRENCY TRANSLATION | 12 Months Ended |
Dec. 31, 2015 | |
FOREIGN CURRENCY TRANSLATION | 14. FOREIGN CURRENCY TRANSLATION The accumulated other comprehensive loss account in stockholders’ equity of $144,772 and $271,686 at December 31, 2014 and 2015, respectively, includes the cumulative foreign currency losses of $147,930 and $273,404, respectively, from translating the financial statements of the Company’s international subsidiaries, the change in fair values of the Company’s interest rate swap agreements that 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 financial statements of the Company’s international subsidiaries as of and for the years ended December 31, 2013, 2014 and 2015. Other Comprehensive Country Exchange Rates as of December 31, Income (Loss) For Year Ended December 31, 2013 2014 2015 2013 2014 2015 Brazil 2.36 2.69 3.96 $ (34,451 ) $ (30,723 ) $ (74,559 ) Argentina 6.52 8.55 12.95 (24,845 ) (20,197 ) (30,520 ) Colombia 1,926.83 2,392.46 3,149.47 (2,969 ) (7,632 ) (8,043 ) Chile 525.5 606.2 709.16 (3,570 ) (5,580 ) (6,572 ) Peru 2.84 3.05 3.46 (3,685 ) (2,785 ) (4,882 ) All other (185 ) (2,066 ) (898 ) Sale of Mexico subsidiary 22,088 — — $ (47,617 ) $ (68,983 ) $ (125,474 ) During November 2013, the Company completed the sale of certain of its Mexico subsidiaries. As a result of this sale, the accumulated other comprehensive loss previously unrealized for these Mexico subsidiaries of $22,088 was recognized by the Company as part of the gain on sale. See Note 5 for additional information. |
NONCONTROLLING INTERESTS IN SUB
NONCONTROLLING INTERESTS IN SUBSIDIARIES | 12 Months Ended |
Dec. 31, 2015 | |
NONCONTROLLING INTERESTS IN SUBSIDIARIES | 15. NONCONTROLLING INTERESTS IN SUBSIDIARIES Noncontrolling interests in subsidiaries of the Company were as follows at December 31: December 31, 2014 2015 Cinemark Partners II — 24.6% interest (in one theatre) $ 7,769 $ 7,753 Laredo Theatres — 25% interest (in two theatres) 1,112 1,761 Greeley Ltd. — 49.0% interest (in one theatre) 589 740 Other 859 851 Total $ 10,329 $ 11,105 During August 2013, the Company purchased the 49.9% noncontrolling interest share of one of its Brazilian subsidiaries, Adamark Cinemas S.A. (“Adamark”), for approximately $5,621 in cash. Adamark had investments in two of the Company’s Brazilian theatres. The increase in the Company’s ownership interest in the Brazilian subsidiary was accounted for as an equity transaction in accordance with ASC Topic 810-10-45-23. The Company recorded a decrease in additional paid-in-capital of approximately $4,618, which represented the difference between the cash paid and the book value of the Brazilian subsidiary’s noncontrolling interest account. As a result of this transaction, the Company owns 100% of the shares in Adamark. Below is a summary of the impact of changes in the Company’s ownership interest in its subsidiaries on its equity: Year ended December 31, 2013 2014 2015 Net income attributable to Cinemark Holdings, Inc. $ 148,470 $ 192,610 $ 216,869 Transfers from noncontrolling interests Decrease in Cinemark Holdings, Inc. additional paid-in-capital for the buyout of Adamark non-controlling interest (4,618 ) — — Net transfers from non-controlling interests (4,618 ) — — Change from net income attributable to Cinemark Holdings, Inc. and transfers from noncontrolling interests $ 143,852 $ 192,610 $ 216,869 |
CAPITAL STOCK
CAPITAL STOCK | 12 Months Ended |
Dec. 31, 2015 | |
CAPITAL STOCK | 16. CAPITAL STOCK Common Stock — stockholders are entitled to vote on all matters submitted to a vote of the Company’s stockholders. Subject to the rights of holders of any then outstanding shares of the Company’s preferred stock, the Company’s common stockholders are entitled to any dividends that may be declared by the board of directors. The shares of the Company’s common stock are not subject to any redemption provisions. The Company has no issued and outstanding shares of preferred stock. The Company’s ability to pay dividends is effectively limited by its status as a holding company and the terms of its subsidiary’s indentures and senior secured credit facility, which also significantly restricts the ability of certain of the Company’s subsidiaries to pay dividends directly or indirectly to the Company. See Note 11. Furthermore, certain of the Company’s foreign subsidiaries currently have a deficit in retained earnings which prevents the Company from declaring and paying dividends from those subsidiaries. Treasury Stock — Below is a summary of the Company’s treasury stock activity for the years ended December 31, 2013, 2014 and 2015: Number of Treasury Cost Balance at January 1, 2013 3,553,085 $ 48,482 Restricted stock forfeitures (1) 22,653 — Restricted stock withholdings (2) 119,197 3,464 Balance at December 31, 2013 3,694,935 $ 51,946 Restricted stock forfeitures (1) 25,947 — Restricted stock withholdings (2) 336,253 9,861 Balance at December 31, 2014 4,057,135 $ 61,807 Restricted stock forfeitures (1) 17,897 — Restricted stock withholdings (2) 108,472 4,770 Balance at December 31, 2015 4,183,504 $ 66,577 (1) The Company repurchased forfeited and canceled restricted shares at a cost of $0.001 per share in accordance with the Company’s Amended and Restated 2006 Long Term Incentive Plan. (2) The Company withheld restricted shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock. The Company determined the number of shares to be withheld based upon market values that ranged from $28.84 to $44.67 per share. As of December 31, 2015, the Company had no plans to retire any shares of treasury stock. Stock Options Year Ended Year Ended Number Weighted Number Weighted Outstanding at January 1 22,022 $ 7.63 14,584 $ 7.63 Exercised (7,438 ) $ 7.63 (14,584 ) $ 7.63 Outstanding at December 31 14,584 $ 7.63 — Vested options at December 31 14,584 $ 7.63 — The total intrinsic value of options exercised during the years ended December 2013 and 2014 was $168 and $296, respectively. The Company recognized tax benefits of approximately $71 and $124 related to the options exercised during the year ended December 31, 2013 and 2014, respectively. Restricted Stock Year Ended Year Ended Year Ended Shares of Weighted Shares of Weighted Shares of Weighted Outstanding at January 1 1,534,163 $ 18.85 1,260,913 $ 21.86 878,897 $ 24.92 Granted 271,532 $ 30.09 269,774 $ 28.93 226,212 $ 42.79 Vested (522,129 ) $ 17.27 (625,843 ) $ 20.53 (329,437 ) $ 23.72 Forfeited (22,653 ) $ 22.92 (25,947 ) $ 22.94 (17,897 ) $ 27.58 Outstanding at December 31 1,260,913 $ 21.86 878,897 $ 24.92 757,775 $ 30.73 During the year ended December 31, 2015, the Company granted 226,212 shares of restricted stock to directors and employees of the Company. 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 ranged from $40.75 to $43.28 per share. The Company assumed forfeiture rates ranging from 0% to 10% for the restricted stock awards. Restricted stock granted to directors vests over a one-year period. Restricted stock granted to employees vests over periods ranging from one year to four years based on continued service. The recipients of restricted stock are entitled to receive dividends and to vote their respective shares, however, the sale and transfer of the restricted shares is prohibited during the restriction period. Below is a summary of restricted stock award activity recorded for the periods indicated: Year Ended December 31, 2013 2014 2015 Compensation expense recognized during the period $ 12,738 $ 9,534 $ 9,600 Fair value of restricted shares that vested during the period $ 10,161 $ 18,773 $ 14,424 Income tax deduction upon vesting of restricted stock awards $ 4,268 $ 5,625 $ 3,823 As of December 31, 2015, the remaining unrecognized compensation expense related to these restricted stock awards was approximately $11,944. The weighted average period over which this remaining compensation expense will be recognized is approximately two years. Restricted Stock Units At the time of each of the restricted stock unit grants, the Company assumes the IRR level to be reached for the defined measurement period will be the mid-point IRR level in determining the amount of compensation expense to record for such grants. If and when additional information becomes available to indicate that something other than the mid-point IRR level will be achieved, the Company adjusts compensation expense on a prospective basis over the remaining service period. The Company assumed forfeiture rates ranging from 0% to 5% for the restricted stock unit awards granted during 2015. Restricted stock unit award participants are eligible to receive dividend equivalent payments if and at the time the restricted stock unit awards vest. Below is a table summarizing the potential number of shares that could vest under restricted stock unit awards granted during the years ended December 31, 2013, 2014 and 2015 at each of the three levels of financial performance (excluding forfeitures): Granted During the Year Ended December 31, 2013 2014 2015 Number Value Number Value Number Value Units Grant (1) Units Grant (1) Units Grant (1) at IRR of at least 8.5% (7.5% for 2015 grant) 38,366 $ 1,129 65,832 $ 1,879 47,640 $ 2,057 at IRR of at least 10.5% (9.5% for 2015 grant) 76,741 $ 2,259 131,683 $ 3,758 95,282 $ 4,115 at IRR of at least 12.5% (11.5% for 2015 grant) 115,107 $ 3,389 197,515 $ 5,637 142,917 $ 6,173 (1) The weighted average grant date fair values for units issued during the years ended December 31, 2013, 2014, and 2015 were $29.44, $28.54 and $43.19, respectively. Below is a summary of activity for restricted stock unit awards for the periods indicated: Year Ended December 31, 2013 2014 2015 Number of restricted stock unit awards that vested during the period 295,751 395,751 123,769 Fair value of restricted stock unit awards that vested during the period $ 8,723 $ 11,420 $ 5,483 Accumulated dividends paid upon vesting of restricted stock unit awards $ 939 $ 1,352 $ 442 Income tax benefit recognized upon vesting of restricted stock unit awards $ 3,663 $ 4,796 $ 2,303 Compensation expense recognized during the period $ 4,148 $ 3,284 $ 6,158 During the year ended December 31, 2015, the Compensation Committee of the Board of Directors approved a modification to each of the 2013 and 2014 restricted stock unit grants. The modifications resulted in a cap on the foreign currency exchange rate devaluation impact to be used in calculating the IRR for the respective measurement periods. The Company revalued each of the grants based on the Company’s stock price at the date of modification, which was $33.02. The modifications resulted in incremental compensation expense of approximately $2,460 for the year ended December 31, 2015. As of December 31, 2015, the Company had restricted stock units outstanding that represented a total 544,076 hypothetical shares of common stock, net of actual cumulative forfeitures of 22,985 units, assuming the maximum IRR is achieved for all of the outstanding restricted stock unit awards. As of December 31, 2015, the remaining unrecognized compensation expense related to the outstanding restricted stock unit awards was $6,600, which reflects an IRR level of 11.1% that was achieved for the 2012 grants, an IRR level of 12.5% that was achieved for the 2013 and 2014 grants and an IRR level of 9.5% that is estimated to be achieved for the 2015 grant. The weighted average period over which this remaining compensation expense will be recognized is approximately two years. |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2015 | |
SUPPLEMENTAL CASH FLOW INFORMATION | 17. SUPPLEMENTAL CASH FLOW INFORMATION The following is provided as supplemental information to the consolidated statements of cash flows: Year Ended December 31, 2013 2014 2015 Cash paid for interest $ 116,890 $ 107,926 $ 105,155 Cash paid for income taxes, net of refunds received $ 136,124 $ 122,972 $ 108,435 Noncash investing and financing activities: Change in accounts payable and accrued expenses for the acquisition of theatre properties and equipment (1) $ (7,325 ) $ (1,225 ) $ 2,491 Theatre properties and equipment acquired under capital lease $ 69,541 $ 19,908 $ 36,544 Investment in NCM — receipt of common units (see Note 6) $ 98,797 $ 8,216 $ 15,421 Dividends accrued on unvested restricted stock unit awards $ (772 ) $ (530 ) $ (593 ) Investment in AC JV, LLC (see Note 7) $ 8,333 $ — $ — Issuance of promissory note related to investment in AC JV, LLC (see Note 7) $ (8,333 ) $ — $ — Receipt of promissory note related to sale of investment in a Taiwan joint venture $ — $ — $ 2,304 (1) Additions to theatre properties and equipment included in accounts payable as of December 31, 2014 and 2015 were $13,235 and $10,744, respectively. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2015 | |
INCOME TAXES | 18. INCOME TAXES Income before income taxes consisted of the following: Year Ended December 31, 2013 2014 2015 Income before income taxes: U.S. $ 162,687 $ 205,521 $ 259,652 Foreign 101,177 84,542 88,015 Total $ 263,864 $ 290,063 $ 347,667 Current and deferred income taxes were as follows: Year Ended December 31, 2013 2014 2015 Current: Federal $ 97,467 $ 61,732 $ 71,288 Foreign 42,690 27,681 35,874 State 10,951 6,125 10,682 Total current expense $ 151,108 $ 95,538 $ 117,844 Deferred: Federal $ (30,833 ) $ 6,322 $ 10,420 Foreign 2,653 (6,437 ) (3,339 ) State (9,612 ) 641 4,014 Total deferred taxes (37,792 ) 526 11,095 Income taxes $ 113,316 $ 96,064 $ 128,939 A reconciliation between income tax expense and taxes computed by applying the applicable statutory federal income tax rate to income before income taxes follows: Year Ended December 31, 2013 2014 2015 Computed statutory tax expense $ 92,353 $ 101,522 $ 121,683 Foreign inflation adjustments 67 641 (1,295 ) State and local income taxes, net of federal income tax impact 789 4,549 9,559 Foreign losses not benefited and other changes in valuation allowance (2,052 ) (275 ) (2,408 ) Foreign tax rate differential (336 ) (2,125 ) (2,660 ) Foreign dividends 3,294 1,083 — Sale of Mexican subsidiaries and related changes in intangible assets 21,406 (10,065 ) — Changes in uncertain tax positions (2,024 ) (1,540 ) 3,717 Other — net (181 ) 2,274 343 Income taxes $ 113,316 $ 96,064 $ 128,939 The Company reinvests the undistributed earnings of its non-U.S. subsidiaries with the exception of its subsidiary in Ecuador. Accordingly, deferred U.S. federal and state income taxes are provided only on the undistributed earnings of the Company’s subsidiary in Ecuador. As of December 31, 2015, the Company has not provided deferred taxes on approximately $316,000 of undistributed earnings of non-U.S. subsidiaries, as it is the Company’s policy to indefinitely reinvest these earnings in non-U.S. operations. However, the Company may periodically repatriate a portion of these earnings to the extent that it does not incur an additional U.S. tax liability. Quantification of the deferred tax liability, if any, associated with indefinitely reinvested earnings is not practicable. Deferred Income Taxes The tax effects of significant temporary differences and tax loss and tax credit carryforwards comprising the net long-term deferred income tax liabilities as of December 31, 2014 and 2015 consisted of the following: December 31, 2014 2015 Deferred liabilities: Theatre properties and equipment $ 127,010 $ 141,155 Tax impact of items in accumulated other comprehensive income (loss) 55 158 Intangible asset — other 29,342 28,889 Intangible asset — tradenames 111,726 112,413 Investment in partnerships 111,328 108,733 Total deferred liabilities 379,461 391,348 Deferred assets: Deferred lease expenses 27,341 26,966 Exchange loss — 3,736 Deferred revenue — NCM 124,366 128,642 Capital lease obligations 73,306 75,966 Tax loss carryforwards 7,764 7,379 Alternative minimum tax and other credit carryforwards 43,384 41,300 Other expenses, not currently deductible for tax purposes 25,807 20,204 Total deferred assets 301,968 304,193 Net deferred income tax liability before valuation allowance 77,493 87,155 Valuation allowance against deferred assets — current 2,384 — Valuation allowance against deferred assets — non-current 50,489 50,636 Net deferred income tax liability $ 130,366 $ 137,791 Net deferred tax liability — Foreign $ 12,213 $ 4,212 Net deferred tax liability — U.S. 118,153 133,579 Total $ 130,366 $ 137,791 The Company’s foreign tax credit carryforwards began to expire 2015. Some foreign net operating losses will expire in the next reporting period; however, some losses may be carried forward indefinitely. State net operating losses may be carried forward for periods of between five and twenty years with the last expiring year being 2035. During November 2015, the FASB issued ASU 2015-17, which simplifies the presentation of deferred income taxes. ASU 2015-17 requires that deferred tax assets and liabilities be classified as long-term on the balance sheet. The Company elected to early adopt ASU 2015-17 effective December 31, 2015, on a prospective basis. Adoption of ASU 2015-17 resulted in a reclassification of the Company’s net current deferred tax asset to the net long-term deferred tax asset on the Company’s consolidated balance sheet as of December 31, 2015. Balances as of December 31, 2014 have not been recast. Uncertain Tax Positions The following is a reconciliation of the total amounts of unrecognized tax benefits excluding interest and penalties, for the years ended December 31, 2013, 2014 and 2015: Year Ended December 31, 2013 2014 2015 Balance at January 1, $ 33,222 $ 18,780 $ 16,515 Gross increases — tax positions in prior periods 413 10 40 Gross decreases — tax positions in prior periods — (2,379 ) — Gross increases — current period tax positions 1,476 1,324 2,112 Gross decreases — current period tax positions — — — Settlements (15,444 ) (963 ) (871 ) Foreign currency translation adjustments (887 ) (257 ) (663 ) Balance at December 31, $ 18,780 $ 16,515 $ 17,133 The Company had $15,693 and $17,008 of unrecognized tax benefits, including interest and penalties, as of December 31, 2014 and 2015, respectively. Of these amounts, $15,693 and $17,008 represent the amount of unrecognized tax benefits that if recognized would impact the effective income tax rate for the years ended December 31, 2014 and 2015, respectively. The Company had $2,500 and $3,198 accrued for interest and penalties as of December 31, 2014 and 2015, respectively. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and in certain state and foreign jurisdictions and are routinely under audit by many different tax authorities. The Company believes that its accrual for tax liabilities is adequate for all open audit years based on its assessment of many factors including past experience and interpretations of tax law. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events. The Company is no longer subject to income tax audits from the Internal Revenue Service for years before 2012. The Company is no longer subject to state income tax examinations by tax authorities in its major state jurisdictions for years before 2011. Certain state returns were amended as a result of the Internal Revenue Service examination closures for 2007 through 2009, and the statutes remain open for those amendments. The Company is no longer subject to non-U.S. income tax examinations by tax authorities in its major non-U.S. tax jurisdictions for years before 2004. The Company is currently under audit in the non-U.S. tax jurisdictions of Brazil and Chile. The Company believes that it is reasonably possible that the Chile audit will be completed within the next twelve months. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2015 | |
COMMITMENTS AND CONTINGENCIES | 19. COMMITMENTS AND CONTINGENCIES Leases Year Ended December 31, 2013 2014 2015 Fixed rent expense $ 224,056 $ 237,891 $ 240,057 Contingent rent and other facility lease expenses 83,795 79,205 79,704 Total facility lease expense $ 307,851 $ 317,096 $ 319,761 Future minimum lease payments under noncancelable operating and capital leases that have initial or remaining terms in excess of one year at December 31, 2015 are due as follows: Operating Leases Capital Leases 2016 $ 248,498 $ 35,156 2017 236,630 33,640 2018 210,089 34,050 2019 181,967 33,394 2020 161,279 32,441 Thereafter 661,398 155,164 Total $ 1,699,861 323,845 Amounts representing interest payments (96,113 ) Present value of future minimum payments 227,732 Current portion of capital lease obligations (18,780 ) Capital lease obligations, less current portion $ 208,952 Employment Agreements Retirement Savings Plan 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 Company received a Civil Investigative Demand (“CID”) from the Antitrust Division of the United States Department of Justice. The CID relates to an investigation under Sections 1 and 2 of the Sherman Act. The Company also received CIDs from the Antitrust Section of the Office of the Attorney General of the State of Ohio and later from other states regarding similar inquiries under state antitrust laws. The CIDs request the Company to answer interrogatories, and produce documents, or both, related to the investigation of matters including film clearances, potential coordination and/or communication with other major theatre circuits and related joint ventures. The Company intends to fully cooperate with all federal and state government agencies. Although the Company does not believe that it has violated any federal or state antitrust or competition laws, it cannot predict the ultimate scope, duration or outcome of these investigations. From time to time, the Company is involved in other various legal proceedings arising from the ordinary course of its business operations, such as personal injury claims, employment matters, landlord-tenant disputes, patent claims and contractual disputes, some of which are covered by insurance or by indemnification from vendors. The Company believes its potential liability with respect to these types of proceedings currently pending is not material, individually or in the aggregate, to the Company’s financial position, results of operations and cash flows. |
SEGMENTS
SEGMENTS | 12 Months Ended |
Dec. 31, 2015 | |
SEGMENTS | 20. SEGMENTS The Company manages its international market and its U.S. market as separate reportable operating segments. The international segment consists of operations in Brazil, Argentina, Chile, Colombia, Peru, Ecuador, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Bolivia and Curacao. The Company sold its theatres in Mexico on November 15, 2013. 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 or allocate resources between segments. Below is a breakdown of select financial information by reportable operating segment: Year Ended December 31, 2013 2014 2015 Revenues: U.S. $ 1,912,674 $ 1,934,990 $ 2,137,733 International 783,053 704,623 728,735 Eliminations (12,833 ) (12,623 ) (13,859 ) Total revenues $ 2,682,894 $ 2,626,990 $ 2,852,609 Year Ended December 31, 2013 2014 2015 Adjusted EBITDA (1) : U.S. $ 455,489 $ 436,863 $ 497,339 International 169,834 159,662 166,416 Total Adjusted EBITDA $ 625,323 $ 596,525 $ 663,755 Year Ended December 31, 2013 2014 2015 Capital expenditures: U.S. $ 117,488 $ 148,532 $ 223,213 International 142,182 96,173 108,513 Total capital expenditures $ 259,670 $ 244,705 $ 331,726 (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: Year Ended December 31, 2013 2014 2015 Net income $ 150,548 $ 193,999 $ 218,728 Add (deduct): Income taxes 113,316 96,064 128,939 Interest expense (1) 124,714 113,698 112,741 Loss on early retirement of debt 72,302 — — Loss on amendment to debt agreement — — 925 Other income (2) (24,688 ) (22,150 ) (20,041 ) Depreciation and amortization 163,970 175,656 189,206 Impairment of long-lived assets 3,794 6,647 8,801 (Gain) loss on sale of assets and other (3,845 ) 15,715 8,143 Deferred lease expenses 5,701 2,536 (1,806 ) Amortization of long-term prepaid rents 2,625 1,542 2,361 Share based awards compensation expense 16,886 12,818 15,758 Adjusted EBITDA $ 625,323 $ 596,525 $ 663,755 (1) Includes amortization of debt issue costs. (2) Includes interest income, foreign currency exchange loss, and equity in income of affiliates and excludes distributions from NCM. Financial Information About Geographic Area Below is a breakdown of select financial information by geographic area: Year Ended December 31, 2013 2014 2015 Revenues U.S. $ 1,912,674 $ 1,934,990 $ 2,137,733 Brazil 325,762 333,919 291,959 Other foreign countries 457,291 370,704 436,776 Eliminations (12,833 ) (12,623 ) (13,859 ) Total $ 2,682,894 $ 2,626,990 $ 2,852,609 December 31, 2014 2015 Theatres properties and equipment, net U.S. $ 1,094,076 $ 1,175,535 Brazil 204,107 163,505 Other foreign countries 152,629 166,029 Total $ 1,450,812 $ 1,505,069 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2015 | |
RELATED PARTY TRANSACTIONS | 21. RELATED PARTY TRANSACTIONS The Company manages theatres for Laredo Theatres, Ltd. (“Laredo”). The Company is the sole general partner and owns 75% of the limited partnership interests of Laredo. Lone Star Theatres, Inc. owns the remaining 25% of the limited partnership interests in Laredo and is 100% owned by Mr. David Roberts, Lee Roy Mitchell’s son-in-law. Lee Roy Mitchell is the Company’s Chairman of the Board 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 up to $50,000 and 3% of annual theatre revenues in excess of $50,000. The Company recorded $558, $564 and $567 of management fee revenues during the years ended December 31, 2013, 2014 and 2015, respectively. All such amounts are included in the Company’s consolidated financial statements with the intercompany amounts eliminated in consolidation. The Company also paid distributions to Lone Star Theatres, Inc. of $1,000 during the year ended December 31, 2013. The Company has an Aircraft Time Sharing Agreement with Copper Beech Capital, LLC to use, on occasion, a private aircraft owned by Copper Beech Capital, LLC. Copper Beech Capital, LLC is owned by Mr. Mitchell and his wife, Tandy Mitchell. The private aircraft is used by Mr. Mitchell and other executives who accompany Mr. Mitchell to business meetings for the Company. The Company reimburses Copper Beech Capital, LLC the actual costs of fuel usage and the expenses of the pilots, landing fees, storage fees and similar expenses incurred during the trip. For the years ended December 31, 2013, 2014 and 2015, the aggregate amounts paid to Copper Beech Capital, LLC for the use of the aircraft was approximately $91, $74 and $410, respectively. The Company currently 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, 15 have fixed minimum annual rent. The one lease without minimum annual rent has rent based upon a specified percentage of gross sales as defined in the lease. For the years ended December 31, 2013, 2014 and 2015, the Company paid total rent of approximately $22,876, $21,040 and $20,581, respectively, to Syufy. |
VALUATION AND QUALIFYING ACCOUN
VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2015 | |
VALUATION AND QUALIFYING ACCOUNTS | 22. VALUATION AND QUALIFYING ACCOUNTS The Company’s valuation allowance for deferred tax assets for the years ended December 31, 2013, 2014 and 2015 were as follows: Valuation for Deferred Tax Assets Balance at January 1, 2013 $ 13,326 Additions 14,162 Deductions (1,777 ) Balance at December 31, 2013 $ 25,711 Additions 28,612 Deductions (1,450 ) Balance at December 31, 2014 $ 52,873 Additions 437 Deductions (2,674 ) Balance at December 31, 2015 $ 50,636 |
QUARTERLY FINANCIAL INFORMATION
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended |
Dec. 31, 2015 | |
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 23. QUARTERLY FINANCIAL INFORMATION (UNAUDITED) 2014 First Second Third Fourth Full Year Revenues $ 602,280 $ 717,863 $ 646,903 $ 659,944 $ 2,626,990 Operating income $ 67,855 $ 116,866 $ 82,284 $ 96,065 $ 363,070 Net income $ 35,696 $ 72,134 $ 38,532 $ 47,637 $ 193,999 Net income attributable to Cinemark Holdings, Inc. $ 35,443 $ 71,731 $ 38,129 $ 47,307 $ 192,610 Net income per share attributable to Cinemark Holdings, Inc.’s common stockholders: Basic $ 0.31 $ 0.62 $ 0.33 $ 0.41 $ 1.66 Diluted $ 0.31 $ 0.62 $ 0.33 $ 0.41 $ 1.66 2015 First Second Third Fourth Full Year Revenues $ 645,398 $ 799,932 $ 700,056 $ 707,223 $ 2,852,609 Operating income $ 90,438 $ 134,493 $ 99,127 $ 99,094 $ 423,152 Net income $ 42,902 $ 70,890 $ 46,701 $ 58,235 $ 218,728 Net income attributable to Cinemark Holdings, Inc. $ 42,521 $ 70,258 $ 46,339 $ 57,751 $ 216,869 Net income per share attributable to Cinemark Holdings, Inc.’s common stockholders: Basic $ 0.37 $ 0.61 $ 0.40 $ 0.50 $ 1.87 Diluted $ 0.37 $ 0.61 $ 0.40 $ 0.50 $ 1.87 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2015 | |
SUBSEQUENT EVENTS | 24. SUBSEQUENT EVENTS On February 16, 2016, the Compensation Committee of the Company’s board of directors approved the Amended and Restated Employment Agreement of Mark Zoradi, to be effective February 19, 2016 (the “Amended Agreement”). The Amended Agreement amends Section 3.2(c) by providing that the Equity Awards (as defined in the Amended Agreement) shall be at least 200% of Mr. Zoradi’s base salary and providing for an additional amount for personal expenses. The amendments conform the Amended Agreement to the terms of Mr. Zoradi’s employment offer in August 2015. The Company’s board of directors approved a cash dividend for the fourth quarter of 2015 of $0.27 per share of common stock payable to stockholders of record on March 7, 2016. The dividend will be paid on March 18, 2016. |
CONDENSED FINANCIAL INFORMATION
CONDENSED FINANCIAL INFORMATION OF REGISTRANT | 12 Months Ended |
Dec. 31, 2015 | |
CONDENSED FINANCIAL INFORMATION OF REGISTRANT | SCHEDULE 1 — CONDENSED FINANCIAL INFORMATION OF REGISTRANT CINEMARK HOLDINGS, INC. PARENT COMPANY BALANCE SHEETS (In thousands, except share data) December 31, December 31, Assets Cash and cash equivalents $ 29 $ 36 Prepaid assets 55 — Investment in subsidiaries 1,126,395 1,102,148 Total assets $ 1,126,479 $ 1,102,184 Liabilities and equity Liabilities Accrued other current liabilities, including accounts payable to subsidiaries $ 13,163 $ 1,794 Other long-term liabilities 516 682 Total liabilities 13,679 2,476 Commitments and contingencies (see Note 6) Equity Common stock, $0.001 par value: 300,000,000 shares authorized; 119,757,582 shares issued and 115,700,447 shares outstanding at December 31, 2014 and 120,107,563 shares issued and 115,924,059 shares outstanding at December 31, 2015 120 120 Additional paid-in-capital 1,095,040 1,113,219 Treasury stock, 4,057,135 and 4,183,504 common shares at cost at December 31, 2014 and December 31, 2015, respectively (61,807 ) (66,577 ) Retained earnings 224,219 324,632 Accumulated other comprehensive loss (144,772 ) (271,686 ) Total equity 1,112,800 1,099,708 Total liabilities and equity $ 1,126,479 $ 1,102,184 The accompanying notes are an integral part of the condensed financial information of the registrant. CINEMARK HOLDINGS, INC. PARENT COMPANY STATEMENTS OF INCOME YEARS ENDED DECEMBER 31, 2013, 2014 and 2015 (in thousands) 2013 2014 2015 Revenues $ — $ — $ — Cost of operations 2,215 2,857 2,684 Operating loss (2,215 ) (2,857 ) (2,684 ) Other income — — — Loss before income taxes and equity in income of subsidiaries (2,215 ) (2,857 ) (2,684 ) Income taxes 842 1,086 1,020 Equity in income of subsidiaries, net of taxes 149,843 194,381 218,533 Net income $ 148,470 $ 192,610 $ 216,869 The accompanying notes are an integral part of the condensed financial information of the registrant. CINEMARK HOLDINGS, INC. PARENT COMPANY STATEMENTS OF COMPREHENSIVE INCOME YEARS ENDED DECEMBER 31, 2013, 2014 and 2015 (In thousands) 2013 2014 2015 Net income $ 148,470 $ 192,610 $ 216,869 Other comprehensive income (loss), net of tax Unrealized gain due to fair value adjustments on interest rate swap agreements, net of taxes of $1,865, $1,759 and $1,562, net of settlements 3,151 2,846 2,636 Unrealized gain (loss) due to fair value adjustments on available-for-sale securities, net of taxes of $1,223, $1,479 and $572 (2,041 ) 2,507 (957 ) Other comprehensive income (loss) in equity method investments 2,386 676 (3,119 ) Foreign currency translation adjustments, net of taxes of $0, $0, and $888 (47,617 ) (68,982 ) (125,474 ) Total other comprehensive loss, net of tax (44,121 ) (62,953 ) (126,914 ) Total comprehensive income, net of tax 104,349 129,657 89,955 Comprehensive income attributable to noncontrolling interests — — — Comprehensive income attributable to Cinemark Holdings, Inc. $ 104,349 $ 129,657 $ 89,955 The accompanying notes are an integral part of the condensed financial information of the registrant. CINEMARK HOLDINGS, INC. PARENT COMPANY STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2013, 2014 and 2015 (in thousands) 2013 2014 2015 Operating Activities Net income $ 148,470 $ 192,610 $ 216,869 Adjustments to reconcile net income to cash provided by operating activities: Share based awards compensation expense 840 943 885 Equity in income of subsidiaries (149,843 ) (194,381 ) (218,533 ) Changes in other assets and liabilities 4,301 11,196 6,194 Net cash provided by operating activities 3,768 10,368 5,415 Investing Activities Dividends received from subsidiaries 105,150 115,000 115,225 Net cash provided by investing activities 105,150 115,000 115,225 Financing Activities Proceeds from stock option exercises 57 112 — Payroll taxes paid as a result of noncash stock option exercises and restricted stock withholdings (3,464 ) (9,861 ) (4,770 ) Dividends paid to stockholders (106,045 ) (115,625 ) (115,863 ) Net cash used for financing activities (109,452 ) (125,374 ) (120,633 ) Increase (decrease) in cash and cash equivalents (534 ) (6 ) 7 Cash and cash equivalents: Beginning of period 569 35 29 End of period $ 35 $ 29 $ 36 The accompanying notes are an integral part of the condensed financial information of the registrant. CINEMARK HOLDINGS, INC. NOTES TO PARENT COMPANY FINANCIAL STATEMENTS In thousands, except share and per share data 1. BASIS OF PRESENTATION Cinemark Holdings, Inc. conducts substantially all of its operations through its subsidiaries. These statements should be read in conjunction with the Company’s consolidated financial statements and notes included elsewhere in this annual report on Form 10-K. There are significant restrictions over Cinemark Holdings, Inc.’s ability to obtain funds from its subsidiaries through dividends, loans or advances as contained in Cinemark USA, Inc.’s senior secured credit facility and the indentures to each of the 4.875% Senior Notes, the 5.125% Senior Notes and the 7.375% Senior Subordinated Notes (collectively referred to herein as the “Notes”). These condensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X, as the restricted net assets of Cinemark Holdings, Inc.’s subsidiaries under each of the debt agreements previously noted exceeds 25 percent of the consolidated net assets of Cinemark Holdings, Inc. As of December 31, 2015, the restricted net assets totaled approximately $811,988 and $980,128 under the senior secured credit facility and the Notes, respectively. See Note 11 to the Company’s consolidated financial statements included elsewhere in this annual report on Form 10-K. 2. DIVIDEND PAYMENTS Below is a summary of dividends declared for the fiscal periods indicated. Date Date of Date Paid Amount per (2) Total (1) 02/12/13 03/04/13 03/15/13 $ 0.21 $ 24,325 05/24/13 06/06/13 06/20/13 $ 0.21 24,348 08/15/13 08/28/13 09/12/13 $ 0.25 28,992 11/19/13 12/02/13 12/11/13 $ 0.25 29,152 Total – Year ended December 31, 2013 $ 106,817 02/14/14 03/04/14 03/19/14 $ 0.25 $ 29,015 05/22/14 06/06/14 06/20/14 $ 0.25 29,030 08/13/14 08/28/14 09/12/14 $ 0.25 29,032 11/12/14 12/02/14 12/11/14 $ 0.25 29,078 Total – Year ended December 31, 2014 $ 116,155 02/17/15 03/04/15 03/18/15 $ 0.25 $ 29,025 05/18/15 06/05/15 06/19/15 $ 0.25 29,075 08/20/15 08/31/15 09/11/15 $ 0.25 29,080 11/13/15 12/02/15 12/16/15 $ 0.25 29,276 Total – Year ended December 31, 2015 $ 116,456 (1) Of the dividends recorded during 2013, 2014 and 2015, $772, $530 and $593, respectively, were related to outstanding restricted stock units and will not be paid until such units vest. See Note 16 of the Company’s consolidated financial statements included elsewhere in this report. (2) Beginning with the dividend declared on August 15, 2013, the Company’s board of directors raised the quarterly dividend to $0.25 per common share. 3. DIVIDENDS RECEIVED FROM SUBSIDIARIES During the years ended December 31, 2013, 2014 and 2015, Cinemark Holdings, Inc. received cash dividends of $105,150, $115,000 and $115,225, respectively, from its subsidiary, Cinemark USA, Inc. Cinemark USA, Inc. also declared a noncash distribution to Cinemark Holdings, Inc. during the years ended December 31, 2013 and 2015 of approximately $4,971 and $17,935, respectively. 4. LONG-TERM DEBT Cinemark Holdings, Inc. has no direct outstanding debt obligations, but its subsidiaries do. For a discussion of the debt obligations of Cinemark Holdings, Inc.’s subsidiaries, see Note 11 to the Company’s consolidated financial statements included elsewhere in this annual report on Form 10-K. 5. CAPITAL STOCK Cinemark Holdings, Inc.’s capital stock along with its long-term incentive plan and related activity are discussed in Note 16 of the Company’s consolidated financial statements included elsewhere in this annual report on Form 10-K. 6. COMMITMENTS AND CONTINGENCIES Cinemark Holdings, Inc. has no direct commitments and contingencies, but its subsidiaries do. See Note 19 of the Company’s consolidated financial statements included elsewhere in this annual report on Form 10-K. |
SUMMARY OF SIGNIFICANT ACCOUN35
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Business | Business |
Principles of Consolidation | Principles of Consolidation |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Accounts Receivable | Accounts Receivable — |
Inventories | Inventories |
Theatre Properties and Equipment | Theatre Properties and Equipment Category Useful Life Buildings on owned land 40 years Buildings on leased land Lesser of lease term or useful life Land and buildings under capital lease (1) Lesser of lease term or useful life Theatre furniture and equipment 3 to 15 years Leasehold improvements Lesser of lease term or useful life (1) Amortization of capital lease assets is included in depreciation and amortization expense on the consolidated statements of income. Accumulated amortization of capital lease assets as of December 31, 2014 and 2015 was $133,022 and $150,968, respectively. 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 (theatre) with its estimated fair value. When estimated fair value is determined to be lower than the carrying value of the asset group (theatre), the asset group (theatre) is written down to its estimated fair value. Significant judgment is involved in estimating cash flows and fair value. Management’s estimates, which fall under Level 3 of the U.S. GAAP fair value hierarchy as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820-10-35, are based on historical and projected operating performance, recent market transactions and current industry trading multiples. Fair value is determined based on a multiple of cash flows, which was six and a half times for the evaluations performed during 2013, 2014 and 2015. The long-lived asset impairment charges recorded during each of the periods presented are specific to theatres that were directly and individually impacted by increased competition, adverse changes in market demographics, or adverse changes in the development or the conditions of the areas surrounding the theatre. See Note 9. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets For the year ended December 31, 2015, the Company performed a qualitative goodwill impairment assessment on all reporting units except one, in accordance with ASU 2011-08 Testing Goodwill for Impairment Tradename intangible assets are tested for impairment at least annually during the fourth quarter or whenever events or changes in circumstances indicate the carrying value may not be fully recoverable. During 2013 and 2014, the Company estimated the fair value of its tradenames by applying an estimated market royalty rate that could be charged for the use of our tradename to forecasted future revenues, with an adjustment for the present value of such royalties. If the estimated fair value is less than the carrying value, the tradename intangible asset is written down to its estimated fair value. Significant judgment is involved in estimating market royalty rates and long-term revenue forecasts. Management’s estimates, which fall under Level 3 of the U.S. GAAP fair value hierarchy as defined by FASB ASC Topic 820-10-35, are based on historical and projected revenue performance and industry trends. As of December 31, 2014, the estimated fair value of the Company’s tradename intangible assets exceeded their carrying values by at least 10%. For the year ended December 31, 2015, the Company performed a qualitative tradename intangible asset impairment assessment in accordance with ASU 2011-08. The qualitative assessment included consideration of the Company’s historical and forecasted revenues and estimated royalty rates for each tradename intangible asset. Based on the qualitative assessment performed, the Company determined that it was not more likely than not that the fair values of tradename intangible assets were less than their carrying values. The table below summarizes the Company’s intangible assets and the amortization method used for each type of intangible asset: Intangible Asset Amortization Method Goodwill Indefinite-lived Tradename Indefinite-lived Vendor contracts Straight-line method over the terms of the underlying contracts. The remaining terms of the underlying contracts range from two to five years. Favorable/unfavorable leases Based on the pattern in which the economic benefits are realized over the terms of the lease agreements. The remaining terms of the lease agreements range from approximately three to twenty-one years. Other intangible assets Straight-line method over the terms of the underlying agreement or the expected useful life of the intangible asset. The remaining useful lives of these intangible assets range from two to eleven years. |
Deferred Charges and Other Assets | Deferred Charges and Other Assets |
Lease Accounting | Lease Accounting |
Deferred Revenues | Deferred Revenues |
Self-Insurance Reserves | Self-Insurance Reserves — |
Revenue and Expense Recognition | Revenue and Expense Recognition Film rental costs are accrued based on the applicable box office receipts and either firm terms or a sliding scale formula, which are generally established prior to the opening of the film, or estimates of the final rate, which occurs at the conclusion of the film run, subject to the film licensing arrangement. Under a firm terms formula, the Company pays the distributor a percentage of box office receipts, which reflects either an aggregate rate for the life of the film or rates that decline over the term of the run. Under a sliding scale formula, film rental is paid as a percentage of box office revenues using a pre-determined matrix based upon box office performance of the film. The settlement process allows for negotiation of film rental fees upon the conclusion of the film run based upon how the film performs. Estimates are based on the expected success of a film. The success of a film can typically be determined a few weeks after a film is released when initial box office performance of the film is known. Accordingly, final settlements typically approximate estimates since box office receipts are known at the time the estimate is made and the expected success of a film can typically be estimated early in the film’s run. If actual settlements are different than those estimates, film rental costs are adjusted at that time. |
Accounting for Share Based Awards | Accounting for Share Based Awards |
Income Taxes | Income Taxes — |
Segments | Segments |
Use of Estimates | Use of Estimates |
Foreign Currency Translations | Foreign Currency Translations |
Fair Value Measurements | Fair Value Measurements — Goodwill and Other Intangible Assets Theatre Properties and Equipment |
Acquisitions | Acquisitions |
SUMMARY OF SIGNIFICANT ACCOUN36
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Estimated Useful Life of Assets | Depreciation is provided using the straight-line method over the estimated useful lives of the assets as follows: Category Useful Life Buildings on owned land 40 years Buildings on leased land Lesser of lease term or useful life Land and buildings under capital lease (1) Lesser of lease term or useful life Theatre furniture and equipment 3 to 15 years Leasehold improvements Lesser of lease term or useful life (1) Amortization of capital lease assets is included in depreciation and amortization expense on the consolidated statements of income. Accumulated amortization of capital lease assets as of December 31, 2014 and 2015 was $133,022 and $150,968, respectively. |
Amortization Method Used for Intangible Assets | The table below summarizes the Company’s intangible assets and the amortization method used for each type of intangible asset: Intangible Asset Amortization Method Goodwill Indefinite-lived Tradename Indefinite-lived Vendor contracts Straight-line method over the terms of the underlying contracts. The remaining terms of the underlying contracts range from two to five years. Favorable/unfavorable leases Based on the pattern in which the economic benefits are realized over the terms of the lease agreements. The remaining terms of the lease agreements range from approximately three to twenty-one years. Other intangible assets Straight-line method over the terms of the underlying agreement or the expected useful life of the intangible asset. The remaining useful lives of these intangible assets range from two to eleven years. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share | The following table presents computations of basic and diluted earnings per share under the two class method: Year ended December 31, 2013 2014 2015 Numerator: Net income attributable to Cinemark Holdings, Inc. $ 148,470 $ 192,610 $ 216,869 Earnings allocated to participating share-based awards (1) (1,530 ) (1,345 ) (1,306 ) Net income attributable to common stockholders $ 146,940 $ 191,265 $ 215,563 Denominator Basic weighted average common stock outstanding 113,896 114,653 115,080 Common equivalent shares for stock options 9 — — Common equivalent shares for restricted stock units 491 313 319 Diluted 114,396 114,966 115,399 Basic earnings per share attributable to common stockholders $ 1.28 $ 1.66 $ 1.87 Diluted earnings per share attributable to common stockholders $ 1.28 $ 1.66 $ 1.87 (1) For the years ended December 31, 2013, 2014 and 2015, a weighted average of approximately 1,198 shares, 810 shares and 699 shares, of unvested restricted stock, respectively, are considered participating securities. |
DIVIDENDS (Tables)
DIVIDENDS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Dividends Declared | Below is a summary of dividends declared for the fiscal periods indicated. Date Declared Date of Record Date Paid Amount per Common (2) Total Dividends (1) 02/12/13 03/04/13 03/15/13 $0.21 $24,325 05/24/13 06/06/13 06/20/13 $0.21 24,348 08/15/13 08/28/13 09/12/13 $0.25 28,992 11/19/13 12/02/13 12/11/13 $0.25 29,152 Total — Year ended December 31, 2013 $106,817 02/14/14 03/04/14 03/19/14 $0.25 $29,015 05/22/14 06/06/14 06/20/14 $0.25 29,030 08/13/14 08/28/14 09/12/14 $0.25 29,032 11/12/14 12/02/14 12/11/14 $0.25 29,078 Total — Year ended December 31, 2014 $116,155 02/17/15 03/04/15 03/18/15 $0.25 $29,025 05/18/15 06/05/15 06/19/15 $0.25 29,075 08/20/15 08/31/15 09/11/15 $0.25 29,080 11/13/15 12/02/15 12/16/15 $0.25 29,276 Total — Year ended December 31, 2015 $116,456 (1) Of the dividends recorded during 2013, 2014 and 2015, $772, $530 and $593, respectively, were related to outstanding restricted stock units and will not be paid until such units vest. See Note 16. (2) Beginning with the dividend declared on August 15, 2013, the Company’s board of directors raised the quarterly dividend to $0.25 per common share. |
ACQUISITIONS AND DISPOSITIONS (
ACQUISITIONS AND DISPOSITIONS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Rave Theatres | |
Fair Value of Identifiable Assets Acquired and Liabilities Assumed as of Acquisition Date | The following table represents the fair value of the identifiable assets acquired and liabilities assumed as of the acquisition date: Theatre properties and equipment $ 102,977 Tradename 25,000 Favorable leases 17,587 Goodwill 186,418 Unfavorable leases (30,718 ) Deferred revenue (6,634 ) Capital lease liabilities (61,651 ) Other assets, net of other liabilities 3,896 Total $ 236,875 |
Unaudited Pro Forma Information of Results of Operations as Rave Acquisition Had Occurred | The following unaudited pro forma information summarizes our results of operations as if the Rave Acquisition had occurred as of January 1, 2013: Year Ended Total revenues $ 2,777,458 Income before income taxes $ 273,440 |
Additional Theatres | |
Fair Value of Identifiable Assets Acquired and Liabilities Assumed as of Acquisition Date | The following table represents the aggregate fair values of identifiable assets acquired and the liabilities assumed as of the acquisition date: Theatre properties and equipment $ 17,524 Goodwill 17,409 Capital lease liability (12,173 ) Deferred revenue (388 ) Total $ 22,372 |
INVESTMENT IN NATIONAL CINEME40
INVESTMENT IN NATIONAL CINEMEDIA LLC (Tables) - NCM | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Common Units Received Under Common Unit Adjustment Agreement | Below is a summary of common units received by the Company under the Common Unit Adjustment Agreement during the years ended December 31, 2013, 2014 and 2015: Event Date Number of Fair Value of 2013 Annual common unit adjustment 03/28/13 588,024 $ 8,869 2013 Extraordinary common unit adjustment (as result of Rave Acquisition – see Note 5) 05/29/13 5,315,837 $ 89,928 2014 Annual common unit adjustment 03/27/14 557,631 $ 8,216 2015 Annual common unit adjustment 03/31/15 1,074,910 $ 15,421 |
Summary of Activity with Equity Investee included in the Company's consolidated financial statements | Below is a summary of activity with NCM included in the Company’s consolidated financial statements for the periods indicated: Investment Deferred Distributions Equity in Other Other Cash Balance as of January 1, 2013 $ 78,123 $ (241,305 ) Receipt of common units due to annual common unit adjustment 8,869 (8,869 ) $ — $ — $ — $ — $ — Receipt of common units due to extraordinary common unit adjustment 89,928 (89,928 ) — — — — — Revenues earned under ESA (1) — — (7,960 ) — 7,960 Receipt of excess cash distributions (13,166 ) — (19,374 ) — — — 32,540 Receipt under tax receivable agreement (492 ) — (1,327 ) — — — 1,819 Equity in earnings (2) 13,753 — — (11,578 ) — — — Equity in other comprehensive income 1,838 — — — — (1,838 ) — Amortization of deferred revenue — 5,673 — — (5,673 ) — — Balance as of and for the period ended December 31, 2013 $ 178,853 $ (334,429 ) $ (20,701 ) $ (11,578 ) $ (13,633 ) $ (1,838 ) $ 42,319 Receipt of common units due to annual common unit adjustment 8,216 (8,216 ) $ — $ — $ — $ — $ — Revenues earned under ESA (1) — — — — (9,249 ) — 9,249 Receipt of excess cash distributions (12,574 ) — (14,778 ) — — — 27,352 Receipt under tax receivable agreement (2,594 ) — (3,763 ) — — — 6,357 Equity in earnings 6,142 — — (6,142 ) — — — Equity in other comprehensive income 896 — — — — (896 ) — Amortization of deferred revenue — 7,426 — — (7,426 ) — — Balance as of and for the period ended December 31, 2014 $ 178,939 $ (335,219 ) $ (18,541 ) $ (6,142 ) $ (16,675 ) $ (896 ) $ 42,958 Receipt of common units due to annual common unit adjustment 15,421 (15,421 ) $ — $ — $ — $ — $ — Revenues earned under ESA (1) — — — — (11,330 ) — 11,330 Receipt of excess cash distributions (14,072 ) — (15,396 ) — — — 29,468 Receipt under tax receivable agreement (2,308 ) — (2,744 ) — — — 5,052 Equity in earnings 8,510 — — (8,510 ) — — — Equity in other comprehensive loss (2,735 ) — — — — 2,735 — Amortization of deferred revenue — 8,506 — — (8,506 ) — — Balance as of and for the period ended December 31, 2015 $ 183,755 $ (342,134 ) $ (18,140 ) $ (8,510 ) $ (19,836 ) $ 2,735 $ 45,850 (1) Amounts include the per patron and per digital screen theatre access fees due to the Company, net of amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire. The amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire were approximately $11,958, $11,489 and $9,819 for the years ended December 31, 2013, 2014 and 2015, respectively. (2) A portion of the equity in earnings recorded for the year ended December 31, 2013 was recorded as a reduction in our investment basis in a joint venture (AC JV, LLC) that the Company, along with Regal and AMC, recently formed with NCM. See Note 7. |
OTHER INVESTMENTS (Tables)
OTHER INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Investments | The Company had the following other investments at December 31: 2014 2015 Digital Cinema Implementation Partners (“DCIP”), equity method investment $ 51,277 $ 71,579 RealD, Inc. (“RealD”), investment in marketable security 14,429 12,900 AC JV, LLC, equity method investment 7,899 7,269 Digital Cinema Distribution Coalition (“DCDC”), equity method investment 2,438 2,562 Other 1,615 663 Total $ 77,658 $ 94,973 |
Summary of Activity of Investments | Below is a summary of activity for each of the investments for the years ended December 31, 2013, 2014 and 2015: DCIP RealD AC JV, DCDC Other Total Balance at January 1, 2013 $ 23,012 $ 13,707 $ — $ 5 $ 1,477 $ 38,201 Cash contributions 3,232 — 268 2,721 — 6,221 Issuance of promissory note to NCM — — 8,333 — — 8,333 Equity in income (loss) 11,241 — — (137 ) — 11,104 Equity in other comprehensive income 548 — — — — 548 Adjustment for gain recognized by NCM — — (2,175 ) — — (2,175 ) Unrealized holding loss — (3,264 ) — — — (3,264 ) Other — — — — 689 689 Balance at December 31, 2013 $ 38,033 $ 10,443 $ 6,426 $ 2,589 $ 2,166 $ 59,657 Cash contributions 2,188 — — — — 2,188 Equity in income (loss) 15,279 — 1,473 (151 ) — 16,601 Equity in other comprehensive loss (219 ) — — — — (219 ) Unrealized holding gain — 3,986 — — — 3,986 Cash distributions received (4,004 ) — — — — (4,004 ) Other — — — — (551 ) (551 ) Balance at December 31, 2014 $ 51,277 $ 14,429 $ 7,899 $ 2,438 $ 1,615 $ 77,658 Cash contributions 3,211 — — — 500 3,711 Equity in income 18,522 — 970 124 — 19,616 Equity in other comprehensive loss (384 ) — — — — (384 ) Unrealized holding loss — (1,529 ) — — — (1,529 ) Sale of investment in Taiwan (1) — — — — (1,383 ) (1,383 ) Cash distributions received (1,047 ) — (1,600 ) — — (2,647 ) Other — — — — (69 ) (69 ) Balance at December 31, 2015 $ 71,579 $ 12,900 $ 7,269 $ 2,562 $ 663 $ 94,973 (1) The Company sold its investment in a Taiwan joint venture for approximately $2,634, resulting in a gain of $1,251, which is included in (gain) loss on sale of assets and other for the year ended December 31, 2015. |
Transactions with DCIP | The Company had the following transactions with DCIP during the years ended December 31, 2013, 2014 and 2015: Year Ended December 31, 2013 2014 2015 Equipment lease payments $ 3,853 $ 4,012 $ 4,474 Warranty reimbursements from DCIP $ (1,893 ) $ (3,169 ) $ (4,329 ) |
NCM | |
Summary Financial Information | The tables below present summary financial information for NCM for the periods indicated (financial information for the year ended December 31, 2015 is not yet available): Year Ended Nine Months October 1, 2015 December 26, 2013 January 1, 2015 Gross revenues $ 462,815 $ 393,994 $ 310,061 Operating income $ 202,019 $ 159,624 $ 40,442 Net income $ 162,870 $ 96,309 $ 38,519 As of January 1, 2015 As of October 1, 2015 Total assets $ 681,107 $ 700,326 Total liabilities $ 998,529 $ 1,030,243 |
Digital Cinema Implementation Partners LLC | |
Summary Financial Information | Below is summary financial information for DCIP as of and for the years ended December 31, 2013, 2014 and 2015. Year ended December 31, 2013 2014 2015 Net operating revenue $ 182,659 $ 170,724 $ 171,203 Operating income $ 116,235 $ 101,956 $ 103,449 Net income $ 48,959 $ 61,293 $ 79,255 As of December 31, December 31, Total assets $ 1,097,467 $ 1,004,292 Total liabilities $ 845,319 $ 674,727 |
GOODWILL AND OTHER INTANGIBLE42
GOODWILL AND OTHER INTANGIBLE ASSETS - NET (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Goodwill | The Company’s goodwill was as follows: U.S. Operating Segment International Operating Segment Total Balance at December 31, 2013 (1) $ 1,150,471 $ 137,619 $ 1,288,090 Acquisition of U.S. theatres 6,085 — 6,085 Other acquisitions — 1,108 1,108 Foreign currency translation adjustments — (17,900 ) (17,900 ) Balance at December 31, 2014 (1) $ 1,156,556 $ 120,827 $ 1,277,383 Acquisition of Brazil theatre — 356 356 Foreign currency translation adjustments — (30,191 ) (30,191 ) Balance at December 31, 2015 (1) $ 1,156,556 $ 90,992 $ 1,247,548 (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 | As of December 31, intangible assets-net, consisted of the following: December 31, Acquisitions Amortization Other (1) December 31, Intangible assets with finite lives: Gross carrying amount $ 101,617 $ 300 $ — $ (1,995 ) $ 99,922 Accumulated amortization (46,297 ) — (5,947 ) 12 (52,232 ) Total net intangible assets with finite lives $ 55,320 $ 300 $ (5,947 ) $ (1,983 ) $ 47,690 Intangible assets with indefinite lives: Tradename 300,824 — — (490 ) 300,334 Total intangible assets — net $ 356,144 $ 300 $ (5,947 ) $ (2,473 ) $ 348,024 December 31, Amortization Other (2) December 31, Intangible assets with finite lives: Gross carrying amount $ 99,922 $ — $ 46 $ 99,968 Accumulated amortization (52,232 ) (5,716 ) (1,758 ) (59,706 ) Total net intangible assets with finite lives $ 47,690 $ (5,716 ) $ (1,712 ) $ 40,262 Intangible assets with indefinite lives: Tradename 300,334 — (952 ) 299,382 Total intangible assets — net $ 348,024 $ (5,716 ) $ (2,664 ) $ 339,644 (1) Activity for 2014 primarily consists of $479 for impairment of a tradename intangible asset related to one U.S. theatre and foreign currency translation adjustments. (2) Activity for 2015 primarily consists of the write-off of intangible assets for closed theatres, the write-off of a vendor contract intangible asset, $992 for impairment of a favorable lease and 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 year ended December 31, 2016 $ 5,389 For the year ended December 31, 2017 4,857 For the year ended December 31, 2018 4,857 For the year ended December 31, 2019 3,977 For the year ended December 31, 2020 4,252 Thereafter 16,930 Total $ 40,262 |
IMPAIRMENT OF LONG-LIVED ASSE43
IMPAIRMENT OF LONG-LIVED ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Long-Lived Asset Impairment Charges | The Company’s long-lived asset impairment losses are summarized in the following table: Year Ended December 31, 2013 2014 2015 United States theatre properties $ 1,911 $ 6,168 $ 7,052 International theatre properties 1,175 — 757 Subtotal 3,086 6,168 7,809 Intangible assets (see Note 8) 708 479 992 Impairment of long-lived assets $ 3,794 $ 6,647 $ 8,801 |
DEFERRED CHARGES AND OTHER AS44
DEFERRED CHARGES AND OTHER ASSETS - NET (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Charges and Other Assets - Net | As of December 31, deferred charges and other assets — net consisted of the following: December 31, 2014 2015 Long-term prepaid rents 7,296 4,278 Construction and other deposits 14,171 8,459 Equipment to be placed in service 14,124 15,388 Other 10,980 10,118 Total (1) $ 46,571 $ 38,243 (1) See Note 2 for discussion of debt issuance costs reclassification upon adoption of ASU 2015-03. |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Components of Long-Term Debt | As of December 31, long-term debt consisted of the following: December 31, 2014 2015 Cinemark USA, Inc. term loan $ 686,000 $ 679,000 Cinemark USA, Inc. 4.875% senior notes due 2023 530,000 530,000 Cinemark USA, Inc. 5.125% senior notes due 2022 400,000 400,000 Cinemark USA, Inc. 7.375% senior subordinated notes due 2021 200,000 200,000 Other (1) 6,997 5,572 Total long-term debt 1,822,997 1,814,572 Less current portion 8,423 8,405 Less debt issuance costs, net of accumulated amortization of $10,918 and $16,058, respectively (2) 31,419 33,237 Long-term debt, less current portion $ 1,783,155 $ 1,772,930 (1) Primarily represents debt owed to NCM in relation to the recently-formed joint venture AC JV, LLC. See Note 7. (2) See Note 2 for discussion of debt issuance costs reclassification upon adoption of ASU 2015-03. |
Maturities of Long-Term Debt, Excluding Debt Issuance Costs | The Company’s long-term debt, excluding debt issuance costs, at December 31, 2015 matures as follows: 2016 $ 8,405 2017 8,389 2018 8,389 2019 8,389 2020 7,000 Thereafter 1,774,000 Total $ 1,814,572 |
INTEREST RATE SWAP AGREEMENT (T
INTEREST RATE SWAP AGREEMENT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Interest Rate Swap Agreement Designated as Hedge Agreement | Below is a summary of the Company’s interest rate swap agreement designated as cash flow hedge as of December 31, 2015: Notional Effective Date Pay Rate Receive Rate Expiration Date Estimated (1) $100,000 November 2011 1.7150 % 1-Month LIBOR April 2016 $ 373 (1) Included in accrued other current liabilities on the consolidated balance sheet as of December 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 years ended December 31, 2013, 2014 and 2015 were as follows: 2013 2014 2015 Beginning balances — January 1 $ (8,867 ) $ (5,716 ) $ (2,870 ) Other comprehensive loss before reclassifications, net of taxes (2,668 ) (3,169 ) (2,154 ) Amounts reclassified from accumulated other comprehensive loss to interest expense, net of taxes 5,819 6,015 4,790 Net other comprehensive income 3,151 2,846 2,636 Ending balances — December 31 $ (5,716 ) $ (2,870 ) $ (234 ) |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 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 December 31, 2014: Description Carrying Value Fair Value Level 1 Level Level 3 Interest rate swap liabilities — current (see Note 12) $ (4,255 ) $ — $ — $ (4,255 ) Interest rate swap liabilities — long term (see Note 12) $ (317 ) $ — $ — $ (317 ) Investment in RealD (see Note 7) $ 14,429 $ 14,429 $ — $ — 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, 2015: Carrying Value Fair Value Description Level 1 Level Level 3 Interest rate swap liabilities — current (see Note 12) $ (373 ) $ — $ — $ (373 ) Investment in RealD (see Note 7) $ 12,900 $ 12,900 $ — $ — |
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 2014 2015 Beginning balances — January 1 $ 9,176 $ 4,572 Total (gain) loss included in accumulated other comprehensive loss 1,411 (155 ) Settlements (6,015 ) (4,790 ) Ending balances — December 31 $ 4,572 $ 373 |
FOREIGN CURRENCY TRANSLATION (T
FOREIGN CURRENCY TRANSLATION (Tables) | 12 Months Ended |
Dec. 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 financial statements of the Company’s international subsidiaries as of and for the years ended December 31, 2013, 2014 and 2015. Other Comprehensive Country Exchange Rates as of December 31, Income (Loss) For Year Ended December 31, 2013 2014 2015 2013 2014 2015 Brazil 2.36 2.69 3.96 $ (34,451 ) $ (30,723 ) $ (74,559 ) Argentina 6.52 8.55 12.95 (24,845 ) (20,197 ) (30,520 ) Colombia 1,926.83 2,392.46 3,149.47 (2,969 ) (7,632 ) (8,043 ) Chile 525.5 606.2 709.16 (3,570 ) (5,580 ) (6,572 ) Peru 2.84 3.05 3.46 (3,685 ) (2,785 ) (4,882 ) All other (185 ) (2,066 ) (898 ) Sale of Mexico subsidiary 22,088 — — $ (47,617 ) $ (68,983 ) $ (125,474 ) |
NONCONTROLLING INTERESTS IN S49
NONCONTROLLING INTERESTS IN SUBSIDIARIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Noncontrolling Interests in Subsidiaries | Noncontrolling interests in subsidiaries of the Company were as follows at December 31: December 31, 2014 2015 Cinemark Partners II — 24.6% interest (in one theatre) $ 7,769 $ 7,753 Laredo Theatres — 25% interest (in two theatres) 1,112 1,761 Greeley Ltd. — 49.0% interest (in one theatre) 589 740 Other 859 851 Total $ 10,329 $ 11,105 |
Summary of Impact of Changes in Company's Ownership Interest in its Subsidiaries on its Equity | Below is a summary of the impact of changes in the Company’s ownership interest in its subsidiaries on its equity: Year ended December 31, 2013 2014 2015 Net income attributable to Cinemark Holdings, Inc. $ 148,470 $ 192,610 $ 216,869 Transfers from noncontrolling interests Decrease in Cinemark Holdings, Inc. additional paid-in-capital for the buyout of Adamark non-controlling interest (4,618 ) — — Net transfers from non-controlling interests (4,618 ) — — Change from net income attributable to Cinemark Holdings, Inc. and transfers from noncontrolling interests $ 143,852 $ 192,610 $ 216,869 |
CAPITAL STOCK (Tables)
CAPITAL STOCK (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Treasury Stock | Below is a summary of the Company’s treasury stock activity for the years ended December 31, 2013, 2014 and 2015: Number of Treasury Cost Balance at January 1, 2013 3,553,085 $ 48,482 Restricted stock forfeitures (1) 22,653 — Restricted stock withholdings (2) 119,197 3,464 Balance at December 31, 2013 3,694,935 $ 51,946 Restricted stock forfeitures (1) 25,947 — Restricted stock withholdings (2) 336,253 9,861 Balance at December 31, 2014 4,057,135 $ 61,807 Restricted stock forfeitures (1) 17,897 — Restricted stock withholdings (2) 108,472 4,770 Balance at December 31, 2015 4,183,504 $ 66,577 (1) The Company repurchased forfeited and canceled restricted shares at a cost of $0.001 per share in accordance with the Company’s Amended and Restated 2006 Long Term Incentive Plan. (2) The Company withheld restricted shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock. The Company determined the number of shares to be withheld based upon market values that ranged from $28.84 to $44.67 per share. |
Stock Options | Below is a summary of stock option activity and related information for the years ended December 31, 2013 and 2014: Year Ended Year Ended Number Weighted Number Weighted Outstanding at January 1 22,022 $ 7.63 14,584 $ 7.63 Exercised (7,438 ) $ 7.63 (14,584 ) $ 7.63 Outstanding at December 31 14,584 $ 7.63 — Vested options at December 31 14,584 $ 7.63 — |
Restricted Stock | Below is a summary of restricted stock activity for the years ended December 31, 2013, 2014 and 2015: Year Ended Year Ended Year Ended Shares of Weighted Shares of Weighted Shares of Weighted Outstanding at January 1 1,534,163 $ 18.85 1,260,913 $ 21.86 878,897 $ 24.92 Granted 271,532 $ 30.09 269,774 $ 28.93 226,212 $ 42.79 Vested (522,129 ) $ 17.27 (625,843 ) $ 20.53 (329,437 ) $ 23.72 Forfeited (22,653 ) $ 22.92 (25,947 ) $ 22.94 (17,897 ) $ 27.58 Outstanding at December 31 1,260,913 $ 21.86 878,897 $ 24.92 757,775 $ 30.73 |
Summary of Restricted Stock Award Activity | Below is a summary of restricted stock award activity recorded for the periods indicated: Year Ended December 31, 2013 2014 2015 Compensation expense recognized during the period $ 12,738 $ 9,534 $ 9,600 Fair value of restricted shares that vested during the period $ 10,161 $ 18,773 $ 14,424 Income tax deduction upon vesting of restricted stock awards $ 4,268 $ 5,625 $ 3,823 |
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 years ended December 31, 2013, 2014 and 2015 at each of the three levels of financial performance (excluding forfeitures): Granted During the Year Ended December 31, 2013 2014 2015 Number Value Number Value Number Value Units Grant (1) Units Grant (1) Units Grant (1) at IRR of at least 8.5% (7.5% for 2015 grant) 38,366 $ 1,129 65,832 $ 1,879 47,640 $ 2,057 at IRR of at least 10.5% (9.5% for 2015 grant) 76,741 $ 2,259 131,683 $ 3,758 95,282 $ 4,115 at IRR of at least 12.5% (11.5% for 2015 grant) 115,107 $ 3,389 197,515 $ 5,637 142,917 $ 6,173 (1) The weighted average grant date fair values for units issued during the years ended December 31, 2013, 2014, and 2015 were $29.44, $28.54 and $43.19, respectively. |
Summary of Activity for Restricted Stock Unit Awards | Below is a summary of activity for restricted stock unit awards for the periods indicated: Year Ended December 31, 2013 2014 2015 Number of restricted stock unit awards that vested during the period 295,751 395,751 123,769 Fair value of restricted stock unit awards that vested during the period $ 8,723 $ 11,420 $ 5,483 Accumulated dividends paid upon vesting of restricted stock unit awards $ 939 $ 1,352 $ 442 Income tax benefit recognized upon vesting of restricted stock unit awards $ 3,663 $ 4,796 $ 2,303 Compensation expense recognized during the period $ 4,148 $ 3,284 $ 6,158 |
SUPPLEMENTAL CASH FLOW INFORM51
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Information to Consolidated Statements of Cash Flows | The following is provided as supplemental information to the consolidated statements of cash flows: Year Ended December 31, 2013 2014 2015 Cash paid for interest $ 116,890 $ 107,926 $ 105,155 Cash paid for income taxes, net of refunds received $ 136,124 $ 122,972 $ 108,435 Noncash investing and financing activities: Change in accounts payable and accrued expenses for the acquisition of theatre properties and equipment (1) $ (7,325 ) $ (1,225 ) $ 2,491 Theatre properties and equipment acquired under capital lease $ 69,541 $ 19,908 $ 36,544 Investment in NCM — receipt of common units (see Note 6) $ 98,797 $ 8,216 $ 15,421 Dividends accrued on unvested restricted stock unit awards $ (772 ) $ (530 ) $ (593 ) Investment in AC JV, LLC (see Note 7) $ 8,333 $ — $ — Issuance of promissory note related to investment in AC JV, LLC (see Note 7) $ (8,333 ) $ — $ — Receipt of promissory note related to sale of investment in a Taiwan joint venture $ — $ — $ 2,304 (1) Additions to theatre properties and equipment included in accounts payable as of December 31, 2014 and 2015 were $13,235 and $10,744, respectively. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Before Income Taxes | Income before income taxes consisted of the following: Year Ended December 31, 2013 2014 2015 Income before income taxes: U.S. $ 162,687 $ 205,521 $ 259,652 Foreign 101,177 84,542 88,015 Total $ 263,864 $ 290,063 $ 347,667 |
Current and Deferred Income Taxes | Current and deferred income taxes were as follows: Year Ended December 31, 2013 2014 2015 Current: Federal $ 97,467 $ 61,732 $ 71,288 Foreign 42,690 27,681 35,874 State 10,951 6,125 10,682 Total current expense $ 151,108 $ 95,538 $ 117,844 Deferred: Federal $ (30,833 ) $ 6,322 $ 10,420 Foreign 2,653 (6,437 ) (3,339 ) State (9,612 ) 641 4,014 Total deferred taxes (37,792 ) 526 11,095 Income taxes $ 113,316 $ 96,064 $ 128,939 |
Reconciliation Between Income Tax Expense and Taxes Computed | A reconciliation between income tax expense and taxes computed by applying the applicable statutory federal income tax rate to income before income taxes follows: Year Ended December 31, 2013 2014 2015 Computed statutory tax expense $ 92,353 $ 101,522 $ 121,683 Foreign inflation adjustments 67 641 (1,295 ) State and local income taxes, net of federal income tax impact 789 4,549 9,559 Foreign losses not benefited and other changes in valuation allowance (2,052 ) (275 ) (2,408 ) Foreign tax rate differential (336 ) (2,125 ) (2,660 ) Foreign dividends 3,294 1,083 — Sale of Mexican subsidiaries and related changes in intangible assets 21,406 (10,065 ) — Changes in uncertain tax positions (2,024 ) (1,540 ) 3,717 Other — net (181 ) 2,274 343 Income taxes $ 113,316 $ 96,064 $ 128,939 |
Tax Effects of Significant Temporary Differences and Tax Loss and Tax Credit Carryforwards | The tax effects of significant temporary differences and tax loss and tax credit carryforwards comprising the net long-term deferred income tax liabilities as of December 31, 2014 and 2015 consisted of the following: December 31, 2014 2015 Deferred liabilities: Theatre properties and equipment $ 127,010 $ 141,155 Tax impact of items in accumulated other comprehensive income (loss) 55 158 Intangible asset — other 29,342 28,889 Intangible asset — tradenames 111,726 112,413 Investment in partnerships 111,328 108,733 Total deferred liabilities 379,461 391,348 Deferred assets: Deferred lease expenses 27,341 26,966 Exchange loss — 3,736 Deferred revenue — NCM 124,366 128,642 Capital lease obligations 73,306 75,966 Tax loss carryforwards 7,764 7,379 Alternative minimum tax and other credit carryforwards 43,384 41,300 Other expenses, not currently deductible for tax purposes 25,807 20,204 Total deferred assets 301,968 304,193 Net deferred income tax liability before valuation allowance 77,493 87,155 Valuation allowance against deferred assets — current 2,384 — Valuation allowance against deferred assets — non-current 50,489 50,636 Net deferred income tax liability $ 130,366 $ 137,791 Net deferred tax liability — Foreign $ 12,213 $ 4,212 Net deferred tax liability — U.S. 118,153 133,579 Total $ 130,366 $ 137,791 |
Reconciliation of Total Amounts of Unrecognized Tax Benefits Excluding Interest and Penalties | The following is a reconciliation of the total amounts of unrecognized tax benefits excluding interest and penalties, for the years ended December 31, 2013, 2014 and 2015: Year Ended December 31, 2013 2014 2015 Balance at January 1, $ 33,222 $ 18,780 $ 16,515 Gross increases — tax positions in prior periods 413 10 40 Gross decreases — tax positions in prior periods — (2,379 ) — Gross increases — current period tax positions 1,476 1,324 2,112 Gross decreases — current period tax positions — — — Settlements (15,444 ) (963 ) (871 ) Foreign currency translation adjustments (887 ) (257 ) (663 ) Balance at December 31, $ 18,780 $ 16,515 $ 17,133 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Rent Expense of Lease | Theatre rent expense was as follows: Year Ended December 31, 2013 2014 2015 Fixed rent expense $ 224,056 $ 237,891 $ 240,057 Contingent rent and other facility lease expenses 83,795 79,205 79,704 Total facility lease expense $ 307,851 $ 317,096 $ 319,761 |
Estimated Future Minimum Lease Payments (Net of Noncancelable Sublease Rentals) Under Operating and Capital Leases | Future minimum lease payments under noncancelable operating and capital leases that have initial or remaining terms in excess of one year at December 31, 2015 are due as follows: Operating Leases Capital Leases 2016 $ 248,498 $ 35,156 2017 236,630 33,640 2018 210,089 34,050 2019 181,967 33,394 2020 161,279 32,441 Thereafter 661,398 155,164 Total $ 1,699,861 323,845 Amounts representing interest payments (96,113 ) Present value of future minimum payments 227,732 Current portion of capital lease obligations (18,780 ) Capital lease obligations, less current portion $ 208,952 |
SEGMENTS (Tables)
SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Selected Financial Information by Reportable Operating Segment | Below is a breakdown of select financial information by reportable operating segment: Year Ended December 31, 2013 2014 2015 Revenues: U.S. $ 1,912,674 $ 1,934,990 $ 2,137,733 International 783,053 704,623 728,735 Eliminations (12,833 ) (12,623 ) (13,859 ) Total revenues $ 2,682,894 $ 2,626,990 $ 2,852,609 Year Ended December 31, 2013 2014 2015 Adjusted EBITDA (1) : U.S. $ 455,489 $ 436,863 $ 497,339 International 169,834 159,662 166,416 Total Adjusted EBITDA $ 625,323 $ 596,525 $ 663,755 Year Ended December 31, 2013 2014 2015 Capital expenditures: U.S. $ 117,488 $ 148,532 $ 223,213 International 142,182 96,173 108,513 Total capital expenditures $ 259,670 $ 244,705 $ 331,726 (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: Year Ended December 31, 2013 2014 2015 Net income $ 150,548 $ 193,999 $ 218,728 Add (deduct): Income taxes 113,316 96,064 128,939 Interest expense (1) 124,714 113,698 112,741 Loss on early retirement of debt 72,302 — — Loss on amendment to debt agreement — — 925 Other income (2) (24,688 ) (22,150 ) (20,041 ) Depreciation and amortization 163,970 175,656 189,206 Impairment of long-lived assets 3,794 6,647 8,801 (Gain) loss on sale of assets and other (3,845 ) 15,715 8,143 Deferred lease expenses 5,701 2,536 (1,806 ) Amortization of long-term prepaid rents 2,625 1,542 2,361 Share based awards compensation expense 16,886 12,818 15,758 Adjusted EBITDA $ 625,323 $ 596,525 $ 663,755 (1) Includes amortization of debt issue costs. (2) Includes interest income, foreign currency exchange loss, and equity in income of affiliates and excludes distributions from NCM. |
Selected Financial Information by Geographic Area | Below is a breakdown of select financial information by geographic area: Year Ended December 31, 2013 2014 2015 Revenues U.S. $ 1,912,674 $ 1,934,990 $ 2,137,733 Brazil 325,762 333,919 291,959 Other foreign countries 457,291 370,704 436,776 Eliminations (12,833 ) (12,623 ) (13,859 ) Total $ 2,682,894 $ 2,626,990 $ 2,852,609 December 31, 2014 2015 Theatres properties and equipment, net U.S. $ 1,094,076 $ 1,175,535 Brazil 204,107 163,505 Other foreign countries 152,629 166,029 Total $ 1,450,812 $ 1,505,069 |
VALUATION AND QUALIFYING ACCO55
VALUATION AND QUALIFYING ACCOUNTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Valuation Allowance for Deferred Tax Assets | The Company’s valuation allowance for deferred tax assets for the years ended December 31, 2013, 2014 and 2015 were as follows: Valuation for Deferred Tax Assets Balance at January 1, 2013 $ 13,326 Additions 14,162 Deductions (1,777 ) Balance at December 31, 2013 $ 25,711 Additions 28,612 Deductions (1,450 ) Balance at December 31, 2014 $ 52,873 Additions 437 Deductions (2,674 ) Balance at December 31, 2015 $ 50,636 |
QUARTERLY FINANCIAL INFORMATI56
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information (Unaudited) | 2014 First Second Third Fourth Full Year Revenues $ 602,280 $ 717,863 $ 646,903 $ 659,944 $ 2,626,990 Operating income $ 67,855 $ 116,866 $ 82,284 $ 96,065 $ 363,070 Net income $ 35,696 $ 72,134 $ 38,532 $ 47,637 $ 193,999 Net income attributable to Cinemark Holdings, Inc. $ 35,443 $ 71,731 $ 38,129 $ 47,307 $ 192,610 Net income per share attributable to Cinemark Holdings, Inc.’s common stockholders: Basic $ 0.31 $ 0.62 $ 0.33 $ 0.41 $ 1.66 Diluted $ 0.31 $ 0.62 $ 0.33 $ 0.41 $ 1.66 2015 First Second Third Fourth Full Year Revenues $ 645,398 $ 799,932 $ 700,056 $ 707,223 $ 2,852,609 Operating income $ 90,438 $ 134,493 $ 99,127 $ 99,094 $ 423,152 Net income $ 42,902 $ 70,890 $ 46,701 $ 58,235 $ 218,728 Net income attributable to Cinemark Holdings, Inc. $ 42,521 $ 70,258 $ 46,339 $ 57,751 $ 216,869 Net income per share attributable to Cinemark Holdings, Inc.’s common stockholders: Basic $ 0.37 $ 0.61 $ 0.40 $ 0.50 $ 1.87 Diluted $ 0.37 $ 0.61 $ 0.40 $ 0.50 $ 1.87 |
Estimated Useful Lives of Asset
Estimated Useful Lives of Assets (Detail) | 12 Months Ended | |
Dec. 31, 2015 | ||
Buildings On Owned Land | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of assets | 40 years | |
Buildings On Leased Land | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of assets | Lesser of lease term or useful life | |
Buildings Under Capital Lease | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of assets | Lesser of lease term or useful life | [1] |
Theatre furniture and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of assets | 3 years | |
Theatre furniture and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of assets | 15 years | |
Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of assets | Lesser of lease term or useful life | |
[1] | Amortization of capital lease assets is included in depreciation and amortization expense on the consolidated statements of income. Accumulated amortization of capital lease assets as of December 31, 2014 and 2015 was $133,022 and $150,968, respectively. |
Estimated Useful Lives of Ass58
Estimated Useful Lives of Assets (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation and amortization | $ 1,182,322 | $ 1,098,280 |
Property Under Capital Lease | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation and amortization | $ 150,968 | $ 133,022 |
Summary of Significant Accoun59
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)Segment | Dec. 31, 2014USD ($)Unit | Dec. 31, 2013USD ($)Unit | |
Summary Of Significant Accounting Policies [Line Items] | |||
Approximate available remaining lease period for fee owned properties | 20 years | ||
Multiplication Value to Cash flows for the determination of fair value of Reporting units | Unit | 8 | 8 | |
Reporting unit percentage of fair value in excesses of carrying value amount | 10.00% | ||
Requirements to be classified as capital lease, minimum amount of present value of future minimum lease payments against estimated fair value, percentage | 90.00% | ||
Requirements to be classified as capital lease, minimum length of lease term against estimated useful life, percentage | 75.00% | ||
General liability claim per occurrence | $ 100 | $ 100 | $ 250 |
Annual cap per policy year | 2,900 | 2,670 | 2,600 |
Medical claim per occurrence | 125 | ||
Insurance Reserves | 9,039 | 7,675 | |
Unredeemed gift cards and other advances | 11,786 | 12,233 | $ 10,684 |
Liabilities for advanced sale-type certificates | $ 68,158 | $ 63,209 | |
Reportable operating segments | Segment | 2 | ||
U.S. Operating Segment | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of reporting units | Segment | 19 | ||
International Operating Segment | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of reporting units | Segment | 7 | ||
Minimum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Amortization period of deferred charges and other assets | 1 year | ||
Minimum | U.S. Operating Segment | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Reporting unit percentage of fair value in excesses of carrying value amount | 10.00% | ||
Maximum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Amortization period of deferred charges and other assets | 10 years | ||
Trade Names | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Fair value in excess of carrying value percentage | 10.00% |
Intangible Assets and Amortizat
Intangible Assets and Amortization Method (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |
Goodwill | Indefinite-lived |
Tradename | Indefinite-lived |
Vendor Contracts | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Amortization Method | Straight-line method over the terms of the underlying contracts. The remaining terms of the underlying contracts range from two to five years. |
Vendor Contracts | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 2 years |
Vendor Contracts | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 5 years |
Favorable/unfavorable leases | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Amortization Method | Based on the pattern in which the economic benefits are realized over the terms of the lease agreements. The remaining terms of the lease agreements range from approximately three to twenty-one years. |
Favorable/unfavorable leases | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 3 years |
Favorable/unfavorable leases | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 21 years |
Other Intangible Assets | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Amortization Method | Straight-line method over the terms of the underlying agreement or the expected useful life of the intangible asset. The remaining useful lives of these intangible assets range from two to eleven years. |
Other Intangible Assets | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 2 years |
Other Intangible Assets | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 11 years |
New Accounting Pronouncements -
New Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Debt issuance costs net of accumulated amortization | [1] | $ 33,237 | $ 31,419 |
[1] | See Note 2 for discussion of debt issuance costs reclassification upon adoption of ASU 2015-03. |
Computations of Basic and Dilut
Computations of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Earnings Per Share Disclosure [Line Items] | ||||||||||||
Net income attributable to Cinemark Holdings, Inc. | $ 57,751 | $ 46,339 | $ 70,258 | $ 42,521 | $ 47,307 | $ 38,129 | $ 71,731 | $ 35,443 | $ 216,869 | $ 192,610 | $ 148,470 | |
Earnings allocated to participating share-based awards | [1] | (1,306) | (1,345) | (1,530) | ||||||||
Net income attributable to common stockholders | $ 215,563 | $ 191,265 | $ 146,940 | |||||||||
Basic weighted average common stock outstanding | 115,080 | 114,653 | 113,896 | |||||||||
Common equivalent shares for stock options | 9 | |||||||||||
Diluted | 115,399 | 114,966 | 114,396 | |||||||||
Basic earnings per share attributable to common stockholders | $ 0.50 | $ 0.40 | $ 0.61 | $ 0.37 | $ 0.41 | $ 0.33 | $ 0.62 | $ 0.31 | $ 1.87 | $ 1.66 | $ 1.28 | |
Diluted earnings per share attributable to common stockholders | $ 0.50 | $ 0.40 | $ 0.61 | $ 0.37 | $ 0.41 | $ 0.33 | $ 0.62 | $ 0.31 | $ 1.87 | $ 1.66 | $ 1.28 | |
Restricted Stock Units (RSUs) | ||||||||||||
Earnings Per Share Disclosure [Line Items] | ||||||||||||
Common equivalent shares for restricted stock units | 319 | 313 | 491 | |||||||||
[1] | For the years ended December 31, 2013, 2014 and 2015, a weighted average of approximately 1,198 shares, 810 shares and 699 shares, of unvested restricted stock, respectively, are considered participating securities. |
Computations of Basic and Dil63
Computations of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share Disclosure [Line Items] | |||
Weighted average shares of participating unvested restricted stock | 699 | 810 | 1,198 |
Dividends (Detail)
Dividends (Detail) - USD ($) $ / shares in Units, $ in Thousands | Aug. 15, 2013 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Dividend Declared [Line Items] | ||||||
Date of Record | Mar. 7, 2016 | |||||
Date Paid | Mar. 18, 2016 | |||||
Amount per Common Share | $ 0.25 | $ 0.27 | ||||
Total Dividends | [1] | $ 116,456 | $ 116,155 | $ 106,817 | ||
First Quarter Dividend | ||||||
Dividend Declared [Line Items] | ||||||
Date Declared | Feb. 17, 2015 | Feb. 14, 2014 | Feb. 12, 2013 | |||
Date of Record | Mar. 4, 2015 | Mar. 4, 2014 | Mar. 4, 2013 | |||
Date Paid | Mar. 18, 2015 | Mar. 19, 2014 | Mar. 15, 2013 | |||
Amount per Common Share | [2] | $ 0.25 | $ 0.25 | $ 0.21 | ||
Total Dividends | [1] | $ 29,025 | $ 29,015 | $ 24,325 | ||
Second Quarter Dividend | ||||||
Dividend Declared [Line Items] | ||||||
Date Declared | May 18, 2015 | May 22, 2014 | May 24, 2013 | |||
Date of Record | Jun. 5, 2015 | Jun. 6, 2014 | Jun. 6, 2013 | |||
Date Paid | Jun. 19, 2015 | Jun. 20, 2014 | Jun. 20, 2013 | |||
Amount per Common Share | [2] | $ 0.25 | $ 0.25 | $ 0.21 | ||
Total Dividends | [1] | $ 29,075 | $ 29,030 | $ 24,348 | ||
Third Quarter Dividend | ||||||
Dividend Declared [Line Items] | ||||||
Date Declared | Aug. 20, 2015 | Aug. 13, 2014 | Aug. 15, 2013 | |||
Date of Record | Aug. 31, 2015 | Aug. 28, 2014 | Aug. 28, 2013 | |||
Date Paid | Sep. 11, 2015 | Sep. 12, 2014 | Sep. 12, 2013 | |||
Amount per Common Share | [2] | $ 0.25 | $ 0.25 | $ 0.25 | ||
Total Dividends | [1] | $ 29,080 | $ 29,032 | $ 28,992 | ||
Fourth Quarter Dividend | ||||||
Dividend Declared [Line Items] | ||||||
Date Declared | Nov. 13, 2015 | Nov. 12, 2014 | Nov. 19, 2013 | |||
Date of Record | Dec. 2, 2015 | Dec. 2, 2014 | Dec. 2, 2013 | |||
Date Paid | Dec. 16, 2015 | Dec. 11, 2014 | Dec. 11, 2013 | |||
Amount per Common Share | [2] | $ 0.25 | $ 0.25 | $ 0.25 | ||
Total Dividends | [1] | $ 29,276 | $ 29,078 | $ 29,152 | ||
[1] | Of the dividends recorded during 2013, 2014 and 2015, $772, $530 and $593, respectively, were related to outstanding restricted stock units and will not be paid until such units vest. See Note 16. | |||||
[2] | Beginning with the dividend declared on August 15, 2013, the Company's board of directors raised the quarterly dividend to $0.25 per common share. |
Dividends (Parenthetical) (Deta
Dividends (Parenthetical) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Dividend Declared [Line Items] | |||
Dividends related to outstanding restricted stock units | $ 593 | $ 530 | $ 772 |
Effective Date of change in amount of quarterly dividend | Aug. 15, 2013 | ||
Revised quarterly dividend | $ 0.25 |
Acquisitions and Dispositions -
Acquisitions and Dispositions - Additional Information (Detail) $ in Thousands | Aug. 16, 2013Theatre | Mar. 29, 2013USD ($)TheatreStateMarketScreens | Nov. 15, 2013USD ($)TheatreScreens | Apr. 30, 2013USD ($)TheatreScreens | Mar. 29, 2013TheatreStateMarket | Dec. 31, 2013USD ($) |
Rave Theatres | ||||||
Business Acquisition [Line Items] | ||||||
Number of theatres acquired | Theatre | 32 | 32 | ||||
Number of screens acquired | Screens | 483 | |||||
Number of states | State | 1 | 1 | ||||
Purchase price of acquisition | $ 236,875 | |||||
Number of markets | Market | 7 | 7 | ||||
Transaction costs | $ 500 | |||||
Weighted average amortization period for the intangible assets acquired | 14 years | |||||
Other US Theatres | ||||||
Business Acquisition [Line Items] | ||||||
Number of theatres acquired | Theatre | 2 | |||||
Number of screens acquired | Screens | 30 | |||||
Purchase price of acquisition | $ 22,372 | |||||
Rave Divestitures | ||||||
Business Acquisition [Line Items] | ||||||
Number of theatres sold | Theatre | 3 | |||||
Mexico | ||||||
Business Acquisition [Line Items] | ||||||
Number of theatres operated by subsidiary | Theatre | 31 | |||||
Number of screens operated by subsidiary | Screens | 290 | |||||
Stock purchase agreement, sale of subsidiaries | $ 126,167 | |||||
Pre-tax gain on sale of subsidiaries | $ 3,521 |
Fair Value of Identifiable Asse
Fair Value of Identifiable Assets Acquired and Liabilities Assumed as of Acquisition Date (Detail) - USD ($) $ in Thousands | Apr. 30, 2013 | Mar. 29, 2013 |
Rave Theatres | ||
Business Acquisition [Line Items] | ||
Theatre properties and equipment | $ 102,977 | |
Goodwill | 186,418 | |
Capital lease liabilities | (61,651) | |
Deferred revenue | (6,634) | |
Total | 236,875 | |
Other assets, net of other liabilities | 3,896 | |
Rave Theatres | Favorable leases | ||
Business Acquisition [Line Items] | ||
Finite lived intangible assets | 17,587 | |
Rave Theatres | Unfavorable leases | ||
Business Acquisition [Line Items] | ||
Finite lived intangible assets | (30,718) | |
Rave Theatres | Trade Names | ||
Business Acquisition [Line Items] | ||
Indefinite lived intangible assets | $ 25,000 | |
Other US Theatres | ||
Business Acquisition [Line Items] | ||
Theatre properties and equipment | $ 17,524 | |
Goodwill | 17,409 | |
Capital lease liabilities | (12,173) | |
Deferred revenue | (388) | |
Total | $ 22,372 |
Unaudited Pro Forma Information
Unaudited Pro Forma Information of Results of Operations as Rave Acquisition had Occurred (Detail) - Rave Theatres $ in Thousands | 12 Months Ended |
Dec. 31, 2013USD ($) | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |
Total revenues | $ 2,777,458 |
Income before income taxes | $ 273,440 |
Investment in National CineMe69
Investment in National CineMedia LLC - Additional Information (Detail) $ / shares in Units, $ in Thousands | Feb. 13, 2007USD ($) | Dec. 31, 2015USD ($)$ / shares$ / Theatreshares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Schedule of Equity Method Investments [Line Items] | ||||
Theatre access fees per patron | $ / Theatre | 0.07 | |||
Increase in percentage of payment per theatre patron | 8.00% | |||
Duration of percentage increase in theatre access fees per patron | 5 years | |||
Payment per digital screen | $ 800 | $ 1,182 | $ 1,125 | $ 1,072 |
Percentage of annual increase in payment per digital screen | 5.00% | |||
Minimum percentage of aggregate advertising revenue for payment of fees | 12.00% | |||
Remaining term of exhibitor services agreement | 21 years | |||
Number of common units of NCM owned by Company | shares | 25,631,046 | |||
Interest in common units of NCM owned by Company | 19.00% | |||
NCM | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Contract termination costs incurred by NCM | $ 26,800 | |||
NCM | Film rentals and advertising | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Event fees | $ 8,249 | |||
NCM | Theatre furniture and equipment | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Payment for installation of certain equipment used for digital advertising | $ 50 | $ 124 | ||
Investment In NCM | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Common unit convertible into share of NCMI common stock, conversion ratio | 1 | |||
Estimated fair value of investment using NCMI's stock price | $ 402,664 | |||
NCMI stock price | $ / shares | $ 15.71 |
Summary of Common Units Receive
Summary of Common Units Received Under Adjustment Agreement (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||
Fair Value of Common Units Received | $ 15,421 | $ 8,216 | $ 98,797 |
Annual Common Unit Adjustment | |||
Schedule of Equity Method Investments [Line Items] | |||
Fair Value of Common Units Received | $ 15,421 | $ 8,216 | $ 8,869 |
Number of Common Units Received | 1,074,910 | 557,631 | 588,024 |
Date Common Units Received | Mar. 31, 2015 | Mar. 27, 2014 | Mar. 28, 2013 |
Extraordinary Common Unit Adjustment | |||
Schedule of Equity Method Investments [Line Items] | |||
Fair Value of Common Units Received | $ 89,928 | ||
Number of Common Units Received | 5,315,837 | ||
Date Common Units Received | May 29, 2013 |
Summary of Activity with NCM In
Summary of Activity with NCM Included in Company's Consolidated Financial Statements (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Schedule of Equity Method Investments [Line Items] | |||||
Receipt of common units due to common unit adjustment | $ (15,421) | $ (8,216) | $ (98,797) | ||
Equity in income of affiliates | (28,126) | (22,743) | (22,682) | ||
Equity in other comprehensive income | 3,119 | (676) | (2,386) | ||
Ending Balance | (18,140) | (18,541) | (20,701) | ||
Other Comprehensive Loss | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ending Balance | 2,735 | (896) | (1,838) | ||
Cash Received | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Receipt of excess cash distributions | 29,468 | 27,352 | 32,540 | ||
Receipt under tax receivable agreement | 5,052 | 6,357 | 1,819 | ||
Revenues earned under ESA | [1] | 11,330 | 9,249 | 7,960 | |
Ending Balance | 45,850 | 42,958 | 42,319 | ||
Other Revenue | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Revenues earned under ESA | [1] | (11,330) | (9,249) | (7,960) | |
Ending Balance | (19,836) | (16,675) | (13,633) | ||
Equity in Earnings | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ending Balance | (8,510) | (6,142) | (11,578) | ||
Distributions from NCM | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Receipt of excess cash distributions | (15,396) | (14,778) | (19,374) | ||
Receipt under tax receivable agreement | (2,744) | (3,763) | (1,327) | ||
Ending Balance | (18,140) | (18,541) | (20,701) | ||
Investment In NCM | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Beginning Balance | 178,939 | 178,853 | 78,123 | ||
Receipt of common units due to annual common unit adjustment | 15,421 | 8,216 | 8,869 | ||
Receipt of excess cash distributions | (14,072) | (12,574) | (13,166) | ||
Receipt under tax receivable agreement | (2,308) | (2,594) | (492) | ||
Equity in income of affiliates | 8,510 | 6,142 | 13,753 | [2] | |
Equity in other comprehensive income | (2,735) | 896 | 1,838 | ||
Ending Balance | 183,755 | 178,939 | 178,853 | ||
Investment In NCM | Extraordinary Common Unit Adjustment | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Receipt of common units due to common unit adjustment | 89,928 | ||||
Deferred Revenue | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Receipt of common units due to annual common unit adjustment | (15,421) | (8,216) | (8,869) | ||
Beginning Balance | (335,219) | (334,429) | (241,305) | ||
Ending Balance | (342,134) | (335,219) | (334,429) | ||
Deferred Revenue | Extraordinary Common Unit Adjustment | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Receipt of common units due to common unit adjustment | (89,928) | ||||
NCM | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Beginning Balance | 178,939 | ||||
Ending Balance | 183,755 | 178,939 | |||
Beginning Balance | (335,219) | ||||
Ending Balance | (342,134) | (335,219) | |||
NCM | Other Comprehensive Loss | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity in other comprehensive income | 2,735 | (896) | (1,838) | ||
NCM | Other Revenue | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Amortization of deferred revenue | (8,506) | (7,426) | (5,673) | ||
NCM | Equity in Earnings | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity in income of affiliates | (8,510) | (6,142) | (11,578) | [2] | |
NCM | Deferred Revenue | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Amortization of deferred revenue | $ 8,506 | $ 7,426 | $ 5,673 | ||
[1] | Amounts include the per patron and per digital screen theatre access fees due to the Company, net of amounts due to NCM for on-screen advertising time provided to the Company's beverage concessionaire. The amounts due to NCM for on-screen advertising time provided to the Company's beverage concessionaire were approximately $11,958, $11,489 and $9,819 for the years ended December 31, 2013, 2014 and 2015, respectively. | ||||
[2] | A portion of the equity in earnings recorded for the year ended December 31, 2013 was recorded as a reduction in our investment basis in a joint venture (AC JV, LLC) that the Company, along with Regal and AMC, recently formed with NCM. See Note 7. |
Summary of Activity with NCM 72
Summary of Activity with NCM Included in Company's Consolidated Financial Statements (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||
Company's beverage concessionaire advertising costs | $ 9,819 | $ 11,489 | $ 11,958 |
Summary Financial Information f
Summary Financial Information for National Cinemedia (Detail) - NCM - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2015 | Dec. 31, 2014 | Dec. 26, 2013 | Oct. 01, 2015 | Jan. 01, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||||
Gross revenues | $ 310,061 | $ 393,994 | $ 462,815 | ||
Operating income | 40,442 | 159,624 | 202,019 | ||
Net income | $ 38,519 | $ 96,309 | $ 162,870 | ||
Total assets | $ 700,326 | $ 681,107 | |||
Total liabilities | $ 1,030,243 | $ 998,529 |
Other Investments (Detail)
Other Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Investments in and Advances to Affiliates [Line Items] | ||||
Investments in and advances to affiliates | $ 94,973 | $ 77,658 | ||
Other Affiliates | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Investments in and advances to affiliates | 94,973 | 77,658 | $ 59,657 | $ 38,201 |
Digital Cinema Implementation Partners LLC | Other Affiliates | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Investments in and advances to affiliates | 71,579 | 51,277 | 38,033 | 23,012 |
RealD | Other Affiliates | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Investments in and advances to affiliates | 12,900 | 14,429 | 10,443 | 13,707 |
AC JV, LLC | Other Affiliates | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Investments in and advances to affiliates | 7,269 | 7,899 | 6,426 | |
Digital Cinema Distribution Coalition | Other Affiliates | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Investments in and advances to affiliates | 2,562 | 2,438 | 2,589 | 5 |
Other Investment | Other Affiliates | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Investments in and advances to affiliates | $ 663 | $ 1,615 | $ 2,166 | $ 1,477 |
Summary of Activity for Each of
Summary of Activity for Each of Investments (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Schedule of Equity Method Investments [Line Items] | |||||
Investments, beginning balance | $ 77,658 | ||||
Equity in income of affiliates | (28,126) | $ (22,743) | $ (22,682) | ||
Equity in other comprehensive income | 3,119 | (676) | (2,386) | ||
Investments, ending balance | 94,973 | 77,658 | |||
Cash distributions received | (19,027) | (19,172) | (13,658) | ||
Other Affiliates | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments, beginning balance | 77,658 | 59,657 | 38,201 | ||
Cash contributions | 3,711 | 2,188 | 6,221 | ||
Issuance of promissory note to NCM | 8,333 | ||||
Equity in income of affiliates | 19,616 | 16,601 | 11,104 | ||
Equity in other comprehensive income | (384) | (219) | 548 | ||
Adjustment for gain recognized by NCM | (2,175) | ||||
Unrealized holding gain (loss) | (1,529) | 3,986 | (3,264) | ||
Other | (69) | (551) | 689 | ||
Investments, ending balance | $ 59,657 | 94,973 | 77,658 | 59,657 | |
Cash distributions received | (2,647) | (4,004) | |||
Sale of investment in Taiwan | [1] | (1,383) | |||
Digital Cinema Implementation Partners LLC | Other Affiliates | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments, beginning balance | 51,277 | 38,033 | 23,012 | ||
Cash contributions | 3,211 | 2,188 | 3,232 | ||
Equity in income of affiliates | 18,522 | 15,279 | 11,241 | ||
Equity in other comprehensive income | (384) | (219) | 548 | ||
Investments, ending balance | 38,033 | 71,579 | 51,277 | 38,033 | |
Cash distributions received | (1,047) | (4,004) | |||
RealD | Other Affiliates | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments, beginning balance | 14,429 | 10,443 | 13,707 | ||
Unrealized holding gain (loss) | (1,529) | 3,986 | (3,264) | ||
Investments, ending balance | 10,443 | 12,900 | 14,429 | 10,443 | |
AC JV, LLC | Other Affiliates | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments, beginning balance | 7,899 | 6,426 | |||
Cash contributions | 268 | 268 | |||
Issuance of promissory note to NCM | 8,333 | ||||
Equity in income of affiliates | 970 | 1,473 | |||
Adjustment for gain recognized by NCM | (2,175) | ||||
Investments, ending balance | 6,426 | 7,269 | 7,899 | 6,426 | |
Cash distributions received | (1,600) | ||||
Digital Cinema Distribution Coalition | Other Affiliates | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments, beginning balance | 2,438 | 2,589 | 5 | ||
Cash contributions | 2,721 | ||||
Equity in income of affiliates | 124 | (151) | (137) | ||
Investments, ending balance | 2,589 | 2,562 | 2,438 | 2,589 | |
Other Investment | Other Affiliates | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments, beginning balance | 1,615 | 2,166 | 1,477 | ||
Cash contributions | 500 | ||||
Other | (69) | (551) | 689 | ||
Investments, ending balance | $ 2,166 | 663 | $ 1,615 | $ 2,166 | |
Sale of investment in Taiwan | [1] | $ (1,383) | |||
[1] | The Company sold its investment in a Taiwan joint venture for approximately $2,634, resulting in a gain of $1,251, which is included in (gain) loss on sale of assets and other for the year ended December 31, 2015. |
Summary of Activity for Each 76
Summary of Activity for Each of Investments (Parenthetical) (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Schedule of Equity Method Investments [Line Items] | |
Proceeds from sale of investment in joint venture | $ 2,634 |
Gain (loss) on sale of assets and other | $ 1,251 |
Other Investments - Additional
Other Investments - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | 24 Months Ended | ||||
Dec. 31, 2013USD ($) | Mar. 31, 2011$ / shares | Dec. 31, 2015USD ($)ProjectionSystemRenewalOptions$ / sharesshares | Dec. 31, 2014USD ($)$ / shares | Dec. 31, 2013USD ($) | Dec. 31, 2011shares | Dec. 31, 2012USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||||
Number of options to purchase common stock | shares | 1,222,780 | ||||||
Exercise price of options, per share | $ / shares | $ 0.00667 | ||||||
Number of shares owned in RealD | shares | 1,222,780 | ||||||
Book value of investment | $ 94,973,000 | $ 77,658,000 | |||||
Common stock per share | $ / shares | $ 0.001 | $ 0.001 | |||||
Other Affiliates | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Book value of investment | $ 59,657,000 | $ 94,973,000 | $ 77,658,000 | $ 59,657,000 | $ 38,201,000 | ||
Cash contributions | $ 3,711,000 | 2,188,000 | 6,221,000 | ||||
Original principal value of promissory note with NCM | 8,333,000 | ||||||
Other Affiliates | 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% | ||||||
Digital projection systems leased under operating lease, initial term | 12 years | ||||||
Number of equipment being leased under master equipment lease agreement | ProjectionSystem | 3,781 | ||||||
Number of one-year fair value renewal options | RenewalOptions | 10 | ||||||
Minimum annual rent per digital projection system | $ 1,000 | ||||||
Book value of investment | 38,033,000 | 71,579,000 | 51,277,000 | 38,033,000 | 23,012,000 | ||
Cash contributions | 3,211,000 | 2,188,000 | 3,232,000 | ||||
Other Affiliates | RealD | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Book value of investment | 10,443,000 | $ 12,900,000 | 14,429,000 | 10,443,000 | 13,707,000 | ||
Common stock per share | $ / shares | $ 10.55 | ||||||
Other Affiliates | AC JV, LLC | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Book value of investment | $ 6,426,000 | $ 7,269,000 | 7,899,000 | 6,426,000 | |||
Ownership of class A units sold to Founding Members | 97.00% | ||||||
Cash contributions | $ 268,000 | $ 268,000 | |||||
Ownership of class A units | 1.00% | ||||||
Ownership of class A units | 31.00% | ||||||
Aggregate value of Class A units | $ 25,000,000 | ||||||
Promissory note term | 6 years | ||||||
Original principal value of promissory note with NCM | $ 8,333,000 | ||||||
Annual interest rate on promissory note | 5.00% | 5.00% | |||||
Remaining outstanding balance of note payable | 5,555,000 | ||||||
Other Affiliates | AC JV, LLC | Film rentals and advertising | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Event fees | $ 11,440,000 | 9,273,000 | |||||
Other Affiliates | Digital Cinema Distribution Coalition | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Percentage of voting interest | 14.60% | ||||||
Book value of investment | $ 2,589,000 | $ 2,562,000 | 2,438,000 | $ 2,589,000 | $ 5,000 | ||
Cash contributions | $ 2,721,000 | ||||||
Payments for content delivery services | $ 807,000 | $ 741,000 |
Summary Financial Information78
Summary Financial Information for DCIP (Detail) - Digital Cinema Implementation Partners LLC - Other Affiliates - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||
Net operating revenue | $ 171,203 | $ 170,724 | $ 182,659 |
Operating income | 103,449 | 101,956 | 116,235 |
Net income | 79,255 | 61,293 | $ 48,959 |
Total assets | 1,004,292 | 1,097,467 | |
Total liabilities | $ 674,727 | $ 845,319 |
Transactions with DCIP (Detail)
Transactions with DCIP (Detail) - Other Affiliates - Digital Cinema Implementation Partners LLC - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||
Equipment lease payments | $ 4,474 | $ 4,012 | $ 3,853 |
Warranty reimbursements from DCIP | $ (4,329) | $ (3,169) | $ (1,893) |
Summary of Goodwill (Detail)
Summary of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Goodwill [Line Items] | |||
Beginning Balance | [1] | $ 1,277,383 | $ 1,288,090 |
Acquisitions of theaters | 356 | 6,085 | |
Other acquisitions | 1,108 | ||
Foreign currency translation adjustments | (30,191) | (17,900) | |
Ending Balance | [1] | 1,247,548 | 1,277,383 |
U.S. Operating Segment | |||
Goodwill [Line Items] | |||
Beginning Balance | [1] | 1,156,556 | 1,150,471 |
Acquisitions of theaters | 6,085 | ||
Ending Balance | [1] | 1,156,556 | 1,156,556 |
International Operating Segment | |||
Goodwill [Line Items] | |||
Beginning Balance | [1] | 120,827 | 137,619 |
Acquisitions of theaters | 356 | ||
Other acquisitions | 1,108 | ||
Foreign currency translation adjustments | (30,191) | (17,900) | |
Ending Balance | [1] | $ 90,992 | $ 120,827 |
[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) $ in Thousands | Dec. 31, 2015USD ($) |
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 ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | |||
Intangible Assets [Line Items] | ||||
Intangible assets with finite lives, Beginning balance | $ 99,922 | $ 101,617 | ||
Other, Gross carrying amount | 46 | [1] | (1,995) | [2] |
Intangible assets with finite lives, Ending balance | 99,968 | 99,922 | ||
Intangible assets with finite lives, Accumulated amortization, Beginning balance | (52,232) | (46,297) | ||
Accumulated amortization acquisitions | 0 | |||
Other Accumulated Amortization of Intangible Assets | (1,758) | [1] | 12 | [2] |
Intangible assets with finite lives, Accumulated amortization, Ending balance | (59,706) | (52,232) | ||
Net intangible assets with finite lives, Beginning balance | 47,690 | 55,320 | ||
Intangible assets with finite lives, acquisitions | 300 | |||
Amortization, intangible assets | (5,716) | (5,947) | ||
Other, Finite lived intangible assets | (1,712) | [1] | (1,983) | [2] |
Net intangible assets with finite lives, Ending balance | 40,262 | 47,690 | ||
Indefinite-lived Intangible Assets, Tradename, Beginning Balance | 300,334 | 300,824 | ||
Indefinite lived intangible assets, acquisitions | 0 | |||
Other, Tradename | (952) | [1] | (490) | [2] |
Indefinite-lived Intangible Assets, Tradename, Ending Balance | 299,382 | 300,334 | ||
Total intangible assets - net, Beginning balance | 348,024 | 356,144 | ||
Other, Total intangible assets - net | (2,664) | [1] | (2,473) | [2] |
Total intangible assets - net, Ending balance | $ 339,644 | $ 348,024 | ||
[1] | Activity for 2015 primarily consists of the write-off of intangible assets for closed theatres, the write-off of a vendor contract intangible asset, $992 for impairment of a favorable lease and foreign currency translation adjustments. | |||
[2] | Activity for 2014 primarily consists of $479 for impairment of a tradename intangible asset related to one U.S. theatre and foreign currency translation adjustments. |
Intangible Assets (Parenthetica
Intangible Assets (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Intangible Assets [Line Items] | |||
Impairment of finite lived assets | $ 992 | $ 479 | $ 708 |
Estimated Aggregate Future Amor
Estimated Aggregate Future Amortization Expense for Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | |||
For the year ended December 31, 2016 | $ 5,389 | ||
For the year ended December 31, 2017 | 4,857 | ||
For the year ended December 31, 2018 | 4,857 | ||
For the year ended December 31, 2019 | 3,977 | ||
For the year ended December 31, 2020 | 4,252 | ||
Thereafter | 16,930 | ||
Total | $ 40,262 | $ 47,690 | $ 55,320 |
Long-Lived Asset Impairment Cha
Long-Lived Asset Impairment Charges (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Theatre properties | $ 7,809 | $ 6,168 | $ 3,086 |
Intangible assets (see Note 8) | 992 | 479 | 708 |
Impairment of long-lived assets | 8,801 | 6,647 | 3,794 |
U.S. Operating Segment | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Theatre properties | 7,052 | $ 6,168 | 1,911 |
International Operating Segment | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Theatre properties | $ 757 | $ 1,175 |
Impairment of Long-Lived Asse86
Impairment of Long-Lived Assets - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Indefinite-lived Intangible Assets [Line Items] | |
Estimated aggregate remaining fair value of long-lived assets impaired during current period | $ 8,395 |
Deferred Charges and Other As87
Deferred Charges and Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Noncurrent Assets Disclosure [Line Items] | |||
Long-term prepaid rents | $ 4,278 | $ 7,296 | |
Construction and other deposits | 8,459 | 14,171 | |
Equipment to be placed in service | 15,388 | 14,124 | |
Other | 10,118 | 10,980 | |
Total | [1] | $ 38,243 | $ 46,571 |
[1] | See Note 2 for discussion of debt issuance costs reclassification upon adoption of ASU 2015-03. |
Long Term Debt (Detail)
Long Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Cinemark USA, Inc. term loan | $ 679,000 | $ 686,000 | |
Other | [1] | 5,572 | 6,997 |
Total | 1,814,572 | 1,822,997 | |
Less current portion | 8,405 | 8,423 | |
Less debt issue costs, net of accumulated amortization of $10,918 and $16,058, respectively | [2] | 33,237 | 31,419 |
Long-term debt, less current portion | 1,772,930 | 1,783,155 | |
4.875 % Senior Notes Due May 2023 | |||
Debt Instrument [Line Items] | |||
Senior notes | 530,000 | 530,000 | |
5.125% senior notes due 2022 | |||
Debt Instrument [Line Items] | |||
Senior notes | 400,000 | 400,000 | |
7.375% senior subordinated notes due 2021 | |||
Debt Instrument [Line Items] | |||
Senior subordinated notes | $ 200,000 | $ 200,000 | |
[1] | Primarily represents debt owed to NCM in relation to the recently-formed joint venture AC JV, LLC. See Note 7. | ||
[2] | See Note 2 for discussion of debt issuance costs reclassification upon adoption of ASU 2015-03. |
Long Term Debt (Parenthetical)
Long Term Debt (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Debt issue costs, accumulated amortization | $ 16,058 | $ 10,918 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) | May. 08, 2015USD ($) | Jun. 24, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012 | Dec. 31, 2014USD ($) | May. 24, 2013USD ($) | Dec. 18, 2012USD ($) | Jun. 03, 2011USD ($) | Jun. 29, 2009USD ($) | |
Debt Instrument [Line Items] | |||||||||||
Incurred debt issue costs | $ 6,957,000 | $ 9,328,000 | |||||||||
Loss on amendment to debt agreement | $ 925,000 | ||||||||||
Percentage voting stock of foreign subsidiaries | 65.00% | ||||||||||
Multiple consolidated interest expense under sub condition two of condition two under dividend restriction | 1.75 | ||||||||||
Amount outstanding under the term loan | $ 679,000,000 | $ 686,000,000 | |||||||||
Loss on early retirement of debt | $ 72,302,000 | ||||||||||
Carrying value of long-term debt | 1,814,572,000 | 1,822,997,000 | |||||||||
Debt issuance costs net of accumulated amortization | [1] | 33,237,000 | 31,419,000 | ||||||||
Fair value of long-term debt | 1,806,276,000 | 1,790,987,000 | |||||||||
Amended Senior Secured Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Quarterly principal payments due | $ 1,750,000 | ||||||||||
Last Quarterly Payment date | Mar. 31, 2022 | ||||||||||
Remaining principal | $ 635,250,000 | ||||||||||
Incurred debt issue costs | 6,875,000 | ||||||||||
Loss on amendment to debt agreement | 925,000 | ||||||||||
Amended senior secured credit facility, dividend that could have distributed | $ 1,905,096,000 | ||||||||||
4.875 % Senior Notes Due May 2023 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount issued | $ 530,000,000 | ||||||||||
Interest rate | 4.875% | ||||||||||
Debt instrument, maturity date | Jun. 1, 2023 | ||||||||||
Price to repurchase the senior subordinated notes as a percentage of the aggregate principal amount outstanding plus accrued and unpaid interest in case of change of control | 101.00% | ||||||||||
Debt covenants, required minimum coverage ratio | 200.00% | ||||||||||
Actual coverage ratio | 770.00% | ||||||||||
Senior notes indenture, amount that could have distributed | $ 2,079,680,000 | ||||||||||
Maximum percentage of principal amount of the senior notes that can be redeemed prior to specific date | 35.00% | ||||||||||
Price to repurchase the senior notes as a percentage of principal amount plus a make-whole premium in case of redemption at option of company prior to specific date | 100.00% | ||||||||||
8.625% senior note due 2019 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount issued | $ 470,000,000 | ||||||||||
Interest rate | 8.625% | ||||||||||
Maturity year | 2,019 | ||||||||||
Proceed from Issuance of Debt Instrument | $ 458,532,000 | ||||||||||
Discount on issue | $ 8,054,000 | $ 11,468,000 | |||||||||
Percentage of debt repayment premium | 112.035% | ||||||||||
Write off of unamortization of debt issuance cost | $ 7,634,000 | ||||||||||
Early retirement of debt | 56,564,000 | ||||||||||
Loss on early retirement of debt | $ 50,000 | ||||||||||
5.125% senior notes due 2022 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount issued | $ 400,000,000 | ||||||||||
Interest rate | 5.125% | ||||||||||
Debt instrument, maturity date | Dec. 15, 2022 | ||||||||||
Price to repurchase the senior subordinated notes as a percentage of the aggregate principal amount outstanding plus accrued and unpaid interest in case of change of control | 101.00% | ||||||||||
Debt covenants, required minimum coverage ratio | 200.00% | ||||||||||
Actual coverage ratio | 770.00% | ||||||||||
Senior notes indenture, amount that could have distributed | $ 2,083,985,000 | ||||||||||
Maximum percentage of principal amount of the senior notes that can be redeemed prior to specific date | 35.00% | ||||||||||
Price to repurchase the senior notes as a percentage of principal amount plus a make-whole premium in case of redemption at option of company prior to specific date | 100.00% | ||||||||||
7.375% senior subordinated notes due 2021 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount issued | $ 200,000,000 | $ 200,000,000 | |||||||||
Interest rate | 7.375% | 7.375% | |||||||||
Debt instrument, maturity date | Jun. 15, 2021 | ||||||||||
Price to repurchase the senior subordinated notes as a percentage of the aggregate principal amount outstanding plus accrued and unpaid interest in case of change of control | 101.00% | ||||||||||
Debt covenants, required minimum coverage ratio | 200.00% | ||||||||||
Actual coverage ratio | 770.00% | ||||||||||
Senior notes indenture, amount that could have distributed | $ 2,072,800,000 | ||||||||||
Maximum percentage of principal amount of the senior subordinated notes that can be redeemed prior to specific date | 35.00% | ||||||||||
Price to repurchase the senior subordinated notes as a percentage of principal amount plus a make-whole premium in case of redemption at option of company prior to specific date | 100.00% | ||||||||||
Term Loan Credit facility | Amended Senior Secured Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount issued | $ 700,000,000 | ||||||||||
Maturity latest date | May 8, 2022 | ||||||||||
Percentage of Variable rate added to federal funds effective rate | 0.50% | ||||||||||
Percentage of Variable margin rate added to federal funds effective rate | 2.00% | ||||||||||
Percentage of variable margin rate added to eurodollar rate | 3.00% | ||||||||||
Amount outstanding under the term loan | $ 679,000,000 | ||||||||||
Average interest rate on outstanding borrowings | 3.60% | ||||||||||
Term Loan Credit facility | Senior Secured Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount issued | $ 700,000,000 | ||||||||||
Maturity period | 7 years | ||||||||||
Revolving Credit Line | Amended Senior Secured Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage of Variable rate added to federal funds effective rate | 0.50% | ||||||||||
Available borrowing capacity | $ 100,000,000 | ||||||||||
Amount outstanding under the revolving credit line | $ 0 | $ 0 | |||||||||
Revolving Credit Line | Amended Senior Secured Credit Facility | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage of Variable margin rate added to federal funds effective rate | 1.00% | ||||||||||
Percentage of variable margin rate added to eurodollar rate | 2.00% | ||||||||||
Revolving Credit Line | Amended Senior Secured Credit Facility | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage of Variable margin rate added to federal funds effective rate | 1.75% | ||||||||||
Percentage of variable margin rate added to eurodollar rate | 2.75% | ||||||||||
Revolving Credit Line | Senior Secured Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount issued | $ 100,000,000 | ||||||||||
Maturity period | 5 years | ||||||||||
[1] | See Note 2 for discussion of debt issuance costs reclassification upon adoption of ASU 2015-03. |
Long Term Debt Maturities, Excl
Long Term Debt Maturities, Excluding Debt Issuance Costs Table (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Long Term Debt Maturities Repayments Of Principal [Line Items] | ||
2,016 | $ 8,405 | |
2,017 | 8,389 | |
2,018 | 8,389 | |
2,019 | 8,389 | |
2,020 | 7,000 | |
Thereafter | 1,774,000 | |
Total | $ 1,814,572 | $ 1,822,997 |
Interest Rate Swap Agreement -
Interest Rate Swap Agreement - Additional Information (Detail) | Dec. 31, 2015Agreement |
Derivative [Line Items] | |
Number of interest rate swap agreement | 1 |
Summary of Interest Rate Swap A
Summary of Interest Rate Swap Agreement Designated as Hedge Agreement (Detail) - Interest Rate Swap $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($) | ||
Interest Rate Swaps [Line Items] | ||
Nominal Amount | $ 100,000 | |
Effective Date | Nov. 1, 2011 | |
Pay Rate | 1.715% | |
Receive Rate | 1-Month LIBOR | |
Expiration Date | Apr. 1, 2016 | |
Estimated Total Fair Value at December 31, 2015 | $ 373 | [1] |
[1] | Included in accrued other current liabilities on the consolidated balance sheet as of December 31, 2015. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss, Net of Taxes, Related to Interest Rate Swap Agreements (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive gain (loss) before reclassifications, net of taxes | $ 2,636 | $ 2,846 | $ 3,151 |
Interest Rate Swap | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balances | (2,870) | (5,716) | (8,867) |
Other comprehensive gain (loss) before reclassifications, net of taxes | (2,154) | (3,169) | (2,668) |
Amounts reclassified from accumulated other comprehensive loss to interest expense, net of taxes | 4,790 | 6,015 | 5,819 |
Net other comprehensive income | 2,636 | 2,846 | 3,151 |
Ending balances | $ (234) | $ (2,870) | $ (5,716) |
Summary of Assets and Liabiliti
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Interest rate swap liabilities - current | $ (373) | $ (4,255) | ||
Interest rate swap liabilities - long term | (317) | |||
Other Investments | 94,973 | 77,658 | ||
Other Affiliates | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other Investments | 94,973 | 77,658 | $ 59,657 | $ 38,201 |
Other Affiliates | RealD | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other Investments | 12,900 | 14,429 | $ 10,443 | $ 13,707 |
Level 1 | Other Affiliates | RealD | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other Investments | 12,900 | 14,429 | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Interest rate swap liabilities - current | $ (373) | (4,255) | ||
Interest rate swap liabilities - long term | $ (317) |
Reconciliation of Beginning and
Reconciliation of Beginning and Ending Balance for Liabilities Measured at Fair Value on Recurring Basis Unobservable Inputs (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balances - Liabilities | $ 4,572 | $ 9,176 |
Total (gain) loss included in accumulated other comprehensive loss | (155) | 1,411 |
Settlements | (4,790) | (6,015) |
Ending balances - Liabilities | $ 373 | $ 4,572 |
Foreign Currency Translation -
Foreign Currency Translation - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 30, 2013 |
Foreign Currency Translation [Line Items] | |||
Accumulated other comprehensive income (loss) | $ (271,686) | $ (144,772) | |
Cumulative foreign currency adjustments | $ (273,404) | $ (147,930) | |
Mexico | |||
Foreign Currency Translation [Line Items] | |||
Accumulated other comprehensive income (loss) | $ 22,088 |
Summary of Impact of Translatin
Summary of Impact of Translating Financial Statements of Certain of Company's International Subsidiaries (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Foreign Currency Translation [Line Items] | |||
Other comprehensive Income (Loss) | $ (125,512) | $ (68,997) | $ (47,699) |
Brazil | |||
Foreign Currency Translation [Line Items] | |||
Exchange Rate | 3.96 | 2.69 | 2.36 |
Other comprehensive Income (Loss) | $ (74,559) | $ (30,723) | $ (34,451) |
Argentina | |||
Foreign Currency Translation [Line Items] | |||
Exchange Rate | 12.95 | 8.55 | 6.52 |
Other comprehensive Income (Loss) | $ (30,520) | $ (20,197) | $ (24,845) |
Colombia | |||
Foreign Currency Translation [Line Items] | |||
Exchange Rate | 3,149.47 | 2,392.46 | 1,926.83 |
Other comprehensive Income (Loss) | $ (8,043) | $ (7,632) | $ (2,969) |
Peru | |||
Foreign Currency Translation [Line Items] | |||
Exchange Rate | 3.46 | 3.05 | 2.84 |
Other comprehensive Income (Loss) | $ (4,882) | $ (2,785) | $ (3,685) |
All Other | |||
Foreign Currency Translation [Line Items] | |||
Other comprehensive Income (Loss) | (898) | (2,066) | (185) |
Mexico | |||
Foreign Currency Translation [Line Items] | |||
Impact of sale of Mexican subsidiaries on other comprehensive income loss | 22,088 | ||
International Subsidiaries | |||
Foreign Currency Translation [Line Items] | |||
Other comprehensive Income (Loss) | $ (125,474) | $ (68,983) | $ (47,617) |
Chile | |||
Foreign Currency Translation [Line Items] | |||
Exchange Rate | 709.16 | 606.20 | 525.50 |
Other comprehensive Income (Loss) | $ (6,572) | $ (5,580) | $ (3,570) |
Non-controlling Interest in Sub
Non-controlling Interest in Subsidiaries (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | $ 11,105 | $ 10,329 |
Cinemark Partners II | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | 7,753 | 7,769 |
Laredo Theatre | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | 1,761 | 1,112 |
Greeley Ltd | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | 740 | 589 |
Other | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | $ 851 | $ 859 |
Non-controlling Interest in 100
Non-controlling Interest in Subsidiaries (Parenthetical) (Detail) | Dec. 31, 2015 | Dec. 31, 2014 |
Cinemark Partners II | ||
Noncontrolling Interest [Line Items] | ||
Ownership share | 24.60% | 24.60% |
Laredo Theatre | ||
Noncontrolling Interest [Line Items] | ||
Ownership share | 25.00% | 25.00% |
Greeley Ltd | ||
Noncontrolling Interest [Line Items] | ||
Ownership share | 49.00% | 49.00% |
Noncontrolling Interests in 101
Noncontrolling Interests in Subsidiaries - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended |
Aug. 31, 2013 | Dec. 31, 2013 | |
Noncontrolling Interest [Line Items] | ||
Percentage of share purchased | 49.90% | |
Purchase of noncontrolling interest | $ 5,621 | |
Decrease in additional paid-in-capital | $ 5,621 | |
Ownership percentage | 100.00% | |
Cinemark Holdings, Inc. Stockholders' Equity | ||
Noncontrolling Interest [Line Items] | ||
Decrease in additional paid-in-capital | $ 4,618 | $ 4,618 |
Summary of Impact of Changes in
Summary of Impact of Changes in Company's Ownership Interest in Subsidiary (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Noncontrolling Interest [Line Items] | |||||||||||
Net income attributable to Cinemark Holdings, Inc. | $ 57,751 | $ 46,339 | $ 70,258 | $ 42,521 | $ 47,307 | $ 38,129 | $ 71,731 | $ 35,443 | $ 216,869 | $ 192,610 | $ 148,470 |
Net transfers from non-controlling interests | (4,618) | ||||||||||
Change from net income attributable to Cinemark Holdings, Inc. and transfers from noncontrolling interests | $ 216,869 | $ 192,610 | 143,852 | ||||||||
Brazil | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Decrease in Cinemark Holdings, Inc. additional paid-in-capital for the buyout of Adamark non-controlling interest | $ (4,618) |
Summary of Treasury Stock Activ
Summary of Treasury Stock Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Schedule of Treasury Stock [Line Items] | ||||
Beginning Balance, Shares | 4,057,135 | 3,694,935 | 3,553,085 | |
Restricted stock forfeitures | [1] | 17,897 | 25,947 | 22,653 |
Restricted stock withholdings | [2] | 108,472 | 336,253 | 119,197 |
Ending Balance, Shares | 4,183,504 | 4,057,135 | 3,694,935 | |
Beginning Balance, Cost | $ 61,807 | $ 51,946 | $ 48,482 | |
Restricted stock forfeitures | [1] | 0 | 0 | 0 |
Restricted stock withholdings | [2] | 4,770 | 9,861 | 3,464 |
Ending Balance, Cost | $ 66,577 | $ 61,807 | $ 51,946 | |
[1] | The Company repurchased forfeited and canceled restricted shares at a cost of $0.001 per share in accordance with the Company's Amended and Restated 2006 Long Term Incentive Plan. | |||
[2] | The Company withheld restricted shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock. The Company determined the number of shares to be withheld based upon market values that ranged from $28.84 to $44.67 per share. |
Summary of Treasury Stock Ac104
Summary of Treasury Stock Activity (Parenthetical) (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Treasury Stock [Line Items] | |||
Common stock repurchased value as result of restricted stock forfeitures and canceled | $ 0.001 | $ 0.001 | $ 0.001 |
Minimum | |||
Schedule of Treasury Stock [Line Items] | |||
Market Value of Restricted Shares | 28.84 | 28.84 | 28.84 |
Maximum | |||
Schedule of Treasury Stock [Line Items] | |||
Market Value of Restricted Shares | $ 44.67 | $ 44.67 | $ 44.67 |
Summary of Stock Option Activit
Summary of Stock Option Activity (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Number of Options | ||
Number of Options, Beginning balance | 14,584 | 22,022 |
Number of Options, Exercised | (14,584) | (7,438) |
Number of Options, Ending balance | 14,584 | |
Number of Options, Vested at December 31 | 14,584 | |
Weighted Average Exercise Price | ||
Weighted Average Exercise Price, Beginning balance | $ 7.63 | $ 7.63 |
Weighted Average Exercise Price, Exercised | $ 7.63 | 7.63 |
Weighted Average Exercise Price, Ending balance | 7.63 | |
Weighted Average Exercise Price, Vested options | $ 7.63 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stockholders Equity Note [Line Items] | |||
Intrinsic value of options exercised | $ 296 | $ 168 | |
Tax benefit recognized on stock option exercised | $ 124 | $ 71 | |
Restricted Stock | |||
Stockholders Equity Note [Line Items] | |||
Shares of Restricted Stock, Granted | 226,212 | 269,774 | 271,532 |
Weighted average grant date fair value per share | $ 42.79 | $ 28.93 | $ 30.09 |
Minimum forfeiture rate for restricted stock awards | 0.00% | ||
Maximum forfeiture rate for restricted stock awards | 10.00% | ||
Unrecognized compensation expense | $ 11,944 | ||
Remaining Compensation Expense recognition period (in years) | 2 years | ||
Restricted Stock | Director | |||
Stockholders Equity Note [Line Items] | |||
Award vesting period for restricted stock granted | 1 year | ||
Restricted Stock | Minimum | |||
Stockholders Equity Note [Line Items] | |||
Weighted average grant date fair value per share | $ 40.75 | ||
Restricted Stock | Minimum | Employees | |||
Stockholders Equity Note [Line Items] | |||
Award vesting period for restricted stock granted | 1 year | ||
Restricted Stock | Maximum | |||
Stockholders Equity Note [Line Items] | |||
Weighted average grant date fair value per share | $ 43.28 | ||
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] | |||
Weighted average grant date fair value per share | $ 43.19 | $ 28.54 | $ 29.44 |
Remaining Compensation Expense recognition period (in years) | 2 years | ||
Number of hypothetical shares of common stock | 142,917 | 197,515 | 115,107 |
Percentage of IRR, which is the threshold | 8.50% | ||
Percentage of IRR, which is the target | 10.50% | ||
Percentage of IRR, which is the maximum | 12.50% | ||
Percentage of IRR expected | 11.00% | ||
Stock price at the date of modification | $ 33.02 | ||
Incremental compensation expense | $ 2,460 | ||
Number of hypothetical shares of common stock | 544,076 | ||
Actual cumulative forfeitures (in units) | 22,985 | ||
Unrecognized Compensation expense related to outstanding restricted stock | $ 6,600 | ||
Restricted Stock Units (RSUs) | 2012 Grants | |||
Stockholders Equity Note [Line Items] | |||
Actual IRR calculated 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 Act
Summary of Restricted Stock Activity (Detail) - Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Shares of Restricted Stock | |||
Shares of Restricted Stock, Beginning balance | 878,897 | 1,260,913 | 1,534,163 |
Shares of Restricted Stock, Granted | 226,212 | 269,774 | 271,532 |
Shares of Restricted Stock, Vested | (329,437) | (625,843) | (522,129) |
Shares of Restricted Stock, Forfeited | (17,897) | (25,947) | (22,653) |
Shares of Restricted Stock, Ending balance | 757,775 | 878,897 | 1,260,913 |
Weighted Average Grant Date Fair Value | |||
Weighted Average Grant Date Fair Value Outstanding, Beginning | $ 24.92 | $ 21.86 | $ 18.85 |
Weighted Average Grant Date Fair Value, Granted | 42.79 | 28.93 | 30.09 |
Weighted Average Grant Date Fair Value, Vested | 23.72 | 20.53 | 17.27 |
Weighted Average Grant Date Fair Value, Forfeited | 27.58 | 22.94 | 22.92 |
Weighted Average Grant Date Fair Value Outstanding, Ending | $ 30.73 | $ 24.92 | $ 21.86 |
Summary of Restricted Stock Awa
Summary of Restricted Stock Award Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of restricted stock unit awards that vested during the period | 329,437 | 625,843 | 522,129 |
Fair value of restricted shares that vested during the period | $ 14,424 | $ 18,773 | $ 10,161 |
Income tax benefit recognized upon vesting of restricted stock unit awards | 3,823 | 5,625 | 4,268 |
Compensation expense recognized during the period | $ 9,600 | $ 9,534 | $ 12,738 |
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 | 395,751 | 295,751 |
Fair value of restricted shares that vested during the period | $ 5,483 | $ 11,420 | $ 8,723 |
Accumulated dividends paid upon vesting of restricted stock unit awards | 442 | 1,352 | 939 |
Income tax benefit recognized upon vesting of restricted stock unit awards | 2,303 | 4,796 | 3,663 |
Compensation expense recognized during the period | $ 6,158 | $ 3,284 | $ 4,148 |
Summary of Potential Number of
Summary of Potential Number of Shares Vesting under Restricted Stock Unit Awards (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Schedule of Restricted Stock Unit [Line Items] | ||||
Number of units at IRR level of at least 8.5% | 47,640 | 65,832 | 38,366 | |
Number of units at IRR level of at least 10.5% | 95,282 | 131,683 | 76,741 | |
Number of units at IRR level of at least 12.5% | 142,917 | 197,515 | 115,107 | |
Fair value of units at IRR level of at least 8.5% | [1] | $ 2,057 | $ 1,879 | $ 1,129 |
Fair value of units at IRR level of at least 10.5% | [1] | 4,115 | 3,758 | 2,259 |
Fair value of units at IRR level of at least 12.5% | [1] | $ 6,173 | $ 5,637 | $ 3,389 |
At IRR of at least 7.5% | 47,640 | 65,832 | 38,366 | |
At IRR of at least 9.5% | 95,282 | 131,683 | 76,741 | |
At IRR of at least 11.5% | 142,917 | 197,515 | 115,107 | |
IRR of at least 7.5% | [1] | $ 2,057 | $ 1,879 | $ 1,129 |
IRR of at least 9.5% | [1] | 4,115 | 3,758 | 2,259 |
IRR of at least 11.5% | [1] | $ 6,173 | $ 5,637 | $ 3,389 |
[1] | The weighted average grant date fair values for units issued during the years ended December 31, 2013, 2014, and 2015 were $29.44, $28.54 and $43.19, respectively. |
Summary of Potential Number 110
Summary of Potential Number of Shares Vesting under Restricted Stock Unit Awards (Parenthetical) (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Stock Units (RSUs) | |||
Schedule of Restricted Stock Unit [Line Items] | |||
Weighted average grant date fair value per share | $ 43.19 | $ 28.54 | $ 29.44 |
Supplemental Information to Con
Supplemental Information to Consolidated Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Schedule of Cash Flow, Supplemental [Line Items] | ||||
Cash paid for interest | $ 105,155 | $ 107,926 | $ 116,890 | |
Cash paid for income taxes, net of refunds received | 108,435 | 122,972 | 136,124 | |
Noncash investing and financing activities: | ||||
Change in accounts payable and accrued expenses for the acquisition of theatre properties and equipment | [1] | 2,491 | (1,225) | (7,325) |
Theatre properties and equipment acquired under capital lease | 36,544 | 19,908 | 69,541 | |
Investment in NCM - receipt of common units (See Note 6) | 15,421 | 8,216 | 98,797 | |
Dividends accrued on unvested restricted stock unit awards | (593) | $ (530) | (772) | |
Receipt of promissory note related to sale of investment in a Taiwan joint venture | 2,634 | |||
Other Affiliates | ||||
Noncash investing and financing activities: | ||||
Investment in AC JV, LLC (see Note 7) | 8,333 | |||
Other Affiliates | AC JV, LLC | ||||
Noncash investing and financing activities: | ||||
Investment in AC JV, LLC (see Note 7) | 8,333 | |||
Issuance of promissory note related to investment in AC JV, LLC (see Note 7) | $ (8,333) | |||
Other Affiliates | Taiwan Joint Venture | ||||
Noncash investing and financing activities: | ||||
Receipt of promissory note related to sale of investment in a Taiwan joint venture | $ 2,304 | |||
[1] | Additions to theatre properties and equipment included in accounts payable as of December 31, 2014 and 2015 were $13,235 and $10,744, respectively. |
Supplemental Information to 112
Supplemental Information to Consolidated Statements of Cash Flows (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Cash Flow, Supplemental [Line Items] | ||
Additions to theatre properties and equipment included in accounts payable | $ 10,744 | $ 13,235 |
Income Before Income Taxes (Det
Income Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Examination [Line Items] | |||
Income before income taxes, U.S. | $ 259,652 | $ 205,521 | $ 162,687 |
Income before income taxes, Foreign | 88,015 | 84,542 | 101,177 |
Income before income taxes | 347,667 | 290,063 | 263,864 |
Current: | |||
Federal | 71,288 | 61,732 | 97,467 |
Foreign | 35,874 | 27,681 | 42,690 |
State | 10,682 | 6,125 | 10,951 |
Total current expense | 117,844 | 95,538 | 151,108 |
Deferred: | |||
Federal | 10,420 | 6,322 | (30,833) |
Foreign | (3,339) | (6,437) | 2,653 |
State | 4,014 | 641 | (9,612) |
Total deferred taxes | 11,095 | 526 | (37,792) |
Income taxes | $ 128,939 | $ 96,064 | $ 113,316 |
Reconciliation Between Income T
Reconciliation Between Income Tax Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | |||
Computed statutory tax expense | $ 121,683 | $ 101,522 | $ 92,353 |
Foreign inflation adjustments | (1,295) | 641 | 67 |
State and local income taxes, net of federal income tax impact | 9,559 | 4,549 | 789 |
Foreign losses not benefited and other changes in valuation allowance | (2,408) | (275) | (2,052) |
Foreign tax rate differential | (2,660) | (2,125) | (336) |
Foreign dividends | 1,083 | 3,294 | |
Sale of Mexican subsidiaries and related changes in intangible assets | (10,065) | 21,406 | |
Changes in uncertain tax positions | 3,717 | (1,540) | (2,024) |
Other - net | 343 | 2,274 | (181) |
Income taxes | $ 128,939 | $ 96,064 | $ 113,316 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Line Items] | ||
Undistributed foreign earnings | $ 316,000 | |
Gross unrecognized tax benefits, including interest and penalties | 17,008 | $ 15,693 |
Unrecognized tax benefit that if recognized would impact effective tax rate | 17,008 | 15,693 |
Accrued for interest and penalties | $ 3,198 | $ 2,500 |
Foreign | Minimum | ||
Income Taxes [Line Items] | ||
Tax credit carryforwards expiring year | 2,015 | |
State | Minimum | ||
Income Taxes [Line Items] | ||
Net operating losses carried forward expiring period | 5 years | |
State | Maximum | ||
Income Taxes [Line Items] | ||
Net operating losses carried forward expiring period | 20 years | |
Net operating losses carried forward expiring year | 2,035 |
Net Long-Term Deferred Income T
Net Long-Term Deferred Income Tax Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Deferred Income Tax Assets and Liabilities [Line Items] | ||
Theatre properties and equipment | $ 141,155 | $ 127,010 |
Tax impact of items in accumulated other comprehensive income (loss) | 158 | 55 |
Intangible asset - other | 28,889 | 29,342 |
Intangible asset - tradenames | 112,413 | 111,726 |
Investment in partnerships | 108,733 | 111,328 |
Total deferred liabilities | 391,348 | 379,461 |
Deferred lease expenses | 26,966 | 27,341 |
Exchange loss | 3,736 | |
Deferred revenue - NCM | 128,642 | 124,366 |
Capital lease obligations | 75,966 | 73,306 |
Tax loss carryforwards | 7,379 | 7,764 |
Alternative minimum tax and other credit carryforwards | 41,300 | 43,384 |
Other expenses, not currently deductible for tax purposes | 20,204 | 25,807 |
Total deferred assets | 304,193 | 301,968 |
Net deferred income tax liability before valuation allowance | 87,155 | 77,493 |
Valuation allowance against deferred assets - current | 2,384 | |
Valuation allowance against deferred assets - non-current | 50,636 | 50,489 |
Net deferred income tax liability | 137,791 | 130,366 |
Foreign | ||
Schedule of Deferred Income Tax Assets and Liabilities [Line Items] | ||
Net deferred income tax liability | 4,212 | 12,213 |
U.S. | ||
Schedule of Deferred Income Tax Assets and Liabilities [Line Items] | ||
Net deferred income tax liability | $ 133,579 | $ 118,153 |
Reconciliation of Total Amounts
Reconciliation of Total Amounts of Unrecognized Tax Benefits Excluding Interest and Penalties (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Unrecognized Tax Benefits [Line Items] | |||
Beginning Balance | $ 16,515 | $ 18,780 | $ 33,222 |
Gross increases - tax positions in prior periods | 40 | 10 | 413 |
Gross decreases - tax positions in prior periods | (2,379) | ||
Gross increases - current period tax positions | 2,112 | 1,324 | 1,476 |
Gross decreases - current period tax positions | 0 | 0 | 0 |
Settlements | (871) | (963) | (15,444) |
Foreign currency translation adjustments | (663) | (257) | (887) |
Ending Balance | $ 17,133 | $ 16,515 | $ 18,780 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Line Items] | ||
Liability for deferred lease expenses | $ 43,333 | $ 46,003 |
Employer contribution payments | 3,043 | $ 2,718 |
Liability recorded for employer contribution payments | $ 3,333 | |
Other Employees Except Tim Warner | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Employment agreements term extension | 1 year | |
Tim Warner | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Employment agreement termination date | Apr. 1, 2016 | |
Minimum | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Operating and capital leases with terms generally ranging | 10 years | |
Maximum | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Operating and capital leases with terms generally ranging | 25 years |
Rent Expenses (Detail)
Rent Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitment And Contingencies [Line Items] | |||
Fixed rent expense | $ 240,057 | $ 237,891 | $ 224,056 |
Contingent rent and other facility lease expenses | 79,704 | 79,205 | 83,795 |
Total facility lease expense | $ 319,761 | $ 317,096 | $ 307,851 |
Future Minimum Lease Payments u
Future Minimum Lease Payments under Noncancelable Operating and Capital Leases Remaining Terms in Excess of One Year (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Future Minimum Payments Under Non-Cancelable Operating Leases With Initial Terms Of One-Year Or More [Line Items] | ||
Future minimum operating lease payments, current | $ 248,498 | |
Future minimum operating lease payments, in two years | 236,630 | |
Future minimum operating lease payments, in three years | 210,089 | |
Future minimum operating lease payments, in four years | 181,967 | |
Future minimum operating lease payments, in five years | 161,279 | |
Future minimum operating lease payments, thereafter | 661,398 | |
Future minimum operating lease payments, total | 1,699,861 | |
Future minimum capital leases payments, current | 35,156 | |
Future minimum capital leases payments, in two years | 33,640 | |
Future minimum capital leases payments, in three years | 34,050 | |
Future minimum capital leases payments, in four years | 33,394 | |
Future minimum capital leases payments, in five years | 32,441 | |
Future minimum capital leases payments, thereafter | 155,164 | |
Future minimum capital leases payments, total | 323,845 | |
Amounts representing interest payments | (96,113) | |
Present value of future minimum payments | 227,732 | |
Current portion of capital lease obligations | (18,780) | $ (16,494) |
Capital lease obligations, less current portion | $ 208,952 | $ 201,978 |
Selected Financial Information
Selected Financial Information by Reportable Operating Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | $ 707,223 | $ 700,056 | $ 799,932 | $ 645,398 | $ 659,944 | $ 646,903 | $ 717,863 | $ 602,280 | $ 2,852,609 | $ 2,626,990 | $ 2,682,894 | |
Adjusted EBITDA | [1] | 663,755 | 596,525 | 625,323 | ||||||||
Capital expenditures | 331,726 | 244,705 | 259,670 | |||||||||
Operating Segments | U.S. Operating Segment | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 2,137,733 | 1,934,990 | 1,912,674 | |||||||||
Adjusted EBITDA | [1] | 497,339 | 436,863 | 455,489 | ||||||||
Capital expenditures | 223,213 | 148,532 | 117,488 | |||||||||
Operating Segments | International Operating Segment | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 728,735 | 704,623 | 783,053 | |||||||||
Adjusted EBITDA | [1] | 166,416 | 159,662 | 169,834 | ||||||||
Capital expenditures | 108,513 | 96,173 | 142,182 | |||||||||
Eliminations | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | $ (13,859) | $ (12,623) | $ (12,833) | |||||||||
[1] | Distributions from NCM are reported entirely within the U.S. operating segment |
Reconciliation of Net Income to
Reconciliation of Net Income to Adjusted EBITDA (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Segment Reporting Information [Line Items] | ||||||||||||
Net income | $ 58,235 | $ 46,701 | $ 70,890 | $ 42,902 | $ 47,637 | $ 38,532 | $ 72,134 | $ 35,696 | $ 218,728 | $ 193,999 | $ 150,548 | |
Add (deduct): | ||||||||||||
Income taxes | 128,939 | 96,064 | 113,316 | |||||||||
Interest expense | [1] | 112,741 | 113,698 | 124,714 | ||||||||
Loss on early retirement of debt | 72,302 | |||||||||||
Loss on amendment to debt agreement | 925 | |||||||||||
Other income | [2] | (20,041) | (22,150) | (24,688) | ||||||||
Depreciation and amortization | 189,206 | 175,656 | 163,970 | |||||||||
Impairment of long-lived assets | 8,801 | 6,647 | 3,794 | |||||||||
(Gain) loss on sale of assets and other | 8,143 | 15,715 | (3,845) | |||||||||
Deferred lease expenses | (1,806) | 2,536 | 5,701 | |||||||||
Amortization of long-term prepaid rents | 2,361 | 1,542 | 2,625 | |||||||||
Share based awards compensation expense | 15,758 | 12,818 | 16,886 | |||||||||
Adjusted EBITDA | [3] | $ 663,755 | $ 596,525 | $ 625,323 | ||||||||
[1] | Includes amortization of debt issue costs. | |||||||||||
[2] | Includes interest income, foreign currency exchange 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 Informati123
Selected Financial Information by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 707,223 | $ 700,056 | $ 799,932 | $ 645,398 | $ 659,944 | $ 646,903 | $ 717,863 | $ 602,280 | $ 2,852,609 | $ 2,626,990 | $ 2,682,894 |
Theatre Properties and Equipment - net | 1,505,069 | 1,450,812 | 1,505,069 | 1,450,812 | |||||||
Reportable Geographical Components | U.S. | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 2,137,733 | 1,934,990 | 1,912,674 | ||||||||
Theatre Properties and Equipment - net | 1,175,535 | 1,094,076 | 1,175,535 | 1,094,076 | |||||||
Reportable Geographical Components | Brazil | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 291,959 | 333,919 | 325,762 | ||||||||
Theatre Properties and Equipment - net | 163,505 | 204,107 | 163,505 | 204,107 | |||||||
Reportable Geographical Components | Other foreign countries | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 436,776 | 370,704 | 457,291 | ||||||||
Theatre Properties and Equipment - net | $ 166,029 | $ 152,629 | 166,029 | 152,629 | |||||||
Eliminations | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ (13,859) | $ (12,623) | $ (12,833) |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2015USD ($)TheatreLeasesFacility | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Copper Beech Capital LLC | |||
Related Party Transaction [Line Items] | |||
Amount paid for the use of aircraft | $ 410,000 | $ 74,000 | $ 91,000 |
Syufy Enterprises, LP | |||
Related Party Transaction [Line Items] | |||
Number of theatres leased | Theatre | 15 | ||
Number of parking facilities leased | Facility | 1 | ||
Total number of leases | Leases | 16 | ||
Number of leases with minimum annual rent | Leases | 15 | ||
Number of leases without minimum annual rent | Leases | 1 | ||
Total rent paid to Syufy | $ 20,581,000 | 21,040,000 | 22,876,000 |
Laredo Theatre, Ltd | |||
Related Party Transaction [Line Items] | |||
Company's interest in Laredo | 75.00% | ||
Lone Star Theatre's interest in Laredo | 25.00% | ||
Ownership interest held by David Roberts | 100.00% | ||
Percentage of common stock held by Chairman of the Board of Directors | 9.00% | ||
Percentage of management fees based on theatre revenues | 5.00% | ||
Maximum amount of theater revenue used to calculate management fees | $ 50,000,000 | ||
Percentage of management fees based on theatre revenues in excess | 3.00% | ||
Minimum amount of theater revenue used to calculate management fees | $ 50,000,000 | ||
Management fee revenues | $ 567,000 | $ 564,000 | 558,000 |
Lone Star Theatres, Inc | |||
Related Party Transaction [Line Items] | |||
Distribution paid to Lone Star Theatre | $ 1,000,000 |
Valuation Allowance of Deferred
Valuation Allowance of Deferred Tax Assets (Detail) - Valuation Allowance of Deferred Tax Assets - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | $ 52,873 | $ 25,711 | $ 13,326 |
Additions | 437 | 28,612 | 14,162 |
Deductions | (2,674) | (1,450) | (1,777) |
Ending Balance | $ 50,636 | $ 52,873 | $ 25,711 |
Quarterly Financial Informat126
Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information [Line Items] | |||||||||||
Revenues | $ 707,223 | $ 700,056 | $ 799,932 | $ 645,398 | $ 659,944 | $ 646,903 | $ 717,863 | $ 602,280 | $ 2,852,609 | $ 2,626,990 | $ 2,682,894 |
Operating income | 99,094 | 99,127 | 134,493 | 90,438 | 96,065 | 82,284 | 116,866 | 67,855 | 423,152 | 363,070 | 415,491 |
Net income | 58,235 | 46,701 | 70,890 | 42,902 | 47,637 | 38,532 | 72,134 | 35,696 | 218,728 | 193,999 | 150,548 |
Net income attributable to Cinemark Holdings, Inc. | $ 57,751 | $ 46,339 | $ 70,258 | $ 42,521 | $ 47,307 | $ 38,129 | $ 71,731 | $ 35,443 | $ 216,869 | $ 192,610 | $ 148,470 |
Net income per share attributable to Cinemark Holdings, Inc.'s common stockholders: | |||||||||||
Basic | $ 0.50 | $ 0.40 | $ 0.61 | $ 0.37 | $ 0.41 | $ 0.33 | $ 0.62 | $ 0.31 | $ 1.87 | $ 1.66 | $ 1.28 |
Diluted | $ 0.50 | $ 0.40 | $ 0.61 | $ 0.37 | $ 0.41 | $ 0.33 | $ 0.62 | $ 0.31 | $ 1.87 | $ 1.66 | $ 1.28 |
Subsequent Event - Dividend Dec
Subsequent Event - Dividend Declaration - Additional Information (Detail) - $ / shares | Feb. 19, 2016 | Aug. 15, 2013 | Dec. 31, 2015 |
Subsequent Event [Line Items] | |||
Cash Dividends approved per common share | $ 0.25 | $ 0.27 | |
Date of Record | Mar. 7, 2016 | ||
Dividend Payable Date | Mar. 18, 2016 | ||
Subsequent Event | Chief Executive Officer | |||
Subsequent Event [Line Items] | |||
Minimum annual equity award as percentage of salary | 200.00% |
Condensed Parent Company Balanc
Condensed Parent Company Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | ||||
Cash and cash equivalents | $ 588,539 | $ 638,869 | $ 599,929 | $ 742,664 |
Total assets | 4,126,497 | 4,120,561 | ||
Liabilities | ||||
Accrued other current liabilities, including accounts payable to subsidiaries | 112,575 | 102,932 | ||
Other long-term liabilities | $ 60,784 | $ 67,287 | ||
Commitments and contingencies (see Note 6) | ||||
Equity | ||||
Common stock, $0.001 par value: 300,000,000 shares authorized; 119,757,582 shares issued and 115,700,447 shares outstanding at December 31, 2014 and 120,107,563 shares issued and 115,924,059 shares outstanding at December 31, 2015 | $ 120 | $ 120 | ||
Additional paid-in-capital | 1,113,219 | 1,095,040 | ||
Treasury stock, 4,057,135 and 4,183,504 common shares at cost at December 31, 2014 and December 31, 2015, respectively | (66,577) | (61,807) | (51,946) | (48,482) |
Retained earnings | 324,632 | 224,219 | ||
Accumulated other comprehensive loss | (271,686) | (144,772) | ||
Total equity | 1,099,708 | 1,112,800 | ||
Total liabilities and equity | 4,126,497 | 4,120,561 | ||
Cinemark Holdings, Inc. | ||||
Assets | ||||
Cash and cash equivalents | 36 | 29 | $ 35 | $ 569 |
Prepaid assets | 55 | |||
Investment in subsidiaries | 1,102,148 | 1,126,395 | ||
Total assets | 1,102,184 | 1,126,479 | ||
Liabilities | ||||
Accrued other current liabilities, including accounts payable to subsidiaries | 1,794 | 13,163 | ||
Other long-term liabilities | 682 | 516 | ||
Total liabilities | $ 2,476 | $ 13,679 | ||
Commitments and contingencies (see Note 6) | ||||
Equity | ||||
Common stock, $0.001 par value: 300,000,000 shares authorized; 119,757,582 shares issued and 115,700,447 shares outstanding at December 31, 2014 and 120,107,563 shares issued and 115,924,059 shares outstanding at December 31, 2015 | $ 120 | $ 120 | ||
Additional paid-in-capital | 1,113,219 | 1,095,040 | ||
Treasury stock, 4,057,135 and 4,183,504 common shares at cost at December 31, 2014 and December 31, 2015, respectively | (66,577) | (61,807) | ||
Retained earnings | 324,632 | 224,219 | ||
Accumulated other comprehensive loss | (271,686) | (144,772) | ||
Total equity | 1,099,708 | 1,112,800 | ||
Total liabilities and equity | $ 1,102,184 | $ 1,126,479 |
Condensed Parent Company Bal129
Condensed Parent Company Balance Sheets (Parenthetical) (Detail) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | ||||
Common stock, par value | $ 0.001 | $ 0.001 | ||
Common stock, shares authorized | 300,000,000 | 300,000,000 | ||
Common stock, shares issued | 120,107,563 | 119,757,582 | ||
Common stock, shares outstanding | 115,924,059 | 115,700,447 | ||
Treasury stock, shares | 4,183,504 | 4,057,135 | 3,694,935 | 3,553,085 |
Cinemark Holdings, Inc. | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Common stock, par value | $ 0.001 | $ 0.001 | ||
Common stock, shares authorized | 300,000,000 | 300,000,000 | ||
Common stock, shares issued | 120,107,563 | 119,757,582 | ||
Common stock, shares outstanding | 115,924,059 | 115,700,447 | ||
Treasury stock, shares | 4,183,504 | 4,057,135 |
Condensed Parent Company Statem
Condensed Parent Company Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenues | $ 707,223 | $ 700,056 | $ 799,932 | $ 645,398 | $ 659,944 | $ 646,903 | $ 717,863 | $ 602,280 | $ 2,852,609 | $ 2,626,990 | $ 2,682,894 |
Cost of operations | 2,429,457 | 2,263,920 | 2,267,403 | ||||||||
Operating loss | 99,094 | 99,127 | 134,493 | 90,438 | 96,065 | 82,284 | 116,866 | 67,855 | 423,152 | 363,070 | 415,491 |
Other income | (75,485) | (73,007) | (151,627) | ||||||||
Income taxes | (128,939) | (96,064) | (113,316) | ||||||||
Equity in income of subsidiaries, net of taxes | 28,126 | 22,743 | 22,682 | ||||||||
Net income attributable to Cinemark Holdings, Inc. | $ 57,751 | $ 46,339 | $ 70,258 | $ 42,521 | $ 47,307 | $ 38,129 | $ 71,731 | $ 35,443 | 216,869 | 192,610 | 148,470 |
Cinemark Holdings, Inc. | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Cost of operations | 2,684 | 2,857 | 2,215 | ||||||||
Operating loss | (2,684) | (2,857) | (2,215) | ||||||||
Other income | 0 | 0 | 0 | ||||||||
Loss before income taxes and equity in income of subsidiaries | (2,684) | (2,857) | (2,215) | ||||||||
Income taxes | 1,020 | 1,086 | 842 | ||||||||
Equity in income of subsidiaries, net of taxes | 218,533 | 194,381 | 149,843 | ||||||||
Net income attributable to Cinemark Holdings, Inc. | $ 216,869 | $ 192,610 | $ 148,470 |
Condensed Parent Company Sta131
Condensed Parent Company Statements of Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net income | $ 58,235 | $ 46,701 | $ 70,890 | $ 42,902 | $ 47,637 | $ 38,532 | $ 72,134 | $ 35,696 | $ 218,728 | $ 193,999 | $ 150,548 |
Other comprehensive income (loss), net of tax | |||||||||||
Unrealized gain due to fair value adjustments on interest rate swap agreements, net of taxes of $1,865, $1,759 and $1,562, net of settlements | 2,636 | 2,846 | 3,151 | ||||||||
Unrealized gain (loss) due to fair value adjustments on available-for-sale securities, net of taxes of $1,223, $1,479 and $572 | (957) | 2,507 | (2,041) | ||||||||
Other comprehensive income (loss) in equity method investments | (3,119) | 676 | 2,386 | ||||||||
Foreign currency translation adjustments, net of taxes of $0, $0, and $888 | (125,512) | (68,997) | (47,699) | ||||||||
Total other comprehensive loss, net of tax | (126,952) | (62,968) | (44,203) | ||||||||
Total comprehensive income, net of tax | 91,776 | 131,031 | 106,345 | ||||||||
Comprehensive income attributable to noncontrolling interests | (1,821) | (1,374) | (1,996) | ||||||||
Comprehensive income attributable to Cinemark Holdings, Inc. | 89,955 | 129,657 | 104,349 | ||||||||
Cinemark Holdings, Inc. | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net income | 216,869 | 192,610 | 148,470 | ||||||||
Other comprehensive income (loss), net of tax | |||||||||||
Unrealized gain due to fair value adjustments on interest rate swap agreements, net of taxes of $1,865, $1,759 and $1,562, net of settlements | 2,636 | 2,846 | 3,151 | ||||||||
Unrealized gain (loss) due to fair value adjustments on available-for-sale securities, net of taxes of $1,223, $1,479 and $572 | (957) | 2,507 | (2,041) | ||||||||
Other comprehensive income (loss) in equity method investments | (3,119) | 676 | 2,386 | ||||||||
Foreign currency translation adjustments, net of taxes of $0, $0, and $888 | (125,474) | (68,982) | (47,617) | ||||||||
Total other comprehensive loss, net of tax | (126,914) | (62,953) | (44,121) | ||||||||
Total comprehensive income, net of tax | 89,955 | 129,657 | 104,349 | ||||||||
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Comprehensive income attributable to Cinemark Holdings, Inc. | $ 89,955 | $ 129,657 | $ 104,349 |
Condensed Parent Company Sta132
Condensed Parent Company Statements of Comprehensive Income (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Statement of Income Captions [Line Items] | |||
Unrealized gain due to fair value adjustments on interest rate swap agreements, tax | $ 1,562 | $ 1,759 | $ 1,865 |
Unrealized gain (loss) due to fair value adjustments on available-for-sale securities, tax | 572 | 1,479 | 1,223 |
Foreign currency translation adjustments, tax | 888 | 0 | 0 |
Cinemark Holdings, Inc. | |||
Condensed Statement of Income Captions [Line Items] | |||
Unrealized gain due to fair value adjustments on interest rate swap agreements, tax | 1,562 | 1,759 | 1,865 |
Unrealized gain (loss) due to fair value adjustments on available-for-sale securities, tax | 572 | 1,479 | 1,223 |
Foreign currency translation adjustments, tax | $ 888 | $ 0 | $ 0 |
Condensed Parent Company Sta133
Condensed Parent Company Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Activities | |||||||||||
Net income | $ 57,751 | $ 46,339 | $ 70,258 | $ 42,521 | $ 47,307 | $ 38,129 | $ 71,731 | $ 35,443 | $ 216,869 | $ 192,610 | $ 148,470 |
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
Share based awards compensation expense | 15,758 | 12,818 | 16,886 | ||||||||
Equity in income of subsidiaries | (28,126) | (22,743) | (22,682) | ||||||||
Financing Activities | |||||||||||
Proceeds from stock option exercises | 112 | 57 | |||||||||
Payroll taxes paid as a result of noncash stock option exercises and restricted stock withholdings | (4,770) | (9,861) | (3,464) | ||||||||
Dividends paid to stockholders | (115,863) | (115,625) | (106,045) | ||||||||
Increase (decrease) in cash and cash equivalents | (50,330) | 38,940 | (142,735) | ||||||||
Cash and cash equivalents: | |||||||||||
Beginning of period | 638,869 | 599,929 | 638,869 | 599,929 | 742,664 | ||||||
End of period | 588,539 | 638,869 | 588,539 | 638,869 | 599,929 | ||||||
Cinemark Holdings, Inc. | |||||||||||
Operating Activities | |||||||||||
Net income | 216,869 | 192,610 | 148,470 | ||||||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
Share based awards compensation expense | 885 | 943 | 840 | ||||||||
Equity in income of subsidiaries | (218,533) | (194,381) | (149,843) | ||||||||
Changes in other assets and liabilities | 6,194 | 11,196 | 4,301 | ||||||||
Net cash provided by operating activities | 5,415 | 10,368 | 3,768 | ||||||||
Investing Activities | |||||||||||
Dividends received from subsidiaries | 115,225 | 115,000 | 105,150 | ||||||||
Net cash provided by investing activities | 115,225 | 115,000 | 105,150 | ||||||||
Financing Activities | |||||||||||
Proceeds from stock option exercises | 112 | 57 | |||||||||
Payroll taxes paid as a result of noncash stock option exercises and restricted stock withholdings | (4,770) | (9,861) | (3,464) | ||||||||
Dividends paid to stockholders | (115,863) | (115,625) | (106,045) | ||||||||
Net cash used for financing activities | (120,633) | (125,374) | (109,452) | ||||||||
Increase (decrease) in cash and cash equivalents | 7 | (6) | (534) | ||||||||
Cash and cash equivalents: | |||||||||||
Beginning of period | $ 29 | $ 35 | 29 | 35 | 569 | ||||||
End of period | $ 36 | $ 29 | $ 36 | $ 29 | $ 35 |
Schedule 1 Basis of Presentatio
Schedule 1 Basis of Presentation - Additional Information (Detail) - Cinemark Holdings, Inc. $ in Thousands | Dec. 31, 2015USD ($) |
Organization and Summary of Significant Accounting Policies Disclosure [Line Items] | |
Restricted net assets as a percentage of consolidated net assets | 25.00% |
Senior and Senior Subordinated Notes | |
Organization and Summary of Significant Accounting Policies Disclosure [Line Items] | |
Restricted net assets | $ 980,128 |
Senior Secured Credit Facility | |
Organization and Summary of Significant Accounting Policies Disclosure [Line Items] | |
Restricted net assets | $ 811,988 |
Schedule 1 Dividend Declared fo
Schedule 1 Dividend Declared for Fiscal Period (Detail) - USD ($) $ / shares in Units, $ in Thousands | Aug. 15, 2013 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Dividend Declared [Line Items] | ||||||
Date of Record | Mar. 7, 2016 | |||||
Date Paid | Mar. 18, 2016 | |||||
Amount per Common Share | $ 0.25 | $ 0.27 | ||||
Total Dividends | [1] | $ 116,456 | $ 116,155 | $ 106,817 | ||
Cinemark Holdings, Inc. | ||||||
Dividend Declared [Line Items] | ||||||
Total Dividends | [2] | $ 116,456 | $ 116,155 | $ 106,817 | ||
Cinemark Holdings, Inc. | First Quarter Dividend | ||||||
Dividend Declared [Line Items] | ||||||
Date Declared | Feb. 17, 2015 | Feb. 14, 2014 | Feb. 12, 2013 | |||
Date of Record | Mar. 4, 2015 | Mar. 4, 2014 | Mar. 4, 2013 | |||
Date Paid | Mar. 18, 2015 | Mar. 19, 2014 | Mar. 15, 2013 | |||
Amount per Common Share | [3] | $ 0.25 | $ 0.25 | $ 0.21 | ||
Total Dividends | [2] | $ 29,025 | $ 29,015 | $ 24,325 | ||
Cinemark Holdings, Inc. | Second Quarter Dividend | ||||||
Dividend Declared [Line Items] | ||||||
Date Declared | May 18, 2015 | May 22, 2014 | May 24, 2013 | |||
Date of Record | Jun. 5, 2015 | Jun. 6, 2014 | Jun. 6, 2013 | |||
Date Paid | Jun. 19, 2015 | Jun. 20, 2014 | Jun. 20, 2013 | |||
Amount per Common Share | [3] | $ 0.25 | $ 0.25 | $ 0.21 | ||
Total Dividends | [2] | $ 29,075 | $ 29,030 | $ 24,348 | ||
Cinemark Holdings, Inc. | Third Quarter Dividend | ||||||
Dividend Declared [Line Items] | ||||||
Date Declared | Aug. 20, 2015 | Aug. 13, 2014 | Aug. 15, 2013 | |||
Date of Record | Aug. 31, 2015 | Aug. 28, 2014 | Aug. 28, 2013 | |||
Date Paid | Sep. 11, 2015 | Sep. 12, 2014 | Sep. 12, 2013 | |||
Amount per Common Share | [3] | $ 0.25 | $ 0.25 | $ 0.25 | ||
Total Dividends | [2] | $ 29,080 | $ 29,032 | $ 28,992 | ||
Cinemark Holdings, Inc. | Fourth Quarter Dividend | ||||||
Dividend Declared [Line Items] | ||||||
Date Declared | Nov. 13, 2015 | Nov. 12, 2014 | Nov. 19, 2013 | |||
Date of Record | Dec. 2, 2015 | Dec. 2, 2014 | Dec. 2, 2013 | |||
Date Paid | Dec. 16, 2015 | Dec. 11, 2014 | Dec. 11, 2013 | |||
Amount per Common Share | [3] | $ 0.25 | $ 0.25 | $ 0.25 | ||
Total Dividends | [2] | $ 29,276 | $ 29,078 | $ 29,152 | ||
[1] | Of the dividends recorded during 2013, 2014 and 2015, $772, $530 and $593, respectively, were related to outstanding restricted stock units and will not be paid until such units vest. See Note 16. | |||||
[2] | Of the dividends recorded during 2013, 2014 and 2015, $772, $530 and $593, respectively, were related to outstanding restricted stock units and will not be paid until such units vest. See Note 16 of the Company's consolidated financial statements included elsewhere in this report. | |||||
[3] | Beginning with the dividend declared on August 15, 2013, the Company's board of directors raised the quarterly dividend to $0.25 per common share. |
Schedule 1 Dividend Declared136
Schedule 1 Dividend Declared for Fiscal Period (Parenthetical) (Detail) - USD ($) $ / shares in Units, $ in Thousands | Aug. 15, 2013 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Dividend Declared [Line Items] | |||||
Dividends related to outstanding restricted stock units | $ 593 | $ 530 | $ 772 | ||
Amount per Common Share | $ 0.25 | $ 0.27 | |||
Date Declared | Aug. 15, 2013 | ||||
Cinemark Holdings, Inc. | |||||
Dividend Declared [Line Items] | |||||
Dividends related to outstanding restricted stock units | $ 593 | $ 530 | $ 772 |
Schedule 1 Dividends Received f
Schedule 1 Dividends Received from Subsidiaries - Additional Information (Detail) - Cinemark Holdings, Inc. - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Dividends received from Cinemark USA, Inc. | $ 115,225 | $ 115,000 | $ 105,150 |
Non cash dividend declared | $ 17,935 | $ 4,971 |