Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 31, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | CNK | |
Entity Registrant Name | Cinemark Holdings, Inc. | |
Entity Central Index Key | 1,385,280 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 116,829,079 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | |
Current assets | |||
Cash and cash equivalents | $ 504,712 | $ 522,547 | |
Inventories | 17,685 | 17,507 | |
Accounts receivable | 80,308 | 89,250 | |
Current income tax receivable | 4,815 | 11,730 | |
Prepaid expenses and other | 20,667 | 16,536 | |
Total current assets | 628,187 | 657,570 | |
Theatre properties and equipment | 3,362,779 | 3,328,589 | |
Less: accumulated depreciation and amortization | 1,545,042 | 1,500,535 | |
Theatre properties and equipment, net | 1,817,737 | 1,828,054 | |
Other assets | |||
Goodwill | [1] | 1,281,170 | 1,284,079 |
Intangible assets - net | 332,506 | 336,761 | |
Investments in and advances to affiliates | 145,081 | 120,045 | |
Long-term deferred tax asset | 4,050 | 4,067 | |
Deferred charges and other assets - net | 47,488 | 39,767 | |
Total other assets | 2,009,314 | 1,985,269 | |
Total assets | 4,455,238 | 4,470,893 | |
Current liabilities | |||
Current portion of long-term debt | 7,984 | 7,099 | |
Current portion of capital lease obligations | 26,671 | 25,511 | |
Current income tax payable | 6,850 | 5,509 | |
Current liability for uncertain tax positions | 3,650 | 11,873 | |
Accounts payable and accrued expenses | 394,679 | 418,921 | |
Total current liabilities | 439,834 | 468,913 | |
Long-term liabilities | |||
Long-term debt, less current portion | 1,774,782 | 1,780,381 | |
Capital lease obligations, less current portion | 239,005 | 251,151 | |
Long-term deferred tax liability | 141,307 | 121,787 | |
Long-term liability for uncertain tax positions | 13,405 | 8,358 | |
Deferred lease expenses | 39,750 | 40,929 | |
Other long-term liabilities | 48,081 | 41,980 | |
Total long-term liabilities | 2,551,594 | 2,596,292 | |
Commitments and contingencies (see Note 17) | |||
Cinemark Holdings, Inc.'s stockholders' equity: | |||
Common stock, $0.001 par value: 300,000,000 shares authorized, 121,449,393 shares issued and 116,829,079 shares outstanding at June 30, 2018 and 121,000,903 shares issued and 116,475,033 shares outstanding at December 31, 2017 | 121 | 121 | |
Additional paid-in-capital | 1,147,966 | 1,141,088 | |
Treasury stock, 4,620,314 and 4,525,870 shares, at cost, at June 30, 2018 and December 31, 2017, respectively | (79,259) | (76,354) | |
Retained earnings | 691,910 | 582,222 | |
Accumulated other comprehensive loss | (309,306) | (253,282) | |
Total Cinemark Holdings, Inc.'s stockholders' equity | 1,451,432 | 1,393,795 | |
Noncontrolling interests | 12,378 | 11,893 | |
Total equity | 1,463,810 | 1,405,688 | |
Total liabilities and equity | 4,455,238 | 4,470,893 | |
NCM | |||
Other assets | |||
Investment in NCM | 199,019 | 200,550 | |
Long-term liabilities | |||
Deferred revenue - NCM | $ 295,264 | $ 351,706 | |
[1] | Balances are presented net of accumulated impairment losses of $214,031 for the U.S. operating segment and $27,622 for the international operating segment. |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 121,449,393 | 121,000,903 |
Common stock, shares outstanding | 116,829,079 | 116,475,033 |
Treasury stock, shares | 4,620,314 | 4,525,870 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Revenues | |||||
Total revenues | $ 889,053 | $ 751,195 | $ 1,669,024 | $ 1,530,805 | |
Cost of operations | |||||
Film rentals and advertising | 287,206 | 246,556 | 528,121 | 499,374 | |
Concession supplies | 51,033 | 41,839 | 91,857 | 83,939 | |
Salaries and wages | 100,344 | 89,812 | 193,502 | 174,013 | |
Facility lease expense | 81,190 | 82,388 | 163,281 | 166,650 | |
Utilities and other | 115,602 | 91,053 | 225,034 | 179,410 | |
General and administrative expenses | 43,031 | 37,834 | 85,415 | 76,050 | |
Depreciation and amortization | 64,290 | 59,137 | 128,685 | 116,493 | |
Impairment of long-lived assets | 2,788 | 4,301 | 3,379 | 4,574 | |
Loss on disposal of assets and other | 16,901 | 54 | 20,840 | 888 | |
Total cost of operations | 762,385 | 652,974 | 1,440,114 | 1,301,391 | |
Operating income | 126,668 | 98,221 | 228,910 | 229,414 | |
Other income (expense) | |||||
Interest expense | [1] | (28,466) | (26,522) | (55,581) | (52,891) |
Loss on debt amendments | (246) | (1,484) | (246) | ||
Interest income | 2,862 | 1,380 | 5,100 | 2,713 | |
Foreign currency exchange gain (loss) | (5,199) | (155) | (3,821) | 1,434 | |
Equity in income of affiliates | 6,414 | 5,805 | 15,050 | 15,865 | |
Total other expense | (25,878) | (16,966) | (40,846) | (23,565) | |
Income before income taxes | 100,790 | 81,255 | 188,064 | 205,849 | |
Income taxes | 18,326 | 29,445 | 43,423 | 73,845 | |
Net income | 82,464 | 51,810 | 144,641 | 132,004 | |
Less: Net income attributable to noncontrolling interests | 329 | 571 | 485 | 1,037 | |
Net income attributable to Cinemark Holdings, Inc. | $ 82,135 | $ 51,239 | $ 144,156 | $ 130,967 | |
Weighted average shares outstanding | |||||
Basic | 116,091 | 115,785 | 115,988 | 115,707 | |
Diluted | 116,268 | 116,072 | 116,238 | 116,020 | |
Earnings per share attributable to Cinemark Holdings, Inc.'s common stockholders | |||||
Basic | $ 0.70 | $ 0.44 | $ 1.23 | $ 1.12 | |
Diluted | 0.70 | 0.44 | 1.23 | 1.12 | |
Dividends declared per common share | $ 0.32 | $ 0.29 | $ 0.64 | $ 0.58 | |
NCM | |||||
Other income (expense) | |||||
Distributions from NCM | $ 3,424 | $ 2,772 | $ 9,782 | $ 9,560 | |
Interest expense - NCM | (4,913) | (9,892) | |||
Equity in income of affiliates | 495 | 176 | 4,511 | 3,065 | |
Admissions | |||||
Revenues | |||||
Total revenues | 508,870 | 449,880 | 961,494 | 926,349 | |
Concession | |||||
Revenues | |||||
Total revenues | 305,306 | 262,322 | 567,078 | 530,546 | |
Other | |||||
Revenues | |||||
Total revenues | $ 74,877 | $ 38,993 | $ 140,452 | $ 73,910 | |
[1] | Includes amortization of debt issue costs. |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 82,464 | $ 51,810 | $ 144,641 | $ 132,004 |
Other comprehensive income (loss), net of tax | ||||
Other comprehensive income (loss) in equity method investments | (116) | (95) | 20 | 103 |
Foreign currency translation adjustments | (56,248) | (18,401) | (56,044) | (3,508) |
Total other comprehensive loss, net of tax | (56,364) | (18,496) | (56,024) | (3,405) |
Total comprehensive income, net of tax | 26,100 | 33,314 | 88,617 | 128,599 |
Comprehensive income attributable to noncontrolling interests | (329) | (571) | (485) | (1,037) |
Comprehensive income attributable to Cinemark Holdings, Inc. | $ 25,771 | $ 32,743 | $ 88,132 | $ 127,562 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Operating activities | |||||
Net income | $ 82,464 | $ 51,810 | $ 144,641 | $ 132,004 | |
Adjustments to reconcile net income to cash provided by operating activities: | |||||
Depreciation | 126,981 | 115,755 | |||
Amortization of intangible and other assets and favorable/unfavorable leases | 1,704 | 738 | |||
Amortization of long-term prepaid rents | 597 | 496 | 1,236 | 989 | |
Amortization of debt issue costs | 2,913 | 3,063 | |||
Loss on debt amendments | 246 | 1,484 | 246 | ||
Amortization of deferred revenues, deferred lease incentives and other | (10,762) | (7,923) | |||
Impairment of long-lived assets | 2,788 | 4,301 | 3,379 | 4,574 | |
Share based awards compensation expense | 3,452 | 3,203 | 6,878 | 6,444 | |
Loss on disposal of assets and other | 16,901 | 54 | 20,840 | 888 | |
Deferred lease expenses | (449) | (375) | (932) | (722) | |
Equity in income of affiliates | (6,414) | (5,805) | (15,050) | (15,865) | |
Deferred income tax expenses | 7,669 | 14,515 | |||
Distributions from equity investees | [1] | 3,932 | 2,870 | 16,255 | 14,919 |
Changes in assets and liabilities and other | (27,333) | (33,935) | |||
Net cash provided by operating activities | 279,903 | 235,690 | |||
Investing activities | |||||
Additions to theatre properties and equipment | (82,426) | (91,613) | (162,589) | (182,800) | |
Acquisitions of theatres in the U.S. and international markets, net of cash acquired | (11,508) | (40,829) | |||
Proceeds from sale of theatre properties and equipment and other | 2,135 | 14,521 | |||
Investment in joint ventures and other, net | (19,467) | (466) | |||
Net cash used for investing activities | (191,429) | (209,574) | |||
Financing activities | |||||
Dividends paid to stockholders | (74,723) | (67,528) | |||
Payroll taxes paid as a result of stock withholdings | (2,905) | (2,921) | |||
Repayments of long-term debt | (3,298) | (1,427) | |||
Payment of debt issue costs | (5,103) | (521) | |||
Fees paid related to debt amendments | (704) | (246) | |||
Payments on capital leases | (12,377) | (10,143) | |||
Other | (311) | ||||
Net cash used for financing activities | (99,110) | (83,097) | |||
Effect of exchange rate changes on cash and cash equivalents | (7,199) | (75) | |||
Decrease in cash and cash equivalents | (17,835) | (57,056) | |||
Cash and cash equivalents: | |||||
Beginning of period | 522,547 | 561,235 | |||
End of period | $ 504,712 | $ 504,179 | $ 504,712 | $ 504,179 | |
[1] | Includes cash distributions received from equity investees that were recorded as a reduction of the respective investment balances (see Notes 7 and 8). These distributions are reported entirely within the U.S. operating segment. |
The Company and Basis of Presen
The Company and Basis of Presentation | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
The Company and Basis of Presentation | 1. The Company and Basis of Presentation Cinemark Holdings, Inc. and subsidiaries (the “Company”) operates in the motion picture exhibition industry, with theatres in the United States (“U.S.”), Brazil, Argentina, Chile, Colombia, Peru, Ecuador, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Bolivia, Curacao and Paraguay. The accompanying condensed consolidated balance sheet as of December 31, 2017, which was derived from audited financial statements, and the unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation have been included. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ from these estimates. Majority-owned subsidiaries that the Company has control of are consolidated while those affiliates of which the Company owns between 20% and 50% and does not control are accounted for under the equity method. Those of which the Company owns less than 20% are generally accounted for under the cost method, unless the Company is deemed to have the ability to exercise significant influence over the affiliate, in which case the Company would account for its investment under the equity method. Th These condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and the notes thereto for the year ended December 31, 2017, included in the Annual Report on Form 10-K filed February 23, 2018 by the Company under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Operating results for the three and six months ended June 30, 2018 are not necessarily indicative of the results to be achieved for the full year. |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Changes And Error Corrections [Abstract] | |
New Accounting Pronouncements | 2. New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) Codification Improvements to Topic 842, Leases, Leases (Topic 842), Targeted Improvements, In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments – a consensus of the FASB Emerging Issues Task Force In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory, |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 3. Revenue Recognition Revenue Recognition Policy The Company recognizes admissions and concession revenues when sales are made at the box office and concession stand, respectively. Other revenues include screen advertising, transactional fees and other ancillary revenues such as vendor marketing promotions and meeting rentals located in the Company’s theatres. The Company records proceeds from the sale of gift cards and other advanced sale-type certificates in current liabilities and recognizes admissions or concession revenue when a holder redeems the card or certificate. Additionally, the Company recognizes unredeemed gift cards and other advanced sale-type certificates, as a proportion of actual redemptions, as other revenues, which is an estimate primarily based on the Company’s historical experience with such cards and certificates. Screen advertising revenues are generally recognized over the period that the related advertising is delivered on-screen or in-theatre. Advances collected on long-term screen advertising, concession and other contracts are recorded as deferred revenues. In accordance with the terms of the agreements, the advances collected on such contracts are recognized during the period in which the Company satisfies the related performance obligations, which may differ from the period in which the advances are collected. These advances are recognized on either a straight-line basis over the term of the contracts or as the Company has met its performance obligations in accordance with the terms of the contracts. See additional revenue recognition policy considerations, updated for the adoption of ASC Topic 606, below. Adoption of ASC Topic 606 The Company adopted ASC 606, Revenue from Contracts with Customers, Changes to the way in which the Company recognizes revenue resulted in the following impacts to the condensed consolidated statements of income: a) Recording of incremental other revenue and interest expense related to the significant financing component of the Company’s Exhibitor Services Agreement (“ESA”) with NCM, LLC (“NCM”). See further discussion below, including the estimated interest rates assumed in determining the amount of interest expense. b) Deferral of a portion of admissions and concession revenues for transactions that include the issuance of loyalty points to customers. To determine the amount of revenues to defer upon issuance of points to customers under its points-based loyalty programs, the Company estimated the values of the rewards expected to be redeemed by its customers for those points. The estimates are based on the rewards that have historically been offered under the loyalty programs, which the Company believes is representative of the rewards to be offered in the future. c) Increase in other revenues and an increase in utilities and other expenses due to presentation of transactional fees on a gross versus net basis. d) Increase in other revenues due to the change in amortization methodology for deferred revenue – NCM that is now amortized on a straight-line basis and effective for the entire term of the ESA. As a result of the change in amortization method, the Company recorded a cumulative effect of accounting change adjustment of $40,526, net of taxes, in retained earnings on January 1, 2018 (see also Note 6). The above noted changes increased (decreased) admissions, concession and other revenue for the three and six months ended June 30, 2018 as follows: Three Months Ended Six Months Ended June 30, 2018 June 30, 2018 Admissions revenues $ (1,898 ) $ (3,200 ) Concession revenues $ (662 ) $ (1,207 ) Other revenues $ 32,710 $ 60,169 The Company applied the practical expedient to exclude sales and other similar taxes collected from customers from its transaction price for purposes of recording revenues, as such revenues are presented net of such taxes. Disaggregation of Revenue The following table presents revenues for the three and six months ended June 30, 2018, disaggregated based on major type of good or service and by reportable operating segment. Three Months Ended Six Months Ended June 30, 2018 June 30, 2018 U.S. International U.S. International Operating Operating Operating Operating Major Goods/Services Segment (1) Segment Consolidated Segment (1) Segment Consolidated Admissions revenues $ 408,863 $ 100,007 $ 508,870 $ 758,215 $ 203,279 $ 961,494 Concession revenues 249,618 55,688 305,306 453,368 113,710 567,078 Screen advertising and promotional revenues 21,051 15,446 36,497 39,230 29,715 68,945 Other revenues 29,542 8,838 38,380 54,604 16,903 71,507 Total revenues $ 709,074 $ 179,979 $ 889,053 $ 1,305,417 $ 363,607 $ 1,669,024 (1) U.S. segment revenues include eliminations of intercompany transactions with the international operating segment. See Note 15 for additional information on intercompany eliminations. The following table presents revenues for the three and six months ended June 30, 2018, disaggregated based on timing of revenue recognition (see Revenue Recognition Policy Three Months Ended Six Months Ended June 30, 2018 June 30, 2018 U.S. International U.S. International Operating Operating Operating Operating Segment (1) Segment Consolidated Segment (1) Segment Consolidated Goods and services transferred at a point in time $ 686,463 $ 161,350 $ 847,813 $ 1,262,289 $ 327,499 $ 1,589,788 Goods and services transferred over time 22,611 18,629 41,240 43,128 36,108 79,236 Total $ 709,074 $ 179,979 $ 889,053 $ 1,305,417 $ 363,607 $ 1,669,024 (1) U.S. segment revenues include eliminations of intercompany transactions with the international operating segment. See Note 15 for additional information on intercompany eliminations. Deferred Revenues The following table presents changes in the Company’s deferred revenues for the six months ended June 30, 2018. Deferred Revenues Deferred Revenue - NCM Other Deferred Revenues (1) Total Balance at January 1, 2018 $ 351,706 $ 86,498 $ 438,204 Impact of adoption of ASC Topic 606 (53,605 ) — (53,605 ) Amounts recognized as accounts receivable — 11,349 11,349 Cash received from customers in advance — 53,398 53,398 Common units received from NCM (see Note 7) 5,012 — 5,012 Revenue recognized during period (7,849 ) (64,996 ) (72,845 ) Foreign currency translation adjustments — (1,689 ) (1,689 ) Balance at June 30, 2018 $ 295,264 $ 84,560 $ 379,824 (1) Includes liabilities associated with outstanding gift cards and SuperSavers, points or rebates outstanding under the Company’s loyalty and membership programs and revenues not yet recognized for screen advertising and other promotional activities. Classified as accounts payable and accrued expenses or other long-term liabilities on the condensed consolidated balance sheet. The table below summarizes the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied as of June 30, 2018 and when the Company expects to recognize this revenue. Twelve Months Ended June 30, Remaining Performance Obligations 2019 2020 2021 2022 2023 Thereafter Total Deferred revenue - NCM $ 15,831 $ 15,831 $ 15,831 $ 15,831 $ 15,831 $ 216,109 $ 295,264 Deferred revenue - other 72,053 12,039 282 186 — — 84,560 Total $ 87,884 $ 27,870 $ 16,113 $ 16,017 $ 15,831 $ 216,109 $ 379,824 Accounts receivable as of June 30, 2018 included approximately $48,631 of receivables related to contracts with customers. The Company did not record any assets related to the costs to obtain or fulfill a contract with customers during the six months ended June 30, 2018. Significant Financing Component As discussed further in Note 7, in connection with the completion of the NCM, Inc. (“NCMI”) initial public offering, the Company amended and restated its ESA with NCM and received approximately $174,000 in cash consideration from NCM. The proceeds were recorded as deferred revenue and are being amortized over the term of the modified ESA, or through February 2037. In addition to the consideration received upon the ESA modification during 2007, the Company also receives consideration in the form of common units from NCM, at each annual common unit adjustment settlement, in exchange for exclusive access to the Company’s newly opened domestic screens under the ESA. See Note 7 for additional information regarding the common unit adjustment and related accounting. Due to the significant length of time between receiving the consideration from NCM and fulfillment of the related performance obligation, the ESA includes an implied significant financing component, as per the guidance in ASC Topic 606. As a result of the significant financing component on deferred revenue - NCM, the Company recognized incremental screen advertising revenue and an offsetting interest expense of $4,913 and $9,892 during the three and six months ended June 30, 2018, respectively. The interest expense was calculated using the Company’s incremental borrowing rates at the time when the cash and each tranche of common units were received from NCM, which ranged from 5.5% to 8.0%. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 4. Earnings Per Share The Company considers its unvested restricted stock awards, which contain non-forfeitable rights to dividends, participating securities, and includes such participating securities in its computation of earnings per share pursuant to the two-class method. Basic earnings per share for the two classes of stock (common stock and unvested restricted stock) is calculated by dividing net income by the weighted average number of shares of common stock and unvested restricted stock outstanding during the reporting period. Diluted earnings per share is calculated using the weighted average number of shares of common stock plus the potentially dilutive effect of common equivalent shares outstanding determined under both the two class method and the treasury stock method. The following table presents computations of basic and diluted earnings per share under the two-class method: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Numerator: Net income attributable to Cinemark Holdings, Inc. $ 82,135 $ 51,239 $ 144,156 $ 130,967 Earnings allocated to participating share-based awards (1) (465 ) (263 ) (817 ) (620 ) Net income attributable to common stockholders $ 81,670 $ 50,976 $ 143,339 $ 130,347 Denominator (shares in thousands): Basic weighted average common stock outstanding 116,091 115,785 115,988 115,707 Common equivalent shares for restricted stock units 177 287 250 313 Diluted 116,268 116,072 116,238 116,020 Basic earnings per share attributable to common stockholders $ 0.70 $ 0.44 $ 1.23 $ 1.12 Diluted earnings per share attributable to common stockholders $ 0.70 $ 0.44 $ 1.23 $ 1.12 (1) For the three months ended June 30, 2018 and 2017, a weighted average of approximately 676 and 605 shares of unvested restricted stock, respectively, were considered participating securities. For the six months ended June 30, 2018 and 2017, a weighted average of approximately 663 and 552 shares of restricted stock, respectively, were considered participating securities. |
Long Term Debt Activity
Long Term Debt Activity | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Long Term Debt Activity | 5. Long Term Debt Activity Senior Secured Credit Facility On March 29, 2018, Cinemark USA, Inc., our wholly-owned subsidiary, amended its senior secured credit facility to extend the maturity of the term loan to March 29, 2025, reduce the rate at which the term loan bears interest by 0.25% and to reduce the amount of real property required to be mortgaged to secure the loans. Under the amended facility, quarterly principal payments of $1,649 are due on the term loan through December 31, 2024, with a final principal payment of $613,351 due on March 29, 2025. The Company incurred debt issue costs of approximately $4,962 in connection with the amendment, which are reflected as a reduction of long term debt on the condensed consolidated balance sheet as of June 30, 2018. As a result of the amendment, the Company wrote-off $780 of unamortized debt issue costs and incurred approximately $704 in legal and other fees, both of which are reflected as loss on debt amendments on the condensed consolidated statements of income for the six months ended June 30, 2018. Fair Value of Long-Term Debt The Company estimates the fair value of its long-term debt using the market approach, which utilizes quoted market prices that fall under Level 2 of the U.S. GAAP fair value hierarchy as defined by ASC 820, Fair Value Measurement . |
Equity
Equity | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Equity | 6. Equity Below is a summary of changes in stockholders’ equity attributable to Cinemark Holdings, Inc., noncontrolling interests and total equity for the six months ended June 30, 2018 and 2017: Cinemark Holdings, Inc. Stockholders’ Noncontrolling Total Equity Interests Equity Balance at January 1, 2018 $ 1,393,795 $ 11,893 $ 1,405,688 Cumulative effect of change in accounting principle, net of taxes of $13,079 (see Note 3) 40,526 — 40,526 Share based awards compensation expense 6,878 — 6,878 Stock withholdings related to share based awards that vested during the six months ended June 30, 2018 (2,905 ) — (2,905 ) Dividends paid to stockholders (1) (74,723 ) — (74,723 ) Dividends accrued on unvested restricted stock unit awards (1) (271 ) — (271 ) Net income 144,156 485 144,641 Other comprehensive income in equity method investees 20 — 20 Foreign currency translation adjustments (56,044 ) — (56,044 ) Balance at June 30, 2018 $ 1,451,432 $ 12,378 $ 1,463,810 (1) The Company’s board of directors declared a cash dividend for the fourth quarter of 2017 in the amount of $0.32 per share of common stock payable to stockholders of record on March 8, 2018. The dividend was paid on March 22, 2018. The Company’s board of directors declared a cash dividend for the first quarter of 2018 in the amount of $0.32 per share of common stock payable to stockholders of record on June 8, 2018. The dividend was paid on June 22, 2018. Cinemark Holdings, Inc. Stockholders’ Noncontrolling Total Equity Interests Equity Balance at January 1, 2017 $ 1,261,818 $ 11,142 $ 1,272,960 Share based awards compensation expense 6,444 ― 6,444 Stock withholdings related to share based awards that vested during the six months ended June 30, 2017 (2,921 ) ― (2,921 ) Dividends paid to stockholders (2) (67,528 ) ― (67,528 ) Dividends accrued on unvested restricted stock unit awards (2) (288 ) ― (288 ) Dividends paid to noncontrolling interests ― (294 ) (294 ) Net income 130,967 1,037 132,004 Other comprehensive income in equity method investees 103 ― 103 Foreign currency translation adjustments (5,059 ) ― (5,059 ) Balance at June 30, 2017 $ 1,323,536 $ 11,885 $ 1,335,421 (2) The Company’s board of directors declared a cash dividend for the fourth quarter of 2016 in the amount of $0.29 per share of common stock payable to stockholders of record on March 8, 2017. The dividend was paid on March 20, 2017. The Company’s board of directors declared a cash dividend for the first quarter of 2017 in the amount of $0.29 per share of common stock payable to stockholders of record on June 8, 2017. The dividend was paid on June 22, 2017. |
Investment in National CineMedi
Investment in National CineMedia | 6 Months Ended |
Jun. 30, 2018 | |
NCM | |
Investment in National CineMedia | 7. Investment in National CineMedia The Company has an investment in National Cinemedia, LLC (“NCM”). NCM operates a digital in-theatre network in the U.S. for providing cinema advertising. Upon joining NCM, the Company entered into an Exhibitor Services Agreement with NCM (“ESA”), pursuant to which NCM provides advertising and promotions to our theatres. recognizes cash distributions it receives from NCM on its Tranche 1 Investment as a component of earnings as Distributions from NCM. Below is a summary of activity with NCM included in the Company’s condensed consolidated financial statements: Investment in NCM Deferred Revenue Distributions from NCM Equity in Earnings Other Revenue Interest Expense - NCM (3) Cash Received Balance as of January 1, 2018 $ 200,550 $ (351,706 ) Impact of adoption of ASC Topic 606 (1) — 53,605 $ — $ — $ — $ — $ — Receipt of common units due to annual common unit adjustment ("CUA") 5,012 (5,012 ) — — — — — Revenues earned under ESA (2) (3) — — — — (16,074 ) 9,892 6,182 Receipt of excess cash distributions (8,760 ) — (7,735 ) — — — 16,495 Receipt under tax receivable agreement (2,294 ) — (2,047 ) — — — 4,341 Equity in earnings 4,511 — — (4,511 ) — — — Amortization of deferred revenue — 7,849 — — (7,849 ) — — Balance as of and for the six months ended June 30, 2018 $ 199,019 $ (295,264 ) $ (9,782 ) $ (4,511 ) $ (23,923 ) $ 9,892 $ 27,018 (1) As a result of adoption of ASC Topic 606, the Company determined that the deferred revenue associated with the ESA and Common Unit Adjustment agreement should be amortized on a straight-line basis versus the units of revenue method followed prior to adoption. The Company recorded a reduction in the deferred revenue balance and a cumulative effect of a change in accounting principle in retained earnings (see also Note 6). See Note 3 for further discussion of the impact of the adoption of ASC Topic 606. (2) Amount includes the per patron and per digital screen theatre access fees due to the Company, net of amounts paid to NCM for on-screen advertising time provided to the Company’s beverage concessionaire of approximately $6,227. (3) Reflects impact of significant financing component related to amounts received in advance under the ESA and CUA agreements. See Note 3. During the three months ended June 30, 2018 and 2017, the Company recorded equity in earnings of $495 and $176, respectively. During the six months ended June 30, 2018 and 2017, the Company recorded equity in earnings of $4,511 and $3,065, respectively. The Company made payments to NCM of $60 and $50 during the six months ended June 30, 2018 and 2017, respectively, related to installation of certain equipment used for digital advertising, which is included in theatre properties and equipment on the condensed consolidated balance sheets. Pursuant to a Common Unit Adjustment Agreement dated as of February 13, 2007 between NCMI and the Company, AMC Entertainment, Inc. (“AMC”) and Regal Entertainment Group (“Regal”) (collectively, “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. As further discussed in Note 5 to the Company’s financial statements as included in its 2017 Annual Report on Form 10-K, the common units received (collectively referred to as the Company’s “Tranche 2 Investment”) are recorded at estimated fair value as an increase in the Company’s investment in NCM with an offset to deferred revenue. The Company’s Tranche 2 Investment is accounted for following the equity method, with undistributed equity earnings related to its Tranche 2 Investment included as a component of earnings in equity in income of affiliates and distributions received related to its Tranche 2 Investment are recorded as a reduction of investment basis. During March 2018, NCM performed its annual common unit adjustment calculation under the Common Unit Adjustment Agreement. As a result of the calculation, on March 29, 2018, the Company received an additional 908,042 common units of NCM, each of which is convertible into one share of NCMI common stock. The Company recorded the additional common units received at estimated fair value with a corresponding adjustment to deferred revenue of approximately $5,012. The fair value of the common units received was estimated based on the market price of NCMI common stock at the time the common units were determined, adjusted for volatility associated with the estimated time period it would take to convert the common units and register the respective shares. The deferred revenue will be recognized on a straight-line basis over the remaining term of the ESA, which is approximately 19 years. As of June 30, 2018, the Company owned a total of 28,779,904 common units of NCM, representing an ownership interest of approximately 18%. The estimated fair value of the Company’s investment in NCM was approximately $241,751 based on the price of NCMI common stock as of June 30, 2018 of $8.40 per share (Level 1 input as defined in FASB ASC Topic 820). See Note 18 for discussion of subsequent event related to the acquisition of additional NCM common units from AMC. Below is summary financial information for NCM for the periods indicated: Three Six Months Ended June 28, 2018 June 29, 2017 June 28, 2018 June 29, 2017 Gross revenues $ 113,700 $ 97,100 $ 193,900 $ 169,000 Operating income $ 40,100 $ 28,300 $ 51,100 $ 33,400 Net income $ 25,000 $ 15,400 $ 22,000 $ 7,500 As of As of June 28, 2018 December 28, 2017 Current assets $ 142,800 $ 174,400 Noncurrent assets $ 758,800 $ 758,300 Current liabilities $ 84,800 $ 123,300 Noncurrent liabilities $ 943,500 $ 925,400 Members deficit $ (126,700 ) $ (116,000 ) |
Other Investments
Other Investments | 6 Months Ended |
Jun. 30, 2018 | |
Financial Support For Nonconsolidated Legal Entity [Abstract] | |
Other Investments | 8. Other Investments Below is a summary of activity for each of the Company’s other investments for the six months ended June 30, 2018: DCIP AC LLC DCDC FE Concepts Other Total Balance at January 1, 2018 $ 106,215 $ 5,916 $ 3,598 $ 104 $ 4,212 $ 120,045 Cash contributions made 739 — — 20,000 20,739 Cash distributions received (5,201 ) — — — — (5,201 ) Equity in income (loss) 9,727 408 481 (77 ) — 10,539 Equity in other comprehensive income 20 — — — — 20 Other — — (1,168 ) (104 ) 211 (1,061 ) Balance at June 30, 2018 $ 111,500 $ 6,324 $ 2,911 $ 19,923 $ 4,423 $ 145,081 Digital Cinema Implementation Partners LLC (“DCIP”) On February 12, 2007, the Company, AMC and Regal entered into a joint venture known as DCIP 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. As of June 30, 2018, the Company had a 33% voting interest in DCIP and a 24.3% economic interest in DCIP. The Company accounts for its investment in DCIP and its subsidiaries under the equity method of accounting. Below is summary financial information for DCIP for the periods indicated: Three Months Ended Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Gross revenues $ 42,521 $ 47,095 $ 83,554 $ 92,574 Operating income $ 25,049 $ 29,393 $ 48,494 $ 57,872 Net income $ 22,169 $ 25,616 $ 43,703 $ 49,757 As of June 30, 2018 December 31, 2017 Current assets $ 51,546 $ 56,296 Noncurrent assets $ 725,399 $ 772,438 Current liabilities $ 63,982 $ 59,153 Noncurrent liabilities $ 213,795 $ 296,889 Members' equity $ 499,168 $ 472,692 As of June 30, 2018, the Company had 3,818 digital projection systems being leased under the master equipment lease agreement with Kasima LLC, which is an indirect subsidiary of DCIP and a related party to the Company. The Company had the following transactions with DCIP, reflected in utilities and other costs on the condensed consolidated statements of income, during the three and six months ended June 30, 2018 and 2017: Three Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Equipment lease payments $ 1,243 $ 1,511 $ 2,460 $ 2,881 Warranty reimbursements from DCIP $ (2,617 ) $ (2,023 ) $ (5,118 ) $ (3,907 ) Management service fees $ 184 $ 206 $ 378 $ 412 AC JV, LLC During December 2013, the Company, Regal, AMC (the “AC Founding Members”) and NCM entered into a series of agreements that resulted in the formation of AC JV, LLC (“AC”), a joint venture that owns “Fathom Events” 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, including concerts, 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 to AC of $5,588 and $6,763 for the six months ended June 30, 2018 and 2017, respectively, which are included in film rentals and advertising costs on the condensed consolidated statements of income. Additionally, the remaining outstanding balance of a note payable from the Company to NCM, related to the formation of AC, was $2,778 as of June 30, 2018. Digital Cinema Distribution Coalition Digital Cinema Distribution Coalition (“DCDC”) is a joint venture among the Company, Universal, Warner Bros., AMC and Regal. 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 $461 and $446 to DCDC during the six months ended June 30, 2018 and 2017, respectively, related to content delivery services provided by DCDC. These fees are included in film rentals and advertising costs on the condensed consolidated statements of income. FE Concepts, LLC During April 2018, the Company, through its wholly-owned indirect subsidiary CNMK Texas Properties, LLC (“CNMK”), formed a joint venture, FE Concepts, LLC (“FE Concepts”) with AWSR Investments, LLC (“AWSR”), an entity owned by Lee Roy Mitchell and Tandy Mitchell. FE Concepts will develop and operate a family entertainment center that offers bowling, gaming, movies and other amenities. The Company and AWSR each invested approximately $20,000 and each have a 50% voting interest in FE Concepts. The Company accounts for its investment in FE Concepts under the equity method of accounting. |
Treasury Stock and Share Based
Treasury Stock and Share Based Awards | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Treasury Stock and Share Based Awards | 9. Treasury Stock and Share Based Awards Treasury Stock — Treasury stock represents shares of common stock repurchased or withheld by the Company and not yet retired. The Company has applied the cost method in recording its treasury shares. Below is a summary of the Company’s treasury stock activity for the six months ended June 30, 2018: Number of Treasury Shares Cost Balance at January 1, 2018 4,525,870 $ 76,354 Restricted stock withholdings (1) 75,801 2,905 Restricted stock forfeitures 18,643 — Balance at June 30, 2018 4,620,314 $ 79,259 (1) The Company withheld restricted shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock and restricted stock units. The Company determined the number of shares to be withheld based upon market values ranging from $33.77 to $39.03 per share. As of June 30, 2018, the Company had no plans to retire any shares of treasury stock. Restricted Stock – During the six months ended June 30, 2018, the Company granted 321,406 shares of restricted stock to employees and directors. The fair value of the restricted stock granted was determined based on the market value of the Company’s common stock on the dates of grant, which ranged from $35.81 to $39.26 per share. The Company assumed forfeiture rates ranging from 0% to 10% for the restricted stock awards. The restricted stock awards vest over periods ranging from one to four years. The recipients of restricted stock are entitled to receive non-forfeitable dividends and to vote their respective shares, however, the sale and transfer of the restricted shares is prohibited during the restriction period. Below is a summary of restricted stock activity for the six months ended June 30, 2018: Shares of Weighted Average Restricted Grant Date Stock Fair Value Outstanding at January 1, 2018 650,581 $ 35.81 Granted 321,406 $ 38.79 Vested (242,945 ) $ 31.16 Forfeited (18,643 ) $ 38.33 Outstanding at June 30, 2018 710,399 $ 38.68 Unvested restricted stock at June 30, 2018 710,399 $ 38.68 Six Months Ended June 30, 2018 2017 Compensation expense recognized during the period $ 4,798 $ 4,294 Fair value of restricted shares that vested during the period $ 7,815 $ 8,091 Income tax benefit recognized upon vesting of restricted stock awards $ 1,751 $ 2,633 As of June 30, 2018, the estimated remaining unrecognized compensation expense related to unvested restricted stock awards was $19,408 and the weighted average period over which this remaining compensation expense will be recognized is approximately two years. Restricted Stock Units – During the six months ended June 30, 2018, the Company granted restricted stock units representing 228,194 hypothetical shares of common stock to employees. The restricted stock units vest based on a combination of financial performance factors and continued service. The financial performance factors are based on an implied equity value concept that determines an internal rate of return (“IRR”) during the two fiscal year periods ending December 31, 2019 based on a formula utilizing a multiple of Adjusted EBITDA subject to certain adjustments as specified by the Compensation Committee prior to the grant date. The financial performance factors for the restricted stock units have a threshold, target and maximum level of payment opportunity and vest on a prorata basis according to the IRR achieved by the Company during the performance period. If the IRR for the two-year period is at least 7%, which is the threshold, one-third of the maximum restricted stock units vest. If the IRR for the two-year period is at least 9.5%, which is the target, two-thirds of the maximum restricted stock units vest. If the IRR for the two-year period is at least 13%, which is the maximum, 100% of the maximum restricted stock units vest. Grantees are eligible to receive a ratable portion of the common stock issuable if the IRR is within the targets previously noted. Further, as an example, if the Company achieves an IRR equal to 11%, the number of restricted stock units that shall vest will be greater than the target but less than the maximum number that would have vested had the Company achieved the highest IRR. All restricted stock units granted during 2018 will vest subject to an additional two-year service requirement and will be paid in the form of common stock if the participant continues to provide services through the fourth anniversary of the grant date. Restricted stock unit award participants are eligible to receive dividend equivalent payments from the grant date if, and at the time that, the restricted stock unit awards vest. Below is a table summarizing the potential number of shares that could vest under restricted stock unit awards granted during the six months ended June 30, 2018 Number of Shares Value at Vesting Grant at IRR of at least 7% 76,065 $ 2,967 at IRR of at least 9.5% 152,129 $ 5,934 at IRR of at least 13% 228,194 $ 8,901 Due to the fact that the IRR for the two-year performance period could not be determined at the time of the 2018 grant, the Company estimated that the most likely outcome is the achievement of the target IRR level. The fair value of the restricted stock unit awards was determined based on the closing price of the Company’s common stock on the dates of grant, which ranged from $37.55 to $39.03 per share. The Company assumed forfeiture rates ranging from 0% to 5% for the restricted stock unit awards. If during the service period, additional information becomes available to lead the Company to believe a different IRR level will be achieved for the two-year performance period, the Company will reassess the number of units that are expected to vest for the grant and adjust its compensation expense accordingly on a prospective basis over the remaining service period. Six Months Ended June 30, 2018 2017 Number of restricted stock unit awards that vested during the period 127,084 97,115 Fair value of restricted stock unit awards that vested during the period $ 4,846 $ 4,155 Accumulated dividends paid upon vesting of restricted stock unit awards $ 501 $ 313 Compensation expense recognized during the period $ 2,080 $ 2,150 Income tax benefit recognized upon vesting of restricted stock unit awards $ 740 $ 1,745 During the six months ended June 30, 2018, the Company determined that the IRR reached for the restricted stock units granted in February 2016 was 7.2%, compared to a target IRR of 8.0%. The Company recorded a reduction in compensation expense of $69 during the six months ended June 30, 2018 to reflect the revised number of shares expected to vest in February 2020 for the 2016 restricted stock unit grant. As of June 30, 2018, the estimated remaining unrecognized compensation expense related to the outstanding restricted stock unit awards was $9,854. The weighted average period over which this remaining compensation expense will be recognized is approximately two years. As of June 30, 2018, the Company had restricted stock units outstanding that represented a total of 594,266 hypothetical shares of common stock, net of actual cumulative forfeitures of 18,667 units, assuming an IRR of 7.2% was achieved for the 2016 grants and the maximum IRR level is achieved for all other grants outstanding. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 10. Goodwill and Other Intangible Assets The Company’s goodwill was as follows: U.S. Operating Segment International Operating Segment Total Balance at January 1, 2018 (1) $ 1,174,041 $ 110,038 $ 1,284,079 Acquisition of theatres in Brazil (2) — 11,508 11,508 Foreign currency translation adjustments — (14,417 ) (14,417 ) Balance at June 30, 2018 (1) $ 1,174,041 $ 107,129 $ 1,281,170 (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) Amount represents preliminary purchase price allocation for theatres acquired in Brazil. The Company evaluates goodwill for impairment annually during the fourth quarter or whenever events or changes in circumstances indicate the carrying value of the goodwill may not be fully recoverable. The Company evaluates goodwill for impairment at the reporting unit level and has allocated goodwill to the reporting unit based on an estimate of its relative fair value. Management considers the reporting unit to be each of its nineteen regions in the U.S. and seven countries internationally with Honduras, El Salvador, Nicaragua, Costa Rica, Panama and Guatemala considered one reporting unit (the Company does not have goodwill recorded for all of its international locations). For the year ended December 31, 2017, the Company performed a quantitative goodwill impairment assessment on all reporting units, in accordance with ASC Topic 350-20-35. No events or changes in circumstances occurred during the six months ended June 30, 2018 that indicated the carrying value of goodwill might exceed its estimated fair value. Intangible assets consisted of the following: Balance at Balance at January 1, June 30, 2018 Additions (1) Amortization Other (2) 2018 Intangible assets with finite lives: Gross carrying amount $ 105,895 $ — $ — $ (1,645 ) $ 104,250 Accumulated amortization (68,869 ) ― (2,932 ) ― (71,801 ) Total net intangible assets with finite lives $ 37,026 $ — $ (2,932 ) $ (1,645 ) $ 32,449 Intangible assets with indefinite lives: Tradename and other 299,735 608 ― (286 ) 300,057 Total intangible assets — net $ 336,761 $ 608 $ (2,932 ) $ (1,931 ) $ 332,506 (1) Amount represents the acquisition of tradeable liquor licenses. (2) Amount represents foreign currency translation adjustments. For the year ended December 31, 2017, the Company performed a quantitative assessment for all definite and indefinite-lived tradename assets. No events or changes in circumstances occurred during the six months ended June 30, 2018 that indicated the carrying value of its tradename assets might exceed their estimated fair values. Estimated aggregate future amortization expense for intangible assets is as follows: For the six months ended December 31, 2018 $ 2,661 For the twelve months ended December 31, 2019 5,152 For the twelve months ended December 31, 2020 5,310 For the twelve months ended December 31, 2021 3,574 For the twelve months ended December 31, 2022 3,207 Thereafter 12,545 Total $ 32,449 |
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets | 6 Months Ended |
Jun. 30, 2018 | |
Impairment Or Disposal Of Tangible Assets Disclosure [Abstract] | |
Impairment of Long-Lived Assets | 11. Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment indicators on a quarterly basis or whenever events or changes in circumstances indicate the carrying amount of the assets may not be fully recoverable. See discussion of the Company’s long-lived asset impairment evaluation process in Note 1 to the Company’s financial statements as included in its 2017 Annual Report on Form 10-K. As noted in the discussion, fair value is determined based on a multiple of cash flows, which was six and a half times for the evaluations performed during the six months ended June 30, 2018 and 2017. As of June 30, 2018, the estimated aggregate fair value of the long-lived assets impaired during the six months ended June 30, 2018 was $871. 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. Below is a summary of impairment charges for the periods presented: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 U.S. theatre properties $ 1,187 $ 84 $ 1,778 $ 357 International theatre properties 1,601 4,217 1,601 4,217 Impairment of long-lived assets $ 2,788 $ 4,301 $ 3,379 $ 4,574 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 12. Fair Value Measurements The Company determines fair value measurements in accordance with 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 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. The Company did not have any assets or liabilities measured at fair value on a recurring basis under ASC Topic 820 as of December 31, 2017 or June 30, 2018. The Company uses the market approach for fair value measurements on a nonrecurring basis in the impairment evaluations of its long-lived assets (see Note 10 and Note 11). See additional explanation of fair value measurement techniques used for long-lived assets, goodwill and intangible assets in “Critical Accounting Policies” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, filed February 23, 2018. There were no changes in valuation techniques and there were no transfers in or out of Level 1, Level 2 or Level 3 during the six months ended June 30, 2018. |
Foreign Currency Translation
Foreign Currency Translation | 6 Months Ended |
Jun. 30, 2018 | |
Foreign Currency [Abstract] | |
Foreign Currency Translation | 13. Foreign Currency Translation The accumulated other comprehensive loss account in stockholders’ equity of $309,306 and $253,282 as of June 30, 2018 and December 31, 2017, respectively, primarily includes cumulative foreign currency adjustments of $309,609 and $253,565, respectively, from translating the financial statements of the Company’s international subsidiaries. As of June 30, 2018, 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. A highly inflationary economy is defined as an economy with a cumulative inflation rate of approximately 100 percent or more over a three-year period. If a country’s economy is classified as highly inflationary, the financial statements of the foreign entity operating in that country must be remeasured to the functional currency of the reporting entity. There has been a steady devaluation of the Argentine peso relative to the U.S. dollar in recent years. As of June 30, 2018, the Company did not designate Argentina as highly inflationary for accounting purposes. However, the Company has determined that Argentina will be deemed highly inflationary beginning July 1, 2018. The financial information of the Company’s Argentina subsidiaries will be remeasured in U.S. dollars in accordance with ASC Topic 830, Foreign Currency Matters Below is a summary of the impact of translating the June 30, 2018 financial statements of the Company’s international subsidiaries: Other Comprehensive Income (Loss) for the Exchange Rate as of Six Months Ended Country June 30, 2018 December 31, 2017 June 30, 2018 Brazil 3.88 3.31 $ (34,511 ) Argentina 28.94 18.65 (16,896 ) Peru 3.28 3.24 (580 ) Chile 654.28 615.97 (4,372 ) All other 315 $ (56,044 ) |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | 14. Supplemental Cash Flow Information The following is provided as supplemental information to the condensed consolidated statements of cash flows: Six Months Ended June 30, 2018 2017 Cash paid for interest $ 51,562 $ 49,603 Cash paid for income taxes, net of refunds received $ 28,477 $ 55,371 Noncash investing and financing activities: Change in accounts payable and accrued expenses for the acquisition of theatre properties and equipment (1) $ 2,898 $ (4,959 ) Theatre properties acquired under capital lease $ 4,035 $ 7,089 Interest expense - NCM (see Note 3) $ (9,892 ) $ — Investment in NCM – receipt of common units (see Note 7) $ 5,012 $ 18,363 Dividends accrued on unvested restricted stock unit awards $ (271 ) $ (288 ) (1) Additions to theatre properties and equipment included in accounts payable as of June 30, 2018 and December 31, 2017 were $34,174 and $31,276, respectively. |
Segments
Segments | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Segments | 15. Segments The Company manages its international market and its U.S. market as separate reportable operating segments, with the international segment consisting of operations in Brazil, Argentina, Chile, Colombia, Peru, Ecuador, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Bolivia, Curacao and Paraguay. Each segment’s revenue is derived from admissions and concession sales and other ancillary revenues. The Company uses Adjusted EBITDA, as shown in the reconciliation table below, as the primary measure of segment profit and loss to evaluate performance and allocate its resources. The Company does not report total assets by segment because that information is not used to evaluate the performance of or allocate resources between segments. Below is a breakdown of selected financial information by reportable operating segment: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Revenues U.S. $ 712,483 $ 554,929 $ 1,312,128 $ 1,136,138 International 179,979 199,926 363,607 401,994 Eliminations (3,409 ) (3,660 ) (6,711 ) (7,327 ) Total revenues $ 889,053 $ 751,195 $ 1,669,024 $ 1,530,805 Adjusted EBITDA U.S. $ 188,411 $ 129,394 $ 344,255 $ 294,048 International 33,192 41,285 70,778 88,511 Total Adjusted EBITDA $ 221,603 $ 170,679 $ 415,033 $ 382,559 Capital expenditures U.S. $ 59,675 $ 77,175 $ 129,646 $ 155,992 International 22,751 14,438 32,943 26,808 Total capital expenditures $ 82,426 $ 91,613 $ 162,589 $ 182,800 The following table sets forth a reconciliation of net income to Adjusted EBITDA: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Net income $ 82,464 $ 51,810 $ 144,641 $ 132,004 Add (deduct): Income taxes 18,326 29,445 43,423 73,845 Interest expense (1) 28,466 26,522 55,581 52,891 Other (income) expense (2) 836 (7,030 ) (6,437 ) (20,012 ) Loss on debt amendments — 246 1,484 246 Other cash distributions from equity investees (3) 3,932 2,870 16,255 14,919 Depreciation and amortization 64,290 59,137 128,685 116,493 Impairment of long-lived assets 2,788 4,301 3,379 4,574 Loss on disposal of assets and other 16,901 54 20,840 888 Deferred lease expenses (449 ) (375 ) (932 ) (722 ) Amortization of long-term prepaid rents 597 496 1,236 989 Share based awards compensation expense 3,452 3,203 6,878 6,444 Adjusted EBITDA (4) $ 221,603 $ 170,679 $ 415,033 $ 382,559 (1) Includes amortization of debt issue costs. (2) Includes interest income, foreign currency exchange gain (loss), equity in income of affiliates and interest expense - NCM and excludes distributions from NCM. (3) Includes cash distributions received from equity investees that were recorded as a reduction of the respective investment balances (see Notes 7 and 8). These distributions are reported entirely within the U.S. operating segment. (4) The adoption of ASC Topic 606 impacted how the Company records certain revenues. See Note 3 for discussion of the impact of ASC Topic 606. Financial Information About Geographic Areas Below is a breakdown of selected financial information by geographic area: Three Months Ended Six Months Ended June 30, June 30, Revenues 2018 2017 2018 2017 U.S. $ 712,483 $ 554,929 $ 1,312,128 $ 1,136,138 Brazil 72,977 87,841 153,113 182,540 Other international countries 107,002 112,085 210,494 219,454 Eliminations (3,409 ) (3,660 ) (6,711 ) (7,327 ) Total $ 889,053 $ 751,195 $ 1,669,024 $ 1,530,805 As of As of Theatre Properties and Equipment-net June 30, 2018 December 31, 2017 U.S. $ 1,465,915 $ 1,439,168 Brazil 146,467 179,669 Other international countries 205,355 209,217 Total $ 1,817,737 $ 1,828,054 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 16. Related Party Transactions The Company manages theatres for Laredo Theatre, Ltd. (“Laredo”). The Company is the sole general partner and owns 75% of the limited partnership interests of Laredo. Lone Star Theatres, Inc. owns the remaining 25% of the limited partnership interests in Laredo and is 100% owned by Mr. David Roberts, Lee Roy Mitchell’s son-in-law. Lee Roy Mitchell is the Company’s Chairman of the Board of Directors and directly and indirectly owns approximately 8% 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 $327 and $305 of management fee revenues during the six months ended June 30, 2018 and 2017, respectively. All such amounts are included in the Company’s condensed consolidated financial statements with the intercompany amounts eliminated in consolidation. The Company has an Aircraft Time Sharing Agreement with Copper Beech Capital, LLC (“Copper Beech”) to use, on occasion, a private aircraft owned by Copper Beech. Copper Beech 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 for 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 six months ended June 30, 2018 and 2017, the aggregate amounts paid to Copper Beech for the use of the aircraft was $51 and $63, respectively. The Company leases 14 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 15 leases, 14 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 six months ended June 30, 2018 and 2017, the Company paid total rent of approximately $12,980 and $13,420, respectively, to Syufy. The Company has a 50% voting interest in FE Concepts, a joint venture with AWSR, an entity owned by Lee Roy Mitchell and Tandy Mitchell. FE Concepts will develop and operate a family entertainment center that offers bowling, gaming, movies and other amenities. See Note 8 for further discussion. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 17. Commitments and Contingencies Joseph Amey, et al. v. Cinemark USA, Inc., Case No. 3:13cv05669, In the United States District Court for the Northern District of California, San Francisco Division. The case presents putative class action claims for penalties and attorney's fees arising from alleged violations of the California wage statement law. The claim is also asserted as a representative action under the California Private Attorney General Act (PAGA) for penalties. The company denies the claims, denies that class certification is appropriate, denies that the plaintiff has standing to assert the claims alleged and is vigorously defending against the claims. The company denies any violation of law and plans to vigorously defend against all claims. The parties are awaiting the Court's ruling on Plaintiff's motion for class certification. The Company is unable to predict the outcome of this litigation or the range of potential loss. Flagship Theatres of Palm Desert, LLC d/b/a Cinemas Palme D’Or v. Century Theatres, Inc., and Cinemark USA, Inc.; Superior Court of the State of California, County of Los Angeles. Plaintiff in this case alleges that the Company violated California antitrust and unfair competition laws by engaging in “circuit dealing” with various motion picture distributors and tortuously interfered with Plaintiff’s business relationships. Plaintiff seeks compensatory damages, trebling of those damages under California law, punitive damages, injunctive relief, attorneys’ fees, costs and interest. Plaintiff also alleges that the Company’s conduct ultimately resulted in closure of its theatre in June 2016. The Company denied the allegations. In 2008, the Company moved for summary judgment on Plaintiff’s claims, arguing primarily that clearances between the theatres at issue were lawful and that Plaintiff lacked proof sufficient to support certain technical elements of its antitrust claims. The trial court granted that motion and dismissed Plaintiff’s claims. Plaintiff appealed and, in 2011, the Court of Appeal reversed, holding, among other things, that Plaintiff’s claims were not about the illegality of clearances but were focused, instead, on “circuit dealing.” Having re-framed the claims in that manner, the Court of Appeal held that the trial court’s decision to limit discovery to the market where the theatres at issue operated was an error, as “circuit dealing” necessarily involves activities in different markets. Upon return to the trial court, the parties engaged in additional, broadened discovery related to Plaintiff’s “circuit dealing” claim. Thereafter, the Company moved again for summary judgment on all of Plaintiff’s claims. That new motion for summary judgment was pending when, on or about April 11, 2014, the trial court granted the Company’s motion for terminating sanctions and entered a judgment dismissing the case with prejudice. Plaintiff then appealed that second dismissal, seeking to have the judgment reversed and the case remanded to the trial court. The Court of Appeal issued a ruling on May 24, 2016, reversing the granting of terminating sanctions and instead imposed a lesser evidentiary and damages preclusion sanction. The case returned to the trial court on October 6, 2016. On May 10, 2018, after a five-week jury trial, the jury found no liability on one circuit dealing claim and awarded Plaintiff damages on the other claim, which are tripled for antitrust damage awards. Plaintiff would also be entitled to certain court costs and to seek at least some portion of its attorney’s fees. During the three and six months ended June 30, 2018, the Company recorded a litigation reserve based on an estimate of the jury award, which is reflected in loss on disposal of assets and other on the condensed consolidated income statement. The Company has filed a motion for a judgment notwithstanding the verdict and a motion for a new trial. Depending on the ruling on these motions, the Company intends to appeal any final judgment. Although the Company denies that it engaged in any form of circuit dealing, it cannot predict the outcome of its pending motions or future appeals. 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 various other legal proceedings arising from the ordinary course of its business operations, such as personal injury claims, employment matters, landlord-tenant disputes, patent claims and contractual disputes, some of which are covered by insurance. The Company believes its potential liability with respect to proceedings currently pending is not material, individually or in the aggregate, to the Company’s financial position, results of operations and cash flows. |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Event | 18. Subsequent Event – Acquisition of common units of NCM On July 5, 2018 the Company acquired 10,738,740 common units of NCM from AMC for $78,400 in cash, or approximately $7.30 per common unit. As a result of the acquisition of these shares, the Company’s ownership of NCM increased from approximately 18% to 25%. The amount paid for the additional common units will be recorded as an increase in the Company’s investment in NCM. See Note 7 for further discussion of the accounting for the Company’s investment in NCM. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |
Summary of Revenues Disaggregated Based on Type of Good Or Service By Reportable Operating Segment and On Timing of Revenue Recognition | The following table presents revenues for the three and six months ended June 30, 2018, disaggregated based on major type of good or service and by reportable operating segment. Three Months Ended Six Months Ended June 30, 2018 June 30, 2018 U.S. International U.S. International Operating Operating Operating Operating Major Goods/Services Segment (1) Segment Consolidated Segment (1) Segment Consolidated Admissions revenues $ 408,863 $ 100,007 $ 508,870 $ 758,215 $ 203,279 $ 961,494 Concession revenues 249,618 55,688 305,306 453,368 113,710 567,078 Screen advertising and promotional revenues 21,051 15,446 36,497 39,230 29,715 68,945 Other revenues 29,542 8,838 38,380 54,604 16,903 71,507 Total revenues $ 709,074 $ 179,979 $ 889,053 $ 1,305,417 $ 363,607 $ 1,669,024 (1) U.S. segment revenues include eliminations of intercompany transactions with the international operating segment. See Note 15 for additional information on intercompany eliminations. The following table presents revenues for the three and six months ended June 30, 2018, disaggregated based on timing of revenue recognition (see Revenue Recognition Policy Three Months Ended Six Months Ended June 30, 2018 June 30, 2018 U.S. International U.S. International Operating Operating Operating Operating Segment (1) Segment Consolidated Segment (1) Segment Consolidated Goods and services transferred at a point in time $ 686,463 $ 161,350 $ 847,813 $ 1,262,289 $ 327,499 $ 1,589,788 Goods and services transferred over time 22,611 18,629 41,240 43,128 36,108 79,236 Total $ 709,074 $ 179,979 $ 889,053 $ 1,305,417 $ 363,607 $ 1,669,024 (1) U.S. segment revenues include eliminations of intercompany transactions with the international operating segment. See Note 15 for additional information on intercompany eliminations. |
Changes in Deferred Revenues | The following table presents changes in the Company’s deferred revenues for the six months ended June 30, 2018. Deferred Revenues Deferred Revenue - NCM Other Deferred Revenues (1) Total Balance at January 1, 2018 $ 351,706 $ 86,498 $ 438,204 Impact of adoption of ASC Topic 606 (53,605 ) — (53,605 ) Amounts recognized as accounts receivable — 11,349 11,349 Cash received from customers in advance — 53,398 53,398 Common units received from NCM (see Note 7) 5,012 — 5,012 Revenue recognized during period (7,849 ) (64,996 ) (72,845 ) Foreign currency translation adjustments — (1,689 ) (1,689 ) Balance at June 30, 2018 $ 295,264 $ 84,560 $ 379,824 (1) Includes liabilities associated with outstanding gift cards and SuperSavers, points or rebates outstanding under the Company’s loyalty and membership programs and revenues not yet recognized for screen advertising and other promotional activities. Classified as accounts payable and accrued expenses or other long-term liabilities on the condensed consolidated balance sheet. |
Aggregate Amount of Transaction Price Allocated To Performance Obligation That Are Unsatisfied And Expected To Be Recognized | The table below summarizes the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied as of June 30, 2018 and when the Company expects to recognize this revenue. Twelve Months Ended June 30, Remaining Performance Obligations 2019 2020 2021 2022 2023 Thereafter Total Deferred revenue - NCM $ 15,831 $ 15,831 $ 15,831 $ 15,831 $ 15,831 $ 216,109 $ 295,264 Deferred revenue - other 72,053 12,039 282 186 — — 84,560 Total $ 87,884 $ 27,870 $ 16,113 $ 16,017 $ 15,831 $ 216,109 $ 379,824 |
Adoption of ASC Topic 606 | |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |
Schedule of Changes Increased (Decreased) Admissions, Concession and Other Revenue | The above noted changes increased (decreased) admissions, concession and other revenue for the three and six months ended June 30, 2018 as follows: Three Months Ended Six Months Ended June 30, 2018 June 30, 2018 Admissions revenues $ (1,898 ) $ (3,200 ) Concession revenues $ (662 ) $ (1,207 ) Other revenues $ 32,710 $ 60,169 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | The following table presents computations of basic and diluted earnings per share under the two-class method: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Numerator: Net income attributable to Cinemark Holdings, Inc. $ 82,135 $ 51,239 $ 144,156 $ 130,967 Earnings allocated to participating share-based awards (1) (465 ) (263 ) (817 ) (620 ) Net income attributable to common stockholders $ 81,670 $ 50,976 $ 143,339 $ 130,347 Denominator (shares in thousands): Basic weighted average common stock outstanding 116,091 115,785 115,988 115,707 Common equivalent shares for restricted stock units 177 287 250 313 Diluted 116,268 116,072 116,238 116,020 Basic earnings per share attributable to common stockholders $ 0.70 $ 0.44 $ 1.23 $ 1.12 Diluted earnings per share attributable to common stockholders $ 0.70 $ 0.44 $ 1.23 $ 1.12 (1) For the three months ended June 30, 2018 and 2017, a weighted average of approximately 676 and 605 shares of unvested restricted stock, respectively, were considered participating securities. For the six months ended June 30, 2018 and 2017, a weighted average of approximately 663 and 552 shares of restricted stock, respectively, were considered participating securities. |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Summary of Changes in Stockholders' Equity | Below is a summary of changes in stockholders’ equity attributable to Cinemark Holdings, Inc., noncontrolling interests and total equity for the six months ended June 30, 2018 and 2017: Cinemark Holdings, Inc. Stockholders’ Noncontrolling Total Equity Interests Equity Balance at January 1, 2018 $ 1,393,795 $ 11,893 $ 1,405,688 Cumulative effect of change in accounting principle, net of taxes of $13,079 (see Note 3) 40,526 — 40,526 Share based awards compensation expense 6,878 — 6,878 Stock withholdings related to share based awards that vested during the six months ended June 30, 2018 (2,905 ) — (2,905 ) Dividends paid to stockholders (1) (74,723 ) — (74,723 ) Dividends accrued on unvested restricted stock unit awards (1) (271 ) — (271 ) Net income 144,156 485 144,641 Other comprehensive income in equity method investees 20 — 20 Foreign currency translation adjustments (56,044 ) — (56,044 ) Balance at June 30, 2018 $ 1,451,432 $ 12,378 $ 1,463,810 (1) The Company’s board of directors declared a cash dividend for the fourth quarter of 2017 in the amount of $0.32 per share of common stock payable to stockholders of record on March 8, 2018. The dividend was paid on March 22, 2018. The Company’s board of directors declared a cash dividend for the first quarter of 2018 in the amount of $0.32 per share of common stock payable to stockholders of record on June 8, 2018. The dividend was paid on June 22, 2018. Cinemark Holdings, Inc. Stockholders’ Noncontrolling Total Equity Interests Equity Balance at January 1, 2017 $ 1,261,818 $ 11,142 $ 1,272,960 Share based awards compensation expense 6,444 ― 6,444 Stock withholdings related to share based awards that vested during the six months ended June 30, 2017 (2,921 ) ― (2,921 ) Dividends paid to stockholders (2) (67,528 ) ― (67,528 ) Dividends accrued on unvested restricted stock unit awards (2) (288 ) ― (288 ) Dividends paid to noncontrolling interests ― (294 ) (294 ) Net income 130,967 1,037 132,004 Other comprehensive income in equity method investees 103 ― 103 Foreign currency translation adjustments (5,059 ) ― (5,059 ) Balance at June 30, 2017 $ 1,323,536 $ 11,885 $ 1,335,421 (2) The Company’s board of directors declared a cash dividend for the fourth quarter of 2016 in the amount of $0.29 per share of common stock payable to stockholders of record on March 8, 2017. The dividend was paid on March 20, 2017. The Company’s board of directors declared a cash dividend for the first quarter of 2017 in the amount of $0.29 per share of common stock payable to stockholders of record on June 8, 2017. The dividend was paid on June 22, 2017. |
Investment in National CineMe28
Investment in National CineMedia (Tables) - NCM | 6 Months Ended |
Jun. 30, 2018 | |
Summary of Activity With Equity Investee Included in the Company's Condensed Consolidated Financial Statements | Below is a summary of activity with NCM included in the Company’s condensed consolidated financial statements: Investment in NCM Deferred Revenue Distributions from NCM Equity in Earnings Other Revenue Interest Expense - NCM (3) Cash Received Balance as of January 1, 2018 $ 200,550 $ (351,706 ) Impact of adoption of ASC Topic 606 (1) — 53,605 $ — $ — $ — $ — $ — Receipt of common units due to annual common unit adjustment ("CUA") 5,012 (5,012 ) — — — — — Revenues earned under ESA (2) (3) — — — — (16,074 ) 9,892 6,182 Receipt of excess cash distributions (8,760 ) — (7,735 ) — — — 16,495 Receipt under tax receivable agreement (2,294 ) — (2,047 ) — — — 4,341 Equity in earnings 4,511 — — (4,511 ) — — — Amortization of deferred revenue — 7,849 — — (7,849 ) — — Balance as of and for the six months ended June 30, 2018 $ 199,019 $ (295,264 ) $ (9,782 ) $ (4,511 ) $ (23,923 ) $ 9,892 $ 27,018 (1) As a result of adoption of ASC Topic 606, the Company determined that the deferred revenue associated with the ESA and Common Unit Adjustment agreement should be amortized on a straight-line basis versus the units of revenue method followed prior to adoption. The Company recorded a reduction in the deferred revenue balance and a cumulative effect of a change in accounting principle in retained earnings (see also Note 6). See Note 3 for further discussion of the impact of the adoption of ASC Topic 606. (2) Amount includes the per patron and per digital screen theatre access fees due to the Company, net of amounts paid to NCM for on-screen advertising time provided to the Company’s beverage concessionaire of approximately $6,227. (3) Reflects impact of significant financing component related to amounts received in advance under the ESA and CUA agreements. See Note 3. |
Summary Financial Information | Below is summary financial information for NCM for the periods indicated: Three Six Months Ended June 28, 2018 June 29, 2017 June 28, 2018 June 29, 2017 Gross revenues $ 113,700 $ 97,100 $ 193,900 $ 169,000 Operating income $ 40,100 $ 28,300 $ 51,100 $ 33,400 Net income $ 25,000 $ 15,400 $ 22,000 $ 7,500 As of As of June 28, 2018 December 28, 2017 Current assets $ 142,800 $ 174,400 Noncurrent assets $ 758,800 $ 758,300 Current liabilities $ 84,800 $ 123,300 Noncurrent liabilities $ 943,500 $ 925,400 Members deficit $ (126,700 ) $ (116,000 ) |
Other Investments (Tables)
Other Investments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Summary of Activity for Each of Company's Other Investments | Below is a summary of activity for each of the Company’s other investments for the six months ended June 30, 2018: DCIP AC LLC DCDC FE Concepts Other Total Balance at January 1, 2018 $ 106,215 $ 5,916 $ 3,598 $ 104 $ 4,212 $ 120,045 Cash contributions made 739 — — 20,000 20,739 Cash distributions received (5,201 ) — — — — (5,201 ) Equity in income (loss) 9,727 408 481 (77 ) — 10,539 Equity in other comprehensive income 20 — — — — 20 Other — — (1,168 ) (104 ) 211 (1,061 ) Balance at June 30, 2018 $ 111,500 $ 6,324 $ 2,911 $ 19,923 $ 4,423 $ 145,081 |
Digital Cinema Implementation Partners | |
Summary Financial Information | Below is summary financial information for DCIP for the periods indicated: Three Months Ended Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Gross revenues $ 42,521 $ 47,095 $ 83,554 $ 92,574 Operating income $ 25,049 $ 29,393 $ 48,494 $ 57,872 Net income $ 22,169 $ 25,616 $ 43,703 $ 49,757 As of June 30, 2018 December 31, 2017 Current assets $ 51,546 $ 56,296 Noncurrent assets $ 725,399 $ 772,438 Current liabilities $ 63,982 $ 59,153 Noncurrent liabilities $ 213,795 $ 296,889 Members' equity $ 499,168 $ 472,692 |
Transactions with DCIP | The Company had the following transactions with DCIP, reflected in utilities and other costs on the condensed consolidated statements of income, during the three and six months ended June 30, 2018 and 2017: Three Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Equipment lease payments $ 1,243 $ 1,511 $ 2,460 $ 2,881 Warranty reimbursements from DCIP $ (2,617 ) $ (2,023 ) $ (5,118 ) $ (3,907 ) Management service fees $ 184 $ 206 $ 378 $ 412 |
Treasury Stock and Share Base30
Treasury Stock and Share Based Awards (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Summary of Treasury Stock Activity | Below is a summary of the Company’s treasury stock activity for the six months ended June 30, 2018: Number of Treasury Shares Cost Balance at January 1, 2018 4,525,870 $ 76,354 Restricted stock withholdings (1) 75,801 2,905 Restricted stock forfeitures 18,643 — Balance at June 30, 2018 4,620,314 $ 79,259 (1) The Company withheld restricted shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock and restricted stock units. The Company determined the number of shares to be withheld based upon market values ranging from $33.77 to $39.03 per share. |
Summary of Restricted Stock Activity | Below is a summary of restricted stock activity for the six months ended June 30, 2018: Shares of Weighted Average Restricted Grant Date Stock Fair Value Outstanding at January 1, 2018 650,581 $ 35.81 Granted 321,406 $ 38.79 Vested (242,945 ) $ 31.16 Forfeited (18,643 ) $ 38.33 Outstanding at June 30, 2018 710,399 $ 38.68 Unvested restricted stock at June 30, 2018 710,399 $ 38.68 |
Summary of Restricted Stock Unit Award Activity | Below is a table summarizing the potential number of shares that could vest under restricted stock unit awards granted during the six months ended June 30, 2018 Number of Shares Value at Vesting Grant at IRR of at least 7% 76,065 $ 2,967 at IRR of at least 9.5% 152,129 $ 5,934 at IRR of at least 13% 228,194 $ 8,901 |
Restricted Stock | |
Summary of Restricted Stock Award Activity | Six Months Ended June 30, 2018 2017 Compensation expense recognized during the period $ 4,798 $ 4,294 Fair value of restricted shares that vested during the period $ 7,815 $ 8,091 Income tax benefit recognized upon vesting of restricted stock awards $ 1,751 $ 2,633 |
Restricted Stock Units (RSUs) | |
Summary of Restricted Stock Unit Award Activity | Six Months Ended June 30, 2018 2017 Number of restricted stock unit awards that vested during the period 127,084 97,115 Fair value of restricted stock unit awards that vested during the period $ 4,846 $ 4,155 Accumulated dividends paid upon vesting of restricted stock unit awards $ 501 $ 313 Compensation expense recognized during the period $ 2,080 $ 2,150 Income tax benefit recognized upon vesting of restricted stock unit awards $ 740 $ 1,745 |
Goodwill and Other Intangible31
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Goodwill | The Company’s goodwill was as follows: U.S. Operating Segment International Operating Segment Total Balance at January 1, 2018 (1) $ 1,174,041 $ 110,038 $ 1,284,079 Acquisition of theatres in Brazil (2) — 11,508 11,508 Foreign currency translation adjustments — (14,417 ) (14,417 ) Balance at June 30, 2018 (1) $ 1,174,041 $ 107,129 $ 1,281,170 (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) Amount represents preliminary purchase price allocation for theatres acquired in Brazil. |
Intangible Assets | Intangible assets consisted of the following: Balance at Balance at January 1, June 30, 2018 Additions (1) Amortization Other (2) 2018 Intangible assets with finite lives: Gross carrying amount $ 105,895 $ — $ — $ (1,645 ) $ 104,250 Accumulated amortization (68,869 ) ― (2,932 ) ― (71,801 ) Total net intangible assets with finite lives $ 37,026 $ — $ (2,932 ) $ (1,645 ) $ 32,449 Intangible assets with indefinite lives: Tradename and other 299,735 608 ― (286 ) 300,057 Total intangible assets — net $ 336,761 $ 608 $ (2,932 ) $ (1,931 ) $ 332,506 (1) Amount represents the acquisition of tradeable liquor licenses. (2) Amount represents 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 six months ended December 31, 2018 $ 2,661 For the twelve months ended December 31, 2019 5,152 For the twelve months ended December 31, 2020 5,310 For the twelve months ended December 31, 2021 3,574 For the twelve months ended December 31, 2022 3,207 Thereafter 12,545 Total $ 32,449 |
Impairment of Long-Lived Asse32
Impairment of Long-Lived Assets (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Impairment Or Disposal Of Tangible Assets Disclosure [Abstract] | |
Long-Lived Asset Impairment Charges | The long-lived asset impairment charges recorded during each of the periods presented are specific to theatres that were directly and individually impacted by increased competition, adverse changes in market demographics or adverse changes in the development or the conditions of the areas surrounding the theatre. Below is a summary of impairment charges for the periods presented: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 U.S. theatre properties $ 1,187 $ 84 $ 1,778 $ 357 International theatre properties 1,601 4,217 1,601 4,217 Impairment of long-lived assets $ 2,788 $ 4,301 $ 3,379 $ 4,574 |
Foreign Currency Translation (T
Foreign Currency Translation (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Summary of Impact of Translating Financial Statements of Company's International Subsidiaries | Below is a summary of the impact of translating the June 30, 2018 financial statements of the Company’s international subsidiaries: Other Comprehensive Income (Loss) for the Exchange Rate as of Six Months Ended Country June 30, 2018 December 31, 2017 June 30, 2018 Brazil 3.88 3.31 $ (34,511 ) Argentina 28.94 18.65 (16,896 ) Peru 3.28 3.24 (580 ) Chile 654.28 615.97 (4,372 ) All other 315 $ (56,044 ) |
Supplemental Cash Flow Inform34
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Information to Condensed Consolidated Statements of Cash Flows | The following is provided as supplemental information to the condensed consolidated statements of cash flows: Six Months Ended June 30, 2018 2017 Cash paid for interest $ 51,562 $ 49,603 Cash paid for income taxes, net of refunds received $ 28,477 $ 55,371 Noncash investing and financing activities: Change in accounts payable and accrued expenses for the acquisition of theatre properties and equipment (1) $ 2,898 $ (4,959 ) Theatre properties acquired under capital lease $ 4,035 $ 7,089 Interest expense - NCM (see Note 3) $ (9,892 ) $ — Investment in NCM – receipt of common units (see Note 7) $ 5,012 $ 18,363 Dividends accrued on unvested restricted stock unit awards $ (271 ) $ (288 ) (1) Additions to theatre properties and equipment included in accounts payable as of June 30, 2018 and December 31, 2017 were $34,174 and $31,276, respectively. |
Segments (Tables)
Segments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Selected Financial Information by Reportable Operating Segment | Below is a breakdown of selected financial information by reportable operating segment: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Revenues U.S. $ 712,483 $ 554,929 $ 1,312,128 $ 1,136,138 International 179,979 199,926 363,607 401,994 Eliminations (3,409 ) (3,660 ) (6,711 ) (7,327 ) Total revenues $ 889,053 $ 751,195 $ 1,669,024 $ 1,530,805 Adjusted EBITDA U.S. $ 188,411 $ 129,394 $ 344,255 $ 294,048 International 33,192 41,285 70,778 88,511 Total Adjusted EBITDA $ 221,603 $ 170,679 $ 415,033 $ 382,559 Capital expenditures U.S. $ 59,675 $ 77,175 $ 129,646 $ 155,992 International 22,751 14,438 32,943 26,808 Total capital expenditures $ 82,426 $ 91,613 $ 162,589 $ 182,800 |
Reconciliation of Net Income to Adjusted EBITDA | The following table sets forth a reconciliation of net income to Adjusted EBITDA: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Net income $ 82,464 $ 51,810 $ 144,641 $ 132,004 Add (deduct): Income taxes 18,326 29,445 43,423 73,845 Interest expense (1) 28,466 26,522 55,581 52,891 Other (income) expense (2) 836 (7,030 ) (6,437 ) (20,012 ) Loss on debt amendments — 246 1,484 246 Other cash distributions from equity investees (3) 3,932 2,870 16,255 14,919 Depreciation and amortization 64,290 59,137 128,685 116,493 Impairment of long-lived assets 2,788 4,301 3,379 4,574 Loss on disposal of assets and other 16,901 54 20,840 888 Deferred lease expenses (449 ) (375 ) (932 ) (722 ) Amortization of long-term prepaid rents 597 496 1,236 989 Share based awards compensation expense 3,452 3,203 6,878 6,444 Adjusted EBITDA (4) $ 221,603 $ 170,679 $ 415,033 $ 382,559 (1) Includes amortization of debt issue costs. (2) Includes interest income, foreign currency exchange gain (loss), equity in income of affiliates and interest expense - NCM and excludes distributions from NCM. (3) Includes cash distributions received from equity investees that were recorded as a reduction of the respective investment balances (see Notes 7 and 8). These distributions are reported entirely within the U.S. operating segment. (4) The adoption of ASC Topic 606 impacted how the Company records certain revenues. See Note 3 for discussion of the impact of ASC Topic 606. |
Selected Financial Information by Geographic Area | Below is a breakdown of selected financial information by geographic area: Three Months Ended Six Months Ended June 30, June 30, Revenues 2018 2017 2018 2017 U.S. $ 712,483 $ 554,929 $ 1,312,128 $ 1,136,138 Brazil 72,977 87,841 153,113 182,540 Other international countries 107,002 112,085 210,494 219,454 Eliminations (3,409 ) (3,660 ) (6,711 ) (7,327 ) Total $ 889,053 $ 751,195 $ 1,669,024 $ 1,530,805 As of As of Theatre Properties and Equipment-net June 30, 2018 December 31, 2017 U.S. $ 1,465,915 $ 1,439,168 Brazil 146,467 179,669 Other international countries 205,355 209,217 Total $ 1,817,737 $ 1,828,054 |
The Company and Basis of Pres36
The Company and Basis of Presentation - Additional Information (Detail) | Jun. 30, 2018 |
Minimum | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Equity method investment, ownership percentage | 20.00% |
Maximum | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Equity method investment, ownership percentage | 50.00% |
Cost method investment, ownership Percentage | 20.00% |
New Accounting Pronouncements -
New Accounting Pronouncements - Additional Information (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
ASU 2016-15 | Reclassified from Operating Activities to Financing Activities | June 2017 Amendment of Senior Secured Credit Facility | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Cash paid | $ 246 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2018 | Jan. 01, 2018 | |
Revenue Recognition [Line Items] | |||
Cumulative effect of accounting change adjustment net of taxes, in retained earnings | $ 40,526,000 | ||
Receivables related to contracts with customers | $ 48,631,000 | $ 48,631,000 | |
Assets related to costs to obtain or fulfill contract with customers | 0 | 0 | |
NCM | |||
Revenue Recognition [Line Items] | |||
Remaining performance obligations | 174,000,000 | $ 174,000,000 | |
Deferred revenue amortization year and month | 2037-02 | ||
Recognized incremental screen advertising revenue and offsetting interest expense | $ 4,913,000 | $ 9,892,000 | |
NCM | Minimum | |||
Revenue Recognition [Line Items] | |||
Percentage of incremental borrowing rates | 5.50% | 5.50% | |
NCM | Maximum | |||
Revenue Recognition [Line Items] | |||
Percentage of incremental borrowing rates | 8.00% | 8.00% |
Schedule of Changes Increased (
Schedule of Changes Increased (Decreased) Admissions, Concession and Other Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Increase Decrease in Revenues ASU 2014-09 Transition [Line Items] | ||||
Revenues | $ 889,053 | $ 751,195 | $ 1,669,024 | $ 1,530,805 |
Admissions Revenues | ||||
Increase Decrease in Revenues ASU 2014-09 Transition [Line Items] | ||||
Revenues | 508,870 | 961,494 | ||
Admissions Revenues | Adoption of ASC Topic 606 | Adjustments due to Adoption of ASC Topic 606 | ||||
Increase Decrease in Revenues ASU 2014-09 Transition [Line Items] | ||||
Revenues | (1,898) | (3,200) | ||
Concession Revenues | ||||
Increase Decrease in Revenues ASU 2014-09 Transition [Line Items] | ||||
Revenues | 305,306 | $ 262,322 | 567,078 | $ 530,546 |
Concession Revenues | Adoption of ASC Topic 606 | Adjustments due to Adoption of ASC Topic 606 | ||||
Increase Decrease in Revenues ASU 2014-09 Transition [Line Items] | ||||
Revenues | (662) | (1,207) | ||
Other Revenues | ||||
Increase Decrease in Revenues ASU 2014-09 Transition [Line Items] | ||||
Revenues | 38,380 | 71,507 | ||
Other Revenues | Adoption of ASC Topic 606 | Adjustments due to Adoption of ASC Topic 606 | ||||
Increase Decrease in Revenues ASU 2014-09 Transition [Line Items] | ||||
Revenues | $ 32,710 | $ 60,169 |
Summary of Revenues Disaggregat
Summary of Revenues Disaggregated Based on Major Type of Good or Service and by Reportable Operating Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | $ 889,053 | $ 751,195 | $ 1,669,024 | $ 1,530,805 | |
Admissions Revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 508,870 | 961,494 | |||
Concession Revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 305,306 | $ 262,322 | 567,078 | $ 530,546 | |
Screen Advertising and Promotional Revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 36,497 | 68,945 | |||
Other Revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 38,380 | 71,507 | |||
U.S. Operating Segment | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [1] | 709,074 | 1,305,417 | ||
U.S. Operating Segment | Admissions Revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [1] | 408,863 | 758,215 | ||
U.S. Operating Segment | Concession Revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [1] | 249,618 | 453,368 | ||
U.S. Operating Segment | Screen Advertising and Promotional Revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [1] | 21,051 | 39,230 | ||
U.S. Operating Segment | Other Revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [1] | 29,542 | 54,604 | ||
International Operating Segment | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 179,979 | 363,607 | |||
International Operating Segment | Admissions Revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 100,007 | 203,279 | |||
International Operating Segment | Concession Revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 55,688 | 113,710 | |||
International Operating Segment | Screen Advertising and Promotional Revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 15,446 | 29,715 | |||
International Operating Segment | Other Revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | $ 8,838 | $ 16,903 | |||
[1] | U.S. segment revenues include eliminations of intercompany transactions with the international operating segment. See Note 15 for additional information on intercompany eliminations. |
Summary of Revenues Disaggreg41
Summary of Revenues Disaggregated Based on Timing of Revenue Recognition (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | $ 889,053 | $ 751,195 | $ 1,669,024 | $ 1,530,805 | |
U.S. Operating Segment | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [1] | 709,074 | 1,305,417 | ||
International Operating Segment | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 179,979 | 363,607 | |||
Goods and Services Transferred at a Point in Time | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 847,813 | 1,589,788 | |||
Goods and Services Transferred at a Point in Time | U.S. Operating Segment | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [1] | 686,463 | 1,262,289 | ||
Goods and Services Transferred at a Point in Time | International Operating Segment | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 161,350 | 327,499 | |||
Goods and Services Transferred Over Time | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 41,240 | 79,236 | |||
Goods and Services Transferred Over Time | U.S. Operating Segment | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [1] | 22,611 | 43,128 | ||
Goods and Services Transferred Over Time | International Operating Segment | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | $ 18,629 | $ 36,108 | |||
[1] | U.S. segment revenues include eliminations of intercompany transactions with the international operating segment. See Note 15 for additional information on intercompany eliminations. |
Changes in Deferred Revenues (D
Changes in Deferred Revenues (Detail) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018USD ($) | ||
Change in Contract with Customer Liability [Line Items] | ||
Balance at January 1, 2018 | $ 438,204 | |
Amounts recognized as accounts receivable | 11,349 | |
Cash received from customers in advance | 53,398 | |
Common units received from NCM (see Note 7) | 5,012 | |
Revenue recognized during period | (72,845) | |
Foreign currency translation adjustments | (1,689) | |
Balance at June 30, 2018 | 379,824 | |
Adoption of ASC Topic 606 | ||
Change in Contract with Customer Liability [Line Items] | ||
Impact of adoption of ASC Topic 606 | (53,605) | |
Deferred Revenue | ||
Change in Contract with Customer Liability [Line Items] | ||
Common units received from NCM (see Note 7) | (5,012) | |
Deferred Revenue | NCM | ||
Change in Contract with Customer Liability [Line Items] | ||
Balance at January 1, 2018 | 351,706 | |
Common units received from NCM (see Note 7) | 5,012 | |
Revenue recognized during period | (7,849) | |
Balance at June 30, 2018 | 295,264 | |
Deferred Revenue | NCM | Adoption of ASC Topic 606 | ||
Change in Contract with Customer Liability [Line Items] | ||
Impact of adoption of ASC Topic 606 | (53,605) | |
Other Deferred Revenues | ||
Change in Contract with Customer Liability [Line Items] | ||
Balance at January 1, 2018 | 86,498 | [1] |
Amounts recognized as accounts receivable | 11,349 | [1] |
Cash received from customers in advance | 53,398 | [1] |
Revenue recognized during period | (64,996) | [1] |
Foreign currency translation adjustments | (1,689) | [1] |
Balance at June 30, 2018 | $ 84,560 | [1] |
[1] | Includes liabilities associated with outstanding gift cards and SuperSavers, points or rebates outstanding under the Company’s loyalty and membership programs and revenues not yet recognized for screen advertising and other promotional activities. Classified as accounts payable and accrued expenses or other long-term liabilities on the condensed consolidated balance sheet. |
Aggregate Amount of Transaction
Aggregate Amount of Transaction Price Allocated To Performance Obligation That Are Unsatisfied And Expected To Be Recognized (Detail) $ in Thousands | Jun. 30, 2018USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-07-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Remaining performance obligations | $ 87,884 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-07-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Remaining performance obligations | $ 27,870 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-07-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Remaining performance obligations | $ 16,113 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-07-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Remaining performance obligations | $ 16,017 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-07-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Remaining performance obligations | $ 15,831 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-07-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | |
Remaining performance obligations | $ 216,109 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: (nil) | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | 379,824 |
Deferred Revenue | NCM | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-07-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | 15,831 |
Deferred Revenue | NCM | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-07-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | 15,831 |
Deferred Revenue | NCM | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-07-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | 15,831 |
Deferred Revenue | NCM | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-07-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | 15,831 |
Deferred Revenue | NCM | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-07-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | 15,831 |
Deferred Revenue | NCM | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-07-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | 216,109 |
Deferred Revenue | NCM | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: (nil) | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | 295,264 |
Other Deferred Revenues | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-07-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | 72,053 |
Other Deferred Revenues | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-07-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | 12,039 |
Other Deferred Revenues | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-07-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | 282 |
Other Deferred Revenues | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-07-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | 186 |
Other Deferred Revenues | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: (nil) | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | $ 84,560 |
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 | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Earnings Per Share Disclosure [Line Items] | |||||
Net income attributable to Cinemark Holdings, Inc. | $ 82,135 | $ 51,239 | $ 144,156 | $ 130,967 | |
Earnings allocated to participating share-based awards | [1] | (465) | (263) | (817) | (620) |
Net income attributable to common stockholders | $ 81,670 | $ 50,976 | $ 143,339 | $ 130,347 | |
Basic weighted average common stock outstanding | 116,091 | 115,785 | 115,988 | 115,707 | |
Diluted | 116,268 | 116,072 | 116,238 | 116,020 | |
Basic earnings per share attributable to common stockholders | $ 0.70 | $ 0.44 | $ 1.23 | $ 1.12 | |
Diluted earnings per share attributable to common stockholders | $ 0.70 | $ 0.44 | $ 1.23 | $ 1.12 | |
Restricted Stock Units (RSUs) | |||||
Earnings Per Share Disclosure [Line Items] | |||||
Common equivalent shares for restricted stock units | 177 | 287 | 250 | 313 | |
[1] | For the three months ended June 30, 2018 and 2017, a weighted average of approximately 676 and 605 shares of unvested restricted stock, respectively, were considered participating securities. For the six months ended June 30, 2018 and 2017, a weighted average of approximately 663 and 552 shares of restricted stock, respectively, were considered participating securities. |
Computations of Basic and Dil45
Computations of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Weighted average shares of participating unvested restricted stock | 676 | 605 | 663 | 552 |
Long Term Debt Activity - Addit
Long Term Debt Activity - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 29, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||||
Incurred debt issue costs | $ 5,103 | $ 521 | ||
Carrying value of long-term debt | 1,813,997 | $ 1,817,295 | ||
Fair value of long-term debt | 1,800,830 | $ 1,840,918 | ||
Amended Senior Secured Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, reduction in interest rate | 0.25% | |||
Quarterly principal payments due | $ 1,649 | |||
Last quarterly payment date | Dec. 31, 2024 | |||
Final principal payment | $ 613,351 | |||
Incurred debt issue costs | 4,962 | |||
Wrote-off of unamortized debt issuance costs | 780 | |||
Loss on debt amendments | $ 704 | |||
Amended Senior Secured Credit Facility | Term Loan Credit facility | ||||
Debt Instrument [Line Items] | ||||
Final principal payment due date | Mar. 29, 2025 |
Summary of Changes in Stockhold
Summary of Changes in Stockholders Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jan. 01, 2018 | |||
Shareholders Equity [Line Items] | |||||||
Cinemark Holdings, Inc. stockholder's equity, Beginning Balance | $ 1,393,795 | ||||||
Noncontrolling Interests, Beginning balance | 11,893 | ||||||
Total Equity, Beginning Balance | 1,405,688 | $ 1,272,960 | |||||
Cumulative effect of change in accounting principle, net of taxes of $13,079 (see Note 3) | $ 40,526 | ||||||
Share based awards compensation expense | 6,878 | 6,444 | |||||
Stock withholdings related to share based awards that vested | (2,905) | (2,921) | |||||
Dividends paid to stockholders | (74,723) | [1] | (67,528) | [2] | |||
Dividends accrued on unvested restricted stock unit awards | (271) | [1] | (288) | [2] | |||
Dividends paid to noncontrolling interests | (294) | ||||||
Net income attributable to Cinemark Holdings, Inc. | $ 82,135 | $ 51,239 | 144,156 | 130,967 | |||
Net income attributable to Noncontrolling Interests | (329) | (571) | (485) | (1,037) | |||
Net income | 82,464 | 51,810 | 144,641 | 132,004 | |||
Other comprehensive income in equity method investees | (116) | (95) | 20 | 103 | |||
Foreign currency translation adjustments | (56,044) | (5,059) | |||||
Cinemark Holding, Inc. stockholder's equity, Ending Balance | 1,451,432 | 1,451,432 | |||||
Noncontrolling Interests, Ending Balance | 12,378 | 12,378 | |||||
Total Equity, Ending Balance | 1,463,810 | 1,335,421 | 1,463,810 | 1,335,421 | |||
Cinemark Holdings, Inc. Stockholders' Equity | |||||||
Shareholders Equity [Line Items] | |||||||
Cinemark Holdings, Inc. stockholder's equity, Beginning Balance | 1,393,795 | 1,261,818 | |||||
Cumulative effect of change in accounting principle, net of taxes of $13,079 (see Note 3) | 40,526 | ||||||
Share based awards compensation expense | 6,878 | 6,444 | |||||
Stock withholdings related to share based awards that vested | (2,905) | (2,921) | |||||
Dividends paid to stockholders | (74,723) | [1] | (67,528) | [2] | |||
Dividends accrued on unvested restricted stock unit awards | (271) | [1] | (288) | [2] | |||
Dividends paid to noncontrolling interests | 0 | ||||||
Net income attributable to Cinemark Holdings, Inc. | 144,156 | 130,967 | |||||
Other comprehensive income in equity method investees | 20 | 103 | |||||
Foreign currency translation adjustments | (56,044) | (5,059) | |||||
Cinemark Holding, Inc. stockholder's equity, Ending Balance | 1,451,432 | 1,323,536 | 1,451,432 | 1,323,536 | |||
Noncontrolling Interests | |||||||
Shareholders Equity [Line Items] | |||||||
Noncontrolling Interests, Beginning balance | 11,893 | 11,142 | |||||
Cumulative effect of change in accounting principle, net of taxes of $13,079 (see Note 3) | $ 0 | ||||||
Share based awards compensation expense | 0 | 0 | |||||
Stock withholdings related to share based awards that vested | 0 | 0 | |||||
Dividends paid to stockholders | 0 | [1] | 0 | [2] | |||
Dividends accrued on unvested restricted stock unit awards | 0 | [1] | 0 | [2] | |||
Dividends paid to noncontrolling interests | (294) | ||||||
Net income attributable to Noncontrolling Interests | 485 | 1,037 | |||||
Other comprehensive income in equity method investees | 0 | 0 | |||||
Foreign currency translation adjustments | 0 | 0 | |||||
Noncontrolling Interests, Ending Balance | $ 12,378 | $ 11,885 | $ 12,378 | $ 11,885 | |||
[1] | The Company’s board of directors declared a cash dividend for the fourth quarter of 2017 in the amount of $0.32 per share of common stock payable to stockholders of record on March 8, 2018. The dividend was paid on March 22, 2018. The Company’s board of directors declared a cash dividend for the first quarter of 2018 in the amount of $0.32 per share of common stock payable to stockholders of record on June 8, 2018. The dividend was paid on June 22, 2018. | ||||||
[2] | The Company’s board of directors declared a cash dividend for the fourth quarter of 2016 in the amount of $0.29 per share of common stock payable to stockholders of record on March 8, 2017. The dividend was paid on March 20, 2017. The Company’s board of directors declared a cash dividend for the first quarter of 2017 in the amount of $0.29 per share of common stock payable to stockholders of record on June 8, 2017. The dividend was paid on June 22, 2017. |
Summary of Changes in Stockho48
Summary of Changes in Stockholders Equity (Parenthetical) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Equity [Abstract] | ||||||
Cumulative effect of change in accounting principle, taxes | $ 13,079 | |||||
Amount per Share of Common Stock | $ 0.32 | $ 0.32 | $ 0.29 | $ 0.29 | $ 0.64 | $ 0.58 |
Record Date | Jun. 8, 2018 | Mar. 8, 2018 | Jun. 8, 2017 | Mar. 8, 2017 | ||
Payable Date | Jun. 22, 2018 | Mar. 22, 2018 | Jun. 22, 2017 | Mar. 20, 2017 |
Summary of Activity with NCM In
Summary of Activity with NCM Included in Company's Consolidated Financial Statements (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jan. 01, 2018 | ||
Schedule Of Equity Method Investments [Line Items] | ||||||
Impact of adoption of ASC Topic 606 | $ 40,526 | |||||
Receipt of common units due to annual common unit adjustment ("CUA") | $ 5,012 | |||||
Equity in earnings | $ 6,414 | $ 5,805 | 15,050 | $ 15,865 | ||
NCM | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Beginning Balance | 200,550 | |||||
Beginning Balance | (351,706) | |||||
Equity in earnings | 495 | $ 176 | 4,511 | $ 3,065 | ||
Ending Balance | 199,019 | 199,019 | ||||
Ending Balance | 295,264 | 295,264 | ||||
Investment In NCM | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Beginning Balance | 200,550 | |||||
Receipt of common units due to annual common unit adjustment ("CUA") | 5,012 | |||||
Receipt of excess cash distributions | (8,760) | |||||
Receipt under tax receivable agreement | (2,294) | |||||
Equity in earnings | 4,511 | |||||
Ending Balance | 199,019 | 199,019 | ||||
Deferred Revenue | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Beginning Balance | (351,706) | |||||
Impact of adoption of ASC Topic 606 | [1] | $ 53,605 | ||||
Receipt of common units due to annual common unit adjustment ("CUA") | (5,012) | |||||
Ending Balance | 295,264 | 295,264 | ||||
Deferred Revenue | NCM | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Receipt of common units due to annual common unit adjustment ("CUA") | 5,012 | |||||
Amortization of deferred revenue | 7,849 | |||||
Distributions from NCM | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Receipt of excess cash distributions | (7,735) | |||||
Receipt under tax receivable agreement | (2,047) | |||||
Ending Balance | (9,782) | (9,782) | ||||
Equity in Earnings | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Ending Balance | (4,511) | (4,511) | ||||
Equity in Earnings | NCM | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Equity in earnings | (4,511) | |||||
Other Revenues | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Revenues earned under ESA | [2],[3] | (16,074) | ||||
Ending Balance | (23,923) | (23,923) | ||||
Other Revenues | NCM | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Amortization of deferred revenue | (7,849) | |||||
Interest Expense - NCM | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Revenues earned under ESA | [2],[3] | 9,892 | ||||
Ending Balance | [3] | 9,892 | 9,892 | |||
Cash Received | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Revenues earned under ESA | [2],[3] | 6,182 | ||||
Receipt of excess cash distributions | 16,495 | |||||
Receipt under tax receivable agreement | 4,341 | |||||
Ending Balance | $ 27,018 | $ 27,018 | ||||
[1] | As a result of adoption of ASC Topic 606, the Company determined that the deferred revenue associated with the ESA and Common Unit Adjustment agreement should be amortized on a straight-line basis versus the units of revenue method followed prior to adoption. The Company recorded a reduction in the deferred revenue balance and a cumulative effect of a change in accounting principle in retained earnings (see also Note 6). See Note 3 for further discussion of the impact of the adoption of ASC Topic 606. | |||||
[2] | Amount includes the per patron and per digital screen theatre access fees due to the Company, net of amounts paid to NCM for on-screen advertising time provided to the Company’s beverage concessionaire of approximately $6,227. | |||||
[3] | Reflects impact of significant financing component related to amounts received in advance under the ESA and CUA agreements. See Note 3. |
Summary of Activity with NCM 50
Summary of Activity with NCM Included in Company's Consolidated Financial Statements (Parenthetical) (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Equity Method Investments And Joint Ventures [Abstract] | |
Company's beverage concessionaire advertising costs | $ 6,227 |
Investment in National CineMe51
Investment in National CineMedia - Additional Information (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018USD ($)$ / sharesshares | Mar. 31, 2018USD ($)shares | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)$ / sharesshares | Jun. 30, 2017USD ($) | |
Schedule Of Equity Method Investments [Line Items] | |||||
Equity in earnings | $ 6,414 | $ 5,805 | $ 15,050 | $ 15,865 | |
Number of additional common units of NCM received under common unit adjustment agreement | shares | 908,042 | ||||
Value of common units received from NCM | $ 5,012 | $ 5,012 | 18,363 | ||
Remaining term of exhibitor services agreement | 19 years | ||||
Number of common units of NCM owned by Company | shares | 28,779,904 | 28,779,904 | |||
Interest in common units of NCM owned by Company | 18.00% | 18.00% | |||
Investment In NCM | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity in earnings | $ 4,511 | ||||
Common unit convertible into share of NCMI common stock, conversion ratio | 1 | ||||
Estimated fair value of investment using NCM's stock price | $ 241,751 | $ 241,751 | |||
NCMI common stock price | $ / shares | $ 8.40 | $ 8.40 | |||
NCM | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity in earnings | $ 495 | $ 176 | $ 4,511 | 3,065 | |
Interest in common units of NCM owned by Company | 18.00% | 18.00% | |||
NCM | Theatre Properties and Equipment | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Payment for installation of certain equipment used for digital advertising | $ 60 | $ 50 |
Summary Financial Information f
Summary Financial Information for National CineMedia (Detail) - NCM - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 28, 2018 | Jun. 29, 2017 | Jun. 28, 2018 | Jun. 29, 2017 | Dec. 28, 2017 | |
Schedule Of Equity Method Investments [Line Items] | |||||
Gross revenues | $ 113,700 | $ 97,100 | $ 193,900 | $ 169,000 | |
Operating income | 40,100 | 28,300 | 51,100 | 33,400 | |
Net income | 25,000 | $ 15,400 | 22,000 | $ 7,500 | |
Current assets | 142,800 | 142,800 | $ 174,400 | ||
Noncurrent assets | 758,800 | 758,800 | 758,300 | ||
Current liabilities | 84,800 | 84,800 | 123,300 | ||
Noncurrent liabilities | 943,500 | 943,500 | 925,400 | ||
Members deficit | $ (126,700) | $ (126,700) | $ (116,000) |
Summary of Activity for Each of
Summary of Activity for Each of Company's Other Investments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Schedule Of Equity Method Investments [Line Items] | |||||
Investments, beginning balance | $ 120,045 | ||||
Cash distributions received | [1] | $ (3,932) | $ (2,870) | (16,255) | $ (14,919) |
Equity in earnings | 6,414 | 5,805 | 15,050 | 15,865 | |
Equity in other comprehensive income | (116) | $ (95) | 20 | $ 103 | |
Investments, ending balance | 145,081 | 145,081 | |||
Other Affiliates | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Investments, beginning balance | 120,045 | ||||
Cash contributions made | 20,739 | ||||
Cash distributions received | (5,201) | ||||
Equity in earnings | 10,539 | ||||
Equity in other comprehensive income | 20 | ||||
Other | (1,061) | ||||
Investments, ending balance | 145,081 | 145,081 | |||
Other Affiliates | Digital Cinema Implementation Partners | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Investments, beginning balance | 106,215 | ||||
Cash contributions made | 739 | ||||
Cash distributions received | (5,201) | ||||
Equity in earnings | 9,727 | ||||
Equity in other comprehensive income | 20 | ||||
Other | 0 | ||||
Investments, ending balance | 111,500 | 111,500 | |||
Other Affiliates | AC JV, LLC | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Investments, beginning balance | 5,916 | ||||
Cash contributions made | 0 | ||||
Cash distributions received | 0 | ||||
Equity in earnings | 408 | ||||
Equity in other comprehensive income | 0 | ||||
Other | 0 | ||||
Investments, ending balance | 6,324 | 6,324 | |||
Other Affiliates | Digital Cinema Distribution Coalition | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Investments, beginning balance | 3,598 | ||||
Cash contributions made | 0 | ||||
Cash distributions received | 0 | ||||
Equity in earnings | 481 | ||||
Equity in other comprehensive income | 0 | ||||
Other | (1,168) | ||||
Investments, ending balance | 2,911 | 2,911 | |||
Other Affiliates | FE Concepts, LLC | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Investments, beginning balance | 104 | ||||
Cash contributions made | 20,000 | ||||
Cash distributions received | 0 | ||||
Equity in earnings | (77) | ||||
Equity in other comprehensive income | 0 | ||||
Other | (104) | ||||
Investments, ending balance | 19,923 | 19,923 | |||
Other Affiliates | Other Investments | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Investments, beginning balance | 4,212 | ||||
Cash contributions made | 0 | ||||
Cash distributions received | 0 | ||||
Equity in earnings | 0 | ||||
Equity in other comprehensive income | 0 | ||||
Other | 211 | ||||
Investments, ending balance | $ 4,423 | $ 4,423 | |||
[1] | Includes cash distributions received from equity investees that were recorded as a reduction of the respective investment balances (see Notes 7 and 8). These distributions are reported entirely within the U.S. operating segment. |
Other Investments - Additional
Other Investments - Additional Information (Detail) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018USD ($)ProjectionSystem | Jun. 30, 2017USD ($) | Apr. 30, 2018USD ($) | |
Digital Cinema Implementation Partners | |||
Schedule Of Equity Method Investments [Line Items] | |||
Percentage of voting interest | 33.00% | ||
Economic interest in Digital Cinema Implementation Partners | 24.30% | ||
Number of equipment being leased under master equipment lease agreement | ProjectionSystem | 3,818 | ||
AC JV, LLC | |||
Schedule Of Equity Method Investments [Line Items] | |||
Remaining outstanding balance of note payable | $ 2,778 | ||
AC JV, LLC | Film rentals and advertising | |||
Schedule Of Equity Method Investments [Line Items] | |||
Event fees | $ 5,588 | $ 6,763 | |
Digital Cinema Distribution Coalition | |||
Schedule Of Equity Method Investments [Line Items] | |||
Percentage of voting interest | 14.60% | ||
Payments for content delivery services | $ 461 | $ 446 | |
CNMK Texas Properties, LLC | |||
Schedule Of Equity Method Investments [Line Items] | |||
Percentage of voting interest | 50.00% | ||
Investment in joint venture | $ 20,000 | ||
CNMK Texas Properties, LLC | AWSR Investments, LLC | |||
Schedule Of Equity Method Investments [Line Items] | |||
Percentage of voting interest | 50.00% | ||
Investment in joint venture | $ 20,000 |
Summary Financial Information55
Summary Financial Information for DCIP (Detail) - Other Affiliates - Digital Cinema Implementation Partners - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Schedule Of Equity Method Investments [Line Items] | |||||
Gross revenues | $ 42,521 | $ 47,095 | $ 83,554 | $ 92,574 | |
Operating income | 25,049 | 29,393 | 48,494 | 57,872 | |
Net income | 22,169 | $ 25,616 | 43,703 | $ 49,757 | |
Current assets | 51,546 | 51,546 | $ 56,296 | ||
Noncurrent assets | 725,399 | 725,399 | 772,438 | ||
Current liabilities | 63,982 | 63,982 | 59,153 | ||
Noncurrent liabilities | 213,795 | 213,795 | 296,889 | ||
Members' equity | $ 499,168 | $ 499,168 | $ 472,692 |
Transactions with DCIP (Detail)
Transactions with DCIP (Detail) - Digital Cinema Implementation Partners - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Schedule Of Equity Method Investments [Line Items] | ||||
Equipment lease payments | $ 1,243 | $ 1,511 | $ 2,460 | $ 2,881 |
Warranty reimbursements from DCIP | (2,617) | (2,023) | (5,118) | (3,907) |
Management service fees | $ 184 | $ 206 | $ 378 | $ 412 |
Summary of Treasury Stock Activ
Summary of Treasury Stock Activity (Detail) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018USD ($)shares | ||
Treasury Stock Shares [Abstract] | ||
Beginning Balance, Shares | shares | 4,525,870 | |
Restricted stock withholdings | shares | 75,801 | [1] |
Restricted stock forfeitures | shares | 18,643 | |
Ending Balance, Shares | shares | 4,620,314 | |
Beginning Balance, Cost | $ | $ 76,354 | |
Restricted stock withholdings | $ | 2,905 | [1] |
Restricted stock forfeitures | $ | 0 | |
Ending Balance, Cost | $ | $ 79,259 | |
[1] | The Company withheld restricted shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock and restricted stock units. The Company determined the number of shares to be withheld based upon market values ranging from $33.77 to $39.03 per share. |
Summary of Treasury Stock Act58
Summary of Treasury Stock Activity (Parenthetical) (Detail) | 6 Months Ended |
Jun. 30, 2018$ / shares | |
Minimum | |
Schedule of Treasury Stock [Line Items] | |
Market Value of Restricted Shares | $ 33.77 |
Maximum | |
Schedule of Treasury Stock [Line Items] | |
Market Value of Restricted Shares | $ 39.03 |
Treasury Stock and Share Base59
Treasury Stock and Share Based Awards - Additional Information (Detail) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($)$ / sharesshares | |
Restricted Stock | |
Stockholders Equity Note [Line Items] | |
Number of restricted shares | 321,406 |
Market value of common stock on the dates of grant | $ / shares | $ 38.79 |
Restricted Stock | Minimum | |
Stockholders Equity Note [Line Items] | |
Market value of common stock on the dates of grant | $ / shares | $ 35.81 |
Forfeiture rate for restricted stock awards | 0.00% |
Award vesting period for restricted stock | 1 year |
Restricted Stock | Maximum | |
Stockholders Equity Note [Line Items] | |
Market value of common stock on the dates of grant | $ / shares | $ 39.26 |
Forfeiture rate for restricted stock awards | 10.00% |
Award vesting period for restricted stock | 4 years |
Unvested Restricted Stock Awards | |
Stockholders Equity Note [Line Items] | |
Unrecognized compensation expense | $ | $ 19,408 |
Remaining Compensation Expense recognition period (in years) | 2 years |
Restricted Stock Units (RSUs) | |
Stockholders Equity Note [Line Items] | |
Unrecognized compensation expense | $ | $ 9,854 |
Remaining Compensation Expense recognition period (in years) | 2 years |
Number of hypothetical shares of common stock | 228,194 |
Share-based compensation arrangement by share-based payment award, description | The financial performance factors are based on an implied equity value concept that determines an internal rate of return (“IRR”) during the two fiscal year periods ending December 31, 2019 based on a formula utilizing a multiple of Adjusted EBITDA subject to certain adjustments as specified by the Compensation Committee prior to the grant date |
Internal rate of return, performance period | 2 years |
Percentage of IRR, which is the threshold | 7.00% |
Percentage of IRR, which is the target | 9.50% |
Percentage of IRR, which is the maximum | 13.00% |
Percentage of IRR expected | 11.00% |
Share-based compensation arrangement by share-based payment award, vesting condition | All restricted stock units granted during 2018 will vest subject to an additional two-year service requirement and will be paid in the form of common stock if the participant continues to provide services through the fourth anniversary of the grant date |
Number of hypothetical shares of common stock at maximum IRR level | 594,266 |
Actual cumulative forfeitures (in units) | 18,667 |
Restricted Stock Units (RSUs) | Stock Grants 2016 | |
Stockholders Equity Note [Line Items] | |
Percentage of IRR, which is the target | 8.00% |
Achieved Percentage of IRR | 7.20% |
Reduction in compensation expense | $ | $ 69 |
Restricted Stock Units (RSUs) | Minimum | |
Stockholders Equity Note [Line Items] | |
Market value of common stock on the dates of grant | $ / shares | $ 37.55 |
Expected forfeiture rate | 0.00% |
Restricted Stock Units (RSUs) | Maximum | |
Stockholders Equity Note [Line Items] | |
Market value of common stock on the dates of grant | $ / shares | $ 39.03 |
Expected forfeiture rate | 5.00% |
Restricted Stock Units (RSUs) | Maximum | Threshold IRR | |
Stockholders Equity Note [Line Items] | |
Vesting percentage of restricted stock units | 76,065 |
Restricted Stock Units (RSUs) | Maximum | Targeted IRR | |
Stockholders Equity Note [Line Items] | |
Vesting percentage of restricted stock units | 152,129 |
Restricted Stock Units (RSUs) | Maximum | Maximum IRR | |
Stockholders Equity Note [Line Items] | |
Vesting percentage of restricted stock units | 100.00% |
Summary of Restricted Stock Act
Summary of Restricted Stock Activity (Detail) - Restricted Stock | 6 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Shares of Restricted Stock | |
Shares of Restricted Stock, Beginning balance | shares | 650,581 |
Shares of Restricted Stock, Granted | shares | 321,406 |
Shares of Restricted Stock, Vested | shares | (242,945) |
Shares of Restricted Stock, Forfeited | shares | (18,643) |
Shares of Restricted Stock, Ending balance | shares | 710,399 |
Shares of Restricted Stock, Unvested restricted stock | shares | 710,399 |
Weighted Average Grant Date Fair Value | |
Weighted Average Grant Date Fair Value Outstanding, Beginning | $ / shares | $ 35.81 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 38.79 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 31.16 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 38.33 |
Weighted Average Grant Date Fair Value Outstanding, Ending | $ / shares | 38.68 |
Weighted Average Grant Date Fair Value, Unvested restricted stock | $ / shares | $ 38.68 |
Summary of Restricted Stock Awa
Summary of Restricted Stock Award Activity (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock unit awards that vested during the period | 242,945 | |
Fair value of restricted shares that vested during the period | $ 7,815 | $ 8,091 |
Compensation expense recognized during the period | 4,798 | 4,294 |
Income tax benefit recognized upon vesting of restricted stock awards | $ 1,751 | $ 2,633 |
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 | 127,084 | 97,115 |
Fair value of restricted shares that vested during the period | $ 4,846 | $ 4,155 |
Accumulated dividends paid upon vesting of restricted stock unit awards | 501 | 313 |
Compensation expense recognized during the period | 2,080 | 2,150 |
Income tax benefit recognized upon vesting of restricted stock awards | $ 740 | $ 1,745 |
Summary of Potential Number of
Summary of Potential Number of Shares Vesting under Restricted Stock Unit Awards (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($)shares | |
Disclosure Of Restricted Stock Unit [Abstract] | |
Number of shares vesting at IRR of at least 7% | shares | 76,065 |
Number of shares vesting at IRR of at least 9.5% | shares | 152,129 |
Number of shares vesting at IRR of at least 13% | shares | 228,194 |
Value at grant at IRR of at least 7% | $ | $ 2,967 |
Value at grant at IRR of at least 9.5% | $ | 5,934 |
Value at grant at IRR of at least 13% | $ | $ 8,901 |
Summary of Goodwill (Detail)
Summary of Goodwill (Detail) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018USD ($) | ||
Goodwill [Line Items] | ||
Beginning Balance | $ 1,284,079 | [1] |
Acquisition of theatres in Brazil | 11,508 | [2] |
Foreign currency translation adjustments | (14,417) | |
Ending Balance | 1,281,170 | [1] |
U.S. Operating Segment | ||
Goodwill [Line Items] | ||
Beginning Balance | 1,174,041 | [1] |
Ending Balance | 1,174,041 | [1] |
International Operating Segment | ||
Goodwill [Line Items] | ||
Beginning Balance | 110,038 | [1] |
Acquisition of theatres in Brazil | 11,508 | [2] |
Foreign currency translation adjustments | (14,417) | |
Ending Balance | $ 107,129 | [1] |
[1] | Balances are presented net of accumulated impairment losses of $214,031 for the U.S. operating segment and $27,622 for the international operating segment. | |
[2] | Amount represents preliminary purchase price allocation for theatres acquired in Brazil. |
Summary of Goodwill (Parentheti
Summary of Goodwill (Parenthetical) (Detail) $ in Thousands | Jun. 30, 2018USD ($) |
U.S. Operating Segment | |
Goodwill [Line Items] | |
Accumulated impairment losses | $ 214,031 |
International Operating Segment | |
Goodwill [Line Items] | |
Accumulated impairment losses | $ 27,622 |
Goodwill and Other Intangible65
Goodwill and Other Intangible Assets - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2018CommunityCountry | |
U.S. Operating Segment | |
Goodwill [Line Items] | |
Number of reporting unit | Community | 19 |
International Operating Segment | |
Goodwill [Line Items] | |
Number of reporting unit | Country | 7 |
Intangible Assets (Detail)
Intangible Assets (Detail) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018USD ($) | ||
Intangible Assets Net Excluding Goodwill [Abstract] | ||
Intangible assets with finite lives, Beginning balance | $ 105,895 | |
Other, Gross carrying amount | (1,645) | [1] |
Intangible assets with finite lives, Ending balance | 104,250 | |
Intangible assets with finite lives, Accumulated amortization, Beginning balance | (68,869) | |
Accumulated amortization additions | 0 | [2] |
Accumulated amortization | (2,932) | |
Other Accumulated Amortization of Intangible Assets | 0 | [1] |
Intangible assets with finite lives, Accumulated amortization, Ending balance | (71,801) | |
Net intangible assets with finite lives, Beginning balance | 37,026 | |
Intangible assets with finite lives, additions | 0 | [2] |
Amortization, intangible assets | (2,932) | |
Other, Finite lived intangible assets | (1,645) | [1] |
Net intangible assets with finite lives, Ending balance | 32,449 | |
Indefinite-lived Intangible Assets, Tradename and other, Beginning Balance | 299,735 | |
Indefinite lived intangible assets, additions | 608 | [2] |
Other, Tradename and other | (286) | [1] |
Indefinite-lived Intangible Assets, Tradename and other, Ending Balance | 300,057 | |
Total intangible assets - net, Beginning balance | 336,761 | |
Other, Total intangible assets - net | (1,931) | [1] |
Total intangible assets - net, Ending balance | $ 332,506 | |
[1] | Amount represents foreign currency translation adjustments. | |
[2] | Amount represents the acquisition of tradeable liquor licenses. |
Estimated Aggregate Future Amor
Estimated Aggregate Future Amortization Expense for Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Finite Lived Intangible Assets Net [Abstract] | ||
For the six months ended December 31, 2018 | $ 2,661 | |
For the twelve months ended December 31, 2019 | 5,152 | |
For the twelve months ended December 31, 2020 | 5,310 | |
For the twelve months ended December 31, 2021 | 3,574 | |
For the twelve months ended December 31, 2022 | 3,207 | |
Thereafter | 12,545 | |
Total | $ 32,449 | $ 37,026 |
Impairment of Long-Lived Asse68
Impairment of Long-Lived Assets - Additional Information (Detail) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018USD ($) | Jun. 30, 2017 | |
Impairment Or Disposal Of Tangible Assets Disclosure [Abstract] | ||
Estimated aggregate fair value of long-lived assets impaired during current period | $ 871 | |
Multiple of cash flows used to estimate fair value of long-lived asset | 6.5 | 6.5 |
Long-Lived Asset Impairment Cha
Long-Lived Asset Impairment Charges (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment of long-lived assets | $ 2,788 | $ 4,301 | $ 3,379 | $ 4,574 |
U.S. Operating Segment | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Theatre properties | 1,187 | 84 | 1,778 | 357 |
International Operating Segment | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Theatre properties | $ 1,601 | $ 4,217 | $ 1,601 | $ 4,217 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Fair value of assets transfers in or out, level 1 to level 2 | $ 0 | |
Fair value of assets transfers in or out, level 2 to level 1 | 0 | |
Fair value, asset transfers into Level 3 | 0 | |
Fair value, asset transfers out of Level 3 | 0 | |
Fair Value Measurements, Recurring | ||
Assets at fair value on recurring basis | 0 | $ 0 |
Liabilities at fair value on recurring basis | $ 0 | $ 0 |
Foreign Currency Translation -
Foreign Currency Translation - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Foreign Currency [Abstract] | ||
Accumulated other comprehensive income (loss) | $ 309,306 | $ 253,282 |
Cumulative foreign currency adjustments | $ 309,609 | $ 253,565 |
Cumulative inflation rate | 100.00% | |
Cumulative inflation period | 3 years |
Summary of Impact of Translatin
Summary of Impact of Translating Financial Statements of Company's International Subsidiaries (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2017 | |
Foreign Currency Translation [Line Items] | |||||
Other comprehensive Income (Loss) | $ (56,248) | $ (18,401) | $ (56,044) | $ (3,508) | |
Brazil | |||||
Foreign Currency Translation [Line Items] | |||||
Exchange Rate | 3.88 | 3.88 | 3.31 | ||
Other comprehensive Income (Loss) | $ (34,511) | ||||
Argentina | |||||
Foreign Currency Translation [Line Items] | |||||
Exchange Rate | 28.94 | 28.94 | 18.65 | ||
Other comprehensive Income (Loss) | $ (16,896) | ||||
Peru | |||||
Foreign Currency Translation [Line Items] | |||||
Exchange Rate | 3.28 | 3.28 | 3.24 | ||
Other comprehensive Income (Loss) | $ (580) | ||||
Chile | |||||
Foreign Currency Translation [Line Items] | |||||
Exchange Rate | 654.28 | 654.28 | 615.97 | ||
Other comprehensive Income (Loss) | $ (4,372) | ||||
Other foreign countries | |||||
Foreign Currency Translation [Line Items] | |||||
Other comprehensive Income (Loss) | 315 | ||||
International Subsidiaries | Cinemark Holdings, Inc. Stockholders' Equity | |||||
Foreign Currency Translation [Line Items] | |||||
Other comprehensive Income (Loss) | $ (56,044) |
Supplemental Information to Con
Supplemental Information to Condensed Consolidated Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | ||||
Schedule Of Cash Flow Supplemental [Line Items] | |||||||
Cash paid for interest | $ 51,562 | $ 49,603 | |||||
Cash paid for income taxes, net of refunds received | 28,477 | 55,371 | |||||
Noncash investing and financing activities: | |||||||
Change in accounts payable and accrued expenses for the acquisition of theatre properties and equipment | [1] | 2,898 | (4,959) | ||||
Theatre properties acquired under capital lease | 4,035 | 7,089 | |||||
Investment in NCM – receipt of common units (see Note 7) | $ 5,012 | 5,012 | 18,363 | ||||
Dividends accrued on unvested restricted stock unit awards | (271) | [2] | $ (288) | [3] | |||
NCM | |||||||
Noncash investing and financing activities: | |||||||
Interest expense - NCM (see Note 3) | $ (4,913) | $ (9,892) | |||||
[1] | Additions to theatre properties and equipment included in accounts payable as of June 30, 2018 and December 31, 2017 were $34,174 and $31,276, respectively. | ||||||
[2] | The Company’s board of directors declared a cash dividend for the fourth quarter of 2017 in the amount of $0.32 per share of common stock payable to stockholders of record on March 8, 2018. The dividend was paid on March 22, 2018. The Company’s board of directors declared a cash dividend for the first quarter of 2018 in the amount of $0.32 per share of common stock payable to stockholders of record on June 8, 2018. The dividend was paid on June 22, 2018. | ||||||
[3] | The Company’s board of directors declared a cash dividend for the fourth quarter of 2016 in the amount of $0.29 per share of common stock payable to stockholders of record on March 8, 2017. The dividend was paid on March 20, 2017. The Company’s board of directors declared a cash dividend for the first quarter of 2017 in the amount of $0.29 per share of common stock payable to stockholders of record on June 8, 2017. The dividend was paid on June 22, 2017. |
Supplemental Information to C74
Supplemental Information to Condensed Consolidated Statements of Cash Flows (Parenthetical) (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | ||
Additions to theatre properties and equipment included in accounts payable | $ 34,174 | $ 31,276 |
Selected Financial Information
Selected Financial Information by Reportable Operating Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 889,053 | $ 751,195 | $ 1,669,024 | $ 1,530,805 | |
Adjusted EBITDA | [1] | 221,603 | 170,679 | 415,033 | 382,559 |
Capital expenditures | 82,426 | 91,613 | 162,589 | 182,800 | |
U.S. Operating Segment | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | [2] | 709,074 | 1,305,417 | ||
International Operating Segment | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 179,979 | 363,607 | |||
Operating Segments | U.S. Operating Segment | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 712,483 | 554,929 | 1,312,128 | 1,136,138 | |
Adjusted EBITDA | 188,411 | 129,394 | 344,255 | 294,048 | |
Capital expenditures | 59,675 | 77,175 | 129,646 | 155,992 | |
Operating Segments | International Operating Segment | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 179,979 | 199,926 | 363,607 | 401,994 | |
Adjusted EBITDA | 33,192 | 41,285 | 70,778 | 88,511 | |
Capital expenditures | 22,751 | 14,438 | 32,943 | 26,808 | |
Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ (3,409) | $ (3,660) | $ (6,711) | $ (7,327) | |
[1] | The adoption of ASC Topic 606 impacted how the Company records certain revenues. See Note 3 for discussion of the impact of ASC Topic 606. | ||||
[2] | U.S. segment revenues include eliminations of intercompany transactions with the international operating segment. See Note 15 for additional information on intercompany eliminations. |
Reconciliation of Net Income to
Reconciliation of Net Income to Adjusted EBITDA (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Segment Reporting [Abstract] | |||||
Net income | $ 82,464 | $ 51,810 | $ 144,641 | $ 132,004 | |
Add (deduct): | |||||
Income taxes | 18,326 | 29,445 | 43,423 | 73,845 | |
Interest expense | [1] | 28,466 | 26,522 | 55,581 | 52,891 |
Other (income) expense | [2] | 836 | (7,030) | (6,437) | (20,012) |
Loss on debt amendments | 246 | 1,484 | 246 | ||
Other cash distributions from equity investees | [3] | 3,932 | 2,870 | 16,255 | 14,919 |
Depreciation and amortization | 64,290 | 59,137 | 128,685 | 116,493 | |
Impairment of long-lived assets | 2,788 | 4,301 | 3,379 | 4,574 | |
Loss on disposal of assets and other | 16,901 | 54 | 20,840 | 888 | |
Deferred lease expenses | (449) | (375) | (932) | (722) | |
Amortization of long-term prepaid rents | 597 | 496 | 1,236 | 989 | |
Share based awards compensation expense | 3,452 | 3,203 | 6,878 | 6,444 | |
Adjusted EBITDA | [4] | $ 221,603 | $ 170,679 | $ 415,033 | $ 382,559 |
[1] | Includes amortization of debt issue costs. | ||||
[2] | Includes interest income, foreign currency exchange gain (loss), equity in income of affiliates and interest expense - NCM and excludes distributions from NCM. | ||||
[3] | Includes cash distributions received from equity investees that were recorded as a reduction of the respective investment balances (see Notes 7 and 8). These distributions are reported entirely within the U.S. operating segment. | ||||
[4] | The adoption of ASC Topic 606 impacted how the Company records certain revenues. See Note 3 for discussion of the impact of ASC Topic 606. |
Selected Financial Informatio77
Selected Financial Information by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | $ 889,053 | $ 751,195 | $ 1,669,024 | $ 1,530,805 | |
Theatre Properties and Equipment - net | 1,817,737 | 1,817,737 | $ 1,828,054 | ||
Reportable Geographical Components | U.S. | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | 712,483 | 554,929 | 1,312,128 | 1,136,138 | |
Theatre Properties and Equipment - net | 1,465,915 | 1,465,915 | 1,439,168 | ||
Reportable Geographical Components | Brazil | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | 72,977 | 87,841 | 153,113 | 182,540 | |
Theatre Properties and Equipment - net | 146,467 | 146,467 | 179,669 | ||
Reportable Geographical Components | Other international countries | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | 107,002 | 112,085 | 210,494 | 219,454 | |
Theatre Properties and Equipment - net | 205,355 | 205,355 | $ 209,217 | ||
Eliminations | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | $ (3,409) | $ (3,660) | $ (6,711) | $ (7,327) |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | 6 Months Ended | |
Jun. 30, 2018USD ($)TheatreFacilityLease | Jun. 30, 2017USD ($) | |
FE Concepts, LLC | ||
Related Party Transaction [Line Items] | ||
Percentage of voting interest | 50.00% | |
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 | 8.00% | |
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 | 327,000 | $ 305,000 |
Copper Beech Capital LLC | ||
Related Party Transaction [Line Items] | ||
Amount paid for the use of aircraft | $ 51,000 | 63,000 |
Syufy Enterprises, LP | ||
Related Party Transaction [Line Items] | ||
Number of theatres leased | Theatre | 14 | |
Number of parking facilities leased | Facility | 1 | |
Total number of leases | Lease | 15 | |
Number of leases with minimum annual rent | Lease | 14 | |
Number of leases without minimum annual rent | Lease | 1 | |
Total rent paid to Syufy | $ 12,980,000 | $ 13,420,000 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jul. 05, 2018 | Jun. 30, 2018 |
Subsequent Event [Line Items] | ||
Interest in common units of NCM owned by Company | 18.00% | |
NCM | ||
Subsequent Event [Line Items] | ||
Interest in common units of NCM owned by Company | 18.00% | |
NCM | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Number of common units of NCM acquired by Company | 10,738,740 | |
Value of common units in cash | $ 78,400 | |
Common unit price per share | $ 7.30 | |
Interest in common units of NCM owned by Company | 25.00% |