Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 31, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | CNK | |
Entity Registrant Name | Cinemark Holdings, Inc. | |
Entity Central Index Key | 0001385280 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 117,151,671 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-33401 | |
Entity Tax Identification Number | 205490327 | |
Entity Address, Address Line One | 3900 Dallas Parkway | |
Entity Address, Address Line Two | Suite 500 | |
Entity Address, City or Town | Plano | |
Entity Address, State or Province | Texas | |
Entity Address, Postal Zip Code | 75093 | |
City Area Code | 972 | |
Local Phone Number | 665-1000 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | ||
Current assets | ||||
Cash and cash equivalents | $ 511,392 | $ 426,222 | ||
Inventories | 21,761 | 19,319 | ||
Accounts receivable | 103,985 | 95,084 | ||
Current income tax receivable | 4,267 | 3,288 | ||
Prepaid expenses and other | 21,146 | 15,117 | ||
Total current assets | 662,551 | 559,030 | ||
Theatre properties and equipment | 3,261,831 | 3,404,150 | ||
Less: accumulated depreciation and amortization | 1,545,184 | 1,571,017 | ||
Theatre properties and equipment, net | [1] | 1,716,647 | 1,833,133 | |
Operating lease right-of-use assets | 1,429,451 | [2] | 0 | |
Other assets | ||||
Goodwill | [3] | 1,286,549 | 1,276,324 | |
Intangible assets - net | 324,189 | 330,910 | ||
Investments in and advances to affiliates | 164,176 | 156,766 | ||
Long-term deferred tax asset | 8,910 | 9,028 | ||
Deferred charges and other assets - net | 41,066 | 41,055 | ||
Total other assets | 2,093,599 | 2,089,675 | ||
Total assets | 5,902,248 | 4,481,838 | ||
Current liabilities | ||||
Current portion of long-term debt | 7,984 | 7,984 | ||
Current portion of operating lease obligations | 215,060 | [2] | 0 | |
Current portion of finance and capital lease obligations | 15,233 | 27,065 | ||
Current income tax payable | 22,627 | 12,179 | ||
Current liability for uncertain tax positions | 225 | 573 | ||
Accounts payable and accrued expenses | 439,066 | 426,888 | ||
Total current liabilities | 700,195 | 474,689 | ||
Long-term liabilities | ||||
Long-term debt, less current portion | 1,771,984 | 1,772,627 | ||
Operating lease obligations, less current portion | 1,274,599 | [2] | 0 | |
Finance and capital lease obligations, less current portion | 130,311 | 232,467 | ||
Long-term deferred tax liability | 162,653 | 155,626 | ||
Long-term liability for uncertain tax positions | 13,732 | 13,380 | ||
Deferred lease expenses | 0 | 39,235 | ||
Other long-term liabilities | 40,091 | 50,348 | ||
Total long-term liabilities | 3,674,334 | 2,551,032 | ||
Commitments and contingencies (see Note 18) | 0 | 0 | ||
Cinemark Holdings, Inc.'s stockholders' equity: | ||||
Common stock, $0.001 par value: 300,000,000 shares authorized, 121,850,082 shares issued and 117,151,771 shares outstanding at June 30, 2019 and 121,456,721 shares issued and 116,830,530 shares outstanding at December 31, 2018 | 122 | 121 | ||
Additional paid-in-capital | 1,162,070 | 1,155,424 | ||
Treasury stock, 4,698,311 and 4,626,191 shares, at cost, at June 30, 2019 and December 31, 2018, respectively | (81,506) | (79,259) | ||
Retained earnings | 757,226 | 686,459 | ||
Accumulated other comprehensive loss | (322,633) | (319,007) | ||
Total Cinemark Holdings, Inc.'s stockholders' equity | 1,515,279 | 1,443,738 | ||
Noncontrolling interests | 12,440 | 12,379 | ||
Total equity | 1,527,719 | 1,456,117 | ||
Total liabilities and equity | 5,902,248 | 4,481,838 | ||
NCM | ||||
Other assets | ||||
Investment in NCM | 268,709 | 275,592 | ||
Long-term liabilities | ||||
Deferred revenue - NCM | $ 280,964 | $ 287,349 | ||
[1] | See Note 3 for discussion of impact of ASC Topic 842 on capital lease assets. | |||
[2] | The operating lease right-of-use assets and liabilities recorded on the Company’s condensed consolidated balance sheet generally do not include renewal options that have not yet been exercised. The Company does not consider a lease renewal as reasonably certain until immediately before the necessary notification is provided to the landlord. | |||
[3] | 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 BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
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 | 121,850,082 | 121,456,721 |
Common stock, shares outstanding | 117,151,771 | 116,830,530 |
Treasury stock, shares | 4,698,311 | 4,626,191 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Revenues | |||||
Total revenues | $ 957,756 | $ 889,053 | $ 1,672,479 | $ 1,669,024 | |
Cost of operations | |||||
Film rentals and advertising | 294,705 | 287,206 | 504,782 | 528,121 | |
Concession supplies | 62,717 | 51,033 | 105,788 | 91,857 | |
Salaries and wages | 108,910 | 100,344 | 205,046 | 193,502 | |
Facility lease expense | 89,480 | 81,190 | 175,093 | 163,281 | |
Utilities and other | 122,696 | 115,602 | 233,333 | 225,034 | |
General and administrative expenses | 44,324 | 43,031 | 82,300 | 85,415 | |
Depreciation and amortization | [1] | 64,573 | 64,290 | 129,035 | 128,685 |
Impairment of long-lived assets | 12,494 | 2,788 | 18,078 | 3,379 | |
Loss on disposal of assets and other | 1,805 | 16,901 | 5,604 | 20,840 | |
Total cost of operations | 801,704 | 762,385 | 1,459,059 | 1,440,114 | |
Operating income | 156,052 | 126,668 | 213,420 | 228,910 | |
Other income (expense) | |||||
Interest expense | [1],[2] | (24,929) | (28,466) | (50,070) | (55,581) |
Loss on debt amendments and refinancing | (1,484) | ||||
Interest income | 3,468 | 2,862 | 6,159 | 5,100 | |
Foreign currency exchange loss | (401) | (5,199) | (379) | (3,821) | |
Equity in income of affiliates | 8,439 | 6,414 | 18,843 | 15,050 | |
Total other expense | (16,009) | (25,878) | (28,267) | (40,846) | |
Income before income taxes | 140,043 | 100,790 | 185,153 | 188,064 | |
Income taxes | 38,182 | 18,326 | 50,099 | 43,423 | |
Net income | 101,861 | 82,464 | 135,054 | 144,641 | |
Less: Net income attributable to noncontrolling interests | 890 | 329 | 1,355 | 485 | |
Net income attributable to Cinemark Holdings, Inc. | $ 100,971 | $ 82,135 | $ 133,699 | $ 144,156 | |
Weighted average shares outstanding | |||||
Basic | 116,325 | 116,091 | 116,253 | 115,988 | |
Diluted | 116,548 | 116,268 | 116,524 | 116,238 | |
Earnings per share attributable to Cinemark Holdings, Inc.'s common stockholders | |||||
Basic | $ 0.86 | $ 0.70 | $ 1.14 | $ 1.23 | |
Diluted | $ 0.86 | $ 0.70 | $ 1.14 | $ 1.23 | |
NCM | |||||
Other income (expense) | |||||
Distributions from NCM | $ 2,146 | $ 3,424 | $ 6,694 | $ 9,782 | |
Interest expense - NCM | (4,732) | (4,913) | (9,514) | (9,892) | |
Equity in income of affiliates | 617 | 495 | 5,012 | 4,511 | |
Admissions | |||||
Revenues | |||||
Total revenues | 521,072 | 508,870 | 916,612 | 961,494 | |
Concession | |||||
Revenues | |||||
Total revenues | 345,282 | 305,306 | 596,606 | 567,078 | |
Other | |||||
Revenues | |||||
Total revenues | $ 91,402 | $ 74,877 | $ 159,261 | $ 140,452 | |
[1] | Amounts for the three and six months ended June 30, 2019 were impacted by the adoption of ASC Topic 842 and the resulting change in the classification of certain of the Company’s leases | ||||
[2] | Includes amortization of debt issue costs. |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 101,861 | $ 82,464 | $ 135,054 | $ 144,641 |
Other comprehensive income (loss), net of tax | ||||
Unrealized loss due to fair value adjustments on interest rate swap agreements, net of taxes of $1,905 and $2,974, net of settlements | (5,902) | 0 | (9,213) | 0 |
Other comprehensive income (loss) in equity method investments | (22) | (116) | (93) | 20 |
Foreign currency translation adjustments | 4,925 | (56,248) | 5,680 | (56,044) |
Total other comprehensive loss, net of tax | (999) | (56,364) | (3,626) | (56,024) |
Total comprehensive income, net of tax | 100,862 | 26,100 | 131,428 | 88,617 |
Comprehensive income attributable to noncontrolling interests | (890) | (329) | (1,355) | (485) |
Comprehensive income attributable to Cinemark Holdings, Inc. | $ 99,972 | $ 25,771 | $ 130,073 | $ 88,132 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Unrealized loss due to fair value adjustments on interest rate swap agreements, taxes | $ 1,905 | $ 2,974 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Operating activities | |||||
Net income | $ 101,861 | $ 82,464 | $ 135,054 | $ 144,641 | |
Adjustments to reconcile net income to cash provided by operating activities: | |||||
Depreciation | 126,551 | 126,981 | |||
Amortization of intangible and other assets and favorable/unfavorable leases | 2,484 | 1,704 | |||
Amortization of long-term prepaid rents | [1] | 597 | 1,236 | ||
Amortization of debt issue costs | 2,655 | 2,913 | |||
Loss on debt amendments and refinancing | 1,484 | ||||
Amortization of deferred revenues, deferred lease incentives and other | (8,020) | (10,762) | |||
Impairment of long-lived assets | 12,494 | 2,788 | 18,078 | 3,379 | |
Share based awards compensation expense | 3,676 | 3,452 | 6,646 | 6,878 | |
Loss on disposal of assets and other | 1,805 | 16,901 | 5,604 | 20,840 | |
Non-cash rent expense | [2] | (1,331) | (2,150) | ||
Deferred lease expenses | [1] | (449) | (932) | ||
Equity in income of affiliates | (8,439) | (6,414) | (18,843) | (15,050) | |
Deferred income tax expenses | 5,840 | 7,669 | |||
Distributions from equity investees | [3] | 5,323 | 3,932 | 19,665 | 16,255 |
Changes in assets and liabilities and other | 10,015 | (27,333) | |||
Net cash provided by operating activities | 303,579 | 279,903 | |||
Investing activities | |||||
Additions to theatre properties and equipment | (57,600) | (82,426) | (115,169) | (162,589) | |
Acquisition of theatres in the U.S. and international markets, net of cash acquired | (10,170) | (11,508) | |||
Proceeds from sale of theatre properties and equipment and other | 153 | 2,135 | |||
Investment in joint ventures and other, net | (19,467) | ||||
Net cash used for investing activities | (125,186) | (191,429) | |||
Financing activities | |||||
Dividends paid to stockholders | (79,620) | (74,723) | |||
Payroll taxes paid as a result of stock withholdings | (2,247) | (2,905) | |||
Repayments of long-term debt | (3,298) | (3,298) | |||
Payment of debt issue costs | (5,103) | ||||
Fees paid related to debt amendments | (704) | ||||
Payments on finance and capital leases | (7,131) | (12,377) | |||
Other | (1,294) | ||||
Net cash used for financing activities | (93,590) | (99,110) | |||
Effect of exchange rate changes on cash and cash equivalents | 367 | (7,199) | |||
Increase (decrease) in cash and cash equivalents | 85,170 | (17,835) | |||
Cash and cash equivalents: | |||||
Beginning of period | 426,222 | 522,547 | |||
End of period | $ 511,392 | $ 504,712 | $ 511,392 | $ 504,712 | |
[1] | Amounts for the three and six months ended June 30, 2019 were impacted by the adoption of ASC Topic 842 and the resulting change in the classification of certain of the Company’s leases | ||||
[2] | The adoption of ASC Topic 842 impacted how the Company amortizes lease related assets and liabilities such as deferred lease expenses, favorable and unfavorable lease intangible assets, long-term prepaid rents and deferred lease incentives. Beginning January 1, 2019, these items are amortized to facility lease expense for theatre operating leases and utilities and other for equipment operating leases. See Note 3 for discussion of the impact of ASC Topic 842 | ||||
[3] | Includes cash distributions received from equity investees that were recorded as a reduction of the respective investment balances (see Notes 8 and 9). 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, 2019 | |
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, 2018, 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, 2018, included in the Annual Report on Form 10-K filed February 28, 2019 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, 2019 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, 2019 | |
Accounting Changes And Error Corrections [Abstract] | |
New Accounting Pronouncements | 2. New Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) |
Adoption of ASC Topic 842 - Lea
Adoption of ASC Topic 842 - Lease Accounting | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Adoption of ASC Topic 842 - Lease Accounting | 3. Adoption of ASC Topic 842 – Lease Accounting The Company adopted ASC Topic 842 as of January 1, 2019 under the modified retrospective approach that resulted in the recognition of a cumulative-effect adjustment to the opening balance of retained earnings with an option to elect certain practical expedients. The Company elected the following practical expedients, as allowed by ASC Topic 842: • The Company chose not to separate nonlease components from lease components, accounting for lease components and nonlease components associated with a lease as a single lease component. More specifically, for theatre leases, the Company elected not to separate fixed common area maintenance costs from lease costs when calculating lease liabilities and assets. • The Company also elected the following practical expedients: o The Company did not reassess whether existing contracts in effect as of the transition date of January 1, 2019 were, or contained, a lease. o The Company did not reassess the classification of existing leases as operating or finance as of the transition date. o The Company did not reassess whether any initial direct costs were incurred for any of its existing leases. o The Company did not elect to apply the recognition requirements of ASC 842 to short-term leases. The adoption of ASC Topic 842 included the following primary impacts: 1. The Company recorded a right-of-use asset and lease liability for all of its operating leases as required by the standard. The lease liability for each lease was determined based on the present value of future minimum lease payments. The right-of-use asset was based on the lease liability value, adjusted for offsets that existed as of adoption, including deferred rent liabilities of ($39,235), net favorable and unfavorable lease intangibles of ($5,780), deferred lease incentive liabilities of ($12,960) and long-term prepaid rents of $7,707. The Company recorded operating lease right-of-use assets of $1,491,245 and operating lease liabilities of $1,545,210 upon adoption. 2. Certain of the Company’s existing lease assets and liabilities, which were accounted for under prior sale-leaseback accounting guidance, were derecognized in accordance with ASC Topic 842 and reevaluated for classification per the new accounting guidance. Several of these leases have been reestablished as operating leases based on ASC Topic 842. a. For those leases that are now classified as operating leases in accordance with ASC Topic 842, approximately $110,442 and $126,376 of lease assets and liabilities, respectively, were recorded as an adjustment to beginning retained earnings. The related net deferred income tax asset for these accounts was also recorded as an adjustment to beginning retained earnings. See additional impact discussed in item 3 below. b. The Company recognized finance lease assets and liabilities in the amount of $57,440 as of January 1, 2019 for the remaining leases that were determined to be finance leases under ASC Topic 842. 3. For the leases noted in item 2a above, the Company will now record the related operating lease payments as facility lease expense, compared to prior periods in which the capitalized asset was depreciated and lease payments were recorded as a reduction of a lease liability and interest expense. Theatre Leases - The Company conducts a significant part of its theatre operations in leased properties under noncancelable operating and finance leases with terms generally ranging from 10 to 25 years. In addition to the fixed lease payments, some of the leases provide for variable lease payments and some require the payment of taxes, insurance and other costs applicable to the property. Variable lease payments include payments based on a percentage of retail sales over contractual levels or payments adjusted periodically for inflation or changes in attendance. The Company can renew, at its option, a substantial portion of the leases at defined or then market rental rates for various periods. Some leases also provide for escalating rent payments throughout the lease term. The Company recognizes fixed lease expense for the operating leases on a straight-line basis over the lease term. The Company’s theatre lease agreements do not contain any material residual value guarantees or material restrictive covenants. Equipment Leases - The Company has certain equipment operating leases primarily including projectors, trash compactors and various other equipment used in the day-to-day operation of the business. Certain of the leases require fixed lease payments to be made over the duration of the lease term, while others are variable in nature based on usage or sales. Certain of these leases are month-to-month, while others are noncancelable with terms generally ranging from 5 to 12 years. The Company’s equipment lease agreements do not contain any residual value guarantees or restrictive covenants. The following table represents the operating and finance right-of-use assets and lease liabilities as of June 30, 2019. As of Leases Classification June 30, 2019 Assets (1) Operating lease assets Operating lease assets $ 1,429,451 Finance lease assets Theatre properties and equipment, net of accumulated depreciation and amortization (2) 122,759 Total lease assets $ 1,552,210 Liabilities (1) Current Operating Current portion of operating lease obligations $ 215,060 Finance Current portion of finance lease obligations 15,233 Noncurrent Operating Operating lease obligations, less current portion 1,274,599 Finance Finance lease obligations, less current portion 130,311 Total lease liabilities $ 1,635,203 (1) The operating lease right-of-use assets and liabilities recorded on the Company’s condensed consolidated balance sheet generally do not include renewal options that have not yet been exercised. The Company does not consider a lease renewal as reasonably certain until immediately before the necessary notification is provided to the landlord. (2) Finance lease assets are net of accumulated amortization of $54,243 as of June 30, 2019. As of June 30, 2019, the Company had signed lease agreements with total noncancelable lease payments of approximately $215,998 related to theatre leases that had not yet commenced. The timing of lease commencement is dependent on the completion of construction of the related theatre facility. Additionally, these amounts are based on estimated square footage and costs to construct each facility and may be subject to adjustment upon final completion of each construction project. In accordance with ASC Topic 842, fixed minimum lease payments related to these theatres are not included in the right-of-use assets and lease liabilities as of June 30, 2019. There were no significant noncancelable lease agreements signed, but not yet commenced, related to equipment leases. The following table represents the Company’s aggregate lease costs, by lease classification, for the three and six months ended June 30, 2019. Three Months Ended Six Months Ended Lease Cost Classification June 30, 2019 June 30, 2019 Operating lease costs Equipment (1) Utilities and other $ 1,861 $ 3,604 Theatres (2)(3) Facility lease expense 89,849 174,634 Total operating lease costs $ 91,710 $ 178,238 Finance lease costs Amortization of leased assets Depreciation and amortization $ 3,739 $ 7,479 Interest on lease liabilities Interest expense 1,984 4,005 Total finance lease costs $ 5,723 $ 11,484 (1) Includes approximately $736 and $1,356 of short-term lease payments for the three and six months ended June 30, 2019, respectively. (2) Includes approximately $20,344 and $35,618 of variable lease payments based on a change in index, such as CPI or inflation, variable payments based on revenues or attendance and variable common area maintenance costs for the three and six months ended June 30, 2019 (3) Approximately $382 and $784 of lease payments are included in general and administrative expenses primarily related to office leases for the three and six months ended June 30, 2019, respectively. The following table represents the maturity of lease liabilities, by lease classification, as of June 30, 2019. Operating Finance Years Ending Leases Leases Total 2019 $ 141,043 $ 11,150 $ 152,193 2020 275,089 22,373 297,462 2021 257,560 18,661 276,221 2022 227,987 17,925 245,912 2023 196,942 17,236 214,178 After 2023 697,076 101,109 798,185 Total lease payments $ 1,795,697 $ 188,454 $ 1,984,151 Less: Interest 306,038 42,910 348,948 Present value of lease liabilities $ 1,489,659 $ 145,544 $ 1,635,203 The following table represents future minimum lease payments under noncancelable operating and capital leases at December 31, 2018 as presented in the Company’s Annual Report on Form 10-K filed February 28, 2019: Operating Capital Years Ending Leases Leases 2019 $ 253,323 $ 42,434 2020 242,336 41,502 2021 230,396 34,589 2022 204,628 32,462 2023 176,802 28,534 Thereafter 677,091 166,375 Total $ 1,784,576 345,896 Amounts representing interest payments (86,364 ) Present value of future minimum payments 259,532 Current portion of finance and capital lease obligations (27,065 ) Capital lease obligations, less current portion $ 232,467 The following table represents the weighted-average remaining lease term and discount rate, disaggregated by lease classification, as of June 30, 2019. As of Lease Term and Discount Rate June 30, 2019 Weighted-average remaining lease term (years) (1) Operating leases - equipment 4.4 Operating leases - theatres 8.1 Finance leases - equipment 6.1 Finance leases - theatres 10.7 Weighted-average discount rate (2) Operating leases - equipment 4.3 % Operating leases - theatres 4.8 % Finance leases - equipment 5.5 % Finance leases - theatres 5.3 % (1) The lease right-of-use assets and liabilities recorded on the Company’s condensed consolidated balance sheet generally do not include renewal options that have not yet been executed. The Company does not consider a lease renewal exercise as reasonably certain until immediately before the necessary notification is provided to the landlord. (2) The discount rate for each lease represents the incremental borrowing rate that the Company would incur to borrow on a collateralized basis over a similar term and amount equal to lease payments in a similar economic environment. The following table represents the minimum cash lease payments included in the measurement of lease liabilities and the non-cash addition of right-of-use assets for the six months ended June 30, 2019. Six Months Ended Other Information June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities Cash outflows for operating leases $ 141,264 Cash outflows for finance leases - operating activities $ 3,893 Cash outflows for finance leases - financing activities $ 7,131 Non-cash amount of leased assets obtained in exchange for: Operating lease liabilities - theatres $ 37,582 Operating lease liabilities - equipment $ 339 Finance lease liabilities $ — |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 4. Revenue Recognition The Company’s patrons have the option to purchase movie tickets well in advance of a movie showtime or right before the movie showtime, or at any point in between those two timeframes depending on seat availability. The Company recognizes such admissions revenues when the showtime for a purchased movie ticket has passed. Concession revenues are recognized when sales are made at the registers. Other revenues primarily consist of screen advertising, promotional income and transactional fees. Screen advertising revenues are recognized over the period that the related advertising is delivered on-screen or in-theatre. The Company sells gift cards and discount ticket vouchers, the proceeds from which are recorded as current liabilities. Revenues for gift cards and discount ticket vouchers are recognized when they are redeemed for movie tickets or concession items. The Company offers a subscription program in the U.S. whereby patrons can pay a monthly fee to receive a monthly credit for use towards a future movie ticket purchase. The Company records the monthly subscription program fees as current liabilities and records admissions revenues when the showtime for a movie ticket purchased with a credit has passed. The Company also has loyalty programs in many of its locations that either have a prepaid annual membership fee or award points to customers as purchases are made. For those loyalty programs that have an annual membership fee, the Company recognizes the fee collected as other revenues over the term of the membership. For those loyalty programs that award points to customers based on their purchases, the Company records a portion of the original transaction proceeds as liabilities based on the number of reward points issued to customers and recognizes the deferred revenues when the customer redeems such points. 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. Accounts receivable as of June 30, 2019 included approximately $42,745 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, 2019. Disaggregation of Revenue The following table presents revenues for the three and six months ended June 30, 2019 and 2018, disaggregated based on major type of good or service and by reportable operating segment. Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 U.S. International U.S. International Operating Operating Operating Operating Major Goods/Services Segment (1) Segment Consolidated Segment (1) Segment Consolidated Admissions revenues $ 406,923 $ 114,149 $ 521,072 $ 715,762 $ 200,850 $ 916,612 Concession revenues 274,926 70,356 345,282 474,312 122,294 596,606 Screen advertising and promotional revenues 22,302 19,101 41,403 42,882 33,139 76,021 Other revenues 38,775 11,224 49,999 64,786 18,454 83,240 Total revenues $ 742,926 $ 214,830 $ 957,756 $ 1,297,742 $ 374,737 $ 1,672,479 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 16 for additional information on intercompany eliminations. The following table presents revenues for the three and six months ended June 30, 2019 and 2018, disaggregated based on timing of revenue recognition. Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 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 $ 718,582 $ 192,422 $ 911,004 $ 1,250,765 $ 335,531 $ 1,586,296 Goods and services transferred over time 24,344 22,408 46,752 46,977 39,206 86,183 Total $ 742,926 $ 214,830 $ 957,756 $ 1,297,742 $ 374,737 $ 1,672,479 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 16 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, 2019. Deferred Revenue - NCM Other Deferred Revenues (1) Total Balance at January 1, 2019 $ 287,349 $ 106,075 $ 393,424 Amounts recognized as accounts receivable — 13,091 13,091 Cash received from customers in advance — 88,864 88,864 Common units received from NCM (see Note 8) 1,552 — 1,552 Revenue recognized during period (7,937 ) (96,026 ) (103,963 ) Foreign currency translation adjustments — (261 ) (261 ) Balance at June 30, 2019 $ 280,964 $ 111,743 $ 392,707 (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, 2019 and when the Company expects to recognize this revenue. Twelve Months Ended June 30, Remaining Performance Obligations 2020 2021 2022 2023 2024 Thereafter Total Deferred revenue - NCM $ 15,906 $ 15,917 $ 15,917 $ 15,917 $ 15,917 $ 201,390 $ 280,964 Deferred revenue - other 105,284 6,163 200 96 — — 111,743 Total $ 121,190 $ 22,080 $ 16,117 $ 16,013 $ 15,917 $ 201,390 $ 392,707 Significant Financing Component As discussed further in Note 8, 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 8 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 $4,732 and $4,913 during the three months ended June 30, 2019 and 2018, respectively, and $9,514 and $9,892 for the six months ended June 30, 2019 and 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 4.4% to 8.0%. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 5. 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, 2019 2018 2019 2018 Numerator: Net income attributable to Cinemark Holdings, Inc. $ 100,971 $ 82,135 $ 133,699 $ 144,156 Earnings allocated to participating share-based awards (1) (656 ) (465 ) (779 ) (817 ) Net income attributable to common stockholders $ 100,315 $ 81,670 $ 132,920 $ 143,339 Denominator (shares in thousands): Basic weighted average common stock outstanding 116,325 116,091 116,253 115,988 Common equivalent shares for restricted stock units 223 177 271 250 Diluted common equivalent shares 116,548 116,268 116,524 116,238 Basic earnings per share attributable to common stockholders $ 0.86 $ 0.70 $ 1.14 $ 1.23 Diluted earnings per share attributable to common stockholders $ 0.86 $ 0.70 $ 1.14 $ 1.23 (1) For the three months ended June 30, 2019 and 2018, a weighted average of approximately 763 and 676 shares of restricted stock, respectively, were considered participating securities. For the six months ended June 30, 2019 and 2018, a weighted |
Long Term Debt Activity
Long Term Debt Activity | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Long Term Debt Activity | 6. 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. 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 and refinancing 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 . Interest Rate Swap Agreements The Company is currently a party to three interest rate swap agreements that are used to hedge a portion of the interest rate risk associated with the variable interest rates on the Company’s term loan debt and that qualify for cash flow hedge accounting. The fair values of the interest rate swaps are recorded on the Company’s condensed consolidated balance sheet as an asset or liability with the related gains or losses reported as a component of accumulated other comprehensive loss. The changes in fair value are reclassified from accumulated other comprehensive loss into earnings in the same period that the hedged items affect earnings. The valuation technique used to determine fair value is the income approach and under this approach, the Company uses projected future interest rates as provided by counterparty to the interest rate swap agreement and the fixed rates that the Company is obligated to pay under the agreement. Therefore, the Company’s measurements use significant unobservable inputs, which fall in Level 3 of the U.S. GAAP hierarchy as defined by FASB ASC Topic 820-10-35. See Note 13 for a summary of unrealized gains or losses recorded in accumulated other comprehensive loss. Below is a summary of the Company’s interest rate swap agreements designated as cash flow hedges as of June 30, 2019: Estimated Fair Value at Notional June 30, Amount Effective Date Pay Rate Receive Rate Expiration Date 2019 (1) $ 175,000 December 31, 2018 2.75% 1-Month LIBOR December 31, 2022 $ 6,679 $ 137,500 December 31, 2018 2.77% 1-Month LIBOR December 31, 2022 5,364 $ 137,500 December 31, 2018 2.75% 1-Month LIBOR December 31, 2022 5,237 Total $ 17,280 (1) Approximately $4,119 of the total is included in accounts payable and accrued expenses and $13,161 is included in other long-term liabilities on the condensed consolidated balance sheet as of June 30, 2019. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Equity | 7. Equity Below is a summary of changes in stockholders’ equity attributable to Cinemark Holdings, Inc., noncontrolling interests and total equity for the three and six months ended June 30, 2019 and 2018: Common Stock Treasury Stock Additional Paid-In-Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Total Cinemark Holdings, Inc. Stockholders’ Equity Noncontrolling Interests Total Equity Balance at January 1, 2019 $ 121 $ (79,259 ) $ 1,155,424 $ 686,459 $ (319,007 ) $ 1,443,738 $ 12,379 $ 1,456,117 Cumulative effect of change in accounting principle, net of taxes of $6,054 (see Note 3) — — — 16,985 — 16,985 — 16,985 Issuance of share based awards and share based awards compensation expense — — 2,970 — — 2,970 — 2,970 Stock withholdings related to share based awards that vested during the three months ended March 31, 2019 — (1,947 ) — — — (1,947 ) — (1,947 ) Dividends paid to stockholders, $0.34 per common share (1) — — — (39,797 ) — (39,797 ) — (39,797 ) Dividends paid to noncontrolling interests — — — — — — (1,000 ) (1,000 ) Dividends accrued on unvested restricted stock unit awards (1) — — — (108 ) — (108 ) — (108 ) Net income — — — 32,728 — 32,728 465 33,193 Other comprehensive loss in equity method investees — — — — (71 ) (71 ) — (71 ) Unrealized loss due to fair value adjustments on interest rate swap agreements, net of taxes, net of settlements — — — — (3,311 ) (3,311 ) — (3,311 ) Foreign currency translation adjustments — — — — 755 755 — 755 Balance at March 31, 2019 121 (81,206 ) 1,158,394 696,267 (321,634 ) 1,451,942 11,844 1,463,786 Issuance of share based awards and share based awards compensation expense 1 — 3,676 — — 3,677 — 3,677 Stock withholdings related to share based awards that vested during the three months ended June 30, 2019 — (300 ) — — — (300 ) — (300 ) Dividends paid to stockholders, $0.34 per common share (1) — — — (39,823 ) — (39,823 ) — (39,823 ) Dividends paid to noncontrolling interests — — — — — — (294 ) (294 ) Dividends accrued on unvested restricted stock unit awards (1) — — — (189 ) — (189 ) — (189 ) Net income — — — 100,971 — 100,971 890 101,861 Other comprehensive loss in equity method investees — — — — (22 ) (22 ) — (22 ) Unrealized loss due to fair value adjustments on interest rate swap agreements, net of taxes, net of settlements — — — — (5,902 ) (5,902 ) — (5,902 ) Foreign currency translation adjustments — — — — 4,925 4,925 — 4,925 Balance at June 30, 2019 $ 122 $ (81,506 ) $ 1,162,070 $ 757,226 $ (322,633 ) $ 1,515,279 $ 12,440 $ 1,527,719 Common Stock Treasury Stock Additional Paid-In-Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Total Cinemark Holdings, Inc. Stockholders’ Equity Noncontrolling Interests Total Equity Balance at January 1, 2018 $ 121 $ (76,354 ) $ 1,141,088 $ 582,222 $ (253,282 ) $ 1,393,795 $ 11,893 $ 1,405,688 Cumulative effect of change in accounting principle, net of taxes of $13,079 — — — 40,526 — 40,526 — 40,526 Issuance of share based awards and share based awards compensation expense — — 3,426 — 3,426 — 3,426 Stock withholdings related to share based awards that vested during the three months ended March 31, 2018 — (2,695 ) — — — (2,695 ) — (2,695 ) Dividends paid to stockholders, $0.32 per common share (1) — — — (37,346 ) — (37,346 ) — (37,346 ) Dividends accrued on unvested restricted stock unit awards (1) — — — (125 ) — (125 ) — (125 ) Net income — — — 62,021 — 62,021 156 62,177 Other comprehensive loss in equity method investees — — — — 136 136 — 136 Foreign currency translation adjustments — — — — 204 204 — 204 Balance at March 31, 2018 121 (79,049 ) 1,144,514 647,298 (252,942 ) 1,459,942 12,049 1,471,991 Issuance of share based awards and share based awards compensation expense — — 3,452 — — 3,452 — 3,452 Stock withholdings related to share based awards that vested during the three months ended June 30, 2018 — (210 ) — — — (210 ) — (210 ) Dividends paid to stockholders, $0.32 per common share (1) — — — (37,377 ) — (37,377 ) — (37,377 ) Dividends accrued on unvested restricted stock unit awards (1) — — — (146 ) — (146 ) — (146 ) Net income — — — 82,135 — 82,135 329 82,464 Other comprehensive loss in equity method investees — — — — (116 ) (116 ) — (116 ) Foreign currency translation adjustments — — — — (56,248 ) (56,248 ) — (56,248 ) Balance at June 30, 2018 $ 121 $ (79,259 ) $ 1,147,966 $ 691,910 $ (309,306 ) $ 1,451,432 $ 12,378 $ 1,463,810 (1) Amount per Share Declaration Date Record Date Payable Date of Common Stock Total 2/22/2019 3/8/2019 3/22/2019 $ 0.34 $ 39,905 5/23/2019 6/8/2019 6/24/2019 0.34 40,012 Total $ 0.68 $ 79,917 2/23/2018 3/8/2018 3/22/2018 $ 0.32 $ 37,471 5/25/2018 6/8/2018 6/22/2018 0.32 37,523 Total $ 0.64 $ 74,994 |
Investment in National CineMedi
Investment in National CineMedia | 6 Months Ended |
Jun. 30, 2019 | |
NCM | |
Investment in National CineMedia | 8. 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 (2) Cash Received Balance as of January 1, 2019 $ 275,592 $ (287,349 ) Receipt of common units due to annual common unit adjustment ("CUA") 1,552 (1,552 ) — — — — — Revenues earned under ESA (1) (2) — — — — (15,754 ) 9,514 6,240 Receipt of excess cash distributions (11,123 ) — (5,535 ) — — — 16,658 Receipt of cash under tax receivable agreement (2,324 ) — (1,159 ) — — — 3,483 Equity in earnings 5,012 — — (5,012 ) — — — Amortization of deferred revenue — 7,937 — — (7,937 ) — — Balance as of and for the six months ended June 30, 2019 $ 268,709 $ (280,964 ) $ (6,694 ) $ (5,012 ) $ (23,691 ) $ 9,514 $ 26,381 (1) 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 $5,884. (2) Reflects impact of significant financing component related to amounts received in advance under the ESA and CUA agreements. See Note 4. During the three months ended June 30, 2019 and 2018, the Company recorded equity in earnings of $617 and $495, respectively. During the six months ended June 30, 2019 and 2018, the Company recorded equity in earnings of $5,012 and $4,511, respectively. 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 6 to the Company’s financial statements as included in its 2018 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 2019, NCM performed its annual common unit adjustment calculation under the Common Unit Adjustment Agreement. As a result of the calculation, on March 29, 2019, the Company received an additional 219,056 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 $1,552. 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 is recognized on a straight-line basis over the remaining term of the ESA. As of June 30, 2019, the Company owned a total of 39,737,700 common units of NCM, representing an ownership interest of approximately 25%. The estimated fair value of the Company’s investment in NCM was approximately $260,679 based on the price of NCMI common stock as of June 28, 2019 of $6.56 per share (Level 1 input as defined in FASB ASC Topic 820). Below is summary financial information for NCM for the periods indicated (financial information as of and for the three months ended June 27, 2019 is not yet available). Three Three Six Months Ended March 28, 2019 June 28, 2018 June 28, 2018 Total revenues $ 76,900 $ 113,700 $ 193,900 Operating income $ 10,900 $ 40,200 $ 51,200 Net income (loss) $ (2,900 ) $ 25,000 $ 22,000 As of As of March 28, 2019 December 27, 2018 Current assets $ 119,200 $ 172,700 Noncurrent assets $ 746,000 $ 726,800 Current liabilities $ 63,400 $ 115,200 Noncurrent liabilities $ 950,000 $ 924,900 Members deficit $ (148,200 ) $ (140,600 ) |
Other Investments
Other Investments | 6 Months Ended |
Jun. 30, 2019 | |
Financial Support For Nonconsolidated Legal Entity [Abstract] | |
Other Investments | 9. Other Investments Below is a summary of activity for each of the Company’s other investments for the six months ended June 30, 2019: DCIP AC JV, LLC DCDC FE Concepts Other Total Balance at January 1, 2019 $ 125,252 $ 5,266 $ 2,255 $ 19,918 $ 4,075 $ 156,766 Cash distributions received (5,218 ) (1,000 ) — — — (6,218 ) Equity in income 11,167 2,150 532 (18 ) — 13,831 Equity in other comprehensive loss (93 ) — — — — (93 ) Other — — — — (110 ) (110 ) Balance at June 30, 2019 $ 131,108 $ 6,416 $ 2,787 $ 19,900 $ 3,965 $ 164,176 Digital Cinema Implementation Partners LLC (“DCIP”) On February 12, 2007, the Company, AMC and Regal (the “Exhibitors”) 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. On March 10, 2010, DCIP and its subsidiaries completed an initial financing transaction to enable the purchase, deployment and leasing of digital projection systems to the Exhibitors under equipment lease and installation agreements. On March 31, 2011, DCIP obtained incremental financing necessary to complete the deployment of digital projection systems. DCIP also entered into long-term Digital Cinema Deployment Agreements (“DCDAs”) with six major motion picture studios pursuant to which Kasima LLC, one of DCIP’s subsidiaries, receives a virtual print fee ("VPF") each time the studio books a film or certain other content on the leased digital projection systems. Other content distributors entered into similar DCDAs that provide for the payment of VPFs for bookings of the distributor's content on a leased digital projection system. The DCDAs end on the earlier to occur of (i) the tenth anniversary of the "mean deployment date" for all digital projection systems scheduled to be deployed over a period of up to five years, or (ii) the date DCIP achieves "cost recoupment", each as defined in the DCDAs. Cost recoupment occurs when revenues attributable to the digital projection systems exceed the financing, deployment, administration and other costs associated with the purchase of the digital projection systems. DCIP expects cost recoupment to occur during late 2020. Pursuant to the operating agreement between the Exhibitors and DCIP, DCIP will begin to distribute excess cash to the Exhibitors once its outstanding debt is paid off, which is expected to occur during 2019. As of June 30, 2019, 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, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Gross revenues $ 48,007 $ 42,521 $ 85,671 $ 83,554 Operating income $ 30,573 $ 25,049 $ 50,781 $ 48,494 Net income $ 28,475 $ 22,169 $ 46,960 $ 43,703 As of June 30, 2019 December 31, 2018 Current assets $ 65,824 $ 57,907 Noncurrent assets $ 634,805 $ 684,545 Current liabilities $ 67,479 $ 67,408 Noncurrent liabilities $ 57,157 $ 125,596 Members' equity $ 575,993 $ 549,448 As of June 30, 2019, the Company had 3,866 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, 2019 and 2018: Three Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Equipment lease payments $ 1,131 $ 1,243 $ 2,252 $ 2,460 Warranty reimbursements from DCIP $ (2,951 ) $ (2,617 ) $ (5,889 ) $ (5,118 ) Management service fees $ 152 $ 184 $ 310 $ 378 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 $8,475 and $6,763 for the six months ended June 30, 2019 and 2018, 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 $1,389 as of June 30, 2019. 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 $508 and $461 to DCDC during the six months ended June 30, 2019 and 2018, 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, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Treasury Stock and Share Based Awards | 10. 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, 2019: Number of Treasury Shares Cost Balance at January 1, 2019 4,626,191 $ 79,259 Restricted stock withholdings (1) 57,456 2,247 Restricted stock forfeitures 14,664 — Balance at June 30, 2019 4,698,311 $ 81,506 (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 $36.81 to $40.32 per share. As of June 30, 2019, the Company had no plans to retire any shares of treasury stock. Restricted Stock – During the six months ended June 30, 2019, the Company granted 305,287 shares of restricted stock to its directors and employees. 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 $36.77 to $41.61 per share. The Company assumed forfeiture rates for the restricted stock awards that ranged from 0% to 10%. 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, 2019: Shares of Weighted Average Restricted Grant Date Stock Fair Value Outstanding at January 1, 2019 704,353 $ 38.68 Granted 305,287 $ 37.41 Vested (198,711 ) $ 41.38 Forfeited (14,664 ) $ 37.31 Outstanding at June 30, 2019 796,265 $ 37.55 Unvested restricted stock at June 30, 2019 796,265 $ 37.55 Six Months Ended June 30, 2019 2018 Compensation expense recognized during the period $ 4,869 $ 4,798 Fair value of restricted shares that vested during the period $ 7,630 $ 7,815 Income tax benefit recognized upon vesting of restricted stock awards $ 1,473 $ 1,751 As of June 30, 2019, the estimated remaining unrecognized compensation expense related to unvested restricted stock awards was $22,680 and the weighted average period over which this remaining compensation expense will be recognized is approximately three years. Restricted Stock Units – During the six months ended June 30, 2019, the Company granted restricted stock units representing 306,651 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, 2020 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 6%, which is the threshold, one-third of the maximum restricted stock units vest. If the IRR for the two-year period is at least 8%, which is the target, two-thirds of the maximum restricted stock units vest. If the IRR for the two-year period is at least 14%, 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 2019 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, 2019 Number of Shares Value at Vesting Grant at IRR of at least 6% 136,285 $ 5,011 at IRR of at least 8% 204,427 $ 7,517 at IRR of at least 14% 306,651 $ 11,276 Due to the fact that the IRR for the two-year performance period could not be determined at the time of the 2019 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 date of grant, which was $36.77 per share. The Company assumed a forfeiture rate of 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, 2019 2018 Number of restricted stock unit awards that vested during the period 88,074 127,084 Fair value of restricted stock unit awards that vested during the period $ 3,550 $ 4,846 Accumulated dividends paid upon vesting of restricted stock unit awards $ 375 $ 501 Compensation expense recognized during the period $ 1,777 $ 2,080 Income tax benefit recognized upon vesting of restricted stock unit awards $ 170 $ 740 During the six months ended June 30, 2019, the Company modified the performance target levels for the restricted stock unit awards granted during February 2017 and February 2018 for all participants other than certain executive officers. The modification adjusted the threshold, target and maximum IRR levels from 7.0%, 9.5% and 13.0%, respectively, to 6.0%, 8.0% and 14.0%, respectively. The Company accounted for the change in performance measures as modifications of each award, and recorded a reduction to compensation expense of $132 during the three months ended March 31, 2019. Simultaneous with the modification of the restricted stock unit awards granted during February 2017, the Company determined that the final IRR reached for the respective measurement period was 9.3%, which resulted in a reduction in compensation expense of approximately $563. As of June 30, 2019 , the estimated remaining unrecognized compensation expense related to the outstanding restricted stock unit awards was $ 12,380 . The weighted average period over which this remaining compensation expense will be recognized is approximately three years . As of June 30, 2019 , the Company had restricted stock units outstanding that represented a total of 554,529 hypothetical shares of common stock, net of forfeitures, assuming an IRR of 7.2 % was achieved for the 2016 grants, an IRR of 9.3 % was achieved for the 2017 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, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 11. Goodwill and Other Intangible Assets The Company’s goodwill was as follows: U.S. Operating Segment International Operating Segment Total Balance at January 1, 2019 (1) $ 1,174,041 $ 102,283 $ 1,276,324 Theatres acquired in the US and Brazil (2) 8,570 869 9,439 Foreign currency translation adjustments — 786 786 Balance at June 30, 2019 (1) $ 1,182,611 $ 103,938 $ 1,286,549 (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 two theatres acquired in the U.S. during 2019 and the final purchase price allocation adjustment for theatres acquired in Brazil during 2018. 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, 2018, 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, 2019 that indicated the carrying value of goodwill might exceed its estimated fair value. Intangible assets consisted of the following: Balance at January 1, 2019 Impact of Adoption of ASC Topic 842 (1) Amortization Other (2) Balance at June 30, 2019 Intangible assets with finite lives: Gross carrying amount $ 105,256 $ (18,024 ) $ — $ (2,106 ) $ 85,126 Accumulated amortization (74,603 ) 13,597 (2,463 ) 2,130 (61,339 ) Total net intangible assets with finite lives $ 30,653 $ (4,427 ) $ (2,463 ) $ 24 $ 23,787 Intangible assets with indefinite lives: Tradename and other 300,257 ― ― 145 300,402 Total intangible assets — net $ 330,910 $ (4,427 ) $ (2,463 ) $ 169 $ 324,189 (1) See Note 3 for further discussion of the impact of adoption of ASC Topic 842. (2) Amount represents the write-off of fully amortized intangible assets related to non-compete agreements, the acquisition of tradeable liquor licenses, fair values allocated to intangible assets acquired as part of acquisitions of two theatres in the U.S. and foreign currency translation adjustments. For the year ended December 31, 2018 , 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, 2019 that indicated the carrying value of its tradena me 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, 2019 $ 2,394 For the twelve months ended December 31, 2020 4,358 For the twelve months ended December 31, 2021 2,447 For the twelve months ended December 31, 2022 2,333 For the twelve months ended December 31, 2023 2,307 Thereafter 9,948 Total $ 23,787 |
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets | 6 Months Ended |
Jun. 30, 2019 | |
Impairment Or Disposal Of Tangible Assets Disclosure [Abstract] | |
Impairment of Long-Lived Assets | 12. 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 2018 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, 2019 and 2018. As of June 30, 2019, the estimated aggregate fair value of the long-lived assets impaired during the six months ended June 30, 2019 was $23,037. 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, 2019 2018 2019 2018 U.S. theatre properties and equipment $ 1,044 $ 1,187 $ 2,252 $ 1,778 U.S. operating lease right-of-use assets 8,047 — 8,047 — International theatre properties and equipment 1,775 1,601 6,151 1,601 International operating lease right-of-use assets 1,628 — 1,628 — Total $ 12,494 $ 2,788 $ 18,078 $ 3,379 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 13. 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. Below is a summary of liabilities measured at fair value on a recurring basis by the Company under FASB ASC Topic 820 as of June 30, 2019: Carry Fair Value Description Value Level 1 Level 2 Level 3 Interest rate swap liabilities (1) $ (17,280 ) $ — $ — $ (17,280 ) (1) See further discussion of interest rate swaps at Note 6. Below is a summary of liabilities measured at fair value on a recurring basis by the Company under FASB ASC Topic 820 as of December 31, 2018: Carry Fair Value Description Value Level 1 Level 2 Level 3 Interest rate swap liabilities (1) $ (5,093 ) $ — $ — $ (5,093 ) (1) See further discussion of interest rate swaps at Note 6. Below is a reconciliation of the beginning and ending balance for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3): Liabilities (1) 2019 Beginning balance - January 1 $ 5,093 Total loss included in accumulated other comprehensive loss 12,782 Settlements included in interest expense (595 ) Ending balance - June 30 $ 17,280 (1) Represents interest rate swap liabilities. See further discussion of interest rate swaps at Note 6. 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 11 and Note 12). 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, 2018, filed February 28, 2019. 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, 2019. |
Foreign Currency Translation
Foreign Currency Translation | 6 Months Ended |
Jun. 30, 2019 | |
Foreign Currency [Abstract] | |
Foreign Currency Translation | 14. Foreign Currency Translation The accumulated other comprehensive loss account in stockholders’ equity of $322,633 and $319,007 as of June 30, 2019 and December 31, 2018, respectively, primarily includes cumulative foreign currency adjustments of $309,620 and $315,300, respectively, from translating the financial statements of the Company’s international subsidiaries and the cumulative changes in fair value of the Company’s interest rate swap agreements that are designated as hedges. As of June 30, 2019, all foreign countries where the Company has operations, other than Argentina, 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. The Company deemed Argentina to be highly inflationary beginning July 1, 2018. A highly inflationary economy is defined as an economy with a cumulative inflation rate of approximately 100 percent or more over a three-year period. If a country’s economy is classified as highly inflationary, the financial statements of the foreign entity operating in that country must be remeasured to the functional currency of the reporting entity. The financial information of the Company’s Argentina subsidiaries has been remeasured in U.S. dollars in accordance with ASC Topic 830, Foreign Currency Matters Below is a summary of the impact of translating the June 30, 2019 financial statements of the Company’s international subsidiaries: Other Comprehensive Income (Loss) for the Exchange Rate as of Six Months Ended Country June 30, 2019 December 31, 2018 June 30, 2019 June 30, 2018 Brazil 3.85 3.88 $ 1,664 $ (34,511 ) Argentina (1) 42.48 37.68 — (16,896 ) Chile 677.91 694.74 1,839 (580 ) Peru 3.29 3.39 1,389 (4,372 ) All other 788 315 $ 5,680 $ (56,044 ) (1) Beginning July 1, 2018, Argentina was deemed highly inflationary. The impact of translating Argentina financial results to U.S. dollars, which was not significant, has been recorded in foreign currency exchange loss on the Company’s condensed consolidated statement of income. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | 15. Supplemental Cash Flow Information The following is provided as supplemental information to the condensed consolidated statements of cash flows: Six Months Ended June 30, 2019 2018 Cash paid for interest $ 47,015 $ 51,562 Cash paid for income taxes, net of refunds received $ 36,831 $ 28,477 Noncash investing and financing activities: Change in accounts payable and accrued expenses for the acquisition of theatre properties and equipment (1) $ (16,118 ) $ 2,898 Interest expense - NCM (see Note 8) $ (9,514 ) $ (9,892 ) Investment in NCM – receipt of common units (see Note 8) $ 1,552 $ 5,012 Dividends accrued on unvested restricted stock unit awards $ (297 ) $ (271 ) (1) Additions to theatre properties and equipment included in accounts payable as of June 30, 2019 and December 31, 2018 were $20,886 and $37,004, respectively. |
Segments
Segments | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segments | 16. 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, 2019 2018 2019 2018 Revenues U.S. $ 747,119 $ 712,483 $ 1,304,917 $ 1,312,128 International 214,830 179,979 374,737 363,607 Eliminations (4,193 ) (3,409 ) (7,175 ) (6,711 ) Total revenues $ 957,756 $ 889,053 $ 1,672,479 $ 1,669,024 Adjusted EBITDA U.S. $ 195,298 $ 188,411 $ 321,057 $ 344,255 International 49,440 33,192 $ 75,935 70,778 Total Adjusted EBITDA $ 244,738 $ 221,603 $ 396,992 $ 415,033 Capital expenditures U.S. $ 45,591 $ 59,675 $ 97,930 $ 129,646 International 12,009 22,751 17,239 32,943 Total capital expenditures $ 57,600 $ 82,426 $ 115,169 $ 162,589 The following table sets forth a reconciliation of net income to Adjusted EBITDA: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Net income $ 101,861 $ 82,464 $ 135,054 $ 144,641 Add (deduct): Income taxes 38,182 18,326 50,099 43,423 Interest expense (1) (2) 24,929 28,466 50,070 55,581 Other (income) expense (3) (6,774 ) 836 (15,109 ) (6,437 ) Loss on debt amendments and refinancing — — — 1,484 Other cash distributions from equity investees (4) 5,323 3,932 19,665 16,255 Depreciation and amortization (2) 64,573 64,290 129,035 128,685 Impairment of long-lived assets 12,494 2,788 18,078 3,379 Loss on disposal of assets and other 1,805 16,901 5,604 20,840 Non-cash rent expense (5) (1,331 ) — (2,150 ) — Deferred lease expenses (2) — (449 ) — (932 ) Amortization of long-term prepaid rents (2) — 597 — 1,236 Share based awards compensation expense 3,676 3,452 6,646 6,878 Adjusted EBITDA (2) $ 244,738 $ 221,603 $ 396,992 $ 415,033 (1) Includes amortization of debt issue costs. (2) Amounts for the three and six months ended June 30, 2019 were impacted by the adoption of ASC Topic 842 and the resulting change in the classification of certain of the Company’s leases. (3) Includes interest income, foreign currency exchange loss, equity in income of affiliates and interest expense - NCM and excludes distributions from NCM. (4) Includes cash distributions received from equity investees that were recorded as a reduction of the respective investment balances (see Notes 8 and 9). These distributions are reported entirely within the U.S. operating segment. (5) The adoption of ASC Topic 842 impacted how the Company amortizes lease related assets and liabilities such as deferred lease expenses, favorable and unfavorable lease intangible assets, long-term prepaid rents and deferred lease incentives. Beginning January 1, 2019, these items are amortized to facility lease expense for theatre operating leases and utilities and other for equipment operating leases. See Note 3 for discussion of the impact of ASC Topic 842. 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 2019 2018 2019 2018 U.S. $ 747,119 $ 712,483 $ 1,304,917 $ 1,312,128 Brazil 89,626 72,977 160,487 153,113 Other international countries 125,204 107,002 214,250 210,494 Eliminations (4,193 ) (3,409 ) (7,175 ) (6,711 ) Total $ 957,756 $ 889,053 $ 1,672,479 $ 1,669,024 As of As of Theatre Properties and Equipment-net (1) June 30, 2019 December 31, 2018 U.S. $ 1,429,304 $ 1,479,603 Brazil 121,158 140,570 Other international countries 166,185 212,960 Total $ 1,716,647 $ 1,833,133 (1) |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 17. 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 $364 and $327 of management fee revenues during the six months ended June 30, 2019 and 2018, 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, 2019 and 2018, the aggregate amounts paid to Copper Beech for the use of the aircraft was $67 and $51, 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, 2019 and 2018, the Company paid total rent of approximately $14,356 and $12,980, respectively, to Syufy. During 2019, the Company began providing digital equipment support to drive-in theatres owned by Syufy. The Company billed approximately $36 related to these services during the six months ended June 2019. 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 9 for further discussion. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 18. Commitments and Contingencies From time to time, the Company is involved in various legal proceedings arising from the ordinary course of its business operations, such as personal injury claims, employment matters, landlord-tenant disputes, patent claims and contractual disputes, some of which are covered by insurance. The Company believes its potential liability with respect to proceedings currently pending is not material, individually or in the aggregate, to the Company’s financial position, results of operations and cash flows. Silken Brown 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 Court granted class certification. 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; however, to avoid the cost and uncertainty associated with litigation the Company and the plaintiff entered into a Joint Stipulation of Class Action Settlement and Release of Claims (the “Settlement Agreement”) to fully and finally dismiss all claims that would be brought in the case. The Settlement Agreement was preliminarily approved by the Court and is subject to final approval later this year. During 2018, the Company recorded a litigation reserve based on the proposed Settlement Agreement. 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 2018, the Company recorded a litigation reserve based on the jury award and an estimate of court costs and attorney’s fees. The trial court denied a motion for a judgment notwithstanding the verdict and a motion for a new trial. The Company has appealed the 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. Civil Investigative Demand. 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. |
Adoption of ASC Topic 842 - L_2
Adoption of ASC Topic 842 - Lease Accounting (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Schedule of Operating and Finance Right-of-Use Assets and Lease Liabilities | The following table represents the operating and finance right-of-use assets and lease liabilities as of June 30, 2019. As of Leases Classification June 30, 2019 Assets (1) Operating lease assets Operating lease assets $ 1,429,451 Finance lease assets Theatre properties and equipment, net of accumulated depreciation and amortization (2) 122,759 Total lease assets $ 1,552,210 Liabilities (1) Current Operating Current portion of operating lease obligations $ 215,060 Finance Current portion of finance lease obligations 15,233 Noncurrent Operating Operating lease obligations, less current portion 1,274,599 Finance Finance lease obligations, less current portion 130,311 Total lease liabilities $ 1,635,203 (1) The operating lease right-of-use assets and liabilities recorded on the Company’s condensed consolidated balance sheet generally do not include renewal options that have not yet been exercised. The Company does not consider a lease renewal as reasonably certain until immediately before the necessary notification is provided to the landlord. (2) Finance lease assets are net of accumulated amortization of $54,243 as of June 30, 2019. |
Schedule of Aggregate Lease Costs by Lease Classification | The following table represents the Company’s aggregate lease costs, by lease classification, for the three and six months ended June 30, 2019. Three Months Ended Six Months Ended Lease Cost Classification June 30, 2019 June 30, 2019 Operating lease costs Equipment (1) Utilities and other $ 1,861 $ 3,604 Theatres (2)(3) Facility lease expense 89,849 174,634 Total operating lease costs $ 91,710 $ 178,238 Finance lease costs Amortization of leased assets Depreciation and amortization $ 3,739 $ 7,479 Interest on lease liabilities Interest expense 1,984 4,005 Total finance lease costs $ 5,723 $ 11,484 (1) Includes approximately $736 and $1,356 of short-term lease payments for the three and six months ended June 30, 2019, respectively. (2) Includes approximately $20,344 and $35,618 of variable lease payments based on a change in index, such as CPI or inflation, variable payments based on revenues or attendance and variable common area maintenance costs for the three and six months ended June 30, 2019 (3) Approximately $382 and $784 of lease payments are included in general and administrative expenses primarily related to office leases for the three and six months ended June 30, 2019, respectively. |
Schedule of Maturity of Lease Liabilities by Lease Classification | The following table represents the maturity of lease liabilities, by lease classification, as of June 30, 2019. Operating Finance Years Ending Leases Leases Total 2019 $ 141,043 $ 11,150 $ 152,193 2020 275,089 22,373 297,462 2021 257,560 18,661 276,221 2022 227,987 17,925 245,912 2023 196,942 17,236 214,178 After 2023 697,076 101,109 798,185 Total lease payments $ 1,795,697 $ 188,454 $ 1,984,151 Less: Interest 306,038 42,910 348,948 Present value of lease liabilities $ 1,489,659 $ 145,544 $ 1,635,203 |
Estimated Future Minimum Lease Payments Under Operating Leases | The following table represents future minimum lease payments under noncancelable operating and capital leases at December 31, 2018 as presented in the Company’s Annual Report on Form 10-K filed February 28, 2019: Operating Capital Years Ending Leases Leases 2019 $ 253,323 $ 42,434 2020 242,336 41,502 2021 230,396 34,589 2022 204,628 32,462 2023 176,802 28,534 Thereafter 677,091 166,375 Total $ 1,784,576 345,896 Amounts representing interest payments (86,364 ) Present value of future minimum payments 259,532 Current portion of finance and capital lease obligations (27,065 ) Capital lease obligations, less current portion $ 232,467 |
Estimated Future Minimum Lease Payments Under Capital Leases | The following table represents future minimum lease payments under noncancelable operating and capital leases at December 31, 2018 as presented in the Company’s Annual Report on Form 10-K filed February 28, 2019: Operating Capital Years Ending Leases Leases 2019 $ 253,323 $ 42,434 2020 242,336 41,502 2021 230,396 34,589 2022 204,628 32,462 2023 176,802 28,534 Thereafter 677,091 166,375 Total $ 1,784,576 345,896 Amounts representing interest payments (86,364 ) Present value of future minimum payments 259,532 Current portion of finance and capital lease obligations (27,065 ) Capital lease obligations, less current portion $ 232,467 |
Schedule of Weighted-Average Remaining Lease Term and Discount Rate | The following table represents the weighted-average remaining lease term and discount rate, disaggregated by lease classification, as of June 30, 2019. As of Lease Term and Discount Rate June 30, 2019 Weighted-average remaining lease term (years) (1) Operating leases - equipment 4.4 Operating leases - theatres 8.1 Finance leases - equipment 6.1 Finance leases - theatres 10.7 Weighted-average discount rate (2) Operating leases - equipment 4.3 % Operating leases - theatres 4.8 % Finance leases - equipment 5.5 % Finance leases - theatres 5.3 % (1) The lease right-of-use assets and liabilities recorded on the Company’s condensed consolidated balance sheet generally do not include renewal options that have not yet been executed. The Company does not consider a lease renewal exercise as reasonably certain until immediately before the necessary notification is provided to the landlord. (2) The discount rate for each lease represents the incremental borrowing rate that the Company would incur to borrow on a collateralized basis over a similar term and amount equal to lease payments in a similar economic environment. |
Schedule of Minimum Cash Lease Payments | The following table represents the minimum cash lease payments included in the measurement of lease liabilities and the non-cash addition of right-of-use assets for the six months ended June 30, 2019. Six Months Ended Other Information June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities Cash outflows for operating leases $ 141,264 Cash outflows for finance leases - operating activities $ 3,893 Cash outflows for finance leases - financing activities $ 7,131 Non-cash amount of leased assets obtained in exchange for: Operating lease liabilities - theatres $ 37,582 Operating lease liabilities - equipment $ 339 Finance lease liabilities $ — |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Revenues Disaggregated Based on Type of Good Or Service By Reportable Operating Segment and On Timing of Revenue Recognition | The following table presents revenues for the three and six months ended June 30, 2019 and 2018, disaggregated based on major type of good or service and by reportable operating segment. Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 U.S. International U.S. International Operating Operating Operating Operating Major Goods/Services Segment (1) Segment Consolidated Segment (1) Segment Consolidated Admissions revenues $ 406,923 $ 114,149 $ 521,072 $ 715,762 $ 200,850 $ 916,612 Concession revenues 274,926 70,356 345,282 474,312 122,294 596,606 Screen advertising and promotional revenues 22,302 19,101 41,403 42,882 33,139 76,021 Other revenues 38,775 11,224 49,999 64,786 18,454 83,240 Total revenues $ 742,926 $ 214,830 $ 957,756 $ 1,297,742 $ 374,737 $ 1,672,479 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 16 for additional information on intercompany eliminations. The following table presents revenues for the three and six months ended June 30, 2019 and 2018, disaggregated based on timing of revenue recognition. Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 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 $ 718,582 $ 192,422 $ 911,004 $ 1,250,765 $ 335,531 $ 1,586,296 Goods and services transferred over time 24,344 22,408 46,752 46,977 39,206 86,183 Total $ 742,926 $ 214,830 $ 957,756 $ 1,297,742 $ 374,737 $ 1,672,479 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 16 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, 2019. Deferred Revenue - NCM Other Deferred Revenues (1) Total Balance at January 1, 2019 $ 287,349 $ 106,075 $ 393,424 Amounts recognized as accounts receivable — 13,091 13,091 Cash received from customers in advance — 88,864 88,864 Common units received from NCM (see Note 8) 1,552 — 1,552 Revenue recognized during period (7,937 ) (96,026 ) (103,963 ) Foreign currency translation adjustments — (261 ) (261 ) Balance at June 30, 2019 $ 280,964 $ 111,743 $ 392,707 (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, 2019 and when the Company expects to recognize this revenue. Twelve Months Ended June 30, Remaining Performance Obligations 2020 2021 2022 2023 2024 Thereafter Total Deferred revenue - NCM $ 15,906 $ 15,917 $ 15,917 $ 15,917 $ 15,917 $ 201,390 $ 280,964 Deferred revenue - other 105,284 6,163 200 96 — — 111,743 Total $ 121,190 $ 22,080 $ 16,117 $ 16,013 $ 15,917 $ 201,390 $ 392,707 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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, 2019 2018 2019 2018 Numerator: Net income attributable to Cinemark Holdings, Inc. $ 100,971 $ 82,135 $ 133,699 $ 144,156 Earnings allocated to participating share-based awards (1) (656 ) (465 ) (779 ) (817 ) Net income attributable to common stockholders $ 100,315 $ 81,670 $ 132,920 $ 143,339 Denominator (shares in thousands): Basic weighted average common stock outstanding 116,325 116,091 116,253 115,988 Common equivalent shares for restricted stock units 223 177 271 250 Diluted common equivalent shares 116,548 116,268 116,524 116,238 Basic earnings per share attributable to common stockholders $ 0.86 $ 0.70 $ 1.14 $ 1.23 Diluted earnings per share attributable to common stockholders $ 0.86 $ 0.70 $ 1.14 $ 1.23 (1) For the three months ended June 30, 2019 and 2018, a weighted average of approximately 763 and 676 shares of restricted stock, respectively, were considered participating securities. For the six months ended June 30, 2019 and 2018, a weighted |
Long Term Debt Activity (Tables
Long Term Debt Activity (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Company's Interest Rate Swap Agreements Designated as Cash Flow Hedges | Below is a summary of the Company’s interest rate swap agreements designated as cash flow hedges as of June 30, 2019: Estimated Fair Value at Notional June 30, Amount Effective Date Pay Rate Receive Rate Expiration Date 2019 (1) $ 175,000 December 31, 2018 2.75% 1-Month LIBOR December 31, 2022 $ 6,679 $ 137,500 December 31, 2018 2.77% 1-Month LIBOR December 31, 2022 5,364 $ 137,500 December 31, 2018 2.75% 1-Month LIBOR December 31, 2022 5,237 Total $ 17,280 (1) Approximately $4,119 of the total is included in accounts payable and accrued expenses and $13,161 is included in other long-term liabilities on the condensed consolidated balance sheet as of June 30, 2019. |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 three and six months ended June 30, 2019 and 2018: Common Stock Treasury Stock Additional Paid-In-Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Total Cinemark Holdings, Inc. Stockholders’ Equity Noncontrolling Interests Total Equity Balance at January 1, 2019 $ 121 $ (79,259 ) $ 1,155,424 $ 686,459 $ (319,007 ) $ 1,443,738 $ 12,379 $ 1,456,117 Cumulative effect of change in accounting principle, net of taxes of $6,054 (see Note 3) — — — 16,985 — 16,985 — 16,985 Issuance of share based awards and share based awards compensation expense — — 2,970 — — 2,970 — 2,970 Stock withholdings related to share based awards that vested during the three months ended March 31, 2019 — (1,947 ) — — — (1,947 ) — (1,947 ) Dividends paid to stockholders, $0.34 per common share (1) — — — (39,797 ) — (39,797 ) — (39,797 ) Dividends paid to noncontrolling interests — — — — — — (1,000 ) (1,000 ) Dividends accrued on unvested restricted stock unit awards (1) — — — (108 ) — (108 ) — (108 ) Net income — — — 32,728 — 32,728 465 33,193 Other comprehensive loss in equity method investees — — — — (71 ) (71 ) — (71 ) Unrealized loss due to fair value adjustments on interest rate swap agreements, net of taxes, net of settlements — — — — (3,311 ) (3,311 ) — (3,311 ) Foreign currency translation adjustments — — — — 755 755 — 755 Balance at March 31, 2019 121 (81,206 ) 1,158,394 696,267 (321,634 ) 1,451,942 11,844 1,463,786 Issuance of share based awards and share based awards compensation expense 1 — 3,676 — — 3,677 — 3,677 Stock withholdings related to share based awards that vested during the three months ended June 30, 2019 — (300 ) — — — (300 ) — (300 ) Dividends paid to stockholders, $0.34 per common share (1) — — — (39,823 ) — (39,823 ) — (39,823 ) Dividends paid to noncontrolling interests — — — — — — (294 ) (294 ) Dividends accrued on unvested restricted stock unit awards (1) — — — (189 ) — (189 ) — (189 ) Net income — — — 100,971 — 100,971 890 101,861 Other comprehensive loss in equity method investees — — — — (22 ) (22 ) — (22 ) Unrealized loss due to fair value adjustments on interest rate swap agreements, net of taxes, net of settlements — — — — (5,902 ) (5,902 ) — (5,902 ) Foreign currency translation adjustments — — — — 4,925 4,925 — 4,925 Balance at June 30, 2019 $ 122 $ (81,506 ) $ 1,162,070 $ 757,226 $ (322,633 ) $ 1,515,279 $ 12,440 $ 1,527,719 Common Stock Treasury Stock Additional Paid-In-Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Total Cinemark Holdings, Inc. Stockholders’ Equity Noncontrolling Interests Total Equity Balance at January 1, 2018 $ 121 $ (76,354 ) $ 1,141,088 $ 582,222 $ (253,282 ) $ 1,393,795 $ 11,893 $ 1,405,688 Cumulative effect of change in accounting principle, net of taxes of $13,079 — — — 40,526 — 40,526 — 40,526 Issuance of share based awards and share based awards compensation expense — — 3,426 — 3,426 — 3,426 Stock withholdings related to share based awards that vested during the three months ended March 31, 2018 — (2,695 ) — — — (2,695 ) — (2,695 ) Dividends paid to stockholders, $0.32 per common share (1) — — — (37,346 ) — (37,346 ) — (37,346 ) Dividends accrued on unvested restricted stock unit awards (1) — — — (125 ) — (125 ) — (125 ) Net income — — — 62,021 — 62,021 156 62,177 Other comprehensive loss in equity method investees — — — — 136 136 — 136 Foreign currency translation adjustments — — — — 204 204 — 204 Balance at March 31, 2018 121 (79,049 ) 1,144,514 647,298 (252,942 ) 1,459,942 12,049 1,471,991 Issuance of share based awards and share based awards compensation expense — — 3,452 — — 3,452 — 3,452 Stock withholdings related to share based awards that vested during the three months ended June 30, 2018 — (210 ) — — — (210 ) — (210 ) Dividends paid to stockholders, $0.32 per common share (1) — — — (37,377 ) — (37,377 ) — (37,377 ) Dividends accrued on unvested restricted stock unit awards (1) — — — (146 ) — (146 ) — (146 ) Net income — — — 82,135 — 82,135 329 82,464 Other comprehensive loss in equity method investees — — — — (116 ) (116 ) — (116 ) Foreign currency translation adjustments — — — — (56,248 ) (56,248 ) — (56,248 ) Balance at June 30, 2018 $ 121 $ (79,259 ) $ 1,147,966 $ 691,910 $ (309,306 ) $ 1,451,432 $ 12,378 $ 1,463,810 (1) Amount per Share Declaration Date Record Date Payable Date of Common Stock Total 2/22/2019 3/8/2019 3/22/2019 $ 0.34 $ 39,905 5/23/2019 6/8/2019 6/24/2019 0.34 40,012 Total $ 0.68 $ 79,917 2/23/2018 3/8/2018 3/22/2018 $ 0.32 $ 37,471 5/25/2018 6/8/2018 6/22/2018 0.32 37,523 Total $ 0.64 $ 74,994 |
Investment in National CineMe_2
Investment in National CineMedia (Tables) - NCM | 6 Months Ended |
Jun. 30, 2019 | |
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 (2) Cash Received Balance as of January 1, 2019 $ 275,592 $ (287,349 ) Receipt of common units due to annual common unit adjustment ("CUA") 1,552 (1,552 ) — — — — — Revenues earned under ESA (1) (2) — — — — (15,754 ) 9,514 6,240 Receipt of excess cash distributions (11,123 ) — (5,535 ) — — — 16,658 Receipt of cash under tax receivable agreement (2,324 ) — (1,159 ) — — — 3,483 Equity in earnings 5,012 — — (5,012 ) — — — Amortization of deferred revenue — 7,937 — — (7,937 ) — — Balance as of and for the six months ended June 30, 2019 $ 268,709 $ (280,964 ) $ (6,694 ) $ (5,012 ) $ (23,691 ) $ 9,514 $ 26,381 (1) 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 $5,884. (2) Reflects impact of significant financing component related to amounts received in advance under the ESA and CUA agreements. See Note 4. |
Summary Financial Information | Below is summary financial information for NCM for the periods indicated (financial information as of and for the three months ended June 27, 2019 is not yet available). Three Three Six Months Ended March 28, 2019 June 28, 2018 June 28, 2018 Total revenues $ 76,900 $ 113,700 $ 193,900 Operating income $ 10,900 $ 40,200 $ 51,200 Net income (loss) $ (2,900 ) $ 25,000 $ 22,000 As of As of March 28, 2019 December 27, 2018 Current assets $ 119,200 $ 172,700 Noncurrent assets $ 746,000 $ 726,800 Current liabilities $ 63,400 $ 115,200 Noncurrent liabilities $ 950,000 $ 924,900 Members deficit $ (148,200 ) $ (140,600 ) |
Other Investments (Tables)
Other Investments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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, 2019: DCIP AC JV, LLC DCDC FE Concepts Other Total Balance at January 1, 2019 $ 125,252 $ 5,266 $ 2,255 $ 19,918 $ 4,075 $ 156,766 Cash distributions received (5,218 ) (1,000 ) — — — (6,218 ) Equity in income 11,167 2,150 532 (18 ) — 13,831 Equity in other comprehensive loss (93 ) — — — — (93 ) Other — — — — (110 ) (110 ) Balance at June 30, 2019 $ 131,108 $ 6,416 $ 2,787 $ 19,900 $ 3,965 $ 164,176 |
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, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Gross revenues $ 48,007 $ 42,521 $ 85,671 $ 83,554 Operating income $ 30,573 $ 25,049 $ 50,781 $ 48,494 Net income $ 28,475 $ 22,169 $ 46,960 $ 43,703 As of June 30, 2019 December 31, 2018 Current assets $ 65,824 $ 57,907 Noncurrent assets $ 634,805 $ 684,545 Current liabilities $ 67,479 $ 67,408 Noncurrent liabilities $ 57,157 $ 125,596 Members' equity $ 575,993 $ 549,448 |
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, 2019 and 2018: Three Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Equipment lease payments $ 1,131 $ 1,243 $ 2,252 $ 2,460 Warranty reimbursements from DCIP $ (2,951 ) $ (2,617 ) $ (5,889 ) $ (5,118 ) Management service fees $ 152 $ 184 $ 310 $ 378 |
Treasury Stock and Share Base_2
Treasury Stock and Share Based Awards (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Summary of Treasury Stock Activity | Below is a summary of the Company’s treasury stock activity for the six months ended June 30, 2019: Number of Treasury Shares Cost Balance at January 1, 2019 4,626,191 $ 79,259 Restricted stock withholdings (1) 57,456 2,247 Restricted stock forfeitures 14,664 — Balance at June 30, 2019 4,698,311 $ 81,506 (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 $36.81 to $40.32 per share. |
Summary of Restricted Stock Activity | Below is a summary of restricted stock activity for the six months ended June 30, 2019: Shares of Weighted Average Restricted Grant Date Stock Fair Value Outstanding at January 1, 2019 704,353 $ 38.68 Granted 305,287 $ 37.41 Vested (198,711 ) $ 41.38 Forfeited (14,664 ) $ 37.31 Outstanding at June 30, 2019 796,265 $ 37.55 Unvested restricted stock at June 30, 2019 796,265 $ 37.55 |
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, 2019 Number of Shares Value at Vesting Grant at IRR of at least 6% 136,285 $ 5,011 at IRR of at least 8% 204,427 $ 7,517 at IRR of at least 14% 306,651 $ 11,276 |
Restricted Stock | |
Summary of Restricted Stock Award Activity | Six Months Ended June 30, 2019 2018 Compensation expense recognized during the period $ 4,869 $ 4,798 Fair value of restricted shares that vested during the period $ 7,630 $ 7,815 Income tax benefit recognized upon vesting of restricted stock awards $ 1,473 $ 1,751 |
Restricted Stock Units (RSUs) | |
Summary of Restricted Stock Unit Award Activity | Six Months Ended June 30, 2019 2018 Number of restricted stock unit awards that vested during the period 88,074 127,084 Fair value of restricted stock unit awards that vested during the period $ 3,550 $ 4,846 Accumulated dividends paid upon vesting of restricted stock unit awards $ 375 $ 501 Compensation expense recognized during the period $ 1,777 $ 2,080 Income tax benefit recognized upon vesting of restricted stock unit awards $ 170 $ 740 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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, 2019 (1) $ 1,174,041 $ 102,283 $ 1,276,324 Theatres acquired in the US and Brazil (2) 8,570 869 9,439 Foreign currency translation adjustments — 786 786 Balance at June 30, 2019 (1) $ 1,182,611 $ 103,938 $ 1,286,549 (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 two theatres acquired in the U.S. during 2019 and the final purchase price allocation adjustment for theatres acquired in Brazil during 2018. |
Intangible Assets | Intangible assets consisted of the following: Balance at January 1, 2019 Impact of Adoption of ASC Topic 842 (1) Amortization Other (2) Balance at June 30, 2019 Intangible assets with finite lives: Gross carrying amount $ 105,256 $ (18,024 ) $ — $ (2,106 ) $ 85,126 Accumulated amortization (74,603 ) 13,597 (2,463 ) 2,130 (61,339 ) Total net intangible assets with finite lives $ 30,653 $ (4,427 ) $ (2,463 ) $ 24 $ 23,787 Intangible assets with indefinite lives: Tradename and other 300,257 ― ― 145 300,402 Total intangible assets — net $ 330,910 $ (4,427 ) $ (2,463 ) $ 169 $ 324,189 (1) See Note 3 for further discussion of the impact of adoption of ASC Topic 842. (2) Amount represents the write-off of fully amortized intangible assets related to non-compete agreements, the acquisition of tradeable liquor licenses, fair values allocated to intangible assets acquired as part of acquisitions of two theatres in the U.S. and foreign currency translation adjustments. |
Estimated Aggregate Future Amortization Expense for Intangible Assets | Estimated aggregate future amortization expense for intangible assets is as follows: For the six months ended December 31, 2019 $ 2,394 For the twelve months ended December 31, 2020 4,358 For the twelve months ended December 31, 2021 2,447 For the twelve months ended December 31, 2022 2,333 For the twelve months ended December 31, 2023 2,307 Thereafter 9,948 Total $ 23,787 |
Impairment of Long-Lived Asse_2
Impairment of Long-Lived Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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, 2019 2018 2019 2018 U.S. theatre properties and equipment $ 1,044 $ 1,187 $ 2,252 $ 1,778 U.S. operating lease right-of-use assets 8,047 — 8,047 — International theatre properties and equipment 1,775 1,601 6,151 1,601 International operating lease right-of-use assets 1,628 — 1,628 — Total $ 12,494 $ 2,788 $ 18,078 $ 3,379 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Liabilities Measured at Fair Value on a Recurring Basis | Below is a summary of liabilities measured at fair value on a recurring basis by the Company under FASB ASC Topic 820 as of June 30, 2019: Carry Fair Value Description Value Level 1 Level 2 Level 3 Interest rate swap liabilities (1) $ (17,280 ) $ — $ — $ (17,280 ) (1) See further discussion of interest rate swaps at Note 6. Below is a summary of liabilities measured at fair value on a recurring basis by the Company under FASB ASC Topic 820 as of December 31, 2018: Carry Fair Value Description Value Level 1 Level 2 Level 3 Interest rate swap liabilities (1) $ (5,093 ) $ — $ — $ (5,093 ) (1) See further discussion of interest rate swaps at Note 6. |
Reconciliation of Beginning and Ending Balance for Liabilities Measured at Fair Value | Below is a reconciliation of the beginning and ending balance for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3): Liabilities (1) 2019 Beginning balance - January 1 $ 5,093 Total loss included in accumulated other comprehensive loss 12,782 Settlements included in interest expense (595 ) Ending balance - June 30 $ 17,280 |
Foreign Currency Translation (T
Foreign Currency Translation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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, 2019 financial statements of the Company’s international subsidiaries: Other Comprehensive Income (Loss) for the Exchange Rate as of Six Months Ended Country June 30, 2019 December 31, 2018 June 30, 2019 June 30, 2018 Brazil 3.85 3.88 $ 1,664 $ (34,511 ) Argentina (1) 42.48 37.68 — (16,896 ) Chile 677.91 694.74 1,839 (580 ) Peru 3.29 3.39 1,389 (4,372 ) All other 788 315 $ 5,680 $ (56,044 ) (1) Beginning July 1, 2018, Argentina was deemed highly inflationary. The impact of translating Argentina financial results to U.S. dollars, which was not significant, has been recorded in foreign currency exchange loss on the Company’s condensed consolidated statement of income. |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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, 2019 2018 Cash paid for interest $ 47,015 $ 51,562 Cash paid for income taxes, net of refunds received $ 36,831 $ 28,477 Noncash investing and financing activities: Change in accounts payable and accrued expenses for the acquisition of theatre properties and equipment (1) $ (16,118 ) $ 2,898 Interest expense - NCM (see Note 8) $ (9,514 ) $ (9,892 ) Investment in NCM – receipt of common units (see Note 8) $ 1,552 $ 5,012 Dividends accrued on unvested restricted stock unit awards $ (297 ) $ (271 ) (1) Additions to theatre properties and equipment included in accounts payable as of June 30, 2019 and December 31, 2018 were $20,886 and $37,004, respectively. |
Segments (Tables)
Segments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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, 2019 2018 2019 2018 Revenues U.S. $ 747,119 $ 712,483 $ 1,304,917 $ 1,312,128 International 214,830 179,979 374,737 363,607 Eliminations (4,193 ) (3,409 ) (7,175 ) (6,711 ) Total revenues $ 957,756 $ 889,053 $ 1,672,479 $ 1,669,024 Adjusted EBITDA U.S. $ 195,298 $ 188,411 $ 321,057 $ 344,255 International 49,440 33,192 $ 75,935 70,778 Total Adjusted EBITDA $ 244,738 $ 221,603 $ 396,992 $ 415,033 Capital expenditures U.S. $ 45,591 $ 59,675 $ 97,930 $ 129,646 International 12,009 22,751 17,239 32,943 Total capital expenditures $ 57,600 $ 82,426 $ 115,169 $ 162,589 |
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, 2019 2018 2019 2018 Net income $ 101,861 $ 82,464 $ 135,054 $ 144,641 Add (deduct): Income taxes 38,182 18,326 50,099 43,423 Interest expense (1) (2) 24,929 28,466 50,070 55,581 Other (income) expense (3) (6,774 ) 836 (15,109 ) (6,437 ) Loss on debt amendments and refinancing — — — 1,484 Other cash distributions from equity investees (4) 5,323 3,932 19,665 16,255 Depreciation and amortization (2) 64,573 64,290 129,035 128,685 Impairment of long-lived assets 12,494 2,788 18,078 3,379 Loss on disposal of assets and other 1,805 16,901 5,604 20,840 Non-cash rent expense (5) (1,331 ) — (2,150 ) — Deferred lease expenses (2) — (449 ) — (932 ) Amortization of long-term prepaid rents (2) — 597 — 1,236 Share based awards compensation expense 3,676 3,452 6,646 6,878 Adjusted EBITDA (2) $ 244,738 $ 221,603 $ 396,992 $ 415,033 (1) Includes amortization of debt issue costs. (2) Amounts for the three and six months ended June 30, 2019 were impacted by the adoption of ASC Topic 842 and the resulting change in the classification of certain of the Company’s leases. (3) Includes interest income, foreign currency exchange loss, equity in income of affiliates and interest expense - NCM and excludes distributions from NCM. (4) Includes cash distributions received from equity investees that were recorded as a reduction of the respective investment balances (see Notes 8 and 9). These distributions are reported entirely within the U.S. operating segment. (5) The adoption of ASC Topic 842 impacted how the Company amortizes lease related assets and liabilities such as deferred lease expenses, favorable and unfavorable lease intangible assets, long-term prepaid rents and deferred lease incentives. Beginning January 1, 2019, these items are amortized to facility lease expense for theatre operating leases and utilities and other for equipment operating leases. See Note 3 for discussion of the impact of ASC Topic 842. |
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 2019 2018 2019 2018 U.S. $ 747,119 $ 712,483 $ 1,304,917 $ 1,312,128 Brazil 89,626 72,977 160,487 153,113 Other international countries 125,204 107,002 214,250 210,494 Eliminations (4,193 ) (3,409 ) (7,175 ) (6,711 ) Total $ 957,756 $ 889,053 $ 1,672,479 $ 1,669,024 As of As of Theatre Properties and Equipment-net (1) June 30, 2019 December 31, 2018 U.S. $ 1,429,304 $ 1,479,603 Brazil 121,158 140,570 Other international countries 166,185 212,960 Total $ 1,716,647 $ 1,833,133 (1) |
The Company and Basis of Pres_2
The Company and Basis of Presentation - Additional Information (Detail) | Jun. 30, 2019 |
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% |
Adoption of ASC Topic 842 - L_3
Adoption of ASC Topic 842 - Lease Accounting - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||||
Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |||
Lease [Line Items] | |||||
Operating lease right-of-use assets | $ 1,429,451 | [1] | $ 0 | ||
Operating lease liabilities | 1,489,659 | ||||
Finance lease assets | [1],[2] | 122,759 | |||
Finance lease liabilities | 145,544 | ||||
Theatres | |||||
Lease [Line Items] | |||||
Noncancelable lease payments payable under operating lease, lease not yet commenced | $ 215,998,000 | ||||
Minimum | Theatres | |||||
Lease [Line Items] | |||||
Noncancelable operating and finance leases, term | 10 years | ||||
Minimum | Equipment | |||||
Lease [Line Items] | |||||
Noncancelable operating leases, term | 5 years | ||||
Maximum | Theatres | |||||
Lease [Line Items] | |||||
Noncancelable operating and finance leases, term | 25 years | ||||
Maximum | Equipment | |||||
Lease [Line Items] | |||||
Noncancelable operating leases, term | 12 years | ||||
ASC Topic 842 | |||||
Lease [Line Items] | |||||
Deferred rent liabilities | $ (39,235) | ||||
Lease intangibles | (5,780) | ||||
Deferred lease incentive liabilities | (12,960) | ||||
Long-term prepaid rents | 7,707 | ||||
Operating lease right-of-use assets | 1,491,245 | ||||
Operating lease liabilities | 1,545,210 | ||||
Finance lease assets | 57,440 | ||||
Finance lease liabilities | 57,440 | ||||
ASC Topic 842 | Adjustment | |||||
Lease [Line Items] | |||||
Operating lease right-of-use assets | 110,442 | ||||
Operating lease liabilities | $ 126,376 | ||||
[1] | The operating lease right-of-use assets and liabilities recorded on the Company’s condensed consolidated balance sheet generally do not include renewal options that have not yet been exercised. The Company does not consider a lease renewal as reasonably certain until immediately before the necessary notification is provided to the landlord. | ||||
[2] | Finance lease assets are net of accumulated amortization of $54,243 as of June 30, 2019. |
Schedule of Operating and Finan
Schedule of Operating and Finance Right-of-Use Assets and Lease Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | ||
Assets | ||||
Operating lease assets | $ 1,429,451 | [1] | $ 0 | |
Finance lease assets | [1],[2] | $ 122,759 | ||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentNet | |||
Total lease assets | [1] | $ 1,552,210 | ||
Liabilities, Current | ||||
Operating | 215,060 | [1] | 0 | |
Finance | [1] | 15,233 | ||
Liabilities, Noncurrent | ||||
Operating | 1,274,599 | [1] | $ 0 | |
Finance | [1] | 130,311 | ||
Total lease liabilities | [1] | $ 1,635,203 | ||
[1] | The operating lease right-of-use assets and liabilities recorded on the Company’s condensed consolidated balance sheet generally do not include renewal options that have not yet been exercised. The Company does not consider a lease renewal as reasonably certain until immediately before the necessary notification is provided to the landlord. | |||
[2] | Finance lease assets are net of accumulated amortization of $54,243 as of June 30, 2019. |
Schedule of Operating and Fin_2
Schedule of Operating and Finance Right-of-Use Assets and Lease Liabilities (Parenthetical) (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
Finance lease assets, accumulated amortization | $ 54,243 |
Schedule of Aggregate Lease Cos
Schedule of Aggregate Lease Costs by Lease Classification (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | ||
Operating lease costs | |||
Total operating lease costs | $ 91,710 | $ 178,238 | |
Finance lease costs | |||
Total finance lease costs | 5,723 | 11,484 | |
Depreciation and Amortization | |||
Finance lease costs | |||
Amortization of leased assets | 3,739 | 7,479 | |
Interest Expense | |||
Finance lease costs | |||
Interest on lease liabilities | 1,984 | 4,005 | |
Equipment | Utilities and Other | |||
Operating lease costs | |||
Total operating lease costs | [1] | 1,861 | 3,604 |
Theatres | Facility Lease Expense | |||
Operating lease costs | |||
Total operating lease costs | [2],[3] | $ 89,849 | $ 174,634 |
[1] | Includes approximately $736 and $1,356 of short-term lease payments for the three and six months ended June 30, 2019, respectively. | ||
[2] | Approximately $382 and $784 of lease payments are included in general and administrative expenses primarily related to office leases for the three and six months ended June 30, 2019, respectively. | ||
[3] | Includes approximately $20,344 and $35,618 of variable lease payments based on a change in index, such as CPI or inflation, variable payments based on revenues or attendance and variable common area maintenance costs for the three and six months ended June 30, 2019 |
Schedule of Aggregate Lease C_2
Schedule of Aggregate Lease Costs by Lease Classification (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Lease Cost [Line Items] | ||
Lease payments | $ 141,264 | |
Equipment | Utilities and Other | ||
Lease Cost [Line Items] | ||
Short term lease payments | $ 736 | 1,356 |
Theatres | Facility Lease Expense | ||
Lease Cost [Line Items] | ||
Variable lease payments | 20,344 | 35,618 |
Lease payments | $ 382 | $ 784 |
Schedule of Maturity of Lease L
Schedule of Maturity of Lease Liabilities by Lease Classification (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
Operating Leases, 2019 | $ 141,043 |
Operating Leases, 2020 | 275,089 |
Operating Leases, 2021 | 257,560 |
Operating Leases, 2022 | 227,987 |
Operating Leases, 2023 | 196,942 |
Operating Leases, After 2023 | 697,076 |
Operating Leases, Total lease payments | 1,795,697 |
Operating Leases, Less: Interest | 306,038 |
Operating Leases, Present value of lease liabilities | 1,489,659 |
Finance Leases, 2019 | 11,150 |
Finance Leases, 2020 | 22,373 |
Finance Leases, 2021 | 18,661 |
Finance Leases, 2022 | 17,925 |
Finance Leases, 2023 | 17,236 |
Finance Leases, After 2023 | 101,109 |
Finance Leases, Total lease payments | 188,454 |
Finance Leases, Less: Interest | 42,910 |
Finance Leases, Present value of lease liabilities | 145,544 |
Total Leases, 2019 | 152,193 |
Total Leases, 2020 | 297,462 |
Total Leases, 2021 | 276,221 |
Total Leases, 2022 | 245,912 |
Total Leases, 2023 | 214,178 |
Total Leases, After 2023 | 798,185 |
Toatal Leases, Total lease payments | 1,984,151 |
Total Leases, Less: Interest | 348,948 |
Total Leases, Present value of lease liabilities | $ 1,635,203 |
Future Minimum Lease Payments U
Future Minimum Lease Payments Under Noncancelable Operating and Capital Leases (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
Future minimum operating lease payments, current | $ 253,323 |
Future minimum operating lease payments, in two years | 242,336 |
Future minimum operating lease payments, in three years | 230,396 |
Future minimum operating lease payments, in four years | 204,628 |
Future minimum operating lease payments, in five years | 176,802 |
Future minimum operating lease payments, thereafter | 677,091 |
Future minimum operating lease payments, total | 1,784,576 |
Future minimum capital leases payments, current | 42,434 |
Future minimum capital leases payments, in two years | 41,502 |
Future minimum capital leases payments, in three years | 34,589 |
Future minimum capital leases payments, in four years | 32,462 |
Future minimum capital leases payments, in five years | 28,534 |
Future minimum capital leases payments, thereafter | 166,375 |
Future minimum capital leases payments, total | 345,896 |
Amounts representing interest payments | (86,364) |
Present value of future minimum payments | 259,532 |
Current portion of finance and capital lease obligations | (27,065) |
Capital lease obligations, less current portion | $ 232,467 |
Schedule of Weighted-Average Re
Schedule of Weighted-Average Remaining Lease Term and Discount Rate (Detail) | Jun. 30, 2019 | |
Equipment | ||
Lease [Line Items] | ||
Weighted-average remaining lease term - Operating leases | 4 years 4 months 24 days | [1] |
Weighted-average remaining lease term - Finance leases | 6 years 1 month 6 days | [1] |
Weighted-average discount rate - Operating leases | 4.30% | [2] |
Weighted-average discount rate - Finance leases | 5.50% | [2] |
Theatres | ||
Lease [Line Items] | ||
Weighted-average remaining lease term - Operating leases | 8 years 1 month 6 days | [1] |
Weighted-average remaining lease term - Finance leases | 10 years 8 months 12 days | [1] |
Weighted-average discount rate - Operating leases | 4.80% | [2] |
Weighted-average discount rate - Finance leases | 5.30% | [2] |
[1] | The lease right-of-use assets and liabilities recorded on the Company’s condensed consolidated balance sheet generally do not include renewal options that have not yet been executed. The Company does not consider a lease renewal exercise as reasonably certain until immediately before the necessary notification is provided to the landlord. | |
[2] | The discount rate for each lease represents the incremental borrowing rate that the Company would incur to borrow on a collateralized basis over a similar term and amount equal to lease payments in a similar economic environment. |
Schedule of Minimum Cash Lease
Schedule of Minimum Cash Lease Payments (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities | |
Cash outflows for operating leases | $ 141,264 |
Cash outflows for finance leases - operating activities | 3,893 |
Cash outflows for finance leases - financing activities | 7,131 |
Theatres | |
Non-cash amount of leased assets obtained in exchange for: | |
Operating lease liabilities | 37,582 |
Equipment | |
Non-cash amount of leased assets obtained in exchange for: | |
Operating lease liabilities | $ 339 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue Recognition [Line Items] | ||||
Receivables related to contracts with customers | $ 42,745,000 | $ 42,745,000 | ||
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 | $ 4,732,000 | $ 4,913,000 | $ 9,514,000 | $ 9,892,000 |
NCM | Minimum | ||||
Revenue Recognition [Line Items] | ||||
Percentage of incremental borrowing rates | 4.40% | |||
NCM | Maximum | ||||
Revenue Recognition [Line Items] | ||||
Percentage of incremental borrowing rates | 8.00% |
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, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | $ 957,756 | $ 889,053 | $ 1,672,479 | $ 1,669,024 | |
Admissions Revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 521,072 | 508,870 | 916,612 | 961,494 | |
Concession Revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 345,282 | 305,306 | 596,606 | 567,078 | |
Screen Advertising and Promotional Revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 41,403 | 36,497 | 76,021 | 68,945 | |
Other Revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 49,999 | 38,380 | 83,240 | 71,507 | |
U.S. Operating Segment | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [1] | 742,926 | 709,074 | 1,297,742 | 1,305,417 |
U.S. Operating Segment | Admissions Revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [1] | 406,923 | 408,863 | 715,762 | 758,215 |
U.S. Operating Segment | Concession Revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [1] | 274,926 | 249,618 | 474,312 | 453,368 |
U.S. Operating Segment | Screen Advertising and Promotional Revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [1] | 22,302 | 21,051 | 42,882 | 39,230 |
U.S. Operating Segment | Other Revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [1] | 38,775 | 29,542 | 64,786 | 54,604 |
International Operating Segment | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 214,830 | 179,979 | 374,737 | 363,607 | |
International Operating Segment | Admissions Revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 114,149 | 100,007 | 200,850 | 203,279 | |
International Operating Segment | Concession Revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 70,356 | 55,688 | 122,294 | 113,710 | |
International Operating Segment | Screen Advertising and Promotional Revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 19,101 | 15,446 | 33,139 | 29,715 | |
International Operating Segment | Other Revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | $ 11,224 | $ 8,838 | $ 18,454 | $ 16,903 | |
[1] | U.S. segment revenues include eliminations of intercompany transactions with the international operating segment. See Note 16 for additional information on intercompany eliminations. |
Summary of Revenues Disaggreg_2
Summary of Revenues Disaggregated Based on Timing of Revenue Recognition (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | $ 957,756 | $ 889,053 | $ 1,672,479 | $ 1,669,024 | |
U.S. Operating Segment | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [1] | 742,926 | 709,074 | 1,297,742 | 1,305,417 |
International Operating Segment | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 214,830 | 179,979 | 374,737 | 363,607 | |
Goods and Services Transferred at a Point in Time | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 911,004 | 847,813 | 1,586,296 | 1,589,788 | |
Goods and Services Transferred at a Point in Time | U.S. Operating Segment | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [1] | 718,582 | 686,463 | 1,250,765 | 1,262,289 |
Goods and Services Transferred at a Point in Time | International Operating Segment | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 192,422 | 161,350 | 335,531 | 327,499 | |
Goods and Services Transferred Over Time | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 46,752 | 41,240 | 86,183 | 79,236 | |
Goods and Services Transferred Over Time | U.S. Operating Segment | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [1] | 24,344 | 22,611 | 46,977 | 43,128 |
Goods and Services Transferred Over Time | International Operating Segment | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | $ 22,408 | $ 18,629 | $ 39,206 | $ 36,108 | |
[1] | U.S. segment revenues include eliminations of intercompany transactions with the international operating segment. See Note 16 for additional information on intercompany eliminations. |
Changes in Deferred Revenues (D
Changes in Deferred Revenues (Detail) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019USD ($) | ||
Change in Contract with Customer Liability [Line Items] | ||
Balance at January 1, 2019 | $ 393,424 | |
Amounts recognized as accounts receivable | 13,091 | |
Cash received from customers in advance | 88,864 | |
Common units received from NCM (see Note 8) | 1,552 | |
Revenue recognized during period | (103,963) | |
Foreign currency translation adjustments | (261) | |
Balance at June 30, 2019 | 392,707 | |
Deferred Revenue | ||
Change in Contract with Customer Liability [Line Items] | ||
Common units received from NCM (see Note 8) | (1,552) | |
Deferred Revenue | NCM | ||
Change in Contract with Customer Liability [Line Items] | ||
Balance at January 1, 2019 | 287,349 | |
Common units received from NCM (see Note 8) | 1,552 | |
Revenue recognized during period | (7,937) | |
Balance at June 30, 2019 | 280,964 | |
Other Deferred Revenues | ||
Change in Contract with Customer Liability [Line Items] | ||
Balance at January 1, 2019 | 106,075 | [1] |
Amounts recognized as accounts receivable | 13,091 | [1] |
Cash received from customers in advance | 88,864 | [1] |
Revenue recognized during period | (96,026) | [1] |
Foreign currency translation adjustments | (261) | [1] |
Balance at June 30, 2019 | $ 111,743 | [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, 2019USD ($) |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | $ 392,707 |
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 | $ 121,190 |
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 | $ 22,080 |
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 | $ 16,117 |
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 | $ 16,013 |
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 | 1 year |
Remaining performance obligations | $ 15,917 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-07-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | |
Remaining performance obligations | $ 201,390 |
Deferred Revenue | NCM | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | 280,964 |
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 | 15,906 |
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 | 15,917 |
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 | 15,917 |
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 | 15,917 |
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 | 15,917 |
Deferred Revenue | NCM | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-07-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | 201,390 |
Other Deferred Revenues | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | 111,743 |
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 | 105,284 |
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 | 6,163 |
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 | 200 |
Other Deferred Revenues | 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 | $ 96 |
Aggregate Amount of Transacti_2
Aggregate Amount of Transaction Price Allocated To Performance Obligation That Are Unsatisfied And Expected To Be Recognized (Detail 1) $ in Thousands | Jun. 30, 2019USD ($) |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | $ 392,707 |
Deferred Revenue | NCM | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | 280,964 |
Other Deferred Revenues | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | $ 111,743 |
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, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Earnings Per Share Disclosure [Line Items] | |||||
Net income attributable to Cinemark Holdings, Inc. | $ 100,971 | $ 82,135 | $ 133,699 | $ 144,156 | |
Earnings allocated to participating share-based awards | [1] | (656) | (465) | (779) | (817) |
Net income attributable to common stockholders | $ 100,315 | $ 81,670 | $ 132,920 | $ 143,339 | |
Basic weighted average common stock outstanding | 116,325 | 116,091 | 116,253 | 115,988 | |
Diluted common equivalent shares | 116,548 | 116,268 | 116,524 | 116,238 | |
Basic earnings per share attributable to common stockholders | $ 0.86 | $ 0.70 | $ 1.14 | $ 1.23 | |
Diluted earnings per share attributable to common stockholders | $ 0.86 | $ 0.70 | $ 1.14 | $ 1.23 | |
Restricted Stock Units (RSUs) | |||||
Earnings Per Share Disclosure [Line Items] | |||||
Common equivalent shares for restricted stock units | 223 | 177 | 271 | 250 | |
[1] | For the three months ended June 30, 2019 and 2018, a weighted average of approximately 763 and 676 shares of restricted stock, respectively, were considered participating securities. For the six months ended June 30, 2019 and 2018, a weighted |
Computations of Basic and Dil_2
Computations of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Weighted average shares of participating restricted stock | 763 | 676 | 685 | 663 |
Long Term Debt Activity - Addit
Long Term Debt Activity - Additional Information (Detail) $ in Thousands | Mar. 29, 2018USD ($) | Jun. 30, 2019USD ($)Agreement | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) |
Debt Instrument [Line Items] | ||||
Incurred debt issue costs | $ 5,103 | |||
Carrying value of long-term debt | $ 1,806,013 | $ 1,809,311 | ||
Fair value of long-term debt | $ 1,819,089 | $ 1,774,066 | ||
Number of interest rate swap agreements | Agreement | 3 | |||
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 | |||
Debt amendment, legal and other fees | $ 704 | |||
Amended Senior Secured Credit Facility | Term Loan Credit facility | ||||
Debt Instrument [Line Items] | ||||
Final principal payment due date | Mar. 29, 2025 |
Long Term Debt Activity - Summa
Long Term Debt Activity - Summary of Company's Interest Rate Swap Agreements Designated as Cash Flow Hedges (Detail) - Designated as Hedging Instrument - Cash Flow Hedging $ in Thousands | 6 Months Ended | |
Jun. 30, 2019USD ($) | ||
Debt Instrument [Line Items] | ||
Estimated Fair Value | $ 17,280 | [1] |
Interest Rate Swap Agreement 1 | ||
Debt Instrument [Line Items] | ||
Notional Amount | $ 175,000 | |
Effective Date | Dec. 31, 2018 | |
Pay Rate | 2.75% | |
Receive Rate | 1-Month LIBOR | |
Expiration Date | Dec. 31, 2022 | |
Estimated Fair Value | $ 6,679 | [1] |
Interest Rate Swap Agreement 2 | ||
Debt Instrument [Line Items] | ||
Notional Amount | $ 137,500 | |
Effective Date | Dec. 31, 2018 | |
Pay Rate | 2.77% | |
Receive Rate | 1-Month LIBOR | |
Expiration Date | Dec. 31, 2022 | |
Estimated Fair Value | $ 5,364 | [1] |
Interest Rate Swap Agreement 3 | ||
Debt Instrument [Line Items] | ||
Notional Amount | $ 137,500 | |
Effective Date | Dec. 31, 2018 | |
Pay Rate | 2.75% | |
Receive Rate | 1-Month LIBOR | |
Expiration Date | Dec. 31, 2022 | |
Estimated Fair Value | $ 5,237 | [1] |
[1] | Approximately $4,119 of the total is included in accounts payable and accrued expenses and $13,161 is included in other long-term liabilities on the condensed consolidated balance sheet as of June 30, 2019. |
Long Term Debt Activity - Sum_2
Long Term Debt Activity - Summary of Company's Interest Rate Swap Agreements Designated as Cash Flow Hedges (Parenthetical) (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Accounts Payable and Accrued Expenses | |
Debt Instrument [Line Items] | |
Estimated Fair Value | $ 4,119 |
Other Long-term Liabilities | |
Debt Instrument [Line Items] | |
Estimated Fair Value | $ 13,161 |
Summary of Changes in Stockhold
Summary of Changes in Stockholders Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||||||
Shareholders Equity [Line Items] | |||||||||||
Total Equity, Beginning Balance | $ 1,463,786 | $ 1,456,117 | $ 1,471,991 | $ 1,405,688 | $ 1,456,117 | $ 1,405,688 | |||||
Cumulative effect of change in accounting principle, net of taxes | 16,985 | 40,526 | |||||||||
Issuance of share based awards and share based awards compensation expense | 3,677 | 2,970 | 3,452 | 3,426 | |||||||
Stock withholdings related to share based awards that vested | (300) | (1,947) | (210) | (2,695) | |||||||
Dividends paid to stockholders | [1] | (39,823) | (39,797) | (37,377) | (37,346) | ||||||
Dividends paid to noncontrolling interests | (294) | (1,000) | |||||||||
Dividends accrued on unvested restricted stock unit awards | (189) | [1] | (108) | [1] | (146) | [1] | (125) | [1] | (297) | (271) | |
Net income | 101,861 | 33,193 | 82,464 | 62,177 | 135,054 | 144,641 | |||||
Other comprehensive loss in equity method investees | (22) | (71) | (116) | 136 | (93) | 20 | |||||
Unrealized loss due to fair value adjustments on interest rate swap agreements, net of taxes, net of settlements | (5,902) | (3,311) | 0 | (9,213) | 0 | ||||||
Foreign currency translation adjustments | 4,925 | 755 | (56,248) | 204 | |||||||
Total Equity, Ending Balance | 1,527,719 | 1,463,786 | 1,463,810 | 1,471,991 | 1,527,719 | 1,463,810 | |||||
Common Stock | |||||||||||
Shareholders Equity [Line Items] | |||||||||||
Total Equity, Beginning Balance | 121 | 121 | 121 | 121 | 121 | 121 | |||||
Issuance of share based awards and share based awards compensation expense | 1 | ||||||||||
Total Equity, Ending Balance | 122 | 121 | 121 | 121 | 122 | 121 | |||||
Treasury Stock | |||||||||||
Shareholders Equity [Line Items] | |||||||||||
Total Equity, Beginning Balance | (81,206) | (79,259) | (79,049) | (76,354) | (79,259) | (76,354) | |||||
Stock withholdings related to share based awards that vested | (300) | (1,947) | (210) | (2,695) | |||||||
Total Equity, Ending Balance | (81,506) | (81,206) | (79,259) | (79,049) | (81,506) | (79,259) | |||||
Additional Paid-In-Capital | |||||||||||
Shareholders Equity [Line Items] | |||||||||||
Total Equity, Beginning Balance | 1,158,394 | 1,155,424 | 1,144,514 | 1,141,088 | 1,155,424 | 1,141,088 | |||||
Issuance of share based awards and share based awards compensation expense | 3,676 | 2,970 | 3,452 | 3,426 | |||||||
Total Equity, Ending Balance | 1,162,070 | 1,158,394 | 1,147,966 | 1,144,514 | 1,162,070 | 1,147,966 | |||||
Retained Earnings | |||||||||||
Shareholders Equity [Line Items] | |||||||||||
Total Equity, Beginning Balance | 696,267 | 686,459 | 647,298 | 582,222 | 686,459 | 582,222 | |||||
Cumulative effect of change in accounting principle, net of taxes | 16,985 | 40,526 | |||||||||
Dividends paid to stockholders | [1] | (39,823) | (39,797) | (37,377) | (37,346) | ||||||
Dividends accrued on unvested restricted stock unit awards | [1] | (189) | (108) | (146) | (125) | ||||||
Net income | 100,971 | 32,728 | 82,135 | 62,021 | |||||||
Total Equity, Ending Balance | 757,226 | 696,267 | 691,910 | 647,298 | 757,226 | 691,910 | |||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||
Shareholders Equity [Line Items] | |||||||||||
Total Equity, Beginning Balance | (321,634) | (319,007) | (252,942) | (253,282) | (319,007) | (253,282) | |||||
Other comprehensive loss in equity method investees | (22) | (71) | (116) | 136 | |||||||
Unrealized loss due to fair value adjustments on interest rate swap agreements, net of taxes, net of settlements | (5,902) | (3,311) | |||||||||
Foreign currency translation adjustments | 4,925 | 755 | (56,248) | 204 | |||||||
Total Equity, Ending Balance | (322,633) | (321,634) | (309,306) | (252,942) | (322,633) | (309,306) | |||||
Total Cinemark Holdings, Inc.'s Stockholders' Equity | |||||||||||
Shareholders Equity [Line Items] | |||||||||||
Total Equity, Beginning Balance | 1,451,942 | 1,443,738 | 1,459,942 | 1,393,795 | 1,443,738 | 1,393,795 | |||||
Cumulative effect of change in accounting principle, net of taxes | 16,985 | 40,526 | |||||||||
Issuance of share based awards and share based awards compensation expense | 3,677 | 2,970 | 3,452 | 3,426 | |||||||
Stock withholdings related to share based awards that vested | (300) | (1,947) | (210) | (2,695) | |||||||
Dividends paid to stockholders | [1] | (39,823) | (39,797) | (37,377) | (37,346) | ||||||
Dividends accrued on unvested restricted stock unit awards | [1] | (189) | (108) | (146) | (125) | ||||||
Net income | 100,971 | 32,728 | 82,135 | 62,021 | |||||||
Other comprehensive loss in equity method investees | (22) | (71) | (116) | 136 | |||||||
Unrealized loss due to fair value adjustments on interest rate swap agreements, net of taxes, net of settlements | (5,902) | (3,311) | |||||||||
Foreign currency translation adjustments | 4,925 | 755 | (56,248) | 204 | |||||||
Total Equity, Ending Balance | 1,515,279 | 1,451,942 | 1,451,432 | 1,459,942 | 1,515,279 | 1,451,432 | |||||
Noncontrolling Interests | |||||||||||
Shareholders Equity [Line Items] | |||||||||||
Total Equity, Beginning Balance | 11,844 | 12,379 | 12,049 | 11,893 | 12,379 | 11,893 | |||||
Dividends paid to noncontrolling interests | (294) | (1,000) | |||||||||
Net income | 890 | 465 | 329 | 156 | |||||||
Total Equity, Ending Balance | $ 12,440 | $ 11,844 | $ 12,378 | $ 12,049 | $ 12,440 | $ 12,378 | |||||
[1] | (1) Amount per Share Declaration Date Record Date Payable Date of Common Stock Total 2/22/2019 3/8/2019 3/22/2019 $ 0.34 $ 39,905 5/23/2019 6/8/2019 6/24/2019 0.34 40,012 Total $ 0.68 $ 79,917 2/23/2018 3/8/2018 3/22/2018 $ 0.32 $ 37,471 5/25/2018 6/8/2018 6/22/2018 0.32 37,523 Total $ 0.64 $ 74,994 |
Summary of Changes in Stockho_2
Summary of Changes in Stockholders Equity (Parenthetical) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Equity [Abstract] | ||||||
Cumulative effect of change in accounting principle, taxes | $ 6,054 | $ 13,079 | ||||
Dividends paid to stockholders, per share | $ 0.34 | $ 0.34 | $ 0.32 | $ 0.32 | ||
Declaration Date | May 23, 2019 | Feb. 22, 2019 | May 25, 2018 | Feb. 23, 2018 | ||
Record Date | Jun. 8, 2019 | Mar. 8, 2019 | Jun. 8, 2018 | Mar. 8, 2018 | ||
Payable Date | Jun. 24, 2019 | Mar. 22, 2019 | Jun. 22, 2018 | Mar. 22, 2018 | ||
Amount per Share of Common Stock | $ 0.34 | $ 0.34 | $ 0.32 | $ 0.32 | $ 0.68 | $ 0.64 |
Total | $ 40,012 | $ 39,905 | $ 37,523 | $ 37,471 | $ 79,917 | $ 74,994 |
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, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Schedule Of Equity Method Investments [Line Items] | |||||
Receipt of common units due to annual common unit adjustment ("CUA") | $ 1,552 | ||||
Equity in earnings | $ 8,439 | $ 6,414 | 18,843 | $ 15,050 | |
NCM | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Beginning Balance | 275,592 | ||||
Beginning Balance | (287,349) | ||||
Equity in earnings | 617 | $ 495 | 5,012 | $ 4,511 | |
Ending Balance | 268,709 | 268,709 | |||
Ending Balance | (280,964) | (280,964) | |||
Investment In NCM | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Beginning Balance | 275,592 | ||||
Receipt of common units due to annual common unit adjustment ("CUA") | 1,552 | ||||
Receipt of excess cash distributions | (11,123) | ||||
Receipt of cash under tax receivable agreement | (2,324) | ||||
Equity in earnings | 5,012 | ||||
Ending Balance | 268,709 | 268,709 | |||
Deferred Revenue | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Beginning Balance | (287,349) | ||||
Receipt of common units due to annual common unit adjustment ("CUA") | (1,552) | ||||
Ending Balance | (280,964) | (280,964) | |||
Deferred Revenue | NCM | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Receipt of common units due to annual common unit adjustment ("CUA") | 1,552 | ||||
Amortization of deferred revenue | 7,937 | ||||
Distributions from NCM | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Receipt of excess cash distributions | (5,535) | ||||
Receipt of cash under tax receivable agreement | (1,159) | ||||
Ending Balance | (6,694) | (6,694) | |||
Equity in Earnings | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Ending Balance | (5,012) | (5,012) | |||
Equity in Earnings | NCM | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity in earnings | (5,012) | ||||
Other Revenue | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Revenues earned under ESA | [1],[2] | (15,754) | |||
Total Revenues | (23,691) | (23,691) | |||
Other Revenue | NCM | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Amortization of deferred revenue | (7,937) | ||||
Interest Expense - NCM | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Revenues earned under ESA | [1],[2] | 9,514 | |||
Ending Balance | [2] | 9,514 | 9,514 | ||
Cash Received (Paid) | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Revenues earned under ESA | [1],[2] | 6,240 | |||
Receipt of excess cash distributions | 16,658 | ||||
Receipt of cash under tax receivable agreement | 3,483 | ||||
Total Cash Received | $ 26,381 | $ 26,381 | |||
[1] | 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 $5,884. | ||||
[2] | Reflects impact of significant financing component related to amounts received in advance under the ESA and CUA agreements. See Note 4. |
Summary of Activity with NCM _2
Summary of Activity with NCM Included in Company's Consolidated Financial Statements (Parenthetical) (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Equity Method Investments And Joint Ventures [Abstract] | |
Company's beverage concessionaire advertising costs | $ 5,884 |
Investment in National CineMe_3
Investment in National CineMedia - Additional Information (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019USD ($)$ / sharesshares | Mar. 31, 2019USD ($)shares | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)$ / sharesshares | Jun. 30, 2018USD ($) | |
Schedule Of Equity Method Investments [Line Items] | |||||
Equity in earnings | $ 8,439 | $ 6,414 | $ 18,843 | $ 15,050 | |
Number of additional common units of NCM received under common unit adjustment agreement | shares | 219,056 | ||||
Value of common units received from NCM | $ 1,552 | $ 1,552 | 5,012 | ||
Number of common units of NCM owned by Company | shares | 39,737,700 | 39,737,700 | |||
Interest in common units of NCM owned by Company | 25.00% | 25.00% | |||
Investment In NCM | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity in earnings | $ 5,012 | ||||
Common unit convertible into share of NCMI common stock, conversion ratio | 1 | ||||
Estimated fair value of investment using NCM's stock price | $ 260,679 | $ 260,679 | |||
NCMI common stock price | $ / shares | $ 6.56 | $ 6.56 | |||
NCM | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity in earnings | $ 617 | $ 495 | $ 5,012 | $ 4,511 |
Summary Financial Information f
Summary Financial Information for National CineMedia (Detail) - NCM - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 28, 2019 | Jun. 28, 2018 | Jun. 28, 2018 | Dec. 27, 2018 | |
Schedule Of Equity Method Investments [Line Items] | ||||
Total revenues | $ 76,900 | $ 113,700 | $ 193,900 | |
Operating income | 10,900 | 40,200 | 51,200 | |
Net income (loss) | (2,900) | $ 25,000 | $ 22,000 | |
Current assets | 119,200 | $ 172,700 | ||
Noncurrent assets | 746,000 | 726,800 | ||
Current liabilities | 63,400 | 115,200 | ||
Noncurrent liabilities | 950,000 | 924,900 | ||
Members deficit | $ (148,200) | $ (140,600) |
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, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Schedule Of Equity Method Investments [Line Items] | |||||||
Investments, beginning balance | $ 156,766 | $ 156,766 | |||||
Cash distributions received | [1] | $ (5,323) | $ (3,932) | (19,665) | $ (16,255) | ||
Equity in income | 8,439 | 6,414 | 18,843 | 15,050 | |||
Other comprehensive income (loss) in equity method investments | (22) | (71) | $ (116) | $ 136 | (93) | $ 20 | |
Investments, ending balance | 164,176 | 164,176 | |||||
Other Affiliates | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Investments, beginning balance | 156,766 | 156,766 | |||||
Cash distributions received | (6,218) | ||||||
Equity in income | 13,831 | ||||||
Other comprehensive income (loss) in equity method investments | (93) | ||||||
Other | (110) | ||||||
Investments, ending balance | 164,176 | 164,176 | |||||
Other Affiliates | Digital Cinema Implementation Partners | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Investments, beginning balance | 125,252 | 125,252 | |||||
Cash distributions received | (5,218) | ||||||
Equity in income | 11,167 | ||||||
Other comprehensive income (loss) in equity method investments | (93) | ||||||
Other | 0 | ||||||
Investments, ending balance | 131,108 | 131,108 | |||||
Other Affiliates | AC JV, LLC | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Investments, beginning balance | 5,266 | 5,266 | |||||
Cash distributions received | (1,000) | ||||||
Equity in income | 2,150 | ||||||
Other comprehensive income (loss) in equity method investments | 0 | ||||||
Other | 0 | ||||||
Investments, ending balance | 6,416 | 6,416 | |||||
Other Affiliates | Digital Cinema Distribution Coalition | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Investments, beginning balance | 2,255 | 2,255 | |||||
Cash distributions received | 0 | ||||||
Equity in income | 532 | ||||||
Other comprehensive income (loss) in equity method investments | 0 | ||||||
Other | 0 | ||||||
Investments, ending balance | 2,787 | 2,787 | |||||
Other Affiliates | FE Concepts, LLC | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Investments, beginning balance | 19,918 | 19,918 | |||||
Cash distributions received | 0 | ||||||
Equity in income | (18) | ||||||
Other comprehensive income (loss) in equity method investments | 0 | ||||||
Other | 0 | ||||||
Investments, ending balance | 19,900 | 19,900 | |||||
Other Affiliates | Other Investments | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Investments, beginning balance | $ 4,075 | 4,075 | |||||
Cash distributions received | 0 | ||||||
Equity in income | 0 | ||||||
Other comprehensive income (loss) in equity method investments | 0 | ||||||
Other | (110) | ||||||
Investments, ending balance | $ 3,965 | $ 3,965 | |||||
[1] | Includes cash distributions received from equity investees that were recorded as a reduction of the respective investment balances (see Notes 8 and 9). These distributions are reported entirely within the U.S. operating segment. |
Other Investments - Additional
Other Investments - Additional Information (Detail) $ in Thousands | Apr. 30, 2018USD ($) | Jun. 30, 2019USD ($)StudioProjectionSystem | Jun. 30, 2018USD ($) |
Maximum | |||
Schedule Of Equity Method Investments [Line Items] | |||
Percentage of voting interest | 50.00% | ||
Minimum | |||
Schedule Of Equity Method Investments [Line Items] | |||
Percentage of voting interest | 20.00% | ||
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% | ||
Description of digital cinema deployment agreements | The DCDAs end on the earlier to occur of (i) the tenth anniversary of the "mean deployment date" for all digital projection systems scheduled to be deployed over a period of up to five years, or (ii) the date DCIP achieves "cost recoupment", each as defined in the DCDAs. | ||
Number of major motion picture studio, long-term digital cinema deployment agreements | Studio | 6 | ||
Number of equipment being leased under master equipment lease agreement | ProjectionSystem | 3,866 | ||
Digital Cinema Implementation Partners | Maximum | |||
Schedule Of Equity Method Investments [Line Items] | |||
Deployment period of digital cinema deployment agreements | 5 years | ||
AC JV, LLC | Film rentals and advertising | |||
Schedule Of Equity Method Investments [Line Items] | |||
Event fees | $ 8,475 | $ 6,763 | |
NCM | |||
Schedule Of Equity Method Investments [Line Items] | |||
Remaining outstanding balance of note payable | $ 1,389 | ||
Digital Cinema Distribution Coalition | |||
Schedule Of Equity Method Investments [Line Items] | |||
Percentage of voting interest | 14.60% | ||
Payments for content delivery services | $ 508 | $ 461 | |
CNMK Texas Properties, LLC | |||
Schedule Of Equity Method Investments [Line Items] | |||
Percentage of voting interest | 50.00% | ||
Cash contributions | $ 20,000 | ||
CNMK Texas Properties, LLC | AWSR Investments, LLC | |||
Schedule Of Equity Method Investments [Line Items] | |||
Percentage of voting interest | 50.00% | ||
Cash contributions | $ 20,000 |
Summary Financial Information_2
Summary Financial Information for DCIP (Detail) - Other Affiliates - Digital Cinema Implementation Partners - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Schedule Of Equity Method Investments [Line Items] | |||||
Gross revenues | $ 48,007 | $ 42,521 | $ 85,671 | $ 83,554 | |
Operating income | 30,573 | 25,049 | 50,781 | 48,494 | |
Net income | 28,475 | $ 22,169 | 46,960 | $ 43,703 | |
Current assets | 65,824 | 65,824 | $ 57,907 | ||
Noncurrent assets | 634,805 | 634,805 | 684,545 | ||
Current liabilities | 67,479 | 67,479 | 67,408 | ||
Noncurrent liabilities | 57,157 | 57,157 | 125,596 | ||
Members' equity | $ 575,993 | $ 575,993 | $ 549,448 |
Transactions with DCIP (Detail)
Transactions with DCIP (Detail) - Digital Cinema Implementation Partners - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Schedule Of Equity Method Investments [Line Items] | ||||
Equipment lease payments | $ 1,131 | $ 1,243 | $ 2,252 | $ 2,460 |
Warranty reimbursements from DCIP | (2,951) | (2,617) | (5,889) | (5,118) |
Management service fees | $ 152 | $ 184 | $ 310 | $ 378 |
Summary of Treasury Stock Activ
Summary of Treasury Stock Activity (Detail) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019USD ($)shares | ||
Treasury Stock Shares [Abstract] | ||
Beginning Balance, Shares | shares | 4,626,191 | |
Restricted stock withholdings | shares | 57,456 | [1] |
Restricted stock forfeitures | shares | 14,664 | |
Ending Balance, Shares | shares | 4,698,311 | |
Beginning Balance, Cost | $ | $ 79,259 | |
Restricted stock withholdings | $ | 2,247 | [1] |
Restricted stock forfeitures | $ | 0 | |
Ending Balance, Cost | $ | $ 81,506 | |
[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 $36.81 to $40.32 per share. |
Summary of Treasury Stock Act_2
Summary of Treasury Stock Activity (Parenthetical) (Detail) | 6 Months Ended |
Jun. 30, 2019$ / shares | |
Minimum | |
Schedule of Treasury Stock [Line Items] | |
Market Value of Restricted Shares | $ 36.81 |
Maximum | |
Schedule of Treasury Stock [Line Items] | |
Market Value of Restricted Shares | $ 40.32 |
Treasury Stock and Share Base_3
Treasury Stock and Share Based Awards - Additional Information (Detail) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($)$ / sharesshares | |
Restricted Stock | |
Stockholders Equity Note [Line Items] | |
Number of restricted shares | shares | 305,287 |
Market value of common stock on the dates of grant | $ / shares | $ 37.41 |
Restricted Stock | Minimum | |
Stockholders Equity Note [Line Items] | |
Market value of common stock on the dates of grant | $ / shares | $ 36.77 |
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 | $ 41.61 |
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 | $ | $ 22,680 |
Remaining Compensation Expense recognition period (in years) | 3 years |
Restricted Stock Units (RSUs) | |
Stockholders Equity Note [Line Items] | |
Market value of common stock on the dates of grant | $ / shares | $ 36.77 |
Unrecognized compensation expense | $ | $ 12,380 |
Remaining Compensation Expense recognition period (in years) | 3 years |
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, 2020 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 | 6.00% |
Percentage of IRR, which is the target | 8.00% |
Percentage of IRR, which is the maximum | 14.00% |
Percentage of IRR expected | 11.00% |
Share-based compensation arrangement by share-based payment award, vesting condition | All restricted stock units granted during 2019 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 |
Expected forfeiture rate | 5.00% |
Number of hypothetical shares of common stock at maximum IRR level | shares | 554,529 |
Percentage of IRR, which is the threshold, before modification | 7.00% |
Percentage of IRR, which is the target before modification | 9.50% |
Percentage of IRR, which is the maximum before modification | 13.00% |
Restricted Stock Units (RSUs) | Stock Grants 2016 | |
Stockholders Equity Note [Line Items] | |
Achieved Percentage of IRR | 7.20% |
Impact of modification of awards | $ | $ 132 |
Impact of final performance measure | $ | $ 563 |
Restricted Stock Units (RSUs) | Stock Grants 2017 | |
Stockholders Equity Note [Line Items] | |
Achieved Percentage of IRR | 9.30% |
Restricted Stock Units (RSUs) | Maximum | Threshold IRR | |
Stockholders Equity Note [Line Items] | |
Vesting percentage of restricted stock units | 33.33% |
Restricted Stock Units (RSUs) | Maximum | Targeted IRR | |
Stockholders Equity Note [Line Items] | |
Vesting percentage of restricted stock units | 66.66% |
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, 2019$ / sharesshares | |
Shares of Restricted Stock | |
Shares of Restricted Stock, Beginning balance | shares | 704,353 |
Shares of Restricted Stock, Granted | shares | 305,287 |
Shares of Restricted Stock, Vested | shares | (198,711) |
Shares of Restricted Stock, Forfeited | shares | (14,664) |
Shares of Restricted Stock, Ending balance | shares | 796,265 |
Shares of Restricted Stock, Unvested restricted stock | shares | 796,265 |
Weighted Average Grant Date Fair Value | |
Weighted Average Grant Date Fair Value Outstanding, Beginning | $ / shares | $ 38.68 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 37.41 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 41.38 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 37.31 |
Weighted Average Grant Date Fair Value Outstanding, Ending | $ / shares | 37.55 |
Weighted Average Grant Date Fair Value, Unvested restricted stock | $ / shares | $ 37.55 |
Summary of Restricted Stock Awa
Summary of Restricted Stock Award Activity (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock unit awards that vested during the period | 198,711 | |
Fair value of restricted shares that vested during the period | $ 7,630 | $ 7,815 |
Compensation expense recognized during the period | 4,869 | 4,798 |
Income tax benefit recognized upon vesting of restricted stock awards | $ 1,473 | $ 1,751 |
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 | 88,074 | 127,084 |
Fair value of restricted shares that vested during the period | $ 3,550 | $ 4,846 |
Accumulated dividends paid upon vesting of restricted stock unit awards | 375 | 501 |
Compensation expense recognized during the period | 1,777 | 2,080 |
Income tax benefit recognized upon vesting of restricted stock awards | $ 170 | $ 740 |
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, 2019USD ($)shares | |
Disclosure Of Restricted Stock Unit [Abstract] | |
Number of shares vesting at IRR of at least 6% | shares | 136,285 |
Number of shares vesting at IRR of at least 8% | shares | 204,427 |
Number of shares vesting at IRR of at least 14% | shares | 306,651 |
Value at grant at IRR of at least 6% | $ | $ 5,011 |
Value at grant at IRR of at least 8% | $ | 7,517 |
Value at grant at IRR of at least 14% | $ | $ 11,276 |
Summary of Goodwill (Detail)
Summary of Goodwill (Detail) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019USD ($) | ||
Goodwill [Line Items] | ||
Beginning Balance | $ 1,276,324 | [1] |
Theatres acquired in Brazil | 9,439 | [2] |
Foreign currency translation adjustments | 786 | |
Ending Balance | 1,286,549 | [1] |
U.S. Operating Segment | ||
Goodwill [Line Items] | ||
Beginning Balance | 1,174,041 | [1] |
Theatres acquired in Brazil | 8,570 | [2] |
Ending Balance | 1,182,611 | [1] |
International Operating Segment | ||
Goodwill [Line Items] | ||
Beginning Balance | 102,283 | [1] |
Theatres acquired in Brazil | 869 | [2] |
Foreign currency translation adjustments | 786 | |
Ending Balance | $ 103,938 | [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 two theatres acquired in the U.S. during 2019 and the final purchase price allocation adjustment for theatres acquired in Brazil during 2018. |
Summary of Goodwill (Parentheti
Summary of Goodwill (Parenthetical) (Detail) $ in Thousands | Jun. 30, 2019USD ($)Theatre |
Goodwill [Line Items] | |
Number of theatres acquired | Theatre | 2 |
U.S. Operating Segment | |
Goodwill [Line Items] | |
Accumulated impairment losses | $ | $ 214,031 |
Number of theatres acquired | Theatre | 2 |
International Operating Segment | |
Goodwill [Line Items] | |
Accumulated impairment losses | $ | $ 27,622 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2019CommunityCountry | |
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, 2019USD ($) | ||
Intangible Assets [Line Items] | ||
Intangible assets with finite lives, Beginning balance | $ 105,256 | |
Other, Gross carrying amount | (2,106) | [1] |
Intangible assets with finite lives, Ending balance | 85,126 | |
Intangible assets with finite lives, Accumulated amortization, Beginning balance | (74,603) | |
Accumulated amortization | (2,463) | |
Other Accumulated Amortization of Intangible Assets | 2,130 | [1] |
Intangible assets with finite lives, Accumulated amortization, Ending balance | (61,339) | |
Net intangible assets with finite lives, Beginning balance | 30,653 | |
Amortization, intangible assets | (2,463) | |
Other, Finite lived intangible assets | 24 | [1] |
Net intangible assets with finite lives, Ending balance | 23,787 | |
Indefinite-lived Intangible Assets, Tradename and Other, Beginning Balance | 300,257 | |
Other, Tradename and Other | 145 | [1] |
Indefinite-lived Intangible Assets, Tradename and Other, Ending Balance | 300,402 | |
Total intangible assets - net, Beginning balance | 330,910 | |
Other, Total intangible assets - net | 169 | [1] |
Total intangible assets - net, Ending balance | 324,189 | |
ASC Topic 842 | ||
Intangible Assets [Line Items] | ||
Impact of Adoption, Gross carrying amount | (18,024) | [2] |
Impact of Adoption, Accumulated amortization | 13,597 | [2] |
Impact of Adoption, Finite lived intangible assets | (4,427) | [2] |
Impact of Adoption, Trade and other | 0 | [2] |
Impact of Adoption, Total intangible assets - net | $ (4,427) | [2] |
[1] | Amount represents the write-off of fully amortized intangible assets related to non-compete agreements, the acquisition of tradeable liquor licenses, fair values allocated to intangible assets acquired as part of acquisitions of two theatres in the U.S. and foreign currency translation adjustments | |
[2] | See Note 3 for further discussion of the impact of adoption of ASC Topic 842. |
Intangible Assets (Parenthetica
Intangible Assets (Parenthetical) (Detail) | Jun. 30, 2019Theatre |
Intangible Assets Net Excluding Goodwill [Abstract] | |
Number of theatres acquired | 2 |
Estimated Aggregate Future Amor
Estimated Aggregate Future Amortization Expense for Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Finite Lived Intangible Assets Net [Abstract] | ||
For the six months ended December 31, 2019 | $ 2,394 | |
For the twelve months ended December 31, 2020 | 4,358 | |
For the twelve months ended December 31, 2021 | 2,447 | |
For the twelve months ended December 31, 2022 | 2,333 | |
For the twelve months ended December 31, 2023 | 2,307 | |
Thereafter | 9,948 | |
Total | $ 23,787 | $ 30,653 |
Impairment of Long-Lived Asse_3
Impairment of Long-Lived Assets - Additional Information (Detail) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019USD ($) | Jun. 30, 2018 | |
Impairment Or Disposal Of Tangible Assets Disclosure [Abstract] | ||
Estimated aggregate fair value of long-lived assets impaired during current period | $ 23,037 | |
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, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment of long-lived assets | $ 12,494 | $ 2,788 | $ 18,078 | $ 3,379 |
U.S. Operating Segment | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Theatre properties and equipment | 1,044 | 1,187 | 2,252 | 1,778 |
Operating lease right-of-use assets | 8,047 | 8,047 | ||
International Operating Segment | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Theatre properties and equipment | 1,775 | $ 1,601 | 6,151 | $ 1,601 |
Operating lease right-of-use assets | $ 1,628 | $ 1,628 |
Summary of Liabilities Measured
Summary of Liabilities Measured at Fair Value on a Recurring Basis (Detail) - Fair Value Measurements, Recurring - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Interest rate swap liabilities | [1] | $ (17,280) | $ (5,093) |
Level 3 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Interest rate swap liabilities | [1] | $ (17,280) | $ (5,093) |
[1] | (1) See further discussion of interest rate swaps at Note 6. |
Reconciliation of Beginning and
Reconciliation of Beginning and Ending Balance for Liabilities Measured at Fair Value on Recurring Basis Unobservable Inputs (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Fair Value Disclosures [Abstract] | |
Beginning balances - Liabilities | $ 5,093 |
Total loss included in accumulated other comprehensive loss | 12,782 |
Settlements included in interest expense | (595) |
Ending balances - Liabilities | $ 17,280 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Fair Value Disclosures [Abstract] | |
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 |
Foreign Currency Translation -
Foreign Currency Translation - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Foreign Currency [Abstract] | ||
Accumulated other comprehensive income (loss) | $ 322,633 | $ 319,007 |
Cumulative foreign currency adjustments | $ 309,620 | $ 315,300 |
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, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018 | ||
Foreign Currency Translation [Line Items] | ||||||
Other comprehensive Income (Loss) | $ 4,925 | $ (56,248) | $ 5,680 | $ (56,044) | ||
International Subsidiaries | Cinemark Holdings, Inc. Stockholders' Equity | ||||||
Foreign Currency Translation [Line Items] | ||||||
Other comprehensive Income (Loss) | $ 5,680 | (56,044) | ||||
Brazil | ||||||
Foreign Currency Translation [Line Items] | ||||||
Exchange Rate | 3.85 | 3.85 | 3.88 | |||
Other comprehensive Income (Loss) | $ 1,664 | (34,511) | ||||
Argentina | ||||||
Foreign Currency Translation [Line Items] | ||||||
Exchange Rate | [1] | 42.48 | 42.48 | 37.68 | ||
Other comprehensive Income (Loss) | [1] | (16,896) | ||||
Chile | ||||||
Foreign Currency Translation [Line Items] | ||||||
Exchange Rate | 677.91 | 677.91 | 694.74 | |||
Other comprehensive Income (Loss) | $ 1,839 | (580) | ||||
Peru | ||||||
Foreign Currency Translation [Line Items] | ||||||
Exchange Rate | 3.29 | 3.29 | 3.39 | |||
Other comprehensive Income (Loss) | $ 1,389 | (4,372) | ||||
Other foreign countries | ||||||
Foreign Currency Translation [Line Items] | ||||||
Other comprehensive Income (Loss) | $ 788 | $ 315 | ||||
[1] | Beginning July 1, 2018, Argentina was deemed highly inflationary. The impact of translating Argentina financial results to U.S. dollars, which was not significant, has been recorded in foreign currency exchange loss on the Company’s condensed consolidated statement of income. |
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, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | [2] | Jun. 30, 2019 | Jun. 30, 2018 | |||||
Schedule Of Cash Flow Supplemental [Line Items] | |||||||||||
Cash paid for interest | $ 47,015 | $ 51,562 | |||||||||
Cash paid for income taxes, net of refunds received | 36,831 | 28,477 | |||||||||
Noncash investing and financing activities: | |||||||||||
Change in accounts payable and accrued expenses for the acquisition of theatre properties and equipment | [1] | (16,118) | 2,898 | ||||||||
Investment in NCM – receipt of common units (see Note 8) | $ 1,552 | 1,552 | 5,012 | ||||||||
Dividends accrued on unvested restricted stock unit awards | $ (189) | [2] | $ (108) | [2] | $ (146) | [2] | $ (125) | (297) | (271) | ||
NCM | |||||||||||
Noncash investing and financing activities: | |||||||||||
Interest expense - NCM (see Note 8) | $ (4,732) | $ (4,913) | $ (9,514) | $ (9,892) | |||||||
[1] | Additions to theatre properties and equipment included in accounts payable as of June 30, 2019 and December 31, 2018 were $20,886 and $37,004, respectively. | ||||||||||
[2] | (1) Amount per Share Declaration Date Record Date Payable Date of Common Stock Total 2/22/2019 3/8/2019 3/22/2019 $ 0.34 $ 39,905 5/23/2019 6/8/2019 6/24/2019 0.34 40,012 Total $ 0.68 $ 79,917 2/23/2018 3/8/2018 3/22/2018 $ 0.32 $ 37,471 5/25/2018 6/8/2018 6/22/2018 0.32 37,523 Total $ 0.64 $ 74,994 |
Supplemental Information to C_2
Supplemental Information to Condensed Consolidated Statements of Cash Flows (Parenthetical) (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | ||
Additions to theatre properties and equipment included in accounts payable | $ 20,886 | $ 37,004 |
Selected Financial Information
Selected Financial Information by Reportable Operating Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 957,756 | $ 889,053 | $ 1,672,479 | $ 1,669,024 | |
Adjusted EBITDA | [1] | 244,738 | 221,603 | 396,992 | 415,033 |
Capital expenditures | 57,600 | 82,426 | 115,169 | 162,589 | |
U.S. Operating Segment | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | [2] | 742,926 | 709,074 | 1,297,742 | 1,305,417 |
International Operating Segment | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 214,830 | 179,979 | 374,737 | 363,607 | |
Operating Segments | U.S. Operating Segment | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 747,119 | 712,483 | 1,304,917 | 1,312,128 | |
Adjusted EBITDA | 195,298 | 188,411 | 321,057 | 344,255 | |
Capital expenditures | 45,591 | 59,675 | 97,930 | 129,646 | |
Operating Segments | International Operating Segment | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 214,830 | 179,979 | 374,737 | 363,607 | |
Adjusted EBITDA | 49,440 | 33,192 | 75,935 | 70,778 | |
Capital expenditures | 12,009 | 22,751 | 17,239 | 32,943 | |
Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ (4,193) | $ (3,409) | $ (7,175) | $ (6,711) | |
[1] | Amounts for the three and six months ended June 30, 2019 were impacted by the adoption of ASC Topic 842 and the resulting change in the classification of certain of the Company’s leases | ||||
[2] | U.S. segment revenues include eliminations of intercompany transactions with the international operating segment. See Note 16 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, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Segment Reporting [Abstract] | |||||||
Net income | $ 101,861 | $ 33,193 | $ 82,464 | $ 62,177 | $ 135,054 | $ 144,641 | |
Add (deduct): | |||||||
Income taxes | 38,182 | 18,326 | 50,099 | 43,423 | |||
Interest expense | [1],[2] | 24,929 | 28,466 | 50,070 | 55,581 | ||
Other (income) expense | [3] | (6,774) | 836 | (15,109) | (6,437) | ||
Loss on debt amendments and refinancing | 1,484 | ||||||
Other cash distributions from equity investees | [4] | 5,323 | 3,932 | 19,665 | 16,255 | ||
Depreciation and amortization | [1] | 64,573 | 64,290 | 129,035 | 128,685 | ||
Impairment of long-lived assets | 12,494 | 2,788 | 18,078 | 3,379 | |||
Loss on disposal of assets and other | 1,805 | 16,901 | 5,604 | 20,840 | |||
Non-cash rent expens | [5] | (1,331) | (2,150) | ||||
Deferred lease expenses | [1] | (449) | (932) | ||||
Amortization of long-term prepaid rents | [1] | 597 | 1,236 | ||||
Share based awards compensation expense | 3,676 | 3,452 | 6,646 | 6,878 | |||
Adjusted EBITDA | [1] | $ 244,738 | $ 221,603 | $ 396,992 | $ 415,033 | ||
[1] | Amounts for the three and six months ended June 30, 2019 were impacted by the adoption of ASC Topic 842 and the resulting change in the classification of certain of the Company’s leases | ||||||
[2] | Includes amortization of debt issue costs. | ||||||
[3] | Includes interest income, foreign currency exchange loss, equity in income of affiliates and interest expense - NCM and excludes distributions from NCM. | ||||||
[4] | Includes cash distributions received from equity investees that were recorded as a reduction of the respective investment balances (see Notes 8 and 9). These distributions are reported entirely within the U.S. operating segment. | ||||||
[5] | The adoption of ASC Topic 842 impacted how the Company amortizes lease related assets and liabilities such as deferred lease expenses, favorable and unfavorable lease intangible assets, long-term prepaid rents and deferred lease incentives. Beginning January 1, 2019, these items are amortized to facility lease expense for theatre operating leases and utilities and other for equipment operating leases. See Note 3 for discussion of the impact of ASC Topic 842 |
Selected Financial Informatio_2
Selected Financial Information by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Revenues | $ 957,756 | $ 889,053 | $ 1,672,479 | $ 1,669,024 | ||
Theatre Properties and Equipment - net | [1] | 1,716,647 | 1,716,647 | $ 1,833,133 | ||
Reportable Geographical Components | U.S. | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Revenues | 747,119 | 712,483 | 1,304,917 | 1,312,128 | ||
Theatre Properties and Equipment - net | [1] | 1,429,304 | 1,429,304 | 1,479,603 | ||
Reportable Geographical Components | Brazil | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Revenues | 89,626 | 72,977 | 160,487 | 153,113 | ||
Theatre Properties and Equipment - net | [1] | 121,158 | 121,158 | 140,570 | ||
Reportable Geographical Components | Other international countries | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Revenues | 125,204 | 107,002 | 214,250 | 210,494 | ||
Theatre Properties and Equipment - net | [1] | 166,185 | 166,185 | $ 212,960 | ||
Eliminations | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Revenues | $ (4,193) | $ (3,409) | $ (7,175) | $ (6,711) | ||
[1] | See Note 3 for discussion of impact of ASC Topic 842 on capital lease assets. |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | 6 Months Ended | |
Jun. 30, 2019USD ($)TheatreFacilityLease | Jun. 30, 2018USD ($) | |
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 | 364,000 | $ 327,000 |
Copper Beech Capital LLC | ||
Related Party Transaction [Line Items] | ||
Amount paid for the use of aircraft | $ 67,000 | 51,000 |
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 | $ 14,356,000 | $ 12,980,000 |
Amount billed for digital support provided to Syufy | $ 36,000 |