Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 15, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | CINEMARK HOLDINGS, INC. | ||
Entity Central Index Key | 0001385280 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 118,583,610 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Shell Company | false | ||
Entity File Number | 001-33401 | ||
Entity Tax Identification Number | 20-5490327 | ||
Entity Address, Address Line One | 3900 Dallas Parkway | ||
Entity Address, City or Town | Plano | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 75093 | ||
City Area Code | 972 | ||
Local Phone Number | 665-1000 | ||
Entity Incorporation, State or Country Code | DE | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Title of Each Class | Common Stock, par value $0.001 per share | ||
Trading Symbol(s) | CNK | ||
Name of each exchange on which registered | NYSE | ||
Entity Public Float | $ 1,230 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
ICFR Auditor Attestation Flag | true | ||
Documents Incorporated by Reference | Certain portions of the registrant’s definitive proxy statement, in connection with its 2021 annual meeting of stockholders, to be filed within 120 days of December 31, 2020, are incorporated by reference into Part III, Items 10-14, of this annual report on Form 10-K. |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |||
Current assets | |||||
Cash and cash equivalents | $ 655,338 | $ 488,313 | |||
Inventories | 12,593 | 21,686 | |||
Accounts receivable | 25,265 | 83,722 | |||
Current income tax receivable | 165,151 | 4,082 | |||
Prepaid expenses and other | 34,400 | 37,187 | |||
Total current assets | 892,747 | 634,990 | |||
Theatre properties and equipment | |||||
Land | 104,190 | 105,035 | |||
Buildings | 535,780 | 536,037 | |||
Property under finance lease | 147,156 | 152,519 | |||
Theatre furniture and equipment | 1,425,142 | 1,337,715 | |||
Leasehold interests and improvements | 1,190,835 | 1,216,931 | |||
Total | 3,403,103 | 3,348,237 | |||
Less: accumulated depreciation and amortization | 1,788,041 | 1,612,990 | |||
Theatre properties and equipment, net | 1,615,062 | 1,735,247 | |||
Operating lease right-of-use assets, net | [1] | 1,278,191 | 1,383,080 | ||
Other assets | |||||
Goodwill | 1,253,840 | [2] | 1,283,371 | [3] | |
Intangible assets, net | 314,195 | 321,769 | |||
Long-term deferred tax asset | 0 | 9,369 | |||
Deferred charges and other assets, net | 33,199 | 39,114 | |||
Total other assets | 1,776,922 | 2,074,700 | |||
Total assets | 5,562,922 | 5,828,017 | |||
Current liabilities | |||||
Current portion of long-term debt | 18,056 | 6,595 | |||
Current portion of operating lease obligations | [1] | 208,593 | 217,406 | ||
Current portion of finance lease obligations | [1] | 16,407 | 15,432 | ||
Current income tax payable | 5,632 | 5,195 | |||
Current liability for uncertain tax positions | 0 | 13,446 | |||
Accounts payable | 70,646 | 91,607 | |||
Accrued film rentals | 10,668 | 93,849 | |||
Accrued payroll | 23,388 | 55,227 | |||
Accrued property taxes | 35,586 | 34,337 | |||
Accrued other current liabilities (see Note 12) | 217,465 | 175,706 | |||
Total current liabilities | 606,441 | 708,800 | |||
Long-term liabilities | |||||
Long-term debt, less current portion | 2,377,162 | 1,771,342 | |||
Operating lease obligations, less current portion | [1] | 1,138,142 | 1,223,462 | ||
Finance lease obligations, less current portion | [1] | 124,609 | 141,017 | ||
Long-term deferred tax liability | 79,525 | 141,836 | |||
Long-term liability for uncertain tax positions | 19,225 | 848 | |||
Other long-term liabilities | 74,594 | 44,036 | |||
Total long-term liabilities | 4,157,512 | 3,670,895 | |||
Commitments and contingencies (see Note 20) | 0 | 0 | |||
Cinemark Holdings, Inc.'s stockholders' equity: | |||||
Common stock, $0.001 par value: 300,000,000 shares authorized, 121,863,515 shares issued and 117,151,656 shares outstanding at December 31, 2019 and 123,627,080 shares issued and 118,576,099 shares outstanding at December 31, 2020 | 124 | 122 | |||
Additional paid-in-capital | 1,245,569 | 1,170,039 | |||
Treasury stock, 4,711,859 and 5,050,981 shares, at cost, at December 31, 2019 and December 31, 2020, respectively | (87,004) | (81,567) | |||
Retained earnings | 27,937 | 687,332 | |||
Accumulated other comprehensive loss | (398,653) | (340,112) | |||
Total Cinemark Holdings, Inc.'s stockholders' equity | 787,973 | 1,435,814 | |||
Noncontrolling interests | 10,996 | 12,508 | |||
Total equity | 798,969 | 1,448,322 | |||
Total liabilities and equity | 5,562,922 | 5,828,017 | |||
Affiliates | |||||
Other assets | |||||
Investment | 23,726 | 155,285 | |||
NCM | |||||
Other assets | |||||
Investment | 151,962 | 265,792 | |||
Deferred charges and other assets, net | 685,643 | ||||
Current liabilities | |||||
Total current liabilities | 46,872 | ||||
Long-term liabilities | |||||
NCM screen advertising advances | 344,255 | $ 348,354 | |||
Total long-term liabilities | $ 1,072,207 | ||||
[1] | The operating lease right-of-use assets and liabilities recorded on the Company’s 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 the necessary notification is provided to the landlord. | ||||
[2] | Balances are presented net of historical accumulated impairment losses of $214,031 for the U.S. operating segment and $43,750 for the international operating segment | ||||
[3] | Balances are presented net of historical accumulated impairment losses of $214,031 for the U.S. operating segment and $27,622 for the international operating segment |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||||
Common stock, par value | $ 0.001 | $ 0.001 | ||
Common stock, shares authorized | 300,000,000 | 300,000,000 | ||
Common stock, shares issued | 123,627,080 | 121,863,515 | ||
Common stock, shares outstanding | 118,576,099 | 117,151,656 | ||
Treasury stock, shares | 5,050,981 | 4,711,859 | 4,626,191 | 4,525,870 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Revenues | |||||
Total revenues | $ 686,310 | [1] | $ 3,283,099 | $ 3,221,735 | |
Cost of operations | |||||
Film rentals and advertising | 186,810 | 1,003,832 | 999,755 | ||
Concession supplies | 48,647 | 206,441 | 180,974 | ||
Salaries and wages | 145,031 | 410,086 | 383,860 | ||
Facility lease expense | 279,764 | 346,094 | 323,316 | ||
Utilities and other | 229,505 | 474,711 | 448,070 | ||
General and administrative expenses | 127,599 | 173,384 | 165,173 | ||
Depreciation and amortization | 259,776 | 261,155 | 261,162 | ||
Impairment of long-lived and other assets | 152,706 | 57,001 | 32,372 | ||
Restructuring costs | 20,369 | ||||
(Gain) loss on disposal of assets and other | (8,923) | 12,008 | 38,702 | ||
Total cost of operations | 1,441,284 | 2,944,712 | 2,833,384 | ||
Operating income (loss) | (754,974) | [1] | 338,387 | 388,351 | |
Other income (expense) | |||||
Interest expense | [2] | (129,871) | (99,941) | (109,994) | |
Loss on debt amendments and refinancing | (1,484) | ||||
Interest income | 4,836 | 12,589 | 10,614 | ||
Foreign currency exchange loss | (4,865) | (3,394) | (11,660) | ||
Non-cash distributions from other equity investee | 12,915 | ||||
Equity in income (loss) of affiliates | (38,745) | 41,870 | 39,242 | ||
Total other expense | (172,350) | (64,627) | (77,617) | ||
Income (loss) before income taxes | (927,324) | 273,760 | 310,734 | ||
Income taxes | (309,376) | 79,912 | 95,429 | ||
Net income (loss) | (617,948) | [1] | 193,848 | 215,305 | |
Less: Net income (loss) attributable to noncontrolling interests | (1,120) | 2,462 | 1,478 | ||
Net income (loss) attributable to Cinemark Holdings, Inc. | $ (616,828) | [1] | $ 191,386 | $ 213,827 | |
Weighted average shares outstanding | |||||
Basic | 116,667 | 116,306 | 116,054 | ||
Diluted | 116,667 | 116,606 | 116,342 | ||
Earnings (loss) per share attributable to Cinemark Holdings, Inc.'s common stockholders | |||||
Basic | $ (5.25) | [1] | $ 1.63 | $ 1.83 | |
Diluted | $ (5.25) | [1] | $ 1.63 | $ 1.83 | |
NCM | |||||
Cost of operations | |||||
Impairment of long-lived and other assets | $ 92,655 | ||||
Operating income (loss) | (59,671) | ||||
Other income (expense) | |||||
Distributions from NCM | 6,975 | $ 12,873 | $ 15,389 | ||
Interest expense - NCM | (23,595) | (28,624) | (19,724) | ||
Net income (loss) attributable to Cinemark Holdings, Inc. | (115,753) | ||||
Admissions | |||||
Revenues | |||||
Total revenues | 356,508 | 1,805,321 | 1,834,173 | ||
Concession | |||||
Revenues | |||||
Total revenues | 231,046 | 1,161,083 | 1,108,793 | ||
Other | |||||
Revenues | |||||
Total revenues | $ 98,756 | $ 316,695 | $ 278,769 | ||
[1] | Quarterly results during the year ended December 31, 2020 were impacted by the COVID-19 pandemic (see Note 3) as well as impairment recorded (see Notes 1 and 11). | ||||
[2] | Includes amortization of debt issue costs. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (617,948) | [1] | $ 193,848 | $ 215,305 |
Other comprehensive income (loss), net of tax | ||||
Unrealized loss due to fair value adjustments on interest rate swap agreements, net of taxes of $1,243, $2,692 and $3,532, net of settlements | (14,320) | (8,210) | (3,851) | |
Other comprehensive loss in equity method investments | 0 | (142) | (139) | |
Foreign currency translation adjustments | (47,592) | (12,753) | (62,253) | |
Total other comprehensive loss, net of tax | (61,912) | (21,105) | (66,243) | |
Total comprehensive income (loss), net of tax | (679,860) | 172,743 | 149,062 | |
Comprehensive (income) loss attributable to noncontrolling interests | 1,120 | (2,462) | (1,478) | |
Comprehensive income (loss) attributable to Cinemark Holdings, Inc. | $ (678,740) | $ 170,281 | $ 147,584 | |
[1] | Quarterly results during the year ended December 31, 2020 were impacted by the COVID-19 pandemic (see Note 3) as well as impairment recorded (see Notes 1 and 11). |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Unrealized loss due to fair value adjustments on interest rate swap agreements, taxes | $ 3,532 | $ 2,692 | $ 1,243 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Treasury Stock | Additional Paid-in- Capital | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Loss | Total Cinemark Holdings, Inc.'s Stockholders' Equity | Total Cinemark Holdings, Inc.'s Stockholders' EquityCumulative Effect, Period of Adoption, Adjustment | Noncontrolling Interests | |
Balance at Dec. 31, 2017 | $ 1,405,688 | $ 121 | $ (76,354) | $ 1,141,088 | $ 582,222 | $ (253,282) | $ 1,393,795 | $ 11,893 | ||||
Balance (in shares) at Dec. 31, 2017 | 121,001 | (4,526) | ||||||||||
Cumulative effect of change in accounting principle, net of taxes | ASU 2014-09 | $ (7,021) | $ (7,021) | $ (7,021) | |||||||||
Issuance of restricted stock (in shares) | 329 | |||||||||||
Issuance of stock upon vesting of restricted stock units (in shares) | 127 | |||||||||||
Restricted stock forfeitures and stock withholdings related to share based awards that vested during the year | (2,905) | [1] | $ (2,905) | (2,905) | ||||||||
Restricted stock forfeitures and stock withholdings related to share based awards that vested during the year (in shares) | (100) | |||||||||||
Share based awards compensation expense | 14,336 | 14,336 | 14,336 | |||||||||
Dividends paid to stockholders | (149,492) | (149,492) | (149,492) | |||||||||
Dividends accrued on unvested restricted stock unit awards | (624) | (624) | (624) | |||||||||
Dividends paid to noncontrolling interests | (992) | (992) | ||||||||||
Net income (loss) | 215,305 | 213,827 | 213,827 | 1,478 | ||||||||
Reclassification of cumulative translation adjustments | 518 | 518 | 518 | |||||||||
Other comprehensive loss | (66,243) | (66,243) | (66,243) | |||||||||
Balance at Dec. 31, 2018 | 1,408,570 | $ 121 | $ (79,259) | 1,155,424 | 638,912 | (319,007) | 1,396,191 | 12,379 | ||||
Balance (in shares) at Dec. 31, 2018 | 121,457 | (4,626) | ||||||||||
Cumulative effect of change in accounting principle, net of taxes | ASU 2019-01 | $ 16,985 | $ 16,985 | $ 16,985 | |||||||||
Issuance of restricted stock | 1 | $ 1 | 1 | |||||||||
Issuance of restricted stock (in shares) | 316 | |||||||||||
Issuance of stock upon vesting of restricted stock units (in shares) | 91 | |||||||||||
Restricted stock forfeitures and stock withholdings related to share based awards that vested during the year | (2,308) | [1] | $ (2,308) | (2,308) | ||||||||
Restricted stock forfeitures and stock withholdings related to share based awards that vested during the year (in shares) | (86) | |||||||||||
Share based awards compensation expense | 14,615 | 14,615 | 14,615 | |||||||||
Dividends paid to stockholders | (159,281) | (159,281) | (159,281) | |||||||||
Dividends accrued on unvested restricted stock unit awards | (670) | (670) | (670) | |||||||||
Dividends paid to noncontrolling interests | (2,333) | (2,333) | ||||||||||
Net income (loss) | 193,848 | 191,386 | 191,386 | 2,462 | ||||||||
Other comprehensive loss | (21,105) | (21,105) | (21,105) | |||||||||
Balance at Dec. 31, 2019 | 1,448,322 | $ 122 | $ (81,567) | 1,170,039 | 687,332 | (340,112) | 1,435,814 | 12,508 | ||||
Balance (in shares) at Dec. 31, 2019 | 121,864 | (4,712) | ||||||||||
Issuance of restricted stock | 2 | $ 2 | 2 | |||||||||
Issuance of restricted stock (in shares) | 1,555 | |||||||||||
Issuance of stock upon vesting of restricted stock units (in shares) | 208 | |||||||||||
Restricted stock forfeitures and stock withholdings related to share based awards that vested during the year | (5,437) | [1] | $ (5,437) | (5,437) | ||||||||
Restricted stock forfeitures and stock withholdings related to share based awards that vested during the year (in shares) | (340) | |||||||||||
Share based awards compensation expense | 19,926 | 19,926 | 19,926 | |||||||||
Dividends paid to stockholders | (42,311) | (42,311) | (42,311) | |||||||||
Dividends accrued on unvested restricted stock unit awards | (256) | (256) | (256) | |||||||||
Dividends paid to noncontrolling interests | (392) | (392) | ||||||||||
Net income (loss) | (617,948) | [2] | (616,828) | (616,828) | (1,120) | |||||||
Issuance of convertible senior notes | 108,274 | 108,274 | 108,274 | |||||||||
Call options purchased | (142,094) | (142,094) | (142,094) | |||||||||
Proceeds from issuance of warrants | 89,424 | 89,424 | 89,424 | |||||||||
Amortization of accumulated losses for amended swap agreements | 3,371 | 3,371 | 3,371 | |||||||||
Other comprehensive loss | (61,912) | (61,912) | (61,912) | |||||||||
Balance at Dec. 31, 2020 | $ 798,969 | $ 124 | $ (87,004) | $ 1,245,569 | $ 27,937 | $ (398,653) | $ 787,973 | $ 10,996 | ||||
Balance (in shares) at Dec. 31, 2020 | 123,627 | (5,052) | ||||||||||
[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 that ranged from $8.03 to $44.44 per share. | |||||||||||
[2] | Quarterly results during the year ended December 31, 2020 were impacted by the COVID-19 pandemic (see Note 3) as well as impairment recorded (see Notes 1 and 11). |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Stockholders Equity [Abstract] | |||
Dividends paid to stockholders, per share | $ 0.36 | $ 1.36 | $ 1.28 |
Cumulative effect of change in accounting principle, taxes | $ 6,054 | $ 2,267 | |
Incremental stock-based compensation expense arising from the modification | $ 521 | ||
Tax impact of convertible notes issued | $ 10,915 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Operating activities | ||||
Net income (loss) | $ (617,948) | [1] | $ 193,848 | $ 215,305 |
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities: | ||||
Depreciation | 254,987 | 256,118 | 257,826 | |
Amortization of intangible and other assets and favorable/unfavorable leases | 4,789 | 5,037 | 3,336 | |
Amortization of long-term prepaid rents | 2,382 | |||
Amortization of debt issue costs | 7,332 | 5,311 | 5,561 | |
Non-cash interest accretion on convertible notes | 5,714 | |||
Interest accrued on NCM screen advertising advances | (23,595) | |||
Amortization of accumulated losses for amended swap agreements | 3,371 | |||
Impairment of long-lived and other assets | 152,706 | 57,001 | 32,372 | |
Share based awards compensation expense | 19,404 | 14,615 | 14,336 | |
(Gain) loss on disposal of assets and other | (8,923) | 12,008 | 38,702 | |
Loss on debt amendments and refinancing | 1,484 | |||
Non-cash rent expense | 2,357 | (4,360) | ||
Deferred lease expenses | (1,320) | |||
Reclassification of cumulative translation adjustments | 518 | |||
Equity in (income) loss of affiliates | 38,745 | (41,870) | (39,242) | |
Deferred income tax expenses | (38,900) | (1,843) | 23,187 | |
Cash distributions recorded as reduction of equity investment | 25,430 | 53,366 | 30,143 | |
Non-cash distributions from equity investees | (12,915) | |||
Changes in other assets and liabilities: | ||||
Inventories | 9,093 | (2,367) | (1,813) | |
Accounts receivable | 58,457 | 11,326 | (4,584) | |
Income tax receivable | (161,069) | (794) | 8,442 | |
Prepaid expenses and other | 2,787 | (24,013) | 1,419 | |
Deferred charges and other assets, net | 9,904 | (8,495) | (6,303) | |
Accounts payable and accrued expenses | (97,273) | 36,106 | (11,408) | |
Income tax payable | 2,289 | (6,984) | 6,670 | |
Liabilities for uncertain tax positions | 4,931 | 341 | (10,066) | |
Other long-term liabilities | 12,718 | 21,309 | 11,674 | |
Net cash provided by (used for) operating activities | (330,098) | 561,995 | 556,915 | |
Investing activities | ||||
Additions to theatre properties and equipment and other | (83,930) | (303,627) | (346,073) | |
Proceeds from sale of assets and other | 614 | 3,155 | 3,920 | |
Acquisitions of theatres in the U.S. and international markets, net of cash acquired | (10,170) | (11,289) | ||
Investment in joint ventures and other, net | (50) | (19,535) | ||
Net cash used for investing activities | (83,366) | (310,642) | (451,370) | |
Financing activities | ||||
Dividends paid to stockholders | (42,311) | (159,281) | (149,492) | |
Payroll taxes paid as a result of restricted stock withholdings | (5,437) | (2,308) | (2,905) | |
Proceeds from convertible notes issued | 460,000 | |||
Proceeds from other borrowings | 272,322 | |||
Repayments of long-term debt | (6,691) | (7,984) | (7,984) | |
Payment of debt issue costs | (24,981) | (5,218) | ||
Proceeds from warrants issued | 89,424 | |||
Fees paid related to debt amendments | (704) | |||
Payments on finance leases | (15,432) | (14,600) | (25,353) | |
Other | (392) | (2,333) | (992) | |
Net cash provided by (used for) financing activities | 584,408 | (186,506) | (192,648) | |
Effect of exchange rate changes on cash and cash equivalents | (3,919) | (2,756) | (9,222) | |
Increase (decrease) in cash and cash equivalents | 167,025 | 62,091 | (96,325) | |
Cash and cash equivalents: | ||||
Beginning of period | 488,313 | 426,222 | 522,547 | |
End of period | 655,338 | 488,313 | 426,222 | |
Convertible Notes | ||||
Financing activities | ||||
Purchase of convertible note hedges | (142,094) | |||
NCM | ||||
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities: | ||||
Interest accrued on NCM screen advertising advances | 23,595 | |||
Amortization of NCM screen advertising advances and other deferred revenues | (31,679) | $ (13,665) | (21,706) | |
Impairment of long-lived and other assets | $ 92,655 | |||
Investing activities | ||||
Acquisition of NCM common units | $ (78,393) | |||
[1] | Quarterly results during the year ended December 31, 2020 were impacted by the COVID-19 pandemic (see Note 3) as well as impairment recorded (see Notes 1 and 11). |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business — 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, Curaçao and Paraguay. Principles of Consolidation — The consolidated financial statements include the accounts of Cinemark Holdings, Inc. and its subsidiaries. Majority-owned subsidiaries that the Company has control of are consolidated while those affiliates of which the Company owns between 20% and 50% and does not control are accounted for under the equity method. Those affiliates of which the Company owns less than 20% are generally accounted for under the cost method, unless the Company is deemed to have the ability to exercise significant influence over the affiliate, in which case the Company would account for its investment under the equity method. The results of these equity method investees are included in the consolidated financial statements effective with their formation or from their dates of acquisition. Intercompany balances and transactions are eliminated in consolidation. Cash and Cash Equivalents — Cash and cash equivalents consist of operating funds held in financial institutions, petty cash held by the theatres, highly liquid investments with original maturities of three months or less when purchased and restricted cash. Cash investments are primarily in money market funds, certificates of deposit, commercial paper or other similar funds. Restricted cash as of December 31, 2020 was $13,847 and was related to cash deposits required to support bank letters of credit issued for bank loans of certain of the Company’s international subsidiaries. See Note 13 for further discussion. Accounts Receivable – Accounts receivable, which are recorded at net realizable value, consist primarily of receivables related to screen advertising, screen rental, receivables related to discounted tickets and gift cards sold to third party retail locations, receivables from landlords related to theatre construction projects, rebates earned from the Company’s concession vendors and value-added and other non-income tax receivables. Inventories — Concession and theatre supplies inventories are stated at the lower of cost (first-in, first-out method) or market. Theatre Properties and Equipment — Theatre properties and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets as follows: Category Useful Life Buildings on owned land 40 years Buildings on leased land Lesser of lease term or useful life Land and buildings under finance leases (1) Lesser of lease term or useful life Theatre furniture and equipment 3 to 15 years Leasehold improvements Lesser of lease term or useful life (1) The Company reviews long-lived assets for impairment indicators on a quarterly basis or whenever events or changes in circumstances indicate the carrying amount of the assets may not be fully recoverable. The Company also performs a full quantitative impairment evaluation on an annual basis. The Company may perform a qualitative impairment assessment or a quantitative impairment assessment, as described below: • Quantitative approach The Company performs a quantitative evaluation at the theatre level using estimated undiscounted cash flows from continuing use through the remainder of the theatre’s useful life. Significant judgment, including management’s estimate of future theatre level cash flows for each theatre is involved in estimating fair value. For its 2020 long-lived asset impairment assessments, significant management judgement was involved in estimating the impact of the temporary closure of its theatres and other impacts of the COVID-19 pandemic. Fair value is determined based on a multiple of cash flows. Management’s estimates, which fall under Level 3 of the U.S. GAAP fair value hierarchy, as defined by FASB ASC Topic 820-10-35, are based on projected operating performance, market transactions and industry trading multiples. • Qualitative approach The Company’s qualitative assessment considers relevant market transactions, industry trading multiples and recent developments that would impact its estimates of future cash flows as compared to its most recent quantitative impairment assessment. Goodwill and Other Intangible Assets — The Company evaluates goodwill for impairment annually during the fourth quarter or whenever events or changes in circumstances indicate the carrying value of the goodwill may not be fully recoverable. The Company evaluates goodwill for impairment at the reporting unit level 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 twenty regions in the U.S. and seven of its international countries 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). Under ASC Topic 350, (“ASC Topic 350”), the Company may perform a qualitative impairment assessment or a quantitative impairment assessment of our goodwill which are described below: • Quantitative approach Under a quantitative goodwill impairment analysis, the Company estimates the fair value of each reporting unit and compares it with its carrying value. Fair value is determined using the market approach, which is the most common valuation approach for the Company’s industry and considers a multiple of cash flows for each reporting unit as the basis for fair value. For the evaluations performed during the year ended December 31, 2020, the Company also performed its quantitative goodwill impairment analysis using the income approach to further validate the results of the assessment under the market approach. Significant judgment including management’s estimate of future theatre level cash flows for each theatre is involved in estimating fair value of a reporting unit. For its 2020 goodwill impairment assessments, significant management judgement was involved in estimating the impact of the temporary closure of its theatres and other impacts of the COVID-19 pandemic. The Company’s estimates, which fall under Level 3 of the U.S. GAAP fair value hierarchy as defined by FASB ASC Topic 820-10-35, are based on projected operating performance of each reporting unit, relevant market transactions and industry trading multiples. • Qualitative approach The Company’s qualitative assessment of goodwill for each reporting unit considers economic and market conditions, industry trading multiples and the impact of recent developments and events on the estimated fair values as determined during its most recent quantitative assessment. Tradename intangible assets are tested for impairment at least annually during the fourth quarter or whenever events or changes in circumstances indicate the carrying value may not be fully recoverable. Under ASC Topic 350, the Company can elect to perform a qualitative or quantitative impairment assessment for our tradename intangible assets as described below: • Quantitative approach The Company compares the carrying values of its tradename assets to their estimated fair values. Fair values are estimated by applying an estimated market royalty rate that could be charged for the use of the tradenames to forecasted future revenues, with an adjustment for the present value of such royalties. Significant judgment, including management’s estimate of market royalty rates and long-term revenue forecasts, is involved in estimating the tradename fair values. Management’s estimates, which fall under Level 3 of the U.S. GAAP fair value hierarchy as defined by FASB ASC Topic 820-10-35, were based on projected revenue performance and expected industry trends. For its 2020 tradename impairment assessments, the Company’s estimates also included considerations for the impact of the temporary closure of its theatres and impacts of the COVID-19 pandemic. • Qualitative approach The Company’s qualitative assessment considers industry and market conditions and recent developments that may impact the revenues forecasts and other estimates as compared to its most recent quantitative assessment. The table below summarizes the Company’s intangible assets and the amortization method used for each type of intangible asset: Intangible Asset Amortization Method Goodwill Indefinite-lived Tradename Indefinite-lived and definite-lived. Definite-lived tradename asset has a remaining useful life of approximately six years. Other intangible assets Straight-line method over the terms of the underlying agreement or the expected useful life of the intangible asset. The remaining useful lives of these intangible assets range from two to five years. Lease Accounting — See Note 4 for discussion of the Company’s lease accounting policies. Deferred Charges — Deferred charges and other assets consist of construction, lease and other deposits, equipment to be placed in service, and other assets of a long-term nature. Self-Insurance Reserves — In the U.S., the Company is self-insured for general liability claims. For the years ended December 31, 2018, 2019 and 2020, general liability claims were capped at $250, $500 and $500, respectively, per occurrence with an aggregate annual cap of approximately $4,750 for 2018. There were no annual caps applicable for 2019 and 2020. For its international locations, the Company is fully insured for general liability claims with little or no deductibles per occurrence. The Company has a fully-funded deductible workers compensation insurance plan under which the Company is responsible for pre-funding claims and is responsible for claims up to $250 per occurrence, with an annual cap of $5,000 for the years ended December 31, 2018, 2019 and 2020. The Company is also self-insured for domestic medical claims with a cap of $250 per occurrence for the years ended December 31, 2018, 2019 and 2020. As of December 31, 2019 and 2020, the Company’s self-insurance reserves were $11,577 and $9,034, respectively, and are reflected in accrued other current liabilities on the consolidated balance sheets Revenue and Expense Recognition — See Note 5 for discussion of revenue recognition and deferred revenues. Film rental costs are subject to the film licensing arrangement and accrued based on the applicable box office receipts and either; 1) a sliding scale, which is generally established with the studio prior to the opening of the film, 2) firm terms or 3) estimates of the final settlement rate, which occurs at the conclusion of the film run. Under a sliding scale, the Company pays a percentage of box office revenues using a pre-determined scale that is based upon box office performance of the film for its full run. Under a firm terms formula, the Company pays the distributor a percentage of box office receipts that can either be an aggregate rate for the full run or rates that decline over the term of the run. The settlement process allows for negotiation of film rental fees upon the conclusion of the film run based upon how the film performs. Estimates are based on the expected success of a film. The success of a film can generally be determined a few weeks after a film is released when the initial box office performance of the film is known. If actual settlements are different than those estimates, film rental costs are adjusted at that time. Accounting for Share Based Awards — The Company measures the cost of employee services received in exchange for an equity award based on the fair value of the award on the date of the grant. The grant date fair value is based on the Company’s stock price on the grant date. Such costs are recognized over the period during which an employee is required to provide service in exchange for the award (which is usually the vesting period). At the time of the grant, the Company also estimates the number of awards that will ultimately be forfeited. See Note 17 for discussion of the Company’s share based awards and related compensation expense. Income Taxes — The Company uses an asset and liability approach to financial accounting and reporting for income taxes. Deferred income taxes are provided when tax laws and financial accounting standards differ with respect to the amount of income for a year and the basis of assets and liabilities. A valuation allowance is recorded to reduce the carrying amount of deferred tax assets unless it is more likely than not that such assets will be realized. Income taxes are provided on unremitted earnings from foreign subsidiaries unless such earnings are expected to be indefinitely reinvested. Income taxes have also been provided for potential tax assessments. The evaluation of an uncertain tax position is a two-step process. The first step is recognition: The Company determines whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. In evaluating whether a tax position has met the more-likely-than-not recognition threshold, the Company should presume that the position would be examined by the appropriate taxing authority that would have full knowledge of all relevant information. The second step is measurement: A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Differences between tax positions taken in a tax return and amounts recognized in the financial statements result in (1) a change in a liability for income taxes payable or (2) a change in an income tax refund receivable, a deferred tax asset or a deferred tax liability or both (1) and (2). The Company accrues interest and penalties on its uncertain tax positions as a component of income tax expense. See further discussion at Note 19. Segments — For the years ended December 31, 2018, 2019 and 2020, the Company managed its business under two reportable operating segments, U.S. markets and international markets. See Note 21. Use of Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. The Company’s consolidated financial statements include amounts that are based on management’s best estimates and judgments. Actual results could differ from those estimates. Foreign Currency Translations — The assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. dollars at current exchange rates as of the balance sheet date, and revenues and expenses are translated at average monthly exchange rates. The resulting translation adjustments are recorded in the consolidated balance sheets in accumulated other comprehensive loss. See Note 15 for a summary of the translation adjustments recorded in accumulated other comprehensive loss for the years ended December 31, 2018, 2019 and 2020. The Company recognizes foreign currency transaction gains and losses when changes in exchange rates impact transactions, other than intercompany transactions of a long-term investment nature, that have been denominated in a currency other than the functional currency. The Company deemed Argentina to be highly inflationary beginning July 1, 2018. A highly inflationary economy is defined as an economy with a cumulative inflation rate of approximately 100 percent or more over a three-year period. If a country’s economy is classified as highly inflationary, the financial statements of the foreign entity operating in that country must be remeasured to the functional currency of the reporting entity. The financial statements of the Company’s Argentina subsidiaries has been remeasured in U.S. dollars in accordance with ASC Topic 830, Foreign Currency Matters Fair Value Measurements — According to authoritative guidance, inputs used in fair value measurements fall into three different categories; Level 1, Level 2 and Level 3. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. See Note 14 for a discussion of our fair value measurements for the years ended December 31, 2018, 2019 and 2020. Acquisitions — The Company accounts for acquisitions under the acquisition method of accounting. The acquisition method requires that the acquired assets and liabilities, including contingencies, be recorded at fair value determined on the acquisition date and changes thereafter reflected in income. For certain acquisitions, the Company obtains independent third party valuation studies for certain of the assets acquired and liabilities assumed to assist the Company in determining fair value. The estimation of the fair values of the assets acquired and liabilities assumed involves a number of estimates and assumptions that could differ materially from the actual amounts realized. The Company provides assumptions, including both quantitative and qualitative information, about the specified asset or liability to the third party valuation firms. The Company primarily utilizes the third parties to accumulate comparative data from multiple sources and assemble a report that summarizes the information obtained. The Company then uses the information to record estimated fair value. The third party valuation firms are supervised by Company personnel who are knowledgeable about valuations and fair value. The Company evaluates the appropriateness of the assumptions and valuation methodologies utilized by the third party valuation firm. Interest Rate Swaps – The Company evaluates its interest rate swap agreements, which are designated as cash flow hedges, to determine whether they are highly effective on a quarterly basis in accordance with ASC Topic 815, . The fair values of the interest rate swaps are estimated based on future estimated net cash flows considering forecasted interest rates for the terms of the interest rate swap agreements as compared to the fixed interest rates paid under the agreements. If deemed to be highly effective, fair value estimates are recorded on the consolidated balance sheet as an asset or liability with the related gains or losses reported as a component of accumulated other comprehensive loss. If the swaps are determined to not be highly effective, the gains or losses are recorded in interest expense on the consolidated income statement. See further discussion at Note 13. Restructuring Charges – During the year ended December 31, 2020, the Company recorded restructuring charges based on an approved and announced restructuring plan, specifically related to permanent headcount reductions, the permanent closure of underperforming theatres and the write-down of related theatre assets. The costs of the restructuring actions are accrued based on estimates at the time the plan is formalized, and adjustments are made to restructuring charges based on actual costs incurred. See further discussion at Note 3. |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Changes And Error Corrections [Abstract] | |
New Accounting Pronouncements | 2. NEW ACCOUNTING PRONOUNCEMENTS ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Reference Rate Reform (Topic 848): Scope ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity application of the if-converted method for calculating diluted earnings per share and treasury stock method will be no longer available. The provisions of ASU 2020-06 are applicable for fiscal years beginning after December 15, 2021, with early adoption permitted no earlier than fiscal years beginning after December 15, 2020. The Company is currently evaluating the impact of ASU 2020-06 on its consolidated financial statements. |
Impact of COVID-19
Impact of COVID-19 | 12 Months Ended |
Dec. 31, 2020 | |
Extraordinary And Unusual Items [Abstract] | |
Impact of COVID-19 | 3. IMPACT OF THE COVID-19 PANDEMIC The outbreak of the COVID-19 pandemic has had an unprecedented impact on the world and the movie exhibition industry. As a movie exhibitor that operates spaces where patrons gather in close proximity, the Company has been, and continues to be, significantly impacted. At the initial outbreak of the COVID-19 pandemic, to comply with government mandates, the Company temporarily closed all of its theatres in the U.S. and Latin America effective March 17, 2020 and March 18, 2020, respectively. In conjunction with the temporary closure of its theatres in March 2020, the Company implemented temporary personnel and salary reductions, limited non-essential operating and capital expenditures, and negotiated modified timing and/or abatement of contractual payments with landlords and other major suppliers until its theatres reopened. In addition, the Company suspended its quarterly dividend. As of December 31, 2020, the Company had reopened 217 of its domestic theatres and 129 of its international theatres showing limited volume of new releases along with library content during reduced operating hours with limited capacities. While some staffing has been brought back to pre-COVID-19 pandemic levels given the theatre reopenings, the Company continues to maintain a temporary reduction in staffing while limiting capital expenditures to essential activities and projects. Government restrictions also continue to fluctuate with the state of the virus, impacting the Company’s reopening plans. The Company continues to work with landlords and other vendors on modified contractual payment terms while it continues to navigate through the impact of the COVID-19 pandemic and seek to recover a routine level of operations. . Based on its current estimates of recovery, the Company believes it has and will generate sufficient cash to sustain operations. Nonetheless, the COVID-19 pandemic has had, and continues to have, adverse effects on the Company’s business, results of operations, cash flows and financial condition. Some of the health and safety protocols that the Company has implemented in its theatres for the safety of its employees, guests and surrounding communities include the following: • staggering showtimes and limiting capacities to maximize physical distancing; • instituting a seat buffering technology to ensure social distancing within the auditorium; • requiring face masks for all guests within the theater, which may only be removed for eating and drinking in the auditoriums; • implementing stringent disinfecting and sanitizing protocols and providing ample supplies of hand sanitizer and seat wipes for patrons; • delivering an abundant supply of fresh outdoor air, maintaining optimal air circulation and eliminating potential pollutants through filtration; • encouraging contactless transactions; and • requiring that employees receive special training, participate in wellness check-ins and use personal protective wear, including face masks and gloves. With these comprehensive health and safety protocols in place, the Company believes it can more safely operate theaters while prioritizing the health of employees, guests and communities. The Company will continue to evolve these protocols based on changes to recommendations by local authorities throughout the region, as well as based on the Company’s experience as it reopens theatres domestically and throughout Latin America. Restructuring Charges In addition to the Company’s initial actions in response to the COVID-19 pandemic discussed above, during June 2020, Company management approved and announced a restructuring plan to realign its operations creating a more efficient cost structure (referred to herein as the “2020 Restructuring Plan”). The 2020 Restructuring Plan primarily includes a permanent headcount reduction at its domestic corporate office and the permanent closure of 15 domestic and 9 international theatres. The Company recorded $ 20,369 in restructuring costs on the consolidated statement of income for the year ended December 31, 2020. The following table summarizes the costs of the 2020 Restructuring Plan, payments and write-offs and the remaining liability at December 31, 2020: U.S. Operating Segment International Operating Segment Consolidated Employee-related Costs Facility Closure Costs Total Charges Employee-related Costs Facility Closure Costs Total Charges Employee-related Costs Facility Closure Costs Total Charges Restructuring charges during the twelve months ended December 31, 2020 8,964 7,645 16,609 814 2,946 3,760 9,778 10,591 20,369 Amounts paid (7,603 ) (1,649 ) (9,252 ) (814 ) (590 ) (1,404 ) (8,417 ) (2,239 ) (10,656 ) Noncash write-offs (521 ) (256 ) (777 ) — (2,195 ) (2,195 ) (521 ) (2,451 ) (2,972 ) Reserve balance at December 31, 2020 $ 840 $ 5,740 $ 6,580 $ — $ 161 $ 161 $ 840 $ 5,901 $ 6,741 The unpaid and accrued restructuring costs of $6,741 are reflected in accrued other current liabilities on the consolidated balance sheet as of December 31, 2020. |
Lease Accounting
Lease Accounting | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lease Accounting | 4. LEASE ACCOUNTING Real Estate Leases - The Company conducts a significant part of its theatre operations in leased properties under noncancelable operating and finance leases with base terms generally ranging from 10 to 25 years. In addition to fixed lease payments, some of the leases provide for variable lease payments and some require the payment of taxes, insurance and other costs applicable to the property. Variable lease payments include payments based on a percentage of retail sales or a percentage of retail sales over defined thresholds. Other variable lease payments include payments adjusted periodically for inflation, changes in attendance or changes in average ticket price. The Company can renew, at its option, many of its leases at defined or then market rental rates for various renewal periods. Some leases also provide for escalating rent payments throughout the lease term. The Company also leases certain office and warehouse facilities in the U.S. and in international locations, which generally only include fixed payments. The Company recognizes fixed lease expense for the operating leases on a straight-line basis over the lease term. The Company’s real estate lease agreements do not contain any residual value guarantees or restrictive covenants. Equipment Leases - The Company leases certain equipment under operating leases, including trash compactors and various other equipment used in the day-to-day operation of its theatres. Certain of the leases require fixed lease payments to be made over the duration of the lease term, while others are variable in nature based on usage or sales. Certain of these leases are month-to-month, while others have noncancelable terms ranging from 5 to 6 years. The Company’s equipment lease agreements do not contain any residual value guarantees or restrictive covenants. The Company leased digital projectors through October 2020. See further discussion of the leased projectors at Note 9 Lease Deferrals and Abatements - Upon the temporary closure of theatres in March 2020, the Company began negotiating the deferral of rent and other lease-related payments with its landlords while theatres remained closed. These discussions and negotiations have remained ongoing as the Company continues to be impacted by the COVID-19 pandemic. These negotiations resulted in amendments to the leases that involve varying concessions, including the abatement of rent payments during closure, deferral of all or a portion of rent payments to later periods and deferrals of rent payments combined with an early exercise of an existing renewal option or extension of the lease term. In certain locations, the Company is entitled to rent-free periods while theatres remain closed in accordance with local regulations. Total payments deferred as of December 31, 2020 were approximately $66,178, $48,366 of which is included in accrued other current liabilities and $17,812 of which is included in other long term liabilities on the consolidated balance sheet. In April 2020, the FASB staff released guidance indicating that in response to the COVID-19 pandemic, an entity would not have to analyze each contract to determine whether enforceable rights and obligations for concessions exist in the contract and could elect to apply or not apply the lease modification guidance in ASC Topic 842, Leases to those contracts. The election is available for concessions related to the effects of the COVID-19 pandemic that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. For example, this election is available for concessions that result in the total payments required by the modified contract being substantially the same as or less than total payments required by the original contract. The Company elected to not remeasure the lease liabilities and right-of-use assets for those leases where the concessions and deferrals did not result in a significant change in total payments under the lease and where the remaining lease term did not change as a result of the negotiation. For those leases that were renewed or extended as a result of the negotiation to defer rent payments, the Company recalculated the related lease liability and right-of-use asset based on the new terms. The following table represents the operating and finance right-of-use assets and lease liabilities as of the periods indicated. As of As of Leases Classification December 31, 2019 December 31, 2020 Assets (1) Operating lease assets Operating lease assets $ 1,383,080 $ 1,278,191 Finance lease assets Theatre properties and equipment, net of accumulated depreciation (2) 116,135 99,195 Total lease assets $ 1,499,215 $ 1,377,386 Liabilities (1) Current Operating Current portion of operating lease obligations $ 217,406 $ 208,593 Finance Current portion of finance lease obligations 15,432 16,407 Noncurrent Operating Operating lease obligations, less current portion 1,223,462 1,138,142 Finance Finance lease obligations, less current portion 141,017 124,609 Total lease liabilities $ 1,597,317 $ 1,487,751 (1) The operating lease right-of-use assets and liabilities recorded on the Company’s 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 the necessary notification is provided to the landlord. (2) Finance lease assets are net of accumulated amortization of $36,384 and $47,961 as of December 31, 2019 and 2020, respectively. As of December 31, 2020, the Company had signed lease agreements with total noncancelable lease payments of approximately $190,870 related to theatre leases that had not yet commenced. The timing of lease commencement is dependent on the completion of construction of the related theatre facility. Additionally, these amounts are based on estimated square footage and costs to construct each facility and may be subject to adjustment upon final completion of each construction project. In accordance with ASC Topic 842, fixed minimum lease payments related to these theatres are not included in the right-of-use assets and lease liabilities as of December 31, 2020. There were no significant noncancelable equipment lease agreements signed, but not yet commenced. The following table represents the Company’s aggregate lease costs, by lease classification, for the periods indicated. Year Ended Year Ended Lease Cost Classification December 31, 2019 December 31, 2020 Operating lease costs Equipment (1) Utilities and other $ 9,172 $ 3,324 Real Estate (2)(3) Facility lease expense 346,222 275,056 Total operating lease costs $ 355,394 $ 278,380 Finance lease costs Depreciation of leased assets Depreciation and amortization $ 14,734 $ 14,662 Interest on lease liabilities Interest expense 7,786 7,014 Total finance lease costs $ 22,520 $ 21,676 (1) Includes approximately $4,700 and $(465) of short-term lease payments for the years ended December 31, 2019 and 2020, respectively. The amount for the year ended December 31, 2020 was impacted by i) a decrease in short term lease payments while theatres were closed and ii) rent abatements on leases that were not recalculated in accordance with the FASB guidance discussed above, which resulted in variable rent credits in the amount of the rent abatements (2) Includes approximately $68,799 and $7,058 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 year ended December 31, 2019 and 2020, respectively. The amount for the year ended December 31, 2020 was impacted by rent abatements on leases that were not recalculated in accordance with the FASB guidance discussed above, which resulted in variable rent credits in the amount of the rent abatements. (3) Approximately $1,614 and $1,445 of lease payments are included in general and administrative expenses primarily related to office leases for the year ended December 31, 2019 and 2020, respectively. The following table represents the maturity of lease liabilities, by lease classification, as of December 31, 2020. Operating Finance Years Ending Leases Leases Total 2021 (1) $ 268,390 $ 22,671 $ 291,061 2022 (1) 250,956 21,935 272,891 2023 225,840 21,246 247,086 2024 194,197 20,165 214,362 2025 166,131 18,380 184,511 After 2025 508,104 70,533 578,637 Total lease payments $ 1,613,618 $ 174,930 $ 1,788,548 Less: Interest 266,883 33,914 300,797 Present value of lease liabilities $ 1,346,735 $ 141,016 $ 1,487,751 (1) Amounts do not include rent payments deferred under amendments as discussed at Lease Deferrals and Abatements above. The following table represents the weighted-average remaining lease term and discount rate, disaggregated by lease classification, as of December 31, 2020. As of Lease Term and Discount Rate December 31, 2020 Weighted-average remaining lease term (years) (1) Operating leases - equipment 2.5 Operating leases - real estate 7.6 Finance leases - equipment 4.4 Finance leases - real estate 9.2 Weighted-average discount rate (2) Operating leases - equipment 4.2 % Operating leases - real estate 4.9 % Finance leases - equipment 4.7 % Finance leases - real estate 4.8 % (1) The lease assets and liabilities recorded on the Company’s 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 at which the Company would borrow, on a collateralized basis, over a similar term and at an amount equal to the lease payments in a similar economic environment. The following table represents the minimum cash lease payments included in the measurement of lease liabilities and the non-cash addition of right-of-use assets for the periods presented. Year Ended Year Ended Other Information December 31, 2019 December 31, 2020 Cash paid for amounts included in the measurement of lease liabilities Cash outflows for operating leases $ 281,895 $ 271,787 Cash outflows for finance leases - operating activities $ 7,576 $ 6,985 Cash outflows for finance leases - financing activities $ 14,600 $ 15,432 Non-cash amount of leased assets obtained in exchange for: Operating lease liabilities - real estate $ 113,318 $ 132,529 Operating lease liabilities - equipment $ 795 $ 188 Finance lease liabilities $ 21,535 $ — Lessor Arrangements Under the Company’s Exhibitor Services Agreement (“ESA”) with National CineMedia, LLC (“NCM”), the nonconsecutive periods of use of the theatre screens by NCM qualify as a lease in accordance with ASC Topic 842. See further discussion in Note 8. The Company rents its theatre auditoriums for corporate meetings, screenings, education and training sessions and other private events. These rentals, which are not significant to the Company, are generally one-time events and the related revenue is reflected as other revenue on the consolidated statement of income. |
REVENUE RECOGNITION
REVENUE RECOGNITION | 12 Months Ended |
Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 5. REVENUE RECOGNITION Revenue Recognition Policy The Company’s patrons have the option to purchase movie tickets well in advance of a movie showtime or right before the movie showtime, or at any point in between those two timeframes depending on when tickets are put on sale and seat availability. The Company recognizes such admissions revenues when the showtime for a purchased movie ticket has passed. Concession revenues are recognized when products are sold to the consumer or, if pre-ordered, after the associated pick-up date has passed. Other revenues primarily consist of screen advertising and screen rental revenues, promotional income, studio trailer placements and transactional fees. The Company sells gift cards and discount ticket vouchers, the proceeds from which are recorded as deferred revenues. Deferred 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 deferred revenues and records admissions revenues when the showtime for a movie ticket purchased with a credit has passed. The Company has loyalty programs in the U.S. and many of its international locations that either have a prepaid annual 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 on a straight-line basis 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 deferred revenues based on the number of reward points issued to customers and recognizes the deferred revenues when the customer redeems such points. The value of loyalty points issued is based on the estimated fair value of the rewards offered. The Company generally records breakage revenue on gift cards and discount ticket vouchers generally based on redemption activity and historical experience with unused balances. The Company records breakage revenue upon the expiration of loyalty points and subscription credits. Advances collected on concession and other contracts are deferred and 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 meets its performance obligations in accordance with the terms of the contracts. Screen advertising and screen rental revenues for the U.S. operating segment primarily relate to the ESA with NCM and the Company’s agreement with its beverage concessionaire. Prior to September 17, 2019, such screen advertising was accounted for under ASC Topic 606, Revenue from Contracts with Customers Accounts receivable included approximately $31,620 and $6,232 of receivables related to contracts with customers as of December 31, 2019 and 2020, respectively. The Company did not record any assets related to the costs to obtain or fulfill a contract with customers during the year ended December 31, 2020. Disaggregation of Revenue The following tables present revenues for the periods indicated, disaggregated based on major type of good or service and by reportable operating segment. Twelve Months Ended December 31, 2020 U.S. International Operating Operating Major Goods/Services Segment (1) Segment Consolidated Admissions revenues $ 291,636 $ 64,872 $ 356,508 Concession revenues 189,561 41,485 231,046 Screen advertising, screen rental and promotional revenues 46,199 16,332 62,531 Other revenues 29,513 6,712 36,225 Total revenues $ 556,909 $ 129,401 $ 686,310 Twelve Months Ended December 31, 2019 U.S. International Operating Operating Major Goods/Services Segment (1) Segment Consolidated Admissions revenues $ 1,431,790 $ 373,531 $ 1,805,321 Concession revenues 936,241 224,842 1,161,083 Screen advertising, screen rental and promotional revenues 128,839 35,888 164,727 Other revenues 84,033 67,935 151,968 Total revenues $ 2,580,903 $ 702,196 $ 3,283,099 Twelve Months Ended December 31, 2018 U.S. International Operating Operating Major Goods/Services Segment (1) Segment Consolidated Admissions revenues $ 1,461,151 $ 373,022 $ 1,834,173 Concession revenues 892,391 216,402 1,108,793 Screen advertising, screen rental and promotional revenues 78,591 61,269 139,860 Other revenues 106,824 32,085 138,909 Total revenues $ 2,538,957 $ 682,778 $ 3,221,735 (1) U.S. segment revenues exclude intercompany transactions with the international operating segment. See Note 21 for additional information on intercompany eliminations. The following tables present revenues for the periods indicated, disaggregated based on timing of revenue recognition (as discussed above). Twelve Months Ended December 31, 2020 U.S. International Operating Operating Segment (1) Segment Consolidated Goods and services transferred at a point in time $ 497,338 $ 109,997 $ 607,335 Goods and services transferred over time 59,571 19,404 78,975 Total $ 556,909 $ 129,401 $ 686,310 Twelve Months Ended December 31, 2019 U.S. International Operating Operating Segment (1) Segment Consolidated Goods and services transferred at a point in time $ 2,488,716 $ 621,785 $ 3,110,501 Goods and services transferred over time 92,187 80,411 172,598 Total $ 2,580,903 $ 702,196 $ 3,283,099 Twelve Months Ended December 31, 2018 U.S. International Operating Operating Segment (1) Segment Consolidated Goods and services transferred at a point in time $ 2,453,313 $ 608,347 $ 3,061,660 Goods and services transferred over time 85,644 74,431 160,075 Total $ 2,538,957 $ 682,778 $ 3,221,735 (1) U.S. segment revenues exclude intercompany transactions with the international operating segment. See Note 21 for additional information on intercompany eliminations. Screen Advertising Advances and Other Deferred Revenues The following table presents changes in the Company’s deferred revenues for the year ended December 31, 2020. Deferred Revenues NCM Screen Advertising Advances (1) Other Deferred Revenues (2) Total Balance at January 1, 2020 $ 348,354 $ 138,426 $ 486,780 Amounts recognized as accounts receivable — 2,915 2,915 Cash received from customers in advance — 56,772 56,772 Common units received from NCM (see Note 8) 3,620 — 3,620 Interest accrued related to significant financing component 23,595 — 23,595 Revenue recognized during period (31,314 ) (57,625 ) (88,939 ) Foreign currency translation adjustments — (1,658 ) (1,658 ) Balance at December 31, 2020 $ 344,255 $ 138,830 $ 483,085 (1) See Significant Financing Component (2) Includes liabilities associated with outstanding gift cards and discount ticket vouchers, points or rebates outstanding under the Company’s loyalty and membership programs and revenues not yet recognized for screen advertising and other promotional activities. Amount is classified as accounts payable and accrued expenses or other long-term liabilities on the consolidated balance sheet. The table below summarizes the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied as of December 31, 2020 and when the Company expects to recognize this revenue. Twelve Months Ended December 31, Remaining Performance Obligations 2021 2022 2023 2024 2025 Thereafter Total Deferred revenue - other $ 124,326 14,504 — — — $ 138,830 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 6. EARNINGS PER SHARE The Company considers its unvested share based payment awards, which contain non-forfeitable rights to dividends, participating securities, and includes such participating securities in its computation of earnings per share pursuant to the two-class method. Basic earnings per share for the two classes of stock (common stock and unvested restricted stock) is calculated by dividing net income by the weighted average number of shares of common stock and unvested restricted stock outstanding during the reporting period. Diluted earnings per share is calculated using the weighted average number of shares of common stock plus the potentially dilutive effect of common equivalent shares outstanding determined under both the two class method and the treasury stock method. The following table presents computations of basic and diluted earnings per share under the two class method: Year Ended December 31, 2018 2019 2020 Numerator: Net income (loss) attributable to Cinemark Holdings, Inc. $ 213,827 $ 191,386 $ (616,828 ) (Earnings) loss allocated to participating share-based awards (1) (1,168 ) (1,174 ) 4,279 Net income (loss) attributable to common stockholders $ 212,659 $ 190,212 $ (612,549 ) Denominator (shares in thousands): Basic weighted average shares outstanding 116,054 116,306 116,667 Common equivalent shares for restricted stock units (2) 288 300 — Diluted weighted average shares outstanding 116,342 116,606 116,667 Basic earnings (loss) per share attributable to common stockholders $ 1.83 $ 1.63 $ (5.25 ) Diluted earnings (loss) per share attributable to common stockholders $ 1.83 $ 1.63 $ (5.25 ) (1) For the years ended December 31, 2018, 2019 and 2020, a weighted average of approximately 640 shares, 721 shares and 815 shares, of unvested restricted stock, respectively, are considered participating securities. (2) For the year ended December 31, 2020, approximately 682 common equivalent shares for restricted stock units were excluded because they were anti-dilutive. The calculations of diluted earnings per share for the year ended December 31, 2020 does not include the impact of the conversation of the 4.50% Convertible Senior Notes, issued August 21, 2020, into 32,051,282 shares of common stock, as it would be anti-dilutive. Additionally, the average price of the Company’s common stock did not exceed $22.08 per share during the reporting period; therefore, additional shares that may be issued related to the recently issued warrants were not included in the calculation of diluted common equivalent shares. See further discussion of the 4.50% Convertible Senior Notes, the convertible note hedges and the warrants at Note 13. |
DIVIDENDS
DIVIDENDS | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
DIVIDENDS | 7. DIVIDENDS Below is a summary of dividends declared for the fiscal periods indicated. Amount per Share of Total Declaration Date Record Date Payable Date Common Stock Dividends (1) 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 8/23/2018 9/4/2018 9/18/2018 0.32 37,530 11/15/2018 12/4/2018 12/18/2018 0.32 37,592 Total for year ended December 31, 2018 $ 1.28 $ 150,116 2/23/2019 3/8/2019 3/22/2019 $ 0.34 $ 39,905 5/24/2019 6/10/2019 6/24/2019 0.34 40,012 8/16/2019 9/4/2019 9/18/2019 0.34 40,020 11/22/2019 12/4/2019 12/18/2019 0.34 40,014 Total for year ended December 31, 2019 $ 1.36 $ 159,951 2/21/2020 3/6/2020 3/20/2020 $ 0.36 $ 42,567 Total for year ended December 31, 2020 $ 0.36 $ 42,567 (1) Of the dividends recorded during 2018, 2019 and 2020, $624, $670 and $256, respectively, were related to outstanding restricted stock units and will not be paid until such units vest. See Note 17. The Company suspended its quarterly dividend in March 2020 as a result of the COVID-19 pandemic as discussed in Note 3. |
INVESTMENT IN NATIONAL CINEMEDI
INVESTMENT IN NATIONAL CINEMEDIA LLC | 12 Months Ended |
Dec. 31, 2020 | |
NCM | |
INVESTMENT IN NATIONAL CINEMEDIA LLC | 8. INVESTMENT IN NATIONAL CINEMEDIA LLC Summary of Activity with NCM Below is a summary of activity with NCM included in the Company’s consolidated financial statements for the periods indicated. See Note 5 for discussion of revenue recognition. Investment in NCM NCM Screen Advertising Advances Distributions from NCM Equity in (Earnings) Loss Other Revenue Interest Expense - NCM (3) Cash Received Balance as of January 1, 2018 $ 200,550 $ (351,706 ) Impact of adoption of ASC Topic 606 (2) — (9,288 ) — — — — — Receipt of common units due to annual common unit adjustment 5,012 (5,012 ) — — — — — Purchase of additional common units 78,393 — — — — — — Revenues earned under ESA (1) — — — — (31,867 ) 19,724 12,143 Receipt of excess cash distributions (19,786 ) — (13,231 ) — — — 33,017 Receipt under tax receivable agreement (2,419 ) — (2,158 ) — — — 4,577 Equity in earnings 13,842 — — (13,842 ) — — — Amortization of screen advertising advances — 15,764 — — (15,764 ) — — Balance as of and for the twelve months ended December 31, 2018 $ 275,592 $ (350,242 ) $ (15,389 ) $ (13,842 ) $ (47,631 ) $ 19,724.00 $ 49,737 Receipt of common units due to annual common unit adjustment 1,552 (1,552 ) — — — — — Revenues earned under ESA (1) (3) — — — — (13,782 ) — 13,782 Interest accrued related to significant financing component (2) — (28,624 ) — — — 28,624 — Receipt of excess cash distributions (23,452 ) — (11,631 ) — — — 35,083 Receipt under tax receivable agreement (2,492 ) — (1,242 ) — — — 3,734 Equity in earnings 14,592 — — (14,592 ) — — — Amortization of screen advertising advances — 32,064 — — (32,064 ) — — Balance as of and for the twelve months ended December 31, 2019 $ 265,792 $ (348,354 ) $ (12,873 ) $ (14,592 ) $ (45,846 ) $ 28,624 $ 52,599 Receipt of common units due to annual common unit adjustment 3,620 (3,620 ) — — — — — Revenues earned under ESA (1) — — — — (4,689 ) — 4,689 Interest accrued related to significant financing component (2) — (23,595 ) — — — 23,595 — Receipt of excess cash distributions (12,022 ) — (5,914 ) — — — 17,936 Receipt under tax receivable agreement (2,146 ) — (1,061 ) — — — 3,207 Equity in loss (10,627 ) — — 10,627 — — — Impairment of investment in NCM (4) (92,655 ) — — — — — — Amortization of screen advertising advances — 31,314 — — (31,314 ) — — Balance as of and for the twelve months ended December 31, 2020 $ 151,962 $ (344,255 ) $ (6,975 ) $ 10,627 $ (36,003 ) $ 23,595 $ 25,832 (1) Amounts include the per patron and per digital screen theatre access fees due to the Company, net of amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire. The amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire were approximately $11,965, $11,478 and $2,605 for the years ended December 31, 2018, 2019 and 2020, respectively. (2) As a result of adoption of ASC Topic 606, the Company determined that the deferred revenue associated with the ESA and CUA agreement should be amortized on a straight-line basis versus the units of revenue method followed prior to adoption. In addition, the Company determined that a significant financing component existed for the ESA. (3) Approximately $4,828 represents screen rental revenues earned under the amendment to the ESA. See Note 5. (4) Recorded in impairment of long-lived and other assets on the consolidated income statement for the year ended December 31, 2020. See further discussion below. In addition to the activity in the table above, the Company made payments to NCM of approximately $74, $61 and $9 during the years ended December 31, 2018, 2019 and 2020, respectively, related to certain equipment used for digital advertising, which is included in theatre furniture and equipment on the consolidated balance sheets. Investment in National CineMedia NCM operates a digital in-theatre network in the U.S. for providing cinema advertising. The Company entered into an ESA with NCM, pursuant to which NCM primarily provides advertising to our theatres. On February 13, 2007, National Cinemedia, Inc. (“NCMI”), an entity that serves as the sole manager of NCM, completed an initial public offering (“IPO”) of its common stock. In connection with the NCMI initial public offering, the Company amended its operating agreement and the ESA. At the time of the NCMI IPO and as a result of amending the ESA, the Company received approximately $174,000 in cash consideration from NCM. The proceeds were recorded as deferred revenue or NCM screen advertising advances and was being amortized over the term of the Amended and Restated ESA, or through February 2041. Following the NCMI IPO, the Company does not recognize undistributed equity in the earnings on its original NCM membership units (referred to herein as the Company’s Tranche 1 Investment) until NCM’s future net earnings, less distributions received, surpass the amount of the excess distribution. The Company recognizes equity in earnings on its Tranche 1 Investment only to the extent it receives cash distributions from NCM. The Company recognizes cash distributions it receives from NCM on its Tranche 1 Investment as a component of earnings as Distributions from NCM. The Company believes that the accounting model provided by ASC Topic 323-10-35-22 for recognition of equity investee losses in excess of an investor’s basis is analogous to the accounting for equity income subsequent to recognizing an excess distribution. Common Unit Adjustments In addition to the consideration received upon the NCMI IPO and ESA modification in 2007, the Company also periodically receives consideration in the form of common units from NCM. Pursuant to a Common Unit Adjustment Agreement dated as of February 13, 2007 between NCMI and the Company, annual adjustments to the common membership units are made primarily based on increases or decreases in the number of theatre screens operated and theatre attendance generated by each Founding Member. As 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 or NCM screen advertising advances. 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 2020, NCM performed its annual common unit adjustment calculation under the Common Unit Adjustment Agreement. As a result of the calculation, on March 31, 2020, the Company received an additional 1,112,368 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 $3,620. 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. Below is a summary of common units received by the Company under the Common Unit Adjustment (“CUA”) Agreement during the years ended December 31, 2018, 2019 and 2020: Event Date Common Units Received Number of Common Units Received Fair Value of Common Units Received 2018 annual common unit adjustment 3/29/2018 908,042 $ 5,012 2019 annual common unit adjustment 3/31/2019 219,056 $ 1,552 2020 annual common unit adjustment 3/31/2020 1,112,368 $ 3,620 Acquisition of Common Units On July 5, 2018, the Company acquired 10,738,740 common units of NCM from AMC for $78,393 in cash, or approximately $7.30 per common unit. As a result of the acquisition of these shares, the Company’s ownership of NCM increased from approximately 18% to 25%. The amount paid for the additional common units was recorded as an increase in the Company’s Tranche 2 investment in NCM. Impairment of Investment in NCM As of December 31, 2020, the Company owned a total of 40,850,068 common units of NCM, which represented an interest of approximately 25%. The estimated fair value of the Company’s investment in NCM was approximately $151,962 based on NCMI’s stock price as of December 31, 2020 of $3.72 per share (Level 1 input as defined in FASB ASC Topic 820). The Company and other industry participants, who are also members of the NCM network, have reopened some theatres and will continue to reopen theatres as local government restrictions allow. However, the market value of NCM, Inc.’s stock price has been below the Company’s book value of its investment in NCM as a result of the COVID-19 pandemic since March of 2020. Although the Company expects the industry to recover gradually over time, the investment in NCM was written down by $92,655, with a corresponding charge to impairment expense, in accordance with ASC 323-10-35. The write-down was due to the prolonged period of time for which the share price of NCMI was below the Company’s carrying value per common unit of its investment in NCM. Exhibitor Services Agreement As previously discussed, the Company’s domestic theatres are part of the in-theatre digital network operated by NCM, the terms of which are defined in the ESA. NCM provides advertising to its theatres through its branded “ Noovie Revenue from Contracts with Customers. Leases The recognition of revenue related to the deferred revenue or NCM screen advertising advances will continue to be recorded on a straight-line basis over the new term of the amended ESA through February 2041. Twelve Months Ended December 31, Remaining Maturity 2021 2022 2023 2024 2025 Thereafter Total NCM screen advertising advances (1) $ 8,268 8,840 9,452 10,108 10,811 296,776 $ 344,255 (1) Amounts are net of the estimated interest to be accrued for the periods presented. Significant Financing Component In connection with the completion of the 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 2041. 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. Due to the significant length of time between receiving the consideration from NCM and fulfillment of the related performance obligation, the ESA includes an implied significant financing component, as per the guidance in ASC Topic 606. The interest expense was calculated using the Company’s incremental borrowing rates at the time when the cash and each tranche of common units were received from NCM, which ranged from 4.4 % to 8.3 %. Effective September 17, 2019, upon the Company’s evaluation and determination that ASC Topic 842 applies to the amended ESA, the Company determined it acceptable to apply the significant financing component guidance from ASC Topic 606 by analogy as the economic substance of the agreement represents a financing arrangement. Summary Financial Information for NCM The tables below present summary financial information for NCM for the periods indicated: Year Ended Year Ended Year Ended December 27, 2018 December 26, 2019 December 31, 2020 Revenues $ 441,400 $ 444,800 $ 89,887 Operating income (loss) $ 154,300 $ 155,700 $ (59,671 ) Net income (loss) $ 98,400 $ 98,800 $ (115,753 ) As of As of December 26, 2019 December 31, 2020 Current assets $ 185,400 $ 142,566 Noncurrent assets $ 706,600 $ 685,643 Current liabilities $ 125,500 $ 46,872 Noncurrent liabilities $ 947,800 $ 1,072,207 Members' deficit $ (181,300 ) $ (290,870 ) |
Other Investments
Other Investments | 12 Months Ended |
Dec. 31, 2020 | |
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 periods indicated: DCIP AC LLC DCDC FE Concepts Other Total Balance at January 1, 2018 $ 106,215 $ 5,916 $ 3,598 $ 104 $ 4,212 $ 120,045 Cash contributions 2,076 — — 20,000 — 22,076 Equity in income (loss) 22,899 1,270 1,313 (82 ) — 25,400 Equity in comprehensive loss (139 ) — — — — (139 ) Cash distributions received (5,799 ) (1,920 ) (219 ) — — (7,938 ) Other (1) — — (2,437 ) (104 ) (137 ) (2,678 ) Balance at December 31, 2018 $ 125,252 $ 5,266 $ 2,255 $ 19,918.00 $ 4,075 $ 156,766 Equity in income (loss) 23,281 3,276 1,120 (399 ) — 27,278 Equity in comprehensive loss (141 ) — — — — (141 ) Cash distributions received (23,696 ) (3,520 ) (206 ) — — (27,422 ) Other (1) — — — — (1,196 ) (1,196 ) Balance at December 31, 2019 $ 124,696 $ 5,022 $ 3,169 $ 19,519 $ 2,879 $ 155,285 Equity in loss (24,559 ) (1,277 ) (1,036 ) (1,246 ) — (28,118 ) Cash contributions 50 — — — — 50 Cash distributions received (10,383 ) — (878 ) — — (11,261 ) Non-cash distribution received (2) (89,804 ) — — — — (89,804 ) Other (3) — — — — (2,426 ) (2,426 ) Balance at December 31, 2020 $ — $ 3,745 $ 1,255 $ 18,273 $ 453 $ 23,726 (1) Other activity for DCDC for the year ended December 31, 2018 consisted of returns of capital originally contributed by the Company. Other activity for the year ended December 31, 2019 consists primarily of and mark-to-market adjustment on an investment in marketable securities. (2) Consists of projectors distributed to the Company from DCIP as discussed below. (3) Consists primarily of the impairment of a cost method investment (see Note 11 for discussion of impairments recorded) and mark-to-market adjustment on an investment in marketable securities. 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 2021. Pursuant to the operating agreement between the Exhibitors and DCIP, DCIP began to distribute excess cash to the Exhibitors upon the payoff of its outstanding debt, which occurred during the year ended December 31, 2019. As of December 31, 2020, the Company had a 33% voting interest in DCIP and a 24.3% economic interest in DCIP. Prior to the distribution received during November 2020, as discussed below, the Company accounted for its investment in DCIP and its subsidiaries under the equity method of accounting. Below is summary financial information for DCIP as of and for the years ended December 31, 2018, 2019 and 2020: Year ended December 31, 2018 2019 2020 Revenues $ 172,534 $ 171,531 $ 30,561 Operating income (loss) $ 102,236 $ 99,812 $ (105,691 ) Net income (loss) $ 94,757 $ 95,820 $ (114,243 ) As of December 31, 2019 December 31, 2020 Current assets $ 51,382 $ 36,372 Noncurrent assets $ 581,547 $ 205 Current liabilities $ 70,515 $ 39,844 Noncurrent liabilities $ 190 $ 687 Members' equity (deficit) $ 562,224 $ (3,954 ) Through October 31, 2020, the Company leased digital projection systems under a master equipment lease agreement with Kasima LLC (“Kasima”), which is an indirect subsidiary of DCIP and a related party to the Company. The Company amended the master equipment lease agreement (“MELA”) with Kasmia effective November 1, 2020, which resulted in the termination of the MELA and a lease termination fee to be paid by the Company on a monthly basis until a) cost recoupment is met or b) the DCDA agreements between DCIP and the major studios have been terminated. Upon termination of the MELA, DCIP distributed the digital projection equipment to the Company. The Company accounted for the lease termination and projector distribution as follows: • The Company wrote off the operating lease right of use assets and lease liabilities of $7,468 and $14,102, respectively, and recorded a gain of $6,634 in gain (loss) on sale of assets and other. • The Company recorded a lease termination liability of $4,169 and a corresponding loss in gain (loss) on sale of assets and other. The remaining termination liability of $3,474 as of December 31, 2020 is reflected in accrued other current liabilities on the consolidated balance sheet. • The Company recorded the fair value of the projectors received from DCIP of $102,719 as equipment, with a corresponding reduction in its investment in DCIP of $89,804 and a $12,915 non-cash distribution. In accordance with ASC 323-10-35, since the non-cash distribution exceeded the book value of its investment in DCIP, the Company suspended equity method accounting. The Company will resume equity method accounting when the value of its investment in DCIP exceeds the sum of the excess noncash distribution noted above and any future excess cash distributions. In addition to the activity presented in the other investments table above, the Company had the following transactions with DCIP during the years ended December 31, 2018, 2019 and 2020: Year Ended December 31, 2018 2019 2020 Equipment lease payments (1) $ 4,862 $ 4,399 $ 1,729 Warranty reimbursements from DCIP $ (10,800 ) $ (11,800 ) $ (6,997 ) Management services fees $ 730 $ 596 $ 208 (1) Excludes lease termination AC JV, LLC During December 2013, the Company, Regal, AMC (the “AC Founding Members”) and NCM entered into a series of agreements that resulted in the formation of AC JV, LLC (“AC”), a joint venture that owns “Fathom Events” (consisting of Fathom Events and Fathom Consumer Events) formerly operated by NCM. The Fathom Events business focuses on the marketing and distribution of live and pre-recorded entertainment programming to various theatre operators to provide additional programs to augment their feature film schedule. The Company paid event fees to AC of $12,481, $15,376 and $3,740 for the years ended December 31, 2018, 2019 and 2020, respectively, which are included in film rentals and advertising costs on the consolidated statements of income. The Company accounts for its investment in AC under the equity method of accounting. Digital Cinema Distribution Coalition The Company is a party to a joint venture with certain exhibitors and distributors called Digital Cinema Distribution Coalition (“DCDC”). DCDC operates a satellite distribution network that distributes all digital content to U.S. theatres via satellite. The Company has an approximate 14.6% ownership in DCDC. The Company paid approximately $927, $896 and $428 to DCDC during the years ended December 31, 2018, 2019 and 2020, respectively, related to content delivery services, which is included in film rentals and advertising costs on the consolidated statements of income. The Company accounts for its investment in DCDC under the equity method of accounting. FE Concepts, LLC During April 2018, the Company, through its wholly-owned indirect subsidiary CNMK Texas Properties, LLC (“CNMK”), formed a joint venture, FE Concepts, LLC (“FE Concepts”) with AWSR Investments, LLC (“AWSR”), an entity owned by Lee Roy Mitchell and Tandy Mitchell. In December of 2019, FE Concepts opened 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. The Company has a theatre services agreement with FE Concepts under which it receives service fees for providing film booking and equipment monitoring services for the facility. The Company recorded $64 and $34 of related service fees during the years ended December 31, 2019 and 2020, respectively. Additional Considerations Each of the investments above have been adversely impacted by the COVID-19 pandemic (see Note 3) due to the temporary closure of theatres across the U.S. The Company does not believe that any resulting decline in value of the underlying investments is other than temporary as the Company and other industry participants, who also have equity ownership interests in certain of the above investments, have reopened some theatres and will continue to reopen theatres as local government restrictions allow. The Company expects the industry to recover gradually over time. The Company performed a qualitative impairment analysis for its investments in AC and DCDC during the fourth quarter of 2020. Based on the analysis performed, no impairment was recorded for the year ended December 31, 2020. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS - NET | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS - NET | 10. GOODWILL AND INTANGIBLE ASSETS, NET The Company’s goodwill was as follows: U.S. Operating Segment International Operating Segment Total Balance at December 31, 2018 (1) $ 1,174,041 $ 102,283 $ 1,276,324 Acquisition of theatres (2) 8,812 868 9,680 Foreign currency translation adjustments — (2,633 ) (2,633 ) Balance at December 31, 2019 (1) $ 1,182,853 $ 100,518 $ 1,283,371 Impairment (3) — (16,128 ) (16,128 ) Foreign currency translation adjustments — (13,403 ) (13,403 ) Balance at December 31, 2020 (4) $ 1,182,853 $ 70,987 $ 1,253,840 (1) Balances are presented net of historical accumulated impairment losses of $214,031 for the U.S. operating segment and $27,622 for the international operating segment. (2) Amounts represent acquisition of two theatres in the U.S. and final purchase price adjustment for theatres acquired in Brazil during the year ended December 31, 2018. (3) See Note 11 for discussion of impairment evaluations performed during the year ended December 31, 2020. (4) Balances are presented net of historical accumulated impairment losses of $214,031 for the U.S. operating segment and $43,750 for the international operating segment As of December 31, intangible assets, net consisted of the following: Balance at January 1, 2019 Additions (1) Impact of ASC Topic 842 (3) Amortization Other Balance at December 31, 2019 Intangible assets with finite lives: Gross carrying amount $ 105,256 $ (143 ) $ (18,024 ) $ — $ (2,136 ) $ 84,953 Accumulated amortization (74,603 ) — 13,597 (4,994 ) 2,130 (63,870 ) Total net intangible assets with finite lives $ 30,653 $ (143 ) $ (4,427 ) $ (4,994 ) $ (6 ) $ 21,083 Intangible assets with indefinite lives: Tradename and other 300,257 492 — — (63 ) 300,686 Total intangible assets — net $ 330,910 $ 349 $ (4,427 ) $ (4,994 ) $ (69 ) $ 321,769 Balance at January 1, 2020 Amortization Other (2) Balance at December 31, 2020 Intangible assets with finite lives: Gross carrying amount $ 84,953 $ — $ (2,521 ) $ 82,432 Accumulated amortization (63,870 ) (4,746 ) 200 (68,416 ) Total net intangible assets with finite lives $ 21,083 $ (4,746 ) $ (2,321 ) $ 14,016 Intangible assets with indefinite lives: Tradename and other 300,686 — (507 ) 300,179 Total intangible assets — net $ 321,769 $ (4,746 ) $ (2,828 ) $ 314,195 (1) Amount represents intangible assets recorded as a result of two theatres acquired in the U.S. and final purchase price adjustment for theatres acquired in Brazil during the year ended December 31, 2018. (2) Includes the write-off of fully amortized intangible assets, foreign currency translation adjustments and impairment recorded related to a previously acquired theatre leasehold interest in Brazil. See Note 11 for discussion of impairment evaluations performed during the year ended December 31, 2020. (3) Amount represents intangible assets reclassified to operating lease right of use assets and finance lease assets upon the adoption of ASC 842 effective January 1, 2019. Estimated aggregate future amortization expense for intangible assets is as follows: For the year ended December 31, 2021 $ 2,686 For the year ended December 31, 2022 2,553 For the year ended December 31, 2023 2,460 For the year ended December 31, 2024 2,460 For the year ended December 31, 2025 2,342 Thereafter 1,515 Total $ 14,016 |
IMPAIRMENT OF LONG-LIVED AND OT
IMPAIRMENT OF LONG-LIVED AND OTHER ASSETS | 12 Months Ended |
Dec. 31, 2020 | |
Impairment Or Disposal Of Tangible Assets Disclosure [Abstract] | |
IMPAIRMENT OF LONG-LIVED AND OTHER ASSETS | 11. IMPAIRMENT OF LONG-LIVED AND OTHER ASSETS The Company reviews for impairment indicators related to its long-lived assets on a quarterly basis and goodwill on an annual basis or whenever events or changes in circumstances indicate the carrying amount of those assets may not be fully recoverable. Due to the temporary closure of the Company’s theatres effective March 18, 2020 as a result of the COVID-19 pandemic (see Note 3), the Company performed long-lived asset impairment evaluations during each quarter during the year ended December 31, 2020. The following table is a summary of the evaluations performed for each quarter by asset classification. Impairment Asset Valuation Valuation Test Category Approach Multiple First Quarter Quantitative Goodwill Market (1) 8 times Tradename Intangible Assets Income N/A Other Long-lived Assets Market 6 times Second Quarter Qualitative Goodwill N/A N/A Tradename Intangible Assets N/A N/A Other Long-lived Assets N/A N/A Third Quarter Quantitative Goodwill Market (1) 2.9 to 7 times Tradename Intangible Assets Income N/A Other Long-lived Assets Market 3.2 to 6 times Fourth Quarter Quantitative Goodwill Market (1) 3.1 to 7 times Tradename Intangible Assets Income N/A Other Long-lived Assets Market 3.1 to 6 times (1) The Company also used the income approach to test goodwill for impairment for the respective period. See Note 1 for a discussion of the Company’s impairment policy and a description of qualitative and quantitative impairment assessments. The Company’s theatre asset, goodwill, intangible asset and investment impairment charges were as follows for the periods presented: Year Ended December 31, 2018 2019 2020 U.S. Segment Theatre properties $ 18,597 $ 36,005 $ 12,398 Theatre operating lease right-of-use assets — 10,457 13,216 Investment in NCM (1) — — 92,655 Cost method investment — — 2,500 U.S. total 18,597 46,462 120,769 International segment Theatre properties 13,775 8,821 9,951 Theatre operating lease right-of-use assets — 1,718 5,025 Goodwill — — 16,128 Intangible assets — — 833 International total 13,775 10,539 31,937 Total impairment $ 32,372 $ 57,001 $ 152,706 (1) See Note 8 for discussion on NCM impairment. For the years ended December 31, 2018 and 2019, the long-lived asset impairment charges recorded during each of the periods presented were for certain new concept theatres being developed and tested by the Company and other theatres that were 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. For the year ended December 31, 2020, long-lived asset and goodwill impairment charges were primarily due to the prolonged impact of the temporary closure of theatres as a result of the COVID-19 pandemic, as discussed at Note 3, and the expected recovery period. |
ACCRUED OTHER CURRENT LIABILITI
ACCRUED OTHER CURRENT LIABILITIES | 12 Months Ended |
Dec. 31, 2020 | |
Payables And Accruals [Abstract] | |
ACCRUED OTHER CURRENT LIABILITIES | 12. ACCRUED OTHER CURRENT LIABILITIES Accrued other current liabilities consisted of the following as of the periods presented: December 31, 2019 2020 Gift card liability (1) $ 48,481 $ 43,448 SuperSaver liability (1) 40,778 38,882 Accrued lease payable (2) — 48,366 Other 86,447 86,769 Total $ 175,706 $ 217,465 (1) See discussion of revenue recognition at Note 5. (2) See discussion of lease deferrals at Note 4. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 13. LONG-TERM DEBT As of December 31, long-term debt consisted of the following: December 31, 2019 2020 Cinemark USA, Inc. term loan due 2025 $ 646,327 $ 639,731 Cinemark USA, Inc. 5.125% senior notes due 2022 400,000 400,000 Cinemark USA, Inc. 4.875% senior notes due 2023 755,000 755,000 Cinemark USA, Inc. 8.750% senior secured notes due 2025 — 250,000 Cinemark Holdings, Inc. 4.500% convertible senior notes due 2025 — 460,000 Other — 23,169 Total long-term debt 1,801,327 2,527,900 Less current portion 6,595 18,056 Less: Debt discounts and debt issuance costs, net of accumulated amortization 23,390 132,682 Long-term debt, less current portion, net of debt discounts and unamortized debt issuance costs $ 1,771,342 $ 2,377,162 Senior Secured Credit Facility Cinemark USA, Inc. has a senior secured credit facility that includes a $700,000 term loan and a $100,000 revolving credit line (the “Credit Agreement”). Effective March 29, 2018, Cinemark USA, Inc. amended its Credit Agreement to extend the maturity of the term loan to March 2025 Under the amended Credit Agreement, 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. Subsequent to the March 29, 2018 amendment noted in the table above, interest on the term loan accrues at Cinemark USA, Inc.’s option at: (A) the base rate equal to the greater of (1) the US “Prime Rate” as quoted in The Wall Street Journal or if no such rate is quoted therein, in a Federal Reserve Board statistical release, (2) the federal funds effective rate plus 0.50%, and (3) a one-month Eurodollar-based rate plus 1.0%, plus, in each case, a margin of 0.75% per annum, or (B) a Eurodollar-based rate for a period of 1, 2, 3, 6, 9 or 12 months plus a margin of 1.75% per annum. Interest on the revolving credit line accrues, at our option, at: (A) a base rate equal to the greater of (1) the US “Prime Rate” as quoted in The Wall Street Journal or if no such rate is quoted therein, in a Federal Reserve Board statistical release, (2) the federal funds effective rate plus 0.50 %, and (3) a one-month Eurodollar-based rate plus 1.0 %, plus, in each case, a margin that ranges from 0.50 % to 1.25 % per annum, or (B) a Eurodollar-based rate for a period of 1, 2, 3, 6, 9 or 12 months plus a margin that ranges from 1.50 % to 2.25 % per annum. The margin of the revolving credit line is determined by the consolidated net senior secured leverage ratio as defined in the Credit Agreement. At December 31, 2020, there was $ 639,731 Cinemark USA, Inc.’s obligations under the Credit Agreement are guaranteed by Cinemark Holdings, Inc. and certain of Cinemark USA, Inc.’s domestic subsidiaries and are secured by mortgages on certain fee and leasehold properties and security interests in substantially all of Cinemark USA, Inc.’s and the guarantors’ personal property, including, without limitation, pledges of all of Cinemark USA, Inc.’s capital stock, all of the capital stock of certain of Cinemark USA, Inc.’s domestic subsidiaries and 65% of the voting stock of certain of its foreign subsidiaries. The Credit Agreement contains usual and customary negative covenants for agreements of this type, including, but not limited to, restrictions on Cinemark USA, Inc.’s ability, and in certain instances, its subsidiaries’ and our ability, to consolidate or merge or liquidate, wind up or dissolve; substantially change the nature of its business; sell, transfer or dispose of assets; create or incur indebtedness; create liens; pay dividends or repurchase stock; and make capital expenditures and investments. If Cinemark USA, Inc. has borrowings outstanding on the revolving credit line, it is required to keep a consolidated net senior secured leverage ratio, as defined in the Credit Agreement, not to exceed 4.25 to 1. See discussion below regarding recent covenant waivers. The dividend restriction contained in the Credit Agreement prevents the Company and any of its subsidiaries from paying a dividend or otherwise distributing cash to its stockholders unless (1) the Company is not in default, and the distribution would not cause Cinemark USA, Inc. to be in default, under the Credit Agreement; and (2) the aggregate amount of certain dividends, distributions, investments, redemptions and capital expenditures made since December 18, 2012, including dividends declared by the board of directors, is less than the sum of (a) the aggregate amount of cash and cash equivalents received by Cinemark Holdings, Inc. or Cinemark USA, Inc. as common equity since December 18, 2012, (b) Cinemark USA, Inc.’s consolidated EBITDA minus 1.75 times its consolidated interest expense, each as defined in the Credit Agreement, and (c) certain other defined amounts (collectively the “Applicable Amount”). As of December 31, 2020, Cinemark USA, Inc. could have distributed up to approximately $2,700,000 to its parent company and sole stockholder, Cinemark Holdings, Inc. On April 17, 2020, in conjunction with the issuance of the 8.750% Secured Notes discussed below, the Company obtained a waiver of the leverage covenant, which applies when amounts are outstanding under the revolving line of credit, from the majority of revolving lenders under the Credit Agreement for the fiscal quarters ending September 30, 2020 and December 31, 2020. The waiver is subject to certain liquidity thresholds, restrictions on investments and the use of the Applicable Amount. On August 21, 2020, in conjunction with the issuance of the 4.50% Convertible Senior Notes discussed below, the Company further amended the waiver of the leverage covenant to extend through the fiscal quarter ending September 30, 2021. The amendment also i) modifies the maintenance covenant calculation beginning with the calculation for the trailing twelve-month period ended December 31, 2021, ii) for purposes of testing the consolidated net senior secured leverage ratio for the fiscal quarters ending on December 31, 2021, March 31, 2022 and June 30, 2022, permits the Company to substitute Consolidated EBITDA for the first three fiscal quarters of 2019 in lieu of Consolidated EBITDA for the corresponding fiscal quarters of 2021, (iii) modifies the restrictions imposed by the covenant waiver, and (iv) makes such other changes to permit the issuance of the 4.50% Convertible Senior Notes discussed below 4.875% Senior Notes On May 24, 2013, Cinemark USA, Inc. issued $530,000 aggregate principal amount of 4.875% senior notes due 2023, at par value, (the “4.875% Senior Notes”). Interest on the 4.875% Senior Notes is payable on June 1 and December 1 of each year. The 4.875% Senior Notes mature on June 1, 2023. On March 21, 2016, Cinemark USA, Inc. issued an additional $225,000 aggregate principal amount of the 4.875% Senior Notes, at 99.0% of the principal amount plus accrued and unpaid interest from December 1, 2015. These additional notes have identical terms, other than the issue date, the issue price and the first interest payment date, and constitute part of the same series as Cinemark USA, Inc.’s existing 4.875% Senior Notes. The aggregate principal amount of $755,000 of 4.875% Senior Notes mature on June 1, 2023. The 4.875% Senior Notes are fully and unconditionally guaranteed on a joint and several senior unsecured basis by certain of Cinemark USA, Inc.’s subsidiaries that guarantee, assume or become liable with respect to any of Cinemark USA, Inc.’s or a guarantor’s debt. The 4.875% Senior Notes and the guarantees are senior unsecured obligations and rank equally in right of payment with all of Cinemark USA, Inc.’s and its guarantor’s existing and future senior unsecured debt and senior in right of payment to all of Cinemark USA, Inc.’s and its guarantor’s existing and future senior subordinated debt. The 4.875% Senior Notes and the guarantees are effectively subordinated to all of Cinemark USA, Inc.’s and its guarantor’s existing and future secured debt to the extent of the value of the assets securing such debt, including all borrowings under Cinemark USA, Inc.’s Credit Agreement. The 4.875% Senior Notes and the guarantees are structurally subordinated to all existing and future debt and other liabilities of Cinemark USA, Inc.’s subsidiaries that do not guarantee the 4.875% Senior Notes. The indenture governing the 4.875% Senior Notes contains covenants that limit, among other things, the ability of Cinemark USA, Inc. and certain of its subsidiaries to (1) make investments or other restricted payments, including paying dividends, making other distributions or repurchasing subordinated debt or equity, (2) incur additional indebtedness and issue preferred stock, (3) enter into transactions with affiliates, (4) enter new lines of business, (5) merge or consolidate with, or sell all or substantially all of its assets to, another person and (6) create liens. As of December 31, 2020, Cinemark USA, Inc. could have distributed up to approximately $2,800,000 to its parent company and sole stockholder, Cinemark Holdings, Inc., under the terms of the indenture governing the 4.875% Senior Notes, subject to its available cash and other borrowing restrictions outlined in the indenture. The required minimum coverage ratio is 2.0 to 1.0 and the actual ratio as of December 31, 2020 was below zero. Cinemark USA, Inc. may redeem the 4.875% Senior Notes in whole or in part at redemption prices specified in the indenture. 5.125% Senior Notes On December 18, 2012, Cinemark USA, Inc. issued $400,000 aggregate principal amount of 5.125% senior notes due 2022, at par value (the “5.125% Senior Notes”). Interest on the 5.125% Senior Notes is payable on June 15 and December 15 of each year. The 5.125% Senior Notes mature on December 15, 2022. The 5.125% Senior Notes are fully and unconditionally guaranteed on a joint and several senior unsecured basis by certain of Cinemark USA, Inc.’s subsidiaries that guarantee, assume or become liable with respect to any of Cinemark USA, Inc.’s or a guarantor’s debt. The 5.125% Senior Notes and the guarantees are senior unsecured obligations and rank equally in right of payment with all of Cinemark USA, Inc.’s and its guarantor’s existing and future senior unsecured debt and senior in right of payment to all of Cinemark USA, Inc.’s and its guarantor’s existing and future subordinated debt. The 5.125% Senior Notes and the guarantees are effectively subordinated to all of Cinemark USA, Inc.’s and its guarantor’s existing and future secured debt to the extent of the value of the assets securing such debt, including all borrowings under Cinemark USA, Inc.’s Credit Agreement . The 5.125% Senior Notes and the guarantees are structurally subordinated to all existing and future debt and other liabilities of Cinemark USA, Inc.’s subsidiaries that do not guarantee the 5.125% Senior Notes. The indenture governing the 5.125% Senior Notes contains covenants that limit, among other things, the ability of Cinemark USA, Inc. and certain of its subsidiaries to (1) make investments or other restricted payments, including paying dividends, making other distributions or repurchasing subordinated debt or equity, (2) incur additional indebtedness and issue preferred stock, (3) enter into transactions with affiliates, (4) enter new lines of business, (5) merge or consolidate with, or sell all or substantially all of its assets to, another person and (6) create liens. As of December 31, 2020, Cinemark USA, Inc. could have distributed up to approximately $2,800,000 to its parent company and sole stockholder, Cinemark Holdings, Inc., under the terms of the indenture governing the 5.125% Senior Notes, subject to its available cash and other borrowing restrictions outlined in the indenture. The required minimum coverage ratio is 2.0 to 1.0 and the actual ratio as of December 31, 2020 was approximately below zero. Cinemark USA, Inc. may redeem the 5.125% Senior Notes in whole or in part at redemption prices specified in the indenture. 8.750% Secured Notes On April 20, 2020, Cinemark USA, Inc. issued $250,000 aggregate principal amount of 8.750% senior secured notes due 2025 (the “8.750% Secured Notes”). The 8.750% Secured Notes will mature on May 1, 2025; provided, however, that if (i) on September 13, 2022, the aggregate outstanding principal amount of the 5.125% Senior Notes that shall not have been purchased, repurchased, redeemed, defeased or otherwise acquired, retired, cancelled or discharged exceeds $50,000, the 8.750% Secured Notes will mature on September 14, 2022 and (ii) on February 27, 2023, the aggregate outstanding principal amount of the 4.875% Senior Notes that shall not have been purchased, repurchased, redeemed, defeased or otherwise acquired, retired, cancelled or discharged exceeds $50,000, the 8.750% Secured Notes will mature on February 28, 2023. Interest on the 8.750% Secured Notes will be payable on May 1 and November 1 of each year, beginning on November 1, 2020. The 8.750% Secured Notes are fully and unconditionally guaranteed on a joint and several senior basis by certain of Cinemark USA, Inc.’s subsidiaries that guarantee, assume or in any other manner become liable with respect to any of Cinemark USA, Inc.’s or its guarantors’ other debt. If Cinemark USA, Inc. cannot make payments on the 8.750% Secured Notes when they are due, Cinemark USA, Inc.’s guarantors must make them instead. Under certain circumstances, the guarantees may be released without action by, or the consent of, the holders of the 8.750% Secured Notes. The 8.750% Secured Notes and the guarantees are Cinemark USA, Inc.’s and its guarantors’ senior obligations and are: • rank effectively senior in right of payment to Cinemark USA, Inc.’s and its guarantors’ existing and future debt that is not secured by the collateral as described within the indentures governing the 8.750% Secured Notes (“Collateral”), including all obligations under the Credit Agreement, and unsecured obligations, including the existing senior notes, in each case to the extent of the value of the collateral; • rank effectively junior to Cinemark USA, Inc.’s and its guarantors’ existing and future debt secured by assets that are not part of the Collateral to the extent of the value of the collateral securing such debt, including all obligations under the Credit Agreement; • otherwise rank equally in right of payment to Cinemark USA, Inc.’s and its guarantors’ existing and future senior debt, including debt under the Credit Agreement and the existing senior notes; • rank senior in right of payment to Cinemark USA, Inc.’s and its guarantors’ future subordinated debt; and • be structurally subordinated to all existing and future debt and other liabilities of Cinemark USA, Inc.’s non-guarantor subsidiaries. The indenture governing the 8.750% Secured Notes contains covenants that limit, among other things, the ability of Cinemark USA, Inc. and certain of its subsidiaries to (1) make investments or other restricted payments, including paying dividends, making other distributions or repurchasing subordinated debt or equity, (2) incur additional indebtedness and issue preferred stock, (3) enter into transactions with affiliates, (4) enter new lines of business, (5) merge or consolidate with, or sell all or substantially all of its assets to, another person and (6) create liens. As of December 31, 2020, Cinemark USA, Inc. could have distributed up to approximately $3,100,000 to its parent company and sole stockholder, Cinemark Holdings, Inc., under the terms of the indenture governing the 8.750% Senior Notes, subject to its available cash and other borrowing restrictions outlined in the indenture. Upon a change of control, as defined in the indenture governing the 8.750% Secured Notes, Cinemark USA, Inc. would be required to make an offer to repurchase the 8.750% Secured Notes at a price equal to 101% of the aggregate principal amount outstanding plus accrued and unpaid interest, if any, through the date of repurchase. The indenture governing the 8.750% Secured Notes allows Cinemark USA, Inc. to incur additional indebtedness if it satisfies a coverage ratio specified in the indenture, after giving effect to the incurrence of the additional indebtedness, and in certain other circumstances. The required minimum coverage ratio is 2.0 4.50% Convertible Senior Notes On August 21, 2020, Cinemark Holdings, Inc. issued $460,000 aggregate principal amount of 4.500% convertible senior notes due 2025 (the “4.50% Convertible Senior Notes”). The 4.500% Convertible Senior Notes will mature on August 15, 2025, unless earlier repurchased or converted in accordance with the indenture. Interest on the 4.500% Convertible Senior Notes is payable on February 15 and August 15 of each year, beginning on February 15, 2021. Holders of the 4.50% Convertible Senior Notes may convert their 4.50% Convertible Senior Notes at their option at any time prior to the close of business on the business day immediately preceding May 15, 2025 only under the following circumstances: (1) during the five business day period after any five consecutive trading day period, or the measurement period, in which the trading price per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such trading day; (2) if the Company distributes to all or substantially all stockholders (i) rights options or warrants entitling them to purchase shares at a discount to the recent average trading price of the Company’s common stock (including due to a stockholder rights plan) or (ii) the Company’s assets or securities or rights, options or warrants to purchase the same with a per share value exceeding 10% of the trading price of the Company’s stock, (3) upon the occurrence of specified corporate events as described further in the indenture, or (4) during any calendar quarter commencing after the calendar quarter ending on September 30, 2020 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price (initially 14.35 per share), on each applicable trading day. Beginning May 15, 2025, holders may convert their 4.500% Convertible Senior Notes at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion of the 4.500% Convertible Senior Notes, the Company will pay or deliver cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election. The initial conversion rate is 69.6767 shares of the Company’s common stock per $1,000 principal amount of the 4.50% Convertible Senior Notes. The conversion rate is subject to adjustment upon the occurrence of certain events. If a make-whole fundamental change as defined in the indenture governing the 4.50% Convertible Senior Notes occurs prior to the maturity date, the Company will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 4.50% Convertible Senior Notes in connection with such make-whole fundamental change. The 4.500% Convertible Senior Notes are effectively subordinated to any of the Company’s, or its subsidiaries’, existing and future secured debt to the extent of the value of the assets securing such indebtedness, including obligations under the Credit Agreement. The 4.500% Convertible Senior Notes are structurally subordinated to all existing and future debt and other liabilities of our subsidiaries, including trade payables and including Cinemark USA’s 5.125% Senior Notes, 4.875% Senior Notes and the 8.750% Secured Notes, or, collectively, Cinemark USA’s senior notes (but excluding all obligations under the Credit Agreement which are guaranteed by the Company). The 4.500% Convertible Senior Notes rank equally in right of payment with all of the Company’s existing and future unsubordinated debt, including all obligations under the Credit Agreement, which such Credit Agreement is guaranteed by the Company, and senior in right of payment to any future debt that is expressly subordinated in right of payment to the 4.500% Convertible Senior Notes. The 4.500% Convertible Notes are not guaranteed by any of Cinemark Holdings, Inc.’s subsidiaries. In accordance with accounting guidance on debt and equity financing, the Company bifurcated the gross proceeds from the issuance of 4.500% Convertible Senior Notes and recorded a portion as long-term debt and a portion in equity. The long-term debt value was based on the fair value of the debt, determined as the present value of principal and interest payments assuming a market interest rate for similar debt that excluded a conversion feature. The difference between the face value of the 4.500% Convertible Senior Notes and the fair value is referred to as the debt discount, and represents the amount allocated to equity. The debt discount is being amortized to interest expense at an effective interest rate of 10.00% over the contractual terms of the notes. Concurrently with the issuance of the 4.500% Convertible Senior Notes, the Company entered into privately negotiated convertible note hedge transactions (the “Hedge Transactions”) with one or more of the initial purchasers of the 4.500% Convertible Senior Notes or their respective affiliates (the “Option Counterparties”). The Hedge Transactions cover the number of shares of the Company’s common stock that will initially underlie the aggregate amount of the 4.50% Convertible Senior Notes, subject to anti-dilution adjustments substantially similar to those applicable to the 4.50% Convertible Senior Notes. The Hedge Transactions are generally expected to reduce potential dilution to the Company’s common stock upon any conversion of the 4.500% Convertible Senior Notes and/or offset any cash payments the Company may be required to make in excess of the principal amount of converted 4.50% Convertible Senior Notes, as the case may be. Concurrently with entering into the Hedge Transactions, the Company also entered into separate privately negotiated warrant transactions with Option Counterparties whereby it sold to Option Counterparties warrants to purchase (subject to the net share settlement provisions set forth therein) up to the same number of shares of the Company’s common stock, subject to customary anti-dilution adjustments (the “Warrant Transactions”). The warrants could separately have a dilutive effect to the extent that the market value per share of the Company’s common stock exceeds the strike price of the warrants on the applicable expiration dates unless, subject to the terms of the warrants, the Company elects to cash settle the warrants. The exercise price of the warrants is initially $22.08 and is subject to certain adjustments under the terms of the warrants. The Company received $89,424 in cash proceeds from the Warrant Transactions, which were used along with proceeds from the 4.50% Convertible Senior Notes, to pay approximately $142,094 to enter into the Hedge Transactions. The tax impact of the conversion option and the Hedge Transactions and the Warrant Transactions amounted to $10,915 and was recorded in additional paid-in-capital. Together, the Hedge Transactions and the Warrants are intended to reduce the potential dilution from the conversion of the 4.500% Convertible Senior Notes. The Hedge Transactions and Warrants are recorded in equity and are not accounted for as derivatives, in accordance with applicable accounting guidance. Additional Borrowings of International Subsidiaries During the year ended December 31, 2020, certain of the Company’s international subsidiaries borrowed an aggregate of USD $22,322 under various local loans. Below is a summary of these loans: Loan Amounts Loan Description(s) (in USD) Interest Rates Applicable Covenants Maturity Colombia (3 loans) $ 4,437 3.25% to 5.85% plus variable Negative and ratio covenants May 2023 September 2025 Peru loan $ 2,913 1.5% Negative covenants September 2023 Brazil (3 loans) $ 8,986 1.59% to 8.08% Negative covenants November 2021 October 2023 Chile loan $ 5,986 0.29% Negative covenants November 2023 Fair Value of Long Term Debt The Company estimates the fair value of its long-term debt primarily using quoted market prices, which fall under Level 2 of the U.S. GAAP fair value hierarchy as defined by FASB ASC Topic 820-10-35. The carrying value of the Company’s long term debt was $1,801,327 and $2,527,900 as of December 31, 2019 and 2020. The fair value of the Company’s long term debt was $$1,826,503 and $2,652,635 as of December 31, 2019 and 2020, respectively. Covenant Compliance and Debt Maturity As of December 31, 2020, the Company believes it was in full financial compliance with all agreements, including related covenants, governing its outstanding debt. The Company’s long-term debt, excluding unamortized debt issuance costs, at December 31, 2020 matures as follows: 2021 $ 18,056 2022 413,068 2023 766,347 2024 6,886 2025 1,323,543 Thereafter — Total $ 2,527,900 Interest Rate Swap Agreements Effective March 31, 2020, the Company amended and extended its three then existing interest rate swap agreements and entered into a fourth interest rate swap agreement, all of which 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 qualify for cash flow hedge accounting. Upon amending the interest rate swap agreements effective March 31,2020, the Company determined that the interest payments hedged with the agreements are still probable to occur, therefore the loss that accumulated on the swaps prior to the amendments of $29,359 is being amortized to interest expense through December 31, 2022, the original maturity dates of the swaps. Approximately $3,371 was recorded in amortization of accumulated losses for amended swaps in the condensed consolidated income statement for the year ended December 31, 2020. The fair values of the interest rate swaps are recorded on the Company’s 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 2 of the U.S. GAAP hierarchy as defined by FASB ASC Topic 820-10-35. Below is a summary of the Company’s interest rate swap agreements designated as cash flow hedges as of December 31, 2020: Estimated Fair Value at Notional December 31, Amount Effective Date Pay Rate Receive Rate Expiration Date 2020 (1) $ 137,500 December 31, 2018 2.12% 1-Month LIBOR December 31, 2024 $ 9,905 $ 175,000 December 31, 2018 2.12% 1-Month LIBOR December 31, 2024 12,721 $ 137,500 December 31, 2018 2.19% 1-Month LIBOR December 31, 2024 10,416 $ 150,000 March 31, 2020 0.57% 1-Month LIBOR March 31, 2022 805 Total $ 33,847 (1) Approximately $9,516 is included in accrued other current liabilities and $24,331 is included in other long-term liabilities on the consolidated balance sheet as of December 31, 2020. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 14. FAIR VALUE MEASUREMENTS The Company determines fair value measurements in accordance with FASB ASC Topic 820, which establishes a fair value hierarchy under which an asset or liability is categorized based on the lowest level of input significant to its fair value measurement. The levels of input defined by FASB ASC Topic 820 are as follows: Level 1 – quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date; Level 2 – other than quoted market prices included in Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3 – unobservable and should be used to measure fair value to the extent that observable inputs are not available. Below is a summary of liabilities measured at fair value on a recurring basis by the Company under FASB ASC Topic 820 as of December 31, 2020: As of Carrying Fair Value Description December 31, Value Level 1 Level 2 Level 3 Interest rate swap liabilities 2019 $ 15,995 $ — $ 15,995 $ — Interest rate swap liabilities 2020 $ 33,847 $ — $ 33,847 $ — The Company also uses the market and income approach for fair value measurements on a nonrecurring basis in the impairment evaluations of its long-lived assets (see Note 1 and Note 11). Additionally, the Company uses the market approach to estimate the fair value of its long-term debt (see Note 13). There were no changes in valuation techniques during the period. There were no transfers in or out of Level 1, Level 2 or Level 3 during the years ended December 31, 2018, 2019 and 2020. |
Foreign Currency Translation
Foreign Currency Translation | 12 Months Ended |
Dec. 31, 2020 | |
Foreign Currency [Abstract] | |
Foreign Currency Translation | 15. FOREIGN CURRENCY TRANSLATION The accumulated other comprehensive loss account in stockholders’ equity of $340,112 and $398,653 at December 31, 2019 and 2020, respectively, includes the cumulative foreign currency losses of $328,053 and $375,539, respectively, from translating the financial statements of the Company’s international subsidiaries and the change in fair values of the Company’s interest rate swap agreements designated as hedges. As of December 31, 2020, 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 Foreign Currency Matters Below is a summary of the impact of translating the financial statements of the Company’s international subsidiaries, whose functional currency is other than the US dollar, for the periods presented. Other Comprehensive Income (Loss) Exchange Rate as of December 31, For the Year Ended December 31, Country 2018 2019 2020 2018 2019 (1) 2020 (1) Brazil 3.88 4.02 5.20 $ (34,086 ) $ (8,140 ) $ (42,698 ) Argentina (1) 37.68 59.89 84.12 (14,357 ) — — Colombia 3,249.75 3,277.14 3,432.50 (1,795 ) (362 ) (2,183 ) Chile 694.74 736.86 714.14 (8,924 ) (5,158 ) 1,228 Peru 3.39 3.37 3.65 (2,136 ) 257 (3,403 ) All other (955 ) 650 (536 ) $ (62,253 ) $ (12,753 ) $ (47,592 ) (1) For Argentina, represents the cumulative comprehensive loss recorded through June 30, 2018. The impact of translating Argentina financial results to U.S. dollars, subsequent to June 30, 2018, has been recorded in foreign currency exchange gain (loss) on the Company’s consolidated statements of income. A loss of $3,707 and gain of $1,243 were recorded for the years ended December 31, 2019 and 2020, respectively. During the year ended December 31, 2018, the Company reclassified $518 of cumulative foreign currency translation adjustments, related to the settlement of an intercompany note between a domestic and an international subsidiary, from accumulated other comprehensive loss to foreign currency exchange gain (loss) on the consolidated statement of income. |
NONCONTROLLING INTERESTS IN SUB
NONCONTROLLING INTERESTS IN SUBSIDIARIES | 12 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
NONCONTROLLING INTERESTS IN SUBSIDIARIES | 16. NONCONTROLLING INTERESTS IN SUBSIDIARIES Noncontrolling interests in subsidiaries of the Company were as follows at December 31: December 31, 2019 2020 Cinemark Partners II — 24.6% interest (in one theatre) $ 7,953 $ 7,706 Laredo Theatres – 25% interest (in two theatres) 2,139 1,681 Greeley Ltd. — 49% interest (in one theatre) 1,908 1,101 Other 508 508 Total $ 12,508 $ 10,996 There were no changes in the Company’s ownership interest in its subsidiaries during the years ended December 31, 2018, 2019 and 2020. |
CAPITAL STOCK
CAPITAL STOCK | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
CAPITAL STOCK | 17. CAPITAL STOCK Common Stock — Common stockholders are entitled to vote on all matters submitted to a vote of the Company’s stockholders. Subject to the rights of holders of any then outstanding shares of the Company’s preferred stock, the Company’s common stockholders are entitled to dividends declared by the board of directors. The shares of the Company’s common stock are not subject to any redemption provisions. The Company has no issued and outstanding shares of preferred stock. The Company’s ability to pay dividends is effectively limited by its status as a holding company and the terms of its subsidiary’s indentures and senior secured credit facility, which also significantly restricts the ability of certain of the Company’s subsidiaries to pay dividends directly or indirectly to the Company. See Note 13 for discussion of restrictions contained within the debt agreements of the Company’s subsidiaries. Treasury Stock — Treasury stock represents shares of common stock repurchased 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 years ended December 31, 2018, 2019 and 2020. Number of Treasury Shares Cost Balance at January 1, 2018 4,525,870 $ 76,354 Restricted stock withholdings (1) 75,801 2,905 Restricted stock forfeitures (2) 24,520 — Balance at December 31, 2018 4,626,191 $ 79,259 Restricted stock withholdings (1) 59,060 2,308 Restricted stock forfeitures (2) 26,608 — Balance at December 31, 2019 4,711,859 $ 81,567 Restricted stock withholdings (1) 264,522 5,437 Restricted stock forfeitures (2) 74,600 — Balance at December 31, 2020 5,050,981 $ 87,004 (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 that ranged from $8.03 to $44.44 per share. (2) The Company repurchased forfeited restricted shares at a cost of $0.001 per share in accordance with the 2017 Omnibus Plan. As of December 31, 2020, the Company had no plans to retire any shares of its treasury stock. Restricted Stock — Below is a summary of restricted stock activity for the years ended December 31, 2018, 2019 and 2020: Year Ended Year Ended Year Ended December 31, 2018 December 31, 2019 December 31, 2020 Shares of Restricted Stock Weighted Average Grant Date Fair Value Shares of Restricted Stock Weighted Average Grant Date Fair Value Shares of Restricted Stock Weighted Average Grant Date Fair Value Outstanding at January 1 650,581 $ 35.81 704,353 $ 38.68 783,823 $ 37.53 Granted 328,734 $ 38.72 315,899 $ 37.34 1,555,361 $ 17.68 Vested (250,442 ) $ 31.27 (209,821 ) $ 41.10 (832,609 ) $ 29.30 Forfeited (24,520 ) $ 38.62 (26,608 ) $ 37.69 (74,600 ) $ 30.72 Outstanding at December 31 704,353 $ 38.68 783,823 $ 37.53 1,431,975 $ 21.11 During the year ended December 31, 2020, the Company granted 1,555,361 shares of restricted stock to directors and employees of the Company. The fair value of the restricted stock granted was determined based on the market value of the Company’s common stock on the dates of grant, which ranged from $8.39 to $32.12 per share. The Company assumed forfeiture rates ranging from 0% to 10% for the restricted stock awards. Restricted stock granted to directors vests over a one-year Impact of 2020 Restructuring Plan - As part of the Company’s employee-related restructuring actions discussed in Note 3, the vesting period for certain share based awards was accelerated on a pro-rata basis based upon the grant dates and each employee’s separation date. The Company considers the accelerated vest of these awards to be a modification under ASC Topic 718 . Based on the terms of the severance agreements, the Company estimated the number of awards expected to vest at each employee’s expected separation date and revalued such awards based on the modification date, or the date on which employees were notified of the 2020 Restructuring Plan. The modification date fair value per share was $ 15.95 . The Company recorded incremental compensation expense of approximately $ 521 related to these modifications, which is reflected in restructuring costs on the Company’s condensed consolidated income statement. During December 2020, in recognition of its employees’ dedication and hard work during the year ended December 31, 2020 amid the prolonged impacts of the COVID-19 pandemic, the Company accelerated the vest of certain restricted stock and restricted stock unit awards that would have otherwise vested during 2021. A total of 191,983 shares of restricted stock and 87,911 restricted stock units vested on December 15, 2020. Below is a summary of restricted stock award activity recorded for the periods indicated. Year Ended December 31, 2018 2019 2020 Compensation expense recognized during the period $ 9,655 $ 10,185 $ 15,473 Fair value of restricted shares that vested during the period $ 9,501 $ 8,024 $ 16,870 Income tax deduction upon vesting of restricted stock awards $ 1,744 $ 1,516 $ 5,620 As of December 31, 2020, the remaining unrecognized compensation expense related to these restricted stock awards was approximately $20,183. The weighted average period over which this remaining compensation expense will be recognized is approximately two years. Restricted Stock Units — During the years ended December 31, 2018, 2019 and 2020, the Company granted restricted stock units representing 228,194, 306,651 and 436,681 hypothetical shares of common stock, respectively, 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”) for a two year measurement period, as defined in the award agreement, based on a formula utilizing a multiple of Adjusted EBITDA subject to certain specified adjustments (as defined in the restricted stock unit award agreement). 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. As an example, if the Company achieves an IRR equal to 9.0% for the 2017 grant, 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 payouts of restricted stock units that vest will be subject to an additional 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. At the time of each of the restricted stock unit grants, the Company assumes the IRR level to be reached for the defined measurement period will be the target IRR level in determining the amount of compensation expense to record for such grants. If and when additional information becomes available to indicate that something other than the target IRR level will be achieved, the Company adjusts compensation expense on a prospective basis over the remaining service period. The Company assumed forfeiture rates ranging from 0% to 5% for the restricted stock unit awards granted during 2018, 2019 and 2020. Restricted stock unit award participants are eligible to receive dividend equivalent payments if and at the time the restricted stock unit awards vest. Below is a table summarizing the potential number of units that could vest under restricted stock unit awards granted during the years ended December 31, 2018, 2019 and 2020 at each of the three levels of financial performance (excluding forfeitures): Granted During the Year Ended December 31, 2018 2019 2020 Number of Value at Number of Value at Number of Value at Units Grant (1) Units Grant (1) Units Grant (1) at threshold IRR 76,065 $ 2,967 136,285 $ 5,011 190,707 $ 6,125 at target IRR 152,129 $ 5,938 204,427 $ 7,517 286,060 $ 9,188 at maximum IRR 228,194 $ 8,906 306,651 $ 11,276 436,681 $ 14,026 (1) The grant date fair value for units issued during the year ended December 31, 2018 ranged from $37.55 to $39.03. The grant date fair value for the units issued during the year ended December 31, 2019 was $36.77 per share .The grand date fair value for the units issued during the year ended December 31, 2020 was $32.12 . The current financial performance factors and respective vesting rates for each of the 2018, 2019 and 2020 grants are as follows: Year Ended December 31, Percentage of Shares Vesting 2018 2019 2020 Threshold IRR 6.0% 6.0% 6.0% 33.3% Target IRR 8.0% 8.0% 8.0% 66.6% Maximum IRR 14.0% 14.0% 14.0% 100.0% Below is a summary of activity for restricted stock unit awards for the periods indicated: Year Ended December 31, 2018 2019 2020 Number of restricted stock unit awards that vested during the period 127,084 90,895 208,204 Fair value of restricted stock unit awards that vested during the period $ 4,846 $ 3,658 $ 5,050 Accumulated dividends paid upon vesting of restricted stock unit awards $ 526 $ 386 $ 942 Compensation expense recognized during the period $ 4,681 $ 4,430 $ 3,931 Income tax benefit recognized upon vesting of restricted stock unit awards $ 708 $ 397 $ 788 During the year ended December 31, 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 at the time of the modification. 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 December 31, 2020, the Company had restricted stock units outstanding that represented a total 890,680 hypothetical shares of common stock. As of December 31, 2020, the remaining unrecognized compensation expense related to the outstanding restricted stock unit awards was $11,849, which reflects an IRR level of 9.3% that was achieved for the 2017 grant and an IRR level of 8.0% that is estimated for the 2018, 2019 and 2020 grants. The weighted average period over which this remaining compensation expense will be recognized is approximately two years. |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | 18. SUPPLEMENTAL CASH FLOW INFORMATION The following is provided as supplemental information to the consolidated statements of cash flows: Year Ended December 31, 2018 2019 2020 Cash paid for interest $ 98,411 $ 93,907 $ 102,859 Cash paid (refunds received) for income taxes, net $ 64,199 $ 88,670 $ (116,916 ) Cash balance classified as restricted (1) $ — $ — $ 13,847 Noncash investing and financing activities: Change in accounts payable and accrued expenses for the acquisition of theatre properties and equipment (2) $ (5,728 ) $ 22,013 $ (13,259 ) Theatre properties acquired under finance leases $ 18,851 $ 21,535 $ — Theatre properties acquired as distribution from equity investee (see Note 9) $ — $ — $ 102,719 Investment in NCM – receipt of common units (see Note 8) $ 5,012 $ 1,552 $ 3,620 Interest expense - NCM (see Notes 5 and 8) $ (19,724 ) $ (28,624 ) $ (23,595 ) Dividends accrued on unvested restricted stock unit awards $ (624 ) $ (670 ) $ (256 ) (1) Funds are held as collateral for letters of credit associated with certain of the Company’s international subsidiary loans. See further discussion at Note 13. (2) Additions to theatre properties and equipment included in accounts payable as of December 31, 2019 and 2020 were $37,004 and $14,991, respectively. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 19. INCOME TAXES On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was enacted in response to the global COVID-19 pandemic. The CARES Act contains several business tax provisions aimed at stimulating a failing economy. One of these provisions allows corporate taxpayers to take net operating losses earned in 2018, 2019 and 2020 and carry back those losses five years. As a result of the impact of the COVID-19 pandemic on the Company’s business, it generated significant net operating losses during the year ended December 31, 2020. The Company carried back these losses under the five-year net operating loss (“NOL”) carryback provision, which enabled the Company to benefit from these losses and re-measure certain deferred tax assets and liabilities at the former federal tax rate of 35%. During the year ended December 31, 2020, the Company recorded tax benefits of $187,515 related to the NOL carryback provision. The Company’s provision for federal and foreign income tax expense for continuing operations consisted of the following: Year Ended December 31, 2018 2019 2020 Income (loss) before income taxes: U.S. $ 289,727 $ 235,571 $ (784,167 ) Foreign 21,007 38,189 (143,157 ) Total $ 310,734 $ 273,760 $ (927,324 ) Current and deferred income taxes were as follows: Year Ended December 31, 2018 2019 2020 Current: Federal $ 46,826 $ 45,247 $ (271,162 ) Foreign 11,822 24,022 397 State 13,594 12,486 289 Total current expense $ 72,242 $ 81,755 $ (270,476 ) Deferred: Federal $ 27,055 $ (298 ) $ (50,445 ) Foreign (6,166 ) 5 13,266 State 2,298 (1,550 ) (1,721 ) Total deferred taxes $ 23,187 $ (1,843 ) $ (38,900 ) Income taxes $ 95,429 $ 79,912 $ (309,376 ) A reconciliation between income tax expense and taxes computed by applying the applicable statutory federal income tax rate to income before income taxes follows: Year Ended December 31, 2018 2019 2020 Computed statutory tax expense $ 65,254 $ 57,490 $ (194,739 ) State and local income taxes, net of federal income tax impact 12,611 8,479 (1,153 ) Changes in valuation allowance 131 2,532 46,731 Foreign tax rate differential 2,235 4,646 (6,633 ) Foreign dividends — — — Foreign tax credits 3,927 4,143 — Impacts related to 2017 Tax Act (1) 19,180 — — Impacts related to COVID-19 pandemic (2) — — (187,515 ) Changes in uncertain tax positions (6,139 ) 197 24,879 Other, net (1,770 ) 2,425 9,054 Income taxes $ 95,429 $ 79,912 $ (309,376 ) (1) The amount for the year ended December 31, 2018 includes a one-time charge to true-up deferred taxes of $1,913 and a reduction in deferred tax assets with regard to foreign tax credit carryforwards of $17,267. (2) The amount for the year ended December 31, 2020 includes benefits of a rate differential on earnings of $122,975, tax losses with respect to investments in foreign subsidiaries and a write down of certain intercompany receivables associated with the Company’s foreign subsidiaries of $135,599, offset by a tax charge for the remeasurement of deferred taxes and tax attributes of $49,866 and dislodged foreign tax credits not benefited of $21,193. As of December 31, 2020, the Company had approximately $160,487 of accumulated undistributed earnings and profits, approximately $113,364 of which was subject to the one-time transition tax pursuant to the 2017 Tax Act. Additional tax due on the repatriation of previously-taxed earnings would generally be foreign withholding and U.S. state income taxes. The Company does not intend to repatriate these offshore earnings and profits, and therefore has not recorded any deferred taxes on such earnings. The Company considers any excess of the amount for financial reporting over the tax basis of its investment in its foreign subsidiaries to be indefinitely reinvested. At this time, the determination of deferred tax liabilities on this amount is not practicable. Deferred Income Taxes The tax effects of significant temporary differences and tax loss and tax credit carryforwards comprising the net long-term deferred income tax liabilities as of the periods presented consisted of the following: December 31, 2019 2020 Deferred liabilities: Theatre properties and equipment $ 138,382 $ 142,253 Operating lease right-of-use assets 322,750 297,452 Intangible asset — other 39,282 41,297 Intangible asset — tradenames 72,821 72,268 Investment in partnerships 62,914 20,402 Total deferred liabilities 636,149 573,672 Deferred assets: Deferred revenue - NCM 85,362 83,998 Deferred revenue - Other 9,953 6,208 Prepaid rent 5,672 5,255 Gift Cards 7,402 9,265 Operating lease obligations 336,034 313,552 Finance lease obligations 34,956 31,284 Tax impact of items in accumulated other comprehensive income and additional paid-in-capital 5,131 19,475 Other tax loss carryforwards 17,053 89,320 Other tax credit and attribute carryforwards 46,577 121,698 Other expenses, not currently deductible for tax purposes 15,901 17,698 Total deferred assets 564,041 697,753 Net deferred income tax (asset) liability before valuation allowance 72,108 (124,081 ) Valuation allowance against deferred assets – non-current 60,359 203,606 Net deferred income tax liability $ 132,467 $ 79,525 Net deferred tax (asset) liability — Foreign $ (4,539 ) $ 7,280 Net deferred tax liability — U.S. 137,006 72,245 Total $ 132,467 $ 79,525 As noted above, as a result of the CARES Act, the Company generated U.S. taxable income in prior years and expects to have a U.S. tax net operating loss for the year ended December 31, 2020 that will be carried back to prior years when the tax rate was 35%. Most of the state and all foreign jurisdictions in which the Company operates, however, only allow for net operating losses to be carried forward with varying expiration dates. A majority of our foreign tax credit carryforwards expire in 2024 and 2027, with the remainder expiring in 2029. Foreign net operating losses have varying carryforward periods with some being indefinite. Similarly, state net operating losses have varying carryforward periods with some being indefinite. The Company assesses the likelihood that it will be able to recover its deferred tax assets against future sources of taxable income, and reduce the carrying amounts of deferred tax assets by recording a valuation allowance, if, based on all available evidence, the Company believes it is more likely than not that all or a portion of such assets will not be realized. During the year ended December 31, 2020 the Company generated significant pre-tax losses and more specifically, during the fourth quarter of 2020 the Company reached a three-year cumulative pre-tax loss position that is heavily weighted as objectively verifiable negative evidence. For purposes of assessing the recoverability of its deferred tax assets, the Company determined that it could not include future projected earnings in the analysis due to its recent history of significant pre-tax losses. The Company has established a valuation allowance against certain deferred tax assets for which the ultimate realization of future benefits is uncertain. Expiring carryforwards and the required valuation allowances are adjusted annually. After application of the valuation allowances described above, the Company anticipates that no limitations will apply with respect to utilization of any of the other deferred tax assets described above. The Company’s valuation allowance changed from $60,359 at December 31, 2019 to $203,606 at December 31, 2020 (see Note 23). The increase relates to federal deferred tax assets with respect to foreign tax credits, all net foreign deferred tax assets, all state net operating loss carryforwards and minor state tax attributes. The valuation allowance associated with operating loss carryforwards and foreign deferred tax assets is primarily a result of not having sufficient income from deferred tax liability reversals in future periods to support the realization of the deferred tax assets. When the Company begins to generate taxable income at a normal level, the Company expects to reverse the valuation allowances with an offsetting increase to reported earnings. Uncertain Tax Positions The following is a reconciliation of the total amounts of unrecognized tax benefits excluding interest and penalties, for the periods presented: Year Ended December 31, 2018 2019 2020 Balance at January 1, $ 18,266 $ 10,561 $ 10,235 Gross increases - tax positions in prior periods — 1 32,417 Gross decreases - tax positions in prior periods (143 ) — (88 ) Gross increases - current period tax positions 424 202 4,010 Settlements (7,191 ) (522 ) — Foreign currency translation adjustments (795 ) (7 ) (46 ) Balance at December 31, $ 10,561 $ 10,235 $ 46,528 The Company had $14,294 and $51,643 of unrecognized tax benefits, including interest and penalties, as of December 31, 2019 and 2020, respectively. Of these amounts, $14,294 and $51,643 represent the amount of unrecognized tax benefits that, if recognized, would impact the effective income tax rate for the years ended December 31, 2019 and 2020, respectively. The Company had $4,058 and $5,114 accrued for interest and penalties as of December 31, 2019 and 2020, respectively. The Company prepares and files income tax returns based upon its interpretation of tax laws and regulations and record estimates based upon these judgments and interpretations. In the normal course of business, the Company’s income tax returns are subject to examination by various taxing authorities. Such examinations may result in future tax and interest assessments by these taxing authorities. Inherent uncertainties exist in estimates of tax contingencies due to changes in tax law resulting from legislation, regulation, and/or as concluded through the various jurisdictions' tax court systems. Significant judgment is exercised in applying complex tax laws and regulations across multiple global jurisdictions where we conduct our operations. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities, including resolutions of any related appeals or litigation processes, based upon the technical merits of the position. The Company is no longer subject to income tax audits from the Internal Revenue Service for years before 2017. The Company is no longer subject to state income tax examinations by tax authorities in its major state jurisdictions for years before 2016. The Company is no longer subject to non-U.S. income tax examinations by tax authorities in its major non-U.S. tax jurisdictions for years before 2006. The Company is currently scheduled for an audit in California for tax years 2017 and 2018 and is under audit in the non-U.S. tax jurisdiction of Brazil. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 20. COMMITMENTS AND CONTINGENCIES Employment Agreements — As of December 31, 2020, the Company had employment agreements with Lee Roy Mitchell, Mark Zoradi, Sean Gamble, Valmir Fernandes and Michael Cavalier. The employment agreements for Messrs. Mitchell, Gamble, Fernandes and Cavalier are subject to automatic extensions for a one year period, unless the employment agreements are terminated. The employment agreement for Mr. Zoradi will expire on December 31, 2021 unless extended by the Company and Mr. Zoradi. The base salaries stipulated in the employment agreements are subject to review at least annually during the term of the agreements for increase (but not decrease) by the Company’s Compensation Committee. Management personnel subject to these employment agreements are eligible to receive annual cash incentive bonuses upon the Company meeting certain performance targets established by the Compensation Committee. Retirement Savings Plan — The Company has a 401(k) retirement savings plan (“401(k) Plan”) for the benefit of all eligible employees and makes matching contributions as determined annually in accordance with the 401(k) Plan. Employer matching contribution payments of $6,052 and $1,562 were made during 2019 and 2020, respectively. A liability of approximately $2,123 was recorded at December 31, 2020 for employer contribution payments to be made in 2021 for the remaining amounts owed for plan year 2020. Legal Proceedings From time to time, the Company is involved in various legal proceedings arising from the ordinary course of its business operations, such as personal injury claims, employment matters, patent claims, landlord-tenant disputes, contractual disputes with landlords over certain termination rights or the right to discontinue rent payments due to the COVID-19 pandemic and other contractual disputes, some of which are covered by insurance. The Company believes its potential liability with respect to proceedings currently pending is not material, individually or in the aggregate, to the Company’s financial position, results of operations and cash flows. Cinemark Holdings, Inc., et al vs Factory Mutual Insurance Company . The Company filed suit on November 18, 2020, in the District Court, 471 st . Intertrust Technologies Corporation (“Intertrust”) v. Cinemark Holdings, Inc., Regal, AMC, et al . This case was filed against the Company on August 7, 2019 in the Eastern District of Texas – Marshall Division alleging patent infringement. The Company firmly maintains that the contentions of the Plaintiff are without merit and will vigorously defend itself against the lawsuit. Although the Company does not believe that it has infringed on any of Intertrust’s patents, it cannot predict the outcome of this litigation. 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 tortiously 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, 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 appealed the judgment. On October 2, 2020 the Court of Appeals of the State of California reversed the judgement in favor of the Plaintiff and rendered judgement in favor of the Company. Plaintiff has agreed to not appeal this ruling to the California Supreme Court; therefore, the ruling in favor of the Company is final and non-appealable. The Company reversed the litigation reserve in the third quarter of 2020. |
SEGMENTS
SEGMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
SEGMENTS | 21. 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 asset information by segment because that information is not used to evaluate Company performance or allocate resources between segments. Below is a breakdown of select financial information by reportable operating segment: Year Ended December 31, 2018 2019 2020 Revenues U.S. $ 2,551,719 $ 2,594,246 $ 559,184 International 682,778 702,196 129,401 Eliminations (12,762 ) (13,343 ) (2,275 ) Total revenues $ 3,221,735 $ 3,283,099 $ 686,310 Adjusted EBITDA (1) U.S. $ 648,576 $ 615,161 $ (226,981 ) International 132,941 129,884 (49,899 ) Total Adjusted EBITDA $ 781,517 $ 745,045 $ (276,880 ) Capital expenditures U.S. $ 270,870 $ 230,561 $ 64,026 International 75,203 73,066 19,904 Total capital expenditures $ 346,073 $ 303,627 $ 83,930 (1) Distributions from equity investees are reported entirely within the U.S. operating segment. The following table sets forth a reconciliation of net income to Adjusted EBITDA: Year Ended December 31, 2018 2019 2020 Net income (loss) $ 215,305 $ 193,848 $ (617,948 ) Add (deduct): Income taxes 95,429 79,912 (309,376 ) Interest expense (1) 109,994 99,941 129,871 Loss on debt amendments and refinancing 1,484 — — Other income (2) (18,472 ) (22,441 ) 62,369 Distributions from DCIP (3) 5,799 23,696 10,383 Other cash distributions from equity investees (4) 24,344 29,670 15,047 Non-cash distributions from other equity investee (5) — — (12,915 ) Depreciation and amortization 261,162 261,155 259,776 Impairment of long-lived assets and investments 32,372 57,001 152,706 (Gain) loss on disposal of assets and other 38,702 12,008 (8,923 ) Restructuring charges — — 20,369 Non-cash rent expense — (4,360 ) 2,357 Deferred lease expenses (1,320 ) — — Amortization of long-term prepaid rents 2,382 — — Share based awards compensation expense 14,336 14,615 19,404 Adjusted EBITDA $ 781,517 $ 745,045 $ (276,880 ) (1) Includes amortization of debt issue costs. (2) Includes interest income, foreign currency exchange gain (loss), interest expense – NCM and equity in income of affiliates and excludes distributions from NCM. (3) See discussion of cash distributions from DCIP, which were recorded as a reduction of the Company’s investment in DCIP, at Note 9. These distributions are reported entirely within the U.S. operating segment. (4) Reflects cash distributions received from equity investees, other than those from DCIP noted above, 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) Reflects non-cash distribution of projectors from DCIP (see Note 9). These distributions are reported entirely within the U.S. operating segment. Financial Information About Geographic Area Below is a breakdown of select financial information by geographic area: Year Ended December 31, 2018 2019 2020 Revenues U.S. $ 2,551,719 $ 2,594,246 $ 559,184 Brazil 283,009 302,074 59,321 Other international countries 399,769 400,122 70,080 Eliminations (12,762 ) (13,343 ) (2,275 ) Total $ 3,221,735 $ 3,283,099 $ 686,310 December 31, 2019 December 31, 2020 Theatre Properties and Equipment-net U.S. $ 1,479,603 $ 1,392,780 Brazil 140,570 72,080 Other international countries 212,960 150,202 Total $ 1,735,247 $ 1,615,062 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 22. RELATED PARTY TRANSACTIONS The Company manages theatres for Laredo Theatres, Ltd. (“Laredo”). The Company is the sole general partner and owns 75% of the limited partnership interests of Laredo. Lone Star Theatres, Inc. owns the remaining 25% of the limited partnership interests in Laredo and is 100% owned by Mr. David Roberts, Lee Roy Mitchell’s son-in-law. Lee Roy Mitchell is the Company’s Chairman of the Board and directly and indirectly owns approximately 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 $654, $694 and $146 of management fee revenues during the years ended December 31, 2018, 2019 and 2020, respectively. All such amounts are included in the Company’s consolidated financial statements with the intercompany amounts eliminated in consolidation. The Company has an Aircraft Time Sharing Agreement with Copper Beech Capital, LLC to use, on occasion, a private aircraft owned by Copper Beech Capital, LLC. Copper Beech Capital, LLC is owned by Mr. Mitchell and his wife, Tandy Mitchell. The private aircraft is used by Mr. Mitchell and other executives who accompany Mr. Mitchell to business meetings for the Company. The Company reimburses Copper Beech Capital, LLC the actual costs of fuel usage and the expenses of the pilots, landing fees, storage fees and similar expenses incurred during the trip. For the years ended December 31, 2018, 2019 and 2020, the aggregate amounts paid to Copper Beech Capital, LLC for the use of the aircraft was approximately $68, $114 and $12, respectively. The Company currently 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 years ended December 31, 2018, 2019 and 2020, the Company paid total rent of approximately $23,447, $25,678 and $23,810, respectively, to Syufy. During 2019, the Company began providing digital equipment support to drive-in theatres owned by Syufy. The Company recorded approximately $30 and $0 of management fees related to these services during the years ended December 31, 2019 and 2020, respectively. The Company has a 50% voting interest in FE Concepts, a joint venture with AWSR, an entity owned by Lee Roy Mitchell and Tandy Mitchell. FE Concepts operates a family entertainment center that offers bowling, gaming, movies and other amenities. See Note 9 for further discussion. The Company has a theatre services agreement with FE Concepts under which the Company receives service fees for providing film booking and equipment monitoring services for the facility. The Company recorded $64 and $34 of service fees during the years ended December 31, 2019 and 2020, respectively. Additionally, the Company held a holiday party at the facility owned by FE Concepts for which the Company paid FE Concepts $78 in event fees during the year ended December 31, 2019. |
VALUATION AND QUALIFYING ACCOUN
VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2020 | |
Valuation And Qualifying Accounts [Abstract] | |
VALUATION AND QUALIFYING ACCOUNTS | 23. VALUATION AND QUALIFYING ACCOUNTS The Company’s valuation allowance for deferred tax assets for the periods presented were as follows: Valuation Allowance for Deferred Taxes Balance at January 1, 2018 $ 35,246 Additions 22,005 Deductions (2,526 ) Balance at December 31, 2018 $ 54,725 Additions 7,611 Deductions (1,977 ) Balance at December 31, 2019 $ 60,359 Additions 144,239 Deductions (992 ) Balance at December 31, 2020 $ 203,606 |
QUARTERLY FINANCIAL INFORMATION
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 24. QUARTERLY FINANCIAL INFORMATION (UNAUDITED) 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Full Year Revenues $ 714,723 $ 957,756 $ 821,817 $ 788,803 $ 3,283,099 Operating income $ 57,368 $ 156,052 $ 58,531 $ 66,436 $ 338,387 Net income $ 33,193 $ 101,861 $ 31,955 $ 26,839 $ 193,848 Net income attributable to Cinemark Holdings, Inc. $ 32,728 $ 100,971 $ 31,353 $ 26,334 $ 191,386 Net income per share attributable to Cinemark Holdings, Inc.’s common stockholders: Basic $ 0.28 $ 0.86 $ 0.27 $ 0.22 $ 1.63 Diluted $ 0.28 $ 0.86 $ 0.27 $ 0.22 $ 1.63 2020 (1) First Quarter Second Quarter Third Quarter Fourth Quarter Full Year Revenues $ 543,616 $ 8,974 $ 35,478 $ 98,242 $ 686,310 Operating income (loss) $ (42,919 ) $ (214,275 ) $ (210,784 ) $ (286,996 ) $ (754,974 ) Net income (loss) $ (59,422 ) $ (170,816 ) $ (148,036 ) $ (239,674 ) $ (617,948 ) Net income (loss) attributable to Cinemark Holdings, Inc. $ (59,591 ) $ (170,389 ) $ (147,592 ) $ (239,256 ) $ (616,828 ) Net income (loss) per share attributable to Cinemark Holdings, Inc.’s common stockholders: Basic $ (0.51 ) $ (1.45 ) $ (1.25 ) $ (2.03 ) $ (5.25 ) Diluted $ (0.51 ) $ (1.45 ) $ (1.25 ) $ (2.03 ) $ (5.25 ) (1) Quarterly results during the year ended December 31, 2020 were impacted by the COVID-19 pandemic (see Note 3) as well as impairment recorded (see Notes 1 and 11). |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS |
CONDENSED FINANCIAL INFORMATION
CONDENSED FINANCIAL INFORMATION OF REGISTRANT | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
CONDENSED FINANCIAL INFORMATION OF REGISTRANT | SCHEDULE 1 - CONDENSED FINANCIAL INFORMATION OF REGISTRANT CINEMARK HOLDINGS, INC. PARENT COMPANY BALANCE SHEETS (In thousands, except share data) December 31, December 31, 2019 2020 Assets Cash and cash equivalents $ 97 $ 394,800 Prepaid assets and other — 8 Investment in subsidiaries 1,461,701 773,999 Total assets $ 1,461,798 $ 1,168,807 Liabilities and equity Liabilities Accrued other current liabilities, including accounts payable to subsidiaries $ 24,948 $ 38,338 Long-term debt — 352,206 Other long-term liabilities 1,036 (9,710 ) Total liabilities 25,984 380,834 Commitments and contingencies (see Note 6) Equity Common stock, $0.001 par value: 300,000,000 shares authorized, 121,863,515 shares issued and 117,151,656 shares outstanding at December 31, 2019 and 123,627,080 shares issued and 118,576,099 shares outstanding at December 31, 2020 122 124 Additional paid-in-capital 1,170,039 1,245,569 Treasury stock, 4,711,859 and 5,050,981 shares, at cost, at December 31, 2019 and December 31, 2020, respectively (81,567 ) (87,004 ) Retained earnings 687,332 27,937 Accumulated other comprehensive loss (340,112 ) (398,653 ) Total equity 1,435,814 787,973 Total liabilities and equity $ 1,461,798 $ 1,168,807 The accompanying notes are an integral part of the condensed financial information of the registrant. CINEMARK HOLDINGS, INC. PARENT COMPANY STATEMENTS OF INCOME (LOSS) YEARS ENDED DECEMBER 31, 2018, 2019 and 2020 (in thousands) 2018 2019 2020 Revenues $ — $ — $ — Cost of operations 2,535 2,556 2,236 Operating loss (2,535 ) (2,556 ) (2,236 ) Interest expense — — (14,220 ) Other income 22 20 56 Loss before income taxes and equity in income of subsidiaries (2,513 ) (2,536 ) (16,400 ) Income taxes 605 609 5,740 Equity in income (loss) of subsidiaries, net of taxes 215,735 193,313 (606,168 ) Net income (loss) $ 213,827 $ 191,386 $ (616,828 ) The accompanying notes are an integral part of the condensed financial information of the registrant. CINEMARK HOLDINGS, INC. PARENT COMPANY STATEMENTS OF COMPREHENSIVE INCOME YEARS ENDED DECEMBER 31, 2018, 2019 and 2020 (In thousands) 2018 2019 2020 Net income (loss) $ 213,827 $ 191,386 $ (616,828 ) Other comprehensive income (loss), net of tax Unrealized loss due to fair value adjustments on interest rate swap agreements, net of taxes of $1,243, $2,692 and $3,532, net of settlements (3,851 ) (8,210 ) (10,949 ) Other comprehensive income (loss) in equity method investments (139 ) (142 ) — Foreign currency translation adjustments (62,253 ) (12,753 ) (47,592 ) Total other comprehensive loss, net of tax (66,243 ) (21,105 ) (58,541 ) Comprehensive income (loss) attributable to Cinemark Holdings, Inc. $ 147,584 $ 170,281 $ (675,369 ) The accompanying notes are an integral part of the condensed financial information of the registrant. CINEMARK HOLDINGS, INC. PARENT COMPANY STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2018, 2019 and 2020 (in thousands) 2018 2019 2020 Operating Activities Net income (loss) $ 213,827 $ 191,386 $ (616,828 ) Adjustments to reconcile net income (loss) to cash provided by operating activities: Share based awards compensation expense 920 920 919 Equity in (income) loss of subsidiaries (215,735 ) (193,313 ) 606,168 Changes in other assets and liabilities 4,509 4,237 19,984 Net cash provided by operating activities 3,521 3,230 10,243 Investing Activities Dividends received from subsidiaries 148,750 158,450 42,000 Net cash provided by investing activities 148,750 158,450 42,000 Financing Activities Dividends paid to stockholders (149,492 ) (159,281 ) (42,311 ) Proceeds from convertible notes issued — — 460,000 Payment of debt issue costs — — (17,122 ) Purchase of convertible note hedges — — (142,094 ) Proceeds from warrants issued — — 89,424 Payroll taxes paid as a result of noncash stock option exercises (2,905 ) (2,308 ) (5,437 ) Net cash provided by (used for) financing activities (152,397 ) (161,589 ) 342,460 Increase (decrease) in cash and cash equivalents (126 ) 91 394,703 Cash and cash equivalents: Beginning of period 132 6 97 End of period $ 6 $ 97 $ 394,800 The accompanying notes are an integral part of the condensed financial information of the registrant. 1. Cinemark Holdings, Inc. conducts substantially all of its operations through its subsidiaries. These statements should be read in conjunction with the Company’s consolidated financial statements and notes included elsewhere in this annual report on Form 10-K. There are significant restrictions over ability to obtain funds from its subsidiaries through dividends, loans or advances as contained in Cinemark USA, Inc.’s senior secured credit facility and the indentures to each of the 4.875% Senior Notes, the 5.125% Senior Notes and the 8.750% Secured Notes (collectively referred to herein as the “Notes”). These condensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X, as the restricted net assets of Cinemark Holdings, Inc.’s subsidiaries under each of the debt agreements previously noted exceeds 25 percent of the consolidated net assets of Cinemark Holdings, Inc. As of December 31, 2020, the restricted net assets totaled approximately $665,618 and $608,788 under the senior secured credit facility and the Notes, respectively. See Note 13 to the Company’s consolidated financial statements included elsewhere in this annual report on Form 10-K. 2. DIVIDEND PAYMENTS Below is a summary of dividends declared for the fiscal periods indicated. Amount per Share of Total Declaration Date Record Date Payable Date Common Stock Dividends (1) 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 8/23/2018 9/4/2018 9/18/2018 0.32 37,530 11/15/2018 12/4/2018 12/18/2018 0.32 37,592 Total for year ended December 31, 2018 $ 1.28 $ 150,116 2/23/2019 3/8/2019 3/22/2019 $ 0.34 $ 39,905 5/24/2019 6/10/2019 6/24/2019 0.34 40,012 8/16/2019 9/4/2019 9/18/2019 0.34 40,020 11/22/2019 12/4/2019 12/18/2019 0.34 40,014 Total for year ended December 31, 2019 $ 1.36 $ 159,951 2/21/2020 3/6/2020 3/20/2020 $ 0.36 $ 42,567 Total for year ended December 31, 2020 $ 0.36 $ 42,567 (1) Of the dividends recorded during 2018, 2019 and 2020, $624, $670 and $256, respectively, were related to outstanding restricted stock units and will not be paid until such units vest. 3. DIVIDENDS RECEIVED FROM SUBSIDIARIES During the years December 31, 2018, 2019 and 2020, Cinemark Holdings, Inc. received cash dividends of $148,750, $158,450 and $42,000, respectively, from its subsidiary, Cinemark USA, Inc. 4. LONG-TERM DEBT On August 21, 2020, Cinemark Holdings, Inc. issued $460,000 aggregate principal amount of 4.50% Convertible Senior Notes, which will mature on August 15, 2025. Additionally, certain of Cinemark Holdings, Inc. ’s subsidiaries have direct outstanding debt obligations. For a discussion of the debt obligations of Cinemark Holdings, Inc.’ and its subsidiaries, see Note 13 to the Company’s consolidated financial statements included elsewhere in this annual report on Form 10-K. 5. CAPITAL STOCK Cinemark Holdings, Inc.’s capital stock along with its long-term incentive plan and related activity are discussed in Note 17 of the Company’s consolidated financial statements included elsewhere in this annual report on Form 10-K. 6. COMMITMENTS AND CONTINGENCIES Cinemark Holdings, Inc. has no direct commitments and contingencies, but its subsidiaries do. See Note 20 of the Company’s consolidated financial statements included elsewhere in this annual report on Form 10-K |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Business | Business — 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, Curaçao and Paraguay. |
Principles of Consolidation | Principles of Consolidation — The consolidated financial statements include the accounts of Cinemark Holdings, Inc. and its subsidiaries. Majority-owned subsidiaries that the Company has control of are consolidated while those affiliates of which the Company owns between 20% and 50% and does not control are accounted for under the equity method. Those affiliates of which the Company owns less than 20% are generally accounted for under the cost method, unless the Company is deemed to have the ability to exercise significant influence over the affiliate, in which case the Company would account for its investment under the equity method. The results of these equity method investees are included in the consolidated financial statements effective with their formation or from their dates of acquisition. Intercompany balances and transactions are eliminated in consolidation. |
Cash and Cash Equivalents | Cash and Cash Equivalents — Cash and cash equivalents consist of operating funds held in financial institutions, petty cash held by the theatres, highly liquid investments with original maturities of three months or less when purchased and restricted cash. Cash investments are primarily in money market funds, certificates of deposit, commercial paper or other similar funds. Restricted cash as of December 31, 2020 was $13,847 and was related to cash deposits required to support bank letters of credit issued for bank loans of certain of the Company’s international subsidiaries. See Note 13 for further discussion. |
Accounts Receivable | Accounts Receivable – Accounts receivable, which are recorded at net realizable value, consist primarily of receivables related to screen advertising, screen rental, receivables related to discounted tickets and gift cards sold to third party retail locations, receivables from landlords related to theatre construction projects, rebates earned from the Company’s concession vendors and value-added and other non-income tax receivables. |
Inventories | Inventories — Concession and theatre supplies inventories are stated at the lower of cost (first-in, first-out method) or market. |
Theatre Properties and Equipment | Theatre Properties and Equipment — Theatre properties and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets as follows: Category Useful Life Buildings on owned land 40 years Buildings on leased land Lesser of lease term or useful life Land and buildings under finance leases (1) Lesser of lease term or useful life Theatre furniture and equipment 3 to 15 years Leasehold improvements Lesser of lease term or useful life (1) The Company reviews long-lived assets for impairment indicators on a quarterly basis or whenever events or changes in circumstances indicate the carrying amount of the assets may not be fully recoverable. The Company also performs a full quantitative impairment evaluation on an annual basis. The Company may perform a qualitative impairment assessment or a quantitative impairment assessment, as described below: • Quantitative approach The Company performs a quantitative evaluation at the theatre level using estimated undiscounted cash flows from continuing use through the remainder of the theatre’s useful life. Significant judgment, including management’s estimate of future theatre level cash flows for each theatre is involved in estimating fair value. For its 2020 long-lived asset impairment assessments, significant management judgement was involved in estimating the impact of the temporary closure of its theatres and other impacts of the COVID-19 pandemic. Fair value is determined based on a multiple of cash flows. Management’s estimates, which fall under Level 3 of the U.S. GAAP fair value hierarchy, as defined by FASB ASC Topic 820-10-35, are based on projected operating performance, market transactions and industry trading multiples. • Qualitative approach The Company’s qualitative assessment considers relevant market transactions, industry trading multiples and recent developments that would impact its estimates of future cash flows as compared to its most recent quantitative impairment assessment. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets — The Company evaluates goodwill for impairment annually during the fourth quarter or whenever events or changes in circumstances indicate the carrying value of the goodwill may not be fully recoverable. The Company evaluates goodwill for impairment at the reporting unit level 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 twenty regions in the U.S. and seven of its international countries 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). Under ASC Topic 350, (“ASC Topic 350”), the Company may perform a qualitative impairment assessment or a quantitative impairment assessment of our goodwill which are described below: • Quantitative approach Under a quantitative goodwill impairment analysis, the Company estimates the fair value of each reporting unit and compares it with its carrying value. Fair value is determined using the market approach, which is the most common valuation approach for the Company’s industry and considers a multiple of cash flows for each reporting unit as the basis for fair value. For the evaluations performed during the year ended December 31, 2020, the Company also performed its quantitative goodwill impairment analysis using the income approach to further validate the results of the assessment under the market approach. Significant judgment including management’s estimate of future theatre level cash flows for each theatre is involved in estimating fair value of a reporting unit. For its 2020 goodwill impairment assessments, significant management judgement was involved in estimating the impact of the temporary closure of its theatres and other impacts of the COVID-19 pandemic. The Company’s estimates, which fall under Level 3 of the U.S. GAAP fair value hierarchy as defined by FASB ASC Topic 820-10-35, are based on projected operating performance of each reporting unit, relevant market transactions and industry trading multiples. • Qualitative approach The Company’s qualitative assessment of goodwill for each reporting unit considers economic and market conditions, industry trading multiples and the impact of recent developments and events on the estimated fair values as determined during its most recent quantitative assessment. Tradename intangible assets are tested for impairment at least annually during the fourth quarter or whenever events or changes in circumstances indicate the carrying value may not be fully recoverable. Under ASC Topic 350, the Company can elect to perform a qualitative or quantitative impairment assessment for our tradename intangible assets as described below: • Quantitative approach The Company compares the carrying values of its tradename assets to their estimated fair values. Fair values are estimated by applying an estimated market royalty rate that could be charged for the use of the tradenames to forecasted future revenues, with an adjustment for the present value of such royalties. Significant judgment, including management’s estimate of market royalty rates and long-term revenue forecasts, is involved in estimating the tradename fair values. Management’s estimates, which fall under Level 3 of the U.S. GAAP fair value hierarchy as defined by FASB ASC Topic 820-10-35, were based on projected revenue performance and expected industry trends. For its 2020 tradename impairment assessments, the Company’s estimates also included considerations for the impact of the temporary closure of its theatres and impacts of the COVID-19 pandemic. • Qualitative approach The Company’s qualitative assessment considers industry and market conditions and recent developments that may impact the revenues forecasts and other estimates as compared to its most recent quantitative assessment. The table below summarizes the Company’s intangible assets and the amortization method used for each type of intangible asset: Intangible Asset Amortization Method Goodwill Indefinite-lived Tradename Indefinite-lived and definite-lived. Definite-lived tradename asset has a remaining useful life of approximately six years. Other intangible assets Straight-line method over the terms of the underlying agreement or the expected useful life of the intangible asset. The remaining useful lives of these intangible assets range from two to five years. |
Lease Accounting | Lease Accounting — See Note 4 for discussion of the Company’s lease accounting policies. |
Deferred Charges | Deferred Charges — Deferred charges and other assets consist of construction, lease and other deposits, equipment to be placed in service, and other assets of a long-term nature. |
Self-Insurance Reserves | Self-Insurance Reserves — In the U.S., the Company is self-insured for general liability claims. For the years ended December 31, 2018, 2019 and 2020, general liability claims were capped at $250, $500 and $500, respectively, per occurrence with an aggregate annual cap of approximately $4,750 for 2018. There were no annual caps applicable for 2019 and 2020. For its international locations, the Company is fully insured for general liability claims with little or no deductibles per occurrence. The Company has a fully-funded deductible workers compensation insurance plan under which the Company is responsible for pre-funding claims and is responsible for claims up to $250 per occurrence, with an annual cap of $5,000 for the years ended December 31, 2018, 2019 and 2020. The Company is also self-insured for domestic medical claims with a cap of $250 per occurrence for the years ended December 31, 2018, 2019 and 2020. As of December 31, 2019 and 2020, the Company’s self-insurance reserves were $11,577 and $9,034, respectively, and are reflected in accrued other current liabilities on the consolidated balance sheets |
Revenue and Expense Recognition | Revenue and Expense Recognition — See Note 5 for discussion of revenue recognition and deferred revenues. Film rental costs are subject to the film licensing arrangement and accrued based on the applicable box office receipts and either; 1) a sliding scale, which is generally established with the studio prior to the opening of the film, 2) firm terms or 3) estimates of the final settlement rate, which occurs at the conclusion of the film run. Under a sliding scale, the Company pays a percentage of box office revenues using a pre-determined scale that is based upon box office performance of the film for its full run. Under a firm terms formula, the Company pays the distributor a percentage of box office receipts that can either be an aggregate rate for the full run or rates that decline over the term of the run. The settlement process allows for negotiation of film rental fees upon the conclusion of the film run based upon how the film performs. Estimates are based on the expected success of a film. The success of a film can generally be determined a few weeks after a film is released when the initial box office performance of the film is known. If actual settlements are different than those estimates, film rental costs are adjusted at that time. |
Accounting for Share Based Awards | Accounting for Share Based Awards — The Company measures the cost of employee services received in exchange for an equity award based on the fair value of the award on the date of the grant. The grant date fair value is based on the Company’s stock price on the grant date. Such costs are recognized over the period during which an employee is required to provide service in exchange for the award (which is usually the vesting period). At the time of the grant, the Company also estimates the number of awards that will ultimately be forfeited. See Note 17 for discussion of the Company’s share based awards and related compensation expense. |
Income Taxes | Income Taxes — The Company uses an asset and liability approach to financial accounting and reporting for income taxes. Deferred income taxes are provided when tax laws and financial accounting standards differ with respect to the amount of income for a year and the basis of assets and liabilities. A valuation allowance is recorded to reduce the carrying amount of deferred tax assets unless it is more likely than not that such assets will be realized. Income taxes are provided on unremitted earnings from foreign subsidiaries unless such earnings are expected to be indefinitely reinvested. Income taxes have also been provided for potential tax assessments. The evaluation of an uncertain tax position is a two-step process. The first step is recognition: The Company determines whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. In evaluating whether a tax position has met the more-likely-than-not recognition threshold, the Company should presume that the position would be examined by the appropriate taxing authority that would have full knowledge of all relevant information. The second step is measurement: A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Differences between tax positions taken in a tax return and amounts recognized in the financial statements result in (1) a change in a liability for income taxes payable or (2) a change in an income tax refund receivable, a deferred tax asset or a deferred tax liability or both (1) and (2). The Company accrues interest and penalties on its uncertain tax positions as a component of income tax expense. See further discussion at Note 19. |
Segments | Segments — For the years ended December 31, 2018, 2019 and 2020, the Company managed its business under two reportable operating segments, U.S. markets and international markets. See Note 21. |
Use of Estimates | Use of Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. The Company’s consolidated financial statements include amounts that are based on management’s best estimates and judgments. Actual results could differ from those estimates. |
Foreign Currency Translations | Foreign Currency Translations — The assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. dollars at current exchange rates as of the balance sheet date, and revenues and expenses are translated at average monthly exchange rates. The resulting translation adjustments are recorded in the consolidated balance sheets in accumulated other comprehensive loss. See Note 15 for a summary of the translation adjustments recorded in accumulated other comprehensive loss for the years ended December 31, 2018, 2019 and 2020. The Company recognizes foreign currency transaction gains and losses when changes in exchange rates impact transactions, other than intercompany transactions of a long-term investment nature, that have been denominated in a currency other than the functional currency. The Company deemed Argentina to be highly inflationary beginning July 1, 2018. A highly inflationary economy is defined as an economy with a cumulative inflation rate of approximately 100 percent or more over a three-year period. If a country’s economy is classified as highly inflationary, the financial statements of the foreign entity operating in that country must be remeasured to the functional currency of the reporting entity. The financial statements of the Company’s Argentina subsidiaries has been remeasured in U.S. dollars in accordance with ASC Topic 830, Foreign Currency Matters |
Fair Value Measurements | Fair Value Measurements — According to authoritative guidance, inputs used in fair value measurements fall into three different categories; Level 1, Level 2 and Level 3. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. See Note 14 for a discussion of our fair value measurements for the years ended December 31, 2018, 2019 and 2020. |
Acquisitions | Acquisitions — The Company accounts for acquisitions under the acquisition method of accounting. The acquisition method requires that the acquired assets and liabilities, including contingencies, be recorded at fair value determined on the acquisition date and changes thereafter reflected in income. For certain acquisitions, the Company obtains independent third party valuation studies for certain of the assets acquired and liabilities assumed to assist the Company in determining fair value. The estimation of the fair values of the assets acquired and liabilities assumed involves a number of estimates and assumptions that could differ materially from the actual amounts realized. The Company provides assumptions, including both quantitative and qualitative information, about the specified asset or liability to the third party valuation firms. The Company primarily utilizes the third parties to accumulate comparative data from multiple sources and assemble a report that summarizes the information obtained. The Company then uses the information to record estimated fair value. The third party valuation firms are supervised by Company personnel who are knowledgeable about valuations and fair value. The Company evaluates the appropriateness of the assumptions and valuation methodologies utilized by the third party valuation firm. |
Interest Rate Swaps | Interest Rate Swaps – The Company evaluates its interest rate swap agreements, which are designated as cash flow hedges, to determine whether they are highly effective on a quarterly basis in accordance with ASC Topic 815, . The fair values of the interest rate swaps are estimated based on future estimated net cash flows considering forecasted interest rates for the terms of the interest rate swap agreements as compared to the fixed interest rates paid under the agreements. If deemed to be highly effective, fair value estimates are recorded on the consolidated balance sheet as an asset or liability with the related gains or losses reported as a component of accumulated other comprehensive loss. If the swaps are determined to not be highly effective, the gains or losses are recorded in interest expense on the consolidated income statement. See further discussion at Note 13. |
Restructuring Charges | Restructuring Charges – During the year ended December 31, 2020, the Company recorded restructuring charges based on an approved and announced restructuring plan, specifically related to permanent headcount reductions, the permanent closure of underperforming theatres and the write-down of related theatre assets. The costs of the restructuring actions are accrued based on estimates at the time the plan is formalized, and adjustments are made to restructuring charges based on actual costs incurred. See further discussion at Note 3. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Estimated Useful Life of Assets | Depreciation is recorded using the straight-line method over the estimated useful lives of the assets as follows: Category Useful Life Buildings on owned land 40 years Buildings on leased land Lesser of lease term or useful life Land and buildings under finance leases (1) Lesser of lease term or useful life Theatre furniture and equipment 3 to 15 years Leasehold improvements Lesser of lease term or useful life (1) |
Intangible Assets and Amortization Method | The table below summarizes the Company’s intangible assets and the amortization method used for each type of intangible asset: Intangible Asset Amortization Method Goodwill Indefinite-lived Tradename Indefinite-lived and definite-lived. Definite-lived tradename asset has a remaining useful life of approximately six years. Other intangible assets Straight-line method over the terms of the underlying agreement or the expected useful life of the intangible asset. The remaining useful lives of these intangible assets range from two to five years. |
Impact of COVID-19 (Tables)
Impact of COVID-19 (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
2020 Restructuring Plan | |
Unusual Or Infrequent Item [Line Items] | |
Schedule of Restructuring Plan and Obligations Remained Outstanding | The following table summarizes the costs of the 2020 Restructuring Plan, payments and write-offs and the remaining liability at December 31, 2020: U.S. Operating Segment International Operating Segment Consolidated Employee-related Costs Facility Closure Costs Total Charges Employee-related Costs Facility Closure Costs Total Charges Employee-related Costs Facility Closure Costs Total Charges Restructuring charges during the twelve months ended December 31, 2020 8,964 7,645 16,609 814 2,946 3,760 9,778 10,591 20,369 Amounts paid (7,603 ) (1,649 ) (9,252 ) (814 ) (590 ) (1,404 ) (8,417 ) (2,239 ) (10,656 ) Noncash write-offs (521 ) (256 ) (777 ) — (2,195 ) (2,195 ) (521 ) (2,451 ) (2,972 ) Reserve balance at December 31, 2020 $ 840 $ 5,740 $ 6,580 $ — $ 161 $ 161 $ 840 $ 5,901 $ 6,741 |
Lease Accounting (Tables)
Lease Accounting (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of Operating and Finance Right-of-Use Assets and Lease Liabilities | The following table represents the operating and finance right-of-use assets and lease liabilities as of the periods indicated. As of As of Leases Classification December 31, 2019 December 31, 2020 Assets (1) Operating lease assets Operating lease assets $ 1,383,080 $ 1,278,191 Finance lease assets Theatre properties and equipment, net of accumulated depreciation (2) 116,135 99,195 Total lease assets $ 1,499,215 $ 1,377,386 Liabilities (1) Current Operating Current portion of operating lease obligations $ 217,406 $ 208,593 Finance Current portion of finance lease obligations 15,432 16,407 Noncurrent Operating Operating lease obligations, less current portion 1,223,462 1,138,142 Finance Finance lease obligations, less current portion 141,017 124,609 Total lease liabilities $ 1,597,317 $ 1,487,751 (1) The operating lease right-of-use assets and liabilities recorded on the Company’s 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 the necessary notification is provided to the landlord. (2) Finance lease assets are net of accumulated amortization of $36,384 and $47,961 as of December 31, 2019 and 2020, respectively. |
Schedule of Aggregate Lease Costs by Lease Classification | The following table represents the Company’s aggregate lease costs, by lease classification, for the periods indicated. Year Ended Year Ended Lease Cost Classification December 31, 2019 December 31, 2020 Operating lease costs Equipment (1) Utilities and other $ 9,172 $ 3,324 Real Estate (2)(3) Facility lease expense 346,222 275,056 Total operating lease costs $ 355,394 $ 278,380 Finance lease costs Depreciation of leased assets Depreciation and amortization $ 14,734 $ 14,662 Interest on lease liabilities Interest expense 7,786 7,014 Total finance lease costs $ 22,520 $ 21,676 (1) Includes approximately $4,700 and $(465) of short-term lease payments for the years ended December 31, 2019 and 2020, respectively. The amount for the year ended December 31, 2020 was impacted by i) a decrease in short term lease payments while theatres were closed and ii) rent abatements on leases that were not recalculated in accordance with the FASB guidance discussed above, which resulted in variable rent credits in the amount of the rent abatements (2) Includes approximately $68,799 and $7,058 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 year ended December 31, 2019 and 2020, respectively. The amount for the year ended December 31, 2020 was impacted by rent abatements on leases that were not recalculated in accordance with the FASB guidance discussed above, which resulted in variable rent credits in the amount of the rent abatements. (3) Approximately $1,614 and $1,445 of lease payments are included in general and administrative expenses primarily related to office leases for the year ended December 31, 2019 and 2020, respectively. |
Schedule of Maturity of Lease Liabilities by Lease Classification | The following table represents the maturity of lease liabilities, by lease classification, as of December 31, 2020. Operating Finance Years Ending Leases Leases Total 2021 (1) $ 268,390 $ 22,671 $ 291,061 2022 (1) 250,956 21,935 272,891 2023 225,840 21,246 247,086 2024 194,197 20,165 214,362 2025 166,131 18,380 184,511 After 2025 508,104 70,533 578,637 Total lease payments $ 1,613,618 $ 174,930 $ 1,788,548 Less: Interest 266,883 33,914 300,797 Present value of lease liabilities $ 1,346,735 $ 141,016 $ 1,487,751 |
Schedule of Weighted-Average Remaining Lease Term and Discount Rate | The following table represents the weighted-average remaining lease term and discount rate, disaggregated by lease classification, as of December 31, 2020. As of Lease Term and Discount Rate December 31, 2020 Weighted-average remaining lease term (years) (1) Operating leases - equipment 2.5 Operating leases - real estate 7.6 Finance leases - equipment 4.4 Finance leases - real estate 9.2 Weighted-average discount rate (2) Operating leases - equipment 4.2 % Operating leases - real estate 4.9 % Finance leases - equipment 4.7 % Finance leases - real estate 4.8 % (1) The lease assets and liabilities recorded on the Company’s 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 at which the Company would borrow, on a collateralized basis, over a similar term and at an amount equal to the lease payments in a similar economic environment. |
Schedule of Minimum Cash Lease Payments | The following table represents the minimum cash lease payments included in the measurement of lease liabilities and the non-cash addition of right-of-use assets for the periods presented. Year Ended Year Ended Other Information December 31, 2019 December 31, 2020 Cash paid for amounts included in the measurement of lease liabilities Cash outflows for operating leases $ 281,895 $ 271,787 Cash outflows for finance leases - operating activities $ 7,576 $ 6,985 Cash outflows for finance leases - financing activities $ 14,600 $ 15,432 Non-cash amount of leased assets obtained in exchange for: Operating lease liabilities - real estate $ 113,318 $ 132,529 Operating lease liabilities - equipment $ 795 $ 188 Finance lease liabilities $ 21,535 $ — |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Revenues Disaggregated Based on Type of Good Or Service By Reportable Operating Segment and On Timing of Revenue Recognition | The following tables present revenues for the periods indicated, disaggregated based on major type of good or service and by reportable operating segment. Twelve Months Ended December 31, 2020 U.S. International Operating Operating Major Goods/Services Segment (1) Segment Consolidated Admissions revenues $ 291,636 $ 64,872 $ 356,508 Concession revenues 189,561 41,485 231,046 Screen advertising, screen rental and promotional revenues 46,199 16,332 62,531 Other revenues 29,513 6,712 36,225 Total revenues $ 556,909 $ 129,401 $ 686,310 Twelve Months Ended December 31, 2019 U.S. International Operating Operating Major Goods/Services Segment (1) Segment Consolidated Admissions revenues $ 1,431,790 $ 373,531 $ 1,805,321 Concession revenues 936,241 224,842 1,161,083 Screen advertising, screen rental and promotional revenues 128,839 35,888 164,727 Other revenues 84,033 67,935 151,968 Total revenues $ 2,580,903 $ 702,196 $ 3,283,099 Twelve Months Ended December 31, 2018 U.S. International Operating Operating Major Goods/Services Segment (1) Segment Consolidated Admissions revenues $ 1,461,151 $ 373,022 $ 1,834,173 Concession revenues 892,391 216,402 1,108,793 Screen advertising, screen rental and promotional revenues 78,591 61,269 139,860 Other revenues 106,824 32,085 138,909 Total revenues $ 2,538,957 $ 682,778 $ 3,221,735 (1) U.S. segment revenues exclude intercompany transactions with the international operating segment. See Note 21 for additional information on intercompany eliminations. The following tables present revenues for the periods indicated, disaggregated based on timing of revenue recognition (as discussed above). Twelve Months Ended December 31, 2020 U.S. International Operating Operating Segment (1) Segment Consolidated Goods and services transferred at a point in time $ 497,338 $ 109,997 $ 607,335 Goods and services transferred over time 59,571 19,404 78,975 Total $ 556,909 $ 129,401 $ 686,310 Twelve Months Ended December 31, 2019 U.S. International Operating Operating Segment (1) Segment Consolidated Goods and services transferred at a point in time $ 2,488,716 $ 621,785 $ 3,110,501 Goods and services transferred over time 92,187 80,411 172,598 Total $ 2,580,903 $ 702,196 $ 3,283,099 Twelve Months Ended December 31, 2018 U.S. International Operating Operating Segment (1) Segment Consolidated Goods and services transferred at a point in time $ 2,453,313 $ 608,347 $ 3,061,660 Goods and services transferred over time 85,644 74,431 160,075 Total $ 2,538,957 $ 682,778 $ 3,221,735 (1) U.S. segment revenues exclude intercompany transactions with the international operating segment. See Note 21 for additional information on intercompany eliminations. |
Changes in Deferred Revenues | The following table presents changes in the Company’s deferred revenues for the year ended December 31, 2020. Deferred Revenues NCM Screen Advertising Advances (1) Other Deferred Revenues (2) Total Balance at January 1, 2020 $ 348,354 $ 138,426 $ 486,780 Amounts recognized as accounts receivable — 2,915 2,915 Cash received from customers in advance — 56,772 56,772 Common units received from NCM (see Note 8) 3,620 — 3,620 Interest accrued related to significant financing component 23,595 — 23,595 Revenue recognized during period (31,314 ) (57,625 ) (88,939 ) Foreign currency translation adjustments — (1,658 ) (1,658 ) Balance at December 31, 2020 $ 344,255 $ 138,830 $ 483,085 (1) See Significant Financing Component (2) Includes liabilities associated with outstanding gift cards and discount ticket vouchers, points or rebates outstanding under the Company’s loyalty and membership programs and revenues not yet recognized for screen advertising and other promotional activities. Amount is classified as accounts payable and accrued expenses or other long-term liabilities on the consolidated balance 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 December 31, 2020 and when the Company expects to recognize this revenue. Twelve Months Ended December 31, Remaining Performance Obligations 2021 2022 2023 2024 2025 Thereafter Total Deferred revenue - other $ 124,326 14,504 — — — $ 138,830 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | The following table presents computations of basic and diluted earnings per share under the two class method: Year Ended December 31, 2018 2019 2020 Numerator: Net income (loss) attributable to Cinemark Holdings, Inc. $ 213,827 $ 191,386 $ (616,828 ) (Earnings) loss allocated to participating share-based awards (1) (1,168 ) (1,174 ) 4,279 Net income (loss) attributable to common stockholders $ 212,659 $ 190,212 $ (612,549 ) Denominator (shares in thousands): Basic weighted average shares outstanding 116,054 116,306 116,667 Common equivalent shares for restricted stock units (2) 288 300 — Diluted weighted average shares outstanding 116,342 116,606 116,667 Basic earnings (loss) per share attributable to common stockholders $ 1.83 $ 1.63 $ (5.25 ) Diluted earnings (loss) per share attributable to common stockholders $ 1.83 $ 1.63 $ (5.25 ) (1) For the years ended December 31, 2018, 2019 and 2020, a weighted average of approximately 640 shares, 721 shares and 815 shares, of unvested restricted stock, respectively, are considered participating securities. (2) For the year ended December 31, 2020, approximately 682 common equivalent shares for restricted stock units were excluded because they were anti-dilutive. |
DIVIDENDS (Tables)
DIVIDENDS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Summary of Dividends Declared | Below is a summary of dividends declared for the fiscal periods indicated. Amount per Share of Total Declaration Date Record Date Payable Date Common Stock Dividends (1) 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 8/23/2018 9/4/2018 9/18/2018 0.32 37,530 11/15/2018 12/4/2018 12/18/2018 0.32 37,592 Total for year ended December 31, 2018 $ 1.28 $ 150,116 2/23/2019 3/8/2019 3/22/2019 $ 0.34 $ 39,905 5/24/2019 6/10/2019 6/24/2019 0.34 40,012 8/16/2019 9/4/2019 9/18/2019 0.34 40,020 11/22/2019 12/4/2019 12/18/2019 0.34 40,014 Total for year ended December 31, 2019 $ 1.36 $ 159,951 2/21/2020 3/6/2020 3/20/2020 $ 0.36 $ 42,567 Total for year ended December 31, 2020 $ 0.36 $ 42,567 (1) Of the dividends recorded during 2018, 2019 and 2020, $624, $670 and $256, respectively, were related to outstanding restricted stock units and will not be paid until such units vest. See Note 17. |
INVESTMENT IN NATIONAL CINEME_2
INVESTMENT IN NATIONAL CINEMEDIA LLC (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 December 31, 2020 and when the Company expects to recognize this revenue. Twelve Months Ended December 31, Remaining Performance Obligations 2021 2022 2023 2024 2025 Thereafter Total Deferred revenue - other $ 124,326 14,504 — — — $ 138,830 |
NCM Screen Advertising Advances | |
Aggregate Amount of Transaction Price Allocated To Performance Obligation That Are Unsatisfied And Expected To Be Recognized | The recognition of revenue related to the deferred revenue or NCM screen advertising advances will continue to be recorded on a straight-line basis over the new term of the amended ESA through February 2041. Twelve Months Ended December 31, Remaining Maturity 2021 2022 2023 2024 2025 Thereafter Total NCM screen advertising advances (1) $ 8,268 8,840 9,452 10,108 10,811 296,776 $ 344,255 |
NCM | |
Summary of Activity With Equity Investee Included in the Company's Consolidated Financial Statements | Summary of Activity with NCM Below is a summary of activity with NCM included in the Company’s consolidated financial statements for the periods indicated. See Note 5 for discussion of revenue recognition. Investment in NCM NCM Screen Advertising Advances Distributions from NCM Equity in (Earnings) Loss Other Revenue Interest Expense - NCM (3) Cash Received Balance as of January 1, 2018 $ 200,550 $ (351,706 ) Impact of adoption of ASC Topic 606 (2) — (9,288 ) — — — — — Receipt of common units due to annual common unit adjustment 5,012 (5,012 ) — — — — — Purchase of additional common units 78,393 — — — — — — Revenues earned under ESA (1) — — — — (31,867 ) 19,724 12,143 Receipt of excess cash distributions (19,786 ) — (13,231 ) — — — 33,017 Receipt under tax receivable agreement (2,419 ) — (2,158 ) — — — 4,577 Equity in earnings 13,842 — — (13,842 ) — — — Amortization of screen advertising advances — 15,764 — — (15,764 ) — — Balance as of and for the twelve months ended December 31, 2018 $ 275,592 $ (350,242 ) $ (15,389 ) $ (13,842 ) $ (47,631 ) $ 19,724.00 $ 49,737 Receipt of common units due to annual common unit adjustment 1,552 (1,552 ) — — — — — Revenues earned under ESA (1) (3) — — — — (13,782 ) — 13,782 Interest accrued related to significant financing component (2) — (28,624 ) — — — 28,624 — Receipt of excess cash distributions (23,452 ) — (11,631 ) — — — 35,083 Receipt under tax receivable agreement (2,492 ) — (1,242 ) — — — 3,734 Equity in earnings 14,592 — — (14,592 ) — — — Amortization of screen advertising advances — 32,064 — — (32,064 ) — — Balance as of and for the twelve months ended December 31, 2019 $ 265,792 $ (348,354 ) $ (12,873 ) $ (14,592 ) $ (45,846 ) $ 28,624 $ 52,599 Receipt of common units due to annual common unit adjustment 3,620 (3,620 ) — — — — — Revenues earned under ESA (1) — — — — (4,689 ) — 4,689 Interest accrued related to significant financing component (2) — (23,595 ) — — — 23,595 — Receipt of excess cash distributions (12,022 ) — (5,914 ) — — — 17,936 Receipt under tax receivable agreement (2,146 ) — (1,061 ) — — — 3,207 Equity in loss (10,627 ) — — 10,627 — — — Impairment of investment in NCM (4) (92,655 ) — — — — — — Amortization of screen advertising advances — 31,314 — — (31,314 ) — — Balance as of and for the twelve months ended December 31, 2020 $ 151,962 $ (344,255 ) $ (6,975 ) $ 10,627 $ (36,003 ) $ 23,595 $ 25,832 (1) Amounts include the per patron and per digital screen theatre access fees due to the Company, net of amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire. The amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire were approximately $11,965, $11,478 and $2,605 for the years ended December 31, 2018, 2019 and 2020, respectively. (2) As a result of adoption of ASC Topic 606, the Company determined that the deferred revenue associated with the ESA and CUA agreement should be amortized on a straight-line basis versus the units of revenue method followed prior to adoption. In addition, the Company determined that a significant financing component existed for the ESA. (3) Approximately $4,828 represents screen rental revenues earned under the amendment to the ESA. See Note 5. (4) Recorded in impairment of long-lived and other assets on the consolidated income statement for the year ended December 31, 2020. See further discussion below. |
Summary of Common Units Received Under Common Unit Adjustment Agreement | Below is a summary of common units received by the Company under the Common Unit Adjustment (“CUA”) Agreement during the years ended December 31, 2018, 2019 and 2020: Event Date Common Units Received Number of Common Units Received Fair Value of Common Units Received 2018 annual common unit adjustment 3/29/2018 908,042 $ 5,012 2019 annual common unit adjustment 3/31/2019 219,056 $ 1,552 2020 annual common unit adjustment 3/31/2020 1,112,368 $ 3,620 |
Summary Financial Information | The tables below present summary financial information for NCM for the periods indicated: Year Ended Year Ended Year Ended December 27, 2018 December 26, 2019 December 31, 2020 Revenues $ 441,400 $ 444,800 $ 89,887 Operating income (loss) $ 154,300 $ 155,700 $ (59,671 ) Net income (loss) $ 98,400 $ 98,800 $ (115,753 ) As of As of December 26, 2019 December 31, 2020 Current assets $ 185,400 $ 142,566 Noncurrent assets $ 706,600 $ 685,643 Current liabilities $ 125,500 $ 46,872 Noncurrent liabilities $ 947,800 $ 1,072,207 Members' deficit $ (181,300 ) $ (290,870 ) |
Other Investments (Tables)
Other Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 periods indicated: DCIP AC LLC DCDC FE Concepts Other Total Balance at January 1, 2018 $ 106,215 $ 5,916 $ 3,598 $ 104 $ 4,212 $ 120,045 Cash contributions 2,076 — — 20,000 — 22,076 Equity in income (loss) 22,899 1,270 1,313 (82 ) — 25,400 Equity in comprehensive loss (139 ) — — — — (139 ) Cash distributions received (5,799 ) (1,920 ) (219 ) — — (7,938 ) Other (1) — — (2,437 ) (104 ) (137 ) (2,678 ) Balance at December 31, 2018 $ 125,252 $ 5,266 $ 2,255 $ 19,918.00 $ 4,075 $ 156,766 Equity in income (loss) 23,281 3,276 1,120 (399 ) — 27,278 Equity in comprehensive loss (141 ) — — — — (141 ) Cash distributions received (23,696 ) (3,520 ) (206 ) — — (27,422 ) Other (1) — — — — (1,196 ) (1,196 ) Balance at December 31, 2019 $ 124,696 $ 5,022 $ 3,169 $ 19,519 $ 2,879 $ 155,285 Equity in loss (24,559 ) (1,277 ) (1,036 ) (1,246 ) — (28,118 ) Cash contributions 50 — — — — 50 Cash distributions received (10,383 ) — (878 ) — — (11,261 ) Non-cash distribution received (2) (89,804 ) — — — — (89,804 ) Other (3) — — — — (2,426 ) (2,426 ) Balance at December 31, 2020 $ — $ 3,745 $ 1,255 $ 18,273 $ 453 $ 23,726 (1) Other activity for DCDC for the year ended December 31, 2018 consisted of returns of capital originally contributed by the Company. Other activity for the year ended December 31, 2019 consists primarily of and mark-to-market adjustment on an investment in marketable securities. (2) Consists of projectors distributed to the Company from DCIP as discussed below. (3) Consists primarily of the impairment of a cost method investment (see Note 11 for discussion of impairments recorded) and mark-to-market adjustment on an investment in marketable securities. |
Digital Cinema Implementation Partners | |
Summary Financial Information | Below is summary financial information for DCIP as of and for the years ended December 31, 2018, 2019 and 2020: Year ended December 31, 2018 2019 2020 Revenues $ 172,534 $ 171,531 $ 30,561 Operating income (loss) $ 102,236 $ 99,812 $ (105,691 ) Net income (loss) $ 94,757 $ 95,820 $ (114,243 ) As of December 31, 2019 December 31, 2020 Current assets $ 51,382 $ 36,372 Noncurrent assets $ 581,547 $ 205 Current liabilities $ 70,515 $ 39,844 Noncurrent liabilities $ 190 $ 687 Members' equity (deficit) $ 562,224 $ (3,954 ) |
Transactions with DCIP | In addition to the activity presented in the other investments table above, the Company had the following transactions with DCIP during the years ended December 31, 2018, 2019 and 2020: Year Ended December 31, 2018 2019 2020 Equipment lease payments (1) $ 4,862 $ 4,399 $ 1,729 Warranty reimbursements from DCIP $ (10,800 ) $ (11,800 ) $ (6,997 ) Management services fees $ 730 $ 596 $ 208 (1) Excludes lease termination |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS - NET (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 December 31, 2018 (1) $ 1,174,041 $ 102,283 $ 1,276,324 Acquisition of theatres (2) 8,812 868 9,680 Foreign currency translation adjustments — (2,633 ) (2,633 ) Balance at December 31, 2019 (1) $ 1,182,853 $ 100,518 $ 1,283,371 Impairment (3) — (16,128 ) (16,128 ) Foreign currency translation adjustments — (13,403 ) (13,403 ) Balance at December 31, 2020 (4) $ 1,182,853 $ 70,987 $ 1,253,840 (1) Balances are presented net of historical accumulated impairment losses of $214,031 for the U.S. operating segment and $27,622 for the international operating segment. (2) Amounts represent acquisition of two theatres in the U.S. and final purchase price adjustment for theatres acquired in Brazil during the year ended December 31, 2018. (3) See Note 11 for discussion of impairment evaluations performed during the year ended December 31, 2020. (4) Balances are presented net of historical accumulated impairment losses of $214,031 for the U.S. operating segment and $43,750 for the international operating segment |
Intangible Assets-Net | As of December 31, intangible assets, net consisted of the following: Balance at January 1, 2019 Additions (1) Impact of ASC Topic 842 (3) Amortization Other Balance at December 31, 2019 Intangible assets with finite lives: Gross carrying amount $ 105,256 $ (143 ) $ (18,024 ) $ — $ (2,136 ) $ 84,953 Accumulated amortization (74,603 ) — 13,597 (4,994 ) 2,130 (63,870 ) Total net intangible assets with finite lives $ 30,653 $ (143 ) $ (4,427 ) $ (4,994 ) $ (6 ) $ 21,083 Intangible assets with indefinite lives: Tradename and other 300,257 492 — — (63 ) 300,686 Total intangible assets — net $ 330,910 $ 349 $ (4,427 ) $ (4,994 ) $ (69 ) $ 321,769 Balance at January 1, 2020 Amortization Other (2) Balance at December 31, 2020 Intangible assets with finite lives: Gross carrying amount $ 84,953 $ — $ (2,521 ) $ 82,432 Accumulated amortization (63,870 ) (4,746 ) 200 (68,416 ) Total net intangible assets with finite lives $ 21,083 $ (4,746 ) $ (2,321 ) $ 14,016 Intangible assets with indefinite lives: Tradename and other 300,686 — (507 ) 300,179 Total intangible assets — net $ 321,769 $ (4,746 ) $ (2,828 ) $ 314,195 (1) Amount represents intangible assets recorded as a result of two theatres acquired in the U.S. and final purchase price adjustment for theatres acquired in Brazil during the year ended December 31, 2018. (2) Includes the write-off of fully amortized intangible assets, foreign currency translation adjustments and impairment recorded related to a previously acquired theatre leasehold interest in Brazil. See Note 11 for discussion of impairment evaluations performed during the year ended December 31, 2020. (3) Amount represents intangible assets reclassified to operating lease right of use assets and finance lease assets upon the adoption of ASC 842 effective January 1, 2019. |
Estimated Aggregate Future Amortization Expense for Intangible Assets | Estimated aggregate future amortization expense for intangible assets is as follows: For the year ended December 31, 2021 $ 2,686 For the year ended December 31, 2022 2,553 For the year ended December 31, 2023 2,460 For the year ended December 31, 2024 2,460 For the year ended December 31, 2025 2,342 Thereafter 1,515 Total $ 14,016 |
IMPAIRMENT OF LONG-LIVED AND _2
IMPAIRMENT OF LONG-LIVED AND OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Impairment Or Disposal Of Tangible Assets Disclosure [Abstract] | |
Summary of Long Lived Asset Impairment Evaluations Performed by Assets Classification | The following table is a summary of the evaluations performed for each quarter by asset classification. Impairment Asset Valuation Valuation Test Category Approach Multiple First Quarter Quantitative Goodwill Market (1) 8 times Tradename Intangible Assets Income N/A Other Long-lived Assets Market 6 times Second Quarter Qualitative Goodwill N/A N/A Tradename Intangible Assets N/A N/A Other Long-lived Assets N/A N/A Third Quarter Quantitative Goodwill Market (1) 2.9 to 7 times Tradename Intangible Assets Income N/A Other Long-lived Assets Market 3.2 to 6 times Fourth Quarter Quantitative Goodwill Market (1) 3.1 to 7 times Tradename Intangible Assets Income N/A Other Long-lived Assets Market 3.1 to 6 times (1) The Company also used the income approach to test goodwill for impairment for the respective period. |
Long-Lived Asset Impairment Losses | The Company’s theatre asset, goodwill, intangible asset and investment impairment charges were as follows for the periods presented: Year Ended December 31, 2018 2019 2020 U.S. Segment Theatre properties $ 18,597 $ 36,005 $ 12,398 Theatre operating lease right-of-use assets — 10,457 13,216 Investment in NCM (1) — — 92,655 Cost method investment — — 2,500 U.S. total 18,597 46,462 120,769 International segment Theatre properties 13,775 8,821 9,951 Theatre operating lease right-of-use assets — 1,718 5,025 Goodwill — — 16,128 Intangible assets — — 833 International total 13,775 10,539 31,937 Total impairment $ 32,372 $ 57,001 $ 152,706 (1) See Note 8 for discussion on NCM impairment. |
ACCRUED OTHER CURRENT LIABILI_2
ACCRUED OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Other Current Liabilities | Accrued other current liabilities consisted of the following as of the periods presented: December 31, 2019 2020 Gift card liability (1) $ 48,481 $ 43,448 SuperSaver liability (1) 40,778 38,882 Accrued lease payable (2) — 48,366 Other 86,447 86,769 Total $ 175,706 $ 217,465 (1) See discussion of revenue recognition at Note 5. (2) See discussion of lease deferrals at Note 4. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Components of Long-Term Debt | As of December 31, long-term debt consisted of the following: December 31, 2019 2020 Cinemark USA, Inc. term loan due 2025 $ 646,327 $ 639,731 Cinemark USA, Inc. 5.125% senior notes due 2022 400,000 400,000 Cinemark USA, Inc. 4.875% senior notes due 2023 755,000 755,000 Cinemark USA, Inc. 8.750% senior secured notes due 2025 — 250,000 Cinemark Holdings, Inc. 4.500% convertible senior notes due 2025 — 460,000 Other — 23,169 Total long-term debt 1,801,327 2,527,900 Less current portion 6,595 18,056 Less: Debt discounts and debt issuance costs, net of accumulated amortization 23,390 132,682 Long-term debt, less current portion, net of debt discounts and unamortized debt issuance costs $ 1,771,342 $ 2,377,162 |
Summary of Borrowings of International Subsidiaries | During the year ended December 31, 2020, certain of the Company’s international subsidiaries borrowed an aggregate of USD $22,322 under various local loans. Below is a summary of these loans: Loan Amounts Loan Description(s) (in USD) Interest Rates Applicable Covenants Maturity Colombia (3 loans) $ 4,437 3.25% to 5.85% plus variable Negative and ratio covenants May 2023 September 2025 Peru loan $ 2,913 1.5% Negative covenants September 2023 Brazil (3 loans) $ 8,986 1.59% to 8.08% Negative covenants November 2021 October 2023 Chile loan $ 5,986 0.29% Negative covenants November 2023 |
Maturities of Long-Term Debt, Excluding Unamortized Debt Issuance Costs | The Company’s long-term debt, excluding unamortized debt issuance costs, at December 31, 2020 matures as follows: 2021 $ 18,056 2022 413,068 2023 766,347 2024 6,886 2025 1,323,543 Thereafter — Total $ 2,527,900 |
Summary of Company's Interest Rate Swap Agreements Designated as Cash Flow Hedges | Below is a summary of the Company’s interest rate swap agreements designated as cash flow hedges as of December 31, 2020: Estimated Fair Value at Notional December 31, Amount Effective Date Pay Rate Receive Rate Expiration Date 2020 (1) $ 137,500 December 31, 2018 2.12% 1-Month LIBOR December 31, 2024 $ 9,905 $ 175,000 December 31, 2018 2.12% 1-Month LIBOR December 31, 2024 12,721 $ 137,500 December 31, 2018 2.19% 1-Month LIBOR December 31, 2024 10,416 $ 150,000 March 31, 2020 0.57% 1-Month LIBOR March 31, 2022 805 Total $ 33,847 (1) Approximately $9,516 is included in accrued other current liabilities and $24,331 is included in other long-term liabilities on the consolidated balance sheet as of December 31, 2020. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 December 31, 2020: As of Carrying Fair Value Description December 31, Value Level 1 Level 2 Level 3 Interest rate swap liabilities 2019 $ 15,995 $ — $ 15,995 $ — Interest rate swap liabilities 2020 $ 33,847 $ — $ 33,847 $ — |
Foreign Currency Translation (T
Foreign Currency Translation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Impact of Translating Financial Statements of Company's International Subsidiaries | Below is a summary of the impact of translating the financial statements of the Company’s international subsidiaries, whose functional currency is other than the US dollar, for the periods presented. Other Comprehensive Income (Loss) Exchange Rate as of December 31, For the Year Ended December 31, Country 2018 2019 2020 2018 2019 (1) 2020 (1) Brazil 3.88 4.02 5.20 $ (34,086 ) $ (8,140 ) $ (42,698 ) Argentina (1) 37.68 59.89 84.12 (14,357 ) — — Colombia 3,249.75 3,277.14 3,432.50 (1,795 ) (362 ) (2,183 ) Chile 694.74 736.86 714.14 (8,924 ) (5,158 ) 1,228 Peru 3.39 3.37 3.65 (2,136 ) 257 (3,403 ) All other (955 ) 650 (536 ) $ (62,253 ) $ (12,753 ) $ (47,592 ) (1) For Argentina, represents the cumulative comprehensive loss recorded through June 30, 2018. The impact of translating Argentina financial results to U.S. dollars, subsequent to June 30, 2018, has been recorded in foreign currency exchange gain (loss) on the Company’s consolidated statements of income. A loss of $3,707 and gain of $1,243 were recorded for the years ended December 31, 2019 and 2020, respectively. |
NONCONTROLLING INTERESTS IN S_2
NONCONTROLLING INTERESTS IN SUBSIDIARIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests in Subsidiaries | Noncontrolling interests in subsidiaries of the Company were as follows at December 31: December 31, 2019 2020 Cinemark Partners II — 24.6% interest (in one theatre) $ 7,953 $ 7,706 Laredo Theatres – 25% interest (in two theatres) 2,139 1,681 Greeley Ltd. — 49% interest (in one theatre) 1,908 1,101 Other 508 508 Total $ 12,508 $ 10,996 |
CAPITAL STOCK (Tables)
CAPITAL STOCK (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Treasury Stock Activity | Below is a summary of the Company’s treasury stock activity for the years ended December 31, 2018, 2019 and 2020. Number of Treasury Shares Cost Balance at January 1, 2018 4,525,870 $ 76,354 Restricted stock withholdings (1) 75,801 2,905 Restricted stock forfeitures (2) 24,520 — Balance at December 31, 2018 4,626,191 $ 79,259 Restricted stock withholdings (1) 59,060 2,308 Restricted stock forfeitures (2) 26,608 — Balance at December 31, 2019 4,711,859 $ 81,567 Restricted stock withholdings (1) 264,522 5,437 Restricted stock forfeitures (2) 74,600 — Balance at December 31, 2020 5,050,981 $ 87,004 (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 that ranged from $8.03 to $44.44 per share. (2) The Company repurchased forfeited restricted shares at a cost of $0.001 per share in accordance with the 2017 Omnibus Plan. |
Summary of Restricted Stock Activity | Below is a summary of restricted stock activity for the years ended December 31, 2018, 2019 and 2020: Year Ended Year Ended Year Ended December 31, 2018 December 31, 2019 December 31, 2020 Shares of Restricted Stock Weighted Average Grant Date Fair Value Shares of Restricted Stock Weighted Average Grant Date Fair Value Shares of Restricted Stock Weighted Average Grant Date Fair Value Outstanding at January 1 650,581 $ 35.81 704,353 $ 38.68 783,823 $ 37.53 Granted 328,734 $ 38.72 315,899 $ 37.34 1,555,361 $ 17.68 Vested (250,442 ) $ 31.27 (209,821 ) $ 41.10 (832,609 ) $ 29.30 Forfeited (24,520 ) $ 38.62 (26,608 ) $ 37.69 (74,600 ) $ 30.72 Outstanding at December 31 704,353 $ 38.68 783,823 $ 37.53 1,431,975 $ 21.11 |
Summary of Potential Number of Units that Could Vest Under Restricted Stock Unit Awards | Below is a table summarizing the potential number of units that could vest under restricted stock unit awards granted during the years ended December 31, 2018, 2019 and 2020 at each of the three levels of financial performance (excluding forfeitures): Granted During the Year Ended December 31, 2018 2019 2020 Number of Value at Number of Value at Number of Value at Units Grant (1) Units Grant (1) Units Grant (1) at threshold IRR 76,065 $ 2,967 136,285 $ 5,011 190,707 $ 6,125 at target IRR 152,129 $ 5,938 204,427 $ 7,517 286,060 $ 9,188 at maximum IRR 228,194 $ 8,906 306,651 $ 11,276 436,681 $ 14,026 (1) The grant date fair value for units issued during the year ended December 31, 2018 ranged from $37.55 to $39.03. The grant date fair value for the units issued during the year ended December 31, 2019 was $36.77 per share .The grand date fair value for the units issued during the year ended December 31, 2020 was $32.12 . |
Summary of Current Financial Performance Thresholds and Vesting Rates | The current financial performance factors and respective vesting rates for each of the 2018, 2019 and 2020 grants are as follows: Year Ended December 31, Percentage of Shares Vesting 2018 2019 2020 Threshold IRR 6.0% 6.0% 6.0% 33.3% Target IRR 8.0% 8.0% 8.0% 66.6% Maximum IRR 14.0% 14.0% 14.0% 100.0% |
Restricted Stock | |
Summary of Restricted Stock and Restricted Stock Unit Award Activity | Below is a summary of restricted stock award activity recorded for the periods indicated. Year Ended December 31, 2018 2019 2020 Compensation expense recognized during the period $ 9,655 $ 10,185 $ 15,473 Fair value of restricted shares that vested during the period $ 9,501 $ 8,024 $ 16,870 Income tax deduction upon vesting of restricted stock awards $ 1,744 $ 1,516 $ 5,620 |
Restricted Stock Units (RSUs) | |
Summary of Restricted Stock and Restricted Stock Unit Award Activity | Below is a summary of activity for restricted stock unit awards for the periods indicated: Year Ended December 31, 2018 2019 2020 Number of restricted stock unit awards that vested during the period 127,084 90,895 208,204 Fair value of restricted stock unit awards that vested during the period $ 4,846 $ 3,658 $ 5,050 Accumulated dividends paid upon vesting of restricted stock unit awards $ 526 $ 386 $ 942 Compensation expense recognized during the period $ 4,681 $ 4,430 $ 3,931 Income tax benefit recognized upon vesting of restricted stock unit awards $ 708 $ 397 $ 788 |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Information to Consolidated Statements of Cash Flows | The following is provided as supplemental information to the consolidated statements of cash flows: Year Ended December 31, 2018 2019 2020 Cash paid for interest $ 98,411 $ 93,907 $ 102,859 Cash paid (refunds received) for income taxes, net $ 64,199 $ 88,670 $ (116,916 ) Cash balance classified as restricted (1) $ — $ — $ 13,847 Noncash investing and financing activities: Change in accounts payable and accrued expenses for the acquisition of theatre properties and equipment (2) $ (5,728 ) $ 22,013 $ (13,259 ) Theatre properties acquired under finance leases $ 18,851 $ 21,535 $ — Theatre properties acquired as distribution from equity investee (see Note 9) $ — $ — $ 102,719 Investment in NCM – receipt of common units (see Note 8) $ 5,012 $ 1,552 $ 3,620 Interest expense - NCM (see Notes 5 and 8) $ (19,724 ) $ (28,624 ) $ (23,595 ) Dividends accrued on unvested restricted stock unit awards $ (624 ) $ (670 ) $ (256 ) (1) Funds are held as collateral for letters of credit associated with certain of the Company’s international subsidiary loans. See further discussion at Note 13. (2) Additions to theatre properties and equipment included in accounts payable as of December 31, 2019 and 2020 were $37,004 and $14,991, respectively. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Provision for Federal and Foreign Income Tax Expense for Continuing Operations | The Company’s provision for federal and foreign income tax expense for continuing operations consisted of the following: Year Ended December 31, 2018 2019 2020 Income (loss) before income taxes: U.S. $ 289,727 $ 235,571 $ (784,167 ) Foreign 21,007 38,189 (143,157 ) Total $ 310,734 $ 273,760 $ (927,324 ) |
Current and Deferred Income Taxes | Current and deferred income taxes were as follows: Year Ended December 31, 2018 2019 2020 Current: Federal $ 46,826 $ 45,247 $ (271,162 ) Foreign 11,822 24,022 397 State 13,594 12,486 289 Total current expense $ 72,242 $ 81,755 $ (270,476 ) Deferred: Federal $ 27,055 $ (298 ) $ (50,445 ) Foreign (6,166 ) 5 13,266 State 2,298 (1,550 ) (1,721 ) Total deferred taxes $ 23,187 $ (1,843 ) $ (38,900 ) Income taxes $ 95,429 $ 79,912 $ (309,376 ) |
Reconciliation Between Income Tax Expense and Taxes Computed | A reconciliation between income tax expense and taxes computed by applying the applicable statutory federal income tax rate to income before income taxes follows: Year Ended December 31, 2018 2019 2020 Computed statutory tax expense $ 65,254 $ 57,490 $ (194,739 ) State and local income taxes, net of federal income tax impact 12,611 8,479 (1,153 ) Changes in valuation allowance 131 2,532 46,731 Foreign tax rate differential 2,235 4,646 (6,633 ) Foreign dividends — — — Foreign tax credits 3,927 4,143 — Impacts related to 2017 Tax Act (1) 19,180 — — Impacts related to COVID-19 pandemic (2) — — (187,515 ) Changes in uncertain tax positions (6,139 ) 197 24,879 Other, net (1,770 ) 2,425 9,054 Income taxes $ 95,429 $ 79,912 $ (309,376 ) (1) The amount for the year ended December 31, 2018 includes a one-time charge to true-up deferred taxes of $1,913 and a reduction in deferred tax assets with regard to foreign tax credit carryforwards of $17,267. (2) The amount for the year ended December 31, 2020 includes benefits of a rate differential on earnings of $122,975, tax losses with respect to investments in foreign subsidiaries and a write down of certain intercompany receivables associated with the Company’s foreign subsidiaries of $135,599, offset by a tax charge for the remeasurement of deferred taxes and tax attributes of $49,866 and dislodged foreign tax credits not benefited of $21,193. |
Tax Effects of Significant Temporary Differences and Tax Loss and Tax Credit Carryforwards | The tax effects of significant temporary differences and tax loss and tax credit carryforwards comprising the net long-term deferred income tax liabilities as of the periods presented consisted of the following: December 31, 2019 2020 Deferred liabilities: Theatre properties and equipment $ 138,382 $ 142,253 Operating lease right-of-use assets 322,750 297,452 Intangible asset — other 39,282 41,297 Intangible asset — tradenames 72,821 72,268 Investment in partnerships 62,914 20,402 Total deferred liabilities 636,149 573,672 Deferred assets: Deferred revenue - NCM 85,362 83,998 Deferred revenue - Other 9,953 6,208 Prepaid rent 5,672 5,255 Gift Cards 7,402 9,265 Operating lease obligations 336,034 313,552 Finance lease obligations 34,956 31,284 Tax impact of items in accumulated other comprehensive income and additional paid-in-capital 5,131 19,475 Other tax loss carryforwards 17,053 89,320 Other tax credit and attribute carryforwards 46,577 121,698 Other expenses, not currently deductible for tax purposes 15,901 17,698 Total deferred assets 564,041 697,753 Net deferred income tax (asset) liability before valuation allowance 72,108 (124,081 ) Valuation allowance against deferred assets – non-current 60,359 203,606 Net deferred income tax liability $ 132,467 $ 79,525 Net deferred tax (asset) liability — Foreign $ (4,539 ) $ 7,280 Net deferred tax liability — U.S. 137,006 72,245 Total $ 132,467 $ 79,525 |
Reconciliation of Total Amounts of Unrecognized Tax Benefits Excluding Interest and Penalties | The following is a reconciliation of the total amounts of unrecognized tax benefits excluding interest and penalties, for the periods presented: Year Ended December 31, 2018 2019 2020 Balance at January 1, $ 18,266 $ 10,561 $ 10,235 Gross increases - tax positions in prior periods — 1 32,417 Gross decreases - tax positions in prior periods (143 ) — (88 ) Gross increases - current period tax positions 424 202 4,010 Settlements (7,191 ) (522 ) — Foreign currency translation adjustments (795 ) (7 ) (46 ) Balance at December 31, $ 10,561 $ 10,235 $ 46,528 |
SEGMENTS (Tables)
SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Selected Financial Information by Reportable Operating Segment | Below is a breakdown of select financial information by reportable operating segment: Year Ended December 31, 2018 2019 2020 Revenues U.S. $ 2,551,719 $ 2,594,246 $ 559,184 International 682,778 702,196 129,401 Eliminations (12,762 ) (13,343 ) (2,275 ) Total revenues $ 3,221,735 $ 3,283,099 $ 686,310 Adjusted EBITDA (1) U.S. $ 648,576 $ 615,161 $ (226,981 ) International 132,941 129,884 (49,899 ) Total Adjusted EBITDA $ 781,517 $ 745,045 $ (276,880 ) Capital expenditures U.S. $ 270,870 $ 230,561 $ 64,026 International 75,203 73,066 19,904 Total capital expenditures $ 346,073 $ 303,627 $ 83,930 (1) Distributions from equity investees are reported entirely within the U.S. operating segment. |
Reconciliation of Net Income to Adjusted EBITDA | The following table sets forth a reconciliation of net income to Adjusted EBITDA: Year Ended December 31, 2018 2019 2020 Net income (loss) $ 215,305 $ 193,848 $ (617,948 ) Add (deduct): Income taxes 95,429 79,912 (309,376 ) Interest expense (1) 109,994 99,941 129,871 Loss on debt amendments and refinancing 1,484 — — Other income (2) (18,472 ) (22,441 ) 62,369 Distributions from DCIP (3) 5,799 23,696 10,383 Other cash distributions from equity investees (4) 24,344 29,670 15,047 Non-cash distributions from other equity investee (5) — — (12,915 ) Depreciation and amortization 261,162 261,155 259,776 Impairment of long-lived assets and investments 32,372 57,001 152,706 (Gain) loss on disposal of assets and other 38,702 12,008 (8,923 ) Restructuring charges — — 20,369 Non-cash rent expense — (4,360 ) 2,357 Deferred lease expenses (1,320 ) — — Amortization of long-term prepaid rents 2,382 — — Share based awards compensation expense 14,336 14,615 19,404 Adjusted EBITDA $ 781,517 $ 745,045 $ (276,880 ) (1) Includes amortization of debt issue costs. (2) Includes interest income, foreign currency exchange gain (loss), interest expense – NCM and equity in income of affiliates and excludes distributions from NCM. (3) See discussion of cash distributions from DCIP, which were recorded as a reduction of the Company’s investment in DCIP, at Note 9. These distributions are reported entirely within the U.S. operating segment. (4) Reflects cash distributions received from equity investees, other than those from DCIP noted above, 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) Reflects non-cash distribution of projectors from DCIP (see Note 9). These distributions are reported entirely within the U.S. operating segment. |
Selected Financial Information by Geographic Area | Below is a breakdown of select financial information by geographic area: Year Ended December 31, 2018 2019 2020 Revenues U.S. $ 2,551,719 $ 2,594,246 $ 559,184 Brazil 283,009 302,074 59,321 Other international countries 399,769 400,122 70,080 Eliminations (12,762 ) (13,343 ) (2,275 ) Total $ 3,221,735 $ 3,283,099 $ 686,310 December 31, 2019 December 31, 2020 Theatre Properties and Equipment-net U.S. $ 1,479,603 $ 1,392,780 Brazil 140,570 72,080 Other international countries 212,960 150,202 Total $ 1,735,247 $ 1,615,062 |
VALUATION AND QUALIFYING ACCO_2
VALUATION AND QUALIFYING ACCOUNTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Valuation And Qualifying Accounts [Abstract] | |
Valuation Allowance for Deferred Tax Assets | The Company’s valuation allowance for deferred tax assets for the periods presented were as follows: Valuation Allowance for Deferred Taxes Balance at January 1, 2018 $ 35,246 Additions 22,005 Deductions (2,526 ) Balance at December 31, 2018 $ 54,725 Additions 7,611 Deductions (1,977 ) Balance at December 31, 2019 $ 60,359 Additions 144,239 Deductions (992 ) Balance at December 31, 2020 $ 203,606 |
QUARTERLY FINANCIAL INFORMATI_2
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Full Year Revenues $ 714,723 $ 957,756 $ 821,817 $ 788,803 $ 3,283,099 Operating income $ 57,368 $ 156,052 $ 58,531 $ 66,436 $ 338,387 Net income $ 33,193 $ 101,861 $ 31,955 $ 26,839 $ 193,848 Net income attributable to Cinemark Holdings, Inc. $ 32,728 $ 100,971 $ 31,353 $ 26,334 $ 191,386 Net income per share attributable to Cinemark Holdings, Inc.’s common stockholders: Basic $ 0.28 $ 0.86 $ 0.27 $ 0.22 $ 1.63 Diluted $ 0.28 $ 0.86 $ 0.27 $ 0.22 $ 1.63 2020 (1) First Quarter Second Quarter Third Quarter Fourth Quarter Full Year Revenues $ 543,616 $ 8,974 $ 35,478 $ 98,242 $ 686,310 Operating income (loss) $ (42,919 ) $ (214,275 ) $ (210,784 ) $ (286,996 ) $ (754,974 ) Net income (loss) $ (59,422 ) $ (170,816 ) $ (148,036 ) $ (239,674 ) $ (617,948 ) Net income (loss) attributable to Cinemark Holdings, Inc. $ (59,591 ) $ (170,389 ) $ (147,592 ) $ (239,256 ) $ (616,828 ) Net income (loss) per share attributable to Cinemark Holdings, Inc.’s common stockholders: Basic $ (0.51 ) $ (1.45 ) $ (1.25 ) $ (2.03 ) $ (5.25 ) Diluted $ (0.51 ) $ (1.45 ) $ (1.25 ) $ (2.03 ) $ (5.25 ) (1) Quarterly results during the year ended December 31, 2020 were impacted by the COVID-19 pandemic (see Note 3) as well as impairment recorded (see Notes 1 and 11). |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)Segment | Dec. 31, 2019USD ($)Segment | Dec. 31, 2018USD ($)Segment | |
Summary Of Significant Accounting Policies [Line Items] | |||
Restricted Cash | $ 13,847 | ||
General liability claim per occurrence, cap | 500 | $ 500 | $ 250 |
Aggregate annual cap per policy year | 0 | 0 | 4,750 |
Pre-funding claims and covers claims annual cap | 5,000 | 5,000 | 5,000 |
Medical claim per occurrence, cap | 250 | 250 | $ 250 |
Insurance Reserves | $ 9,034 | $ 11,577 | |
Minimum Percentage for Tax position measure as largest amount of benefit | 50.00% | ||
Reportable operating segments | Segment | 2 | 2 | 2 |
U.S. Operating Segment | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of reporting units | Segment | 20 | ||
International Operating Segment | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of reporting units | Segment | 7 | ||
Minimum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Equity method investment, ownership percentage | 20.00% | ||
Maximum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Equity method investment, ownership percentage | 50.00% | ||
Cost method investment, ownership Percentage | 20.00% | ||
Pre-funding claims and covers claims per occurrence | $ 250 |
Estimated Useful Lives of Asset
Estimated Useful Lives of Assets (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Buildings On Owned Land | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of assets | 40 years |
Buildings On Leased Land | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of assets | Lesser of lease term or useful life |
Land And Buildings Under Finance Leases | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of assets | Lesser of lease term or useful life |
Theatre furniture and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of assets | 3 years |
Theatre furniture and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of assets | 15 years |
Leasehold Improvements | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of assets | Lesser of lease term or useful life |
Estimated Useful Lives of Ass_2
Estimated Useful Lives of Assets (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation and amortization | $ 1,788,041 | $ 1,612,990 |
Property Under Finance Lease | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation and amortization | $ 47,961 | $ 36,384 |
Intangible Assets and Amortizat
Intangible Assets and Amortization Method (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Finite Lived Intangible Assets [Line Items] | |
Goodwill | Indefinite-lived |
Tradename | Indefinite-lived and definite-lived. Definite-lived tradename asset has a remaining useful life of approximately six years. |
Other Intangible Assets | |
Finite Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Amortization Method | Straight-line method over the terms of the underlying agreement or the expected useful life of the intangible asset. The remaining useful lives of these intangible assets range from two to five years. |
Other Intangible Assets | Minimum | |
Finite Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 2 years |
Other Intangible Assets | Maximum | |
Finite Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 5 years |
Trade Names | |
Finite Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 6 years |
Impact of COVID-19 - Additional
Impact of COVID-19 - Additional Information (Detail) - 12 months ended Dec. 31, 2020 $ in Thousands | USD ($) | USD ($)Domestic | USD ($)International | Domestic | International |
Unusual Or Infrequent Item [Line Items] | |||||
Restructuring costs | $ 20,369 | ||||
Impact of COVID-19 | |||||
Unusual Or Infrequent Item [Line Items] | |||||
Unpaid and accrued restructuring costs | 6,741 | $ 6,741 | $ 6,741 | ||
Impact of COVID-19 | |||||
Unusual Or Infrequent Item [Line Items] | |||||
Number of domestic theaters reopened | 217 | 129 | |||
Restructuring costs | $ 20,369 | ||||
Number of Theaters | 15 | 9 |
Impact of COVID-19 - Schedule o
Impact of COVID-19 - Schedule of Restructuring Plan and Obligations Remained Outstanding (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Unusual Or Infrequent Item [Line Items] | |
Restructuring costs | $ 20,369 |
2020 Restructuring Plan | U.S. Operating Segment | |
Unusual Or Infrequent Item [Line Items] | |
Restructuring costs | 16,609 |
Amounts paid | (9,252) |
Noncash write-offs | (777) |
Reserve balance at December 31, 2020 | 6,580 |
2020 Restructuring Plan | U.S. Operating Segment | Employee Related | |
Unusual Or Infrequent Item [Line Items] | |
Restructuring costs | 8,964 |
Amounts paid | (7,603) |
Noncash write-offs | (521) |
Reserve balance at December 31, 2020 | 840 |
2020 Restructuring Plan | U.S. Operating Segment | Facility Closure Costs | |
Unusual Or Infrequent Item [Line Items] | |
Restructuring costs | 7,645 |
Amounts paid | (1,649) |
Noncash write-offs | (256) |
Reserve balance at December 31, 2020 | 5,740 |
2020 Restructuring Plan | International Operating Segment | |
Unusual Or Infrequent Item [Line Items] | |
Restructuring costs | 3,760 |
Amounts paid | (1,404) |
Noncash write-offs | (2,195) |
Reserve balance at December 31, 2020 | 161 |
2020 Restructuring Plan | International Operating Segment | Employee Related | |
Unusual Or Infrequent Item [Line Items] | |
Restructuring costs | 814 |
Amounts paid | (814) |
2020 Restructuring Plan | International Operating Segment | Facility Closure Costs | |
Unusual Or Infrequent Item [Line Items] | |
Restructuring costs | 2,946 |
Amounts paid | (590) |
Noncash write-offs | (2,195) |
Reserve balance at December 31, 2020 | 161 |
2020 Restructuring Plan | Consolidated | |
Unusual Or Infrequent Item [Line Items] | |
Restructuring costs | 20,369 |
Amounts paid | (10,656) |
Noncash write-offs | (2,972) |
Reserve balance at December 31, 2020 | 6,741 |
2020 Restructuring Plan | Consolidated | Employee Related | |
Unusual Or Infrequent Item [Line Items] | |
Restructuring costs | 9,778 |
Amounts paid | (8,417) |
Noncash write-offs | (521) |
Reserve balance at December 31, 2020 | 840 |
2020 Restructuring Plan | Consolidated | Facility Closure Costs | |
Unusual Or Infrequent Item [Line Items] | |
Restructuring costs | 10,591 |
Amounts paid | (2,239) |
Noncash write-offs | (2,451) |
Reserve balance at December 31, 2020 | $ 5,901 |
Lease Accounting - Additional I
Lease Accounting - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Theatres | |
Lease [Line Items] | |
Payments withheld or deferred classified as other accrued liabilities | $ 66,178 |
Noncancelable lease payments payable under operating lease, lease not yet commenced | 190,870 |
Theatres | Accrued Other Current Liabilities | |
Lease [Line Items] | |
Payments withheld or deferred classified as other accrued liabilities | 48,366 |
Theatres | Other Noncurrent Liabilities | |
Lease [Line Items] | |
Payments withheld or deferred classified as other accrued liabilities | $ 17,812 |
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 | 6 years |
Schedule of Operating and Finan
Schedule of Operating and Finance Right-of-Use Assets and Lease Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Assets | |||
Operating lease assets | [1] | $ 1,278,191 | $ 1,383,080 |
Finance lease assets | [1],[2] | $ 99,195 | $ 116,135 |
Finance Lease Right Of Use Asset Statement Of Financial Position Extensible List | us-gaap:PropertyPlantAndEquipmentNet | us-gaap:PropertyPlantAndEquipmentNet | |
Total lease assets | [1] | $ 1,377,386 | $ 1,499,215 |
Liabilities, Current | |||
Operating | [1] | 208,593 | 217,406 |
Current portion of finance lease obligations | [1] | 16,407 | 15,432 |
Liabilities, Noncurrent | |||
Operating | [1] | 1,138,142 | 1,223,462 |
Finance lease obligations, less current portion | [1] | 124,609 | 141,017 |
Total lease liabilities | [1] | $ 1,487,751 | $ 1,597,317 |
[1] | The operating lease right-of-use assets and liabilities recorded on the Company’s 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 the necessary notification is provided to the landlord. | ||
[2] | Finance lease assets are net of accumulated amortization of $36,384 and $47,961 as of December 31, 2019 and 2020, respectively |
Schedule of Operating and Fin_2
Schedule of Operating and Finance Right-of-Use Assets and Lease Liabilities (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Finance lease assets, accumulated amortization | $ 47,961 | $ 36,384 |
Schedule of Aggregate Lease Cos
Schedule of Aggregate Lease Costs by Lease Classification (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Operating lease costs | |||
Total operating lease costs | $ 278,380 | $ 355,394 | |
Finance lease costs | |||
Total finance lease costs | 21,676 | 22,520 | |
Depreciation and Amortization | |||
Finance lease costs | |||
Depreciation of leased assets | 14,662 | 14,734 | |
Interest Expense | |||
Finance lease costs | |||
Interest on lease liabilities | 7,014 | 7,786 | |
Equipment | Utilities and Other | |||
Operating lease costs | |||
Total operating lease costs | [1] | 3,324 | 9,172 |
Real Estate | Facility Lease Expense | |||
Operating lease costs | |||
Total operating lease costs | [2],[3] | $ 275,056 | $ 346,222 |
[1] | Includes approximately $4,700 and $(465) of short-term lease payments for the years ended December 31, 2019 and 2020, respectively. | ||
[2] | Approximately $1,614 and $1,445 of lease payments are included in general and administrative expenses primarily related to office leases for the year ended December 31, 2019 and 2020, respectively. | ||
[3] | Includes approximately $68,799 and $7,058 of variable lease payments based on a change in index, such as CPI or inflation, variable payments based on revenues or attendance and variable common area maintenance costs for the year ended December 31, 2019 and 2020, respectively |
Schedule of Aggregate Lease C_2
Schedule of Aggregate Lease Costs by Lease Classification (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lease Cost [Line Items] | ||
Lease payments | $ 271,787 | $ 281,895 |
Equipment | Utilities and Other | ||
Lease Cost [Line Items] | ||
Short term lease payments | 465 | 4,700 |
Real Estate | Facility Lease Expense | ||
Lease Cost [Line Items] | ||
Variable lease payments | 7,058 | 68,799 |
Lease payments | $ 1,445 | $ 1,614 |
Schedule of Maturity of Lease L
Schedule of Maturity of Lease Liabilities by Lease Classification (Detail) $ in Thousands | Dec. 31, 2020USD ($) | |
Leases [Abstract] | ||
Operating Leases, 2020 | $ 268,390 | [1] |
Operating Leases, 2021 | 250,956 | [1] |
Operating Leases, 2022 | 225,840 | |
Operating Leases, 2023 | 194,197 | |
Operating Leases, 2024 | 166,131 | |
Operating Leases, After 2024 | 508,104 | |
Operating Leases, Total lease payments | 1,613,618 | |
Operating Leases, Less: Interest | 266,883 | |
Operating Leases, Present value of lease liabilities | 1,346,735 | |
Finance Leases, 2020 | 22,671 | [1] |
Finance Leases, 2021 | 21,935 | [1] |
Finance Leases, 2022 | 21,246 | |
Finance Leases, 2023 | 20,165 | |
Finance Leases, 2024 | 18,380 | |
Finance Leases, After 2024 | 70,533 | |
Finance Leases, Total lease payments | 174,930 | |
Finance Leases, Less: Interest | 33,914 | |
Finance Leases, Present value of lease liabilities | 141,016 | |
Total Leases, 2020 | 291,061 | [1] |
Total Leases, 2021 | 272,891 | [1] |
Total Leases, 2022 | 247,086 | |
Total Leases, 2023 | 214,362 | |
Total Leases, 2024 | 184,511 | |
Total Leases, After 2024 | 578,637 | |
Total Leases, Total lease payments | 1,788,548 | |
Total Leases, Less: Interest | 300,797 | |
Total Leases, Present value of lease liabilities | $ 1,487,751 | |
[1] | Amounts do not include rent payments deferred under amendments as discussed at Lease Deferrals and Abatements above. |
Schedule of Weighted-Average Re
Schedule of Weighted-Average Remaining Lease Term and Discount Rate (Detail) | Dec. 31, 2020 | |
Equipment | ||
Lease [Line Items] | ||
Weighted-average remaining lease term - Operating leases | 2 years 6 months | [1] |
Weighted-average remaining lease term - Finance leases | 4 years 4 months 24 days | [1] |
Weighted-average discount rate - Operating leases | 4.20% | [2] |
Weighted-average discount rate - Finance leases | 4.70% | [2] |
Real Estate | ||
Lease [Line Items] | ||
Weighted-average remaining lease term - Operating leases | 7 years 7 months 6 days | [1] |
Weighted-average remaining lease term - Finance leases | 9 years 2 months 12 days | [1] |
Weighted-average discount rate - Operating leases | 4.90% | [2] |
Weighted-average discount rate - Finance leases | 4.80% | [2] |
[1] | The lease assets and liabilities recorded on the Company’s 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 at which the Company would borrow, on a collateralized basis, over a similar term and at an amount equal to the lease payments in a similar economic environment. |
Schedule of Minimum Cash Lease
Schedule of Minimum Cash Lease Payments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash paid for amounts included in the measurement of lease liabilities | |||
Cash outflows for operating leases | $ 271,787 | $ 281,895 | |
Cash outflows for finance leases - operating activities | 6,985 | 7,576 | |
Cash outflows for finance leases - financing activities | 15,432 | 14,600 | $ 25,353 |
Non-cash amount of leased assets obtained in exchange for: | |||
Finance lease liabilities | 21,535 | ||
Real Estate | |||
Non-cash amount of leased assets obtained in exchange for: | |||
Operating lease liabilities | 132,529 | 113,318 | |
Equipment | |||
Non-cash amount of leased assets obtained in exchange for: | |||
Operating lease liabilities | $ 188 | $ 795 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Revenue From Contract With Customer [Abstract] | ||
Receivables related to contracts with customers | $ 6,232,000 | $ 31,620,000 |
Assets related to costs to obtain or fulfill contract with customers | $ 0 |
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 | 12 Months Ended | |||||||||||||||
Dec. 31, 2020 | [1] | Sep. 30, 2020 | [1] | Jun. 30, 2020 | [1] | Mar. 31, 2020 | [1] | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Total revenues | $ 98,242 | $ 35,478 | $ 8,974 | $ 543,616 | $ 788,803 | $ 821,817 | $ 957,756 | $ 714,723 | $ 686,310 | [1] | $ 3,283,099 | $ 3,221,735 | |||||
Admissions Revenues | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Total revenues | 356,508 | 1,805,321 | 1,834,173 | ||||||||||||||
Concession Revenues | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Total revenues | 231,046 | 1,161,083 | 1,108,793 | ||||||||||||||
Screen Advertising, Screen Rental and Promotional Revenues | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Total revenues | 62,531 | 164,727 | 139,860 | ||||||||||||||
Other Revenues | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Total revenues | 36,225 | 151,968 | 138,909 | ||||||||||||||
U.S. Operating Segment | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Total revenues | [2] | 556,909 | 2,580,903 | 2,538,957 | |||||||||||||
U.S. Operating Segment | Admissions Revenues | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Total revenues | [2] | 291,636 | 1,431,790 | 1,461,151 | |||||||||||||
U.S. Operating Segment | Concession Revenues | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Total revenues | [2] | 189,561 | 936,241 | 892,391 | |||||||||||||
U.S. Operating Segment | Screen Advertising, Screen Rental and Promotional Revenues | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Total revenues | [2] | 46,199 | 128,839 | 78,591 | |||||||||||||
U.S. Operating Segment | Other Revenues | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Total revenues | [2] | 29,513 | 84,033 | 106,824 | |||||||||||||
International Operating Segment | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Total revenues | 129,401 | 702,196 | 682,778 | ||||||||||||||
International Operating Segment | Admissions Revenues | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Total revenues | 64,872 | 373,531 | 373,022 | ||||||||||||||
International Operating Segment | Concession Revenues | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Total revenues | 41,485 | 224,842 | 216,402 | ||||||||||||||
International Operating Segment | Screen Advertising, Screen Rental and Promotional Revenues | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Total revenues | 16,332 | 35,888 | 61,269 | ||||||||||||||
International Operating Segment | Other Revenues | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Total revenues | $ 6,712 | $ 67,935 | $ 32,085 | ||||||||||||||
[1] | Quarterly results during the year ended December 31, 2020 were impacted by the COVID-19 pandemic (see Note 3) as well as impairment recorded (see Notes 1 and 11). | ||||||||||||||||
[2] | U.S. segment revenues exclude intercompany transactions with the international operating segment. See Note 21 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 | 12 Months Ended | |||||||||||||||
Dec. 31, 2020 | [1] | Sep. 30, 2020 | [1] | Jun. 30, 2020 | [1] | Mar. 31, 2020 | [1] | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Total revenues | $ 98,242 | $ 35,478 | $ 8,974 | $ 543,616 | $ 788,803 | $ 821,817 | $ 957,756 | $ 714,723 | $ 686,310 | [1] | $ 3,283,099 | $ 3,221,735 | |||||
U.S. Operating Segment | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Total revenues | [2] | 556,909 | 2,580,903 | 2,538,957 | |||||||||||||
International Operating Segment | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Total revenues | 129,401 | 702,196 | 682,778 | ||||||||||||||
Goods and Services Transferred at a Point in Time | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Total revenues | 607,335 | 3,110,501 | 3,061,660 | ||||||||||||||
Goods and Services Transferred at a Point in Time | U.S. Operating Segment | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Total revenues | [2] | 497,338 | 2,488,716 | 2,453,313 | |||||||||||||
Goods and Services Transferred at a Point in Time | International Operating Segment | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Total revenues | 109,997 | 621,785 | 608,347 | ||||||||||||||
Goods and Services Transferred Over Time | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Total revenues | 78,975 | 172,598 | 160,075 | ||||||||||||||
Goods and Services Transferred Over Time | U.S. Operating Segment | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Total revenues | [2] | 59,571 | 92,187 | 85,644 | |||||||||||||
Goods and Services Transferred Over Time | International Operating Segment | |||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||
Total revenues | $ 19,404 | $ 80,411 | $ 74,431 | ||||||||||||||
[1] | Quarterly results during the year ended December 31, 2020 were impacted by the COVID-19 pandemic (see Note 3) as well as impairment recorded (see Notes 1 and 11). | ||||||||||||||||
[2] | U.S. segment revenues exclude intercompany transactions with the international operating segment. See Note 21 for additional information on intercompany eliminations. |
Changes in Deferred Revenues (D
Changes in Deferred Revenues (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Change in Contract with Customer Liability [Line Items] | |||||
Balance at January 1, 2020 | $ 486,780 | ||||
Amounts recognized as accounts receivable | 2,915 | ||||
Cash received from customers in advance | 56,772 | ||||
Common units received from NCM (see Note 8) | 3,620 | ||||
Interest accrued related to significant financing component | 23,595 | ||||
Revenue recognized during period | (88,939) | ||||
Foreign currency translation adjustments | (1,658) | ||||
Balance at December 31, 2020 | 483,085 | $ 486,780 | |||
NCM | |||||
Change in Contract with Customer Liability [Line Items] | |||||
Interest accrued related to significant financing component | (23,595) | ||||
NCM Screen Advertising Advances | |||||
Change in Contract with Customer Liability [Line Items] | |||||
Balance at January 1, 2020 | [1] | 348,354 | |||
Common units received from NCM (see Note 8) | (3,620) | (1,552) | $ (5,012) | ||
Interest accrued related to significant financing component | 23,595 | [1],[2] | 28,624 | ||
Revenue recognized during period | [1] | (31,314) | |||
Balance at December 31, 2020 | [1] | 344,255 | 348,354 | ||
NCM Screen Advertising Advances | NCM | |||||
Change in Contract with Customer Liability [Line Items] | |||||
Common units received from NCM (see Note 8) | [1] | 3,620 | |||
Other Deferred Revenues | |||||
Change in Contract with Customer Liability [Line Items] | |||||
Balance at January 1, 2020 | [3] | 138,426 | |||
Amounts recognized as accounts receivable | [3] | 2,915 | |||
Cash received from customers in advance | [3] | 56,772 | |||
Revenue recognized during period | [3] | (57,625) | |||
Foreign currency translation adjustments | [3] | (1,658) | |||
Balance at December 31, 2020 | [3] | $ 138,830 | $ 138,426 | ||
[1] | See Significant Financing Component | ||||
[2] | As a result of adoption of ASC Topic 606, the Company determined that the deferred revenue associated with the ESA and CUA agreement should be amortized on a straight-line basis versus the units of revenue method followed prior to adoption. In addition, the Company determined that a significant financing component existed for the ESA. | ||||
[3] | Includes liabilities associated with outstanding gift cards and discount ticket vouchers, points or rebates outstanding under the Company’s loyalty and membership programs and revenues not yet recognized for screen advertising and other promotional activities. Amount is classified as accounts payable and accrued expenses or other long-term liabilities on the consolidated balance 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 | Dec. 31, 2020USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | |
Other Deferred Revenues | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | $ 138,830 |
Other Deferred Revenues | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | 124,326 |
Other Deferred Revenues | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | $ 14,504 |
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 | Dec. 31, 2020USD ($) |
Other Deferred Revenues | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | $ 138,830 |
Computations of Basic and Dilut
Computations of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2020 | [1] | Sep. 30, 2020 | [1] | Jun. 30, 2020 | [1] | Mar. 31, 2020 | [1] | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||
Earnings Per Share Disclosure [Line Items] | |||||||||||||||||||
Net income (loss) attributable to Cinemark Holdings, Inc. | $ (239,256) | $ (147,592) | $ (170,389) | $ (59,591) | $ 26,334 | $ 31,353 | $ 100,971 | $ 32,728 | $ (616,828) | [1] | $ 191,386 | $ 213,827 | |||||||
(Earnings) loss allocated to participating share-based awards (1) | [2] | 4,279 | (1,174) | (1,168) | |||||||||||||||
Net income (loss) attributable to common stockholders | $ (612,549) | $ 190,212 | $ 212,659 | ||||||||||||||||
Basic weighted average shares outstanding | 116,667,000 | 116,306,000 | 116,054,000 | ||||||||||||||||
Diluted weighted average shares outstanding | 116,667,000 | 116,606,000 | 116,342,000 | ||||||||||||||||
Basic | $ (2.03) | $ (1.25) | $ (1.45) | $ (0.51) | $ 0.22 | $ 0.27 | $ 0.86 | $ 0.28 | $ (5.25) | [1] | $ 1.63 | $ 1.83 | |||||||
Diluted | $ (2.03) | $ (1.25) | $ (1.45) | $ (0.51) | $ 0.22 | $ 0.27 | $ 0.86 | $ 0.28 | $ (5.25) | [1] | $ 1.63 | $ 1.83 | |||||||
Restricted Stock Units (RSUs) | |||||||||||||||||||
Earnings Per Share Disclosure [Line Items] | |||||||||||||||||||
Common equivalent shares for restricted stock units | 682,000 | 300,000 | [3] | 288,000 | [3] | ||||||||||||||
[1] | Quarterly results during the year ended December 31, 2020 were impacted by the COVID-19 pandemic (see Note 3) as well as impairment recorded (see Notes 1 and 11). | ||||||||||||||||||
[2] | For the years ended December 31, 2018, 2019 and 2020, a weighted average of approximately 640 shares, 721 shares and 815 shares, of unvested restricted stock, respectively, are considered participating securities. | ||||||||||||||||||
[3] | For the year ended December 31, 2020, approximately 682 common equivalent shares for restricted stock units were excluded because they were anti-dilutive. |
Computations of Basic and Dil_2
Computations of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) - shares | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Earnings Per Share Disclosure [Line Items] | |||||
Weighted average shares of participating unvested restricted stock | 815,000 | 721,000 | 640,000 | ||
Restricted Stock Units (RSUs) | |||||
Earnings Per Share Disclosure [Line Items] | |||||
Common equivalent shares for restricted stock units | 682,000 | 300,000 | [1] | 288,000 | [1] |
[1] | For the year ended December 31, 2020, approximately 682 common equivalent shares for restricted stock units were excluded because they were anti-dilutive. |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - 4.50 % Convertible Senior Notes | Dec. 31, 2020$ / sharesshares |
Earnings Per Share [Abstract] | |
Interest rate | 4.50% |
Warrants, per share | $ / shares | $ 22.08 |
Common shares issued | shares | 32,051,282 |
Dividends (Detail)
Dividends (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Dividend Declared [Line Items] | ||||
Amount per Share of Common Stock | $ 0.36 | $ 1.36 | $ 1.28 | |
Total Dividends | [1] | $ 42,567 | $ 159,951 | $ 150,116 |
First Quarter Dividend | ||||
Dividend Declared [Line Items] | ||||
Declaration Date | Feb. 21, 2020 | Feb. 23, 2019 | Feb. 23, 2018 | |
Record Date | Mar. 6, 2020 | Mar. 8, 2019 | Mar. 8, 2018 | |
Payable Date | Mar. 20, 2020 | Mar. 22, 2019 | Mar. 22, 2018 | |
Amount per Share of Common Stock | $ 0.36 | $ 0.34 | $ 0.32 | |
Total Dividends | [1] | $ 42,567 | $ 39,905 | $ 37,471 |
Second Quarter Dividend | ||||
Dividend Declared [Line Items] | ||||
Declaration Date | May 24, 2019 | May 25, 2018 | ||
Record Date | Jun. 10, 2019 | Jun. 8, 2018 | ||
Payable Date | Jun. 24, 2019 | Jun. 22, 2018 | ||
Amount per Share of Common Stock | $ 0.34 | $ 0.32 | ||
Total Dividends | [1] | $ 40,012 | $ 37,523 | |
Third Quarter Dividend | ||||
Dividend Declared [Line Items] | ||||
Declaration Date | Aug. 16, 2019 | Aug. 23, 2018 | ||
Record Date | Sep. 4, 2019 | Sep. 4, 2018 | ||
Payable Date | Sep. 18, 2019 | Sep. 18, 2018 | ||
Amount per Share of Common Stock | $ 0.34 | $ 0.32 | ||
Total Dividends | [1] | $ 40,020 | $ 37,530 | |
Fourth Quarter Dividend | ||||
Dividend Declared [Line Items] | ||||
Declaration Date | Nov. 22, 2019 | Nov. 15, 2018 | ||
Record Date | Dec. 4, 2019 | Dec. 4, 2018 | ||
Payable Date | Dec. 18, 2019 | Dec. 18, 2018 | ||
Amount per Share of Common Stock | $ 0.34 | $ 0.32 | ||
Total Dividends | [1] | $ 40,014 | $ 37,592 | |
[1] | Of the dividends recorded during 2018, 2019 and 2020, $624, $670 and $256, respectively, were related to outstanding restricted stock units and will not be paid until such units vest. See Note 17. |
Dividends (Parenthetical) (Deta
Dividends (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |||
Dividends related to outstanding restricted stock units | $ 256 | $ 670 | $ 624 |
Summary of Activity with NCM In
Summary of Activity with NCM Included in Company's Consolidated Financial Statements (Detail) - USD ($) | Jul. 05, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Schedule Of Equity Method Investments [Line Items] | |||||||
Receipt of common units due to annual common unit adjustment | $ 3,620,000 | ||||||
Interest accrued on NCM screen advertising advances | (23,595,000) | ||||||
Equity in income (loss) of affiliates | (38,745,000) | $ 41,870,000 | $ 39,242,000 | ||||
Impairment of long-lived and other assets | 152,706,000 | 57,001,000 | 32,372,000 | ||||
NCM | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Beginning Balance | 265,792,000 | ||||||
Beginning Balance | (348,354,000) | ||||||
Purchase of additional common units | $ 78,393,000 | 78,393,000 | |||||
Interest accrued on NCM screen advertising advances | 23,595,000 | ||||||
Impairment of long-lived and other assets | 92,655,000 | ||||||
Ending Balance | 151,962,000 | 265,792,000 | |||||
Ending Balance | (344,255,000) | (348,354,000) | |||||
Investment In NCM | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Beginning Balance | 265,792,000 | 275,592,000 | 200,550,000 | ||||
Receipt of common units due to annual common unit adjustment | 3,620,000 | 1,552,000 | 5,012,000 | ||||
Purchase of additional common units | 78,393,000 | ||||||
Receipt of excess cash distributions | (12,022,000) | (23,452,000) | (19,786,000) | ||||
Receipt under tax receivable agreement | (2,146,000) | (2,492,000) | (2,419,000) | ||||
Equity in income (loss) of affiliates | (10,627,000) | 14,592,000 | 13,842,000 | ||||
Impairment of long-lived and other assets | (92,655,000) | ||||||
Ending Balance | 151,962,000 | 265,792,000 | 275,592,000 | ||||
NCM Screen Advertising Advances | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Beginning Balance | (348,354,000) | (350,242,000) | (351,706,000) | ||||
Receipt of common units due to annual common unit adjustment | (3,620,000) | (1,552,000) | (5,012,000) | ||||
Interest accrued on NCM screen advertising advances | (23,595,000) | [1],[2] | (28,624,000) | ||||
Amortization of screen advertising advances | 31,314,000 | [1] | 32,064,000 | 15,764,000 | |||
Ending Balance | (344,255,000) | (348,354,000) | (350,242,000) | ||||
NCM Screen Advertising Advances | NCM | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Receipt of common units due to annual common unit adjustment | [2] | 3,620,000 | |||||
NCM Screen Advertising Advances | Cumulative Effect, Period of Adoption, Adjustment | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Impact of adoption of ASC Topic 606 | [1] | (9,288,000) | |||||
Distributions from NCM | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Beginning Balance | (12,873,000) | (15,389,000) | |||||
Receipt of excess cash distributions | (5,914,000) | (11,631,000) | (13,231,000) | ||||
Receipt under tax receivable agreement | (1,061,000) | (1,242,000) | (2,158,000) | ||||
Ending Balance | (6,975,000) | (12,873,000) | (15,389,000) | ||||
Equity in [Earnings] Loss | NCM | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Beginning Balance | (14,592,000) | (13,842,000) | |||||
Equity in income (loss) of affiliates | 10,627,000 | (14,592,000) | (13,842,000) | ||||
Ending Balance | 10,627,000 | (14,592,000) | (13,842,000) | ||||
Other Revenue | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Total Revenues | (45,846,000) | (47,631,000) | |||||
Revenues earned under ESA | [3] | (4,689,000) | [4] | (13,782,000) | [1] | (31,867,000) | |
Total Revenues | (36,003,000) | (45,846,000) | (47,631,000) | ||||
Other Revenue | NCM | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Amortization of screen advertising advances | (31,314,000) | [1] | (32,064,000) | (15,764,000) | |||
Interest Expense - NCM | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Beginning Balance | [4] | 28,624,000 | 19,724,000 | ||||
Revenues earned under ESA | [3],[4] | 19,724,000 | |||||
Interest accrued on NCM screen advertising advances | [4] | 23,595,000 | [1] | 28,624,000 | |||
Ending Balance | [4] | 23,595,000 | 28,624,000 | 19,724,000 | |||
Cash Received | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Total Cash Received | 52,599,000 | 49,737,000 | |||||
Revenues earned under ESA | [3] | 4,689,000 | [4] | 13,782,000 | [1] | 12,143,000 | |
Receipt of excess cash distributions | 17,936,000 | 35,083,000 | 33,017,000 | ||||
Receipt under tax receivable agreement | 3,207,000 | 3,734,000 | 4,577,000 | ||||
Total Cash Received | $ 25,832,000 | $ 52,599,000 | $ 49,737,000 | ||||
[1] | As a result of adoption of ASC Topic 606, the Company determined that the deferred revenue associated with the ESA and CUA agreement should be amortized on a straight-line basis versus the units of revenue method followed prior to adoption. In addition, the Company determined that a significant financing component existed for the ESA. | ||||||
[2] | See Significant Financing Component | ||||||
[3] | Amounts include the per patron and per digital screen theatre access fees due to the Company, net of amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire. The amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire were approximately $11,965, $11,478 and $2,605 for the years ended December 31, 2018, 2019 and 2020, respectively. | ||||||
[4] | Approximately $4,828 represents screen rental revenues earned under the amendment to the ESA. See Note 5. |
Summary of Activity with NCM _2
Summary of Activity with NCM Included in Company's Consolidated Financial Statements (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule Of Equity Method Investments [Line Items] | |||
Company's beverage concessionaire advertising costs | $ 2,605 | $ 11,478 | $ 11,965 |
Screen Advertising Rental Revenue | |||
Schedule Of Equity Method Investments [Line Items] | |||
Revenues earned under ESA | $ 4,828 |
Investment in National CineMe_3
Investment in National CineMedia LLC - Additional Information (Detail) $ / shares in Units, $ in Thousands | Jul. 05, 2018USD ($)$ / sharesshares | Mar. 31, 2020USD ($)shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jul. 04, 2018 |
Schedule Of Equity Method Investments [Line Items] | ||||||
Number of additional common units of NCM received under common unit adjustment agreement | shares | 1,112,368 | |||||
Value of common units received from NCM | $ 3,620 | $ 3,620 | $ 1,552 | $ 5,012 | ||
Interest in common units of NCM acquired by Company | 25.00% | |||||
Number of common units of NCM owned by Company | shares | 40,850,068 | |||||
Impairment of long-lived and other assets | $ 152,706 | 57,001 | 32,372 | |||
Investment In NCM | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Common unit convertible into share of NCMI common stock, conversion ratio | 1 | |||||
Value of common units in cash | 78,393 | |||||
Estimated fair value of investment using NCM's stock price | $ 151,962 | |||||
NCMI common stock price | $ / shares | $ 3.72 | |||||
Impairment of long-lived and other assets | $ (92,655) | |||||
NCM | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Remaining performance obligations | $ 174,000 | |||||
Deferred revenue amortization year and month | 2041-02 | |||||
Number of common units of NCM acquired by Company | shares | 10,738,740 | |||||
Value of common units in cash | $ 78,393 | 78,393 | ||||
Common unit price per share | $ / shares | $ 7.30 | |||||
Interest in common units of NCM acquired by Company | 25.00% | 18.00% | ||||
Impairment of long-lived and other assets | $ 92,655 | |||||
Deferred revenue or NCM screen advertising advances extended term | 2041-02 | |||||
NCM | Minimum | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Percentage Of Incremental Borrowing Rates | 4.40% | |||||
NCM | Maximum | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Percentage Of Incremental Borrowing Rates | 8.30% | |||||
NCM | Theatre Properties and Equipment | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Payment for installation of certain equipment used for digital advertising | $ 9 | $ 61 | $ 74 |
Summary of Common Units Receive
Summary of Common Units Received Under Adjustment Agreement (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 29, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule Of Equity Method Investments [Line Items] | ||||||
Number of Common Units Received | 1,112,368 | |||||
Fair Value of Common Units Received | $ 3,620 | $ 3,620 | $ 1,552 | $ 5,012 | ||
Annual Common Unit Adjustment | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Date Common Units Received | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 29, 2018 | |||
Number of Common Units Received | 1,112,368 | 219,056 | 908,042 | |||
Fair Value of Common Units Received | $ 3,620 | $ 1,552 | $ 5,012 |
Summary of Recognition of Reven
Summary of Recognition of Revenue Related To Deferred Revenue (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01 | |||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01 | |||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 | |||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | |||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01 | |||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | |||
NCM Screen Advertising Advances | |||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |||
Revenue remaining performance obligation, amount | [1] | $ 344,255 | |
NCM Screen Advertising Advances | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01 | |||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | [1] | 1 year | |
Revenue remaining performance obligation, amount | [1] | $ 8,268 | |
NCM Screen Advertising Advances | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | [1] | 1 year | |
Revenue remaining performance obligation, amount | [1] | $ 8,840 | |
NCM Screen Advertising Advances | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 | |||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | [1] | 1 year | |
Revenue remaining performance obligation, amount | [1] | $ 9,452 | |
NCM Screen Advertising Advances | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | |||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | [1] | 1 year | |
Revenue remaining performance obligation, amount | [1] | $ 10,108 | |
NCM Screen Advertising Advances | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01 | |||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |||
Revenue remaining performance obligation, amount | [1] | 10,811 | |
NCM Screen Advertising Advances | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01 | |||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | [1] | ||
Revenue remaining performance obligation, amount | [1] | $ 296,776 | |
[1] | Amounts are net of the estimated interest to be accrued for the periods presented. |
Summary of Recognition of Rev_2
Summary of Recognition of Revenue Related To Deferred Revenue (Detail 1) $ in Thousands | Dec. 31, 2020USD ($) | |
NCM Screen Advertising Advances | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Revenue remaining performance obligation, amount | $ 344,255 | [1] |
[1] | Amounts are net of the estimated interest to be accrued for the periods presented. |
Summary Financial Information f
Summary Financial Information for National CineMedia (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | [1] | Jun. 30, 2020 | [1] | Mar. 31, 2020 | [1] | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 26, 2019 | Dec. 31, 2018 | Dec. 27, 2018 | |||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||||||
Operating income (loss) | $ (286,996) | [1] | $ (210,784) | $ (214,275) | $ (42,919) | $ 66,436 | $ 58,531 | $ 156,052 | $ 57,368 | $ (754,974) | [1] | $ 338,387 | $ 388,351 | |||||
Net income (loss) attributable to Cinemark Holdings, Inc. | (239,256) | [1] | $ (147,592) | $ (170,389) | $ (59,591) | 26,334 | $ 31,353 | $ 100,971 | $ 32,728 | (616,828) | [1] | 191,386 | $ 213,827 | |||||
Deferred charges and other assets, net | 33,199 | 39,114 | 33,199 | 39,114 | ||||||||||||||
Current liabilities | 606,441 | 708,800 | 606,441 | 708,800 | ||||||||||||||
Noncurrent liabilities | 4,157,512 | $ 3,670,895 | 4,157,512 | $ 3,670,895 | ||||||||||||||
NCM | ||||||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||||||
Revenues | 89,887 | $ 444,800 | $ 441,400 | |||||||||||||||
Operating income (loss) | (59,671) | 155,700 | 154,300 | |||||||||||||||
Net income (loss) attributable to Cinemark Holdings, Inc. | (115,753) | 98,800 | $ 98,400 | |||||||||||||||
Current assets | 142,566 | 142,566 | 185,400 | |||||||||||||||
Deferred charges and other assets, net | 685,643 | 685,643 | 706,600 | |||||||||||||||
Current liabilities | 46,872 | 46,872 | 125,500 | |||||||||||||||
Noncurrent liabilities | 1,072,207 | 1,072,207 | 947,800 | |||||||||||||||
Members' deficit | $ (290,870) | $ (290,870) | $ (181,300) | |||||||||||||||
[1] | Quarterly results during the year ended December 31, 2020 were impacted by the COVID-19 pandemic (see Note 3) as well as impairment recorded (see Notes 1 and 11). |
Summary of Activity for Each of
Summary of Activity for Each of Company's Other Investments (Detail) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Equity in income (loss) | $ (38,745,000) | $ 41,870,000 | $ 39,242,000 | |||
Cash distributions received | (25,430,000) | (53,366,000) | (30,143,000) | |||
Digital Cinema Implementation Partners | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Cash distributions received | [1] | (10,383,000) | (23,696,000) | (5,799,000) | ||
Other | 12,915,000 | |||||
Other Affiliates | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Investments, beginning balance | 155,285,000 | 156,766,000 | 120,045,000 | |||
Cash contributions | 50,000 | 22,076,000 | ||||
Equity in income (loss) | (28,118,000) | 27,278,000 | 25,400,000 | |||
Equity in comprehensive income (loss) | (141,000) | (139,000) | ||||
Cash distributions received | (11,261,000) | (27,422,000) | (7,938,000) | |||
Non-cash distribution received | [2] | (89,804,000) | ||||
Other | (2,426,000) | [3] | (1,196,000) | [4] | (2,678,000) | |
Investments, ending balance | 23,726,000 | 155,285,000 | 156,766,000 | |||
Other Affiliates | Digital Cinema Implementation Partners | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Investments, beginning balance | 124,696,000 | 125,252,000 | 106,215,000 | |||
Cash contributions | 50,000 | 2,076,000 | ||||
Equity in income (loss) | (24,559,000) | 23,281,000 | 22,899,000 | |||
Equity in comprehensive income (loss) | (141,000) | (139,000) | ||||
Cash distributions received | (10,383,000) | (23,696,000) | (5,799,000) | |||
Non-cash distribution received | [2] | (89,804,000) | ||||
Investments, ending balance | 124,696,000 | 125,252,000 | ||||
Other Affiliates | AC JV, LLC | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Investments, beginning balance | 5,022,000 | 5,266,000 | 5,916,000 | |||
Equity in income (loss) | (1,277,000) | 3,276,000 | 1,270,000 | |||
Cash distributions received | (3,520,000) | (1,920,000) | ||||
Investments, ending balance | 3,745,000 | 5,022,000 | 5,266,000 | |||
Other Affiliates | Digital Cinema Distribution Coalition | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Investments, beginning balance | 3,169,000 | 2,255,000 | 3,598,000 | |||
Equity in income (loss) | (1,036,000) | 1,120,000 | 1,313,000 | |||
Cash distributions received | (878,000) | (206,000) | (219,000) | |||
Other | (2,437,000) | |||||
Investments, ending balance | 1,255,000 | 3,169,000 | 2,255,000 | |||
Other Affiliates | FE Concepts, LLC | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Investments, beginning balance | 19,519,000 | 19,918,000 | 104,000 | |||
Cash contributions | 20,000,000 | |||||
Equity in income (loss) | (1,246,000) | (399,000) | (82,000) | |||
Other | (104,000) | |||||
Investments, ending balance | 18,273,000 | 19,519,000 | 19,918,000 | |||
Other Affiliates | Other Investments | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Investments, beginning balance | 2,879,000 | 4,075,000 | 4,212,000 | |||
Other | (2,426,000) | [3] | (1,196,000) | [4] | (137,000) | |
Investments, ending balance | $ 453,000 | $ 2,879,000 | $ 4,075,000 | |||
[1] | See discussion of cash distributions from DCIP, which were recorded as a reduction of the Company’s investment in DCIP, at Note 9. These distributions are reported entirely within the U.S. operating segment. | |||||
[2] | Consists of projectors distributed to the Company from DCIP as discussed below. | |||||
[3] | Consists primarily of the impairment of a cost method investment (see Note 11 for discussion of impairments recorded) and mark-to-market adjustment on an investment in marketable securities. | |||||
[4] | Other activity for DCDC for the year ended December 31, 2018 consisted of returns of capital originally contributed by the Company. Other activity for the year ended December 31, 2019 consists primarily of and mark-to-market adjustment on an investment in marketable securities. |
Other Investments - Additional
Other Investments - Additional Information (Detail) $ in Thousands | Apr. 30, 2018USD ($) | Dec. 31, 2020USD ($)Studio | Dec. 31, 2019USD ($) | Dec. 26, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 27, 2018USD ($) |
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 | |||||
Operating lease right of use asset write off | $ 7,468 | |||||
Operating lease right of use liabilities write off | 14,102 | |||||
Gain on sale of asset | 6,634 | |||||
Lease termination liability | 4,169 | |||||
Remaining termination lease liability | 3,474 | |||||
Fair value of projectors | 102,719 | |||||
Reduction in investment in DCIP | 89,804 | |||||
Other | $ 12,915 | |||||
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 | $ 3,740 | $ 15,376 | $ 12,481 | |||
Digital Cinema Distribution Coalition | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Percentage of voting interest | 14.60% | |||||
Payments for content delivery services | $ 428 | $ 896 | $ 927 | |||
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 | |||||
Management fee revenues | $ 34 | $ 64 |
Summary Financial Information_2
Summary Financial Information for DCIP (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | [1] | Jun. 30, 2020 | [1] | Mar. 31, 2020 | [1] | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Schedule Of Equity Method Investments [Line Items] | |||||||||||||||||
Total revenues | $ 98,242 | [1] | $ 35,478 | $ 8,974 | $ 543,616 | $ 788,803 | $ 821,817 | $ 957,756 | $ 714,723 | $ 686,310 | [1] | $ 3,283,099 | $ 3,221,735 | ||||
Net income (loss) | (239,674) | [1] | $ (148,036) | $ (170,816) | $ (59,422) | 26,839 | $ 31,955 | $ 101,861 | $ 33,193 | (617,948) | [1] | 193,848 | 215,305 | ||||
Current assets | 892,747 | 634,990 | 892,747 | 634,990 | |||||||||||||
Current liabilities | 606,441 | 708,800 | 606,441 | 708,800 | |||||||||||||
Noncurrent liabilities | 4,157,512 | 3,670,895 | 4,157,512 | 3,670,895 | |||||||||||||
Members' equity (deficit) | 798,969 | 1,448,322 | 798,969 | 1,448,322 | 1,408,570 | $ 1,405,688 | |||||||||||
Other Affiliates | Digital Cinema Implementation Partners | |||||||||||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||||||||||
Total revenues | 30,561 | 171,531 | 172,534 | ||||||||||||||
Operating income (loss) | (105,691) | 99,812 | 102,236 | ||||||||||||||
Net income (loss) | (114,243) | 95,820 | $ 94,757 | ||||||||||||||
Current assets | 36,372 | 51,382 | 36,372 | 51,382 | |||||||||||||
Noncurrent assets | 205 | 581,547 | 205 | 581,547 | |||||||||||||
Current liabilities | 39,844 | 70,515 | 39,844 | 70,515 | |||||||||||||
Noncurrent liabilities | 687 | 190 | 687 | 190 | |||||||||||||
Members' equity (deficit) | $ (3,954) | $ 562,224 | $ (3,954) | $ 562,224 | |||||||||||||
[1] | Quarterly results during the year ended December 31, 2020 were impacted by the COVID-19 pandemic (see Note 3) as well as impairment recorded (see Notes 1 and 11). |
Transactions with DCIP (Detail)
Transactions with DCIP (Detail) - Digital Cinema Implementation Partners - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Schedule Of Equity Method Investments [Line Items] | ||||
Equipment lease payments | [1] | $ 1,729 | $ 4,399 | $ 4,862 |
Warranty reimbursements from DCIP | (6,997) | (11,800) | (10,800) | |
Management services fees | $ 208 | $ 596 | $ 730 | |
[1] | Excludes lease termination |
Transactions with DCIP (Parenth
Transactions with DCIP (Parenthetical) (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Equity Method Investments And Joint Ventures [Abstract] | |
Lease termination payments | $ 695 |
Summary of Goodwill (Detail)
Summary of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | ||||
Goodwill [Line Items] | |||||
Beginning Balance | [1] | $ 1,283,371 | $ 1,276,324 | ||
Acquisition of theatres | [2] | 9,680 | |||
Impairment | [3] | 16,128 | |||
Foreign currency translation adjustments | (13,403) | (2,633) | |||
Ending Balance | 1,253,840 | [4] | 1,283,371 | [1] | |
Impairment | [3] | (16,128) | |||
U.S. Operating Segment | |||||
Goodwill [Line Items] | |||||
Beginning Balance | [1] | 1,182,853 | 1,174,041 | ||
Acquisition of theatres | [2] | 8,812 | |||
Ending Balance | 1,182,853 | [4] | 1,182,853 | [1] | |
International Operating Segment | |||||
Goodwill [Line Items] | |||||
Beginning Balance | [1] | 100,518 | 102,283 | ||
Acquisition of theatres | [2] | 868 | |||
Impairment | [3] | 16,128 | |||
Foreign currency translation adjustments | (13,403) | (2,633) | |||
Ending Balance | 70,987 | [4] | $ 100,518 | [1] | |
Impairment | [3] | $ (16,128) | |||
[1] | Balances are presented net of historical accumulated impairment losses of $214,031 for the U.S. operating segment and $27,622 for the international operating segment | ||||
[2] | Amounts represent acquisition of two theatres in the U.S. and final purchase price adjustment for theatres acquired in Brazil during the year ended December 31, 2018. | ||||
[3] | See Note 11 for discussion of impairment evaluations performed during the year ended December 31, 2020. | ||||
[4] | Balances are presented net of historical accumulated impairment losses of $214,031 for the U.S. operating segment and $43,750 for the international operating segment |
Summary of Goodwill (Parentheti
Summary of Goodwill (Parenthetical) (Detail) $ in Thousands | Dec. 31, 2020USD ($)Theatre | Dec. 31, 2019USD ($)Theatre |
Goodwill [Line Items] | ||
Number of theatres acquired | Theatre | 2 | |
U.S. Operating Segment | ||
Goodwill [Line Items] | ||
Accumulated impairment losses | $ | $ 214,031 | $ 214,031 |
Number of theatres acquired | Theatre | 2 | |
International Operating Segment | ||
Goodwill [Line Items] | ||
Accumulated impairment losses | $ | $ 43,750 | $ 27,622 |
Intangible Assets-Net (Detail)
Intangible Assets-Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | |||
Intangible Assets [Line Items] | ||||
Intangible assets with finite lives, Beginning balance | $ 84,953 | $ 105,256 | ||
Other, Gross carrying amount | (2,521) | [1] | (2,136) | |
Intangible assets with finite lives, Ending balance | 82,432 | 84,953 | ||
Intangible assets with finite lives, Accumulated amortization, Beginning balance | (63,870) | (74,603) | ||
Accumulated amortization additions | [2] | 0 | ||
Accumulated amortization | (4,746) | (4,994) | ||
Other Accumulated Amortization of Intangible Assets | 200 | [1] | 2,130 | |
Intangible assets with finite lives, Accumulated amortization, Ending balance | (68,416) | (63,870) | ||
Net intangible assets with finite lives, Beginning balance | 21,083 | 30,653 | ||
Intangible assets with finite lives, additions | [2] | (143) | ||
Other, Finite lived intangible assets | (2,321) | [1] | (6) | |
Net intangible assets with finite lives, Ending balance | 14,016 | 21,083 | ||
Indefinite-lived Intangible Assets, Tradename and Other, Beginning Balance | 300,686 | 300,257 | ||
Indefinite lived intangible assets, additions | [2] | 492 | ||
Other, Tradename and Other | (507) | [1] | (63) | |
Indefinite-lived Intangible Assets, Tradename and Other, Ending Balance | 300,179 | 300,686 | ||
Total intangible assets - net, Beginning balance | 321,769 | 330,910 | ||
Other, Total intangible assets - net | (2,828) | [1] | (69) | |
Total intangible assets - net, Ending balance | $ 314,195 | 321,769 | ||
ASC Topic 842 | ||||
Intangible Assets [Line Items] | ||||
Impact of Adoption, Gross carrying amount | [3] | (18,024) | ||
Impact of Adoption, Accumulated amortization | [3] | 13,597 | ||
Impact of Adoption, Finite lived intangible assets | [3] | (4,427) | ||
Impact of Adoption, Trade and other | [3] | $ (4,427) | ||
[1] | Includes the write-off of fully amortized intangible assets, foreign currency translation adjustments and impairment recorded related to a previously acquired theatre leasehold interest in Brazil. See Note 11 for discussion of impairment evaluations performed during the year ended December 31, 2020. | |||
[2] | Amount represents intangible assets recorded as a result of two theatres acquired in the U.S. and final purchase price adjustment for theatres acquired in Brazil during the year ended December 31, 2018. | |||
[3] | Amount represents intangible assets reclassified to operating lease right of use assets and finance lease assets upon the adoption of ASC 842 effective January 1, 2019. |
Intangible Assets-Net (Parenthe
Intangible Assets-Net (Parenthetical) (Detail) | Dec. 31, 2020Theatre |
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 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Finite Lived Intangible Assets Net [Abstract] | |||
For the year ended December 31, 2021 | $ 2,686 | ||
For the year ended December 31, 2022 | 2,553 | ||
For the year ended December 31, 2023 | 2,460 | ||
For the year ended December 31, 2024 | 2,460 | ||
For the year ended December 31, 2025 | 2,342 | ||
Thereafter | 1,515 | ||
Total | $ 14,016 | $ 21,083 | $ 30,653 |
Summary of Long Lived Asset Imp
Summary of Long Lived Asset Impairment Evaluations Performed by Assets Classification (Detail) | 3 Months Ended | |||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Goodwill | ||||
Impaired Long Lived Assets Held And Used [Line Items] | ||||
Long lived assets imapirement, Valuation Multiple | N/A | |||
Goodwill | Market Approach | ||||
Impaired Long Lived Assets Held And Used [Line Items] | ||||
Long lived assets imapirement, Valuation Multiple | 3.1 to 7 times | 2.9 to 7 times | 8 times | |
Tradename Intangible Assets | ||||
Impaired Long Lived Assets Held And Used [Line Items] | ||||
Long lived assets imapirement, Valuation Multiple | N/A | |||
Tradename Intangible Assets | Income Approach | ||||
Impaired Long Lived Assets Held And Used [Line Items] | ||||
Long lived assets imapirement, Valuation Multiple | N/A | N/A | N/A | |
Other long-lived assets | ||||
Impaired Long Lived Assets Held And Used [Line Items] | ||||
Long lived assets imapirement, Valuation Multiple | N/A | |||
Other long-lived assets | Market Approach | ||||
Impaired Long Lived Assets Held And Used [Line Items] | ||||
Long lived assets imapirement, Valuation Multiple | 3.1 to 6 times | 3.2 to 6 times | 6 times |
Summary of Long-Lived Asset Imp
Summary of Long-Lived Asset Impairment Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Impaired Long Lived Assets Held And Used [Line Items] | ||||
Impairment | [1] | $ 16,128 | ||
Total impairment | 152,706 | $ 57,001 | $ 32,372 | |
Investment In NCM | ||||
Impaired Long Lived Assets Held And Used [Line Items] | ||||
Total impairment | (92,655) | |||
U.S. Operating Segment | ||||
Impaired Long Lived Assets Held And Used [Line Items] | ||||
Theatre properties | 12,398 | 36,005 | 18,597 | |
Theatre operating lease right-of-use assets | 13,216 | 10,457 | ||
Cost method investment | 2,500 | |||
Total impairment | 120,769 | 46,462 | 18,597 | |
U.S. Operating Segment | Investment In NCM | ||||
Impaired Long Lived Assets Held And Used [Line Items] | ||||
Investment | [2] | 92,655 | ||
International Operating Segment | ||||
Impaired Long Lived Assets Held And Used [Line Items] | ||||
Theatre properties | 9,951 | 8,821 | 13,775 | |
Theatre operating lease right-of-use assets | 5,025 | 1,718 | ||
Impairment | [1] | 16,128 | ||
Intangible assets | 833 | |||
Total impairment | $ 31,937 | $ 10,539 | $ 13,775 | |
[1] | See Note 11 for discussion of impairment evaluations performed during the year ended December 31, 2020. | |||
[2] | See Note 8 for discussion on NCM impairment. |
Accrued Other Current Liabili_3
Accrued Other Current Liabilities - Schedule of Accrued Other Current Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Payables And Accruals [Abstract] | |||
Gift card liability | [1] | $ 43,448 | $ 48,481 |
SuperSaver liability | [1] | 38,882 | 40,778 |
Accrued lease payable | [2] | 48,366 | |
Other | 86,769 | 86,447 | |
Total | $ 217,465 | $ 175,706 | |
[1] | See discussion of revenue recognition at Note 5. | ||
[2] | See discussion of lease deferrals at Note 4. |
Long Term Debt (Detail)
Long Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Cinemark USA, Inc. term loan due 2025 | $ 639,731 | $ 646,327 |
Other | 23,169 | |
Total | 2,527,900 | 1,801,327 |
Less current portion | 18,056 | 6,595 |
Less: Debt discounts and debt issuance costs, net of accumulated amortization | 132,682 | 23,390 |
Long-term debt, less current portion, net of debt discounts and unamortized debt issuance costs | 2,377,162 | 1,771,342 |
5.125% senior notes due 2022 | ||
Debt Instrument [Line Items] | ||
Senior notes | 400,000 | 400,000 |
4.875% senior notes due 2023 | ||
Debt Instrument [Line Items] | ||
Senior notes | 755,000 | $ 755,000 |
8.750% senior secured notes due 2025 | ||
Debt Instrument [Line Items] | ||
Senior notes | 250,000 | |
4.500% convertible senior notes due 2025 | ||
Debt Instrument [Line Items] | ||
Senior notes | $ 460,000 |
Long Term Debt - Additional Inf
Long Term Debt - Additional Information (Detail) | Feb. 27, 2023USD ($) | Sep. 13, 2022USD ($) | Aug. 21, 2020USD ($)$ / shares | Apr. 20, 2020USD ($) | May 21, 2016USD ($) | May 24, 2013USD ($) | Dec. 18, 2012USD ($) | Dec. 31, 2020USD ($)TradingDayAgreement | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2012 | Mar. 29, 2018 |
Debt Instrument [Line Items] | ||||||||||||||
Interest rate | 4.50% | |||||||||||||
Debt issuance costs | $ 24,981,000 | $ 5,218,000 | ||||||||||||
Amount outstanding under the term loan | $ 639,731,000 | $ 646,327,000 | ||||||||||||
Percentage voting stock of foreign subsidiaries | 65.00% | |||||||||||||
Multiple consolidated interest expense under sub condition two of condition two under dividend restriction | 1.75 | |||||||||||||
Tax impact of conversion option and convertible note hedge and warrant transactions | $ 10,915,000 | |||||||||||||
Loans Amount | $ 22,322,000 | |||||||||||||
Carrying value of long-term debt | 2,527,900,000 | 1,801,327,000 | ||||||||||||
Fair value of long-term debt | 2,652,635,000 | 1,826,503,000 | ||||||||||||
Loss accumulated on swaps prior to the amendments | 29,359,000 | |||||||||||||
Amortization of accumulated losses for amended swap agreements | $ 3,371,000 | |||||||||||||
Interest Rate Swap | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Number of Interest Rate Swap Agreements Amended | Agreement | 3 | |||||||||||||
Amended Senior Secured Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate | 0.25% | |||||||||||||
Final principal payment due date | Mar. 31, 2025 | |||||||||||||
Loss on debt | $ 1,484,000 | |||||||||||||
Debt issuance costs | 4,962,000 | $ 4,962,000 | $ 4,962,000 | |||||||||||
Quarterly principal payments due | $ 1,649,000 | |||||||||||||
Last quarterly payment date | Dec. 31, 2024 | |||||||||||||
Final principal payment | $ 613,351,000 | |||||||||||||
Disclosure of dividend restrictions associated with the debt agreement | $ 2,700,000,000 | |||||||||||||
Amended Senior Secured Credit Facility | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Senior secured leverage ratio required | 425.00% | |||||||||||||
4.50 % Convertible Senior Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Aggregate principal amount of add-on to Senior Notes | $ 460,000,000 | |||||||||||||
Interest rate | 4.50% | |||||||||||||
Debt instrument, maturity date | Aug. 15, 2025 | |||||||||||||
Conversion price per share, percentage | 130.00% | |||||||||||||
Trading price per principal amount of notes | $ 1,000 | |||||||||||||
Percentage of product of last reported sale price of common stock and conversion rate | 98.00% | |||||||||||||
Debt conversion, description | (1) during the five business day period after any five consecutive trading day period, or the measurement period, in which the trading price per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such trading day; (2) if the Company distributes to all or substantially all stockholders (i) rights options or warrants entitling them to purchase shares at a discount to the recent average trading price of the Company’s common stock (including due to a stockholder rights plan) or (ii) the Company’s assets or securities or rights, options or warrants to purchase the same with a per share value exceeding 10% of the trading price of the Company’s stock, (3) upon the occurrence of specified corporate events as described further in the indenture, or (4) during any calendar quarter commencing after the calendar quarter ending on September 30, 2020 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price (initially 14.35 per share), on each applicable trading day. Beginning May 15, 2025, holders may convert their 4.500% Convertible Senior Notes at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion of the 4.500% Convertible Senior Notes, the Company will pay or deliver cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election. | |||||||||||||
Debt instrument, convertible, latest date | May 15, 2025 | |||||||||||||
Debt instrument, convertible, threshold trading days | TradingDay | 20 | |||||||||||||
Debt instrument, convertible, threshold consecutive trading days | TradingDay | 30 | |||||||||||||
Debt instrument, convertible, conversion ratio per 1000 principal amount | 69.6767 | |||||||||||||
Effective interest rate over contractual terms of notes to amortize debt discount to interest expense | 10.00% | |||||||||||||
Total cost of the Hedge Transactions | $ 142,094,000 | |||||||||||||
Warrants, per share | $ / shares | $ 22.08 | |||||||||||||
Cash proceeds from the sale of the warrants | $ 89,424,000 | |||||||||||||
4.50 % Convertible Senior Notes | Minimum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Sale price per share | $ / shares | $ 14.35 | |||||||||||||
4.875 % Senior Notes Due May 2023 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Aggregate principal amount of add-on to Senior Notes | $ 530,000,000 | |||||||||||||
Interest rate | 4.875% | |||||||||||||
Debt instrument, maturity date | Jun. 1, 2023 | |||||||||||||
Price to repurchase the senior subordinated notes as a percentage of the aggregate principal amount outstanding plus accrued and unpaid interest in case of change of control | 101.00% | |||||||||||||
Debt covenants, required minimum coverage ratio | 200.00% | |||||||||||||
4.875 % Senior Notes Due June 1, 2023 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Aggregate principal amount of add-on to Senior Notes | $ 225,000,000 | $ 755,000,000 | ||||||||||||
Interest rate | 4.875% | 4.875% | 4.875% | |||||||||||
Debt instrument, maturity date | Jun. 1, 2023 | |||||||||||||
Price to repurchase the senior subordinated notes as a percentage of the aggregate principal amount outstanding plus accrued and unpaid interest in case of change of control | 99.00% | |||||||||||||
4.875 % Senior Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Disclosure of dividend restrictions associated with the debt agreement | $ 2,800,000,000 | |||||||||||||
4.875 % Senior Notes | Scenario Forecast | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate | 4.875% | |||||||||||||
Debt instrument, maturity date | Feb. 28, 2023 | |||||||||||||
Aggregate outstanding principal threshold amount if exceeds triggers maturity | $ 50,000,000 | |||||||||||||
5.125% senior notes due 2022 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Aggregate principal amount of add-on to Senior Notes | $ 400,000,000 | |||||||||||||
Interest rate | 5.125% | |||||||||||||
Debt instrument, maturity date | Dec. 15, 2022 | |||||||||||||
Price to repurchase the senior subordinated notes as a percentage of the aggregate principal amount outstanding plus accrued and unpaid interest in case of change of control | 101.00% | |||||||||||||
Debt covenants, required minimum coverage ratio | 200.00% | |||||||||||||
Debt instrument, maturity period | 2022 | |||||||||||||
Description of debt Instrument frequency of periodic payment | Interest on the 5.125% Senior Notes is payable on June 15 and December 15 of each year. | |||||||||||||
5.125% Senior Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Disclosure of dividend restrictions associated with the debt agreement | $ 2,800,000,000 | |||||||||||||
5.125% Senior Notes | Scenario Forecast | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate | 5.125% | |||||||||||||
Debt instrument, maturity date | Sep. 14, 2022 | |||||||||||||
Aggregate outstanding principal threshold amount if exceeds triggers maturity | $ 50,000,000 | |||||||||||||
8.750 % Senior Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Aggregate principal amount of add-on to Senior Notes | $ 250,000,000 | |||||||||||||
Interest rate | 8.75% | |||||||||||||
Disclosure of dividend restrictions associated with the debt agreement | $ 3,100,000,000 | |||||||||||||
Debt instrument, maturity date | May 1, 2025 | |||||||||||||
Price to repurchase the senior subordinated notes as a percentage of the aggregate principal amount outstanding plus accrued and unpaid interest in case of change of control | 101.00% | |||||||||||||
Debt covenants, required minimum coverage ratio | 200.00% | |||||||||||||
Term Loan Credit facility | Senior Secured Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Aggregate principal amount of add-on to Senior Notes | $ 700,000,000 | |||||||||||||
Term Loan Credit facility | Amended Senior Secured Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Final principal payment due date | Mar. 29, 2025 | |||||||||||||
Percentage of Variable rate added to federal funds effective rate | 0.50% | |||||||||||||
Percentage of variable margin rate added to one-month Eurodollar rate | 1.00% | |||||||||||||
Percentage of variable margin rate added to Eurodollar rate | 1.75% | |||||||||||||
Debt instrument description of interest | a Eurodollar-based rate for a period of 1, 2, 3, 6, 9 or 12 months plus a margin of 1.75% per annum. | |||||||||||||
Amount outstanding under the term loan | $ 639,731,000 | |||||||||||||
Average interest rate on outstanding borrowings | 3.40% | |||||||||||||
Term Loan Credit facility | Amended Senior Secured Credit Facility | One Month Eurodollar Rate | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Percentage of variable margin rate added to Eurodollar rate | 0.75% | |||||||||||||
Revolving Credit Line | Senior Secured Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Aggregate principal amount of add-on to Senior Notes | $ 100,000,000 | |||||||||||||
Revolving Credit Line | Amended Senior Secured Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Percentage of Variable rate added to federal funds effective rate | 0.50% | |||||||||||||
Percentage of variable margin rate added to one-month Eurodollar rate | 1.00% | |||||||||||||
Debt instrument description of interest | a Eurodollar-based rate for a period of 1, 2, 3, 6, 9 or 12 months plus a margin that ranges from 1.50% to 2.25% per annum. | |||||||||||||
Amount outstanding under the revolving credit line | $ 0 | |||||||||||||
Revolving Credit Line | Amended Senior Secured Credit Facility | Minimum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Percentage of variable margin rate added to Eurodollar rate | 1.50% | |||||||||||||
Revolving Credit Line | Amended Senior Secured Credit Facility | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Percentage of variable margin rate added to Eurodollar rate | 2.25% | |||||||||||||
Revolving Credit Line | Amended Senior Secured Credit Facility | One Month Eurodollar Rate | Minimum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Percentage of variable margin rate added to Eurodollar rate | 0.50% | |||||||||||||
Revolving Credit Line | Amended Senior Secured Credit Facility | One Month Eurodollar Rate | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Percentage of variable margin rate added to Eurodollar rate | 1.25% |
Long Term Debt - Summary of Bor
Long Term Debt - Summary of Borrowings of International Subsidiaries (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | |
Loans Amount | $ 22,322 |
Interest rate | 4.50% |
Colombia Loans | |
Debt Instrument [Line Items] | |
Loans Amount | $ 4,437 |
Debt Instrument Maturity Date Range Start | May 2023 |
Debt Instrument Maturity Date Range End | September 2025 |
Colombia Loans | Minimum | |
Debt Instrument [Line Items] | |
Interest rate | 3.25% |
Colombia Loans | Maximum | |
Debt Instrument [Line Items] | |
Interest rate | 5.58% |
Peru Loans | |
Debt Instrument [Line Items] | |
Loans Amount | $ 2,913 |
Interest rate | 1.50% |
Long Term Borrowings Maturity Date | September 2023 |
Brazil Loans | |
Debt Instrument [Line Items] | |
Loans Amount | $ 8,986 |
Debt Instrument Maturity Date Range Start | November 2021 |
Debt Instrument Maturity Date Range End | October 2023 |
Brazil Loans | Minimum | |
Debt Instrument [Line Items] | |
Interest rate | 1.59% |
Brazil Loans | Maximum | |
Debt Instrument [Line Items] | |
Interest rate | 8.08% |
Chile Loans | |
Debt Instrument [Line Items] | |
Loans Amount | $ 5,986 |
Interest rate | 0.29% |
Long Term Borrowings Maturity Date | November 2023 |
Long-Term Debt - Maturities of
Long-Term Debt - Maturities of Long-Term Debt, Excluding Unamortized Debt Issuance Costs (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
2021 | $ 18,056 | |
2022 | 413,068 | |
2023 | 766,347 | |
2024 | 6,886 | |
2025 | 1,323,543 | |
Total | $ 2,527,900 | $ 1,801,327 |
Long Term Debt - Summary of Com
Long Term Debt - Summary of Company's Interest Rate Swap Agreements Designated as Cash Flow Hedges (Detail) - Designated as Hedging Instrument - Cash Flow Hedging $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($) | ||
Debt Instrument [Line Items] | ||
Estimated Fair Value | $ 33,847 | [1] |
Interest Rate Swap Agreement 1 | ||
Debt Instrument [Line Items] | ||
Notional Amount | $ 137,500 | |
Effective Date | Dec. 31, 2018 | |
Pay Rate | 2.12% | |
Receive Rate | 1-Month LIBOR | |
Expiration Date | Dec. 31, 2024 | |
Estimated Fair Value | $ 9,905 | [1] |
Interest Rate Swap Agreement 2 | ||
Debt Instrument [Line Items] | ||
Notional Amount | $ 175,000 | |
Effective Date | Dec. 31, 2018 | |
Pay Rate | 2.12% | |
Receive Rate | 1-Month LIBOR | |
Expiration Date | Dec. 31, 2024 | |
Estimated Fair Value | $ 12,721 | [1] |
Interest Rate Swap Agreement 3 | ||
Debt Instrument [Line Items] | ||
Notional Amount | $ 137,500 | |
Effective Date | Dec. 31, 2018 | |
Pay Rate | 2.19% | |
Receive Rate | 1-Month LIBOR | |
Expiration Date | Dec. 31, 2024 | |
Estimated Fair Value | $ 10,416 | [1] |
Interest Rate Swap Agreement 4 | ||
Debt Instrument [Line Items] | ||
Notional Amount | $ 150,000 | |
Effective Date | Mar. 31, 2020 | |
Pay Rate | 0.57% | |
Receive Rate | 1-Month LIBOR | |
Expiration Date | Mar. 31, 2022 | |
Estimated Fair Value | $ 805 | [1] |
[1] | Approximately $9,516 is included in accrued other current liabilities and $24,331 is included in other long-term liabilities on the consolidated balance sheet as of December 31, 2020. |
Long Term Debt - Summary of C_2
Long Term Debt - Summary of Company's Interest Rate Swap Agreements Designated as Cash Flow Hedges (Parenthetical) (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Accrued Other Current Liabilities | |
Debt Instrument [Line Items] | |
Estimated Fair Value | $ 9,516 |
Other Noncurrent Liabilities | |
Debt Instrument [Line Items] | |
Estimated Fair Value | $ 24,331 |
Summary of Liabilities Measured
Summary of Liabilities Measured at Fair Value on a Recurring Basis (Detail) - Fair Value Measurements, Recurring - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest rate swap liabilities | $ 33,847 | $ 15,995 |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest rate swap liabilities | $ 33,847 | $ 15,995 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |||
Fair value of assets transfers in or out, level 1 to level 2 | $ 0 | $ 0 | $ 0 |
Fair value of assets transfers in or out, level 2 to level 1 | 0 | 0 | 0 |
Fair value, asset transfers into Level 3 | 0 | 0 | 0 |
Fair value, asset transfers out of Level 3 | $ 0 | $ 0 | $ 0 |
Foreign Currency Translation -
Foreign Currency Translation - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2018 | Dec. 31, 2019 | |
Foreign Currency [Abstract] | |||
Accumulated other comprehensive income (loss) | $ 398,653 | $ 340,112 | |
Cumulative foreign currency losses | $ 375,539 | $ 328,053 | |
Cumulative inflation rate | 100.00% | ||
Cumulative inflation period | 3 years | ||
Reclassification of cumulative foreign currency translation adjustments | $ 518 |
Summary of Impact of Translatin
Summary of Impact of Translating Financial Statements of Company's International Subsidiaries (Detail) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | ||||
Foreign Currency Translation [Line Items] | ||||||
Other comprehensive Income (Loss) | $ (47,592) | $ (12,753) | $ (62,253) | |||
Brazil | ||||||
Foreign Currency Translation [Line Items] | ||||||
Exchange Rate | 5.20 | 4.02 | 3.88 | |||
Other comprehensive Income (Loss) | $ (42,698) | [1] | $ (8,140) | [1] | $ (34,086) | |
Argentina | ||||||
Foreign Currency Translation [Line Items] | ||||||
Exchange Rate | [1] | 84.12 | 59.89 | 37.68 | ||
Other comprehensive Income (Loss) | [1] | $ (14,357) | ||||
Colombia | ||||||
Foreign Currency Translation [Line Items] | ||||||
Exchange Rate | 3,432.50 | 3,277.14 | 3,249.75 | |||
Other comprehensive Income (Loss) | $ (2,183) | [1] | $ (362) | [1] | $ (1,795) | |
Chile | ||||||
Foreign Currency Translation [Line Items] | ||||||
Exchange Rate | 714.14 | 736.86 | 694.74 | |||
Other comprehensive Income (Loss) | $ 1,228 | [1] | $ (5,158) | [1] | $ (8,924) | |
Peru | ||||||
Foreign Currency Translation [Line Items] | ||||||
Exchange Rate | 3.65 | 3.37 | 3.39 | |||
Other comprehensive Income (Loss) | $ (3,403) | [1] | $ 257 | [1] | $ (2,136) | |
Other foreign countries | ||||||
Foreign Currency Translation [Line Items] | ||||||
Other comprehensive Income (Loss) | (536) | [1] | 650 | [1] | (955) | |
International Subsidiaries | Cinemark Holdings, Inc. Stockholders' Equity | ||||||
Foreign Currency Translation [Line Items] | ||||||
Other comprehensive Income (Loss) | $ (47,592) | [1] | $ (12,753) | [1] | $ (62,253) | |
[1] | For Argentina, represents the cumulative comprehensive loss recorded through June 30, 2018. The impact of translating Argentina financial results to U.S. dollars, subsequent to June 30, 2018, has been recorded in foreign currency exchange gain (loss) on the Company’s consolidated statements of income. A loss of $3,707 and gain of $1,243 were recorded for the years ended December 31, 2019 and 2020, respectively. |
Summary of Impact of Translat_2
Summary of Impact of Translating Financial Statements of Company's International Subsidiaries (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Foreign Currency Translation [Line Items] | |||
Foreign currency exchange loss | $ (4,865) | $ (3,394) | $ (11,660) |
Argentina | |||
Foreign Currency Translation [Line Items] | |||
Foreign currency exchange loss | $ 1,243 | $ (3,707) |
Non-controlling Interest in Sub
Non-controlling Interest in Subsidiaries (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | $ 10,996 | $ 12,508 |
Cinemark Partners II | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | 7,706 | 7,953 |
Laredo Theatre | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | 1,681 | 2,139 |
Greeley Ltd | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | 1,101 | 1,908 |
Other | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | $ 508 | $ 508 |
Non-controlling Interest in S_2
Non-controlling Interest in Subsidiaries (Parenthetical) (Detail) | Dec. 31, 2020 | Dec. 31, 2019 |
Cinemark Partners II | ||
Noncontrolling Interest [Line Items] | ||
Ownership share | 24.60% | 24.60% |
Laredo Theatre | ||
Noncontrolling Interest [Line Items] | ||
Ownership share | 25.00% | 25.00% |
Greeley Ltd | ||
Noncontrolling Interest [Line Items] | ||
Ownership share | 49.00% | 49.00% |
Noncontrolling Interests in S_3
Noncontrolling Interests in Subsidiaries - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Noncontrolling Interest [Abstract] | |||
Changes in ownership interest in subsidiaries | $ 0 | $ 0 | $ 0 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stockholders Equity Note [Line Items] | |||
Preferred stock, shares issued | 0 | ||
Preferred stock, shares outstanding | 0 | ||
Incremental stock-based compensation expense arising from the modification | $ 521 | ||
Restricted Stock | |||
Stockholders Equity Note [Line Items] | |||
Number of restricted shares granted | 1,555,361 | 315,899 | 328,734 |
Market value of common stock on the dates of grant | $ 17.68 | $ 37.34 | $ 38.72 |
Restricted stock grants vested | 832,609 | 209,821 | 250,442 |
Unrecognized compensation expense | $ 20,183 | ||
Remaining Compensation Expense recognition period (in years) | 2 years | ||
Restricted Stock | ASC Topic 718 | |||
Stockholders Equity Note [Line Items] | |||
Restricted stock grants vested | 191,983 | ||
Restricted Stock | Directors | |||
Stockholders Equity Note [Line Items] | |||
Award vesting period for restricted stock | 1 year | ||
Restricted Stock | Employees | |||
Stockholders Equity Note [Line Items] | |||
Restricted stock grants vested | 300,891 | ||
Restricted Stock | Minimum | |||
Stockholders Equity Note [Line Items] | |||
Market value of common stock on the dates of grant | $ 8.39 | ||
Forfeiture rate for restricted stock awards | 0.00% | ||
Restricted Stock | Minimum | Employees | |||
Stockholders Equity Note [Line Items] | |||
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 | $ 32.12 | ||
Forfeiture rate for restricted stock awards | 10.00% | ||
Restricted Stock | Maximum | Employees | |||
Stockholders Equity Note [Line Items] | |||
Award vesting period for restricted stock | 4 years | ||
Restricted Stock Units (RSUs) | |||
Stockholders Equity Note [Line Items] | |||
Market value of common stock on the dates of grant | $ 32.12 | $ 36.77 | |
Restricted stock grants vested | 208,204 | 90,895 | 127,084 |
Unrecognized compensation expense | $ 11,849 | ||
Remaining Compensation Expense recognition period (in years) | 2 years | ||
Number of hypothetical shares of common stock | 436,681 | 306,651 | 228,194 |
Share-based compensation arrangement by share-based payment award, description | The financial performance factors are based on an implied equity value concept that determines an internal rate of return (“IRR”) for a two year measurement period, as defined in the award agreement, based on a formula utilizing a multiple of Adjusted EBITDA subject to certain specified adjustments (as defined in the restricted stock unit award agreement). | ||
Share-based compensation arrangement by share-based payment award, vesting condition | All payouts of restricted stock units that vest will be subject to an additional 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. | ||
Internal rate of return, performance period | 2 years | ||
Percentage of IRR expected | 9.00% | ||
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% | ||
Percentage of IRR, which is the threshold | 6.00% | 6.00% | 6.00% |
Percentage of IRR, which is the target | 8.00% | 8.00% | 8.00% |
Percentage of IRR, which is the maximum | 14.00% | 14.00% | 14.00% |
Number of hypothetical shares of common stock at maximum IRR level | 890,680 | ||
Restricted Stock Units (RSUs) | Stock Grants 2016 | |||
Stockholders Equity Note [Line Items] | |||
Impact of modification of awards | $ 132 | ||
Achieved Percentage of IRR | 9.30% | ||
Impact of final performance measure | $ 563 | ||
Restricted Stock Units (RSUs) | Stock Grant 2017 | |||
Stockholders Equity Note [Line Items] | |||
Achieved Percentage of IRR | 9.30% | ||
Restricted Stock Units (RSUs) | Stock Grant 2018 | |||
Stockholders Equity Note [Line Items] | |||
Achieved Percentage of IRR | 8.00% | ||
Restricted Stock Units (RSUs) | ASC Topic 718 | |||
Stockholders Equity Note [Line Items] | |||
Restricted stock grants vested | 87,911 | ||
Weighted average grant date fair value per share as of date of modification | $ 15.95 | ||
Incremental stock-based compensation expense arising from the modification | $ 521 | ||
Restricted Stock Units (RSUs) | Minimum | |||
Stockholders Equity Note [Line Items] | |||
Market value of common stock on the dates of grant | $ 37.55 | ||
Expected forfeiture rate | 0.00% | 0.00% | 0.00% |
Restricted Stock Units (RSUs) | Maximum | |||
Stockholders Equity Note [Line Items] | |||
Market value of common stock on the dates of grant | $ 39.03 | ||
Expected forfeiture rate | 5.00% | 5.00% | 5.00% |
Summary of Treasury Stock Activ
Summary of Treasury Stock Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Treasury Stock Shares [Abstract] | ||||
Beginning Balance, Shares | 4,711,859 | 4,626,191 | 4,525,870 | |
Restricted stock withholdings | [1] | 264,522 | 59,060 | 75,801 |
Restricted stock forfeitures | [2] | 74,600 | 26,608 | 24,520 |
Ending Balance, Shares | 5,050,981 | 4,711,859 | 4,626,191 | |
Beginning Balance, Cost | $ 81,567 | $ 79,259 | $ 76,354 | |
Restricted stock withholdings | [1] | 5,437 | 2,308 | 2,905 |
Restricted stock forfeitures | [2] | 0 | 0 | 0 |
Ending Balance, Cost | $ 87,004 | $ 81,567 | $ 79,259 | |
[1] | The Company withheld restricted shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock and restricted stock units. The Company determined the number of shares to be withheld based upon market values that ranged from $8.03 to $44.44 per share. | |||
[2] | The Company repurchased forfeited restricted shares at a cost of $0.001 per share in accordance with the 2017 Omnibus Plan. |
Summary of Treasury Stock Act_2
Summary of Treasury Stock Activity (Parenthetical) (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Treasury Stock [Line Items] | |||
Common stock repurchased value as result of restricted stock forfeitures | $ 0.001 | $ 0.001 | $ 0.001 |
Minimum | |||
Schedule of Treasury Stock [Line Items] | |||
Market Value of Restricted Shares | 8.03 | 8.03 | 8.03 |
Maximum | |||
Schedule of Treasury Stock [Line Items] | |||
Market Value of Restricted Shares | $ 44.44 | $ 44.44 | $ 44.44 |
Summary of Restricted Stock Act
Summary of Restricted Stock Activity (Detail) - Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Shares of Restricted Stock | |||
Shares of Restricted Stock, Beginning balance | 783,823 | 704,353 | 650,581 |
Shares of Restricted Stock, Granted | 1,555,361 | 315,899 | 328,734 |
Shares of Restricted Stock, Vested | (832,609) | (209,821) | (250,442) |
Shares of Restricted Stock, Forfeited | (74,600) | (26,608) | (24,520) |
Shares of Restricted Stock, Ending balance | 1,431,975 | 783,823 | 704,353 |
Weighted Average Grant Date Fair Value | |||
Weighted Average Grant Date Fair Value Outstanding, Beginning | $ 37.53 | $ 38.68 | $ 35.81 |
Weighted Average Grant Date Fair Value, Granted | 17.68 | 37.34 | 38.72 |
Weighted Average Grant Date Fair Value, Vested | 29.30 | 41.10 | 31.27 |
Weighted Average Grant Date Fair Value, Forfeited | 30.72 | 37.69 | 38.62 |
Weighted Average Grant Date Fair Value Outstanding, Ending | $ 21.11 | $ 37.53 | $ 38.68 |
Summary of Restricted Stock Awa
Summary of Restricted Stock Award Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock grants vested | 832,609 | 209,821 | 250,442 |
Compensation expense recognized during the period | $ 15,473 | $ 10,185 | $ 9,655 |
Fair value of restricted shares that vested during the period | 16,870 | 8,024 | 9,501 |
Income tax deduction and benefit recognized upon vesting of restricted stock and restricted stock unit awards | $ 5,620 | $ 1,516 | $ 1,744 |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock grants vested | 208,204 | 90,895 | 127,084 |
Accumulated dividends paid upon vesting of restricted stock unit awards | $ 942 | $ 386 | $ 526 |
Compensation expense recognized during the period | 3,931 | 4,430 | 4,681 |
Fair value of restricted shares that vested during the period | 5,050 | 3,658 | 4,846 |
Income tax deduction and benefit recognized upon vesting of restricted stock and restricted stock unit awards | $ 788 | $ 397 | $ 708 |
Summary of Potential Number of
Summary of Potential Number of Units that Could Vest Under Restricted Stock Unit Awards (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Disclosure Of Restricted Stock Unit [Abstract] | ||||
Number of units at threshold IRR | 190,707 | 136,285 | 76,065 | |
Number of units at target IRR | 286,060 | 204,427 | 152,129 | |
Number of units at maximum IRR | 436,681 | 306,651 | 228,194 | |
Fair value of units at threshold IRR | [1] | $ 6,125 | $ 5,011 | $ 2,967 |
Fair value of units at target IRR | [1] | 9,188 | 7,517 | 5,938 |
Fair value of units at maximum IRR | [1] | $ 14,026 | $ 11,276 | $ 8,906 |
[1] | The grant date fair value for units issued during the year ended December 31, 2018 ranged from $37.55 to $39.03. The grant date fair value for the units issued during the year ended December 31, 2019 was $36.77 per share .The grand date fair value for the units issued during the year ended December 31, 2020 |
Summary of Potential Number o_2
Summary of Potential Number of Units that Could Vest Under Restricted Stock Unit Awards (Parenthetical) (Detail) - Restricted Stock Units (RSUs) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule Of Restricted Stock Unit [Line Items] | |||
Weighted Average Grant Date Fair Value, Granted | $ 32.12 | $ 36.77 | |
Minimum | |||
Schedule Of Restricted Stock Unit [Line Items] | |||
Weighted Average Grant Date Fair Value, Granted | $ 37.55 | ||
Maximum | |||
Schedule Of Restricted Stock Unit [Line Items] | |||
Weighted Average Grant Date Fair Value, Granted | $ 39.03 |
Summary of Current Financial Pe
Summary of Current Financial Performance Thresholds and Vesting Rates (Detail) - Restricted Stock Units (RSUs) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Threshold IRR | 6.00% | 6.00% | 6.00% |
Target IRR | 8.00% | 8.00% | 8.00% |
Maximum IRR | 14.00% | 14.00% | 14.00% |
Threshold IRR | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of Shares Vesting | 33.30% | ||
Targeted IRR | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of Shares Vesting | 66.60% | ||
Maximum IRR | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of Shares Vesting | 100.00% |
Supplemental Information to Con
Supplemental Information to Condensed Consolidated Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Schedule Of Cash Flow Supplemental [Line Items] | |||||
Cash paid for interest | $ 102,859 | $ 93,907 | $ 98,411 | ||
Cash paid (refunds received) for income taxes, net | (116,916) | 88,670 | 64,199 | ||
Cash balance classified as restricted | [1] | 13,847 | |||
Noncash investing and financing activities: | |||||
Change in accounts payable and accrued expenses for the acquisition of theatre properties and equipment | [2] | (13,259) | 22,013 | (5,728) | |
Theatre properties acquired under finance leases | 21,535 | 18,851 | |||
Investment in NCM – receipt of common units (see Note 8) | $ 3,620 | 3,620 | 1,552 | 5,012 | |
Dividends accrued on unvested restricted stock unit awards | (256) | (670) | (624) | ||
Theatre properties acquired as distribution from equity investee (see Note 9) | 102,719 | ||||
NCM | |||||
Noncash investing and financing activities: | |||||
Interest expense - NCM (see Notes 4 and 7) | $ (23,595) | $ (28,624) | $ (19,724) | ||
[1] | Funds are held as collateral for letters of credit associated with certain of the Company’s international subsidiary loans. See further discussion at Note 13. | ||||
[2] | Additions to theatre properties and equipment included in accounts payable as of December 31, 2019 and 2020 were $37,004 and $14,991, respectively. |
Supplemental Information to C_2
Supplemental Information to Condensed Consolidated Statements of Cash Flows (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | ||
Additions to theatre properties and equipment included in accounts payable | $ 14,991 | $ 37,004 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Line Items] | ||||
Corporate income tax rate percent | 35.00% | |||
Income tax benefits due to NOL carryback provision | $ 309,376 | $ (79,912) | $ (95,429) | |
Accumulated undistributed earnings and profits | 160,487 | |||
One-time transition tax accumulated undistributed earnings and profits | 113,364 | |||
Valuation allowance against deferred assets – non-current | 203,606 | 60,359 | ||
Gross unrecognized tax benefits, including interest and penalties | 51,643 | 14,294 | ||
Unrecognized tax benefit that if recognized would impact effective tax rate | 51,643 | 14,294 | ||
Accrued for interest and penalties | $ 5,114 | $ 4,058 | ||
Foreign | ||||
Income Taxes [Line Items] | ||||
Tax credit carryforwards expiring year description | A majority of our foreign tax credit carryforwards expire in 2024 and 2027, with the remainder expiring in 2029. | |||
CARES Act | ||||
Income Taxes [Line Items] | ||||
Income tax benefits due to NOL carryback provision | $ 187,515 |
Provision for Federal and Forei
Provision for Federal and Foreign Income Tax Expense for Continuing Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Income (loss) before income taxes, U.S. | $ (784,167) | $ 235,571 | $ 289,727 |
Income (loss) before income taxes, Foreign | (143,157) | 38,189 | 21,007 |
Income (loss) before income taxes | $ (927,324) | $ 273,760 | $ 310,734 |
Current and Deferred Income Tax
Current and Deferred Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | |||
Federal | $ (271,162) | $ 45,247 | $ 46,826 |
Foreign | 397 | 24,022 | 11,822 |
State | 289 | 12,486 | 13,594 |
Total current expense | (270,476) | 81,755 | 72,242 |
Deferred: | |||
Federal | (50,445) | (298) | 27,055 |
Foreign | 13,266 | 5 | (6,166) |
State | (1,721) | (1,550) | 2,298 |
Total deferred taxes | (38,900) | (1,843) | 23,187 |
Income taxes | $ (309,376) | $ 79,912 | $ 95,429 |
Reconciliation Between Income T
Reconciliation Between Income Tax Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Income Tax Disclosure [Abstract] | ||||
Computed statutory tax expense | $ (194,739) | $ 57,490 | $ 65,254 | |
State and local income taxes, net of federal income tax impact | (1,153) | 8,479 | 12,611 | |
Changes in valuation allowance | 46,731 | 2,532 | 131 | |
Foreign tax rate differential | (6,633) | 4,646 | 2,235 | |
Foreign tax credits | 4,143 | 3,927 | ||
Impacts related to 2017 Tax Act | [1] | 19,180 | ||
Impacts related to COVID-19 pandemic | [2] | (187,515) | ||
Changes in uncertain tax positions | 24,879 | 197 | (6,139) | |
Other, net | 9,054 | 2,425 | (1,770) | |
Income taxes | $ (309,376) | $ 79,912 | $ 95,429 | |
[1] | The amount for the year ended December 31, 2018 includes a one-time charge to true-up deferred taxes of $1,913 and a reduction in deferred tax assets with regard to foreign tax credit carryforwards of $17,267. | |||
[2] | The amount for the year ended December 31, 2020 includes benefits of a rate differential on earnings of $122,975, tax losses with respect to investments in foreign subsidiaries and a write down of certain intercompany receivables associated with the Company’s foreign subsidiaries of $135,599, offset by a tax charge for the remeasurement of deferred taxes and tax attributes of $49,866 and dislodged foreign tax credits not benefited of $21,193. |
Reconciliation Between Income_2
Reconciliation Between Income Tax Expenses (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Benefit of rate differential on earnings | $ 122,975 | |
One-time charge to true-up deferred taxes | $ 1,913 | |
Tax losses with investment in foreign subsidiaries and write down of intercompany receivables of foreign subsidiaries | 135,599 | |
Reduction in deferred tax assets with regard to foreign tax credit carryforwards | $ 17,267 | |
Tax charge for remeasurement of deferred taxes and tax attributes | 49,866 | |
Tax Credit, Foreign | $ 21,193 |
Tax Effects of Significant Temp
Tax Effects of Significant Temporary Differences and Tax Loss and Tax Credit Carryforwards (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule Of Deferred Income Tax Assets And Liabilities [Line Items] | ||
Theatre properties and equipment | $ 142,253 | $ 138,382 |
Operating lease right-of-use assets | 297,452 | 322,750 |
Intangible asset — other | 41,297 | 39,282 |
Intangible asset — tradenames | 72,268 | 72,821 |
Investment in partnerships | 20,402 | 62,914 |
Total deferred liabilities | 573,672 | 636,149 |
Prepaid rent | 5,255 | 5,672 |
Gift Cards | 9,265 | 7,402 |
Operating lease obligations | 313,552 | 336,034 |
Finance lease obligations | 31,284 | 34,956 |
Tax impact of items in accumulated other comprehensive income and additional paid-in-capital | 19,475 | 5,131 |
Other tax loss carryforwards | 89,320 | 17,053 |
Other tax credit and attribute carryforwards | 121,698 | 46,577 |
Other expenses, not currently deductible for tax purposes | 17,698 | 15,901 |
Total deferred assets | 697,753 | 564,041 |
Net deferred income tax (asset) liability before valuation allowance | (124,081) | 72,108 |
Valuation allowance against deferred assets – non-current | 203,606 | 60,359 |
Net deferred income tax liability | 79,525 | 132,467 |
Other Deferred Revenues | ||
Schedule Of Deferred Income Tax Assets And Liabilities [Line Items] | ||
Deferred revenue | 6,208 | 9,953 |
NCM | ||
Schedule Of Deferred Income Tax Assets And Liabilities [Line Items] | ||
Deferred revenue | 83,998 | 85,362 |
Foreign | ||
Schedule Of Deferred Income Tax Assets And Liabilities [Line Items] | ||
Net deferred income tax liability | 7,280 | |
Net deferred Income tax (asset) | (4,539) | |
U.S. | ||
Schedule Of Deferred Income Tax Assets And Liabilities [Line Items] | ||
Net deferred income tax liability | $ 72,245 | $ 137,006 |
Reconciliation of Total Amounts
Reconciliation of Total Amounts of Unrecognized Tax Benefits Excluding Interest and Penalties (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Beginning Balance | $ 10,235 | $ 10,561 | $ 18,266 |
Gross increases - tax positions in prior periods | 32,417 | 1 | |
Gross decreases - tax positions in prior periods | (88) | (143) | |
Gross increases - current period tax positions | 4,010 | 202 | 424 |
Settlements | (522) | (7,191) | |
Foreign currency translation adjustments | (46) | (7) | (795) |
Ending Balance | $ 46,528 | $ 10,235 | $ 10,561 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Line Items] | ||
Employer matching contribution payments | $ 1,562 | $ 6,052 |
Liability recorded for employer contribution payments | $ 2,123 | |
Messrs. Mitchell, Gamble, Fernandes and Cavalier | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Employment agreements term extension | 1 year | |
Mr. Zoradi | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Employment Agreement Expiration Date | Dec. 31, 2021 |
Selected Financial Information
Selected Financial Information by Reportable Operating Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2020 | [1] | Sep. 30, 2020 | [1] | Jun. 30, 2020 | [1] | Mar. 31, 2020 | [1] | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | $ 98,242 | $ 35,478 | $ 8,974 | $ 543,616 | $ 788,803 | $ 821,817 | $ 957,756 | $ 714,723 | $ 686,310 | [1] | $ 3,283,099 | $ 3,221,735 | |||||
Adjusted EBITDA | [2] | (276,880) | 745,045 | 781,517 | |||||||||||||
Capital expenditures | 83,930 | 303,627 | 346,073 | ||||||||||||||
U.S. Operating Segment | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | [3] | 556,909 | 2,580,903 | 2,538,957 | |||||||||||||
International Operating Segment | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | 129,401 | 702,196 | 682,778 | ||||||||||||||
Operating Segments | U.S. Operating Segment | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | 559,184 | 2,594,246 | 2,551,719 | ||||||||||||||
Adjusted EBITDA | [2] | (226,981) | 615,161 | 648,576 | |||||||||||||
Capital expenditures | 64,026 | 230,561 | 270,870 | ||||||||||||||
Operating Segments | International Operating Segment | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | 129,401 | 702,196 | 682,778 | ||||||||||||||
Adjusted EBITDA | [2] | (49,899) | 129,884 | 132,941 | |||||||||||||
Capital expenditures | 19,904 | 73,066 | 75,203 | ||||||||||||||
Eliminations | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | $ (2,275) | $ (13,343) | $ (12,762) | ||||||||||||||
[1] | Quarterly results during the year ended December 31, 2020 were impacted by the COVID-19 pandemic (see Note 3) as well as impairment recorded (see Notes 1 and 11). | ||||||||||||||||
[2] | Distributions from equity investees are reported entirely within the U.S. operating segment. | ||||||||||||||||
[3] | U.S. segment revenues exclude intercompany transactions with the international operating segment. See Note 21 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 | 12 Months Ended | |||||||||||||||
Dec. 31, 2020 | [1] | Sep. 30, 2020 | [1] | Jun. 30, 2020 | [1] | Mar. 31, 2020 | [1] | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Segment Reporting Information [Line Items] | |||||||||||||||||
Net income (loss) | $ (239,674) | $ (148,036) | $ (170,816) | $ (59,422) | $ 26,839 | $ 31,955 | $ 101,861 | $ 33,193 | $ (617,948) | [1] | $ 193,848 | $ 215,305 | |||||
Add (deduct): | |||||||||||||||||
Income taxes | (309,376) | 79,912 | 95,429 | ||||||||||||||
Interest expense | [2] | 129,871 | 99,941 | 109,994 | |||||||||||||
Loss on debt amendments and refinancing | 1,484 | ||||||||||||||||
Other income | [3] | 62,369 | (22,441) | (18,472) | |||||||||||||
Distributions and other cash distributions from equity investees | 25,430 | 53,366 | 30,143 | ||||||||||||||
Depreciation and amortization | 259,776 | 261,155 | 261,162 | ||||||||||||||
Impairment of long-lived and other assets | 152,706 | 57,001 | 32,372 | ||||||||||||||
(Gain) loss on disposal of assets and other | (8,923) | 12,008 | 38,702 | ||||||||||||||
Non-cash rent expense | 2,357 | (4,360) | |||||||||||||||
Deferred lease expenses | (1,320) | ||||||||||||||||
Amortization of long-term prepaid rents | 2,382 | ||||||||||||||||
Share based awards compensation expense | 19,404 | 14,615 | 14,336 | ||||||||||||||
Adjusted EBITDA | [4] | (276,880) | 745,045 | 781,517 | |||||||||||||
Non-cash distributions from other equity investee | 12,915 | ||||||||||||||||
Restructuring costs | 20,369 | ||||||||||||||||
Digital Cinema Implementation Partners | |||||||||||||||||
Add (deduct): | |||||||||||||||||
Distributions and other cash distributions from equity investees | [5] | 10,383 | 23,696 | 5,799 | |||||||||||||
Other Investees | |||||||||||||||||
Add (deduct): | |||||||||||||||||
Distributions and other cash distributions from equity investees | [6] | 15,047 | $ 29,670 | $ 24,344 | |||||||||||||
Other Equity Investees | |||||||||||||||||
Add (deduct): | |||||||||||||||||
Non-cash distributions from other equity investee | [7] | $ (12,915) | |||||||||||||||
[1] | Quarterly results during the year ended December 31, 2020 were impacted by the COVID-19 pandemic (see Note 3) as well as impairment recorded (see Notes 1 and 11). | ||||||||||||||||
[2] | Includes amortization of debt issue costs. | ||||||||||||||||
[3] | Includes interest income, foreign currency exchange gain (loss), interest expense – NCM and equity in income of affiliates and excludes distributions from NCM. | ||||||||||||||||
[4] | Distributions from equity investees are reported entirely within the U.S. operating segment. | ||||||||||||||||
[5] | See discussion of cash distributions from DCIP, which were recorded as a reduction of the Company’s investment in DCIP, at Note 9. These distributions are reported entirely within the U.S. operating segment. | ||||||||||||||||
[6] | Reflects cash distributions received from equity investees, other than those from DCIP noted above, 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. | ||||||||||||||||
[7] | Reflects non-cash distribution of projectors from DCIP (see Note 9). These distributions are reported entirely within the U.S. operating segment. |
Selected Financial Informatio_2
Selected Financial Information by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | [1] | Jun. 30, 2020 | [1] | Mar. 31, 2020 | [1] | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Revenues | $ 98,242 | [1] | $ 35,478 | $ 8,974 | $ 543,616 | $ 788,803 | $ 821,817 | $ 957,756 | $ 714,723 | $ 686,310 | [1] | $ 3,283,099 | $ 3,221,735 | |||
Theatre Properties and Equipment - net | 1,615,062 | 1,735,247 | 1,615,062 | 1,735,247 | ||||||||||||
Reportable Geographical Components | U.S. | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Revenues | 559,184 | 2,594,246 | 2,551,719 | |||||||||||||
Theatre Properties and Equipment - net | 1,392,780 | 1,479,603 | 1,392,780 | 1,479,603 | ||||||||||||
Reportable Geographical Components | Brazil | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Revenues | 59,321 | 302,074 | 283,009 | |||||||||||||
Theatre Properties and Equipment - net | 72,080 | 140,570 | 72,080 | 140,570 | ||||||||||||
Reportable Geographical Components | Other international countries | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Revenues | 70,080 | 400,122 | 399,769 | |||||||||||||
Theatre Properties and Equipment - net | $ 150,202 | $ 212,960 | 150,202 | 212,960 | ||||||||||||
Eliminations | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Revenues | $ (2,275) | $ (13,343) | $ (12,762) | |||||||||||||
[1] | Quarterly results during the year ended December 31, 2020 were impacted by the COVID-19 pandemic (see Note 3) as well as impairment recorded (see Notes 1 and 11). |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2020USD ($)TheatreFacilityLease | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
FE Concepts, LLC | |||
Related Party Transaction [Line Items] | |||
Management fee revenues | $ 34,000 | $ 64,000 | |
Percentage of voting interest | 50.00% | ||
Event fees | 78,000 | ||
Laredo Theatre, Ltd | |||
Related Party Transaction [Line Items] | |||
Company's interest in Laredo | 75.00% | ||
Lone Star Theatre's interest in Laredo | 25.00% | ||
Ownership interest held by David Roberts | 100.00% | ||
Percentage of common stock held by Chairman of the Board of Directors | 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 | 146,000 | 694,000 | $ 654,000 |
Copper Beech Capital LLC | |||
Related Party Transaction [Line Items] | |||
Amount paid for the use of aircraft | $ 12,000 | 114,000 | 68,000 |
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 | $ 23,810,000 | 25,678,000 | $ 23,447,000 |
Amount billed for digital support provided to Syufy | $ 0 | $ 30,000 |
Valuation Allowance of Deferred
Valuation Allowance of Deferred Tax Assets (Detail) - Valuation Allowance of Deferred Tax Assets - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | $ 60,359 | $ 54,725 | $ 35,246 |
Additions | 144,239 | 7,611 | 22,005 |
Deductions | (992) | (1,977) | (2,526) |
Ending Balance | $ 203,606 | $ 60,359 | $ 54,725 |
Quarterly Financial Informati_3
Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2020 | [1] | Sep. 30, 2020 | [1] | Jun. 30, 2020 | [1] | Mar. 31, 2020 | [1] | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | [1] | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Revenues | $ 98,242 | $ 35,478 | $ 8,974 | $ 543,616 | $ 788,803 | $ 821,817 | $ 957,756 | $ 714,723 | $ 686,310 | $ 3,283,099 | $ 3,221,735 | |||||
Operating income (loss) | (286,996) | (210,784) | (214,275) | (42,919) | 66,436 | 58,531 | 156,052 | 57,368 | (754,974) | 338,387 | 388,351 | |||||
Net income (loss) | (239,674) | (148,036) | (170,816) | (59,422) | 26,839 | 31,955 | 101,861 | 33,193 | (617,948) | 193,848 | 215,305 | |||||
Net income (loss) attributable to Cinemark Holdings, Inc. | $ (239,256) | $ (147,592) | $ (170,389) | $ (59,591) | $ 26,334 | $ 31,353 | $ 100,971 | $ 32,728 | $ (616,828) | $ 191,386 | $ 213,827 | |||||
Net income per share attributable to Cinemark Holdings, Inc.’s common stockholders: | ||||||||||||||||
Basic | $ (2.03) | $ (1.25) | $ (1.45) | $ (0.51) | $ 0.22 | $ 0.27 | $ 0.86 | $ 0.28 | $ (5.25) | $ 1.63 | $ 1.83 | |||||
Diluted | $ (2.03) | $ (1.25) | $ (1.45) | $ (0.51) | $ 0.22 | $ 0.27 | $ 0.86 | $ 0.28 | $ (5.25) | $ 1.63 | $ 1.83 | |||||
[1] | Quarterly results during the year ended December 31, 2020 were impacted by the COVID-19 pandemic (see Note 3) as well as impairment recorded (see Notes 1 and 11). |
Condensed Parent Company Balanc
Condensed Parent Company Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||||
Cash and cash equivalents | $ 655,338 | $ 488,313 | ||
Prepaid assets and other | 34,400 | 37,187 | ||
Total assets | 5,562,922 | 5,828,017 | ||
Liabilities | ||||
Accrued other current liabilities, including accounts payable to subsidiaries | 217,465 | 175,706 | ||
Long-term debt | 2,527,900 | 1,801,327 | ||
Other long-term liabilities | 74,594 | 44,036 | ||
Commitments and contingencies (see Note 6) | 0 | 0 | ||
Equity | ||||
Common stock, $0.001 par value: 300,000,000 shares authorized, 121,863,515 shares issued and 117,151,656 shares outstanding at December 31, 2019 and 123,627,080 shares issued and 118,576,099 shares outstanding at December 31, 2020 | 124 | 122 | ||
Additional paid-in-capital | 1,245,569 | 1,170,039 | ||
Treasury stock, 4,711,859 and 5,050,981 shares, at cost, at December 31, 2019 and December 31, 2020, respectively | (87,004) | (81,567) | $ (79,259) | $ (76,354) |
Retained earnings | 27,937 | 687,332 | ||
Accumulated other comprehensive loss | (398,653) | (340,112) | ||
Total Cinemark Holdings, Inc.'s stockholders' equity | 787,973 | 1,435,814 | ||
Total liabilities and equity | 5,562,922 | 5,828,017 | ||
Cinemark Holdings, Inc. | ||||
Assets | ||||
Cash and cash equivalents | 394,800 | 97 | ||
Prepaid assets and other | 8 | |||
Investment in subsidiaries | 773,999 | 1,461,701 | ||
Total assets | 1,168,807 | 1,461,798 | ||
Liabilities | ||||
Accrued other current liabilities, including accounts payable to subsidiaries | 38,338 | 24,948 | ||
Long-term debt | 352,206 | |||
Other long-term liabilities | (9,710) | 1,036 | ||
Total liabilities | 380,834 | 25,984 | ||
Commitments and contingencies (see Note 6) | ||||
Equity | ||||
Common stock, $0.001 par value: 300,000,000 shares authorized, 121,863,515 shares issued and 117,151,656 shares outstanding at December 31, 2019 and 123,627,080 shares issued and 118,576,099 shares outstanding at December 31, 2020 | 124 | 122 | ||
Additional paid-in-capital | 1,245,569 | 1,170,039 | ||
Treasury stock, 4,711,859 and 5,050,981 shares, at cost, at December 31, 2019 and December 31, 2020, respectively | (87,004) | (81,567) | ||
Retained earnings | 27,937 | 687,332 | ||
Accumulated other comprehensive loss | (398,653) | (340,112) | ||
Total Cinemark Holdings, Inc.'s stockholders' equity | 787,973 | 1,435,814 | ||
Total liabilities and equity | $ 1,168,807 | $ 1,461,798 |
Condensed Parent Company Bala_2
Condensed Parent Company Balance Sheets (Parenthetical) (Detail) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Condensed Financial Statements, Captions [Line Items] | ||||
Common stock, par value | $ 0.001 | $ 0.001 | ||
Common stock, shares authorized | 300,000,000 | 300,000,000 | ||
Common stock, shares issued | 123,627,080 | 121,863,515 | ||
Common stock, shares outstanding | 118,576,099 | 117,151,656 | ||
Treasury stock, shares | 5,050,981 | 4,711,859 | 4,626,191 | 4,525,870 |
Cinemark Holdings, Inc. | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Common stock, par value | $ 0.001 | $ 0.001 | ||
Common stock, shares authorized | 300,000,000 | 300,000,000 | ||
Common stock, shares issued | 123,627,080 | 121,863,515 | ||
Common stock, shares outstanding | 118,576,099 | 117,151,656 | ||
Treasury stock, shares | 5,050,981 | 4,711,859 |
Condensed Parent Company Statem
Condensed Parent Company Statements of Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2020 | [1] | Sep. 30, 2020 | [1] | Jun. 30, 2020 | [1] | Mar. 31, 2020 | [1] | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||
Revenues | $ 98,242 | $ 35,478 | $ 8,974 | $ 543,616 | $ 788,803 | $ 821,817 | $ 957,756 | $ 714,723 | $ 686,310 | [1] | $ 3,283,099 | $ 3,221,735 | |||||
Cost of operations | 1,441,284 | 2,944,712 | 2,833,384 | ||||||||||||||
Operating income (loss) | (286,996) | (210,784) | (214,275) | (42,919) | 66,436 | 58,531 | 156,052 | 57,368 | (754,974) | [1] | 338,387 | 388,351 | |||||
Interest expense | [2] | (129,871) | (99,941) | (109,994) | |||||||||||||
Other income | (172,350) | (64,627) | (77,617) | ||||||||||||||
Income taxes | 309,376 | (79,912) | (95,429) | ||||||||||||||
Equity in income (loss) of subsidiaries, net of taxes | (38,745) | 41,870 | 39,242 | ||||||||||||||
Net income (loss) attributable to Cinemark Holdings, Inc. | $ (239,256) | $ (147,592) | $ (170,389) | $ (59,591) | $ 26,334 | $ 31,353 | $ 100,971 | $ 32,728 | (616,828) | [1] | 191,386 | 213,827 | |||||
Cinemark Holdings, Inc. | |||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||
Cost of operations | 2,236 | 2,556 | 2,535 | ||||||||||||||
Operating income (loss) | (2,236) | (2,556) | (2,535) | ||||||||||||||
Interest expense | (14,220) | ||||||||||||||||
Other income | 56 | 20 | 22 | ||||||||||||||
Loss before income taxes and equity in income of subsidiaries | (16,400) | (2,536) | (2,513) | ||||||||||||||
Income taxes | 5,740 | 609 | 605 | ||||||||||||||
Equity in income (loss) of subsidiaries, net of taxes | (606,168) | 193,313 | 215,735 | ||||||||||||||
Net income (loss) attributable to Cinemark Holdings, Inc. | $ (616,828) | $ 191,386 | $ 213,827 | ||||||||||||||
[1] | Quarterly results during the year ended December 31, 2020 were impacted by the COVID-19 pandemic (see Note 3) as well as impairment recorded (see Notes 1 and 11). | ||||||||||||||||
[2] | Includes amortization of debt issue costs. |
Condensed Parent Company Stat_2
Condensed Parent Company Statements of Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2020 | [1] | Sep. 30, 2020 | [1] | Jun. 30, 2020 | [1] | Mar. 31, 2020 | [1] | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Condensed Statement of Income Captions [Line Items] | ||||||||||||||||
Net income (loss) | $ (239,674) | $ (148,036) | $ (170,816) | $ (59,422) | $ 26,839 | $ 31,955 | $ 101,861 | $ 33,193 | $ (617,948) | [1] | $ 193,848 | $ 215,305 | ||||
Other comprehensive income (loss), net of tax | ||||||||||||||||
Unrealized loss due to fair value adjustments on interest rate swap agreements, net of taxes of $1,243, $2,692 and $3,532, net of settlements | (14,320) | (8,210) | (3,851) | |||||||||||||
Other comprehensive income (loss) in equity method investments | 0 | (142) | (139) | |||||||||||||
Foreign currency translation adjustments | (47,592) | (12,753) | (62,253) | |||||||||||||
Total other comprehensive loss, net of tax | (61,912) | (21,105) | (66,243) | |||||||||||||
Comprehensive income (loss) attributable to Cinemark Holdings, Inc. | (678,740) | 170,281 | 147,584 | |||||||||||||
Cinemark Holdings, Inc. | ||||||||||||||||
Condensed Statement of Income Captions [Line Items] | ||||||||||||||||
Net income (loss) | (616,828) | 191,386 | 213,827 | |||||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||
Unrealized loss due to fair value adjustments on interest rate swap agreements, net of taxes of $1,243, $2,692 and $3,532, net of settlements | (10,949) | (8,210) | (3,851) | |||||||||||||
Other comprehensive income (loss) in equity method investments | (142) | (139) | ||||||||||||||
Foreign currency translation adjustments | (47,592) | (12,753) | (62,253) | |||||||||||||
Total other comprehensive loss, net of tax | (58,541) | (21,105) | (66,243) | |||||||||||||
Comprehensive income (loss) attributable to Cinemark Holdings, Inc. | $ (675,369) | $ 170,281 | $ 147,584 | |||||||||||||
[1] | Quarterly results during the year ended December 31, 2020 were impacted by the COVID-19 pandemic (see Note 3) as well as impairment recorded (see Notes 1 and 11). |
Condensed Parent Company Stat_3
Condensed Parent Company Statements of Comprehensive Income (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Statement of Income Captions [Line Items] | |||
Unrealized gain due to fair value adjustments on interest rate swap agreements, tax | $ 3,532 | $ 2,692 | $ 1,243 |
Cinemark Holdings, Inc. | |||
Condensed Statement of Income Captions [Line Items] | |||
Unrealized gain due to fair value adjustments on interest rate swap agreements, tax | $ 3,532 | $ 2,692 | $ 1,243 |
Condensed Parent Company Stat_4
Condensed Parent Company Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | [1] | Jun. 30, 2020 | [1] | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Operating Activities | ||||||||||||||||
Net income (loss) | $ (239,674) | [1] | $ (148,036) | $ (170,816) | $ (59,422) | [1] | $ 26,839 | $ 31,955 | $ 101,861 | $ 33,193 | $ (617,948) | [1] | $ 193,848 | $ 215,305 | ||
Adjustments to reconcile net income (loss) to cash provided by operating activities: | ||||||||||||||||
Share based awards compensation expense | 19,404 | 14,615 | 14,336 | |||||||||||||
Equity in (income) loss of subsidiaries | 38,745 | (41,870) | (39,242) | |||||||||||||
Net cash provided by (used for) operating activities | (330,098) | 561,995 | 556,915 | |||||||||||||
Investing Activities | ||||||||||||||||
Net cash used for investing activities | (83,366) | (310,642) | (451,370) | |||||||||||||
Financing Activities | ||||||||||||||||
Dividends paid to stockholders | (42,311) | (159,281) | (149,492) | |||||||||||||
Proceeds from convertible notes issued | 460,000 | |||||||||||||||
Payment of debt issue costs | (24,981) | (5,218) | ||||||||||||||
Proceeds from warrants issued | 89,424 | |||||||||||||||
Payroll taxes paid as a result of noncash stock option exercises | (5,437) | (2,308) | (2,905) | |||||||||||||
Net cash provided by (used for) financing activities | 584,408 | (186,506) | (192,648) | |||||||||||||
Increase (decrease) in cash and cash equivalents | 167,025 | 62,091 | (96,325) | |||||||||||||
Cash and cash equivalents: | ||||||||||||||||
Beginning of period | 488,313 | 426,222 | 488,313 | 426,222 | 522,547 | |||||||||||
End of period | 655,338 | 488,313 | 655,338 | 488,313 | 426,222 | |||||||||||
Convertible Notes | ||||||||||||||||
Financing Activities | ||||||||||||||||
Purchase of convertible note hedges | (142,094) | |||||||||||||||
Cinemark Holdings, Inc. | ||||||||||||||||
Operating Activities | ||||||||||||||||
Net income (loss) | (616,828) | 191,386 | 213,827 | |||||||||||||
Adjustments to reconcile net income (loss) to cash provided by operating activities: | ||||||||||||||||
Share based awards compensation expense | 919 | 920 | 920 | |||||||||||||
Equity in (income) loss of subsidiaries | 606,168 | (193,313) | (215,735) | |||||||||||||
Changes in other assets and liabilities | 19,984 | 4,237 | 4,509 | |||||||||||||
Net cash provided by (used for) operating activities | 10,243 | 3,230 | 3,521 | |||||||||||||
Investing Activities | ||||||||||||||||
Dividends received from subsidiaries | 42,000 | 158,450 | 148,750 | |||||||||||||
Net cash used for investing activities | 42,000 | 158,450 | 148,750 | |||||||||||||
Financing Activities | ||||||||||||||||
Dividends paid to stockholders | (42,311) | (159,281) | (149,492) | |||||||||||||
Proceeds from convertible notes issued | 460,000 | |||||||||||||||
Payment of debt issue costs | (17,122) | |||||||||||||||
Proceeds from warrants issued | 89,424 | |||||||||||||||
Payroll taxes paid as a result of noncash stock option exercises | (5,437) | (2,308) | (2,905) | |||||||||||||
Net cash provided by (used for) financing activities | 342,460 | (161,589) | (152,397) | |||||||||||||
Increase (decrease) in cash and cash equivalents | 394,703 | 91 | (126) | |||||||||||||
Cash and cash equivalents: | ||||||||||||||||
Beginning of period | $ 97 | $ 6 | 97 | 6 | 132 | |||||||||||
End of period | $ 394,800 | $ 97 | 394,800 | $ 97 | $ 6 | |||||||||||
Cinemark Holdings, Inc. | Convertible Notes | ||||||||||||||||
Financing Activities | ||||||||||||||||
Purchase of convertible note hedges | $ (142,094) | |||||||||||||||
[1] | Quarterly results during the year ended December 31, 2020 were impacted by the COVID-19 pandemic (see Note 3) as well as impairment recorded (see Notes 1 and 11). |
Schedule 1 Basis of Presentatio
Schedule 1 Basis of Presentation - Additional Information (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2016 | May 21, 2016 | May 24, 2013 | Dec. 18, 2012 |
Organization and Summary of Significant Accounting Policies Disclosure [Line Items] | |||||
Interest rate | 4.50% | ||||
4.875 % Senior Notes Due June 1, 2023 | |||||
Organization and Summary of Significant Accounting Policies Disclosure [Line Items] | |||||
Interest rate | 4.875% | 4.875% | 4.875% | ||
5.125% senior notes due 2022 | |||||
Organization and Summary of Significant Accounting Policies Disclosure [Line Items] | |||||
Interest rate | 5.125% | ||||
8.750% senior secured notes due 2025 | |||||
Organization and Summary of Significant Accounting Policies Disclosure [Line Items] | |||||
Interest rate | 8.75% | ||||
Cinemark Holdings, Inc. | |||||
Organization and Summary of Significant Accounting Policies Disclosure [Line Items] | |||||
Restricted net assets as a percentage of consolidated net assets | 25.00% | ||||
Senior and Senior Subordinated Notes | Cinemark Holdings, Inc. | |||||
Organization and Summary of Significant Accounting Policies Disclosure [Line Items] | |||||
Restricted net assets | $ 608,788 | ||||
Senior Secured Credit Facility | Cinemark Holdings, Inc. | |||||
Organization and Summary of Significant Accounting Policies Disclosure [Line Items] | |||||
Restricted net assets | $ 665,618 |
Schedule 1 Dividend Declared fo
Schedule 1 Dividend Declared for Fiscal Period (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Dividend Declared [Line Items] | ||||
Amount per Share of Common Stock | $ 0.36 | $ 1.36 | $ 1.28 | |
First Quarter Dividend | ||||
Dividend Declared [Line Items] | ||||
Declaration Date | Feb. 21, 2020 | Feb. 23, 2019 | Feb. 23, 2018 | |
Record Date | Mar. 6, 2020 | Mar. 8, 2019 | Mar. 8, 2018 | |
Payable Date | Mar. 20, 2020 | Mar. 22, 2019 | Mar. 22, 2018 | |
Amount per Share of Common Stock | $ 0.36 | $ 0.34 | $ 0.32 | |
Second Quarter Dividend | ||||
Dividend Declared [Line Items] | ||||
Declaration Date | May 24, 2019 | May 25, 2018 | ||
Record Date | Jun. 10, 2019 | Jun. 8, 2018 | ||
Payable Date | Jun. 24, 2019 | Jun. 22, 2018 | ||
Amount per Share of Common Stock | $ 0.34 | $ 0.32 | ||
Third Quarter Dividend | ||||
Dividend Declared [Line Items] | ||||
Declaration Date | Aug. 16, 2019 | Aug. 23, 2018 | ||
Record Date | Sep. 4, 2019 | Sep. 4, 2018 | ||
Payable Date | Sep. 18, 2019 | Sep. 18, 2018 | ||
Amount per Share of Common Stock | $ 0.34 | $ 0.32 | ||
Fourth Quarter Dividend | ||||
Dividend Declared [Line Items] | ||||
Declaration Date | Nov. 22, 2019 | Nov. 15, 2018 | ||
Record Date | Dec. 4, 2019 | Dec. 4, 2018 | ||
Payable Date | Dec. 18, 2019 | Dec. 18, 2018 | ||
Amount per Share of Common Stock | $ 0.34 | $ 0.32 | ||
Cinemark Holdings, Inc. | ||||
Dividend Declared [Line Items] | ||||
Amount per Share of Common Stock | $ 0.36 | $ 1.36 | $ 1.28 | |
Total Dividends | [1] | $ 42,567 | $ 159,951 | $ 150,116 |
Cinemark Holdings, Inc. | First Quarter Dividend | ||||
Dividend Declared [Line Items] | ||||
Declaration Date | Feb. 21, 2020 | Feb. 23, 2019 | Feb. 23, 2018 | |
Record Date | Mar. 6, 2020 | Mar. 8, 2019 | Mar. 8, 2018 | |
Payable Date | Mar. 20, 2020 | Mar. 22, 2019 | Mar. 22, 2018 | |
Amount per Share of Common Stock | $ 0.36 | $ 0.34 | $ 0.32 | |
Total Dividends | [1] | $ 42,567 | $ 39,905 | $ 37,471 |
Cinemark Holdings, Inc. | Second Quarter Dividend | ||||
Dividend Declared [Line Items] | ||||
Declaration Date | May 24, 2019 | May 25, 2018 | ||
Record Date | Jun. 10, 2019 | Jun. 8, 2018 | ||
Payable Date | Jun. 24, 2019 | Jun. 22, 2018 | ||
Amount per Share of Common Stock | $ 0.34 | $ 0.32 | ||
Total Dividends | [1] | $ 40,012 | $ 37,523 | |
Cinemark Holdings, Inc. | Third Quarter Dividend | ||||
Dividend Declared [Line Items] | ||||
Declaration Date | Aug. 16, 2019 | Aug. 23, 2018 | ||
Record Date | Sep. 4, 2019 | Sep. 4, 2018 | ||
Payable Date | Sep. 18, 2019 | Sep. 18, 2018 | ||
Amount per Share of Common Stock | $ 0.34 | $ 0.32 | ||
Total Dividends | [1] | $ 40,020 | $ 37,530 | |
Cinemark Holdings, Inc. | Fourth Quarter Dividend | ||||
Dividend Declared [Line Items] | ||||
Declaration Date | Nov. 22, 2019 | Nov. 15, 2018 | ||
Record Date | Dec. 4, 2019 | Dec. 4, 2018 | ||
Payable Date | Dec. 18, 2019 | Dec. 18, 2018 | ||
Amount per Share of Common Stock | $ 0.34 | $ 0.32 | ||
Total Dividends | [1] | $ 40,014 | $ 37,592 | |
[1] | Of the dividends recorded during 2018, 2019 and 2020, $624, $670 and $256, respectively, were related to outstanding restricted stock units and will not be paid until such units vest. |
Schedule 1 Dividend Declared _2
Schedule 1 Dividend Declared for Fiscal Period (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Dividend Declared [Line Items] | |||
Dividends related to outstanding restricted stock units | $ 256 | $ 670 | $ 624 |
Cinemark Holdings, Inc. | |||
Dividend Declared [Line Items] | |||
Dividends related to outstanding restricted stock units | $ 256 | $ 670 | $ 624 |
Schedule 1 Dividends Received f
Schedule 1 Dividends Received from Subsidiaries - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cinemark Holdings, Inc. | |||
Dividends [Line Items] | |||
Dividends received from Cinemark USA, Inc. | $ 42,000 | $ 158,450 | $ 148,750 |