Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
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 | 119,541,047 | |
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 Quarterly Report | true | |
Document Transition Report | false | |
Title of Each Class | Common stock, par value $.001 per share | |
Trading Symbol(s) | CNK | |
Name of each exchange on which registered | NYSE |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Current assets | |||
Cash and cash equivalents | $ 512,828 | $ 655,338 | |
Inventories | 12,170 | 12,593 | |
Accounts receivable | 23,732 | 25,265 | |
Current income tax receivable | 174,658 | 165,151 | |
Prepaid expenses and other | 31,419 | 34,400 | |
Total current assets | 754,807 | 892,747 | |
Theatre properties and equipment | 3,348,813 | 3,403,103 | |
Less: accumulated depreciation and amortization | 1,815,515 | 1,788,041 | |
Theatre properties and equipment, net | 1,533,298 | 1,615,062 | |
Operating lease right-of-use assets, net | 1,246,115 | 1,278,191 | |
Other assets | |||
Goodwill | [1] | 1,249,195 | 1,253,840 |
Intangible assets, net | 313,085 | 314,195 | |
Investments in affiliates | 23,932 | 23,726 | |
Deferred charges and other assets, net | 31,064 | 33,199 | |
Total other assets | 1,762,734 | 1,776,922 | |
Total assets | 5,296,954 | 5,562,922 | |
Current liabilities | |||
Current portion of long-term debt | 18,468 | 18,056 | |
Current portion of operating lease obligations | 206,750 | 208,593 | |
Current portion of finance lease obligations | 14,486 | 16,407 | |
Current income tax payable | 55 | 5,632 | |
Accounts payable and accrued expenses | 354,751 | 357,753 | |
Total current liabilities | 594,510 | 606,441 | |
Long-term liabilities | |||
Long-term debt, less current portion | 2,476,680 | 2,377,162 | |
Operating lease obligations, less current portion | 1,107,544 | 1,138,142 | |
Finance lease obligations, less current portion | 112,911 | 124,609 | |
Long-term deferred tax liability | 39,309 | 79,525 | |
Long-term liability for uncertain tax positions | 39,318 | 19,225 | |
Other long-term liabilities | 60,459 | 74,594 | |
Total long-term liabilities | 4,178,461 | 4,157,512 | |
Commitments and contingencies (see Note 19) | 0 | 0 | |
Cinemark Holdings, Inc.'s stockholders' equity: | |||
Common stock, $0.001 par value: 300,000,000 shares authorized, 124,610,298 shares issued and 119,549,912 shares outstanding at March 31, 2021 and 123,627,080 shares issued and 118,576,099 shares outstanding at December 31, 2020 | 124 | 124 | |
Additional paid-in-capital | 1,176,633 | 1,245,569 | |
Treasury stock, 5,060,386 and 5,050,981 shares, at cost, at March 31, 2021 and December 31, 2020, respectively | (87,012) | (87,004) | |
Retained earnings (deficit) | (174,866) | 27,937 | |
Accumulated other comprehensive loss | (401,290) | (398,653) | |
Total Cinemark Holdings, Inc.'s stockholders' equity | 513,589 | 787,973 | |
Noncontrolling interests | 10,394 | 10,996 | |
Total equity | 523,983 | 798,969 | |
Total liabilities and equity | 5,296,954 | 5,562,922 | |
NCM | |||
Other assets | |||
Investment | 145,458 | 151,962 | |
Deferred charges and other assets, net | 685,643 | ||
Current liabilities | |||
Total current liabilities | 46,872 | ||
Long-term liabilities | |||
NCM screen advertising advances | $ 342,240 | 344,255 | |
Total long-term liabilities | $ 1,072,207 | ||
[1] | Balances are presented net of accumulated impairment losses of $214,031 for the U.S. operating segment and $43,750 for the international operating segment. See discussion of the qualitative impairment analysis performed by the Company as of March 31, 2021 at Note 13. |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
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 | 124,610,298 | 123,627,080 |
Common stock, shares outstanding | 119,549,912 | 118,576,099 |
Treasury stock, shares | 5,060,386 | 5,050,981 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Revenues | |||
Total revenues | $ 114,361 | $ 543,616 | |
Cost of operations | |||
Film rentals and advertising | 23,205 | 156,617 | |
Concession supplies | 7,140 | 34,812 | |
Salaries and wages | 31,166 | 87,544 | |
Facility lease expense | 64,829 | 82,241 | |
Utilities and other | 49,144 | 100,523 | |
General and administrative expenses | 35,858 | 41,018 | |
Depreciation and amortization | 68,160 | 65,256 | |
Impairment of long-lived assets | 16,619 | ||
Restructuring costs | (208) | ||
Loss on disposal of assets and other | 4,505 | 1,905 | |
Total cost of operations | 283,799 | 586,535 | |
Operating loss | (169,438) | (42,919) | |
Other income (expense) | |||
Interest expense | [1] | (36,553) | (24,666) |
Interest income | 646 | 2,084 | |
Loss on extinguishment of debt | (2,603) | ||
Foreign currency exchange loss | (2,974) | (4,848) | |
Equity in income (loss) of affiliates | (6,806) | 8,486 | |
Total other expense | (54,048) | (19,611) | |
Loss before income taxes | (223,486) | (62,530) | |
Income taxes | (14,643) | (3,108) | |
Net loss | (208,843) | (59,422) | |
Less: Net income (loss) attributable to noncontrolling interests | (602) | 169 | |
Net loss attributable to Cinemark Holdings, Inc. | $ (208,241) | $ (59,591) | |
Weighted average shares outstanding | |||
Basic | 117,177 | 116,496 | |
Diluted | 117,177 | 116,496 | |
Loss per share attributable to Cinemark Holdings, Inc.'s common stockholders | |||
Basic | $ (1.75) | $ (0.51) | |
Diluted | $ (1.75) | $ (0.51) | |
NCM | |||
Other income (expense) | |||
Distributions from NCM | $ 77 | $ 5,224 | |
Interest expense - NCM | (5,835) | (5,891) | |
Admissions | |||
Revenues | |||
Total revenues | 56,121 | 292,462 | |
Concession | |||
Revenues | |||
Total revenues | 39,488 | 190,356 | |
Other | |||
Revenues | |||
Total revenues | $ 18,752 | $ 60,798 | |
[1] | Includes amortization of debt issue costs and amortization of accumulated losses for amended swap agreements. |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net loss | $ (208,843) | $ (59,422) |
Other comprehensive loss, net of tax | ||
Unrealized gain (loss) due to fair value adjustments on interest rate swap agreements, net of taxes of $2,244 and $2,230, net of settlements | 5,704 | (24,171) |
Foreign currency translation adjustments | (9,465) | (57,625) |
Total other comprehensive loss, net of tax | (3,761) | (81,796) |
Total comprehensive loss, net of tax | (212,604) | (141,218) |
Comprehensive (income) loss attributable to noncontrolling interests | 602 | (169) |
Comprehensive loss attributable to Cinemark Holdings, Inc. | $ (212,002) | $ (141,387) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Unrealized loss due to fair value adjustments on interest rate swap agreements, taxes | $ 2,244 | $ 2,230 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Operating activities | |||
Net loss | $ (208,843) | $ (59,422) | |
Adjustments to reconcile net loss to cash used for operating activities: | |||
Depreciation | 67,495 | 64,005 | |
Amortization of intangible and other assets | 665 | 1,251 | |
Amortization of debt issue costs | 2,590 | 1,328 | |
Interest accrued on NCM screen advertising advances | (5,835) | ||
Amortization of NCM screen advertising advances and deferred revenues | (7,934) | (7,852) | |
Amortization of accumulated losses for amended swap agreements | 1,124 | ||
Impairment of long-lived assets | 16,619 | ||
Share based awards compensation expense | 4,668 | 4,111 | |
Loss on disposal of assets and other | 4,505 | 1,905 | |
Loss on extinguishment of debt | 2,603 | ||
Non-cash rent expense | 128 | (591) | |
Equity in (income) loss of affiliates | 6,806 | (8,486) | |
Deferred income tax expenses | (18,070) | 15,364 | |
Distributions from equity investees | 156 | 16,606 | |
Changes in assets and liabilities and other | 14,193 | (66,290) | |
Net cash used for operating activities | (124,079) | (15,561) | |
Investing activities | |||
Additions to theatre properties and equipment | (17,680) | (34,143) | |
Proceeds from sale of theatre properties and equipment and other | 21 | 55 | |
Investment in joint ventures and other, net | (50) | ||
Net cash used for investing activities | (17,659) | (34,138) | |
Financing activities | |||
Dividends paid to stockholders | (42,311) | ||
Payroll taxes paid as a result of stock withholdings | (8) | (2,691) | |
Proceeds from revolving line of credit | 98,800 | ||
Proceeds from issuance of senior notes | 405,000 | ||
Proceeds from other borrowings | 9,012 | ||
Redemption of senior notes | (400,000) | ||
Repayments of long-term debt | (1,999) | (1,649) | |
Payment of debt issue costs | (5,980) | ||
Fees paid related to debt refinancing | (1,435) | ||
Payments on finance leases | [1] | (3,742) | (3,789) |
Other | (392) | ||
Net cash provided by financing activities | 848 | 47,968 | |
Effect of exchange rate changes on cash and cash equivalents | (1,620) | (7,183) | |
Decrease in cash and cash equivalents | (142,510) | (8,914) | |
Cash and cash equivalents: | |||
Beginning of period | 655,338 | 488,313 | |
End of period | 512,828 | 479,399 | |
NCM | |||
Adjustments to reconcile net loss to cash used for operating activities: | |||
Interest accrued on NCM screen advertising advances | $ 5,835 | $ 5,891 | |
[1] | As discussed above at Lease Deferrals and Abatements , the Company negotiated certain lease amendments to defer and/or abate contractual payments as a result of the COVID-19 pandemic and temporary closure of theatres. In accordance with FASB Staff guidance, the Company did not recalculate lease liabilities and right of use assets for amendments that did not result in a substantial increase in the rights of the lessor or the obligations of the lessee. Contractual payment amounts for the three months ended March 31, 2021 above are prior to the impact of deferred or abated rent amounts. |
The Company and Basis of Presen
The Company and Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
The Company and Basis of Presentation | 1. The Company and Basis of Presentation The Company and its subsidiaries operate in the motion picture exhibition industry, with theatres in the United States (“U.S.”), Brazil, Argentina, Chile, Colombia, Peru, Ecuador, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Bolivia, Curacao and Paraguay. The accompanying condensed consolidated balance sheet as of December 31, 2020, which was derived from audited financial statements, and the unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation have been included. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ from these estimates. Majority-owned subsidiaries of which the Company has control are consolidated while those affiliates of which the Company owns between 20% and 50% and does not control are accounted for under the equity method. Those of which the Company owns less than 20% are generally accounted for under the cost method, unless the Company is deemed to have the ability to exercise significant influence over the affiliate, in which case the Company would account for its investment under the equity method. Th These condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and the notes thereto for the year ended December 31, 2020, included in the Annual Report on Form 10-K filed February 26, 2021 by the Company under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results to be achieved for the full year. |
Impact of COVID-19 Pandemic
Impact of COVID-19 Pandemic | 3 Months Ended |
Mar. 31, 2021 | |
Extraordinary And Unusual Items [Abstract] | |
Impact of COVID-19 Pandemic | 2. Impact of COVID-19 Pandemic As the Company has previously disclosed, the COVID-19 pandemic has had an unprecedented impact on the world and the movie exhibition industry. The social and economic effects have been widespread, and the situation continues to evolve. As a movie exhibitor that operates spaces where patrons gather in close proximity, the Company has been, and continues to be, significantly impacted by protective actions taken by governmental authorities to control the spread of the pandemic. To comply with government mandates at the initial outbreak of the COVID-19 pandemic, the Company temporarily closed all of its theatres in the U.S. and Latin America in March of 2020, implemented temporary personnel and salary reductions, halted 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 March 31, 2021, the Company had reopened 301 of its domestic theatres and 78 of its international theatres and continued to show a limited volume of new releases along with library content during reduced operating hours. Theatre staffing levels remain reduced as compared to pre-COVID levels due to limited operating hours as well as the Company’s focus on initiatives to enhance productivity. The Company also continues to limit operating expenses and capital expenditures to essential activities and projects as volumes remain reduced. The Company is continuing to work with landlords and other vendors to extend payment terms while it reopens theatres and recovers from the impacts of the COVID-19 pandemic. Based on the Company’s current estimates of recovery, it 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. Restructuring Charges During June 2020, Company management approved and announced a restructuring plan to realign its operations to create a more efficient cost structure (referred to herein as the “Restructuring Plan”). The Restructuring Plan primarily included a permanent headcount reduction at its domestic corporate office and the permanent closure of certain domestic and international theatres. The following table summarizes activity recorded during the three months ended March 31, 2021: 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 Balance at December 31, 2020 $ 840 $ 5,740 $ 6,580 $ — $ 161 $ 161 $ 840 $ 5,901 $ 6,741 Amounts paid (350 ) — (350 ) — — — (350 ) — (350 ) Reserve adjustments — (208 ) (208 ) — — — — (208 ) (208 ) Balance at March 31, 2021 $ 490 $ 5,532 $ 6,022 $ — $ 161 $ 161 $ 490 $ 5,693 $ 6,183 The remaining accrued restructuring costs of $6,183 are reflected in accounts payable and accrued expenses on the condensed consolidated balance sheet as of March 31, 2021. |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Changes And Error Corrections [Abstract] | |
New Accounting Pronouncements | 3. New Accounting Pronouncements Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and ASU 2021-01, Reference Rate Reform (Topic 848): Scope , (“ASU 2021-01”) ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity |
Lease Accounting
Lease Accounting | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Lease Accounting | 4. Lease Accounting Lease Deferrals and Abatements Upon the temporary closure of theatres in March 2020, the Company initiated discussions with landlords to negotiate the deferral of rent and other lease-related payments with certain of its landlords. The amendments signed with the landlords 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 to later periods combined with an early exercise of an existing renewal option or extension of the lease term. In some cases, the Company is entitled to rent-free periods while theatres remain closed in certain locations due to local regulations. Total payments deferred as of March 31, 2021 were $65,203, of which $48,287 is included in accounts payable and accrued expenses and $16,915 is included in other long-term liabilities in the condensed consolidated balance sheet. In April 2020, the FASB staff released guidance indicating that in response to the COVID-19 crisis, an entity would not have to analyze each contract to determine whether enforceable rights and obligations for concessions exist in the contract and can elect to apply or not apply the lease modification guidance in Topic 842 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 related 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 Company’s aggregate lease costs, by lease classification, for the periods presented. Three Months Ended March 31 Lease Cost Classification 2021 2020 Operating lease costs Equipment (1) Utilities and other $ 445 $ 1,541 Real Estate (2)(3) Facility lease expense 63,759 81,658 Total operating lease costs $ 64,204 $ 83,199 Finance lease costs Amortization of leased assets Depreciation and amortization $ 3,250 $ 3,707 Interest on lease liabilities Interest expense 1,570 1,851 Total finance lease costs $ 4,820 $ 5,558 (1) Includes approximately $315 and $413 of short-term lease payments for the three months ended March 31, 2021 and 2020, respectively. (2) Includes approximately $(2,344) and $12,247 of variable lease payments based on a change in index, such as CPI or inflation, variable payments based on revenues or attendance and variable common area maintenance costs for the three months ended March 31, 2021 and 2020, respectively. (3) Approximately $364 and $460 of lease payments are included in general and administrative expenses primarily related to office leases for the three months ended March 31, 2021 and 2020, respectively. The following table represents the minimum cash lease payments recorded as lease expense, interest expense and a reduction of lease liabilities, as well as the non-cash addition of lease assets for the periods indicated. Three Months Ended March 31, Other Information 2021 2020 Contractual cash payments included in the measurement of lease liabilities (1) Cash outflows for operating leases $ 66,233 $ 70,539 Cash outflows for finance leases - operating activities $ 1,566 $ 1,811 Cash outflows for finance leases - financing activities $ 3,742 $ 3,789 Non-cash amount of leased assets obtained in exchange for: Operating lease liabilities $ 24,877 $ 37,803 Finance lease liabilities $ — $ — (1) As discussed above at Lease Deferrals and Abatements , the Company negotiated certain lease amendments to defer and/or abate contractual payments as a result of the COVID-19 pandemic and temporary closure of theatres. In accordance with FASB Staff guidance, the Company did not recalculate lease liabilities and right of use assets for amendments that did not result in a substantial increase in the rights of the lessor or the obligations of the lessee. Contractual payment amounts for the three months ended March 31, 2021 above are prior to the impact of deferred or abated rent amounts. As of March 31, 2021, the Company had signed lease agreements with total noncancelable lease payments of approximately $183,689 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 March 31, 2021. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 5. Revenue Recognition The Company’s patrons have the option to purchase movie tickets well in advance of a movie showtime or right before the movie showtime, or at any point in between those two timeframes depending on seat availability. The Company recognizes such admissions revenues when the showtime for a purchased movie ticket has passed. Concession revenues are recognized when products are sold to the consumer. 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 concession items or, if redeemed for movie tickets, when the showtime has passed. 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 based on redemption activity and historical experience with unused balances. The Company also records breakage revenue generally 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. Accounts receivable as of March 31, 2021 and December 31, 2020 included approximately $6,484 and $6,232 of receivables, respectively, related to contracts with customers. The Company did not record any assets related to the costs to obtain or fulfill a contract with customers during the three months ended March 31, 2021 or March 31, 2020. Disaggregation of Revenue The following tables present revenues for the three months ended March 31, 2021 and 2020, disaggregated based on major type of good or service and by reportable operating segment and disaggregated based on timing of revenue recognition. Three Months Ended March 31, 2021 U.S. International Operating Operating Major Goods/Services Segment (1) Segment Consolidated Admissions revenues $ 48,487 $ 7,634 $ 56,121 Concession revenues 33,041 6,447 39,488 Screen advertising, screen rental and promotional revenues (2) 11,167 2,201 13,368 Other revenues 4,394 990 5,384 Total revenues $ 97,089 $ 17,272 $ 114,361 Three Months Ended March 31, 2020 U.S. International Operating Operating Major Goods/Services Segment (1) Segment Consolidated Admissions revenues $ 232,326 $ 60,136 $ 292,462 Concession revenues 152,758 37,598 190,356 Screen advertising, screen rental and promotional revenues 18,209 12,446 30,655 Other revenues 24,150 5,993 30,143 Total revenues $ 427,443 $ 116,173 $ 543,616 Three Months Ended March 31, 2021 U.S. International Operating Operating Timing of Recognition Segment (1) Segment Consolidated Goods and services transferred at a point in time $ 80,534 $ 14,312 $ 94,846 Goods and services transferred over time (2) 16,555 2,960 19,515 Total $ 97,089 $ 17,272 $ 114,361 Three Months Ended March 31, 2020 U.S. International Operating Operating Timing of Recognition Segment (1) Segment Consolidated Goods and services transferred at a point in time $ 401,442 $ 101,252 $ 502,694 Goods and services transferred over time 26,001 14,921 40,922 Total $ 427,443 $ 116,173 $ 543,616 (1) U.S. segment revenues include eliminations of intercompany transactions with the international operating segment. See Note 17 for additional information on intercompany eliminations. (2) Amount includes amortization of NCM screen advertising advances. See Deferred Revenues below. Deferred Revenues The following table presents changes in the Company’s NCM screen advertising advances and deferred revenues for the three months ended March 31, 2021. NCM screen advertising advances (1) Other Deferred Revenues (2) Total Balance at January 1, 2021 $ 344,255 $ 138,830 $ 483,085 Amounts recognized as accounts receivable — 93 93 Cash received from customers in advance — 8,024 8,024 Interest accrued related to significant financing component 5,835 — 5,835 Revenue recognized during period (7,850 ) (13,258 ) (21,108 ) Foreign currency translation adjustments — (1,071 ) (1,071 ) Balance at March 31, 2021 $ 342,240 $ 132,618 $ 474,858 (1) See Note 9 for the maturity of balance as of March 31, 2021. (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, screen rental and other promotional activities. Classified as accounts payable and accrued expenses or other long-term liabilities on the condensed consolidated balance sheet. The table below summarizes the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied as of March 31, 2021 and when the Company expects to recognize this revenue. Twelve Months Ended March 31, Remaining Performance Obligations 2022 2023 2024 2025 2026 Thereafter Total Other deferred revenues $ 118,836 $ 13,782 $ — $ — $ — $ — $ 132,618 |
Loss Per Share
Loss Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Loss Per Share | 6. Loss Per Share The following table presents computations of basic and diluted loss per share: Three Months Ended March 31, 2021 2020 Numerator: Net loss attributable to Cinemark Holdings, Inc. $ (208,241 ) $ (59,591 ) Loss allocated to participating share-based awards (1) 3,144 350 Net loss attributable to common stockholders $ (205,097 ) $ (59,241 ) Denominator (shares in thousands): Basic weighted average common stock outstanding 117,177 116,496 Common equivalent shares for restricted stock units (2) — — Common equivalent shares for convertible notes (3) — — Diluted common equivalent shares 117,177 116,496 Basic loss per share attributable to common stockholders $ (1.75 ) $ (0.51 ) Diluted loss per share attributable to common stockholders $ (1.75 ) $ (0.51 ) (1) For the three months ended March 31, 2021 and 2020, a weighted average of approximately 1,797 and 683 shares of restricted stock, respectively, were considered participating securities. (2) For the three months ended March 31, 2021 and 2020, approximately 65 and 92, respectively, common equivalent shares for restricted stock units were excluded because they were anti-dilutive. (3) For the three months ended March 31, 2021, excludes the conversion of the 4.50% Convertible Senior Notes, issued August 21, 2020, into 32,051 shares of common stock, as they would be anti-dilutive. 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 loss per share pursuant to the two-class method. Basic loss per share for the two classes of stock (common stock and unvested restricted stock) is calculated by dividing net loss by the weighted average number of shares of common stock and unvested restricted stock outstanding during the reporting period. Diluted loss 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 impact of the 4.50% Convertible Senior Notes on diluted loss per share are calculated under the if-converted method, which assumes conversion of the notes at the beginning of the period. During the three months ended March 31, 2021, the weighted average closing price of the Company’s common stock of $21.15 exceeded the exercise price of $14.35 per share. The if-converted value of the 4.50% Convertible Senior Notes exceeded the aggregate outstanding principle value of the notes by $279,745. As stated in Note 13 of the Company’s Annual Report on Form 10-K filed February 26, 2021, the Company entered into hedge transactions with, and sold warrants to, counterparties in connection with the issuance of the 4.50% Convertible Senior Notes. The weighted average closing price of the Company’s common stock of $21.15 did not exceed the exercise price of $22.08 per share for the warrants during the three months ended March 31, 2021. The hedge transactions are generally expected to reduce the potential dilution of any conversion of the 4.50% Convertible Senior Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted 4.50% Convertible Senior Notes, as the case may be. |
Long Term Debt Activity
Long Term Debt Activity | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long Term Debt Activity | 7. Long Term Debt Activity 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”). As of March 31, 2021, there was $638,083 outstanding under the term loan and no borrowings were outstanding under the revolving credit line. As of March 31, 2021, $100,000 was available for borrowing under the revolving credit line. Quarterly principal payments of $1,649 are due on the term loan through December 31, 2024, with a final principal payment of $613,351 due on March 29, 2025. The revolving credit line matures November 28, 2022. The average interest rate applicable to outstanding term loan borrowings under the Credit Agreement at March 31, 2021 was approximately 3.4% per annum, after giving effect to the interest rate swap agreements discussed below. 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. The leverage covenant applies when amounts are outstanding under the revolving line of credit under the Credit Agreement for the fiscal quarters ending September 30, 2020 and December 31, 2020. On August 21, 2020, 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 leverage 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. 5.875% Senior Notes On March 16, 2021, Cinemark USA, Inc. issued $405,000 aggregate principal amount of 5.875% senior notes due 2026, at par value (the “5.875% Senior Notes”). Proceeds, after payment of fees, were used to fund a cash tender offer to purchase any and all of Cinemark USA’s 5.125% Senior Notes (the “5.125% Senior Notes”) and to redeem any of the 5.125% Senior Notes that remained outstanding after the tender offer. See further discussion of the tender offer below. Interest on the 5.875% Senior Notes is payable on March 15 and September 15 of each year, beginning September 15, 2021. The 5.875% Senior Notes mature on March 15, 2026. The Company incurred debt issue costs of approximately $5,980 in connection with the issuance, which are recorded as a reduction of long-term debt, less current on the consolidated balance sheet. The 5.875% 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 5.875% 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 debt and are senior in right of payment to all of Cinemark USA, Inc.’s and its guarantors’ existing and future senior subordinated debt. The 5.875% 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 collateral securing such debt, including all borrowings under Cinemark USA, Inc.’s amended senior secured credit facility. The 5.875% 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 5.875% Senior Notes. The indenture to the 5.875% 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. Upon a change of control, as defined in the indenture, the Company would be required to make an offer to repurchase the 5.875% Senior Notes at a price equal to 101% of the aggregate principal amount outstanding plus accrued and unpaid interest, if any, through the date of repurchase. The indenture governing the 5.875% Senior Notes allows Cinemark USA, Inc. to incur additional indebtedness if we satisfy the coverage ratio specified in the indenture, after giving effect to the incurrence of the additional indebtedness, and in certain other circumstances. Prior to March 15, 2023, Cinemark USA, Inc. may redeem all or any part of the 5.875% Senior Notes at its option at 100% of the principal amount plus a make-whole premium plus accrued and unpaid interest on the 5.875% Senior Notes to the date of redemption. After March 15, 2023, Cinemark USA, Inc. may redeem the 5.875% Senior Notes in whole or in part at redemption prices specified in the indenture. In addition, prior to March 15, 2023, Cinemark USA, Inc. may redeem up to 40% of the aggregate principal amount of the 5.875% Senior Notes from the net proceeds of certain equity offerings at the redemption price set forth in the indenture. 5.125% Senior Notes On March 16, 2021, Cinemark USA, Inc. completed a tender offer to purchase its previously outstanding 5.125% Senior Notes, of which $333,990 was tendered at the expiration of the offer. On March 16, 2021, Cinemark USA, Inc. also issued a notice of optional redemption to redeem the remaining $66,010 principal amount of the 5.125% Senior Notes. In connection therewith, Cinemark USA deposited with Wells Fargo Bank, N.A., as Trustee for the 5.125% Senior Notes (the “Trustee”), funds sufficient to redeem all 5.125% Notes remaining outstanding on April 15, 2021 (the “Redemption Date”). The redemption payment (the “Redemption Payment”) included $66,010 of outstanding principal at the redemption price equal to 100.000% of the principal amount plus accrued and unpaid interest thereon to the Redemption Date. Upon deposit of the Redemption Payment with the Trustee on March 16, 2021, the indenture governing the 5.125% Senior Notes was fully satisfied and discharged. The Company recorded a loss on extinguishment of debt of $2,603 during the three months ended March 31, 2021, which included the write-off of $1,168 unamortized debt issuance costs and the payment of $1,435 in fees. Additional Borrowings of International Subsidiaries During the three months ended March 31, 2021, certain of the Company’s international subsidiaries borrowed an aggregate of $9,012 under various local bank loans. Below is a summary of these loans: Loan Amounts Loan Description (in USD) Interest Rates Covenants Maturity Peru bank loan $ 3,277 4.8% Negative covenants January 2024 Brazil bank loan $ 5,735 4.0% Negative covenants January 2029 Additionally, the Company deposited cash into a collateral account to support the issuance of bank letters of credit to the lenders for the international loans noted above. The total amount deposited during the three months ended March 31, 2021 was $7,300. Total deposits made to support bank letters of credit for the Company’s outstanding international loans is $21,147 and is considered restricted cash as of March 31, 2021. Interest Rate Swap Agreements Below is a summary of the Company’s interest rate swap agreements designated as cash flow hedges as of March 31, 2021: Estimated Fair Value at Notional March 31, Amount Effective Date Pay Rate Receive Rate Expiration Date 2021 (1) $ 137,500 December 31, 2018 2.12% 1-Month LIBOR December 31, 2024 $ 7,567 $ 175,000 December 31, 2018 2.12% 1-Month LIBOR December 31, 2024 9,687 $ 137,500 December 31, 2018 2.19% 1-Month LIBOR December 31, 2024 8,003 $ 150,000 March 31, 2020 0.57% 1-Month LIBOR March 31, 2022 642 Total $ 25,899 (1) Approximately $9,786 of the total is included in accounts payable and accrued expenses and $16,113 is included in other long-term liabilities on the condensed consolidated balance sheet as of March 31, 2021. 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 $1,124 was recorded in amortization of accumulated losses for amended swaps in the condensed consolidated income statement for the three months ended March 31, 2021, respectively. The fair values of the amended interest rate swaps and the new interest rate swap are recorded on the Company’s condensed consolidated balance sheet as an asset or liability with the related gains or losses reported as a component of accumulated other comprehensive loss. The changes in fair value are reclassified from accumulated other comprehensive loss into earnings in the same period that the hedged items affect earnings. The valuation technique used to determine fair value is the income approach. Under this approach, the Company uses projected future interest rates, which fall in Level 2 of the U.S. GAAP hierarchy as defined by FASB ASC Topic 820-10-35, as provided by counterparties to the interest rate swap agreements and the fixed rates that the Company is obligated to pay under the agreements. Adoption of ASU 2020-06 ASU 2020-06 simplifies the guidance on an issuer’s accounting for convertible debt instruments by removing the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion feature. As a result, entities will not separately present in equity an embedded conversion feature of such debt. Instead, they will account for a convertible debt instrument wholly as debt, unless certain other conditions are met. The elimination of these models reduces reported interest expense and increases reported net income for entities that have issued a convertible instrument within the scope of those models before the adoption of ASU 2020-06. Also, ASU 2020-06 requires the application of the if-converted method for calculating diluted earnings per share and the treasury stock method is 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 adopted ASU 2020-06 under the modified retrospective method effective January 1, 2021. As a result of the adoption, the entire $ 460,000 principal balance of the 4.50 % Convertible Senior Notes are recorded in long-term debt and is no longer bifurcated between long-term debt and equity. The impact of the adoption is as follows: • Reclassified $101,123 previously allocated to the cash conversion feature and recorded in equity, from equity to long term debt on the condensed consolidated balance sheet. • Reversed the accretion of interest of $5,714 on the 4.50% Convertible Senior Notes recorded during the year ended December 31, 2020 with a credit to retained earnings. • Reclassified $3,764 of debt issue costs previously allocated to equity to long-term debt on the condensed consolidated balance sheet. • Recorded offsetting amortization of debt issue costs of $274 as an adjustment to retained earnings on the condensed consolidated balance sheet. Fair Value of Long-Term Debt The Company estimates the fair value of its long-term debt using the market approach, which utilizes quoted market prices that fall under Level 2 of the U.S. GAAP fair value hierarchy as defined by ASC 820, Fair Value Measurement . |
Equity
Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Equity | 8. Equity Below is a summary of changes in stockholders’ equity attributable to Cinemark Holdings, Inc., noncontrolling interests and total equity for the three months ended March 31, 2021 and 2020: Common Stock Treasury Stock Additional Paid-In-Capital Retained Earnings (Deficit) Accumulated Other Comprehensive Loss Total Cinemark Holdings, Inc. Stockholders’ Equity Noncontrolling Interests Total Equity Balance at January 1, 2021 $ 124 $ (87,004 ) $ 1,245,569 $ 27,937 $ (398,653 ) $ 787,973 $ 10,996 $ 798,969 Impact of adoption of ASU 2020-06, net of deferred taxes of $23,756 (See Note 7) — — (73,604 ) 5,440 — (68,164 ) — (68,164 ) Issuance of share based awards and share based awards compensation expense — — 4,668 — — 4,668 — 4,668 Stock withholdings related to share based awards that vested during the three months ended March 31, 2021 — (8 ) — — — (8 ) — (8 ) Dividends accrued on unvested restricted stock unit awards — — — (2 ) — (2 ) — (2 ) Net loss — — — (208,241 ) — (208,241 ) (602 ) (208,843 ) Unrealized gain due to fair value adjustments on interest rate swap agreements, net of taxes, net of settlements — — — — 5,704 5,704 — 5,704 Amortization of accumulated losses for amended swap agreements — — — — 1,124 1,124 — 1,124 Foreign currency translation adjustments — — — — (9,465 ) (9,465 ) — (9,465 ) Balance at March 31, 2021 $ 124 $ (87,012 ) $ 1,176,633 $ (174,866 ) $ (401,290 ) $ 513,589 $ 10,394 $ 523,983 Common Stock Treasury Stock Additional Paid-In-Capital Retained Earnings Accumulated Other Comprehensive Loss Total Cinemark Holdings, Inc. Stockholders’ Equity Noncontrolling Interests Total Equity Balance at January 1, 2020 $ 122 $ (81,567 ) $ 1,170,039 $ 687,332 $ (340,112 ) $ 1,435,814 $ 12,508 $ 1,448,322 Issuance of share based awards and share based awards compensation expense — — 4,111 — — 4,111 — 4,111 Stock withholdings related to share based awards that vested during the three months ended March 31, 2020 — (2,691 ) — — — (2,691 ) — (2,691 ) Dividends paid to stockholders, $0.36 per common share (1) — — — (42,311 ) — (42,311 ) — (42,311 ) Dividends paid to noncontrolling interests — — — — — — (392 ) (392 ) Dividends accrued on unvested restricted stock unit awards (1) — — — (256 ) — (256 ) — (256 ) Net income (loss) — — — (59,591 ) — (59,591 ) 169 (59,422 ) Unrealized loss due to fair value adjustments on interest rate swap agreements, net of taxes, net of settlements — — — — (24,171 ) (24,171 ) — (24,171 ) Foreign currency translation adjustments — — — — (57,625 ) (57,625 ) — (57,625 ) Balance at March 31, 2020 $ 122 $ (84,258 ) $ 1,174,150 $ 585,174 $ (421,908 ) $ 1,253,280 $ 12,285 $ 1,265,565 (1 ) On March 20, 2020 the Company paid a $0.36 dividend per common share to stockholders of record on March 6, 2020. Additionally, the Company accrued dividends on outstanding unvested restricted stock units. |
Investment in National CineMedi
Investment in National CineMedia LLC | 3 Months Ended |
Mar. 31, 2021 | |
NCM | |
Investment in National CineMedia LLC | 9. Investment in National CineMedia LLC Below is a summary of activity with NCM included in the Company’s condensed consolidated financial statements: Investment in NCM NCM Screen Advertising Advances Distributions from NCM Equity in Loss Other Revenue Interest Expense - NCM Cash Received Balance as of January 1, 2021 $ 151,962 $ (344,255 ) Screen rental revenues earned under ESA (1) — — — — (855 ) — 855 Interest accrued related to significant financing component — (5,835 ) — — — 5,835 — Receipt under tax receivable agreement (156 ) — (77 ) — — — 233 Equity in loss (6,348 ) — — 6,348 — — — Amortization of screen advertising advances — 7,850 — — (7,850 ) — — Balance as of and for the three months ended March 31, 2021 $ 145,458 $ (342,240 ) $ (77 ) $ 6,348 $ (8,705 ) $ 5,835 $ 1,088 (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 of approximately $370. Investment in National CineMedia NCM operates a digital in-theatre network in the U.S. for providing cinema advertising. The Company entered into an Exhibitor Services Agreement with NCM (“ESA”), pursuant to which NCM primarily provides advertising to our theatres. T recognizes cash distributions it receives from NCM on its Tranche 1 Investment as a component of earnings as Distributions from NCM. 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 The Company also periodically receives consideration in the form of common units from NCM. 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. The common units received are recorded at estimated fair value as an increase in the Company’s investment in NCM with an offset to NCM screen advertising advances. During March 2021, NCM performed its annual common unit adjustment calculation under the Common Unit Adjustment Agreement. As a result of the calculation, the Company will receive an additional 2,311,482 common units of NCM, each of which is convertible into one share of NCMI common stock. The Company will record the additional common units received at estimated fair value with a corresponding adjustment to NCM screen advertising advances when they are received in April 2021. As of March 31, 2021, the Company owned a total of 40,850,068 common units of NCM (excluding the common units to be received in April 2021 noted above), representing an ownership interest of approximately 25%. Each of the Company’s common units in NCM is convertible into one share of NCM, Inc. common stock. As of March 31, 2021, the estimated fair value of the Company’s investment in NCM was approximately $188,727 based on NCM, Inc.’s stock price as of March 31, 2021 of $4.62 per share (Level 1 input as defined in FASB ASC Topic 820). Exhibitor Services Agreement As discussed above, the Company’s domestic theatres are part of the in-theatre digital network operated by NCM under the ESA. NCM provides advertising to the Company’s theatres through its branded “ Noovie Prior to September 17, 2019, the ESA was accounted for under ASC Topic 606, Revenue from Contracts with Customers. Effective September 17, 2019, the Company signed an amendment to the ESA, under which the Company will provide incremental advertising time to NCM and has extended the term through February 2041. Since the agreement was amended, the Company was required to evaluate the revised contract under ASC Topic 842, Leases, and as a result, determined that the ESA met the definition of a lease. The Company leases nonconsecutive periods of use of its domestic theatre screens to NCM for purposes of showing third party advertising content. The lease, which is classified as an operating lease, generally requires variable lease payments based on the number of patrons attending the showtimes during which such advertising is shown. The lease agreement is considered short-term due to the fact that the nonconsecutive periods of use, or advertising time slots, are set on a weekly basis. The revenues earned under the ESA, both before and after the amendment, are reflected in other revenue on the consolidated income statement. The recognition of revenue related to the NCM screen advertising advances are recorded through February 2041. Twelve Months Ended March 31, Remaining Maturity 2022 2023 2024 2025 2026 Thereafter Total NCM screen advertising advances (1) $ 8,407 $ 8,989 $ 9,612 $ 10,279 $ 10,994 $ 293,959 $ 342,240 (1) Amounts are net of the estimated interest to be accrued for the periods presented. See discussion of significant financing component below. 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. As a result of the significant financing component, the Company recognized incremental screen rental revenue and an offsetting interest expense of $7,851 and $5,835, respectively, during the three months ended March 31, 2021. The interest expense was calculated using the Company’s incremental borrowing rates at the time when the cash was received from the NCMI IPO and each tranche of common units was 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. NCM Financial Information Below is summary financial information for NCM for the periods indicated: Three Months Ended Three Months ended April 1, 2021 March 26, 2020 Gross revenues $ 5,445 $ 64,700 Operating income (loss) $ (28,239 ) $ 4,900 Net loss $ (43,497 ) $ (8,600 ) As of As of April 1, 2021 December 31, 2020 Current assets $ 151,292 $ 142,566 Noncurrent assets $ 681,560 $ 685,643 Current liabilities $ 37,569 $ 46,872 Noncurrent liabilities $ 1,116,244 $ 1,072,207 Members deficit $ (320,961 ) $ (290,870 ) |
Other Investments
Other Investments | 3 Months Ended |
Mar. 31, 2021 | |
Financial Support For Nonconsolidated Legal Entity [Abstract] | |
Other Investments | 10. Other Investments 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. The timing of cost recoupment is dependent on VPF payments from studios. 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. Effective November 1, 2020, the Company amended the master equipment lease agreement (“MELA”) with Kasima LLC, which is an indirect subsidiary of DCIP, resulting in the termination of the MELA. Upon termination of the MELA, the Company received a distribution of the digital projection equipment that it previously leased. As the fair value of the distributed projectors was greater than the Company’s investment in DCIP at the time of the distribution, the investment in DCIP was reduced to zero at the time of the distribution. The Company does not recognize undistributed equity in the earnings or loss of its investment in DCIP until such time that future net earnings, less distributions received, surpass the amount of the excess distribution. As of March 31, 2021, the Company had a 33% voting interest in DCIP and a 24.3% economic interest in DCIP. The Company accounts for its investment in DCIP and its subsidiaries under the equity method of accounting. Below is summary financial information for DCIP for the periods indicated: Three Months Ended March 31, 2021 March 31, 2020 Gross revenues $ 5,624 $ 32,510 Operating income (loss) $ 3,980 $ (5,239 ) Net income (loss) $ 3,901 $ (11,140 ) As of March 31, 2021 December 31, 2020 Current assets $ 29,987 $ 36,372 Noncurrent assets $ 172 $ 205 Current liabilities $ 23,125 $ 39,844 Noncurrent liabilities $ 940 $ 687 Members' equity $ 6,094 $ (3,954 ) The Company had the following transactions with DCIP, reflected in utilities and other costs on the condensed consolidated statements of income, during the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 March 31, 2020 Equipment lease payments (1) $ 1,045 $ 1,038 Warranty reimbursements from DCIP $ (266 ) $ (3,123 ) Management service fees $ 11 $ 84 (1) As a result of the MELA amendment noted above, the Company recorded a lease termination liability during 2020. The lease termination payments made during the three months ended March 31, 2021 reduced the liability outstanding. The remaining termination liability of $2,084 as of March 31, 2021 is reflected in accrued other current liabilities on the condensed consolidated balance sheet. Other Investment Activity Below is a summary of activity for each of the Company’s other investments for the three months ended March 31, 2021: AC JV, LLC DCDC FE Concepts Other Total Balance at January 1, 2021 $ 3,745 $ 1,255 $ 18,273 $ 453 $ 23,726 Equity loss (453 ) 16 (21 ) — (458 ) Other — — — 664 664 Balance at March 31, 2021 $ 3,292 $ 1,271 $ 18,252 $ 1,117 $ 23,932 AC JV, LLC During December 2013, the Company, Regal, AMC (the “AC Founding Members”) and NCM entered into a series of agreements that resulted in the formation of AC JV, LLC (“AC”), a joint venture that owns “Fathom Events” formerly operated by NCM. The Fathom Events business focuses on the marketing and distribution of live and pre-recorded entertainment programming to various theatre operators, including concerts, opera and symphony, DVD product releases and marketing events, theatrical premieres, Broadway plays, live sporting events and other special events. The Company paid event fees to AC of $230 and $1,673 for the three months ended March 31, 2021 and 2020, respectively, which are included in film rentals and advertising costs on the condensed consolidated statements of income. The Company accounts for its investment in AC under the equity method of accounting. Digital Cinema Distribution Coalition Digital Cinema Distribution Coalition (“DCDC”) is a joint venture among the Company, Universal, Warner Bros., AMC and Regal. DCDC operates a satellite distribution network that distributes all digital content to U.S. theatres via satellite. The Company has an approximate 14.6% ownership in DCDC. The Company paid approximately $64 and $105 to DCDC during the three months ended March 31, 2021 and 2020, respectively, related to content delivery services provided by DCDC. These fees are included in film rentals and advertising costs on the condensed consolidated statements of income. The Company accounts for its investment in DCDC under the equity method of accounting. FE Concepts, LLC The Company has a 50% voting interest in a joint venture, FE Concepts, LLC (“FE Concepts”) with AWSR Investments, LLC, 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. 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 provides film booking and equipment monitoring services. The Company recorded $16 and $10 of theatre services revenue under the agreement during the three months ended March 31, 2021 and 2020, respectively. |
Treasury Stock and Share Based
Treasury Stock and Share Based Awards | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Treasury Stock and Share Based Awards | 11. Treasury Stock and Share Based Awards Treasury Stock — Treasury stock represents shares of common stock repurchased or withheld by the Company and not yet retired. The Company has applied the cost method in recording its treasury shares. Below is a summary of the Company’s treasury stock activity for the three months ended March 31, 2021: Number of Treasury Shares Cost Balance at January 1, 2021 5,050,981 $ 87,004 Restricted stock withholdings (1) 220 8 Restricted stock forfeitures 9,185 — Balance at March 31, 2021 5,060,386 $ 87,012 (1) The Company withheld restricted shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock and restricted stock units. The Company determined the number of shares to be withheld based upon market values ranging from $17.41 to $24.14 per share. As of March 31, 2021, the Company had no plans to retire any shares of treasury stock. Restricted Stock – During the three months ended March 31, 2021, the Company granted 968,474 shares of its restricted stock to its employees. The fair value of the restricted stock granted was determined based on the closing price of the Company’s common stock on the day preceding the grant date, which ranged from $21.01 to $23.98 per share. The Company assumed forfeiture rates for the restricted stock awards that ranged from 0% to 10%. Certain of the restricted stock awards vested immediately on the grant date while others vest over periods ranging from one to four years. The recipients of restricted stock are entitled to receive non-forfeitable dividends and to vote their respective shares, however, the sale and transfer of the restricted shares is prohibited during the restriction period. Below is a summary of restricted stock activity for the three months ended March 31, 2021: Shares of Weighted Average Restricted Grant Date Stock Fair Value Outstanding at January 1, 2021 1,431,975 $ 21.11 Granted 968,474 $ 21.34 Vested (55,064 ) $ 33.05 Forfeited (9,185 ) $ 15.25 Outstanding at March 31, 2021 2,336,200 $ 20.94 Unvested restricted stock at March 31, 2021 2,336,200 $ 20.94 Three Months Ended March 31, 2021 2020 Compensation expense recognized during the period $ 4,230 $ 2,691 Fair value of restricted shares that vested during the period $ 1,148 $ 8,029 Income tax benefit (cost) related to restricted stock awards $ (110 ) $ 2,418 As of March 31, 2021, the estimated remaining unrecognized compensation expense related to unvested restricted stock awards was $35,924 and the weighted average period over which this remaining compensation expense will be recognized is approximately two years. Restricted Stock Units – The Company did not grant any restricted stock units during the three months ended March 31, 2021. During the three months ended March 31, 2021 , Three Months Ended March 31, 2021 2020 Number of restricted stock unit awards that vested during the period 14,744 112,070 Fair value of restricted stock unit awards that vested during the period $ 303 $ 3,554 Accumulated dividends paid upon vesting of restricted stock unit awards $ 63 $ 544 Compensation expense recognized during the period $ 438 $ 1,420 Income tax benefit (cost) related to restricted stock unit awards $ (129 ) $ 821 As of March 31, 2021, the estimated remaining unrecognized compensation expense related to outstanding restricted stock unit awards was $9,578. The weighted average period over which this remaining compensation expense will be recognized is approximately 2 years. As of March 31, 2021, the Company had restricted stock units outstanding that represented a total of 564,890 hypothetical shares of common stock, net of forfeitures, reflecting actual certified performance levels for all grants outstanding. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 12. Goodwill and Other Intangible Assets A summary of the Company’s goodwill is as follows: U.S. Operating Segment International Operating Segment Total Balance at January 1, 2021 (1) $ 1,182,853 $ 70,987 $ 1,253,840 Foreign currency translation adjustments — (4,645 ) (4,645 ) Balance at March 31, 2021 (1) $ 1,182,853 $ 66,342 $ 1,249,195 (1) Balances are presented net of accumulated impairment losses of $214,031 for the U.S. operating segment and $43,750 for the international operating segment. See discussion of the qualitative impairment analysis performed by the Company as of March 31, 2021 at Note 13. A summary of the Company’s intangible assets is as follows: Balance at January 1, 2021 Amortization Other (1) Balance at March 31, 2021 Intangible assets with finite lives: Gross carrying amount $ 82,432 $ — $ (297 ) $ 82,135 Accumulated amortization (68,416 ) (655 ) — (69,071 ) Total net intangible assets with finite lives $ 14,016 $ (655 ) $ (297 ) $ 13,064 Intangible assets with indefinite lives: Tradename and other 300,179 — (158 ) 300,021 Total intangible assets, net $ 314,195 $ (655 ) $ (455 ) $ 313,085 (1) Amount represents foreign currency translation adjustments. The estimated aggregate future amortization expense for intangible assets is as follows: For the nine months ended December 31, 2021 $ 1,972 For the twelve months ended December 31, 2022 2,487 For the twelve months ended December 31, 2023 2,399 For the twelve months ended December 31, 2024 2,399 For the twelve months ended December 31, 2025 2,292 Thereafter 1,515 Total $ 13,064 |
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets | 3 Months Ended |
Mar. 31, 2021 | |
Impairment Or Disposal Of Tangible Assets Disclosure [Abstract] | |
Impairment of Long-Lived Assets | 13. Impairment of Long-Lived Assets The Company performed a qualitative impairment analysis on its long-lived assets as of March 31, 2021. The Company’s qualitative analysis considered economic and market conditions, industry trading multiples and the impact of recent industry developments and events on the estimated fair values as determined during its most recent quantitative assessments as of December 31, 2020. The Company’s consideration of economic and market conditions included the status of the COVID-10 pandemic and its impact on the Company’s anticipated recovery as well as future film release schedules. As a result of the qualitative assessment, no impairment of long-lived assets was recorded during the three months ended March 31, 2021. The following table is a summary of the impairment recorded as a result of the evaluations performed during the periods presented: Three Months Ended March 31, 2021 2020 U.S. Segment Theatre properties $ — $ 3,643 Theatre operating lease right-of-use assets — 5,952 U.S. total — 9,595 International segment Theatre properties — 4,484 Theatre operating lease right-of-use assets — 2,540 International total — 7,024 Total Impairment $ — $ 16,619 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 14. Fair Value Measurements The Company determines fair value measurements in accordance with ASC Topic 820, which establishes a fair value hierarchy under which an asset or liability is categorized based on the lowest level of input significant to its fair value measurement. The levels of input defined by ASC Topic 820 are as follows: Level 1 – quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date; Level 2 – other than quoted market prices included in Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3 – unobservable and should be used to measure fair value to the extent that observable inputs are not available. Below is a summary of liabilities measured at fair value on a recurring basis by the Company under FASB ASC Topic 820 as of March 31, 2021 and December 31, 2020: Carrying Fair Value Hierarchy Description As of, Value Level 1 Level 2 Level 3 Interest rate swap liabilities (1) March 31, 2021 $ 25,899 $ — $ 25,899 $ — Interest rate swap liabilities (1) December 31, 2020 $ 33,847 $ — $ 33,847 $ — (1) See further discussion of interest rate swaps at Note 7 The Company uses the market approach for fair value measurements on a nonrecurring basis in the impairment evaluations of its goodwill, intangible assets and long-lived assets (see Note 12 and Note 13). See additional explanation of fair value measurement techniques used for long-lived assets, goodwill and intangible assets in “Critical Accounting Policies” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed February 26, 2021. There were no changes in valuation techniques. The Company elected to perform its goodwill impairment evaluation using both the market approach and the income approach for the three months ended March 31, 2021. There were no transfers in to or out of Level 1, Level 2 or Level 3 during the three months ended March 31, 2021. |
Foreign Currency Translation
Foreign Currency Translation | 3 Months Ended |
Mar. 31, 2021 | |
Foreign Currency [Abstract] | |
Foreign Currency Translation | 15. Foreign Currency Translation The accumulated other comprehensive loss account in stockholders’ equity of $401,290 and $398,653 as of March 31, 2021 and December 31, 2020, respectively, primarily includes cumulative foreign currency net losses of $385,109 and $375,539, respectively, from translating the financial statements of the Company’s international subsidiaries and the cumulative changes in fair value of the Company’s interest rate swap agreements that are designated as hedges. As of March 31, 2021, 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 March 31, 2021 and 2020 financial statements of the Company’s international subsidiaries: Other Comprehensive Loss for Exchange Rate as of Three Months Ended Country March 31, 2021 December 31, 2020 March 31, 2021 March 31, 2020 Brazil 5.72 5.20 $ (6,912 ) $ (42,873 ) Chile 725.34 714.14 (1,025 ) (11,126 ) Colombia 3,736.91 3,432.50 (119 ) (3,274 ) Peru 3.79 3.65 (1,172 ) (1,450 ) All other (237 ) 1,098 $ (9,465 ) $ (57,625 ) (1) Beginning July 1, 2018, Argentina was deemed highly inflationary. A gain of $226 and a loss of $294 for the three months ended March 31, 2021 and 2020, respectively, is reflected as foreign currency exchange loss on the Company’s condensed consolidated statement of income as a result of translating Argentina financial results to U.S. dollars. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | 16. Supplemental Cash Flow Information The following is provided as supplemental information to the condensed consolidated statements of cash flows: Three Months Ended March 31, 2021 2020 Cash paid for interest $ 22,285 $ 8,774 Cash paid (refunds received) for income taxes, net $ (1,946 ) $ 2,110 Cash deposited in restricted accounts (1) $ 7,300 $ — Noncash investing and financing activities: Change in accounts payable and accrued expenses for the acquisition of theatre properties and equipment (2) $ (6,955 ) $ 2,269 Interest expense - NCM (see Note 9) $ (5,835 ) $ (5,891 ) Investment in NCM – receipt of common units $ — $ 3,620 Dividends accrued on unvested restricted stock unit awards $ (2 ) $ (256 ) (1) Represents cash deposited in a collateral account during the period to support the issuance of letters of credit to lenders. See further discussion at Note 7. (2) Additions to theatre properties and equipment included in accounts payable as of March 31, 2021 and December 31, 2020 were $21,295 and $28,250, respectively. |
Segments
Segments | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segments | 17. Segments The Company manages its international market and its U.S. market as separate reportable operating segments, with the international segment consisting of operations in Brazil, Argentina, Chile, Colombia, Peru, Ecuador, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Bolivia, Curacao and Paraguay. Each segment’s revenue is derived from admissions and concession sales and other ancillary revenues. The Company uses Adjusted EBITDA, as shown in the reconciliation table below, as the primary measure of segment profit and loss to evaluate performance and allocate its resources. The Company does not report total assets by segment because that information is not used to evaluate the performance of or allocate resources between segments. Below is a breakdown of selected financial information by reportable operating segment: Three Months Ended March 31, 2021 2020 Revenues U.S. $ 97,267 $ 429,302 International 17,272 116,173 Eliminations (178 ) (1,859 ) Total revenues $ 114,361 $ 543,616 Adjusted EBITDA U.S. $ (76,997 ) $ 56,072 International (14,953 ) 10,139 Total Adjusted EBITDA $ (91,950 ) $ 66,211 Capital expenditures U.S. $ 13,641 $ 25,673 International 4,039 8,470 Total capital expenditures $ 17,680 $ 34,143 The following table sets forth a reconciliation of net loss to Adjusted EBITDA: Three Months Ended March 31, 2021 2020 Net loss $ (208,843 ) $ (59,422 ) Add (deduct): Income taxes (14,643 ) (3,108 ) Interest expense (1) 36,553 24,666 Other expense, net (2) 14,971 169 Cash distributions from DCIP (3) — 5,161 Cash distributions from other equity investees (4) 156 11,445 Depreciation and amortization 68,160 65,256 Impairment of long-lived assets — 16,619 Restructuring costs (208 ) — Loss on disposal of assets and other 4,505 1,905 Loss on extinguishment of debt 2,603 — Non-cash rent expense 128 (591 ) Share based awards compensation expense 4,668 4,111 Adjusted EBITDA $ (91,950 ) $ 66,211 (1) Includes amortization of debt issue costs and amortization of accumulated losses for amended swap agreements. (2) Includes interest income, foreign currency exchange loss, equity in income (loss) of affiliates and interest expense - NCM and excludes distributions from NCM. (3) Includes cash distributions from DCIP, which were recorded as a reduction of the Company’s investment in DCIP. These distributions are reported entirely within the U.S. operating segment. (4) Includes 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 9 and 10). These distributions are reported entirely within the U.S. operating segment. Financial Information About Geographic Areas Below is a breakdown of selected financial information by geographic area: Three Months Ended March 31, Revenues 2021 2020 U.S. $ 97,267 $ 429,302 Brazil 4,438 52,968 Other international countries 12,834 63,205 Eliminations (178 ) (1,859 ) Total $ 114,361 $ 543,616 As of As of Theatre Properties and Equipment-net March 31, 2021 December 31, 2020 U.S. $ 1,328,195 $ 1,392,780 Brazil 64,260 72,080 Other international countries 140,843 150,202 Total $ 1,533,298 $ 1,615,062 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 18. Related Party Transactions The Company manages a theatre for Laredo Theatre, Ltd. (“Laredo”). The Company is the sole general partner and owns 75% of the limited partnership interests of Laredo. Lone Star Theatres, Inc. owns the remaining 25% of the limited partnership interests in Laredo and is 100% owned by Mr. David Roberts, Lee Roy Mitchell’s son-in-law. Lee Roy Mitchell is the Company’s Chairman of the Board of Directors and directly and indirectly owns approximately 8% of the Company’s common stock. Under the agreement, management fees are paid by Laredo to the Company at a rate of 5% of annual theatre revenues. The Company recorded $24 and $62 of management fee revenues during the three months ended March 31, 2021 and 2020, respectively. All such amounts are included in the Company’s condensed consolidated financial statements with the intercompany amounts eliminated in consolidation. The Company has an Aircraft Time Sharing Agreement with Copper Beech Capital, LLC (“Copper Beech”) to use, on occasion, a private aircraft owned by Copper Beech. Copper Beech is owned by Mr. Mitchell and his wife, Tandy Mitchell. The private aircraft is used by Mr. Mitchell and other executives who accompany Mr. Mitchell to business meetings for the Company. The Company reimburses Copper Beech for the actual costs of fuel usage and the expenses of the pilots, landing fees, storage fees and similar expenses incurred during the trip. For the three months ended March 31, 2021 and 2020, the aggregate amounts paid to Copper Beech for the use of the aircraft was $0 and $12, respectively. The Company leases 14 theatres and one parking facility from Syufy Enterprises, LP (“Syufy”) or affiliates of Syufy. Raymond Syufy is one of the Company’s directors and is an officer of the general partner of Syufy. Of these 15 leases, 14 have fixed minimum annual rent. The one lease without minimum annual rent has rent based upon a specified percentage of gross sales as defined in the lease. For the three months ended March 31, 2021 and 2020, the Company paid total rent of approximately $6,033 and $4,065, respectively, to Syufy. The Company has a 50% voting interest in FE Concepts, a joint venture with AWSR, an entity owned by Lee Roy Mitchell and Tandy Mitchell. FE Concepts operates a family entertainment center that offers bowling, gaming, movies and other amenities that opened during December 2019. See Note 10 for further discussion. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 19. Commitments and Contingencies From time to time, the Company is involved in various legal proceedings arising from the ordinary course of its business operations, such as personal injury claims, employment matters, 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. |
Impact of COVID-19 Pandemic (Ta
Impact of COVID-19 Pandemic (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Extraordinary And Unusual Items [Abstract] | |
Schedule of Restructuring Plan | The following table summarizes activity recorded during the three months ended March 31, 2021: 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 Balance at December 31, 2020 $ 840 $ 5,740 $ 6,580 $ — $ 161 $ 161 $ 840 $ 5,901 $ 6,741 Amounts paid (350 ) — (350 ) — — — (350 ) — (350 ) Reserve adjustments — (208 ) (208 ) — — — — (208 ) (208 ) Balance at March 31, 2021 $ 490 $ 5,532 $ 6,022 $ — $ 161 $ 161 $ 490 $ 5,693 $ 6,183 |
Lease Accounting (Tables)
Lease Accounting (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Schedule of Aggregate Lease Costs by Lease Classification | The following table represents the Company’s aggregate lease costs, by lease classification, for the periods presented. Three Months Ended March 31 Lease Cost Classification 2021 2020 Operating lease costs Equipment (1) Utilities and other $ 445 $ 1,541 Real Estate (2)(3) Facility lease expense 63,759 81,658 Total operating lease costs $ 64,204 $ 83,199 Finance lease costs Amortization of leased assets Depreciation and amortization $ 3,250 $ 3,707 Interest on lease liabilities Interest expense 1,570 1,851 Total finance lease costs $ 4,820 $ 5,558 (1) Includes approximately $315 and $413 of short-term lease payments for the three months ended March 31, 2021 and 2020, respectively. (2) Includes approximately $(2,344) and $12,247 of variable lease payments based on a change in index, such as CPI or inflation, variable payments based on revenues or attendance and variable common area maintenance costs for the three months ended March 31, 2021 and 2020, respectively. (3) Approximately $364 and $460 of lease payments are included in general and administrative expenses primarily related to office leases for the three months ended March 31, 2021 and 2020, respectively. |
Schedule of Minimum Cash Lease Payments | The following table represents the minimum cash lease payments recorded as lease expense, interest expense and a reduction of lease liabilities, as well as the non-cash addition of lease assets for the periods indicated. Three Months Ended March 31, Other Information 2021 2020 Contractual cash payments included in the measurement of lease liabilities (1) Cash outflows for operating leases $ 66,233 $ 70,539 Cash outflows for finance leases - operating activities $ 1,566 $ 1,811 Cash outflows for finance leases - financing activities $ 3,742 $ 3,789 Non-cash amount of leased assets obtained in exchange for: Operating lease liabilities $ 24,877 $ 37,803 Finance lease liabilities $ — $ — (1) As discussed above at Lease Deferrals and Abatements , the Company negotiated certain lease amendments to defer and/or abate contractual payments as a result of the COVID-19 pandemic and temporary closure of theatres. In accordance with FASB Staff guidance, the Company did not recalculate lease liabilities and right of use assets for amendments that did not result in a substantial increase in the rights of the lessor or the obligations of the lessee. Contractual payment amounts for the three months ended March 31, 2021 above are prior to the impact of deferred or abated rent amounts. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 three months ended March 31, 2021 and 2020, disaggregated based on major type of good or service and by reportable operating segment and disaggregated based on timing of revenue recognition. Three Months Ended March 31, 2021 U.S. International Operating Operating Major Goods/Services Segment (1) Segment Consolidated Admissions revenues $ 48,487 $ 7,634 $ 56,121 Concession revenues 33,041 6,447 39,488 Screen advertising, screen rental and promotional revenues (2) 11,167 2,201 13,368 Other revenues 4,394 990 5,384 Total revenues $ 97,089 $ 17,272 $ 114,361 Three Months Ended March 31, 2020 U.S. International Operating Operating Major Goods/Services Segment (1) Segment Consolidated Admissions revenues $ 232,326 $ 60,136 $ 292,462 Concession revenues 152,758 37,598 190,356 Screen advertising, screen rental and promotional revenues 18,209 12,446 30,655 Other revenues 24,150 5,993 30,143 Total revenues $ 427,443 $ 116,173 $ 543,616 Three Months Ended March 31, 2021 U.S. International Operating Operating Timing of Recognition Segment (1) Segment Consolidated Goods and services transferred at a point in time $ 80,534 $ 14,312 $ 94,846 Goods and services transferred over time (2) 16,555 2,960 19,515 Total $ 97,089 $ 17,272 $ 114,361 Three Months Ended March 31, 2020 U.S. International Operating Operating Timing of Recognition Segment (1) Segment Consolidated Goods and services transferred at a point in time $ 401,442 $ 101,252 $ 502,694 Goods and services transferred over time 26,001 14,921 40,922 Total $ 427,443 $ 116,173 $ 543,616 (1) U.S. segment revenues include eliminations of intercompany transactions with the international operating segment. See Note 17 for additional information on intercompany eliminations. (2) Amount includes amortization of NCM screen advertising advances. See Deferred Revenues below. |
Changes in Advances and Deferred Revenues | The following table presents changes in the Company’s NCM screen advertising advances and deferred revenues for the three months ended March 31, 2021. NCM screen advertising advances (1) Other Deferred Revenues (2) Total Balance at January 1, 2021 $ 344,255 $ 138,830 $ 483,085 Amounts recognized as accounts receivable — 93 93 Cash received from customers in advance — 8,024 8,024 Interest accrued related to significant financing component 5,835 — 5,835 Revenue recognized during period (7,850 ) (13,258 ) (21,108 ) Foreign currency translation adjustments — (1,071 ) (1,071 ) Balance at March 31, 2021 $ 342,240 $ 132,618 $ 474,858 (1) See Note 9 for the maturity of balance as of March 31, 2021. (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, screen rental and other promotional activities. Classified as accounts payable and accrued expenses or other long-term liabilities on the condensed consolidated balance sheet. |
Aggregate Amount of Transaction Price Allocated To Performance Obligation That Are Unsatisfied And Expected To Be Recognized | The table below summarizes the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied as of March 31, 2021 and when the Company expects to recognize this revenue. Twelve Months Ended March 31, Remaining Performance Obligations 2022 2023 2024 2025 2026 Thereafter Total Other deferred revenues $ 118,836 $ 13,782 $ — $ — $ — $ — $ 132,618 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Loss Per Share | The following table presents computations of basic and diluted loss per share: Three Months Ended March 31, 2021 2020 Numerator: Net loss attributable to Cinemark Holdings, Inc. $ (208,241 ) $ (59,591 ) Loss allocated to participating share-based awards (1) 3,144 350 Net loss attributable to common stockholders $ (205,097 ) $ (59,241 ) Denominator (shares in thousands): Basic weighted average common stock outstanding 117,177 116,496 Common equivalent shares for restricted stock units (2) — — Common equivalent shares for convertible notes (3) — — Diluted common equivalent shares 117,177 116,496 Basic loss per share attributable to common stockholders $ (1.75 ) $ (0.51 ) Diluted loss per share attributable to common stockholders $ (1.75 ) $ (0.51 ) (1) For the three months ended March 31, 2021 and 2020, a weighted average of approximately 1,797 and 683 shares of restricted stock, respectively, were considered participating securities. (2) For the three months ended March 31, 2021 and 2020, approximately 65 and 92, respectively, common equivalent shares for restricted stock units were excluded because they were anti-dilutive. (3) For the three months ended March 31, 2021, excludes the conversion of the 4.50% Convertible Senior Notes, issued August 21, 2020, into 32,051 shares of common stock, as they would be anti-dilutive. |
Long Term Debt Activity (Tables
Long Term Debt Activity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Borrowings of International Subsidiaries | During the three months ended March 31, 2021, certain of the Company’s international subsidiaries borrowed an aggregate of $9,012 under various local bank loans. Below is a summary of these loans: Loan Amounts Loan Description (in USD) Interest Rates Covenants Maturity Peru bank loan $ 3,277 4.8% Negative covenants January 2024 Brazil bank loan $ 5,735 4.0% Negative covenants January 2029 |
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 March 31, 2021: Estimated Fair Value at Notional March 31, Amount Effective Date Pay Rate Receive Rate Expiration Date 2021 (1) $ 137,500 December 31, 2018 2.12% 1-Month LIBOR December 31, 2024 $ 7,567 $ 175,000 December 31, 2018 2.12% 1-Month LIBOR December 31, 2024 9,687 $ 137,500 December 31, 2018 2.19% 1-Month LIBOR December 31, 2024 8,003 $ 150,000 March 31, 2020 0.57% 1-Month LIBOR March 31, 2022 642 Total $ 25,899 (1) Approximately $9,786 of the total is included in accounts payable and accrued expenses and $16,113 is included in other long-term liabilities on the condensed consolidated balance sheet as of March 31, 2021. |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Summary of Changes in Stockholders' Equity | Below is a summary of changes in stockholders’ equity attributable to Cinemark Holdings, Inc., noncontrolling interests and total equity for the three months ended March 31, 2021 and 2020: Common Stock Treasury Stock Additional Paid-In-Capital Retained Earnings (Deficit) Accumulated Other Comprehensive Loss Total Cinemark Holdings, Inc. Stockholders’ Equity Noncontrolling Interests Total Equity Balance at January 1, 2021 $ 124 $ (87,004 ) $ 1,245,569 $ 27,937 $ (398,653 ) $ 787,973 $ 10,996 $ 798,969 Impact of adoption of ASU 2020-06, net of deferred taxes of $23,756 (See Note 7) — — (73,604 ) 5,440 — (68,164 ) — (68,164 ) Issuance of share based awards and share based awards compensation expense — — 4,668 — — 4,668 — 4,668 Stock withholdings related to share based awards that vested during the three months ended March 31, 2021 — (8 ) — — — (8 ) — (8 ) Dividends accrued on unvested restricted stock unit awards — — — (2 ) — (2 ) — (2 ) Net loss — — — (208,241 ) — (208,241 ) (602 ) (208,843 ) Unrealized gain due to fair value adjustments on interest rate swap agreements, net of taxes, net of settlements — — — — 5,704 5,704 — 5,704 Amortization of accumulated losses for amended swap agreements — — — — 1,124 1,124 — 1,124 Foreign currency translation adjustments — — — — (9,465 ) (9,465 ) — (9,465 ) Balance at March 31, 2021 $ 124 $ (87,012 ) $ 1,176,633 $ (174,866 ) $ (401,290 ) $ 513,589 $ 10,394 $ 523,983 Common Stock Treasury Stock Additional Paid-In-Capital Retained Earnings Accumulated Other Comprehensive Loss Total Cinemark Holdings, Inc. Stockholders’ Equity Noncontrolling Interests Total Equity Balance at January 1, 2020 $ 122 $ (81,567 ) $ 1,170,039 $ 687,332 $ (340,112 ) $ 1,435,814 $ 12,508 $ 1,448,322 Issuance of share based awards and share based awards compensation expense — — 4,111 — — 4,111 — 4,111 Stock withholdings related to share based awards that vested during the three months ended March 31, 2020 — (2,691 ) — — — (2,691 ) — (2,691 ) Dividends paid to stockholders, $0.36 per common share (1) — — — (42,311 ) — (42,311 ) — (42,311 ) Dividends paid to noncontrolling interests — — — — — — (392 ) (392 ) Dividends accrued on unvested restricted stock unit awards (1) — — — (256 ) — (256 ) — (256 ) Net income (loss) — — — (59,591 ) — (59,591 ) 169 (59,422 ) Unrealized loss due to fair value adjustments on interest rate swap agreements, net of taxes, net of settlements — — — — (24,171 ) (24,171 ) — (24,171 ) Foreign currency translation adjustments — — — — (57,625 ) (57,625 ) — (57,625 ) Balance at March 31, 2020 $ 122 $ (84,258 ) $ 1,174,150 $ 585,174 $ (421,908 ) $ 1,253,280 $ 12,285 $ 1,265,565 (1 ) On March 20, 2020 the Company paid a $0.36 dividend per common share to stockholders of record on March 6, 2020. Additionally, the Company accrued dividends on outstanding unvested restricted stock units. |
Investment in National CineMe_2
Investment in National CineMedia LLC (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 and when the Company expects to recognize this revenue. Twelve Months Ended March 31, Remaining Performance Obligations 2022 2023 2024 2025 2026 Thereafter Total Other deferred revenues $ 118,836 $ 13,782 $ — $ — $ — $ — $ 132,618 |
N C M 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 NCM screen advertising advances are recorded through February 2041. Twelve Months Ended March 31, Remaining Maturity 2022 2023 2024 2025 2026 Thereafter Total NCM screen advertising advances (1) $ 8,407 $ 8,989 $ 9,612 $ 10,279 $ 10,994 $ 293,959 $ 342,240 (1) Amounts are net of the estimated interest to be accrued for the periods presented. See discussion of significant financing component below. |
NCM | |
Summary of Activity With Equity Investee Included in the Company's Condensed Consolidated Financial Statements | Below is a summary of activity with NCM included in the Company’s condensed consolidated financial statements: Investment in NCM NCM Screen Advertising Advances Distributions from NCM Equity in Loss Other Revenue Interest Expense - NCM Cash Received Balance as of January 1, 2021 $ 151,962 $ (344,255 ) Screen rental revenues earned under ESA (1) — — — — (855 ) — 855 Interest accrued related to significant financing component — (5,835 ) — — — 5,835 — Receipt under tax receivable agreement (156 ) — (77 ) — — — 233 Equity in loss (6,348 ) — — 6,348 — — — Amortization of screen advertising advances — 7,850 — — (7,850 ) — — Balance as of and for the three months ended March 31, 2021 $ 145,458 $ (342,240 ) $ (77 ) $ 6,348 $ (8,705 ) $ 5,835 $ 1,088 (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 of approximately $370. |
Summary Financial Information | NCM Financial Information Below is summary financial information for NCM for the periods indicated: Three Months Ended Three Months ended April 1, 2021 March 26, 2020 Gross revenues $ 5,445 $ 64,700 Operating income (loss) $ (28,239 ) $ 4,900 Net loss $ (43,497 ) $ (8,600 ) As of As of April 1, 2021 December 31, 2020 Current assets $ 151,292 $ 142,566 Noncurrent assets $ 681,560 $ 685,643 Current liabilities $ 37,569 $ 46,872 Noncurrent liabilities $ 1,116,244 $ 1,072,207 Members deficit $ (320,961 ) $ (290,870 ) |
Other Investments (Tables)
Other Investments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 three months ended March 31, 2021: AC JV, LLC DCDC FE Concepts Other Total Balance at January 1, 2021 $ 3,745 $ 1,255 $ 18,273 $ 453 $ 23,726 Equity loss (453 ) 16 (21 ) — (458 ) Other — — — 664 664 Balance at March 31, 2021 $ 3,292 $ 1,271 $ 18,252 $ 1,117 $ 23,932 |
Digital Cinema Implementation Partners | |
Summary Financial Information | Below is summary financial information for DCIP for the periods indicated: Three Months Ended March 31, 2021 March 31, 2020 Gross revenues $ 5,624 $ 32,510 Operating income (loss) $ 3,980 $ (5,239 ) Net income (loss) $ 3,901 $ (11,140 ) As of March 31, 2021 December 31, 2020 Current assets $ 29,987 $ 36,372 Noncurrent assets $ 172 $ 205 Current liabilities $ 23,125 $ 39,844 Noncurrent liabilities $ 940 $ 687 Members' equity $ 6,094 $ (3,954 ) |
Transactions with DCIP | The Company had the following transactions with DCIP, reflected in utilities and other costs on the condensed consolidated statements of income, during the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 March 31, 2020 Equipment lease payments (1) $ 1,045 $ 1,038 Warranty reimbursements from DCIP $ (266 ) $ (3,123 ) Management service fees $ 11 $ 84 (1) As a result of the MELA amendment noted above, the Company recorded a lease termination liability during 2020. The lease termination payments made during the three months ended March 31, 2021 reduced the liability outstanding. The remaining termination liability of $2,084 as of March 31, 2021 is reflected in accrued other current liabilities on the condensed consolidated balance sheet. |
Treasury Stock and Share Base_2
Treasury Stock and Share Based Awards (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Summary of Treasury Stock Activity | Below is a summary of the Company’s treasury stock activity for the three months ended March 31, 2021: Number of Treasury Shares Cost Balance at January 1, 2021 5,050,981 $ 87,004 Restricted stock withholdings (1) 220 8 Restricted stock forfeitures 9,185 — Balance at March 31, 2021 5,060,386 $ 87,012 (1) The Company withheld restricted shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock and restricted stock units. The Company determined the number of shares to be withheld based upon market values ranging from $17.41 to $24.14 per share. |
Summary of Restricted Stock Activity | Below is a summary of restricted stock activity for the three months ended March 31, 2021: Shares of Weighted Average Restricted Grant Date Stock Fair Value Outstanding at January 1, 2021 1,431,975 $ 21.11 Granted 968,474 $ 21.34 Vested (55,064 ) $ 33.05 Forfeited (9,185 ) $ 15.25 Outstanding at March 31, 2021 2,336,200 $ 20.94 Unvested restricted stock at March 31, 2021 2,336,200 $ 20.94 |
Restricted Stock | |
Summary of Restricted Stock and Restricted Stock Unit Award Activity | Three Months Ended March 31, 2021 2020 Compensation expense recognized during the period $ 4,230 $ 2,691 Fair value of restricted shares that vested during the period $ 1,148 $ 8,029 Income tax benefit (cost) related to restricted stock awards $ (110 ) $ 2,418 |
Restricted Stock Units (RSUs) | |
Summary of Restricted Stock and Restricted Stock Unit Award Activity | Three Months Ended March 31, 2021 2020 Number of restricted stock unit awards that vested during the period 14,744 112,070 Fair value of restricted stock unit awards that vested during the period $ 303 $ 3,554 Accumulated dividends paid upon vesting of restricted stock unit awards $ 63 $ 544 Compensation expense recognized during the period $ 438 $ 1,420 Income tax benefit (cost) related to restricted stock unit awards $ (129 ) $ 821 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Goodwill | A summary of the Company’s goodwill is as follows: U.S. Operating Segment International Operating Segment Total Balance at January 1, 2021 (1) $ 1,182,853 $ 70,987 $ 1,253,840 Foreign currency translation adjustments — (4,645 ) (4,645 ) Balance at March 31, 2021 (1) $ 1,182,853 $ 66,342 $ 1,249,195 (1) Balances are presented net of accumulated impairment losses of $214,031 for the U.S. operating segment and $43,750 for the international operating segment. See discussion of the qualitative impairment analysis performed by the Company as of March 31, 2021 at Note 13. |
Intangible Assets | A summary of the Company’s intangible assets is as follows: Balance at January 1, 2021 Amortization Other (1) Balance at March 31, 2021 Intangible assets with finite lives: Gross carrying amount $ 82,432 $ — $ (297 ) $ 82,135 Accumulated amortization (68,416 ) (655 ) — (69,071 ) Total net intangible assets with finite lives $ 14,016 $ (655 ) $ (297 ) $ 13,064 Intangible assets with indefinite lives: Tradename and other 300,179 — (158 ) 300,021 Total intangible assets, net $ 314,195 $ (655 ) $ (455 ) $ 313,085 (1) Amount represents foreign currency translation adjustments. |
Estimated Aggregate Future Amortization Expense for Intangible Assets | The estimated aggregate future amortization expense for intangible assets is as follows: For the nine months ended December 31, 2021 $ 1,972 For the twelve months ended December 31, 2022 2,487 For the twelve months ended December 31, 2023 2,399 For the twelve months ended December 31, 2024 2,399 For the twelve months ended December 31, 2025 2,292 Thereafter 1,515 Total $ 13,064 |
Impairment of Long-Lived Asse_2
Impairment of Long-Lived Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Impairment Or Disposal Of Tangible Assets Disclosure [Abstract] | |
Summary of Impairment Charges | The following table is a summary of the impairment recorded as a result of the evaluations performed during the periods presented: Three Months Ended March 31, 2021 2020 U.S. Segment Theatre properties $ — $ 3,643 Theatre operating lease right-of-use assets — 5,952 U.S. total — 9,595 International segment Theatre properties — 4,484 Theatre operating lease right-of-use assets — 2,540 International total — 7,024 Total Impairment $ — $ 16,619 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 and December 31, 2020: Carrying Fair Value Hierarchy Description As of, Value Level 1 Level 2 Level 3 Interest rate swap liabilities (1) March 31, 2021 $ 25,899 $ — $ 25,899 $ — Interest rate swap liabilities (1) December 31, 2020 $ 33,847 $ — $ 33,847 $ — (1) See further discussion of interest rate swaps at Note 7 |
Foreign Currency Translation (T
Foreign Currency Translation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 and 2020 financial statements of the Company’s international subsidiaries: Other Comprehensive Loss for Exchange Rate as of Three Months Ended Country March 31, 2021 December 31, 2020 March 31, 2021 March 31, 2020 Brazil 5.72 5.20 $ (6,912 ) $ (42,873 ) Chile 725.34 714.14 (1,025 ) (11,126 ) Colombia 3,736.91 3,432.50 (119 ) (3,274 ) Peru 3.79 3.65 (1,172 ) (1,450 ) All other (237 ) 1,098 $ (9,465 ) $ (57,625 ) (1) Beginning July 1, 2018, Argentina was deemed highly inflationary. A gain of $226 and a loss of $294 for the three months ended March 31, 2021 and 2020, respectively, is reflected as foreign currency exchange loss on the Company’s condensed consolidated statement of income as a result of translating Argentina financial results to U.S. dollars. |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Information to Condensed Consolidated Statements of Cash Flows | The following is provided as supplemental information to the condensed consolidated statements of cash flows: Three Months Ended March 31, 2021 2020 Cash paid for interest $ 22,285 $ 8,774 Cash paid (refunds received) for income taxes, net $ (1,946 ) $ 2,110 Cash deposited in restricted accounts (1) $ 7,300 $ — Noncash investing and financing activities: Change in accounts payable and accrued expenses for the acquisition of theatre properties and equipment (2) $ (6,955 ) $ 2,269 Interest expense - NCM (see Note 9) $ (5,835 ) $ (5,891 ) Investment in NCM – receipt of common units $ — $ 3,620 Dividends accrued on unvested restricted stock unit awards $ (2 ) $ (256 ) (1) Represents cash deposited in a collateral account during the period to support the issuance of letters of credit to lenders. See further discussion at Note 7. (2) Additions to theatre properties and equipment included in accounts payable as of March 31, 2021 and December 31, 2020 were $21,295 and $28,250, respectively. |
Segments (Tables)
Segments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Selected Financial Information by Reportable Operating Segment | Below is a breakdown of selected financial information by reportable operating segment: Three Months Ended March 31, 2021 2020 Revenues U.S. $ 97,267 $ 429,302 International 17,272 116,173 Eliminations (178 ) (1,859 ) Total revenues $ 114,361 $ 543,616 Adjusted EBITDA U.S. $ (76,997 ) $ 56,072 International (14,953 ) 10,139 Total Adjusted EBITDA $ (91,950 ) $ 66,211 Capital expenditures U.S. $ 13,641 $ 25,673 International 4,039 8,470 Total capital expenditures $ 17,680 $ 34,143 |
Reconciliation of Net Income (Loss) to Adjusted EBITDA | The following table sets forth a reconciliation of net loss to Adjusted EBITDA: Three Months Ended March 31, 2021 2020 Net loss $ (208,843 ) $ (59,422 ) Add (deduct): Income taxes (14,643 ) (3,108 ) Interest expense (1) 36,553 24,666 Other expense, net (2) 14,971 169 Cash distributions from DCIP (3) — 5,161 Cash distributions from other equity investees (4) 156 11,445 Depreciation and amortization 68,160 65,256 Impairment of long-lived assets — 16,619 Restructuring costs (208 ) — Loss on disposal of assets and other 4,505 1,905 Loss on extinguishment of debt 2,603 — Non-cash rent expense 128 (591 ) Share based awards compensation expense 4,668 4,111 Adjusted EBITDA $ (91,950 ) $ 66,211 (1) Includes amortization of debt issue costs and amortization of accumulated losses for amended swap agreements. (2) Includes interest income, foreign currency exchange loss, equity in income (loss) of affiliates and interest expense - NCM and excludes distributions from NCM. (3) Includes cash distributions from DCIP, which were recorded as a reduction of the Company’s investment in DCIP. These distributions are reported entirely within the U.S. operating segment. (4) Includes 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 9 and 10). These distributions are reported entirely within the U.S. operating segment. |
Selected Financial Information by Geographic Area | Below is a breakdown of selected financial information by geographic area: Three Months Ended March 31, Revenues 2021 2020 U.S. $ 97,267 $ 429,302 Brazil 4,438 52,968 Other international countries 12,834 63,205 Eliminations (178 ) (1,859 ) Total $ 114,361 $ 543,616 As of As of Theatre Properties and Equipment-net March 31, 2021 December 31, 2020 U.S. $ 1,328,195 $ 1,392,780 Brazil 64,260 72,080 Other international countries 140,843 150,202 Total $ 1,533,298 $ 1,615,062 |
The Company and Basis of Pres_2
The Company and Basis of Presentation - Additional Information (Detail) | Mar. 31, 2021 |
Minimum | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Equity method investment, ownership percentage | 20.00% |
Maximum | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Equity method investment, ownership percentage | 50.00% |
Cost method investment, ownership Percentage | 20.00% |
Impact of COVID-19 Pandemic - A
Impact of COVID-19 Pandemic - Additional Information (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)Domestic | Mar. 31, 2021USD ($)International | |
Impact of COVID-19 Pandemic | ||
Unusual Or Infrequent Item [Line Items] | ||
Accrued restructuring costs | $ 6,183 | $ 6,183 |
Impact of COVID-19 Pandemic | ||
Unusual Or Infrequent Item [Line Items] | ||
Number of domestic theaters reopened | 301 | 78 |
Impact of COVID-19 Pandemic - S
Impact of COVID-19 Pandemic - Schedule of Restructuring Plan (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
U.S. Operating Segment | |
Unusual Or Infrequent Item [Line Items] | |
Balance at December 31, 2020 | $ 6,580 |
Amounts paid | (350) |
Reserve adjustments | (208) |
Balance at March 31, 2021 | 6,022 |
U.S. Operating Segment | Employee Related | |
Unusual Or Infrequent Item [Line Items] | |
Balance at December 31, 2020 | 840 |
Amounts paid | (350) |
Balance at March 31, 2021 | 490 |
U.S. Operating Segment | Facility Closure Costs | |
Unusual Or Infrequent Item [Line Items] | |
Balance at December 31, 2020 | 5,740 |
Reserve adjustments | (208) |
Balance at March 31, 2021 | 5,532 |
International Operating Segment | |
Unusual Or Infrequent Item [Line Items] | |
Balance at December 31, 2020 | 161 |
Balance at March 31, 2021 | 161 |
International Operating Segment | Facility Closure Costs | |
Unusual Or Infrequent Item [Line Items] | |
Balance at December 31, 2020 | 161 |
Balance at March 31, 2021 | 161 |
Consolidated | |
Unusual Or Infrequent Item [Line Items] | |
Balance at December 31, 2020 | 6,741 |
Amounts paid | (350) |
Reserve adjustments | (208) |
Balance at March 31, 2021 | 6,183 |
Consolidated | Employee Related | |
Unusual Or Infrequent Item [Line Items] | |
Balance at December 31, 2020 | 840 |
Amounts paid | (350) |
Balance at March 31, 2021 | 490 |
Consolidated | Facility Closure Costs | |
Unusual Or Infrequent Item [Line Items] | |
Balance at December 31, 2020 | 5,901 |
Reserve adjustments | (208) |
Balance at March 31, 2021 | $ 5,693 |
Lease Accounting - Additional I
Lease Accounting - Additional Information (Detail) - Theatres $ in Thousands | Mar. 31, 2021USD ($) |
Lease [Line Items] | |
Payments withheld or deferred classified as acounts payable and accrued expenses | $ 65,203 |
Accounts payable and accrued expense | 48,287 |
Other long term liabilites | 16,915 |
Noncancelable lease payments payable under operating lease, lease not yet commenced | $ 183,689 |
Schedule of Aggregate Lease Cos
Schedule of Aggregate Lease Costs by Lease Classification (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Operating lease costs | |||
Total operating lease costs | $ 64,204 | $ 83,199 | |
Finance lease costs | |||
Total finance lease costs | 4,820 | 5,558 | |
Depreciation and Amortization | |||
Finance lease costs | |||
Amortization of leased assets | 3,250 | 3,707 | |
Interest Expense | |||
Finance lease costs | |||
Interest on lease liabilities | 1,570 | 1,851 | |
Equipment | Utilities and Other | |||
Operating lease costs | |||
Total operating lease costs | [1] | 445 | 1,541 |
Real Estate | Facility Lease Expense | |||
Operating lease costs | |||
Total operating lease costs | [2],[3] | $ 63,759 | $ 81,658 |
[1] | Includes approximately $315 and $413 of short-term lease payments for the three months ended March 31, 2021 and 2020, respectively. | ||
[2] | Approximately $364 and $460 of lease payments are included in general and administrative expenses primarily related to office leases for the three months ended March 31, 2021 and 2020, respectively. | ||
[3] | Includes approximately $(2,344) and $12,247 of variable lease payments based on a change in index, such as CPI or inflation, variable payments based on revenues or attendance and variable common area maintenance costs for the three months ended March 31, 2021 and 2020, respectively. |
Schedule of Aggregate Lease C_2
Schedule of Aggregate Lease Costs by Lease Classification (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Lease Cost [Line Items] | |||
Lease payments | [1] | $ 66,233 | $ 70,539 |
Equipment | Utilities and Other | |||
Lease Cost [Line Items] | |||
Short term lease payments | 315 | 413 | |
Real Estate | Facility Lease Expense | |||
Lease Cost [Line Items] | |||
Variable lease payments | (2,344) | 12,247 | |
Lease payments | $ 364 | $ 460 | |
[1] | As discussed above at Lease Deferrals and Abatements , the Company negotiated certain lease amendments to defer and/or abate contractual payments as a result of the COVID-19 pandemic and temporary closure of theatres. In accordance with FASB Staff guidance, the Company did not recalculate lease liabilities and right of use assets for amendments that did not result in a substantial increase in the rights of the lessor or the obligations of the lessee. Contractual payment amounts for the three months ended March 31, 2021 above are prior to the impact of deferred or abated rent amounts. |
Schedule of Minimum Cash Lease
Schedule of Minimum Cash Lease Payments (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Contractual cash payments included in the measurement of lease liabilities | |||
Cash outflows for operating leases | [1] | $ 66,233 | $ 70,539 |
Cash outflows for finance leases - operating activities | [1] | 1,566 | 1,811 |
Cash outflows for finance leases - financing activities | [1] | 3,742 | 3,789 |
Non-cash amount of leased assets obtained in exchange for: | |||
Operating lease liabilities | $ 24,877 | $ 37,803 | |
[1] | As discussed above at Lease Deferrals and Abatements , the Company negotiated certain lease amendments to defer and/or abate contractual payments as a result of the COVID-19 pandemic and temporary closure of theatres. In accordance with FASB Staff guidance, the Company did not recalculate lease liabilities and right of use assets for amendments that did not result in a substantial increase in the rights of the lessor or the obligations of the lessee. Contractual payment amounts for the three months ended March 31, 2021 above are prior to the impact of deferred or abated rent amounts. |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
Revenue From Contract With Customer [Abstract] | ||
Receivables related to contracts with customers | $ 6,484,000 | $ 6,232,000 |
Assets related to costs to obtain or fulfill contract with customers | $ 0 | $ 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 | |||
Mar. 31, 2021 | Mar. 31, 2020 | |||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 114,361 | $ 543,616 | ||
Admissions Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 56,121 | 292,462 | ||
Concession Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 39,488 | 190,356 | ||
Screen Advertising, Screen Rental and Promotional Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 13,368 | [1] | 30,655 | |
Other Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 5,384 | 30,143 | ||
U.S. Operating Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | [2] | 97,089 | 427,443 | |
U.S. Operating Segment | Admissions Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | [2] | 48,487 | 232,326 | |
U.S. Operating Segment | Concession Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | [2] | 33,041 | 152,758 | |
U.S. Operating Segment | Screen Advertising, Screen Rental and Promotional Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | [2] | 11,167 | [1] | 18,209 |
U.S. Operating Segment | Other Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | [2] | 4,394 | 24,150 | |
International Operating Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 17,272 | 116,173 | ||
International Operating Segment | Admissions Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 7,634 | 60,136 | ||
International Operating Segment | Concession Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 6,447 | 37,598 | ||
International Operating Segment | Screen Advertising, Screen Rental and Promotional Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 2,201 | [1] | 12,446 | |
International Operating Segment | Other Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 990 | $ 5,993 | ||
[1] | Amount includes amortization of NCM screen advertising advances. See Deferred Revenues below. | |||
[2] | U.S. segment revenues include eliminations of intercompany transactions with the international operating segment. See Note 17 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 | |||
Mar. 31, 2021 | Mar. 31, 2020 | |||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 114,361 | $ 543,616 | ||
U.S. Operating Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | [1] | 97,089 | 427,443 | |
International Operating Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 17,272 | 116,173 | ||
Goods and Services Transferred at a Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 94,846 | 502,694 | ||
Goods and Services Transferred at a Point in Time | U.S. Operating Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | [1] | 80,534 | 401,442 | |
Goods and Services Transferred at a Point in Time | International Operating Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 14,312 | 101,252 | ||
Goods and Services Transferred Over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 19,515 | [2] | 40,922 | |
Goods and Services Transferred Over Time | U.S. Operating Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | [1] | 16,555 | [2] | 26,001 |
Goods and Services Transferred Over Time | International Operating Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 2,960 | [2] | $ 14,921 | |
[1] | U.S. segment revenues include eliminations of intercompany transactions with the international operating segment. See Note 17 for additional information on intercompany eliminations. | |||
[2] | Amount includes amortization of NCM screen advertising advances. See Deferred Revenues below. |
Changes in Advances and Deferre
Changes in Advances and Deferred Revenues (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($) | ||
Change in Contract with Customer Liability [Line Items] | ||
Balance at January 1, 2021 | $ 483,085 | |
Amounts recognized as accounts receivable | 93 | |
Cash received from customers in advance | 8,024 | |
Interest accrued related to significant financing component | 5,835 | |
Revenue recognized during period | (21,108) | |
Foreign currency translation adjustments | (1,071) | |
Balance at March 31, 2021 | 474,858 | |
N C M Screen Advertising Advances | ||
Change in Contract with Customer Liability [Line Items] | ||
Balance at January 1, 2021 | 344,255 | [1] |
Interest accrued related to significant financing component | 5,835 | [1] |
Revenue recognized during period | (7,850) | [1] |
Balance at March 31, 2021 | 342,240 | [1] |
Other Deferred Revenues | ||
Change in Contract with Customer Liability [Line Items] | ||
Balance at January 1, 2021 | 138,830 | [2] |
Amounts recognized as accounts receivable | 93 | [2] |
Cash received from customers in advance | 8,024 | [2] |
Revenue recognized during period | (13,258) | [2] |
Foreign currency translation adjustments | (1,071) | [2] |
Balance at March 31, 2021 | $ 132,618 | [2] |
[1] | See Note 9 for the maturity of balance as of March 31, 2021. | |
[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, screen rental and other promotional activities. Classified as accounts payable and accrued expenses or other long-term liabilities on the condensed consolidated balance sheet. |
Aggregate Amount of Transaction
Aggregate Amount of Transaction Price Allocated To Performance Obligation That Are Unsatisfied And Expected To Be Recognized (Detail) $ in Thousands | Mar. 31, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-04-01 | |
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: 2022-04-01 | |
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: 2023-04-01 | |
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: 2024-04-01 | |
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: 2025-04-01 | |
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: 2026-04-01 | |
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 | $ 132,618 |
Other Deferred Revenues | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-04-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | 118,836 |
Other Deferred Revenues | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-04-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | $ 13,782 |
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 | Mar. 31, 2021USD ($) |
Other Deferred Revenues | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | $ 132,618 |
Computations of Basic and Dilut
Computations of Basic and Diluted Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Earnings Per Share Disclosure [Line Items] | |||
Net loss attributable to Cinemark Holdings, Inc. | $ (208,241) | $ (59,591) | |
Loss allocated to participating share-based awards (1) | [1] | 3,144 | 350 |
Net loss attributable to common stockholders | $ (205,097) | $ (59,241) | |
Basic weighted average common stock outstanding | 117,177,000 | 116,496,000 | |
Diluted common equivalent shares | 117,177,000 | 116,496,000 | |
Basic | $ (1.75) | $ (0.51) | |
Diluted | $ (1.75) | $ (0.51) | |
Restricted Stock Units (RSUs) | |||
Earnings Per Share Disclosure [Line Items] | |||
Common equivalent shares for restricted stock units | 65,000 | 92,000 | |
[1] | For the three months ended March 31, 2021 and 2020, a weighted average of approximately 1,797 and 683 shares of restricted stock, respectively, were considered participating securities. |
Computations of Basic and Dil_2
Computations of Basic and Diluted Loss Per Share (Parenthetical) (Detail) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share Disclosure [Line Items] | ||
Weighted average shares of participating restricted stock | 1,797,000 | 683,000 |
Restricted Stock Units (RSUs) | ||
Earnings Per Share Disclosure [Line Items] | ||
Common equivalent shares for restricted stock units | 65,000 | 92,000 |
Loss Per Share - Additional Inf
Loss Per Share - Additional Information (Detail) - 4.50 % Convertible Senior Notes - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share Disclosure [Line Items] | ||
Interest rate | 4.50% | |
Weighted average closing share price | $ 21.15 | |
Exercise price | $ 14.35 | |
Common shares issued | 32,051 | |
Convertible senior note, if-converted value in excess of outstanding principal value | $ 279,745 | |
Warrants, per share | $ 22.08 |
Long Term Debt Activity - Addit
Long Term Debt Activity - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Mar. 16, 2021 | Mar. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt | $ 2,603,000 | |||
Loans Amount | 9,012,000 | |||
Cash deposited to support issuance of bank letter of credit | 7,300,000 | |||
Loss accumulated on swaps prior to the amendments | (29,359,000) | |||
Carrying value of long-term debt | 2,538,135,000 | $ 2,527,900,000 | ||
Fair value of long-term debt | 2,846,837,000 | $ 2,652,635,000 | ||
ASU 2020-06 | ||||
Debt Instrument [Line Items] | ||||
Reversed the accretion of interest to retained earnings. | 5,714,000 | |||
ASU 2020-06 | Long Term Debt | ||||
Debt Instrument [Line Items] | ||||
Reclassified cash conversion feature equity to long term debt | 101,123,000 | |||
Equity reclassified to long term debt | 3,764,000 | |||
ASU 2020-06 | Adjustment to Retained Earnings | ||||
Debt Instrument [Line Items] | ||||
Offsetting amortization of debt issue costs as an adjustment to retained earnings | 274,000 | |||
Interest Rate Swap | ||||
Debt Instrument [Line Items] | ||||
Amortization of accumulated losses for amended swap agreements | 1,124,000 | |||
Outstanding International Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Cash deposited to support issuance of bank letter of credit | 21,147,000 | |||
5.875% Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount of add-on to Senior Notes | $ 405,000,000 | |||
Interest rate | 5.875% | |||
Debt instrument, maturity date | Mar. 15, 2026 | |||
Debt issuance costs | $ 5,980,000 | |||
Debt instrument issue discount | 101.00% | |||
Aggregate principal amount of add-on to Senior Notes | Prior to March 15, 2023, Cinemark USA, Inc. may redeem all or any part of the 5.875% Senior Notes at its option at 100% of the principal amount plus a make-whole premium plus accrued and unpaid interest on the 5.875% Senior Notes to the date of redemption. After March 15, 2023, Cinemark USA, Inc. may redeem the 5.875% Senior Notes in whole or in part at redemption prices specified in the indenture. In addition, prior to March 15, 2023, Cinemark USA, Inc. may redeem up to 40% of the aggregate principal amount of the 5.875% Senior Notes from the net proceeds of certain equity offerings at the redemption price set forth in the indenture | |||
5.125% Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Tender offer amount | $ 333,990 | |||
Remaining principal amount of optional redemption | $ 66,010 | |||
Outstanding principal at the redemption price percentage | 100.00% | |||
Loss on extinguishment of debt | 2,603,000 | |||
5.125% Senior Notes | Unamortized Debt Issuance Costs | ||||
Debt Instrument [Line Items] | ||||
unamortized debt issuance costs | 1,168,000 | |||
5.125% Senior Notes | Payment of Fees | ||||
Debt Instrument [Line Items] | ||||
unamortized debt issuance costs | $ 1,435,000 | |||
4.50 % Convertible Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.50% | |||
4.50 % Convertible Senior Notes | Cinemark Holdings Inc | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount of add-on to Senior Notes | $ 460,000,000 | |||
Interest rate | 4.50% | |||
Term Loan Credit facility | Senior Secured Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount of add-on to Senior Notes | $ 700,000,000 | |||
Amount outstanding under the term loan | 638,083,000 | |||
Quarterly principal payments due | $ 1,649,000 | |||
Last quarterly payment date | Dec. 31, 2024 | |||
Final principal payment | $ 613,351,000 | |||
Final principal payment due date | Mar. 29, 2025 | |||
Average interest rate on outstanding borrowings | 3.40% | |||
Revolving Credit Line | Senior Secured Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount of add-on to Senior Notes | $ 100,000,000 | |||
Amount outstanding under the revolving credit line | 0 | |||
Available borrowing capacity under the revolving credit line | $ 100,000,000 | |||
Revolving credit line, maturity date | Nov. 28, 2022 |
Long Term Debt - Summary of Bor
Long Term Debt - Summary of Borrowings of International Subsidiaries (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Peru Loan | |
Debt Instrument [Line Items] | |
Loan Amounts | $ 3,277 |
Interest rate | 4.80% |
Long Term Borrowings Maturity Date | January 2024 |
Brazil Loan | |
Debt Instrument [Line Items] | |
Loan Amounts | $ 5,735 |
Interest rate | 4.00% |
Long Term Borrowings Maturity Date | January 2029 |
Long Term Debt Activity - Summa
Long Term Debt Activity - Summary of Company's Interest Rate Swap Agreements Designated as Cash Flow Hedges (Detail) - Designated as Hedging Instrument - Cash Flow Hedging $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($) | ||
Debt Instrument [Line Items] | ||
Estimated Fair Value | $ 25,899 | [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 | $ 7,567 | [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 | $ 9,687 | [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 | $ 8,003 | [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 | $ 642 | [1] |
[1] | Approximately $9,786 of the total is included in accounts payable and accrued expenses and $16,113 is included in other long-term liabilities on the condensed consolidated balance sheet as of March 31, 2021. |
Long Term Debt Activity - Sum_2
Long Term Debt Activity - Summary of Company's Interest Rate Swap Agreements Designated as Cash Flow Hedges (Parenthetical) (Detail) $ in Thousands | Mar. 31, 2021USD ($) |
Accounts Payable and Accrued Expenses | |
Debt Instrument [Line Items] | |
Estimated Fair Value | $ 9,786 |
Other Long-term Liabilities | |
Debt Instrument [Line Items] | |
Estimated Fair Value | $ 16,113 |
Summary of Changes in Stockhold
Summary of Changes in Stockholders Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | |||
Shareholders Equity [Line Items] | ||||
Total Equity, Beginning Balance | $ 798,969 | $ 1,448,322 | ||
Issuance of share based awards and share based awards compensation expense | 4,668 | 4,111 | ||
Stock withholdings related to share based awards that vested | (8) | (2,691) | ||
Dividends paid to stockholders | [1] | (42,311) | ||
Dividends paid to noncontrolling interests | (392) | |||
Dividends accrued on unvested restricted stock unit awards | (2) | (256) | [1] | |
Net loss | (208,843) | (59,422) | ||
Unrealized gain (loss) due to fair value adjustments on interest rate swap agreements, net of taxes of $2,244 and $2,230, net of settlements | 5,704 | (24,171) | ||
Amortization of accumulated losses for amended swap agreements | 1,124 | |||
Foreign currency translation adjustments | (9,465) | (57,625) | ||
Total Equity, Ending Balance | 523,983 | 1,265,565 | ||
ASU 2020-06 | ||||
Shareholders Equity [Line Items] | ||||
Impact of adoption, net of deferred taxes | (68,164) | |||
Common Stock | ||||
Shareholders Equity [Line Items] | ||||
Total Equity, Beginning Balance | 124 | 122 | ||
Total Equity, Ending Balance | 124 | 122 | ||
Treasury Stock | ||||
Shareholders Equity [Line Items] | ||||
Total Equity, Beginning Balance | (87,004) | (81,567) | ||
Stock withholdings related to share based awards that vested | (8) | (2,691) | ||
Total Equity, Ending Balance | (87,012) | (84,258) | ||
Additional Paid-In-Capital | ||||
Shareholders Equity [Line Items] | ||||
Total Equity, Beginning Balance | 1,245,569 | 1,170,039 | ||
Issuance of share based awards and share based awards compensation expense | 4,668 | 4,111 | ||
Total Equity, Ending Balance | 1,176,633 | 1,174,150 | ||
Additional Paid-In-Capital | ASU 2020-06 | ||||
Shareholders Equity [Line Items] | ||||
Impact of adoption, net of deferred taxes | (73,604) | |||
Adjustment to Retained Earnings | ||||
Shareholders Equity [Line Items] | ||||
Total Equity, Beginning Balance | 27,937 | 687,332 | ||
Dividends paid to stockholders | [1] | (42,311) | ||
Dividends accrued on unvested restricted stock unit awards | (2) | (256) | [1] | |
Net loss | (208,241) | (59,591) | ||
Total Equity, Ending Balance | (174,866) | 585,174 | ||
Adjustment to Retained Earnings | ASU 2020-06 | ||||
Shareholders Equity [Line Items] | ||||
Impact of adoption, net of deferred taxes | 5,440 | |||
Retained Earnings | ||||
Shareholders Equity [Line Items] | ||||
Total Equity, Beginning Balance | (398,653) | (340,112) | ||
Unrealized gain (loss) due to fair value adjustments on interest rate swap agreements, net of taxes of $2,244 and $2,230, net of settlements | 5,704 | (24,171) | ||
Amortization of accumulated losses for amended swap agreements | 1,124 | |||
Foreign currency translation adjustments | (9,465) | (57,625) | ||
Total Equity, Ending Balance | (401,290) | (421,908) | ||
Total Cinemark Holdings, Inc.'s Stockholders' Equity | ||||
Shareholders Equity [Line Items] | ||||
Total Equity, Beginning Balance | 787,973 | 1,435,814 | ||
Issuance of share based awards and share based awards compensation expense | 4,668 | 4,111 | ||
Stock withholdings related to share based awards that vested | (8) | (2,691) | ||
Dividends paid to stockholders | [1] | (42,311) | ||
Dividends accrued on unvested restricted stock unit awards | (2) | (256) | [1] | |
Net loss | (208,241) | (59,591) | ||
Unrealized gain (loss) due to fair value adjustments on interest rate swap agreements, net of taxes of $2,244 and $2,230, net of settlements | 5,704 | (24,171) | ||
Amortization of accumulated losses for amended swap agreements | 1,124 | |||
Foreign currency translation adjustments | (9,465) | (57,625) | ||
Total Equity, Ending Balance | 513,589 | 1,253,280 | ||
Total Cinemark Holdings, Inc.'s Stockholders' Equity | ASU 2020-06 | ||||
Shareholders Equity [Line Items] | ||||
Impact of adoption, net of deferred taxes | (68,164) | |||
Noncontrolling Interests | ||||
Shareholders Equity [Line Items] | ||||
Total Equity, Beginning Balance | 10,996 | 12,508 | ||
Dividends paid to noncontrolling interests | (392) | |||
Net loss | (602) | 169 | ||
Total Equity, Ending Balance | $ 10,394 | $ 12,285 | ||
[1] | On March 20, 2020 the Company paid a $0.36 dividend per common share to stockholders of record on March 6, 2020. Additionally, the Company accrued dividends on outstanding unvested restricted stock units. |
Summary of Changes in Stockho_2
Summary of Changes in Stockholders Equity (Parenthetical) (Detail) - USD ($) $ / shares in Units, $ in Thousands | Mar. 20, 2020 | Mar. 31, 2021 |
Shareholders Equity [Line Items] | ||
Dividends paid to stockholders, per share | $ 0.36 | |
First Quarter Dividend | ||
Shareholders Equity [Line Items] | ||
Dividends paid to stockholders, per share | $ 0.36 | |
ASU 2020-06 | ||
Shareholders Equity [Line Items] | ||
Deferred taxes | $ 23,756 |
Summary of Activity with NCM In
Summary of Activity with NCM Included in Company's Consolidated Financial Statements (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Schedule Of Equity Method Investments [Line Items] | |||
Interest accrued on NCM screen advertising advances | $ (5,835) | ||
Equity in loss | (6,806) | $ 8,486 | |
Investment In NCM | |||
Schedule Of Equity Method Investments [Line Items] | |||
Beginning Balance | 151,962 | ||
Receipt under tax receivable agreement | (156) | ||
Equity in loss | (6,348) | ||
Ending Balance | 145,458 | ||
N C M Screen Advertising Advances | |||
Schedule Of Equity Method Investments [Line Items] | |||
Beginning Balance | (344,255) | ||
Interest accrued on NCM screen advertising advances | [1] | (5,835) | |
Amortization of screen advertising advances | 7,850 | ||
Ending Balance | (342,240) | ||
Distributions from NCM | |||
Schedule Of Equity Method Investments [Line Items] | |||
Receipt under tax receivable agreement | (77) | ||
Ending Balance | (77) | ||
Equity in Loss | |||
Schedule Of Equity Method Investments [Line Items] | |||
Equity in loss | 6,348 | ||
Ending Balance | 6,348 | ||
Other Revenues | |||
Schedule Of Equity Method Investments [Line Items] | |||
Screen rental revenues earned under ESA | [2] | (855) | |
Amortization of screen advertising advances | (7,850) | ||
Total Revenues | (8,705) | ||
Interest Expense - NCM | |||
Schedule Of Equity Method Investments [Line Items] | |||
Interest accrued on NCM screen advertising advances | 5,835 | ||
Ending Balance | 5,835 | ||
Cash Received | |||
Schedule Of Equity Method Investments [Line Items] | |||
Screen rental revenues earned under ESA | [2] | 855 | |
Receipt under tax receivable agreement | 233 | ||
Total Cash Received | $ 1,088 | ||
[1] | See Note 9 for the maturity of balance as of March 31, 2021. | ||
[2] | 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 of approximately $370. |
Summary of Activity with NCM _2
Summary of Activity with NCM Included in Company's Consolidated Financial Statements (Parenthetical) (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Equity Method Investments And Joint Ventures [Abstract] | |
Company's beverage concessionaire advertising costs | $ 370 |
Investment in National CineMe_3
Investment in National CineMedia LLC - Additional Information (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($)$ / sharesshares | |
Schedule Of Equity Method Investments [Line Items] | |
Number of additional common units of NCM receive under common unit adjustment agreement | shares | 2,311,482 |
Number of common units of NCM owned by Company | shares | 40,850,068 |
Interest in common units of NCM owned by Company | 25.00% |
NCM | |
Schedule Of Equity Method Investments [Line Items] | |
Remaining performance obligations | $ 174,000 |
Recognized incremental screen rental revenue and offsetting interest expense | 5,835 |
Amortization of screen advertising advances | $ 7,851 |
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% |
Investment In NCM | |
Schedule Of Equity Method Investments [Line Items] | |
Common unit convertible into share of NCMI common stock, conversion ratio | 1 |
Estimated fair value of investment using NCM's stock price | $ 188,727 |
NCMI common stock price | $ / shares | $ 4.62 |
Summary of Recognition of Reven
Summary of Recognition of Revenue Related To Deferred Revenue (Detail) $ in Thousands | Mar. 31, 2021USD ($) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-04-01 | ||
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: 2022-04-01 | ||
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: 2023-04-01 | ||
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: 2024-04-01 | ||
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: 2025-04-01 | ||
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: 2026-04-01 | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | ||
N C M Screen Advertising Advances | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Revenue remaining performance obligation, amount | $ 342,240 | [1] |
N C M 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 year | |
Revenue remaining performance obligation, amount | $ 8,407 | [1] |
N C M 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 year | |
Revenue remaining performance obligation, amount | $ 8,989 | [1] |
N C M 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 year | |
Revenue remaining performance obligation, amount | $ 9,612 | [1] |
N C M 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, Expected Timing of Satisfaction, Period | 1 year | |
Revenue remaining performance obligation, amount | $ 10,279 | [1] |
N C M 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 year | |
Revenue remaining performance obligation, amount | $ 10,994 | [1] |
N C M Screen Advertising Advances | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01 | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | ||
Revenue remaining performance obligation, amount | $ 293,959 | [1] |
[1] | Amounts are net of the estimated interest to be accrued for the periods presented. See discussion of significant financing component below. |
Summary of Recognition of Rev_2
Summary of Recognition of Revenue Related To Deferred Revenue (Detail 1) $ in Thousands | Mar. 31, 2021USD ($) | |
N C M Screen Advertising Advances | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Revenue remaining performance obligation, amount | $ 342,240 | [1] |
[1] | Amounts are net of the estimated interest to be accrued for the periods presented. See discussion of significant financing component below. |
Summary Financial Information f
Summary Financial Information for National CineMedia (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||||
Apr. 01, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 26, 2020 | Dec. 31, 2020 | |
Schedule Of Equity Method Investments [Line Items] | |||||
Operating income (loss) | $ (169,438) | $ (42,919) | |||
Net loss attributable to Cinemark Holdings, Inc. | (208,241) | $ (59,591) | |||
Deferred charges and other assets, net | 31,064 | $ 33,199 | |||
Current liabilities | 594,510 | 606,441 | |||
Noncurrent liabilities | $ 4,178,461 | 4,157,512 | |||
NCM | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Gross revenues | $ 5,445 | $ 64,700 | |||
Operating income (loss) | (28,239) | 4,900 | |||
Net loss attributable to Cinemark Holdings, Inc. | (43,497) | $ (8,600) | |||
Current assets | 151,292 | 142,566 | |||
Deferred charges and other assets, net | 681,560 | 685,643 | |||
Current liabilities | 37,569 | 46,872 | |||
Noncurrent liabilities | 1,116,244 | 1,072,207 | |||
Members deficit | $ (320,961) | $ (290,870) |
Other Investments - Additional
Other Investments - Additional Information (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)Studio | Mar. 31, 2020USD ($) | |
Schedule Of Equity Method Investments [Line Items] | ||
Total revenues | $ 114,361 | $ 543,616 |
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 | |
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 | $ 230 | 1,673 |
Digital Cinema Distribution Coalition | ||
Schedule Of Equity Method Investments [Line Items] | ||
Percentage of voting interest | 14.60% | |
Payments for content delivery services | $ 64 | 105 |
CNMK Texas Properties, LLC | AWSR Investments, LLC | ||
Schedule Of Equity Method Investments [Line Items] | ||
Percentage of voting interest | 50.00% | |
CNMK Texas Properties, LLC | AWSR Investments, LLC | Theatre Services | ||
Schedule Of Equity Method Investments [Line Items] | ||
Total revenues | $ 16 | $ 10 |
Summary Financial Information_2
Summary Financial Information for DCIP (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Equity Method Investments [Line Items] | ||||
Net income (loss) | $ (208,843) | $ (59,422) | ||
Current assets | 754,807 | $ 892,747 | ||
Current liabilities | 594,510 | 606,441 | ||
Noncurrent liabilities | 4,178,461 | 4,157,512 | ||
Members' equity | 523,983 | 1,265,565 | 798,969 | $ 1,448,322 |
Other Affiliates | Digital Cinema Implementation Partners | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Gross revenues | 5,624 | 32,510 | ||
Operating income (loss) | 3,980 | (5,239) | ||
Net income (loss) | 3,901 | $ (11,140) | ||
Current assets | 29,987 | 36,372 | ||
Noncurrent assets | 172 | 205 | ||
Current liabilities | 23,125 | 39,844 | ||
Noncurrent liabilities | 940 | 687 | ||
Members' equity | $ 6,094 | $ (3,954) |
Transactions with DCIP (Detail)
Transactions with DCIP (Detail) - Digital Cinema Implementation Partners - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Schedule Of Equity Method Investments [Line Items] | |||
Equipment lease payments | [1] | $ 1,045 | $ 1,038 |
Warranty reimbursements from DCIP | (266) | (3,123) | |
Management service fees | $ 11 | $ 84 | |
[1] | As a result of the MELA amendment noted above, the Company recorded a lease termination liability during 2020. The lease termination payments made during the three months ended March 31, 2021 reduced the liability outstanding. The remaining termination liability of $2,084 as of March 31, 2021 is reflected in accrued other current liabilities on the condensed consolidated balance sheet. |
Transactions with DCIP (Parenth
Transactions with DCIP (Parenthetical) (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Digital Cinema Implementation Partners | Other Current Liabilities | |
Schedule Of Equity Method Investments [Line Items] | |
Lease termination liability | $ 2,084 |
Summary of Activity for Each of
Summary of Activity for Each of Company's Other Investments (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule Of Equity Method Investments [Line Items] | ||
Investments, beginning balance | $ 23,726 | |
Equity in loss | (6,806) | $ 8,486 |
Investments, ending balance | 23,932 | |
Other Affiliates | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments, beginning balance | 23,726 | |
Equity in loss | (458) | |
Other | 664 | |
Investments, ending balance | 23,932 | |
Other Affiliates | AC JV, LLC | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments, beginning balance | 3,745 | |
Equity in loss | (453) | |
Investments, ending balance | 3,292 | |
Other Affiliates | Digital Cinema Distribution Coalition | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments, beginning balance | 1,255 | |
Equity in loss | 16 | |
Investments, ending balance | 1,271 | |
Other Affiliates | FE Concepts, LLC | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments, beginning balance | 18,273 | |
Equity in loss | (21) | |
Investments, ending balance | 18,252 | |
Other Affiliates | Other Investments | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments, beginning balance | 453 | |
Other | 664 | |
Investments, ending balance | $ 1,117 |
Summary of Treasury Stock Activ
Summary of Treasury Stock Activity (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)shares | ||
Treasury Stock Shares [Abstract] | ||
Beginning Balance, Shares | shares | 5,050,981 | |
Restricted stock withholdings | shares | 220 | [1] |
Restricted stock forfeitures | shares | 9,185 | |
Ending Balance, Shares | shares | 5,060,386 | |
Beginning Balance, Cost | $ | $ 87,004 | |
Restricted stock withholdings | $ | 8 | [1] |
Restricted stock forfeitures | $ | 0 | |
Ending Balance, Cost | $ | $ 87,012 | |
[1] | The Company withheld restricted shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock and restricted stock units. The Company determined the number of shares to be withheld based upon market values ranging from $17.41 to $24.14 per share. |
Summary of Treasury Stock Act_2
Summary of Treasury Stock Activity (Parenthetical) (Detail) | 3 Months Ended |
Mar. 31, 2021$ / shares | |
Minimum | |
Schedule of Treasury Stock [Line Items] | |
Market Value of Restricted Shares | $ 17.41 |
Maximum | |
Schedule of Treasury Stock [Line Items] | |
Market Value of Restricted Shares | $ 24.14 |
Treasury Stock and Share Base_3
Treasury Stock and Share Based Awards - Additional Information (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($)$ / sharesshares | |
Restricted Stock | |
Stockholders Equity Note [Line Items] | |
Number of restricted shares granted | shares | 968,474 |
Market value of common stock on the dates of grant | $ 21.34 |
Restricted Stock | Minimum | |
Stockholders Equity Note [Line Items] | |
Market value of common stock on the dates of grant | $ 21.01 |
Forfeiture rate for restricted stock awards | 0.00% |
Award vesting period for restricted stock | 1 year |
Restricted Stock | Maximum | |
Stockholders Equity Note [Line Items] | |
Market value of common stock on the dates of grant | $ 23.98 |
Forfeiture rate for restricted stock awards | 10.00% |
Award vesting period for restricted stock | 4 years |
Unvested Restricted Stock Awards | |
Stockholders Equity Note [Line Items] | |
Unrecognized compensation expense | $ | $ 35,924 |
Remaining compensation expense recognition period (in years) | 2 years |
Restricted Stock Units (RSUs) | |
Stockholders Equity Note [Line Items] | |
Unrecognized compensation expense | $ | $ 9,578 |
Remaining compensation expense recognition period (in years) | 2 years |
Number of hypothetical shares of common stock at IRR levels | shares | 564,890 |
Summary of Restricted Stock Act
Summary of Restricted Stock Activity (Detail) - Restricted Stock | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Shares of Restricted Stock | |
Shares of Restricted Stock, Beginning balance | shares | 1,431,975 |
Shares of Restricted Stock, Granted | shares | 968,474 |
Shares of Restricted Stock, Vested | shares | (55,064) |
Shares of Restricted Stock, Forfeited | shares | (9,185) |
Shares of Restricted Stock, Ending balance | shares | 2,336,200 |
Shares of Restricted Stock, Unvested restricted stock | shares | 2,336,200 |
Weighted Average Grant Date Fair Value | |
Weighted Average Grant Date Fair Value Outstanding, Beginning | $ / shares | $ 21.11 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 21.34 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 33.05 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 15.25 |
Weighted Average Grant Date Fair Value Outstanding, Ending | $ / shares | 20.94 |
Weighted Average Grant Date Fair Value, Unvested restricted stock | $ / shares | $ 20.94 |
Summary of Restricted Stock and
Summary of Restricted Stock and Restricted Stock Unit Award Activity (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock unit awards that vested during the period | 55,064 | |
Fair value of restricted shares that vested during the period | $ 1,148 | $ 8,029 |
Compensation expense recognized during the period | 4,230 | 2,691 |
Income tax benefit (cost) related to restricted stock awards | $ (110) | $ 2,418 |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock unit awards that vested during the period | 14,744 | 112,070 |
Fair value of restricted shares that vested during the period | $ 303 | $ 3,554 |
Accumulated dividends paid upon vesting of restricted stock unit awards | 63 | 544 |
Compensation expense recognized during the period | 438 | 1,420 |
Income tax benefit (cost) related to restricted stock awards | $ (129) | $ 821 |
Summary of Goodwill (Detail)
Summary of Goodwill (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($) | ||
Goodwill [Line Items] | ||
Beginning Balance | $ 1,253,840 | [1] |
Foreign currency translation adjustments | (4,645) | |
Ending Balance | 1,249,195 | [1] |
U.S. Operating Segment | ||
Goodwill [Line Items] | ||
Beginning Balance | 1,182,853 | [1] |
Ending Balance | 1,182,853 | [1] |
International Operating Segment | ||
Goodwill [Line Items] | ||
Beginning Balance | 70,987 | [1] |
Foreign currency translation adjustments | (4,645) | |
Ending Balance | $ 66,342 | [1] |
[1] | Balances are presented net of accumulated impairment losses of $214,031 for the U.S. operating segment and $43,750 for the international operating segment. See discussion of the qualitative impairment analysis performed by the Company as of March 31, 2021 at Note 13. |
Summary of Goodwill (Parentheti
Summary of Goodwill (Parenthetical) (Detail) $ in Thousands | Mar. 31, 2021USD ($) |
U.S. Operating Segment | |
Goodwill [Line Items] | |
Accumulated impairment losses | $ 214,031 |
International Operating Segment | |
Goodwill [Line Items] | |
Accumulated impairment losses | $ 43,750 |
Intangible Assets (Detail)
Intangible Assets (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Intangible Assets Net Excluding Goodwill [Abstract] | |
Intangible assets with finite lives, Beginning balance | $ 82,432 |
Other, Gross carrying amount | (297) |
Intangible assets with finite lives, Ending balance | 82,135 |
Intangible assets with finite lives, Accumulated amortization, Beginning balance | (68,416) |
Accumulated amortization | (655) |
Other Accumulated Amortization of Intangible Assets | 0 |
Intangible assets with finite lives, Accumulated amortization, Ending balance | (69,071) |
Net intangible assets with finite lives, Beginning balance | 14,016 |
Amortization, intangible assets | (655) |
Other, Finite lived intangible assets | (297) |
Net intangible assets with finite lives, Ending balance | 13,064 |
Indefinite-lived Intangible Assets, Tradename and Other, Beginning Balance | 300,179 |
Other, Tradename and Other | (158) |
Indefinite-lived Intangible Assets, Tradename and Other, Ending Balance | 300,021 |
Total intangible assets - net, Beginning balance | 314,195 |
Other, Total intangible assets - net | (455) |
Total intangible assets - net, Ending balance | $ 313,085 |
Estimated Aggregate Future Amor
Estimated Aggregate Future Amortization Expense for Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Finite Lived Intangible Assets Net [Abstract] | ||
For the nine months ended December 31, 2021 | $ 1,972 | |
For the twelve months ended December 31, 2022 | 2,487 | |
For the twelve months ended December 31, 2023 | 2,399 | |
For the twelve months ended December 31, 2024 | 2,399 | |
For the twelve months ended December 31, 2025 | 2,292 | |
Thereafter | 1,515 | |
Total | $ 13,064 | $ 14,016 |
Summary of Impairment Charges (
Summary of Impairment Charges (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Impaired Long-Lived Assets Held and Used [Line Items] | |
Total Impairment | $ 16,619 |
U.S. Operating Segment | |
Impaired Long-Lived Assets Held and Used [Line Items] | |
Theatre properties | 3,643 |
Theatre operating lease right-of-use assets | 5,952 |
Total Impairment | 9,595 |
International Operating Segment | |
Impaired Long-Lived Assets Held and Used [Line Items] | |
Theatre properties | 4,484 |
Theatre operating lease right-of-use assets | 2,540 |
Total Impairment | $ 7,024 |
Summary of Liabilities Measured
Summary of Liabilities Measured at Fair Value on a Recurring Basis (Detail) - Fair Value Measurements, Recurring - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Interest rate swap liabilities | [1] | $ 25,899 | $ 33,847 |
Level 2 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Interest rate swap liabilities | [1] | $ 25,899 | $ 33,847 |
[1] | See further discussion of interest rate swaps at Note 7 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Fair Value Disclosures [Abstract] | |
Fair value of assets transfers in or out, level 1 to level 2 | $ 0 |
Fair value of assets transfers in or out, level 2 to level 1 | 0 |
Fair value, asset transfers into Level 3 | 0 |
Fair value, asset transfers out of Level 3 | $ 0 |
Foreign Currency Translation -
Foreign Currency Translation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Foreign Currency [Abstract] | ||
Accumulated other comprehensive income (loss) | $ 401,290 | $ 398,653 |
Cumulative foreign currency losses | $ 385,109 | $ 375,539 |
Cumulative inflation rate | 100.00% | |
Cumulative inflation period | 3 years |
Summary of Impact of Translatin
Summary of Impact of Translating Financial Statements of Company's International Subsidiaries (Detail) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020 | |
Foreign Currency Translation [Line Items] | |||
Other comprehensive Loss | $ (9,465) | $ (57,625) | |
Brazil | |||
Foreign Currency Translation [Line Items] | |||
Exchange Rate | 5.72 | 5.20 | |
Other comprehensive Loss | $ (6,912) | (42,873) | |
Chile | |||
Foreign Currency Translation [Line Items] | |||
Exchange Rate | 725.34 | 714.14 | |
Other comprehensive Loss | $ (1,025) | (11,126) | |
Colombia | |||
Foreign Currency Translation [Line Items] | |||
Exchange Rate | 3,736.91 | 3,432.50 | |
Other comprehensive Loss | $ (119) | (3,274) | |
Peru | |||
Foreign Currency Translation [Line Items] | |||
Exchange Rate | 3.79 | 3.65 | |
Other comprehensive Loss | $ (1,172) | (1,450) | |
Other foreign countries | |||
Foreign Currency Translation [Line Items] | |||
Other comprehensive Loss | (237) | 1,098 | |
International Subsidiaries | Cinemark Holdings, Inc. Stockholders' Equity | |||
Foreign Currency Translation [Line Items] | |||
Other comprehensive Loss | $ (9,465) | $ (57,625) |
Summary of Impact of Translat_2
Summary of Impact of Translating Financial Statements of Company's International Subsidiaries (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Foreign Currency Translation [Line Items] | ||
Foreign currency exchange loss | $ (2,974) | $ (4,848) |
Argentina | ||
Foreign Currency Translation [Line Items] | ||
Foreign currency exchange loss | $ 226 | $ 294 |
Supplemental Information to Con
Supplemental Information to Condensed Consolidated Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | |||
Schedule Of Cash Flow Supplemental [Line Items] | ||||
Cash paid for interest | $ 22,285 | $ 8,774 | ||
Cash paid (refunds received) for income taxes, net | (1,946) | 2,110 | ||
Cash deposited in restricted accounts | [1] | 7,300 | ||
Noncash investing and financing activities: | ||||
Change in accounts payable and accrued expenses for the acquisition of theatre properties and equipment | [2] | (6,955) | 2,269 | |
Investment in NCM – receipt of common units | 3,620 | |||
Dividends accrued on unvested restricted stock unit awards | (2) | (256) | [3] | |
NCM | ||||
Noncash investing and financing activities: | ||||
Interest expense - NCM (see Note 9) | $ (5,835) | $ (5,891) | ||
[1] | Represents cash deposited in a collateral account during the period to support the issuance of letters of credit to lenders. See further discussion at Note 7. | |||
[2] | Additions to theatre properties and equipment included in accounts payable as of March 31, 2021 and December 31, 2020 were $21,295 and $28,250, respectively. | |||
[3] | On March 20, 2020 the Company paid a $0.36 dividend per common share to stockholders of record on March 6, 2020. Additionally, the Company accrued dividends on outstanding unvested restricted stock units. |
Supplemental Information to C_2
Supplemental Information to Condensed Consolidated Statements of Cash Flows (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | ||
Additions to theatre properties and equipment included in accounts payable | $ 21,295 | $ 28,250 |
Selected Financial Information
Selected Financial Information by Reportable Operating Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Segment Reporting Information [Line Items] | |||
Revenues | $ 114,361 | $ 543,616 | |
Adjusted EBITDA | (91,950) | 66,211 | |
Capital expenditures | 17,680 | 34,143 | |
U.S. Operating Segment | |||
Segment Reporting Information [Line Items] | |||
Revenues | [1] | 97,089 | 427,443 |
International Operating Segment | |||
Segment Reporting Information [Line Items] | |||
Revenues | 17,272 | 116,173 | |
Operating Segments | U.S. Operating Segment | |||
Segment Reporting Information [Line Items] | |||
Revenues | 97,267 | 429,302 | |
Adjusted EBITDA | (76,997) | 56,072 | |
Capital expenditures | 13,641 | 25,673 | |
Operating Segments | International Operating Segment | |||
Segment Reporting Information [Line Items] | |||
Revenues | 17,272 | 116,173 | |
Adjusted EBITDA | (14,953) | 10,139 | |
Capital expenditures | 4,039 | 8,470 | |
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ (178) | $ (1,859) | |
[1] | U.S. segment revenues include eliminations of intercompany transactions with the international operating segment. See Note 17 for additional information on intercompany eliminations. |
Reconciliation of Net Income (L
Reconciliation of Net Income (Loss) to Adjusted EBITDA (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Segment Reporting Information [Line Items] | |||
Net loss | $ (208,843) | $ (59,422) | |
Add (deduct): | |||
Income taxes | (14,643) | (3,108) | |
Interest expense | [1] | 36,553 | 24,666 |
Other expense | [2] | 14,971 | 169 |
Cash distributions and other cash distributions from equity investees | 156 | 16,606 | |
Depreciation and amortization | 68,160 | 65,256 | |
Impairment of long-lived assets | 16,619 | ||
Restructuring costs | (208) | ||
Loss on disposal of assets and other | 4,505 | 1,905 | |
Loss on extinguishment of debt | 2,603 | ||
Non-cash rent expense | 128 | (591) | |
Share based awards compensation expense | 4,668 | 4,111 | |
Adjusted EBITDA | (91,950) | 66,211 | |
Digital Cinema Implementation Partners | |||
Add (deduct): | |||
Cash distributions and other cash distributions from equity investees | [3] | 5,161 | |
Other Investees | |||
Add (deduct): | |||
Cash distributions and other cash distributions from equity investees | [4] | $ 156 | $ 11,445 |
[1] | Includes amortization of debt issue costs and amortization of accumulated losses for amended swap agreements. | ||
[2] | Includes interest income, foreign currency exchange loss, equity in income (loss) of affiliates and interest expense - NCM and excludes distributions from NCM. | ||
[3] | Includes cash distributions from DCIP, which were recorded as a reduction of the Company’s investment in DCIP. These distributions are reported entirely within the U.S. operating segment. | ||
[4] | Includes 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 9 and 10). 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 | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ 114,361 | $ 543,616 | |
Theatre Properties and Equipment - net | 1,533,298 | $ 1,615,062 | |
Reportable Geographical Components | U.S. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 97,267 | 429,302 | |
Theatre Properties and Equipment - net | 1,328,195 | 1,392,780 | |
Reportable Geographical Components | Brazil | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 4,438 | 52,968 | |
Theatre Properties and Equipment - net | 64,260 | 72,080 | |
Reportable Geographical Components | Other international countries | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 12,834 | 63,205 | |
Theatre Properties and Equipment - net | 140,843 | $ 150,202 | |
Eliminations | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ (178) | $ (1,859) |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)TheatreFacilityLease | Mar. 31, 2020USD ($) | |
FE Concepts, LLC | ||
Related Party Transaction [Line Items] | ||
Percentage of voting interest | 50.00% | |
Laredo Theatre, Ltd | ||
Related Party Transaction [Line Items] | ||
Company's interest in Laredo | 75.00% | |
Lone Star Theatre's interest in Laredo | 25.00% | |
Ownership interest held by David Roberts | 100.00% | |
Percentage of common stock held by Chairman of the Board of Directors | 8.00% | |
Percentage of management fees based on theatre revenues | 5.00% | |
Management fee revenues | $ | $ 24 | $ 62 |
Copper Beech Capital LLC | ||
Related Party Transaction [Line Items] | ||
Amount paid for the use of aircraft | $ | $ 0 | 12 |
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 | $ | $ 6,033 | $ 4,065 |