Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | ||
Jun. 30, 2014 | Jul. 18, 2014 | Jul. 18, 2014 | |
Class A | Class B | ||
Entity Registrant Name | 'AMC ENTERTAINMENT HOLDINGS, INC. | ' | ' |
Entity Central Index Key | '0001411579 | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 21,563,274 | 75,826,927 |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q2 | ' | ' |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues | ' | ' | ' | ' |
Admissions | $478,667 | $515,306 | $887,687 | $898,190 |
Food and beverage | 211,597 | 219,477 | 393,361 | 387,414 |
Other theatre | 36,309 | 27,882 | 68,283 | 54,863 |
Total revenues | 726,573 | 762,665 | 1,349,331 | 1,340,467 |
Operating costs and expenses | ' | ' | ' | ' |
Film exhibition costs | 257,220 | 285,395 | 469,320 | 476,719 |
Food and beverage costs | 30,341 | 30,550 | 55,464 | 53,748 |
Operating expense | 189,283 | 187,219 | 368,976 | 351,429 |
Rent | 113,861 | 113,542 | 228,805 | 227,348 |
General and administrative: | ' | ' | ' | ' |
Merger, acquisition and transaction costs | 572 | 706 | 934 | 1,653 |
Other | 15,149 | 17,034 | 33,369 | 33,347 |
Depreciation and amortization | 51,750 | 50,370 | 106,527 | 98,832 |
Operating costs and expenses | 658,176 | 684,816 | 1,263,395 | 1,243,076 |
Operating income | 68,397 | 77,849 | 85,936 | 97,391 |
Other expense (income) | ' | ' | ' | ' |
Other income | -4,157 | -294 | -8,386 | -294 |
Interest expense: | ' | ' | ' | ' |
Corporate borrowings | 27,989 | 32,310 | 57,647 | 65,483 |
Capital and financing lease obligations | 2,486 | 2,637 | 5,011 | 5,308 |
Equity in earnings of non-consolidated entities | -9,597 | -23,274 | -4,213 | -23,820 |
Investment expense (income) | 172 | 282 | -7,685 | -3,337 |
Total other expense | 16,893 | 11,661 | 42,374 | 43,340 |
Earnings from continuing operations before income taxes | 51,504 | 66,188 | 43,562 | 54,051 |
Income tax provision | 20,090 | 4,330 | 16,990 | 7,430 |
Earnings from continuing operations | 31,414 | 61,858 | 26,572 | 46,621 |
Gain (loss) from discontinued operations, net of income taxes | -21 | -282 | 313 | 4,697 |
Net earnings | $31,393 | $61,576 | $26,885 | $51,318 |
Basic earnings per share: | ' | ' | ' | ' |
Earnings from continuing operations (in dollars per share) | $0.32 | $0.81 | $0.27 | $0.61 |
Earnings from discontinued operations (in dollars per share) | ' | ' | $0.01 | $0.07 |
Basic earnings per share (in dollars per share) | $0.32 | $0.81 | $0.28 | $0.68 |
Average shares outstanding-Basic (in shares) | 97,506.68 | 76,000.03 | 97,505.44 | 76,000.03 |
Diluted earnings per share: | ' | ' | ' | ' |
Earnings from continuing operations (in dollars per share) | $0.32 | $0.81 | $0.27 | $0.61 |
Earnings from discontinued operations (in dollars per share) | ' | ' | $0.01 | $0.07 |
Diluted earnings per share (in dollars per share) | $0.32 | $0.81 | $0.28 | $0.68 |
Average shares outstanding-Diluted (in shares) | 97,628.12 | 76,000.03 | 97,627.55 | 76,000.03 |
Dividends declared per basic and diluted common share (in dollars per share) | $0.20 | ' | $0.20 | ' |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ' | ' | ' | ' |
Net earnings | $31,393 | $61,576 | $26,885 | $51,318 |
Foreign currency translation adjustment, net of tax | -599 | 331 | -433 | 1,965 |
Pension and other benefit adjustments: | ' | ' | ' | ' |
Amortization of gains included in net periodic benefit costs, net of tax | -210 | -19 | -421 | -38 |
Amortization of prior service credit included in net periodic benefit costs, net of tax | -254 | ' | -508 | ' |
Unrealized gains on marketable securities: | ' | ' | ' | ' |
Unrealized holding gains arising during the period, net of tax | 1,340 | 1,147 | 3,359 | 3,501 |
Less: reclassification adjustment for gains included in investment expense (income), net of tax | -11 | -13 | -15 | -21 |
Unrealized gains from equity method investees' cash flow hedge: | ' | ' | ' | ' |
Unrealized holding gains (losses) arising during the period, net of tax | -240 | 2,175 | -272 | 2,468 |
Holding (gains) losses reclassified to equity in earnings of non-consolidated entities, net of tax | 132 | -247 | 263 | -247 |
Other comprehensive income | 158 | 3,374 | 1,973 | 7,628 |
Total comprehensive income | $31,551 | $64,950 | $28,858 | $58,946 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and equivalents | $235,305 | $546,454 |
Receivables, net | 63,550 | 106,148 |
Deferred tax asset | 93,405 | 110,097 |
Other current assets | 82,658 | 80,824 |
Total current assets | 474,918 | 843,523 |
Property, net | 1,207,608 | 1,179,754 |
Intangible assets, net | 229,917 | 234,319 |
Goodwill | 2,289,800 | 2,289,800 |
Deferred tax asset | 96,824 | 96,824 |
Other long-term assets | 410,629 | 402,504 |
Total assets | 4,709,696 | 5,046,724 |
Current liabilities: | ' | ' |
Accounts payable | 258,690 | 268,163 |
Accrued expenses and other liabilities | 141,509 | 170,920 |
Deferred revenues and income | 159,944 | 202,833 |
Current maturities of corporate borrowings and capital and financing lease obligations | 22,947 | 16,080 |
Total current liabilities | 583,090 | 657,996 |
Corporate borrowings | 1,783,736 | 2,069,672 |
Capital and financing lease obligations | 105,478 | 109,258 |
Exhibitor services agreement | 324,445 | 329,913 |
Other long-term liabilities | 387,049 | 370,946 |
Total liabilities | 3,183,798 | 3,537,785 |
Commitments and contingencies | ' | ' |
Class A common stock (temporary equity) ($.01 par value, 173,150 shares issued and 140,466 shares outstanding as of June 30, 2014 and December 31, 2013) | 1,469 | 1,469 |
Stockholders' equity: | ' | ' |
Additional paid-in capital | 1,168,829 | 1,161,152 |
Treasury stock, 32,684 shares at cost | -588 | -588 |
Accumulated other comprehensive income | 26,177 | 24,204 |
Accumulated earnings | 329,039 | 321,730 |
Total stockholders' equity | 1,524,429 | 1,507,470 |
Total liabilities and stockholders' equity | 4,709,696 | 5,046,724 |
Class A common stock | ' | ' |
Stockholders' equity: | ' | ' |
Common Stock | 214 | 214 |
Class B common stock | ' | ' |
Stockholders' equity: | ' | ' |
Common Stock | $758 | $758 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Treasury stock, shares | 32,684 | 32,684 |
Class A common stock | ' | ' |
Common stock (temporary equity), par value (in dollars per share) | 0.01 | 0.01 |
Common stock (temporary equity), share issued (in shares) | 173,150 | 173,150 |
Common stock (temporary equity), share outstanding (in shares) | 140,466 | 140,466 |
Common stock, par value (in dollars per share) | 0.01 | 0.01 |
Common stock, share authorized (in shares) | 524,173,073 | 524,173,073 |
Common stock, share issued (in shares) | 21,422,808 | 21,412,804 |
Common stock, share outstanding (in shares) | 21,422,808 | 21,412,804 |
Class B common stock | ' | ' |
Common stock, par value (in dollars per share) | 0.01 | 0.01 |
Common stock, share authorized (in shares) | 75,826,927 | 75,826,927 |
Common stock, share issued (in shares) | 75,826,927 | 75,826,927 |
Common stock, share outstanding (in shares) | 75,826,927 | 75,826,927 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net earnings | $26,885 | $51,318 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 106,527 | 98,832 |
Gain on extinguishment of debt | -8,544 | -422 |
Deferred income taxes | 15,440 | 5,630 |
Theatre and other closure expense | 6,863 | 3,020 |
Gain on dispositions | -469 | -4,765 |
Stock-based compensation | 7,668 | ' |
Equity in earnings and losses from non-consolidated entities, net of distributions | 6,360 | -14,917 |
Landlord contributions | 20,495 | 6,800 |
Change in assets and liabilities: | ' | ' |
Receivables | 46,142 | 28,547 |
Other assets | -1,785 | -5,464 |
Accounts payable | -22,751 | 38,138 |
Accrued expenses and other liabilities | -88,065 | -60,649 |
Other, net | -8,518 | -12,564 |
Net cash provided by operating activities | 106,248 | 133,504 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -115,208 | -104,695 |
Investments in non-consolidated entities, net | -1,060 | -2,766 |
Acquisition of Rave theatres | ' | -1,128 |
Proceeds from the disposition of long-term assets | 9 | 4,866 |
Other, net | 1,540 | -4,677 |
Net cash used in investing activities | -114,719 | -108,400 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance of Senior Subordinated Notes due 2022 | 375,000 | ' |
Proceeds from issuance of Term Loan due 2020 | ' | 773,063 |
Repurchase of Senior Subordinated Notes due 2019 | -639,728 | ' |
Repayment of Term Loan due 2016 | ' | -464,088 |
Repayment of Term Loan due 2018 | ' | -296,250 |
Payment of initial public offering costs | -281 | ' |
Cash used to pay dividends | -19,489 | ' |
Deferred financing costs | -7,874 | -8,111 |
Principal payments under capital and financing lease obligations | -3,388 | -3,064 |
Principal payments under Term Loan | -3,875 | -3,939 |
Principal amount of coupon payment under Senior Subordinated Notes due 2020 | -3,052 | ' |
Payment of construction payables | ' | -19,404 |
Net cash used in financing activities | -302,687 | -21,793 |
Effect of exchange rate changes on cash and equivalents | 9 | -75 |
Net increase (decrease) in cash and equivalents | -311,149 | 3,236 |
Cash and equivalents at beginning of period | 546,454 | 133,071 |
Cash and equivalents at end of period | 235,305 | 136,307 |
Cash paid during the period for: | ' | ' |
Interest ( net of amounts capitalized of $171 and $273) | 56,631 | 76,971 |
Income taxes, net | 1,875 | 836 |
Schedule of non-cash investing and financing activities: | ' | ' |
Investment in NCM (See Note 2-Investments) | $2,137 | $26,315 |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
CONSOLIDATED STATEMENTS OF CASH FLOWS | ' | ' |
Interest, capitalized | $171 | $273 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
BASIS OF PRESENTATION | ' | |||||||||||||
BASIS OF PRESENTATION | ' | |||||||||||||
NOTE 1—BASIS OF PRESENTATION | ||||||||||||||
AMC Entertainment Holdings, Inc. ("Holdings"), through its direct and indirect subsidiaries, including AMC Entertainment® Inc. ("AMCE"), American Multi-Cinema, Inc. and its subsidiaries, (collectively with Holdings, unless the context otherwise requires, the "Company" or "AMC"), is principally involved in the theatrical exhibition business and owns, operates or has interests in theatres primarily located in the United States. | ||||||||||||||
Initial Public Offering of Holdings: On December 23, 2013, Holdings completed its initial public offering ("IPO") of 18,421,053 shares of Class A common stock at a price of $18.00 per share. In connection with the IPO, the underwriters exercised in full their option to purchase an additional 2,631,579 shares of Class A common stock. As a result, the total IPO size was 21,052,632 shares of Class A common stock and the net proceeds to Holdings were $355,299,000 after deducting underwriting discounts and commissions and offering expenses. During the six months ended June 30, 2014, the Company paid the remaining $281,000 in accrued offering expenses. The net IPO proceeds of $355,299,000 were contributed by Holdings to AMCE on December 23, 2013. | ||||||||||||||
As of June 30, 2014, Dalian Wanda Group Co., Ltd. ("Wanda"), owns approximately 77.86% of Holdings' outstanding common stock and 91.34% of the combined voting power of Holdings' outstanding common stock and has the power to control Holdings' affairs and policies, including with respect to the election of directors (and, through the election of directors, the appointment of management), entering into mergers, sales of substantially all of the Company's assets and other extraordinary transactions. | ||||||||||||||
Wanda Merger: Prior to the IPO, Wanda acquired Holdings, on August 30, 2012, through a merger between Holdings and Wanda Film Exhibition Co. Ltd. ("Merger Subsidiary"), a wholly owned indirect subsidiary of Wanda, whereby Merger Subsidiary merged with and into Holdings with Holdings continuing as the surviving corporation and as a then wholly owned indirect subsidiary of Wanda (the "Merger"). | ||||||||||||||
Use of Estimates: The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are used for, but not limited to: (1) Impairments, (2) Film exhibition costs, (3) Income and operating taxes, (4) Theatre and other closure expense, and (5) Gift card and packaged ticket breakage. Actual results could differ from those estimates. | ||||||||||||||
Principles of Consolidation: The consolidated financial statements include the accounts of Holdings and all subsidiaries, as discussed above. All significant intercompany balances and transactions have been eliminated in consolidation. There are no noncontrolling (minority) interests in the Company's consolidated subsidiaries; consequently, all of its stockholders' equity, net earnings and comprehensive income for the periods presented are attributable to controlling interests. | ||||||||||||||
Discontinued Operations: The results of operations for the Company's discontinued operations have been eliminated from the Company's continuing operations and classified as discontinued operations for each period presented within the Company's Consolidated Statements of Operations. During the six months ended June 30, 2013, the Company received $4,666,000 for a sales price adjustment from the sale of theatres located in Canada. The sales price adjustment was related to tax attributes of the theatres sold in Canada, which were not determinable or probable of collection at the date of the sale. The Company completed its tax returns for periods prior to the date of sale during the six months ended June 30, 2013, at which time the buyer was able to determine amounts due pursuant to the sales price adjustment and remit payment to the Company. The Company recorded the additional gain on sale following the guidance for gain contingencies in ASC 450-30-25-1 when the gains were realizable. | ||||||||||||||
Policy for Consolidated Statements of Cash Flows: The Company considers the amount recorded for corporate borrowings issued or acquired at a premium above the stated principal balance to be part of the amount borrowed and classifies the related cash inflows and outflows up to but not exceeding the borrowed amount as financing activities in its Consolidated Statements of Cash Flows. For amounts borrowed in excess of the stated principal amount, a portion of the semi-annual coupon payment is considered to be a repayment of the amount borrowed and the remaining portion of the semi-annual coupon payment is an interest payment flowing through operating activities based on the level yield to maturity of the debt. | ||||||||||||||
Other Income: The following table sets forth the components of other income: | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
(In thousands) | June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | ||||||||||
Gain on redemption of 8.75% Senior Fixed Rate Notes due 2019 | $ | (4,157 | ) | $ | — | $ | (8,386 | ) | $ | — | ||||
Gain on redemption and modification of Senior Secured Credit Facility | — | (240 | ) | — | (240 | ) | ||||||||
Other income | — | (54 | ) | — | (54 | ) | ||||||||
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Other income | $ | (4,157 | ) | $ | (294 | ) | $ | (8,386 | ) | $ | (294 | ) | ||
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INVESTMENTS
INVESTMENTS | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
INVESTMENTS | ' | |||||||||||||||||||
INVESTMENTS | ' | |||||||||||||||||||
NOTE 2—INVESTMENTS | ||||||||||||||||||||
Investments in non-consolidated affiliates and certain other investments accounted for under the equity method generally include all entities in which the Company or its subsidiaries have significant influence, but not more than 50% voting control, and are recorded in the Consolidated Balance Sheets in other long-term assets. Investments in non-consolidated affiliates as of June 30, 2014, include a 14.96% interest in National CineMedia, LLC ("NCM"), a 32% interest in AC JV, LLC ("AC JV"), owner of Fathom Events, a 50% interest in two U.S. motion picture theatres and one IMAX screen, a 29% interest in Digital Cinema Implementation Partners, LLC ("DCIP"), and a 50% interest in Open Road Releasing, LLC, operator of Open Road Films, LLC ("Open Road Films"). Indebtedness held by equity method investees is non-recourse to the Company. | ||||||||||||||||||||
RealD Inc. Common Stock. The Company holds an investment in RealD Inc. common stock, which is accounted for as an equity security, available for sale, and is recorded in the Consolidated Balance Sheets in other long-term assets at fair value (Level 1). | ||||||||||||||||||||
Equity in Earnings (Losses) of Non-Consolidated Entities | ||||||||||||||||||||
Condensed financial information of the Company's non-consolidated equity method investments for the three months ended June 30, 2014 and June 30, 2013 is shown below: | ||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||
(In thousands) | DCIP | Open Road | NCM | AC JV | Other | Total | ||||||||||||||
Films | ||||||||||||||||||||
Revenues | $ | 43,396 | $ | 49,845 | $ | 99,900 | $ | 10,296 | $ | 7,025 | $ | 210,462 | ||||||||
Operating costs and expenses | 24,331 | 51,983 | 73,500 | 9,182 | 6,921 | 165,917 | ||||||||||||||
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Net earnings (loss) | $ | 19,065 | $ | (2,138 | ) | $ | 26,400 | $ | 1,114 | $ | 104 | $ | 44,545 | |||||||
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Three Months Ended June 30, 2013 | ||||||||||||||||||||
(In thousands) | DCIP | Open Road | NCM | AC JV | Other | Total | ||||||||||||||
Films | ||||||||||||||||||||
Revenues | $ | 45,022 | $ | 36,257 | $ | 122,800 | $ | — | $ | 4,070 | $ | 208,149 | ||||||||
Operating costs and expenses | 42,566 | 14,479 | 81,700 | — | 3,426 | 142,171 | ||||||||||||||
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Net earnings | $ | 2,456 | $ | 21,778 | $ | 41,100 | $ | — | $ | 644 | $ | 65,978 | ||||||||
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Condensed financial information of the Company's non-consolidated equity method investments for the six months ended June 30, 2014 and June 30, 2013 is shown below: | ||||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||
(In thousands) | DCIP | Open Road | NCM | AC JV | Other | Total | ||||||||||||||
Films | ||||||||||||||||||||
Revenues | $ | 86,084 | $ | 91,483 | $ | 170,100 | $ | 16,563 | $ | 12,628 | $ | 376,858 | ||||||||
Operating costs and expenses | 61,491 | 111,001 | 146,500 | 14,729 | 13,181 | 346,902 | ||||||||||||||
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Net earnings (loss) | $ | 24,593 | $ | (19,518 | ) | $ | 23,600 | $ | 1,834 | $ | (553 | ) | $ | 29,956 | ||||||
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Six Months Ended June 30, 2013 | ||||||||||||||||||||
(In thousands) | DCIP | Open Road | NCM | AC JV | Other | Total | ||||||||||||||
Films | ||||||||||||||||||||
Revenues | $ | 88,077 | $ | 101,434 | $ | 205,000 | $ | — | $ | 6,936 | $ | 401,447 | ||||||||
Operating costs and expenses | 73,813 | 87,334 | 158,300 | — | 6,963 | 326,410 | ||||||||||||||
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Net earnings (loss) | $ | 14,264 | $ | 14,100 | $ | 46,700 | $ | — | $ | (27 | ) | $ | 75,037 | |||||||
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The components of the Company's recorded equity in earnings (losses) of non-consolidated entities are as follows: | ||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
(In thousands) | June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | ||||||||||||||||
Digital Cinema Implementation Partners, LLC | $ | 5,898 | $ | 4,045 | $ | 9,545 | $ | 7,827 | ||||||||||||
Open Road Releasing, LLC | — | 10,269 | (8,080 | ) | 7,050 | |||||||||||||||
National CineMedia, LLC | 3,129 | 8,577 | 2,009 | 8,699 | ||||||||||||||||
AC JV, LLC | 356 | — | 638 | — | ||||||||||||||||
Other | 214 | 383 | 101 | 244 | ||||||||||||||||
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The Company's recorded equity in earnings | $ | 9,597 | $ | 23,274 | $ | 4,213 | $ | 23,820 | ||||||||||||
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DCIP Transactions. The Company will make capital contributions to DCIP for projector and installation costs in excess of an agreed upon cap ($68,000 per system for digital conversions and $41,500 for new build locations). The Company pays equipment rent monthly and records the equipment rental expense on a straight-line basis over 12 years. | ||||||||||||||||||||
The Company recorded the following transactions with DCIP: | ||||||||||||||||||||
(In thousands) | June 30, 2014 | December 31, 2013 | ||||||||||||||||||
Due from DCIP for equipment purchases | $ | 939 | $ | 663 | ||||||||||||||||
Deferred rent liability for digital projectors | 9,184 | 7,747 | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
(In thousands) | June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | ||||||||||||||||
Digital equipment rental expense (continuing operations) | $ | 1,085 | $ | 2,662 | $ | 4,002 | $ | 5,369 | ||||||||||||
Open Road Films Transactions. During the three months and six months ended June 30, 2014, the Company suspended equity method accounting for its investment in Open Road Films when the negative investment in Open Road Films reached the Company's capital commitment of $10,000,000. As of June 30, 2014, the Company's share of unrecognized losses in excess of the capital commitment from Open Road Films was $1,680,000. | ||||||||||||||||||||
The Company recorded the following transactions with Open Road Films: | ||||||||||||||||||||
(In thousands) | June 30, 2014 | December 31, 2013 | ||||||||||||||||||
Due from Open Road Films | $ | 1,666 | $ | 2,658 | ||||||||||||||||
Film rent payable to Open Road Films | 1,305 | 1,959 | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
(In thousands) | June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | ||||||||||||||||
Gross film exhibition cost on Open Road Films | $ | 3,400 | $ | 1,600 | $ | 9,100 | $ | 8,700 | ||||||||||||
NCM Transactions. As of June 30, 2014, the Company owns 19,194,501 common membership units, or a 14.96% interest, in NCM. The estimated fair market value of the units in NCM was approximately $336,096,000, based on the publically quoted price per share of NCM, Inc. on June 30, 2014 of $17.51 per share. | ||||||||||||||||||||
On May 5, 2014, NCM, Inc., the sole manager of NCM, announced that it has entered into an agreement to acquire Screenvision, LLC for $375,000,000, consisting of cash and NCM, Inc. common stock. Consummation of the transaction is subject to regulatory approvals and other customary closing conditions. | ||||||||||||||||||||
The Company recorded the following transactions with NCM: | ||||||||||||||||||||
(In thousands) | June 30, 2014 | December 31, 2013 | ||||||||||||||||||
Due from NCM for on-screen advertising revenue | $ | 2,513 | $ | 2,266 | ||||||||||||||||
Due to NCM for Exhibitor Services Agreement | 2,287 | 2,429 | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
(In thousands) | June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | ||||||||||||||||
Net NCM screen advertising revenues | $ | 8,744 | $ | 8,495 | $ | 17,372 | $ | 16,572 | ||||||||||||
NCM beverage advertising expense | 3,281 | 3,773 | 6,190 | 6,721 | ||||||||||||||||
The Company recorded the following changes in the carrying amount of its investment in NCM and equity in earnings of NCM during the six months ended June 30, 2014: | ||||||||||||||||||||
(In thousands) | Investment | Exhibitor | Other | Cash | Equity | Advertising | ||||||||||||||
in NCM(1) | Services | Comprehensive | Received | in (Earnings) | (Revenue) | |||||||||||||||
Agreement(2) | (Income) | (Paid) | Loss | |||||||||||||||||
Ending balance December 31, 2013 | $ | 272,407 | $ | (329,913 | ) | $ | (2,282 | ) | ||||||||||||
Receipt of common units(3) | 2,137 | (2,137 | ) | — | ||||||||||||||||
Receipt of excess cash distributions | (10,401 | ) | — | — | $ | 10,401 | $ | — | $ | — | ||||||||||
Amortization of deferred revenue | — | 7,605 | — | — | — | (7,605 | ) | |||||||||||||
Unrealized gain from cash flow hedge | 755 | — | (755 | ) | — | — | — | |||||||||||||
Equity in earnings(4) | 3,576 | — | — | — | (3,576 | ) | — | |||||||||||||
Equity in loss from amortization of basis difference(5) | (1,567 | ) | — | — | — | 1,567 | — | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
For the period ended or balance as of June 30, 2014 | $ | 266,907 | $ | (324,445 | ) | $ | (3,037 | ) | $ | 10,401 | $ | (2,009 | ) | $ | (7,605 | ) | ||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
-1 | ||||||||||||||||||||
As of the date of the Merger, August 30, 2012, the Company's investment in NCM consisted of a single investment tranche (Tranche 1 Investment) consisting of 17,323,782 membership units recorded at fair value (Level 1). Subsequent membership units received as provided under the Common Unit Adjustment Agreement dated as of February 13, 2007, are recorded in a separate tranche, (Tranche 2 Investments). | ||||||||||||||||||||
-2 | ||||||||||||||||||||
Represents the unamortized portion of the Exhibitor Services Agreement ("ESA") with NCM. Such amounts are being amortized to other theatre revenues over the remainder of the 30 year term of the ESA ending in 2036, using a units-of-revenue method, as described in ASC 470-10-35 (formerly EITF 88-18, Sales of Future Revenues). | ||||||||||||||||||||
-3 | ||||||||||||||||||||
In March 2014, the Company received 141,731 membership units recorded at a fair value of $15.08 per unit with a corresponding credit to the ESA. | ||||||||||||||||||||
-4 | ||||||||||||||||||||
Represents percentage of ownership equity in earnings on both Tranche 1 and Tranche 2 Investments. | ||||||||||||||||||||
-5 | ||||||||||||||||||||
Certain differences between the Company's carrying value and the Company's share of NCM's membership equity have been identified and are amortized to equity in earnings over the respective lives of the assets and liabilities. | ||||||||||||||||||||
During the six months ended June 30, 2014 and June 30, 2013, the Company received payments of $8,045,000 and $3,677,000, respectively, related to the NCM tax receivable agreement. The receipts are recorded in investment expense (income) net of related amortization for the NCM tax receivable agreement intangible asset. | ||||||||||||||||||||
AC JV Transactions. In December 2013, NCM spun-off its Fathom Events business to AC JV, a newly formed limited liability company. | ||||||||||||||||||||
The Company recorded the following transactions with AC JV: | ||||||||||||||||||||
(In thousands) | June 30, 2014 | December 31, 2013 | ||||||||||||||||||
Due to AC JV for Fathom Events programming | $ | 57 | $ | — | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
(In thousands) | June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | ||||||||||||||||
Gross exhibition cost on Fathom Events programming | $ | 1,559 | $ | — | $ | 2,515 | $ | — |
CORPORATE_BORROWINGS
CORPORATE BORROWINGS | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
CORPORATE BORROWINGS | ' | |||||||
CORPORATE BORROWINGS | ' | |||||||
NOTE 3—CORPORATE BORROWINGS | ||||||||
A summary of the carrying value of corporate borrowings and capital and financing lease obligations is as follows: | ||||||||
(In thousands) | June 30, 2014 | December 31, 2013 | ||||||
Senior Secured Credit Facility-Term Loan due 2020 (3.50% as of June 30, 2014) | $ | 763,759 | $ | 767,502 | ||||
5% Promissory Note payable to NCM due 2019 | 8,333 | 8,333 | ||||||
8.75% Senior Fixed Rate Notes due 2019 | — | 647,666 | ||||||
9.75% Senior Subordinated Notes due 2020 | 652,258 | 655,310 | ||||||
5.875% Senior Subordinated Notes due 2022 | 375,000 | — | ||||||
Capital and financing lease obligations, 8.25% - 11% | 112,811 | 116,199 | ||||||
| | | | | | | | |
1,912,161 | 2,195,010 | |||||||
Less: current maturities | (22,947 | ) | (16,080 | ) | ||||
| | | | | | | | |
$ | 1,889,214 | $ | 2,178,930 | |||||
| | | | | | | | |
| | | | | | | | |
AMCE's Notes due 2019 | ||||||||
On January 15, 2014, AMCE launched a cash tender offer and consent solicitation for any and all of its outstanding 8.75% Senior Fixed Rate Notes due 2019 ("Notes due 2019") at a purchase price of $1,038.75 plus a $30.00 consent fee for each $1,000 principal amount of Notes due 2019 validly tendered and accepted by AMCE on or before the consent payment deadline on January 29, 2014 at 5:00 p.m. New York City time (the "Consent Date"). Holders of $463,950,000, or approximately 77.33%, of the Notes due 2019 validly tendered (or defective tender waived by AMCE) and did not withdraw their Notes due 2019 prior to the expiration of the Consent Date. An additional $14,000 of Notes due 2019 was tendered from the Consent Date to the expiration date of the tender offer. The consents received exceeded the amount needed to approve the proposed amendments to the indenture under which the Notes due 2019 were issued. | ||||||||
On February 7, 2014, AMCE amended the indenture governing the Notes due 2019 to eliminate substantially all of the restrictive covenants and certain events of default and other related provisions. On February 7, 2014, AMCE accepted for purchase $463,950,000 aggregate principal amount, plus accrued and unpaid interest of the Notes due 2019, at a purchase price of $1,038.75 plus a $30.00 consent fee for each $1,000 principal amount of Notes due 2019 validly tendered (or defective tender waived by AMCE), and, on February 14, 2014, AMCE accepted for purchase the additional $14,000 of Notes due 2019 tendered after the Consent Date, plus accrued and unpaid interest, at a purchase price of $1,038.75 for each $1,000 principal amount of Notes due 2019 validly tendered. | ||||||||
On April 22, 2014, AMCE gave notice for redemption of all outstanding Notes due 2019 on a redemption date of June 1, 2014 (the "Redemption Date") at a redemption price of 104.375% of the principal amount together with accrued and unpaid interest to the Redemption Date. The aggregate principal amount of the Notes due 2019 outstanding on April 22, 2014 was $136,036,000. AMCE completed the redemption of all of its outstanding Notes due 2019 on June 2, 2014. | ||||||||
The Company recorded a gain on extinguishment related to the redemption of the Notes due 2019 of approximately $4,161,000 in other income, partially offset by other expenses of $4,000 during the three months ended June 30, 2014. The Company recorded a gain on extinguishment related to the cash tender offer and redemption of the Notes due 2019 of approximately $8,544,000 in other income, partially offset by other expenses of $158,000 during the six months ended June 30, 2014. | ||||||||
AMCE's Notes due 2022 | ||||||||
On February 7, 2014, AMCE completed an offering of $375,000,000 aggregate principal amount of its Senior Subordinated Notes due 2022 (the "Notes due 2022") in a private offering. The Notes due 2022 mature on February 15, 2022. AMCE will pay interest on the Notes due 2022 at 5.875% per annum, semi-annually in arrears on February 15th and August 15th, commencing on August 15, 2014. AMCE may redeem some or all of the Notes due 2022 at any time on or after February 15, 2017 at 104.406% of the principal amount thereof, declining ratably to 100% of the principal amount thereof on or after February 15, 2020, plus accrued and unpaid interest to the redemption date. Prior to February 15, 2017, AMCE may redeem the Notes due 2022 at par plus a make-whole premium. AMCE used the net proceeds from the Notes due 2022 private offering, together with a portion of the net proceeds from the Holdings' IPO, to pay the consideration and consent payments for the tender offer for the Notes due 2019, plus any accrued and unpaid interest and related transaction fees and expenses. | ||||||||
The Notes due 2022 are general unsecured senior subordinated obligations of AMCE and are fully and unconditionally guaranteed on a joint and several unsecured senior subordinated basis by all of its existing and future domestic restricted subsidiaries that guarantee its other indebtedness. The Notes due 2022 are not guaranteed by Holdings. | ||||||||
The indenture governing the Notes due 2022 contains covenants limiting other indebtedness, dividends, purchases or redemptions of stock, transactions with affiliates and mergers and sales of assets. | ||||||||
On February 7, 2014, in connection with the issuance of the Notes due 2022, AMCE entered into a registration rights agreement. Subject to the terms of the registration rights agreement, AMCE filed a registration statement on April 1, 2014 pursuant to the Securities Act of 1933, as amended, relating to an offer to exchange the original Notes due 2022 for exchange Notes due 2022 registered pursuant to an effective registration statement; the registration statement was declared effective on April 9, 2014, and AMCE commenced the exchange offer. The exchange notes have terms substantially identical to the original notes except that the exchange notes do not contain terms with respect to transfer restrictions and registration rights and additional interest payable for the failure to consummate the exchange offer within 210 days after the issue date. The exchange offer expired at 5:00 p.m., New York City time, on May 9, 2014, with all original Notes due 2022 exchanged. | ||||||||
Financial Covenants | ||||||||
Each indenture relating to AMCE's notes (Notes due 2022 and 9.75% Senior Subordinated Notes due 2020 (the "Notes due 2020")) allows it to incur specified permitted indebtedness (as defined therein) without restriction. Each indenture also allows AMCE to incur any amount of additional debt as long as it can satisfy the coverage ratio of each indenture, after giving effect to the event on a pro forma basis. Under the indenture for the Notes due 2020 (AMCE's most restrictive indenture), at June 30, 2014 AMCE could borrow approximately $1,852,400,000 (assuming an interest rate of 6.0% per annum on the additional indebtedness) in addition to specified permitted indebtedness. If AMCE cannot satisfy the coverage ratios of the indentures, generally it can borrow an additional amount under its Senior Secured Credit Facility. The indentures also contain restrictions on AMCE's ability to make distributions to Holdings. Under the most restrictive provision set forth in the note indenture for the Notes due 2020, as of June 30, 2014, the amount of loans and dividends which AMCE could make to Holdings could not exceed approximately $631,801,000 in the aggregate. | ||||||||
As of June 30, 2014, AMCE was in compliance with all financial covenants relating to the Senior Secured Credit Facility, the Notes due 2020, and the Notes due 2022. | ||||||||
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
STOCKHOLDERS' EQUITY | ' | |||||||
STOCKHOLDERS' EQUITY | ' | |||||||
NOTE 4—STOCKHOLDERS' EQUITY | ||||||||
Common Stock Rights and Privileges | ||||||||
On December 17, 2013, Holdings reclassified each share of its existing Class A common stock and Class N common stock by filing an amendment to its certificate of incorporation. Pursuant to the reclassification, which substantively resulted in a stock split, each holder of shares of existing Class A common stock received 49.514 shares of Class B common stock for one share of existing Class A common stock, and each holder of shares of Class N common stock received 49.514 shares of new Class A common stock for one share of Class N common stock. | ||||||||
The rights of the holders of Holdings' Class A common stock and Holdings' Class B common stock are identical, except with respect to voting and conversion applicable to the Class B common stock. Holders of Holdings' Class A common stock are entitled to one vote per share and holders of Holdings' Class B common stock are entitled to three votes per share. Holders of Class A common stock and Class B common stock will share ratably (based on the number of shares of common stock held) in any dividend declared by its board of directors, subject to any preferential rights of any outstanding preferred stock. The Class A common stock is not convertible into any other shares of Holdings' capital stock. Each share of Class B common stock is convertible at any time at the option of the holder into one share of Class A common stock. In addition, each share of Class B common stock shall convert automatically into one share of Class A common stock upon any transfer, whether or not for value, except for certain transfers described in Holdings' certificate of incorporation. | ||||||||
Dividends | ||||||||
On April 25, 2014, Holdings' Board of Directors declared a cash dividend in the amount of $0.20 per share of Class A and Class B common stock, payable on June 16, 2014 to stockholders of record on June 6, 2014. Holdings paid dividends and dividend equivalents of $19,489,000 during the six months ended June 30, 2014 and accrued $87,000 for the remaining unpaid dividends at June 30, 2014. | ||||||||
Related Party Transaction | ||||||||
As of June 30, 2014, the Company recorded a receivable due from Wanda of $1,058,000 for reimbursement of general administrative and other expense incurred on behalf of Wanda. | ||||||||
Temporary Equity | ||||||||
Certain members of management have the right to require Holdings to repurchase the Class A common stock held by them under certain limited circumstances pursuant to the terms of a stockholders agreement. Beginning on January 1, 2016 (or upon the termination of a management stockholder's employment by the Company without cause, by the management stockholder for good reason, or due to the management stockholder's death or disability) management stockholders will have the right, in limited circumstances, to require Holdings to purchase shares that are not fully and freely tradeable at a price equal to the price per share paid by such management stockholder with appropriate adjustments for any subsequent events such as dividends, splits, or combinations. The shares of Class A common stock, subject to the stockholder agreement, are classified as temporary equity, apart from permanent equity, as a result of the contingent redemption feature contained in the stockholder agreement. The Company determined the amount reflected in temporary equity for the Class A common stock based on the price paid per share by the management stockholders and Wanda at the date of the Merger. | ||||||||
Stock-Based Compensation | ||||||||
Holdings adopted a stock-based compensation plan in December of 2013. | ||||||||
The Company has recorded stock-based compensation expense of $1,311,000 and $0 within general and administrative: other during the three months ended June 30, 2014 and June 30, 2013, respectively, and $7,668,000 and $0 during the six months ended June 30, 2014 and June 30, 2013, respectively. The Company's financial statements reflect an increase to additional paid-in capital related to stock-based compensation of $7,668,000 during the six months ended June 30, 2014. As of June 30, 2014, there was approximately $2,522,000 of total estimated unrecognized compensation cost, assuming attainment of the performance targets at 100%, related to stock-based compensation arrangements expected to be recognized during the remainder of calendar 2014. | ||||||||
2013 Equity Incentive Plan | ||||||||
The 2013 Equity Incentive Plan provides for grants of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance stock units, stock awards, and cash performance awards. The maximum number of shares of Holdings' common stock available for delivery pursuant to awards granted under the 2013 Equity Incentive Plan is 9,474,000 shares. At June 30, 2014, the aggregate number of shares of Holdings' common stock remaining available for grant was 8,609,853 shares. | ||||||||
Awards Granted in 2014 | ||||||||
Holdings' Board of Directors approved awards of stock, restricted stock units ("RSUs"), and performance stock units ("PSUs") to certain of the Company's employees and directors under the 2013 Equity Incentive Plan. The fair value of the stock at the grant dates of January 2, 2014, May 12, 2014, and June 25, 2014 was $20.18, $21.61, and $24.44 per share, respectively, and was based on the closing price of Holdings' stock. The award agreements generally had the following features: | ||||||||
• | ||||||||
Stock Award Agreement: On January 2, 2014, two independent members of Holdings' Board of Directors were granted an award of 5,002 fully vested shares of Class A common stock each, for a total award of 10,004 shares. The Company recognized approximately $202,000 of expense during the six months June 30, 2014, in connection with these share grants. | ||||||||
• | ||||||||
Restricted Stock Unit Award Agreement: On January 2, 2014, May 12, 2014, and June 25, 2014, RSU awards of 115,375 units, 1,819 units, and 1,655 units, respectively, were granted to certain members of management. Each RSU represents the right to receive one share of Class A common stock at a future date. The RSUs are fully vested at the date of grant and will be settled on the third anniversary of the date of grant. Under certain termination scenarios defined in the award agreement, the RSUs may be settled within 60 days following termination of service. Participants will receive dividend equivalents equal to the amount paid in respect to the shares of Class A common stock underlying the RSUs. The Company recognized approximately $2,408,000 of expense in general and administrative: other expense during the six months ended June 30, 2014, in connection with these fully vested awards. | ||||||||
On January 2, 2014, RSU awards of 128,641 units were granted to certain executive officers. The RSUs will be forfeited if Holdings does not achieve a specified cash flow from operating activities target for the twelve months ended December 31, 2014. These awards do not contain a service condition. Participants will receive dividend equivalents from the date of grant, if the shares are not forfeited, equal to the amount paid in respect to the shares of Class A common stock underlying the RSUs. The grant date fair value was $2,596,000. The Company recognized expense for these awards of $2,596,000, in general and administrative: other expense, during the six months ended June 30, 2014, based on current estimates that the performance condition is expected to be achieved. | ||||||||
• | ||||||||
Performance Stock Unit Award Agreement: On January 2, 2014, May 12, 2014, and June 25, 2014, PSU awards were granted to certain members of management and executive officers, with both a free cash flow performance target condition and a 1 year service condition, ending on December 31, 2014. The PSUs will vest ratably based on a scale ranging from 80% to 120% of the performance target with the vested amount ranging from 30% to 150%. If the performance target is met at 100%, the PSU awards granted on January 2, 2014, May 12, 2014, and June 25, 2014 will be 244,016 units, 1,819 units, and 1,655 units, respectively. No PSUs will vest if Holdings does not achieve the free cash flow minimum performance target or the participant's service does not continue through the last day of the performance period, during the twelve months ended December 31, 2014. The vested PSUs will be settled on the third anniversary of the date of grant. Under certain termination scenarios defined in the award agreement, the vested PSUs may be settled within 60 days following termination of service. Participants will accrue dividend equivalents from the date of grant to be paid upon vesting and will receive dividend equivalents after vesting, equal to the amount paid in respect to the shares of Class A common stock underlying the PSUs. Assuming attainment of the performance target at 100%, the Company will recognize expense for these awards of approximately $4,984,000 in general and administrative: other expense over the performance and vesting period during the twelve months ended December 31, 2014. The Company recognized $2,462,000 of expense in general and administrative: other expense during the six months ended June 30, 2014, based on current estimates that the target performance condition is expected to be achieved at 100%. | ||||||||
The following table represents the RSU and PSU activity for the six months ended June 30, 2014: | ||||||||
Shares of | Weighted | |||||||
RSU | Average | |||||||
and PSU | Grant Date | |||||||
Fair Value | ||||||||
Beginning balance at January 1, 2014 | — | $ | — | |||||
Granted(1) | 494,980 | 20.22 | ||||||
Vested | (118,849 | ) | 20.26 | |||||
Forfeited | (1,009 | ) | 20.18 | |||||
| | | | | | | | |
Nonvested at June 30, 2014 | 375,122 | $ | 20.21 | |||||
| | | | | | | | |
| | | | | | | | |
-1 | ||||||||
The number of shares granted under the PSU award, assumes Holdings will attain a performance target of 100%. The PSUs will vest ratably based on a scale ranging from 80% to 120% of the performance target with the vested amount ranging from 30% to 150%. | ||||||||
INCOME_TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2014 | |
INCOME TAXES | ' |
INCOME TAXES | ' |
NOTE 5—INCOME TAXES | |
The Company's effective income tax rate is based on expected income, statutory rates and tax planning opportunities available in the various jurisdictions in which it operates. For interim financial reporting, the Company estimates the annual income tax rate based on projected taxable income for the full year and records a quarterly income tax provision or benefit in accordance with the anticipated annual rate. The Company refines the estimates of the year's taxable income as new information becomes available, including actual year-to-date financial results. This continual estimation process often results in a change to the expected effective income tax rate for the year. When this occurs, the Company adjusts the income tax provision during the quarter in which the change in estimate occurs so that the year-to-date provision reflects the expected income tax rate. Significant judgment is required in determining the effective tax rate and in evaluating tax positions. | |
The effective tax rate from continuing operations for the six months ended June 30, 2014 and June 30, 2013 was 39.0% and 13.7%, respectively. The Company's tax rate for the six months ended June 30, 2014 differs from the statutory tax rate primarily due to state income taxes. The Company's tax rates for the six months ended June 30, 2013 differ from the statutory tax rate primarily due to the valuation allowance corresponding to the deferred income tax realized with the Company's assessment that realization of its remaining deferred tax assets was unlikely, partially offset by state income taxes. The Company released its valuation allowance against its deferred tax assets at December 31, 2013. | |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||
NOTE 6—FAIR VALUE MEASUREMENTS | ||||||||||||||
Fair value refers to the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the market in which the entity transacts business. The inputs used to develop these fair value measurements are established in a hierarchy, which ranks the quality and reliability of the information used to determine the fair values. The fair value classification is based on levels of inputs. Assets and liabilities that are carried at fair value are classified and disclosed in one of the following categories: | ||||||||||||||
Level 1: | Quoted market prices in active markets for identical assets or liabilities. | |||||||||||||
Level 2: | Observable market based inputs or unobservable inputs that are corroborated by market data. | |||||||||||||
Level 3: | Unobservable inputs that are not corroborated by market data. | |||||||||||||
Recurring Fair Value Measurements. The following table summarizes the fair value hierarchy of the Company's financial assets carried at fair value on a recurring basis as of June 30, 2014: | ||||||||||||||
Fair Value Measurements at June 30, 2014 Using | ||||||||||||||
(In thousands) | Total Carrying | Quoted prices in | Significant other | Significant | ||||||||||
Value at | active market | observable inputs | unobservable inputs | |||||||||||
June 30, 2014 | (Level 1) | (Level 2) | (Level 3) | |||||||||||
Other long-term assets: | ||||||||||||||
Money market mutual funds | $ | 201 | $ | 201 | $ | — | $ | — | ||||||
Equity securities, available-for-sale: | ||||||||||||||
RealD Inc. common stock | 15,603 | 15,603 | — | — | ||||||||||
Mutual fund large U.S. equity | 2,906 | 2,906 | — | — | ||||||||||
Mutual fund small/mid U.S. equity | 1,468 | 1,468 | — | — | ||||||||||
Mutual fund international | 791 | 791 | — | — | ||||||||||
Mutual fund balance | 762 | 762 | — | — | ||||||||||
Mutual fund fixed income | 485 | 485 | — | — | ||||||||||
| | | | | | | | | | | | | | |
Total assets at fair value | $ | 22,216 | $ | 22,216 | $ | — | $ | — | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Valuation Techniques. The Company's money market mutual funds are invested in funds that seek to preserve principal, are highly liquid, and therefore are recorded on the balance sheet at the principal amounts deposited, which equals fair value. The equity securities, available-for-sale, primarily consist of common stock and mutual funds invested in equity, fixed income, and international funds and are measured at fair value using quoted market prices. See Note 8—Accumulated Other Comprehensive Income for the unrealized gain on the equity securities recorded in accumulated other comprehensive income. | ||||||||||||||
Other Fair Value Measurement Disclosures. The Company is required to disclose the fair value of financial instruments that are not recognized at fair value in the statement of financial position for which it is practicable to estimate that value: | ||||||||||||||
Fair Value Measurements at June 30, 2014 Using | ||||||||||||||
(In thousands) | Total Carrying | Quoted prices in | Significant other | Significant | ||||||||||
Value at | active market | observable inputs | unobservable inputs | |||||||||||
June 30, 2014 | (Level 1) | (Level 2) | (Level 3) | |||||||||||
Current maturities of corporate borrowings | $ | 15,614 | $ | — | $ | 14,566 | $ | 1,389 | ||||||
Corporate borrowings | 1,783,736 | — | 1,825,742 | 6,944 | ||||||||||
Valuation Technique. Quoted market prices and observable market based inputs were used to estimate fair value for Level 2 inputs. The Level 3 fair value measurement represents the transaction price of the corporate borrowings under market conditions. | ||||||||||||||
THEATRE_AND_OTHER_CLOSURE_AND_
THEATRE AND OTHER CLOSURE AND DISPOSITION OF ASSETS | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
THEATRE AND OTHER CLOSURE AND DISPOSITION OF ASSETS | ' | |||||||
THEATRE AND OTHER CLOSURE AND DISPOSITION OF ASSETS | ' | |||||||
NOTE 7—THEATRE AND OTHER CLOSURE AND DISPOSITION OF ASSETS | ||||||||
A rollforward of reserves for theatre and other closure and disposition of assets is as follows: | ||||||||
Six Months Ended | ||||||||
(In thousands) | June 30, 2014 | June 30, 2013 | ||||||
Beginning balance | $ | 55,163 | $ | 61,344 | ||||
Theatre and other closure expense | 6,863 | 3,020 | ||||||
Transfer of assets and liabilities | 2,439 | (54 | ) | |||||
Foreign currency translation adjustment | 538 | (1,404 | ) | |||||
Cash payments | (5,794 | ) | (5,716 | ) | ||||
| | | | | | | | |
Ending balance | $ | 59,209 | $ | 57,190 | ||||
| | | | | | | | |
| | | | | | | | |
The current portion of the ending balance totaling $8,308,000 is included with accrued expenses and other liabilities and the long-term portion of the ending balance totaling $50,901,000 is included with other long-term liabilities in the accompanying Consolidated Balance Sheets. Theatre and other closure reserves for leases that have not been terminated are recorded at the present value of the future contractual commitments for the base rents, taxes and maintenance. | ||||||||
During the three months ended June 30, 2014 and the three months ended June 30, 2013, the Company recognized theatre and other closure expense of $5,498,000 and $1,582,000, respectively, and during the six months ended June 30, 2014 and the six months ended June 30, 2013, the Company recognized theatre and other closure expense of $6,863,000 and $3,020,000, respectively. The increase in theatre and other closure expense during the six months ended June 30, 2014 was primarily due to the permanent closure of one theatre with 13 screens in Canada in May 2014. Theatre and other closure expense included the accretion on previously closed properties with remaining lease obligations. | ||||||||
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE INCOME | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | ' | ||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | ' | ||||||||||||||||
NOTE 8—ACCUMULATED OTHER COMPREHENSIVE INCOME | |||||||||||||||||
The following tables present the changes in accumulated other comprehensive income by component: | |||||||||||||||||
(In thousands) | Foreign | Pension and | Unrealized Gains | Unrealized Gains | Total | ||||||||||||
Currency | Other Benefits | on Marketable | from Equity | ||||||||||||||
(recorded in | Securities | Method Investees' | |||||||||||||||
General & | (recorded in | Cash Flow Hedge | |||||||||||||||
Administrative: | Investment | (recorded in Equity | |||||||||||||||
Other) | Expense (Income)) | in Earnings of | |||||||||||||||
Non-consolidated | |||||||||||||||||
Entities) | |||||||||||||||||
Balance, December 31, 2013 | $ | (351 | ) | $ | 20,967 | $ | 1,216 | $ | 2,372 | $ | 24,204 | ||||||
| | | | | | | | | | | | | | | | | |
Other comprehensive income before reclassifications | (433 | ) | — | 3,359 | (272 | ) | 2,654 | ||||||||||
Amounts reclassified from accumulated other comprehensive income | — | (929 | ) | (15 | ) | 263 | (681 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Net other comprehensive income (loss) | (433 | ) | (929 | ) | 3,344 | (9 | ) | 1,973 | |||||||||
| | | | | | | | | | | | | | | | | |
Balance, June 30, 2014 | $ | (784 | ) | $ | 20,038 | $ | 4,560 | $ | 2,363 | $ | 26,177 | ||||||
| | | | | | | | | | | | | | | | | |
Allocated tax (expense) benefit 2014 | $ | 277 | $ | 594 | $ | (2,138 | ) | $ | 6 | $ | (1,261 | ) | |||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
(In thousands) | Foreign | Pension and | Unrealized Gains | Unrealized Gains | Total | ||||||||||||
Currency | Other Benefits | on Marketable | from Equity | ||||||||||||||
(recorded in | Securities | Method Investees' | |||||||||||||||
General & | (recorded in | Cash Flow Hedge | |||||||||||||||
Administrative: | Investment | (recorded in Equity | |||||||||||||||
Other) | Expense (Income)) | in Earnings of | |||||||||||||||
Non-consolidated | |||||||||||||||||
Entities) | |||||||||||||||||
Balance, December 31, 2012 | $ | (530 | ) | $ | 7,264 | $ | 1,913 | $ | 797 | $ | 9,444 | ||||||
| | | | | | | | | | | | | | | | | |
Other comprehensive income before reclassifications | 1,965 | — | 3,501 | 2,468 | 7,934 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | (38 | ) | (21 | ) | (247 | ) | (306 | ) | ||||||||
| | | | | | | | | | | | | | | | | |
Net other comprehensive income (loss) | 1,965 | (38 | ) | 3,480 | 2,221 | 7,628 | |||||||||||
| | | | | | | | | | | | | | | | | |
Balance, June 30, 2013 | $ | 1,435 | $ | 7,226 | $ | 5,393 | $ | 3,018 | $ | 17,072 | |||||||
| | | | | | | | | | | | | | | | | |
Allocated tax expense 2013 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
EMPLOYEE BENEFIT PLANS | ' | |||||||||||||
EMPLOYEE BENEFIT PLANS | ' | |||||||||||||
NOTE 9—EMPLOYEE BENEFIT PLANS | ||||||||||||||
The Company sponsors frozen non-contributory qualified and non-qualified defined benefit pension plans generally covering all employees who, prior to the freeze, were age 21 or older and had completed at least 1,000 hours of service in their first twelve months of employment, or in a calendar year ending thereafter, and who were not covered by a collective bargaining agreement. The Company also offers eligible retirees the opportunity to participate in a health plan. Certain employees are eligible for subsidized postretirement medical benefits. The eligibility for these benefits is based upon a participant's age and service as of January 1, 2009. The Company also sponsors a postretirement deferred compensation plan. | ||||||||||||||
The Company expects to make pension contributions of approximately $3,092,000 during 2014. | ||||||||||||||
Net periodic benefit cost recognized for the plans during the three months ended June 30, 2014 and the three months ended June 30, 2013 consists of the following: | ||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||
(In thousands) | June 30, | June 30, | June 30, | June 30, | ||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Components of net periodic benefit cost: | ||||||||||||||
Service cost | $ | — | $ | 45 | $ | 9 | $ | 48 | ||||||
Interest cost | 1,152 | 1,128 | 53 | 218 | ||||||||||
Expected return on plan assets | (1,307 | ) | (1,176 | ) | — | — | ||||||||
Amortization of net gain | (258 | ) | — | (87 | ) | (19 | ) | |||||||
Amortization of prior service credit | — | — | (416 | ) | — | |||||||||
| | | | | | | | | | | | | | |
Net periodic benefit cost (credit) | $ | (413 | ) | $ | (3 | ) | $ | (441 | ) | $ | 247 | |||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Net periodic benefit cost recognized for the plans during the six months ended June 30, 2014 and the six months ended June 30, 2013 consists of the following: | ||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||
(In thousands) | June 30, | June 30, | June 30, | June 30, | ||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Components of net periodic benefit cost: | ||||||||||||||
Service cost | $ | — | $ | 90 | $ | 18 | $ | 97 | ||||||
Interest cost | 2,304 | 2,256 | 106 | 435 | ||||||||||
Expected return on plan assets | (2,614 | ) | (2,353 | ) | — | — | ||||||||
Amortization of net gain | (517 | ) | — | (174 | ) | (38 | ) | |||||||
Amortization of prior service credit | — | — | (832 | ) | — | |||||||||
| | | | | | | | | | | | | | |
Net periodic benefit cost (credit) | $ | (827 | ) | $ | (7 | ) | $ | (882 | ) | $ | 494 | |||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2014 | |
COMMITMENTS AND CONTINGENCIES | ' |
COMMITMENTS AND CONTINGENCIES | ' |
NOTE 10—COMMITMENTS AND CONTINGENCIES | |
The Company, in the normal course of business, is a party to various ordinary course claims from vendors (including food and beverage suppliers and film distributors), landlords, competitors, and other legal proceedings. If management believes that a loss arising from these actions is probable and can reasonably be estimated, the Company records the amount of the loss, or the minimum estimated liability when the loss is estimated using a range and no point is more probable than another. As additional information becomes available, any potential liability related to these actions is assessed and the estimates are revised, if necessary. Management believes that the ultimate outcome of such other matters, individually and in the aggregate, will not have a material adverse effect on the Company's financial position or overall trends in results of operations. However, litigation and claims are subject to inherent uncertainties and unfavorable outcomes could occur. An unfavorable outcome could include monetary damages. If an unfavorable outcome were to occur, there exists the possibility of a material adverse impact on the results of operations in the period in which the outcome occurs or in future periods. | |
NEW_ACCOUNTING_PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Jun. 30, 2014 | |
NEW ACCOUNTING PRONOUNCEMENTS | ' |
NEW ACCOUNTING PRONOUNCEMENTS | ' |
NOTE 11—NEW ACCOUNTING PRONOUNCEMENTS | |
In June 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-12, Compensation-Stock Compensation (Topic 718), ("ASU 2014-12"). This update is intended to resolve the diverse accounting treatment of share-based awards that require a specific performance target to be achieved in order for employees to become eligible to vest in the awards. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period for which the requisite service has already been rendered. ASU 2014-12 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Early adoption is permitted. The Company expects to apply the amendments prospectively to all awards granted or modified after the effective date and expects to adopt ASU 2014-12 as of the beginning of 2016. The Company does not anticipate the adoption of ASU 2014-12 to have a material impact on the Company's consolidated financial position, cash flows, or results of operations. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), ("ASU 2014-09"), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. | |
In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, ("ASU 2014-08"). This amendment changes the requirements for reporting discontinued operations and includes enhanced disclosures about discontinued operations. Under the amendment, only those disposals of components of an entity that represent a strategic shift that has a major effect on an entity's operations and financial results will be reported as discontinued operations in the financial statements. ASU 2014-08 is effective prospectively for annual periods beginning on or after December 15, 2014, and interim reporting periods within those years. Early adoption is permitted. The Company expects to adopt ASU 2014-08 as of the beginning of 2015 and it does not anticipate the adoption of ASU 2014-08 to have a material impact on the Company's consolidated financial position, cash flows, or results of operations. | |
In March 2013, the FASB issued ASU No. 2013-05, Foreign Currency Matters (Topic 830)—Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity, ("ASU 2013-05"). This amendment clarifies the applicable guidance for the release of cumulative translation adjustment into net earnings. When an entity ceases to have a controlling financial interest in a subsidiary or group of assets within a foreign entity, the entity is required to apply the guidance in ASC 830-30 to release any related cumulative translation adjustment into net earnings. Accordingly, the cumulative translation adjustment should be released into net earnings only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. ASU 2013-05 is effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2013. Early adoption is permitted as of the beginning of the entity's fiscal year. The Company adopted ASU 2013-05 as of the beginning of 2014 and the adoption of ASU 2013-05 did not have a material impact on the Company's consolidated financial position, cash flows, or results of operations. | |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
EARNINGS PER SHARE | ' | |||||||||||||
EARNINGS PER SHARE | ' | |||||||||||||
NOTE 12—EARNINGS PER SHARE | ||||||||||||||
Basic earnings per share is computed by dividing net earnings from continuing operations by the weighted-average number of common shares outstanding. Diluted earnings per share includes the effects of contingently issuable RSUs and PSUs, if dilutive. | ||||||||||||||
The following table sets forth the computation of basic and diluted earnings from continuing operations per common share: | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
(In thousands) | June 30, | June 30, | June 30, | June 30, | ||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Numerator: | ||||||||||||||
Earnings from continuing operations | $ | 31,414 | $ | 61,858 | $ | 26,572 | $ | 46,621 | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Denominator (shares in thousands): | ||||||||||||||
Weighted average shares for basic earnings per common share | 97,506.68 | 76,000.03 | 97,505.44 | 76,000.03 | ||||||||||
Common equivalent shares for restricted stock units | 121.44 | — | 122.11 | — | ||||||||||
| | | | | | | | | | | | | | |
Shares for diluted earnings per common share | 97,628.12 | 76,000.03 | 97,627.55 | 76,000.03 | ||||||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Basic earnings from continuing operations per common share | $ | 0.32 | $ | 0.81 | $ | 0.27 | $ | 0.61 | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Diluted earnings from continuing operations per common share | $ | 0.32 | $ | 0.81 | $ | 0.27 | $ | 0.61 | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Vested RSUs have dividend rights identical to the Company's Class A and Class B common stock and are treated as outstanding shares for purposes of computing basic and diluted earnings per share. Unvested RSUs and unvested PSUs are subject to performance conditions and are included in diluted earnings per share, if dilutive, using the treasury stock method based on the number of shares, if any, that would be issuable under the terms of the Company's 2013 Equity Incentive Plan if the end of the reporting period were the end of the contingency period. | ||||||||||||||
SUBSEQUENT_EVENT
SUBSEQUENT EVENT | 6 Months Ended |
Jun. 30, 2014 | |
SUBSEQUENT EVENT | ' |
SUBSEQUENT EVENT | ' |
NOTE 13—SUBSEQUENT EVENT | |
On July 29, 2014, Holdings' Board of Directors declared a cash dividend in the amount of $0.20 per share of Class A and Class B common stock, payable on September 15, 2014 to stockholders of record on September 5, 2014. | |
BASIS_OF_PRESENTATION_Policies
BASIS OF PRESENTATION (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
BASIS OF PRESENTATION | ' |
Use of Estimates | ' |
Use of Estimates: The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are used for, but not limited to: (1) Impairments, (2) Film exhibition costs, (3) Income and operating taxes, (4) Theatre and other closure expense, and (5) Gift card and packaged ticket breakage. Actual results could differ from those estimates. | |
Principles of Consolidation | ' |
Principles of Consolidation: The consolidated financial statements include the accounts of Holdings and all subsidiaries, as discussed above. All significant intercompany balances and transactions have been eliminated in consolidation. There are no noncontrolling (minority) interests in the Company's consolidated subsidiaries; consequently, all of its stockholders' equity, net earnings and comprehensive income for the periods presented are attributable to controlling interests. | |
Discontinued Operations | ' |
Discontinued Operations: The results of operations for the Company's discontinued operations have been eliminated from the Company's continuing operations and classified as discontinued operations for each period presented within the Company's Consolidated Statements of Operations. During the six months ended June 30, 2013, the Company received $4,666,000 for a sales price adjustment from the sale of theatres located in Canada. The sales price adjustment was related to tax attributes of the theatres sold in Canada, which were not determinable or probable of collection at the date of the sale. The Company completed its tax returns for periods prior to the date of sale during the six months ended June 30, 2013, at which time the buyer was able to determine amounts due pursuant to the sales price adjustment and remit payment to the Company. The Company recorded the additional gain on sale following the guidance for gain contingencies in ASC 450-30-25-1 when the gains were realizable. | |
Policy for Consolidated Statements of Cash Flows | ' |
Policy for Consolidated Statements of Cash Flows: The Company considers the amount recorded for corporate borrowings issued or acquired at a premium above the stated principal balance to be part of the amount borrowed and classifies the related cash inflows and outflows up to but not exceeding the borrowed amount as financing activities in its Consolidated Statements of Cash Flows. For amounts borrowed in excess of the stated principal amount, a portion of the semi-annual coupon payment is considered to be a repayment of the amount borrowed and the remaining portion of the semi-annual coupon payment is an interest payment flowing through operating activities based on the level yield to maturity of the debt. |
BASIS_OF_PRESENTATION_Tables
BASIS OF PRESENTATION (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
BASIS OF PRESENTATION | ' | |||||||||||||
Schedule of components of other income | ' | |||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
(In thousands) | June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | ||||||||||
Gain on redemption of 8.75% Senior Fixed Rate Notes due 2019 | $ | (4,157 | ) | $ | — | $ | (8,386 | ) | $ | — | ||||
Gain on redemption and modification of Senior Secured Credit Facility | — | (240 | ) | — | (240 | ) | ||||||||
Other income | — | (54 | ) | — | (54 | ) | ||||||||
| | | | | | | | | | | | | | |
Other income | $ | (4,157 | ) | $ | (294 | ) | $ | (8,386 | ) | $ | (294 | ) | ||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
INVESTMENTS_Tables
INVESTMENTS (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
INVESTMENTS | ' | |||||||||||||||||||
Schedule of condensed financial information of the reporting entity's non-consolidated equity method investments | ' | |||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||
(In thousands) | DCIP | Open Road | NCM | AC JV | Other | Total | ||||||||||||||
Films | ||||||||||||||||||||
Revenues | $ | 43,396 | $ | 49,845 | $ | 99,900 | $ | 10,296 | $ | 7,025 | $ | 210,462 | ||||||||
Operating costs and expenses | 24,331 | 51,983 | 73,500 | 9,182 | 6,921 | 165,917 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Net earnings (loss) | $ | 19,065 | $ | (2,138 | ) | $ | 26,400 | $ | 1,114 | $ | 104 | $ | 44,545 | |||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Three Months Ended June 30, 2013 | ||||||||||||||||||||
(In thousands) | DCIP | Open Road | NCM | AC JV | Other | Total | ||||||||||||||
Films | ||||||||||||||||||||
Revenues | $ | 45,022 | $ | 36,257 | $ | 122,800 | $ | — | $ | 4,070 | $ | 208,149 | ||||||||
Operating costs and expenses | 42,566 | 14,479 | 81,700 | — | 3,426 | 142,171 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Net earnings | $ | 2,456 | $ | 21,778 | $ | 41,100 | $ | — | $ | 644 | $ | 65,978 | ||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Six Months Ended June 30, 2014 | ||||||||||||||||||||
(In thousands) | DCIP | Open Road | NCM | AC JV | Other | Total | ||||||||||||||
Films | ||||||||||||||||||||
Revenues | $ | 86,084 | $ | 91,483 | $ | 170,100 | $ | 16,563 | $ | 12,628 | $ | 376,858 | ||||||||
Operating costs and expenses | 61,491 | 111,001 | 146,500 | 14,729 | 13,181 | 346,902 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Net earnings (loss) | $ | 24,593 | $ | (19,518 | ) | $ | 23,600 | $ | 1,834 | $ | (553 | ) | $ | 29,956 | ||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Six Months Ended June 30, 2013 | ||||||||||||||||||||
(In thousands) | DCIP | Open Road | NCM | AC JV | Other | Total | ||||||||||||||
Films | ||||||||||||||||||||
Revenues | $ | 88,077 | $ | 101,434 | $ | 205,000 | $ | — | $ | 6,936 | $ | 401,447 | ||||||||
Operating costs and expenses | 73,813 | 87,334 | 158,300 | — | 6,963 | 326,410 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Net earnings (loss) | $ | 14,264 | $ | 14,100 | $ | 46,700 | $ | — | $ | (27 | ) | $ | 75,037 | |||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Schedule of components of the Company's recorded equity in earnings (losses) of non-consolidated entities | ' | |||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
(In thousands) | June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | ||||||||||||||||
Digital Cinema Implementation Partners, LLC | $ | 5,898 | $ | 4,045 | $ | 9,545 | $ | 7,827 | ||||||||||||
Open Road Releasing, LLC | — | 10,269 | (8,080 | ) | 7,050 | |||||||||||||||
National CineMedia, LLC | 3,129 | 8,577 | 2,009 | 8,699 | ||||||||||||||||
AC JV, LLC | 356 | — | 638 | — | ||||||||||||||||
Other | 214 | 383 | 101 | 244 | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
The Company's recorded equity in earnings | $ | 9,597 | $ | 23,274 | $ | 4,213 | $ | 23,820 | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Investments | ' | |||||||||||||||||||
Schedule of changes in the carrying amount of the entity's investment in NCM and equity in earnings of NCM | ' | |||||||||||||||||||
(In thousands) | Investment | Exhibitor | Other | Cash | Equity | Advertising | ||||||||||||||
in NCM(1) | Services | Comprehensive | Received | in (Earnings) | (Revenue) | |||||||||||||||
Agreement(2) | (Income) | (Paid) | Loss | |||||||||||||||||
Ending balance December 31, 2013 | $ | 272,407 | $ | (329,913 | ) | $ | (2,282 | ) | ||||||||||||
Receipt of common units(3) | 2,137 | (2,137 | ) | — | ||||||||||||||||
Receipt of excess cash distributions | (10,401 | ) | — | — | $ | 10,401 | $ | — | $ | — | ||||||||||
Amortization of deferred revenue | — | 7,605 | — | — | — | (7,605 | ) | |||||||||||||
Unrealized gain from cash flow hedge | 755 | — | (755 | ) | — | — | — | |||||||||||||
Equity in earnings(4) | 3,576 | — | — | — | (3,576 | ) | — | |||||||||||||
Equity in loss from amortization of basis difference(5) | (1,567 | ) | — | — | — | 1,567 | — | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
For the period ended or balance as of June 30, 2014 | $ | 266,907 | $ | (324,445 | ) | $ | (3,037 | ) | $ | 10,401 | $ | (2,009 | ) | $ | (7,605 | ) | ||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
-1 | ||||||||||||||||||||
As of the date of the Merger, August 30, 2012, the Company's investment in NCM consisted of a single investment tranche (Tranche 1 Investment) consisting of 17,323,782 membership units recorded at fair value (Level 1). Subsequent membership units received as provided under the Common Unit Adjustment Agreement dated as of February 13, 2007, are recorded in a separate tranche, (Tranche 2 Investments). | ||||||||||||||||||||
-2 | ||||||||||||||||||||
Represents the unamortized portion of the Exhibitor Services Agreement ("ESA") with NCM. Such amounts are being amortized to other theatre revenues over the remainder of the 30 year term of the ESA ending in 2036, using a units-of-revenue method, as described in ASC 470-10-35 (formerly EITF 88-18, Sales of Future Revenues). | ||||||||||||||||||||
-3 | ||||||||||||||||||||
In March 2014, the Company received 141,731 membership units recorded at a fair value of $15.08 per unit with a corresponding credit to the ESA. | ||||||||||||||||||||
-4 | ||||||||||||||||||||
Represents percentage of ownership equity in earnings on both Tranche 1 and Tranche 2 Investments. | ||||||||||||||||||||
-5 | ||||||||||||||||||||
Certain differences between the Company's carrying value and the Company's share of NCM's membership equity have been identified and are amortized to equity in earnings over the respective lives of the assets and liabilities. | ||||||||||||||||||||
DCIP | ' | |||||||||||||||||||
Investments | ' | |||||||||||||||||||
Schedule of transactions | ' | |||||||||||||||||||
(In thousands) | June 30, 2014 | December 31, 2013 | ||||||||||||||||||
Due from DCIP for equipment purchases | $ | 939 | $ | 663 | ||||||||||||||||
Deferred rent liability for digital projectors | 9,184 | 7,747 | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
(In thousands) | June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | ||||||||||||||||
Digital equipment rental expense (continuing operations) | $ | 1,085 | $ | 2,662 | $ | 4,002 | $ | 5,369 | ||||||||||||
Open Road Releasing, LLC, operator of ORF | ' | |||||||||||||||||||
Investments | ' | |||||||||||||||||||
Schedule of transactions | ' | |||||||||||||||||||
(In thousands) | June 30, 2014 | December 31, 2013 | ||||||||||||||||||
Due from Open Road Films | $ | 1,666 | $ | 2,658 | ||||||||||||||||
Film rent payable to Open Road Films | 1,305 | 1,959 | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
(In thousands) | June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | ||||||||||||||||
Gross film exhibition cost on Open Road Films | $ | 3,400 | $ | 1,600 | $ | 9,100 | $ | 8,700 | ||||||||||||
NCM | ' | |||||||||||||||||||
Investments | ' | |||||||||||||||||||
Schedule of transactions | ' | |||||||||||||||||||
(In thousands) | June 30, 2014 | December 31, 2013 | ||||||||||||||||||
Due from NCM for on-screen advertising revenue | $ | 2,513 | $ | 2,266 | ||||||||||||||||
Due to NCM for Exhibitor Services Agreement | 2,287 | 2,429 | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
(In thousands) | June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | ||||||||||||||||
Net NCM screen advertising revenues | $ | 8,744 | $ | 8,495 | $ | 17,372 | $ | 16,572 | ||||||||||||
NCM beverage advertising expense | 3,281 | 3,773 | 6,190 | 6,721 | ||||||||||||||||
AC JV | ' | |||||||||||||||||||
Investments | ' | |||||||||||||||||||
Schedule of transactions | ' | |||||||||||||||||||
(In thousands) | June 30, 2014 | December 31, 2013 | ||||||||||||||||||
Due to AC JV for Fathom Events programming | $ | 57 | $ | — | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
(In thousands) | June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | ||||||||||||||||
Gross exhibition cost on Fathom Events programming | $ | 1,559 | $ | — | $ | 2,515 | $ | — |
CORPORATE_BORROWINGS_Tables
CORPORATE BORROWINGS (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
CORPORATE BORROWINGS | ' | |||||||
Summary of the carrying value of corporate borrowings and capital and financing lease obligations | ' | |||||||
(In thousands) | June 30, 2014 | December 31, 2013 | ||||||
Senior Secured Credit Facility-Term Loan due 2020 (3.50% as of June 30, 2014) | $ | 763,759 | $ | 767,502 | ||||
5% Promissory Note payable to NCM due 2019 | 8,333 | 8,333 | ||||||
8.75% Senior Fixed Rate Notes due 2019 | — | 647,666 | ||||||
9.75% Senior Subordinated Notes due 2020 | 652,258 | 655,310 | ||||||
5.875% Senior Subordinated Notes due 2022 | 375,000 | — | ||||||
Capital and financing lease obligations, 8.25% - 11% | 112,811 | 116,199 | ||||||
| | | | | | | | |
1,912,161 | 2,195,010 | |||||||
Less: current maturities | (22,947 | ) | (16,080 | ) | ||||
| | | | | | | | |
$ | 1,889,214 | $ | 2,178,930 | |||||
| | | | | | | | |
| | | | | | | | |
STOCKHOLDERS_EQUITY_Tables
STOCKHOLDERS' EQUITY (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
STOCKHOLDERS' EQUITY | ' | |||||||
Schedule of RSU and PSU activity | ' | |||||||
Shares of | Weighted | |||||||
RSU | Average | |||||||
and PSU | Grant Date | |||||||
Fair Value | ||||||||
Beginning balance at January 1, 2014 | — | $ | — | |||||
Granted(1) | 494,980 | 20.22 | ||||||
Vested | (118,849 | ) | 20.26 | |||||
Forfeited | (1,009 | ) | 20.18 | |||||
| | | | | | | | |
Nonvested at June 30, 2014 | 375,122 | $ | 20.21 | |||||
| | | | | | | | |
| | | | | | | | |
-1 | ||||||||
The number of shares granted under the PSU award, assumes Holdings will attain a performance target of 100%. The PSUs will vest ratably based on a scale ranging from 80% to 120% of the performance target with the vested amount ranging from 30% to 150%. | ||||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||
Schedule of fair value hierarchy of the entity's financial assets carried at fair value on a recurring basis | ' | |||||||||||||
Fair Value Measurements at June 30, 2014 Using | ||||||||||||||
(In thousands) | Total Carrying | Quoted prices in | Significant other | Significant | ||||||||||
Value at | active market | observable inputs | unobservable inputs | |||||||||||
June 30, 2014 | (Level 1) | (Level 2) | (Level 3) | |||||||||||
Other long-term assets: | ||||||||||||||
Money market mutual funds | $ | 201 | $ | 201 | $ | — | $ | — | ||||||
Equity securities, available-for-sale: | ||||||||||||||
RealD Inc. common stock | 15,603 | 15,603 | — | — | ||||||||||
Mutual fund large U.S. equity | 2,906 | 2,906 | — | — | ||||||||||
Mutual fund small/mid U.S. equity | 1,468 | 1,468 | — | — | ||||||||||
Mutual fund international | 791 | 791 | — | — | ||||||||||
Mutual fund balance | 762 | 762 | — | — | ||||||||||
Mutual fund fixed income | 485 | 485 | — | — | ||||||||||
| | | | | | | | | | | | | | |
Total assets at fair value | $ | 22,216 | $ | 22,216 | $ | — | $ | — | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Schedule of fair value of financial instruments that are not recognized at fair value in the statement of financial position for which it is practicable to estimate fair value | ' | |||||||||||||
Fair Value Measurements at June 30, 2014 Using | ||||||||||||||
(In thousands) | Total Carrying | Quoted prices in | Significant other | Significant | ||||||||||
Value at | active market | observable inputs | unobservable inputs | |||||||||||
June 30, 2014 | (Level 1) | (Level 2) | (Level 3) | |||||||||||
Current maturities of corporate borrowings | $ | 15,614 | $ | — | $ | 14,566 | $ | 1,389 | ||||||
Corporate borrowings | 1,783,736 | — | 1,825,742 | 6,944 |
THEATRE_AND_OTHER_CLOSURE_AND_1
THEATRE AND OTHER CLOSURE AND DISPOSITION OF ASSETS (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
THEATRE AND OTHER CLOSURE AND DISPOSITION OF ASSETS | ' | |||||||
A rollforward of reserves for theatre and other closure and disposition of assets | ' | |||||||
Six Months Ended | ||||||||
(In thousands) | June 30, 2014 | June 30, 2013 | ||||||
Beginning balance | $ | 55,163 | $ | 61,344 | ||||
Theatre and other closure expense | 6,863 | 3,020 | ||||||
Transfer of assets and liabilities | 2,439 | (54 | ) | |||||
Foreign currency translation adjustment | 538 | (1,404 | ) | |||||
Cash payments | (5,794 | ) | (5,716 | ) | ||||
| | | | | | | | |
Ending balance | $ | 59,209 | $ | 57,190 | ||||
| | | | | | | | |
| | | | | | | | |
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | ' | ||||||||||||||||
Schedule of changes in accumulated other comprehensive income | ' | ||||||||||||||||
(In thousands) | Foreign | Pension and | Unrealized Gains | Unrealized Gains | Total | ||||||||||||
Currency | Other Benefits | on Marketable | from Equity | ||||||||||||||
(recorded in | Securities | Method Investees' | |||||||||||||||
General & | (recorded in | Cash Flow Hedge | |||||||||||||||
Administrative: | Investment | (recorded in Equity | |||||||||||||||
Other) | Expense (Income)) | in Earnings of | |||||||||||||||
Non-consolidated | |||||||||||||||||
Entities) | |||||||||||||||||
Balance, December 31, 2013 | $ | (351 | ) | $ | 20,967 | $ | 1,216 | $ | 2,372 | $ | 24,204 | ||||||
| | | | | | | | | | | | | | | | | |
Other comprehensive income before reclassifications | (433 | ) | — | 3,359 | (272 | ) | 2,654 | ||||||||||
Amounts reclassified from accumulated other comprehensive income | — | (929 | ) | (15 | ) | 263 | (681 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Net other comprehensive income (loss) | (433 | ) | (929 | ) | 3,344 | (9 | ) | 1,973 | |||||||||
| | | | | | | | | | | | | | | | | |
Balance, June 30, 2014 | $ | (784 | ) | $ | 20,038 | $ | 4,560 | $ | 2,363 | $ | 26,177 | ||||||
| | | | | | | | | | | | | | | | | |
Allocated tax (expense) benefit 2014 | $ | 277 | $ | 594 | $ | (2,138 | ) | $ | 6 | $ | (1,261 | ) | |||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
(In thousands) | Foreign | Pension and | Unrealized Gains | Unrealized Gains | Total | ||||||||||||
Currency | Other Benefits | on Marketable | from Equity | ||||||||||||||
(recorded in | Securities | Method Investees' | |||||||||||||||
General & | (recorded in | Cash Flow Hedge | |||||||||||||||
Administrative: | Investment | (recorded in Equity | |||||||||||||||
Other) | Expense (Income)) | in Earnings of | |||||||||||||||
Non-consolidated | |||||||||||||||||
Entities) | |||||||||||||||||
Balance, December 31, 2012 | $ | (530 | ) | $ | 7,264 | $ | 1,913 | $ | 797 | $ | 9,444 | ||||||
| | | | | | | | | | | | | | | | | |
Other comprehensive income before reclassifications | 1,965 | — | 3,501 | 2,468 | 7,934 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | (38 | ) | (21 | ) | (247 | ) | (306 | ) | ||||||||
| | | | | | | | | | | | | | | | | |
Net other comprehensive income (loss) | 1,965 | (38 | ) | 3,480 | 2,221 | 7,628 | |||||||||||
| | | | | | | | | | | | | | | | | |
Balance, June 30, 2013 | $ | 1,435 | $ | 7,226 | $ | 5,393 | $ | 3,018 | $ | 17,072 | |||||||
| | | | | | | | | | | | | | | | | |
Allocated tax expense 2013 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
EMPLOYEE BENEFIT PLANS | ' | |||||||||||||
Net periodic benefit cost recognized for the plans | ' | |||||||||||||
Net periodic benefit cost recognized for the plans during the three months ended June 30, 2014 and the three months ended June 30, 2013 consists of the following: | ||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||
(In thousands) | June 30, | June 30, | June 30, | June 30, | ||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Components of net periodic benefit cost: | ||||||||||||||
Service cost | $ | — | $ | 45 | $ | 9 | $ | 48 | ||||||
Interest cost | 1,152 | 1,128 | 53 | 218 | ||||||||||
Expected return on plan assets | (1,307 | ) | (1,176 | ) | — | — | ||||||||
Amortization of net gain | (258 | ) | — | (87 | ) | (19 | ) | |||||||
Amortization of prior service credit | — | — | (416 | ) | — | |||||||||
| | | | | | | | | | | | | | |
Net periodic benefit cost (credit) | $ | (413 | ) | $ | (3 | ) | $ | (441 | ) | $ | 247 | |||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Net periodic benefit cost recognized for the plans during the six months ended June 30, 2014 and the six months ended June 30, 2013 consists of the following: | ||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||
(In thousands) | June 30, | June 30, | June 30, | June 30, | ||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Components of net periodic benefit cost: | ||||||||||||||
Service cost | $ | — | $ | 90 | $ | 18 | $ | 97 | ||||||
Interest cost | 2,304 | 2,256 | 106 | 435 | ||||||||||
Expected return on plan assets | (2,614 | ) | (2,353 | ) | — | — | ||||||||
Amortization of net gain | (517 | ) | — | (174 | ) | (38 | ) | |||||||
Amortization of prior service credit | — | — | (832 | ) | — | |||||||||
| | | | | | | | | | | | | | |
Net periodic benefit cost (credit) | $ | (827 | ) | $ | (7 | ) | $ | (882 | ) | $ | 494 | |||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
EARNINGS PER SHARE | ' | |||||||||||||
Schedule of basic and diluted earnings from continuing operations per common share | ' | |||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
(In thousands) | June 30, | June 30, | June 30, | June 30, | ||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Numerator: | ||||||||||||||
Earnings from continuing operations | $ | 31,414 | $ | 61,858 | $ | 26,572 | $ | 46,621 | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Denominator (shares in thousands): | ||||||||||||||
Weighted average shares for basic earnings per common share | 97,506.68 | 76,000.03 | 97,505.44 | 76,000.03 | ||||||||||
Common equivalent shares for restricted stock units | 121.44 | — | 122.11 | — | ||||||||||
| | | | | | | | | | | | | | |
Shares for diluted earnings per common share | 97,628.12 | 76,000.03 | 97,627.55 | 76,000.03 | ||||||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Basic earnings from continuing operations per common share | $ | 0.32 | $ | 0.81 | $ | 0.27 | $ | 0.61 | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Diluted earnings from continuing operations per common share | $ | 0.32 | $ | 0.81 | $ | 0.27 | $ | 0.61 | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
BASIS_OF_PRESENTATION_Details
BASIS OF PRESENTATION (Details) (USD $) | 6 Months Ended | 6 Months Ended | 0 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 23, 2013 | |
Wanda | Canada | IPO | ||
Class A common stock | ||||
Holdings | ||||
BASIS OF PRESENTATION | ' | ' | ' | ' |
Number of shares issued | ' | ' | ' | 18,421,053 |
Price per share (in dollars per share) | ' | ' | ' | $18 |
Number of additional shares option exercised by underwriters | ' | ' | ' | 2,631,579 |
Total offering size (in shares) | ' | ' | ' | 21,052,632 |
Net proceeds from offering | ' | ' | ' | $355,299,000 |
IPO offering expenses paid | 281,000 | ' | ' | ' |
Amount of IPO proceeds contributed AMCE | ' | ' | ' | 355,299,000 |
Ownership percentage held in Holding entity | ' | 77.86% | ' | ' |
Combined voting power held in Holdings (as a percent) | ' | 91.34% | ' | ' |
Noncontrolling (minority) interests (as a percent) | 0.00% | ' | ' | ' |
Discontinued Operations | ' | ' | ' | ' |
Amount received for a sales price adjustment from the sale of theatres located in Canada | ' | ' | $4,666,000 | ' |
BASIS_OF_PRESENTATION_Details_
BASIS OF PRESENTATION (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Other Income: | ' | ' | ' | ' |
Gain on redemption and modification of debt | ' | ' | ($8,544,000) | ($422,000) |
Other income | -4,157,000 | -294,000 | -8,386,000 | -294,000 |
8.75% Senior Fixed Rate Notes due 2019 | ' | ' | ' | ' |
Other Income: | ' | ' | ' | ' |
Stated interest rate (as a percent) | 8.75% | ' | 8.75% | ' |
Gain on redemption and modification of debt | -4,157,000 | ' | -8,386,000 | ' |
Senior Secured Credit Facility | ' | ' | ' | ' |
Other Income: | ' | ' | ' | ' |
Gain on redemption and modification of debt | ' | -240,000 | ' | -240,000 |
Other expense | ' | ' | ' | ' |
Other Income: | ' | ' | ' | ' |
Other income | ' | ($54,000) | ' | ($54,000) |
INVESTMENTS_Details
INVESTMENTS (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | 5-May-14 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Aug. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | |
NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | AC JV | AC JV | U.S. theatres and IMAX screen | DCIP | DCIP | DCIP | DCIP | DCIP | DCIP | Open Road Releasing, LLC, operator of ORF | Open Road Releasing, LLC, operator of ORF | Open Road Releasing, LLC, operator of ORF | Open Road Releasing, LLC, operator of ORF | Open Road Releasing, LLC, operator of ORF | Other | Other | Other | Other | Maximum | |||||
Screenvision LLC | NCM tax receivable agreement | NCM tax receivable agreement | Advertising (Revenue) | Advertising (Revenue) | Advertising (Revenue) | Advertising (Revenue) | Advertising (Revenue) | Advertising expense | Advertising expense | Advertising expense | Advertising expense | NCM Inc. | Predecessor | theatre | Expected | Investments in non-consolidated affiliates and certain other investments accounted for following the equity method | |||||||||||||||||||||||||||
Capital units | Screen | ||||||||||||||||||||||||||||||||||||||||||
Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest in non-consolidated affiliates (as a percent) | ' | ' | ' | ' | 14.96% | ' | 14.96% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32.00% | 32.00% | 50.00% | 29.00% | ' | 29.00% | ' | ' | ' | 50.00% | ' | 50.00% | ' | ' | ' | ' | ' | ' | 50.00% |
Number of U.S. theatres | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of IMAX screens | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Results: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $210,462,000 | $208,149,000 | $376,858,000 | $401,447,000 | $99,900,000 | $122,800,000 | $170,100,000 | $205,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,296,000 | $16,563,000 | ' | $43,396,000 | $45,022,000 | $86,084,000 | $88,077,000 | ' | ' | $49,845,000 | $36,257,000 | $91,483,000 | $101,434,000 | ' | $7,025,000 | $4,070,000 | $12,628,000 | $6,936,000 | ' |
Operating costs and expenses | 165,917,000 | 142,171,000 | 346,902,000 | 326,410,000 | 73,500,000 | 81,700,000 | 146,500,000 | 158,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,182,000 | 14,729,000 | ' | 24,331,000 | 42,566,000 | 61,491,000 | 73,813,000 | ' | ' | 51,983,000 | 14,479,000 | 111,001,000 | 87,334,000 | ' | 6,921,000 | 3,426,000 | 13,181,000 | 6,963,000 | ' |
Net earnings (loss) | 44,545,000 | 65,978,000 | 29,956,000 | 75,037,000 | 26,400,000 | 41,100,000 | 23,600,000 | 46,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,114,000 | 1,834,000 | ' | 19,065,000 | 2,456,000 | 24,593,000 | 14,264,000 | ' | ' | -2,138,000 | 21,778,000 | -19,518,000 | 14,100,000 | ' | 104,000 | 644,000 | -553,000 | -27,000 | ' |
The Company's recorded equity in earnings | 9,597,000 | 23,274,000 | 4,213,000 | 23,820,000 | 3,129,000 | 8,577,000 | 2,009,000 | 8,699,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 356,000 | 638,000 | ' | 5,898,000 | 4,045,000 | 9,545,000 | 7,827,000 | ' | ' | ' | 10,269,000 | -8,080,000 | 7,050,000 | ' | 214,000 | 383,000 | 101,000 | 244,000 | ' |
Capital contributions for projector and installation costs in excess of the cap per system for digital conversations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 68,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital contributions for projector and installation costs in excess of the cap per system for new build locations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term for payment of equipment rent, including scheduled escalations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts due from affiliate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,513,000 | ' | 2,513,000 | ' | 2,266,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 939,000 | ' | 939,000 | ' | 663,000 | ' | 1,666,000 | ' | 1,666,000 | ' | 2,658,000 | ' | ' | ' | ' | ' |
Deferred rent liability for digital projectors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,184,000 | ' | 9,184,000 | ' | 7,747,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Digital equipment rental expense (continuing operations) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,085,000 | 2,662,000 | 4,002,000 | 5,369,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital commitment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' |
Unrecognized losses in excess of the capital commitment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,680,000 | ' | 1,680,000 | ' | ' | ' | ' | ' | ' | ' |
Film rent payable to Open Road Films | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,305,000 | ' | 1,305,000 | ' | 1,959,000 | ' | ' | ' | ' | ' |
Gross film exhibition cost on Open Road Films | 257,220,000 | 285,395,000 | 469,320,000 | 476,719,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,400,000 | 1,600,000 | 9,100,000 | 8,700,000 | ' | ' | ' | ' | ' | ' |
Number of units owned (in shares) | ' | ' | ' | ' | 19,194,501 | ' | 19,194,501 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,323,782 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest of the related party in non-consolidated affiliates after IPO (as a percent) | ' | ' | ' | ' | 14.96% | ' | 14.96% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair market value of the units | ' | ' | ' | ' | 336,096,000 | ' | 336,096,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Price per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $17.51 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total transaction value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 375,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts due to affiliate | ' | ' | ' | ' | 2,287,000 | ' | 2,287,000 | ' | ' | 2,429,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57,000 | 57,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,744,000 | 8,495,000 | 17,372,000 | 16,572,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,281,000 | 3,773,000 | 6,190,000 | 6,721,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in carrying amount of investment in NCM and equity in earnings of NCM | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | ' | ' | ' | ' | 272,407,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receipt of common units | ' | ' | ' | ' | ' | ' | 2,137,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receipt of excess cash distributions | ' | ' | ' | ' | -10,401,000 | ' | -10,401,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain from cash flow hedge | ' | ' | ' | ' | ' | ' | 755,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in earnings | ' | ' | ' | ' | ' | ' | 3,576,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in loss from amortization of basis difference | ' | ' | ' | ' | -1,567,000 | ' | -1,567,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the end of the period | ' | ' | ' | ' | 266,907,000 | ' | 266,907,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receipt under Tax Receivable Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,045,000 | 3,677,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exhibitor services agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | ' | ' | ' | ' | -329,913,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receipt of Common Units | ' | ' | ' | ' | ' | ' | -2,137,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of deferred revenue | ' | ' | ' | ' | ' | ' | 7,605,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the end of the period | ' | ' | ' | ' | -324,445,000 | ' | -324,445,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of amortization of the exhibitor services agreement (ESA) with NCM | ' | ' | ' | ' | ' | ' | '30 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive (Income) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive (income) at the end of the period | ' | ' | ' | ' | ' | ' | -2,282,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain from cash flow hedge | ' | ' | ' | ' | ' | ' | -755,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive (income) at the end of the period | ' | ' | ' | ' | -3,037,000 | ' | -3,037,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Membership units received in ESA (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 141,731 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of Membership units received in ESA (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $15.08 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Received (Paid) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receipt of excess cash distributions | ' | ' | ' | ' | ' | ' | 10,401,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the end of the period | ' | ' | ' | ' | 10,401,000 | ' | 10,401,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in (Earnings) Loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in earnings | ' | ' | ' | ' | ' | ' | -3,576,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in loss from amortization of basis difference | ' | ' | ' | ' | 1,567,000 | ' | 1,567,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in (earnings) losses of non-consolidated entities | -9,597,000 | -23,274,000 | -4,213,000 | -23,820,000 | -3,129,000 | -8,577,000 | -2,009,000 | -8,699,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -356,000 | -638,000 | ' | -5,898,000 | -4,045,000 | -9,545,000 | -7,827,000 | ' | ' | ' | -10,269,000 | 8,080,000 | -7,050,000 | ' | -214,000 | -383,000 | -101,000 | -244,000 | ' |
Advertising and operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of deferred revenue | ' | ' | ' | ' | ' | ' | -7,605,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising (Revenue) for the period | ' | ' | ' | ' | ' | ' | -7,605,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross exhibition cost on Fathom Events programming | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,559,000 | $2,515,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CORPORATE_BORROWINGS_Details
CORPORATE BORROWINGS (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jan. 15, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Feb. 07, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | AMCE | AMCE | AMCE | AMCE | AMCE | AMCE | AMCE | AMCE | AMCE | AMCE | AMCE | AMCE | AMCE | AMCE | AMCE | AMCE | ||
Senior Secured Credit Facility-Term Loan due 2020 | Senior Secured Credit Facility-Term Loan due 2020 | 5% Promissory Note payable to NCM due 2019 | 5% Promissory Note payable to NCM due 2019 | 8.75% Senior Fixed Rate Notes due 2019 | 8.75% Senior Fixed Rate Notes due 2019 | 9.75% Senior Subordinated Notes due 2020 | 9.75% Senior Subordinated Notes due 2020 | 5.875% Senior Subordinated Notes due 2022 | 5.875% Senior Subordinated Notes due 2022 | Capital and financing lease obligations | Capital and financing lease obligations | Capital and financing lease obligations | Capital and financing lease obligations | |||||
Minimum | Maximum | |||||||||||||||||
CORPORATE BORROWINGS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Corporate borrowings and capital and financing lease obligations | ' | ' | $1,912,161 | $2,195,010 | $763,759 | $767,502 | $8,333 | $8,333 | ' | $647,666 | $652,258 | $655,310 | $375,000 | ' | $112,811 | $116,199 | ' | ' |
Less: current maturities | -22,947 | -16,080 | -22,947 | -16,080 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Corporate borrowings and capital and financing lease obligations, non-current | ' | ' | $1,889,214 | $2,178,930 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate (as a percent) | ' | ' | ' | ' | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate (as a percent) | ' | ' | ' | ' | ' | ' | 5.00% | ' | 8.75% | 8.75% | 9.75% | ' | 5.88% | 5.88% | ' | ' | ' | ' |
Interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.25% | 11.00% |
CORPORATE_BORROWINGS_Details_2
CORPORATE BORROWINGS (Details 2) (USD $) | 6 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | ||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Feb. 07, 2014 | Jan. 15, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Feb. 14, 2014 | Jan. 29, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Apr. 22, 2014 | Jun. 30, 2014 | Feb. 07, 2014 | Feb. 07, 2014 | Feb. 07, 2014 | Feb. 07, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
AMCE | AMCE | AMCE | AMCE | AMCE | AMCE | AMCE | AMCE | AMCE | AMCE | AMCE | AMCE | AMCE | AMCE | AMCE | AMCE | AMCE | |||
Notes due 2019 | Notes due 2019 | Notes due 2019 | Notes due 2019 | Notes due 2019 | Notes due 2019 | Notes due 2019 | Notes due 2019 | Notes due 2019 | Notes due 2019 | Notes due 2022 | Notes due 2022 | Notes due 2022 | Notes due 2022 | Notes due 2022 | Notes due 2020 | Notes due 2020 | |||
Other expense | Other expense | On June 1, 2014 | Maximum | On or after February 15, 2017 | On or after February 15, 2020 | Additional debt that could be incurred under financial covenants after giving effect to the event on a pro forma basis | Additional debt that could be incurred under financial covenants after giving effect to the event on a pro forma basis | ||||||||||||
Maximum | |||||||||||||||||||
CORPORATE BORROWINGS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate of debt instrument (as a percent) | ' | ' | ' | 8.75% | ' | ' | ' | ' | 8.75% | ' | ' | ' | 5.88% | 5.88% | ' | ' | ' | 6.00% | ' |
Principal amount of Notes tendered | ' | ' | $1,038.75 | $1,038.75 | ' | ' | $1,038.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consent fee payable as a percentage of principal amount | ' | ' | 3.00% | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of notes tendered | ' | ' | 1,000 | 1,000 | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount for which holders tendered | ' | ' | ' | 463,950,000 | ' | ' | ' | 14,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of outstanding notes received in tenders and consents | ' | ' | ' | 77.33% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount for which tendered offer was accepted for purchase | ' | ' | 463,950,000 | ' | ' | ' | 14,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 136,036,000 | ' | 375,000,000 | ' | ' | ' | ' | ' |
Debt instrument redemption price as a percentage of principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 104.38% | ' | ' | ' | 104.41% | 100.00% | ' | ' |
Gain on extinguishment related to the redemption and cash tender offer | 8,544,000 | 422,000 | ' | ' | 4,161,000 | 8,544,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000 | 158,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Term for failure to consummate exchange offer after issue date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '210 days | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,852,400,000 |
Amount of loans and dividends which could be made | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $631,801,000 |
STOCKHOLDERS_EQUITY_Details
STOCKHOLDERS' EQUITY (Details) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jan. 02, 2014 | Dec. 31, 2014 | Jun. 25, 2014 | 12-May-14 | Jan. 02, 2014 | Jun. 30, 2014 | Jan. 02, 2014 | Jun. 30, 2014 | Jun. 25, 2014 | 12-May-14 | Jan. 02, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | Jan. 02, 2014 | Jun. 30, 2014 | Jun. 25, 2014 | 12-May-14 | Jan. 02, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Apr. 25, 2014 | Dec. 17, 2013 | Jun. 30, 2014 | Jan. 02, 2014 | Apr. 25, 2014 | Dec. 17, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
Wanda | Restricted stock unit | Board of Director | Members of management | 2013 Equity Incentive Plan | 2013 Equity Incentive Plan | 2013 Equity Incentive Plan | 2013 Equity Incentive Plan | 2013 Equity Incentive Plan | 2013 Equity Incentive Plan | 2013 Equity Incentive Plan | 2013 Equity Incentive Plan | 2013 Equity Incentive Plan | 2013 Equity Incentive Plan | 2013 Equity Incentive Plan | 2013 Equity Incentive Plan | 2013 Equity Incentive Plan | 2013 Equity Incentive Plan | 2013 Equity Incentive Plan | 2013 Equity Incentive Plan | 2013 Equity Incentive Plan | 2013 Equity Incentive Plan | 2013 Equity Incentive Plan | 2013 Equity Incentive Plan | 2013 Equity Incentive Plan | Class A common stock | Class A common stock | Class A common stock | Class A common stock | Class B common stock | Class B common stock | Class B common stock | Holdings | Holdings | |||||
Performance Vesting | item | Restricted stock unit | Board of Director | Board of Director | Members of management | Members of management | Members of management | Members of management | Members of management | Executive officers | Executive officers | Members of managment and executive officers | Members of managment and executive officers | Members of managment and executive officers | Members of managment and executive officers | Members of managment and executive officers | Members of managment and executive officers | Members of managment and executive officers | Members of managment and executive officers | 2013 Equity Incentive Plan | 2013 Equity Incentive Plan | Class A common stock | Class B common stock | |||||||||||||||
Performance Vesting | Stock options | Stock options | Restricted stock unit | Restricted stock unit | Restricted stock unit | Restricted stock unit | Restricted stock unit | Restricted stock unit | Restricted stock unit | Restricted stock unit | Restricted stock unit | Restricted stock unit | Restricted stock unit | Restricted stock unit | Restricted stock unit | Restricted stock unit | Restricted stock unit | Board of Director | item | item | ||||||||||||||||||
Recognized during 2014 | Performance Vesting | Performance Vesting | Performance Vesting | Performance Vesting | Performance Vesting | Performance Vesting | Performance Vesting | Performance Vesting | Performance Vesting | Stock options | ||||||||||||||||||||||||||||
Recognized during 2014 | Minimum | Maximum | 30% | 150% | ||||||||||||||||||||||||||||||||||
Minimum | Maximum | |||||||||||||||||||||||||||||||||||||
Common Stock Rights and Privileges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock split conversion ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.514 | ' | ' | ' | 49.514 | ' | ' | ' |
Number of votes per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 3 |
Number of shares to be issued on conversion of each common stock at option of holder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
Number of shares to be issued on automatic conversion of each common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
Dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividend declared (in dollars per share) | $0.20 | ' | $0.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.20 | ' | ' | ' | $0.20 | ' | ' | ' | ' |
Dividends and dividend equivalents | ' | ' | $19,489,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued unpaid dividends | 87,000 | ' | 87,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Rights and Privileges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivable due from related party | ' | ' | ' | ' | 1,058,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense included in general and administrative | 1,311,000 | 0 | 7,668,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 202,000 | ' | ' | ' | 2,408,000 | 4,984,000 | ' | 2,596,000 | ' | ' | ' | 2,462,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase to additional paid-in capital related to stock based compensation | ' | ' | 7,668,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total estimated unrecognized compensation cost related to nonvested stock-based compensation arrangements | 2,522,000 | ' | 2,522,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,474,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares remaining available for grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,609,853 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of stock at grant date (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $24.44 | $21.61 | $20.18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Board of Directors to whom common stock was granted | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,004 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,002 | ' | ' | ' | ' | ' |
Number of shares that will be received under each RSU | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' |
Number of days form the termination of service for settlement of fully vested RSU | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '60 days | ' | ' | ' | ' | ' | ' | '60 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant date fair value (in dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,596,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service condition term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
PSUs vesting as a percentage of performance target | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | 120.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of performance target | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | 30.00% | 150.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Awards to be granted on achieving specified percentage of performance target (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,655 | 1,819 | 244,016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of PSUs vesting, if Holdings does not achieve free cash flow minimum performance target | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected performance targets to be achieved (as a percent) | ' | ' | 100.00% | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of RSU and PSU | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | ' | ' | 494,980 | ' | ' | ' | ' | ' | ' | ' | ' | 1,655 | 1,819 | 115,375 | ' | ' | 128,641 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested (in shares) | ' | ' | ' | ' | ' | -118,849 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in shares) | ' | ' | ' | ' | ' | -1,009 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested at the end of the period (in shares) | ' | ' | ' | ' | ' | 375,122 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in dollars per share) | ' | ' | ' | ' | ' | $20.22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested (in dollars per share) | ' | ' | ' | ' | ' | $20.26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in dollars per share) | ' | ' | ' | ' | ' | $20.18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested at the end of the period (in dollars per share) | ' | ' | ' | ' | ' | $20.21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
INCOME_TAXES_Details
INCOME TAXES (Details) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
INCOME TAXES | ' | ' |
Effective income tax rate (as a percent) | 39.00% | 13.70% |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (Recurring basis, USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Total Carrying Value | ' |
Other long-term assets: | ' |
Total assets at fair value | $22,216 |
Total Carrying Value | Money market mutual funds | ' |
Other long-term assets: | ' |
Money Market Mutual Funds | 201 |
Total Carrying Value | Mutual fund large U.S. equity | ' |
Other long-term assets: | ' |
Equity securities, available-for-sale: | 2,906 |
Total Carrying Value | Mutual fund small/mid U.S. equity | ' |
Other long-term assets: | ' |
Equity securities, available-for-sale: | 1,468 |
Total Carrying Value | Mutual fund international | ' |
Other long-term assets: | ' |
Equity securities, available-for-sale: | 791 |
Total Carrying Value | Mutual fund balance | ' |
Other long-term assets: | ' |
Equity securities, available-for-sale: | 762 |
Total Carrying Value | Mutual fund fixed income | ' |
Other long-term assets: | ' |
Equity securities, available-for-sale: | 485 |
Total Carrying Value | RealD Inc. | Common stock | ' |
Other long-term assets: | ' |
Equity securities, available-for-sale: | 15,603 |
Quoted prices in active market (Level 1) | ' |
Other long-term assets: | ' |
Total assets at fair value | 22,216 |
Quoted prices in active market (Level 1) | Money market mutual funds | ' |
Other long-term assets: | ' |
Money Market Mutual Funds | 201 |
Quoted prices in active market (Level 1) | Mutual fund large U.S. equity | ' |
Other long-term assets: | ' |
Equity securities, available-for-sale: | 2,906 |
Quoted prices in active market (Level 1) | Mutual fund small/mid U.S. equity | ' |
Other long-term assets: | ' |
Equity securities, available-for-sale: | 1,468 |
Quoted prices in active market (Level 1) | Mutual fund international | ' |
Other long-term assets: | ' |
Equity securities, available-for-sale: | 791 |
Quoted prices in active market (Level 1) | Mutual fund balance | ' |
Other long-term assets: | ' |
Equity securities, available-for-sale: | 762 |
Quoted prices in active market (Level 1) | Mutual fund fixed income | ' |
Other long-term assets: | ' |
Equity securities, available-for-sale: | 485 |
Quoted prices in active market (Level 1) | RealD Inc. | Common stock | ' |
Other long-term assets: | ' |
Equity securities, available-for-sale: | $15,603 |
FAIR_VALUE_MEASUREMENTS_Detail1
FAIR VALUE MEASUREMENTS (Details 2) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Significant other observable inputs (Level 2) | ' |
Other Fair Value Measurement Disclosures | ' |
Current maturities of corporate borrowings | $14,566 |
Corporate borrowings | 1,825,742 |
Significant unobservable inputs (Level 3) | ' |
Other Fair Value Measurement Disclosures | ' |
Current maturities of corporate borrowings | 1,389 |
Corporate borrowings | 6,944 |
Total Carrying Value | ' |
Other Fair Value Measurement Disclosures | ' |
Current maturities of corporate borrowings | 15,614 |
Corporate borrowings | $1,783,736 |
THEATRE_AND_OTHER_CLOSURE_AND_2
THEATRE AND OTHER CLOSURE AND DISPOSITION OF ASSETS (Details) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | 30-May-14 | Jun. 30, 2014 | |
One closed theatre | One closed theatre | |||||
Canada | Canada | |||||
item | item | |||||
A rollforward of reserves for theatre and other closure and disposition of assets | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | $55,163,000 | $61,344,000 | ' | ' |
Theatre and other closure expense | 5,498,000 | 1,582,000 | 6,863,000 | 3,020,000 | ' | ' |
Transfer of assets and liabilities | ' | ' | 2,439,000 | -54,000 | ' | ' |
Foreign currency translation adjustment | ' | ' | 538,000 | -1,404,000 | ' | ' |
Cash payments | ' | ' | -5,794,000 | -5,716,000 | ' | ' |
Ending balance | 59,209,000 | 57,190,000 | 59,209,000 | 57,190,000 | ' | ' |
Current portion included with accrued expenses and other liabilities | 8,308,000 | ' | 8,308,000 | ' | ' | ' |
Long-term portion included with other long-term liabilities | $50,901,000 | ' | $50,901,000 | ' | ' | ' |
THEATRE AND OTHER CLOSURE AND DISPOSITION OF ASSETS | ' | ' | ' | ' | ' | ' |
Number of screens in theatres | ' | ' | ' | ' | ' | 13 |
Number of theatres closed | ' | ' | ' | ' | 1 | ' |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Changes in accumulated other comprehensive income | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | $24,204 | $9,444 |
Other comprehensive income before reclassifications | ' | ' | 2,654 | 7,934 |
Amounts reclassified from accumulated other comprehensive income | ' | ' | -681 | -306 |
Other comprehensive income | 158 | 3,374 | 1,973 | 7,628 |
Balance at the end of period | 26,177 | 17,072 | 26,177 | 17,072 |
Allocated tax (expense) benefit | ' | ' | -1,261 | ' |
Foreign Currency | ' | ' | ' | ' |
Changes in accumulated other comprehensive income | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | -351 | -530 |
Other comprehensive income before reclassifications | ' | ' | -433 | 1,965 |
Other comprehensive income | ' | ' | -433 | 1,965 |
Balance at the end of period | -784 | 1,435 | -784 | 1,435 |
Allocated tax (expense) benefit | ' | ' | 277 | ' |
Pension and Other Benefits (recorded in General & Administrative: Other) | ' | ' | ' | ' |
Changes in accumulated other comprehensive income | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | 20,967 | 7,264 |
Other comprehensive income | ' | ' | -929 | -38 |
Balance at the end of period | 20,038 | 7,226 | 20,038 | 7,226 |
Allocated tax (expense) benefit | ' | ' | 594 | ' |
Pension and Other Benefits (recorded in General & Administrative: Other) | G&A: Other | ' | ' | ' | ' |
Changes in accumulated other comprehensive income | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income | ' | ' | -929 | -38 |
Unrealized Gains on Marketable Securities (recorded in Investment Expense (Income)) | ' | ' | ' | ' |
Changes in accumulated other comprehensive income | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | 1,216 | 1,913 |
Other comprehensive income before reclassifications | ' | ' | 3,359 | 3,501 |
Other comprehensive income | ' | ' | 3,344 | 3,480 |
Balance at the end of period | 4,560 | 5,393 | 4,560 | 5,393 |
Allocated tax (expense) benefit | ' | ' | -2,138 | ' |
Unrealized Gains on Marketable Securities (recorded in Investment Expense (Income)) | Investment income | ' | ' | ' | ' |
Changes in accumulated other comprehensive income | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income | ' | ' | -15 | -21 |
Unrealized Gains from Equity Method Investees' Cash Flow Hedge (recorded in Equity in Earnings of Non-consolidated Entities) | ' | ' | ' | ' |
Changes in accumulated other comprehensive income | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | 2,372 | 797 |
Other comprehensive income before reclassifications | ' | ' | -272 | 2,468 |
Amounts reclassified from accumulated other comprehensive income | ' | ' | 263 | -247 |
Other comprehensive income | ' | ' | -9 | 2,221 |
Balance at the end of period | 2,363 | 3,018 | 2,363 | 3,018 |
Allocated tax (expense) benefit | ' | ' | $6 | ' |
EMPLOYEE_BENEFIT_PLANS_Details
EMPLOYEE BENEFIT PLANS (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
EMPLOYEE BENEFIT PLANS | ' | ' | ' | ' |
Qualification age of employees for participation in the savings plan (in years) | ' | ' | '21 years | ' |
Minimum service in first twelve months of employment for eligibility (in hours) | ' | ' | '1000 hours | ' |
Initial period of employment for eligibility (in months) | ' | ' | '12 months | ' |
Anticipated contributions by the company during the calendar year 2014 | ' | ' | $3,092,000 | ' |
Pension Benefits | ' | ' | ' | ' |
Components of net periodic benefit cost: | ' | ' | ' | ' |
Service cost | ' | 45,000 | ' | 90,000 |
Interest cost | 1,152,000 | 1,128,000 | 2,304,000 | 2,256,000 |
Expected return on plan assets | -1,307,000 | -1,176,000 | -2,614,000 | -2,353,000 |
Amortization of net gain | -258,000 | ' | -517,000 | ' |
Net periodic benefit cost (credit) | -413,000 | -3,000 | -827,000 | -7,000 |
Other Benefits | ' | ' | ' | ' |
Components of net periodic benefit cost: | ' | ' | ' | ' |
Service cost | 9,000 | 48,000 | 18,000 | 97,000 |
Interest cost | 53,000 | 218,000 | 106,000 | 435,000 |
Amortization of net gain | -87,000 | -19,000 | -174,000 | -38,000 |
Amortization of prior service credit | -416,000 | ' | -832,000 | ' |
Net periodic benefit cost (credit) | ($441,000) | $247,000 | ($882,000) | $494,000 |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Numerator: | ' | ' | ' | ' |
Earnings from continuing operations | $31,414 | $61,858 | $26,572 | $46,621 |
Denominator: | ' | ' | ' | ' |
Weighted average shares for basic earnings per common share | 97,506.68 | 76,000.03 | 97,505.44 | 76,000.03 |
Common equivalent shares for restricted stock units (in shares) | 121.44 | ' | 122.11 | ' |
Shares for diluted earnings per common share | 97,628.12 | 76,000.03 | 97,627.55 | 76,000.03 |
Basic earnings from continuing operations per common share (in dollars per share) | $0.32 | $0.81 | $0.27 | $0.61 |
Diluted earnings from continuing operations per common share (in dollars per share) | $0.32 | $0.81 | $0.27 | $0.61 |
SUBSEQUENT_EVENT_Details
SUBSEQUENT EVENT (Details) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2014 | Apr. 25, 2014 | Apr. 25, 2014 | Jul. 29, 2014 | Jul. 29, 2014 | |
Class A common stock | Class B common stock | Subsequent Events | Subsequent Events | |||
Class A common stock | Class B common stock | |||||
Subsequent Event | ' | ' | ' | ' | ' | ' |
Cash dividend declared (in dollars per share) | $0.20 | $0.20 | $0.20 | $0.20 | $0.20 | $0.20 |