Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 17, 2015 | |
Entity Registrant Name | AMC ENTERTAINMENT HOLDINGS, INC. | |
Entity Central Index Key | 1411579 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -19 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Class A common stock | ||
Entity Common Stock, Shares Outstanding | 21,575,532 | |
Class B common stock | ||
Entity Common Stock, Shares Outstanding | 75,826,927 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues | ||
Admissions | $418,694 | $409,020 |
Food and beverage | 200,524 | 181,764 |
Other theatre | 33,906 | 31,974 |
Total revenues | 653,124 | 622,758 |
Operating costs and expenses | ||
Film exhibition costs | 223,088 | 212,100 |
Food and beverage costs | 28,508 | 25,123 |
Operating expense | 187,258 | 179,693 |
Rent | 117,921 | 114,944 |
General and administrative: | ||
Merger, acquisition and transaction costs | 1,578 | 362 |
Other | 4,941 | 18,220 |
Depreciation and amortization | 57,777 | 54,777 |
Operating costs and expenses | 621,071 | 605,219 |
Operating income | 32,053 | 17,539 |
Other expense (income) | ||
Other income | -4,229 | |
Interest expense: | ||
Corporate borrowings | 26,079 | 29,658 |
Capital and financing lease obligations | 2,373 | 2,525 |
Equity in (earnings) losses of non-consolidated entities | -1,324 | 5,384 |
Investment income | -5,143 | -7,857 |
Total other expense | 21,985 | 25,481 |
Earnings (loss) from continuing operations before income taxes | 10,068 | -7,942 |
Income tax provision (benefit) | 3,930 | -3,100 |
Earnings (loss) from continuing operations | 6,138 | -4,842 |
Gain from discontinued operations, net of income taxes | 334 | |
Net earnings (loss) | $6,138 | ($4,508) |
Basic earnings (loss) per share: | ||
Earnings (loss) from continuing operations (in dollars per share) | $0.06 | ($0.05) |
Basic earnings (loss) per share (in dollars per share) | $0.06 | ($0.05) |
Average shares outstanding-Basic (in shares) | 97,919 | 97,390 |
Diluted earnings (loss) per share: | ||
Earnings (loss) from continuing operations (in dollars per share) | $0.06 | ($0.05) |
Diluted earnings (loss) per share | $0.06 | ($0.05) |
Average shares outstanding-Diluted (in shares) | 97,919 | 97,390 |
Dividends declared per basic and diluted common share | $0.20 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||
Net earnings (loss) | $6,138 | ($4,508) |
Foreign currency translation adjustment, net of tax | 976 | 166 |
Pension and other benefit adjustments: | ||
Net loss arising during the period, net of tax | -45 | |
Prior service credit arising during the period, net of tax | 746 | |
Amortization of net gain included in net periodic benefit costs, net of tax | -1,699 | -211 |
Amortization of prior service credit included in net periodic benefit costs, net of tax | -1,762 | -254 |
Curtailment gain reclassified to net periodic benefit costs, net of tax | -7,239 | |
Settlement gain reclassified to net periodic benefit costs, net of tax | -175 | |
Unrealized net gain on marketable securities | ||
Unrealized net holding gain arising during the period, net of tax | 825 | 2,019 |
Net holding gain reclassified to investment income, net of tax | -4 | -4 |
Unrealized net gain (loss) from equity method investees' cash flow hedge: | ||
Unrealized net holding loss arising during the period, net of tax | -361 | -32 |
Net holding loss reclassified to equity in (earnings) losses of non-consolidated entities, net of tax | 122 | 131 |
Other comprehensive income (loss) | -8,616 | 1,815 |
Total comprehensive loss | ($2,478) | ($2,693) |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and equivalents | $144,804 | $218,206 |
Receivables, net | 48,211 | 99,252 |
Deferred tax asset | 108,071 | 107,938 |
Other current assets | 86,767 | 84,343 |
Total current assets | 387,853 | 509,739 |
Property, net | 1,266,860 | 1,247,230 |
Intangible assets, net | 223,314 | 225,515 |
Goodwill | 2,289,800 | 2,289,800 |
Deferred tax asset | 75,828 | 73,844 |
Other long-term assets | 419,100 | 417,604 |
Total assets | 4,662,755 | 4,763,732 |
Current liabilities: | ||
Accounts payable | 210,326 | 262,635 |
Accrued expenses and other liabilities | 136,459 | 136,262 |
Deferred revenues and income | 183,374 | 213,882 |
Current maturities of corporate borrowings and capital and financing lease obligations | 23,901 | 23,598 |
Total current liabilities | 554,060 | 636,377 |
Corporate borrowings | 1,771,628 | 1,775,132 |
Capital and financing lease obligations | 99,790 | 101,533 |
Exhibitor services agreement | 319,859 | 316,815 |
Other long-term liabilities | 419,610 | 419,717 |
Total liabilities | 3,164,947 | 3,249,574 |
Commitments and contingencies | ||
Class A common stock (temporary equity) ($.01 par value, 173,150 shares issued and 136,381 shares outstanding as of March 31, 2015 and December 31, 2014) | 1,426 | 1,426 |
Stockholders' equity: | ||
Additional paid-in capital | 1,178,280 | 1,172,515 |
Treasury stock (36,769 shares as of March 31, 2015 and December 31, 2014, at cost) | -680 | -680 |
Accumulated other comprehensive income | 4,228 | 12,844 |
Accumulated earnings | 313,582 | 327,081 |
Total stockholders' equity | 1,496,382 | 1,512,732 |
Total liabilities and stockholders' equity | 4,662,755 | 4,763,732 |
Class A common stock | ||
Stockholders' equity: | ||
Common stock value | 214 | 214 |
Class B common stock | ||
Stockholders' equity: | ||
Common stock value | $758 | $758 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Treasury stock, shares | 36,769 | 36,769 |
Class A common stock | ||
Common stock (temporary equity), par value (in dollars per share) | 0.01 | 0.01 |
Common stock (temporary equity), shares issued (in shares) | 173,150 | 173,150 |
Common stock (temporary equity), shares outstanding (in shares) | 136,381 | 136,381 |
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, shares issued (in shares) | 21,439,151 | 21,423,839 |
Common stock, shares outstanding (in shares) | 21,439,151 | 21,423,839 |
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, shares issued (in shares) | 75,826,927 | 75,826,927 |
Common stock, shares outstanding (in shares) | 75,826,927 | 75,826,927 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Cash flows from operating activities: | ||
Net earnings (loss) | $6,138,000 | ($4,508,000) |
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 57,777,000 | 54,777,000 |
Gain on extinguishment of debt | -4,383,000 | |
Amortization net premium on corporate borrowings | -1,566,000 | -1,392,000 |
Deferred income taxes | 3,525,000 | -2,890,000 |
Theatre and other closure expense | 1,127,000 | 1,365,000 |
Gain on dispositions | -460,000 | |
Stock-based compensation | 5,739,000 | 6,357,000 |
Equity in earnings and losses from non-consolidated entities, net of distributions | 7,810,000 | 14,165,000 |
Landlord contributions | 10,991,000 | 11,294,000 |
Deferred rent | -5,519,000 | -3,195,000 |
Net periodic benefit credit | -17,917,000 | -855,000 |
Change in assets and liabilities: | ||
Receivables | 52,943,000 | 56,535,000 |
Other assets | -2,277,000 | -2,244,000 |
Accounts payable | -58,998,000 | -51,710,000 |
Accrued expenses and other liabilities | -34,492,000 | -75,203,000 |
Other, net | -3,718,000 | 772,000 |
Net cash provided by (used in) operating activities | 21,563,000 | -1,575,000 |
Cash flows from investing activities: | ||
Capital expenditures | -69,590,000 | -55,599,000 |
Investments in non-consolidated entities, net | -152,000 | -721,000 |
Payments on disposition of long-term assets | -128,000 | |
Other, net | -1,636,000 | -1,783,000 |
Net cash used in investing activities | -71,378,000 | -58,231,000 |
Cash flows from financing activities: | ||
Proceeds from issuance of Senior Subordinated Notes due 2022 | 375,000,000 | |
Repurchase of Senior Subordinated Notes due 2019 | -496,903,000 | |
Payment of initial public offering costs | -281,000 | |
Cash used to pay dividends | -19,821,000 | |
Deferred financing costs | -7,568,000 | |
Principal payments under capital and financing lease obligations | -1,886,000 | -1,672,000 |
Principal payments under Term Loan | -1,938,000 | -1,938,000 |
Net cash used in financing activities | -23,645,000 | -133,362,000 |
Effect of exchange rate changes on cash and equivalents | 58,000 | -9,000 |
Net decrease in cash and equivalents | -73,402,000 | -193,177,000 |
Cash and equivalents at beginning of period | 218,206,000 | 546,454,000 |
Cash and equivalents at end of period | 144,804,000 | 353,277,000 |
Cash paid during the period for: | ||
Interest (net of amounts capitalized of $37 and $77) | 20,289,000 | 15,499,000 |
Income taxes, net | 505,000 | 1,309,000 |
Schedule of non-cash investing and financing activities: | ||
Investments in NCM (See Note 2-Investments) | $6,812,000 | $2,137,000 |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
Interest, capitalized | $37 | $77 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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. Holdings is an indirect subsidiary of Dalian Wanda Group Co., Ltd. ("Wanda"), a Chinese private conglomerate. | ||||||||
As of March 31, 2015, Wanda owned approximately 77.85% 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. | ||||||||
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 income. Actual results could differ from those estimates. | ||||||||
Principles of Consolidation: The accompanying unaudited consolidated financial statements include the accounts of Holdings and all subsidiaries, as discussed above, and should be read in conjunction with the Company's Annual Report on Form 10-K for the twelve months ended December 31, 2014. The March 31, 2015 consolidated balance sheet data does not include all disclosures required by generally accepted accounting principles. In the opinion of management, these interim financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the Company's financial position and results of operations. 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 (loss) and comprehensive income (loss) for the periods presented are attributable to controlling interests. Due to the seasonal nature of the Company's business, results for the three months ended March 31, 2015 are not necessarily indicative of the results to be expected for the twelve months ending December 31, 2015. The Company manages its business under one reportable segment called Theatrical Exhibition. | ||||||||
Other Income: The following table sets forth the components of other income: | ||||||||
Three Months Ended | ||||||||
(In thousands) | March 31, | March 31, | ||||||
2015 | 2014 | |||||||
Gain on redemption of 8.75% Senior Fixed Rate Notes due 2019 | $ | — | $ | (4,383 | ) | |||
Other expense | — | 154 | ||||||
| | | | | | | | |
Other income | $ | — | $ | (4,229 | ) | |||
| | | | | | | | |
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Presentation: In the Consolidated Statements of Cash Flows, certain line items within operating activities have been presented separately from the "receivables," "accrued expenses and other liabilities" and "other, net" line items in the current year presentation, with conforming reclassifications made for the prior period presentation. | ||||||||
INVESTMENTS
INVESTMENTS | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
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 March 31, 2015, include a 15.05% interest in National CineMedia, LLC ("NCM" or "NCM LLC"), a 29% interest in Digital Cinema Implementation Partners, LLC ("DCIP"), a 50% interest in Open Road Releasing, LLC, operator of Open Road Films, LLC ("Open Road Films"), a 32% interest in AC JV, LLC ("AC JV"), owner of Fathom Events, and a 50% interest in two U.S. motion picture theatres and one IMAX screen. 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 | ||||||||||||||||||||
Aggregated condensed financial information of the Company's significant non-consolidated equity method investments for the three months ended March 31, 2015 and the three months ended March 31, 2014 is shown below: | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
(In thousands) | March 31, | March 31, | ||||||||||||||||||
2015 | 2014 | |||||||||||||||||||
Revenues | $ | 117,641 | $ | 112,888 | ||||||||||||||||
Operating costs and expenses | 138,897 | 110,160 | ||||||||||||||||||
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Net earnings (loss) | $ | (21,256 | ) | $ | 2,728 | |||||||||||||||
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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 | ||||||||||||||||||||
(In thousands) | March 31, | March 31, | ||||||||||||||||||
2015 | 2014 | |||||||||||||||||||
National CineMedia, LLC | $ | (6,639 | ) | $ | (1,120 | ) | ||||||||||||||
Digital Cinema Implementation Partners, LLC | 5,429 | 3,647 | ||||||||||||||||||
Open Road Releasing, LLC | 1,286 | (8,080 | ) | |||||||||||||||||
AC JV, LLC | 1,038 | 282 | ||||||||||||||||||
Other | 210 | (113 | ) | |||||||||||||||||
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The Company's recorded equity in earnings (losses) | $ | 1,324 | $ | (5,384 | ) | |||||||||||||||
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NCM Transactions. As of March 31, 2015, the Company owns 19,663,664 common membership units, or a 15.05% interest, in NCM. The estimated fair market value of the units in NCM was approximately $296,921,000, based on the publically quoted price per share of NCM, Inc. on March 31, 2015 of $15.10 per share. See Note 9—Commitments and Contingencies for information regarding the termination of the Screenvision, LLC merger agreement and the expenses associated with the termination. | ||||||||||||||||||||
The Company recorded the following transactions with NCM: | ||||||||||||||||||||
(In thousands) | March 31, | December 31, | ||||||||||||||||||
2015 | 2014 | |||||||||||||||||||
Due from NCM for on-screen advertising revenue | $ | 1,696 | $ | 2,072 | ||||||||||||||||
Due to NCM for Exhibitor Services Agreement | 990 | 1,784 | ||||||||||||||||||
Promissory note payable to NCM | 6,944 | 6,944 | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
(In thousands) | March 31, | March 31, | ||||||||||||||||||
2015 | 2014 | |||||||||||||||||||
Net NCM screen advertising revenues | $ | 8,648 | $ | 8,628 | ||||||||||||||||
NCM beverage advertising expense | 2,514 | 2,909 | ||||||||||||||||||
The Company recorded the following changes in the carrying amount of its investment in NCM and equity in losses of NCM during the three months ended March 31, 2015: | ||||||||||||||||||||
(In thousands) | Investment in | Exhibitor | Other | Cash | Equity in | Advertising | ||||||||||||||
NCM(1) | Services | Comprehensive | Received | Losses | (Revenue) | |||||||||||||||
Agreement(2) | (Income) | |||||||||||||||||||
Ending balance December 31, 2014 | $ | 265,839 | $ | (316,815 | ) | $ | (3,780 | ) | ||||||||||||
Receipt of common units(3) | 6,812 | (6,812 | ) | — | ||||||||||||||||
Receipt of excess cash distributions | (9,071 | ) | — | — | $ | 9,071 | $ | — | $ | — | ||||||||||
Amortization of deferred revenue | — | 3,768 | — | — | — | (3,768 | ) | |||||||||||||
Unrealized gain from cash flow hedge | 234 | — | (234 | ) | — | — | — | |||||||||||||
Equity in losses and loss from amortization of basis difference(4)(5) | (6,639 | ) | — | — | — | 6,639 | — | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
For the period ended or balance as of March 31, 2015 | $ | 257,175 | $ | (319,859 | ) | $ | (4,014 | ) | $ | 9,071 | $ | 6,639 | $ | (3,768 | ) | |||||
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-1 | After Wanda acquired Holdings on 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 2015, the Company received 469,163 membership units recorded at a fair value of $14.52 per unit with a corresponding credit to the ESA. | |||||||||||||||||||
-4 | Represents percentage ownership of NCM's losses 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 three months ended March 31, 2015 and March 31, 2014, the Company received payments of $5,352,000 and $8,045,000, 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. | ||||||||||||||||||||
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 as of March 31, 2015, $39,000 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) | March 31, | December 31, | ||||||||||||||||||
2015 | 2014 | |||||||||||||||||||
Due from DCIP for equipment and warranty purchases | $ | 1,200 | $ | 1,048 | ||||||||||||||||
Deferred rent liability for digital projectors | 8,954 | 9,031 | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
(In thousands) | March 31, | March 31, | ||||||||||||||||||
2015 | 2014 | |||||||||||||||||||
Digital equipment rental expense (continuing operations) | $ | 1,294 | $ | 2,917 | ||||||||||||||||
Open Road Films Transactions. For the three months ended March 31, 2015, the Company followed the equity method of accounting for its investment in Open Road Films. During the three months ended March 31, 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. | ||||||||||||||||||||
The Company recorded the following transactions with Open Road Films: | ||||||||||||||||||||
(In thousands) | March 31, | December 31, | ||||||||||||||||||
2015 | 2014 | |||||||||||||||||||
Due from Open Road Films | $ | 1,041 | $ | 2,560 | ||||||||||||||||
Film rent payable to Open Road Films | 808 | 709 | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
(In thousands) | March 31, | March 31, | ||||||||||||||||||
2015 | 2014 | |||||||||||||||||||
Gross film exhibition cost on Open Road Films | $ | 1,400 | $ | 5,700 | ||||||||||||||||
AC JV Transactions. The Company recorded the following transactions with AC JV: | ||||||||||||||||||||
(In thousands) | March 31, | December 31, | ||||||||||||||||||
2015 | 2014 | |||||||||||||||||||
Due to AC JV for Fathom Events programming | $ | 1,443 | $ | 333 | ||||||||||||||||
Three Months Ended | ||||||||||||||||||||
(In thousands) | March 31, | March 31, | ||||||||||||||||||
2015 | 2014 | |||||||||||||||||||
Gross exhibition cost on Fathom Events programming | $ | 2,586 | $ | 956 | ||||||||||||||||
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
STOCKHOLDERS' EQUITY | |||||||||
STOCKHOLDERS' EQUITY | |||||||||
NOTE 3—STOCKHOLDERS' EQUITY | |||||||||
Common Stock Rights and Privileges | |||||||||
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 | |||||||||
The following is a summary of dividends and dividend equivalents paid to stockholders during the three months ended March 31, 2015: | |||||||||
Declaration Date | Record Date | Date Paid | Amount per | ||||||
Share of | |||||||||
Common Stock | |||||||||
February 3, 2015 | March 9, 2015 | March 23, 2015 | $ | 0.20 | |||||
On February 3, 2015, the Company's Board of Directors declared a cash dividend of approximately $19,637,000. During the three months ended March 31, 2015, the Company paid dividends and dividend equivalents of $19,821,000, increased additional paid-in capital for recognition of deferred tax assets of $133,000 related to the dividends equivalents paid, and accrued $41,000 for the remaining unpaid dividends at March 31, 2015. The aggregate dividends paid for Class A common stock, Class B common stock, and dividend equivalents were approximately $4,315,000, $15,165,000, and $341,000, respectively, during the three months ended March 31, 2015. | |||||||||
Related Party Transaction | |||||||||
As of March 31, 2015, the Company recorded a receivable due from Wanda of $293,000 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 on August 30, 2012, the date Wanda acquired Holdings. | |||||||||
Stock-Based Compensation | |||||||||
Holdings adopted a stock-based compensation plan in December of 2013. | |||||||||
The Company recognized stock-based compensation expense of $5,739,000 and $6,357,000 within general and administrative: other during the three months ended March 31, 2015 and March 31, 2014, respectively. The Company's financial statements reflect an increase to additional paid-in capital related to stock-based compensation of $5,739,000 during the three months ended March 31, 2015. As of March 31, 2015, there was approximately $4,383,000 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 2015. | |||||||||
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 March 31, 2015, the aggregate number of shares of Holdings' common stock remaining available for grant was 8,309,845 shares. | |||||||||
Awards Granted in 2015 | |||||||||
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 5, 2015 and March 6, 2015 was $24.97 and $33.96 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 5, 2015, 4 members of Holdings' Board of Directors were granted an award of 3,828 fully vested shares of Class A common stock each, for a total award of 15,312 shares. The Company recognized approximately $382,000 of expense in general and administrative: other expense during the three months ended March 31, 2015, in connection with these share grants. | ||||||||
• | Restricted Stock Unit Award Agreement: On March 6, 2015, RSU awards of 84,649 units 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 were fully vested at the date of grant. The RSUs will not be settled, and will be non-transferable, until 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 $2,875,000 of expense in general and administrative: other expense during the three months ended March 31, 2015, in connection with these fully vested awards. | ||||||||
On March 6, 2015, RSU awards of 58,749 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, 2015. These awards do not contain a service condition. The vested RSUs will not be settled, and will be non-transferable, until the third anniversary of the date of grant. Under certain termination scenarios defined in the award agreement, the vested RSUs may be settled within 60 days following termination of service. A dividend equivalent equal to the amount paid in respect of one share of Class A common stock underlying the RSUs began to accrue with respect to the RSUs on the date of grant. Such accrued dividend equivalents are paid to the holder upon vesting of the RSUs. Thereafter, dividend equivalents are paid to the holder whenever dividends are paid on the Class A common stock. The grant date fair value was $1,995,000. The Company recognized expense for these awards of $1,995,000, in general and administrative: other expense, during the three months ended March 31, 2015, based on current estimates that the performance condition is expected to be achieved. | |||||||||
• | Performance Stock Unit Award Agreement: On March 6, 2015, PSU awards were granted to certain members of management and executive officers, with both a 2015 free cash flow performance target condition and a service condition, ending on December 31, 2015. 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 March 6, 2015 will be 143,398 units. 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, 2015. The vested PSUs will not be settled, and will be non-transferable, until 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. A dividend equivalent equal to the amount paid in respect of one share of Class A common stock underlying the PSUs began to accrue with respect to the PSUs on the date of grant. Such accrued dividend equivalents are paid to the holder upon vesting of the PSUs. Thereafter, dividend equivalents are paid to the holder whenever dividends are paid on the Class A common stock. Assuming attainment of the performance target at 100%, the Company will recognize expense for these awards of approximately $4,870,000 in general and administrative: other expense during the twelve months ended December 31, 2015. The Company recognized $487,000 of expense in general and administrative: other expense during the three months ended March 31, 2015, 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 three months ended March 31, 2015: | |||||||||
Shares of | Weighted | ||||||||
RSU and PSU | Average | ||||||||
Grant Date | |||||||||
Fair Value | |||||||||
Beginning balance at January 1, 2015 | — | $ | — | ||||||
Granted(1) | 286,796 | 33.96 | |||||||
Vested(2) | (84,649 | ) | 33.96 | ||||||
Forfeited | — | — | |||||||
| | | | | | | | ||
Nonvested at March 31, 2015 | 202,147 | $ | 33.96 | ||||||
| | | | | | | | ||
| | | | | | | | ||
-1 | The number of shares granted under the PSU award, assumes Holdings will attain a performance target at 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%. | ||||||||
-2 | This number includes vested units of 3,131 that were withheld to cover tax obligations and were subsequently canceled. As a result of this transaction, additional paid-in capital decreased by $107,000. | ||||||||
INCOME_TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2015 | |
INCOME TAXES | |
INCOME TAXES | |
NOTE 4—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 three months ended March 31, 2015 and March 15, 2014 was 39.0%. The Company's tax rate for the three months ended March 31, 2015 and March 31, 2014 differs from the statutory tax rate primarily due to state income taxes. | |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||
NOTE 5—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 March 31, 2015: | ||||||||||||||
Fair Value Measurements at March 31, 2015 Using | ||||||||||||||
(In thousands) | Total Carrying | Quoted prices in | Significant other | Significant | ||||||||||
Value at | active market | observable inputs | unobservable inputs | |||||||||||
March 31, 2015 | (Level 1) | (Level 2) | (Level 3) | |||||||||||
Other long-term assets: | ||||||||||||||
Money market mutual funds | $ | 240 | $ | 240 | $ | — | $ | — | ||||||
Equity securities, available-for-sale: | ||||||||||||||
RealD Inc. common stock | 15,639 | 15,639 | — | — | ||||||||||
Mutual fund large U.S. equity | 3,200 | 3,200 | — | — | ||||||||||
Mutual fund small/mid U.S. equity | 2,148 | 2,148 | — | — | ||||||||||
Mutual fund international | 865 | 865 | — | — | ||||||||||
Mutual fund balance | 762 | 762 | — | — | ||||||||||
Mutual fund fixed income | 829 | 829 | — | — | ||||||||||
| | | | | | | | | | | | | | |
Total assets at fair value | $ | 23,683 | $ | 23,683 | $ | — | $ | — | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
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 7—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 March 31, 2015 Using | ||||||||||||||
(In thousands) | Total Carrying | Quoted prices in | Significant other | Significant | ||||||||||
Value at | active market | observable inputs | unobservable inputs | |||||||||||
March 31, 2015 | (Level 1) | (Level 2) | (Level 3) | |||||||||||
Current maturities of corporate borrowings | $ | 15,873 | $ | — | $ | 14,577 | $ | 1,389 | ||||||
Corporate borrowings | 1,771,628 | — | 1,788,035 | 5,555 | ||||||||||
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 | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
THEATRE AND OTHER CLOSURE AND DISPOSITION OF ASSETS | ||||||||
THEATRE AND OTHER CLOSURE AND DISPOSITION OF ASSETS | ||||||||
NOTE 6—THEATRE AND OTHER CLOSURE AND DISPOSITION OF ASSETS | ||||||||
A rollforward of reserves for theatre and other closure and disposition of assets is as follows: | ||||||||
Three Months Ended | ||||||||
(In thousands) | March 31, | March 31, | ||||||
2015 | 2014 | |||||||
Beginning balance | $ | 52,835 | $ | 55,163 | ||||
Theatre and other closure expense | 1,127 | 1,365 | ||||||
Transfer of assets and liabilities | 59 | 9 | ||||||
Foreign currency translation adjustment | (1,613 | ) | (247 | ) | ||||
Cash payments | (2,909 | ) | (2,673 | ) | ||||
| | | | | | | | |
Ending balance | $ | 49,499 | $ | 53,617 | ||||
| | | | | | | | |
| | | | | | | | |
In the accompanying Consolidated Balance Sheets, the current portion of the ending balance totaling $7,588,000 is included with accrued expenses and other liabilities and the long-term portion of the ending balance totaling $41,911,000 is included with other long-term liabilities. Theatre and other closure reserves for leases that have not been terminated were recorded at the present value of the future contractual commitments for the base rents, taxes and maintenance. | ||||||||
During the three months ended March 31, 2015 and the three months ended March 31, 2014, the Company recognized theatre and other closure expense of $1,127,000 and $1,365,000, respectively. Theatre and other closure expense included the accretion on previously closed properties with remaining lease obligations. | ||||||||
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE INCOME | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | |||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | |||||||||||||||||
NOTE 7—ACCUMULATED OTHER COMPREHENSIVE INCOME | |||||||||||||||||
The following table presents the change in accumulated other comprehensive income (loss) by component: | |||||||||||||||||
(In thousands) | Foreign | Pension and | Unrealized Net | Unrealized Net | Total | ||||||||||||
Currency | Other Benefits | Gain on | Gain from Equity | ||||||||||||||
Marketable | Method Investees' | ||||||||||||||||
Securities | Cash Flow Hedge | ||||||||||||||||
Balance, December 31, 2014 | $ | 627 | $ | 5,564 | $ | 3,812 | $ | 2,841 | $ | 12,844 | |||||||
| | | | | | | | | | | | | | | | | |
Other comprehensive income (loss) before reclassifications | 976 | 701 | 825 | (361 | ) | 2,141 | |||||||||||
Amounts reclassified from accumulated other comprehensive income | — | (10,875 | ) | (4 | ) | 122 | (10,757 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Other comprehensive income (loss) | 976 | (10,174 | ) | 821 | (239 | ) | (8,616 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Balance, March 31, 2015 | $ | 1,603 | $ | (4,610 | ) | $ | 4,633 | $ | 2,602 | $ | 4,228 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
The tax effects allocated to each component of other comprehensive loss during the three months ended March 31, 2015 is as follows: | |||||||||||||||||
(In thousands) | Before-Tax | Tax (Expense) | Net-of-Tax | ||||||||||||||
Amount | Benefit | Amount | |||||||||||||||
Foreign currency translation adjustment | $ | 1,600 | $ | (624 | ) | $ | 976 | ||||||||||
Pension and other benefit adjustments: | |||||||||||||||||
Net loss arising during the period | (73 | ) | 28 | (45 | ) | ||||||||||||
Prior service credit arising during the period | 1,223 | (477 | ) | 746 | |||||||||||||
Amortization of net gain included in net periodic benefit costs | (2,786 | ) | 1,087 | (1,699 | ) | ||||||||||||
Amortization of prior service credit included in net periodic benefit costs | (2,888 | ) | 1,126 | (1,762 | ) | ||||||||||||
Curtailment gain reclassified to net periodic benefit costs | (11,867 | ) | 4,628 | (7,239 | ) | ||||||||||||
Settlement gain reclassified to net periodic benefit costs | (288 | ) | 113 | (175 | ) | ||||||||||||
Unrealized net gain on marketable securities: | |||||||||||||||||
Unrealized net holding gain arising during the period | 1,352 | (527 | ) | 825 | |||||||||||||
Net holding gain reclassified to investment income | (6 | ) | 2 | (4 | ) | ||||||||||||
Unrealized net gain (loss) from equity method investees' cash flow hedge: | |||||||||||||||||
Unrealized net holding loss arising during the period | (592 | ) | 231 | (361 | ) | ||||||||||||
Net holding loss reclassified to equity in (earnings) losses of non-consolidated entities | 200 | (78 | ) | 122 | |||||||||||||
| | | | | | | | | | | |||||||
Other comprehensive loss | $ | (14,125 | ) | $ | 5,509 | $ | (8,616 | ) | |||||||||
| | | | | | | | | | | |||||||
| | | | | | | | | | | |||||||
The following table presents the change in accumulated other comprehensive income (loss) by component: | |||||||||||||||||
(In thousands) | Foreign | Pension and | Unrealized Net | Unrealized Net | Total | ||||||||||||
Currency | Other Benefits | Gain on | Gain from Equity | ||||||||||||||
Marketable | Method Investees' | ||||||||||||||||
Securities | Cash Flow Hedge | ||||||||||||||||
Balance, December 31, 2013 | $ | (351 | ) | $ | 20,967 | $ | 1,216 | $ | 2,372 | $ | 24,204 | ||||||
| | | | | | | | | | | | | | | | | |
Other comprehensive income (loss) before reclassifications | 166 | — | 2,019 | (32 | ) | 2,153 | |||||||||||
Amounts reclassified from accumulated other comprehensive income | — | (465 | ) | (4 | ) | 131 | (338 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Other comprehensive income (loss) | 166 | (465 | ) | 2,015 | 99 | 1,815 | |||||||||||
| | | | | | | | | | | | | | | | | |
Balance, March 31, 2014 | $ | (185 | ) | $ | 20,502 | $ | 3,231 | $ | 2,471 | $ | 26,019 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
The tax effects allocated to each component of other comprehensive income during the three months ended March 31, 2014 is as follows: | |||||||||||||||||
(In thousands) | Before-Tax | Tax (Expense) | Net-of-Tax | ||||||||||||||
Amount | Benefit | Amount | |||||||||||||||
Foreign currency translation adjustment | $ | 272 | $ | (106 | ) | $ | 166 | ||||||||||
Pension and other benefit adjustments: | |||||||||||||||||
Amortization of net gain included in net periodic benefit costs | (346 | ) | 135 | (211 | ) | ||||||||||||
Amortization of prior service credit included in net periodic benefit costs | (416 | ) | 162 | (254 | ) | ||||||||||||
Unrealized net gain on marketable securities: | |||||||||||||||||
Unrealized net holding gain arising during the period | 3,310 | (1,291 | ) | 2,019 | |||||||||||||
Net holding gain reclassified to investment income | (7 | ) | 3 | (4 | ) | ||||||||||||
Unrealized net gain (loss) from equity method investees' cash flow hedge: | |||||||||||||||||
Unrealized net holding loss arising during the period | (53 | ) | 21 | (32 | ) | ||||||||||||
Net holding loss reclassified to equity in (earnings) losses of non-consolidated entities | 215 | (84 | ) | 131 | |||||||||||||
| | | | | | | | | | | |||||||
Other comprehensive income | $ | 2,975 | $ | (1,160 | ) | $ | 1,815 | ||||||||||
| | | | | | | | | | | |||||||
| | | | | | | | | | | |||||||
The following table presents details about amounts reclassified out of each component of accumulated other comprehensive income: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
(In thousands) | March 31, | March 31, | Affected Line Item in the | ||||||||||||||
2015 | 2014 | Consolidated Statements of | |||||||||||||||
Operations | |||||||||||||||||
Pension and other benefit adjustments: | |||||||||||||||||
Amortization of net gain included in net periodic benefit costs | $ | (2,786 | ) | $ | (346 | ) | General and administrative: Other | ||||||||||
Amortization of prior service credit included in net periodic benefit costs | (2,888 | ) | (416 | ) | General and administrative: Other | ||||||||||||
Curtailment gain reclassified to net periodic benefit costs | (11,867 | ) | — | General and administrative: Other | |||||||||||||
Settlement gain reclassified to net periodic benefit costs | (288 | ) | — | General and administrative: Other | |||||||||||||
| | | | | | | | | |||||||||
(17,829 | ) | (762 | ) | Total before tax | |||||||||||||
| | | | | | | | | |||||||||
6,954 | 297 | Tax expense | |||||||||||||||
| | | | | | | | | |||||||||
$ | (10,875 | ) | $ | (465 | ) | Net of tax | |||||||||||
| | | | | | | | | |||||||||
| | | | | | | | | |||||||||
Unrealized gains on marketable securities: | |||||||||||||||||
Net holding gain reclassified to investment income | $ | (6 | ) | $ | (7 | ) | Investment income | ||||||||||
| | | | | | | | | |||||||||
(6 | ) | (7 | ) | Total before tax | |||||||||||||
| | | | | | | | | |||||||||
2 | 3 | Tax expense | |||||||||||||||
| | | | | | | | | |||||||||
$ | (4 | ) | $ | (4 | ) | Net of tax | |||||||||||
| | | | | | | | | |||||||||
| | | | | | | | | |||||||||
Unrealized gain from equity method investees' cash flow hedge: | |||||||||||||||||
Net holding loss reclassified to equity in (earnings) losses of non-consolidated entities | $ | 200 | $ | 215 | Equity in (Earnings) Losses of Non-consolidated Entities | ||||||||||||
| | | | | | | | | |||||||||
200 | 215 | Total before tax | |||||||||||||||
| | | | | | | | | |||||||||
(78 | ) | (84 | ) | Tax benefit | |||||||||||||
| | | | | | | | | |||||||||
$ | 122 | $ | 131 | Net of tax | |||||||||||||
| | | | | | | | | |||||||||
| | | | | | | | | |||||||||
Total reclassifications | $ | (10,757 | ) | $ | (338 | ) | Net of tax | ||||||||||
| | | | | | | | | |||||||||
| | | | | | | | | |||||||||
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
EMPLOYEE BENEFIT PLANS | ||||||||||||||
EMPLOYEE BENEFIT PLANS | ||||||||||||||
NOTE 8—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 offered eligible retirees the opportunity to participate in a health plan. Certain employees were eligible for subsidized postretirement medical benefits. The eligibility for these benefits was based upon a participant's age and service as of January 1, 2009. The Company also sponsors a postretirement deferred compensation plan. | ||||||||||||||
On January 12, 2015, the Compensation Committee and all of the Board of Directors of AMC Entertainment Holdings, Inc. adopted resolutions to terminate the AMC Postretirement Medical Plan with an effective date of March 31, 2015. During the three months ended March 31, 2015, the Company notified eligible associates that their retiree medical coverage under the plan will terminate after March 31, 2015. Payments to eligible associates were approximately $4,300,000 during the three months ended March 31, 2015. The Company recorded net periodic benefit credits including curtailment gains, settlement gains, amortization of unrecognized prior service credits and amortization of actuarial gains recorded in accumulated other comprehensive income related to the termination and settlement of the plan during the three months ended March 31, 2015. | ||||||||||||||
Net periodic benefit cost (credit) recognized for the plans during the three months ended March 31, 2015 and the three months ended March 31, 2014 consists of the following: | ||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||
(In thousands) | March 31, | March 31, | March 31, | March 31, | ||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||
Components of net periodic benefit cost: | ||||||||||||||
Service cost | $ | — | $ | — | $ | 2 | $ | 9 | ||||||
Interest cost | 1,069 | 1,152 | 7 | 53 | ||||||||||
Expected return on plan assets | (1,166 | ) | (1,307 | ) | — | — | ||||||||
Amortization of net (gain) loss | 11 | (259 | ) | (2,797 | ) | (87 | ) | |||||||
Amortization of prior service credit | — | — | (2,888 | ) | (416 | ) | ||||||||
Curtailment gain | — | — | (11,867 | ) | — | |||||||||
Settlement (gain) loss | 287 | — | (575 | ) | — | |||||||||
| | | | | | | | | | | | | | |
Net periodic benefit cost (credit) | $ | 201 | $ | (414 | ) | $ | (18,118 | ) | $ | (441 | ) | |||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2015 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | |
NOTE 9—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 can occur. An unfavorable outcome might 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. | |
On May 5, 2014, NCM, Inc., the sole manager of NCM LLC, announced that it had entered into a merger agreement to acquire Screenvision, LLC for $375,000,000, consisting of cash and NCM, Inc. common stock. Consummation of the transaction was subject to regulatory approvals and other customary closing conditions. On November 3, 2014, the U.S. Department of Justice filed an antitrust lawsuit seeking to enjoin the transaction. On March 16, 2015, NCM, Inc. and Screenvision, LLC decided to terminate the merger agreement. The termination of the merger agreement was effective upon NCM, Inc.'s payment of a $26,840,000 termination payment. The estimated legal and other transaction expenses are approximately $14,060,000. NCM LLC of which AMC is an approximate 15.05% owner, had agreed to indemnify NCM, Inc. and bear a pro rata portion of the termination fee and other transaction expenses. Accordingly, the Company recorded expense of approximately $6,100,000 in equity in (earnings) losses of non-consolidated entities associated with these transaction expenses recorded by NCM LLC during the three months ended March 31, 2015. | |
NEW_ACCOUNTING_PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Mar. 31, 2015 | |
NEW ACCOUNTING PRONOUNCEMENTS | |
NEW ACCOUNTING PRONOUNCEMENTS | |
NOTE 10—NEW ACCOUNTING PRONOUNCEMENTS | |
In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-05, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40)—Customer's Accounting for Fees Paid in a Cloud Computing Arrangement ("ASU 2015-05"), which provides guidance to customers when a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If the arrangement does not include a software license, the customer should account for the arrangement as a service contract and expense the costs as incurred. ASU 2015-05 will be effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted. The standard permits the use of either a prospective or retrospective transition method. The Company will adopt ASU 2015-05 as of the beginning of 2016 and is currently evaluating the impact, if any, that adopting ASU 2015-05 will have on its consolidated financial position, results of operations or cash flows. | |
In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30)—Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"), which requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this standard. ASU 2015-03 is effective for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. The Company will adopt ASU 2015-03 as of the beginning of 2016 and will change the presentation of the debt issuance costs in the Consolidated Balance Sheets by reclassifying the amount from other long-term assets to corporate borrowings. | |
In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810)—Amendments to the Consolidation Analysis ("ASU 2015-02"), which provides guidance on evaluating whether a reporting entity should consolidate certain legal entities. Specifically, the amendments modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities. Further, the amendments eliminate the presumption that a general partner should consolidate a limited partnership, as well as affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. ASU 2015-02 is effective for interim and annual reporting periods beginning after December 15, 2015 and the standard is effective for the Company on January 1, 2016. Early adoption is permitted. A reporting entity may apply the amendments using a modified retrospective approach or a full retrospective application. The Company is currently evaluating the impact, if any, that adopting ASU 2015-02 will have on its consolidated financial position, results of operations or cash flows. | |
In June 2014, the FASB issued 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 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 and has not yet selected a transition method. | |
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 adopted ASU 2014-08 as of the beginning of 2015 and the adoption of ASU 2014-08 did not have a material impact on the Company's consolidated financial position, cash flows, or results of operations. | |
EARNINGS_LOSS_PER_SHARE
EARNINGS (LOSS) PER SHARE | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
EARNINGS (LOSS) PER SHARE | ||||||||
EARNINGS (LOSS) PER SHARE | ||||||||
NOTE 11—EARNINGS (LOSS) PER SHARE | ||||||||
Basic earnings (loss) per share is computed by dividing net earnings (loss) from continuing operations by the weighted-average number of common shares outstanding. Diluted earnings (loss) 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 (loss) from continuing operations per common share: | ||||||||
Three Months Ended | ||||||||
(In thousands) | March 31, | March 31, | ||||||
2015 | 2014 | |||||||
Numerator: | ||||||||
Earnings (loss) from continuing operations | $ | 6,138 | $ | (4,842 | ) | |||
| | | | | | | | |
| | | | | | | | |
Denominator (shares in thousands): | ||||||||
Weighted average shares for basic earnings (loss) per common share | 97,919 | 97,390 | ||||||
Common equivalent shares for restricted stock units | — | — | ||||||
| | | | | | | | |
Shares for diluted earnings (loss) per common share | 97,919 | 97,390 | ||||||
| | | | | | | | |
| | | | | | | | |
Basic earnings (loss) from continuing operations per common share | $ | 0.06 | $ | (0.05 | ) | |||
| | | | | | | | |
| | | | | | | | |
Diluted earnings (loss) from continuing operations per common share | $ | 0.06 | $ | (0.05 | ) | |||
| | | | | | | | |
| | | | | | | | |
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 ("Plan") if the end of the reporting period were the end of the contingency period. During the three months ended March 31, 2015, unvested RSUs of 58,749 and unvested PSUs of 43,062 at the minimum performance target, were not included in the computation of diluted earnings per share since the shares would not be issuable under the terms of the Plan, if the end of the reporting period were the end of the contingency period. | ||||||||
SUBSEQUENT_EVENT
SUBSEQUENT EVENT | 3 Months Ended |
Mar. 31, 2015 | |
SUBSEQUENT EVENT | |
SUBSEQUENT EVENT | |
NOTE 12—SUBSEQUENT EVENT | |
On April 27, 2015, 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 22, 2015 to stockholders of record on June 8, 2015. | |
BASIS_OF_PRESENTATION_Policies
BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
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 income. Actual results could differ from those estimates. | |
Principles of Consolidation | |
Principles of Consolidation: The accompanying unaudited consolidated financial statements include the accounts of Holdings and all subsidiaries, as discussed above, and should be read in conjunction with the Company's Annual Report on Form 10-K for the twelve months ended December 31, 2014. The March 31, 2015 consolidated balance sheet data does not include all disclosures required by generally accepted accounting principles. In the opinion of management, these interim financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the Company's financial position and results of operations. 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 (loss) and comprehensive income (loss) for the periods presented are attributable to controlling interests. Due to the seasonal nature of the Company's business, results for the three months ended March 31, 2015 are not necessarily indicative of the results to be expected for the twelve months ending December 31, 2015. The Company manages its business under one reportable segment called Theatrical Exhibition. | |
BASIS_OF_PRESENTATION_Tables
BASIS OF PRESENTATION (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
BASIS OF PRESENTATION | ||||||||
Schedule of components of other income | ||||||||
Three Months Ended | ||||||||
(In thousands) | March 31, | March 31, | ||||||
2015 | 2014 | |||||||
Gain on redemption of 8.75% Senior Fixed Rate Notes due 2019 | $ | — | $ | (4,383 | ) | |||
Other expense | — | 154 | ||||||
| | | | | | | | |
Other income | $ | — | $ | (4,229 | ) | |||
| | | | | | | | |
| | | | | | | | |
INVESTMENTS_Tables
INVESTMENTS (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Investments | ||||||||||||||||||||
Schedule of condensed financial information of the reporting entity's non-consolidated equity method investments | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
(In thousands) | March 31, | March 31, | ||||||||||||||||||
2015 | 2014 | |||||||||||||||||||
Revenues | $ | 117,641 | $ | 112,888 | ||||||||||||||||
Operating costs and expenses | 138,897 | 110,160 | ||||||||||||||||||
| | | | | | | | |||||||||||||
Net earnings (loss) | $ | (21,256 | ) | $ | 2,728 | |||||||||||||||
| | | | | | | | |||||||||||||
| | | | | | | | |||||||||||||
Schedule of components of the Company's recorded equity in earnings (losses) of non-consolidated entities | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
(In thousands) | March 31, | March 31, | ||||||||||||||||||
2015 | 2014 | |||||||||||||||||||
National CineMedia, LLC | $ | (6,639 | ) | $ | (1,120 | ) | ||||||||||||||
Digital Cinema Implementation Partners, LLC | 5,429 | 3,647 | ||||||||||||||||||
Open Road Releasing, LLC | 1,286 | (8,080 | ) | |||||||||||||||||
AC JV, LLC | 1,038 | 282 | ||||||||||||||||||
Other | 210 | (113 | ) | |||||||||||||||||
| | | | | | | | |||||||||||||
The Company's recorded equity in earnings (losses) | $ | 1,324 | $ | (5,384 | ) | |||||||||||||||
| | | | | | | | |||||||||||||
| | | | | | | | |||||||||||||
Schedule of changes in the carrying amount of the entity's investment in NCM and equity in earnings of NCM | ||||||||||||||||||||
(In thousands) | Investment in | Exhibitor | Other | Cash | Equity in | Advertising | ||||||||||||||
NCM(1) | Services | Comprehensive | Received | Losses | (Revenue) | |||||||||||||||
Agreement(2) | (Income) | |||||||||||||||||||
Ending balance December 31, 2014 | $ | 265,839 | $ | (316,815 | ) | $ | (3,780 | ) | ||||||||||||
Receipt of common units(3) | 6,812 | (6,812 | ) | — | ||||||||||||||||
Receipt of excess cash distributions | (9,071 | ) | — | — | $ | 9,071 | $ | — | $ | — | ||||||||||
Amortization of deferred revenue | — | 3,768 | — | — | — | (3,768 | ) | |||||||||||||
Unrealized gain from cash flow hedge | 234 | — | (234 | ) | — | — | — | |||||||||||||
Equity in losses and loss from amortization of basis difference(4)(5) | (6,639 | ) | — | — | — | 6,639 | — | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
For the period ended or balance as of March 31, 2015 | $ | 257,175 | $ | (319,859 | ) | $ | (4,014 | ) | $ | 9,071 | $ | 6,639 | $ | (3,768 | ) | |||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
-1 | After Wanda acquired Holdings on 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 2015, the Company received 469,163 membership units recorded at a fair value of $14.52 per unit with a corresponding credit to the ESA. | |||||||||||||||||||
-4 | Represents percentage ownership of NCM's losses 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. | |||||||||||||||||||
NCM | ||||||||||||||||||||
Investments | ||||||||||||||||||||
Schedule of transactions | ||||||||||||||||||||
(In thousands) | March 31, | December 31, | ||||||||||||||||||
2015 | 2014 | |||||||||||||||||||
Due from NCM for on-screen advertising revenue | $ | 1,696 | $ | 2,072 | ||||||||||||||||
Due to NCM for Exhibitor Services Agreement | 990 | 1,784 | ||||||||||||||||||
Promissory note payable to NCM | 6,944 | 6,944 | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
(In thousands) | March 31, | March 31, | ||||||||||||||||||
2015 | 2014 | |||||||||||||||||||
Net NCM screen advertising revenues | $ | 8,648 | $ | 8,628 | ||||||||||||||||
NCM beverage advertising expense | 2,514 | 2,909 | ||||||||||||||||||
DCIP | ||||||||||||||||||||
Investments | ||||||||||||||||||||
Schedule of transactions | ||||||||||||||||||||
(In thousands) | March 31, | December 31, | ||||||||||||||||||
2015 | 2014 | |||||||||||||||||||
Due from DCIP for equipment and warranty purchases | $ | 1,200 | $ | 1,048 | ||||||||||||||||
Deferred rent liability for digital projectors | 8,954 | 9,031 | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
(In thousands) | March 31, | March 31, | ||||||||||||||||||
2015 | 2014 | |||||||||||||||||||
Digital equipment rental expense (continuing operations) | $ | 1,294 | $ | 2,917 | ||||||||||||||||
Open Road Releasing, LLC, operator of ORF | ||||||||||||||||||||
Investments | ||||||||||||||||||||
Schedule of transactions | ||||||||||||||||||||
(In thousands) | March 31, | December 31, | ||||||||||||||||||
2015 | 2014 | |||||||||||||||||||
Due from Open Road Films | $ | 1,041 | $ | 2,560 | ||||||||||||||||
Film rent payable to Open Road Films | 808 | 709 | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
(In thousands) | March 31, | March 31, | ||||||||||||||||||
2015 | 2014 | |||||||||||||||||||
Gross film exhibition cost on Open Road Films | $ | 1,400 | $ | 5,700 | ||||||||||||||||
ACJV LLC | ||||||||||||||||||||
Investments | ||||||||||||||||||||
Schedule of transactions | ||||||||||||||||||||
(In thousands) | March 31, | December 31, | ||||||||||||||||||
2015 | 2014 | |||||||||||||||||||
Due to AC JV for Fathom Events programming | $ | 1,443 | $ | 333 | ||||||||||||||||
Three Months Ended | ||||||||||||||||||||
(In thousands) | March 31, | March 31, | ||||||||||||||||||
2015 | 2014 | |||||||||||||||||||
Gross exhibition cost on Fathom Events programming | $ | 2,586 | $ | 956 | ||||||||||||||||
STOCKHOLDERS_EQUITY_Tables
STOCKHOLDERS' EQUITY (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
STOCKHOLDERS' EQUITY | |||||||||
Schedule of the amount of dividends and dividend equivalents paid | |||||||||
Declaration Date | Record Date | Date Paid | Amount per | ||||||
Share of | |||||||||
Common Stock | |||||||||
February 3, 2015 | March 9, 2015 | March 23, 2015 | $ | 0.20 | |||||
Schedule of RSU and PSU activity | |||||||||
Shares of | Weighted | ||||||||
RSU and PSU | Average | ||||||||
Grant Date | |||||||||
Fair Value | |||||||||
Beginning balance at January 1, 2015 | — | $ | — | ||||||
Granted(1) | 286,796 | 33.96 | |||||||
Vested(2) | (84,649 | ) | 33.96 | ||||||
Forfeited | — | — | |||||||
| | | | | | | | ||
Nonvested at March 31, 2015 | 202,147 | $ | 33.96 | ||||||
| | | | | | | | ||
| | | | | | | | ||
-1 | The number of shares granted under the PSU award, assumes Holdings will attain a performance target at 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%. | ||||||||
-2 | This number includes vested units of 3,131 that were withheld to cover tax obligations and were subsequently canceled. As a result of this transaction, additional paid-in capital decreased by $107,000. | ||||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
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 March 31, 2015 Using | ||||||||||||||
(In thousands) | Total Carrying | Quoted prices in | Significant other | Significant | ||||||||||
Value at | active market | observable inputs | unobservable inputs | |||||||||||
March 31, 2015 | (Level 1) | (Level 2) | (Level 3) | |||||||||||
Other long-term assets: | ||||||||||||||
Money market mutual funds | $ | 240 | $ | 240 | $ | — | $ | — | ||||||
Equity securities, available-for-sale: | ||||||||||||||
RealD Inc. common stock | 15,639 | 15,639 | — | — | ||||||||||
Mutual fund large U.S. equity | 3,200 | 3,200 | — | — | ||||||||||
Mutual fund small/mid U.S. equity | 2,148 | 2,148 | — | — | ||||||||||
Mutual fund international | 865 | 865 | — | — | ||||||||||
Mutual fund balance | 762 | 762 | — | — | ||||||||||
Mutual fund fixed income | 829 | 829 | — | — | ||||||||||
| | | | | | | | | | | | | | |
Total assets at fair value | $ | 23,683 | $ | 23,683 | $ | — | $ | — | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
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 March 31, 2015 Using | ||||||||||||||
(In thousands) | Total Carrying | Quoted prices in | Significant other | Significant | ||||||||||
Value at | active market | observable inputs | unobservable inputs | |||||||||||
March 31, 2015 | (Level 1) | (Level 2) | (Level 3) | |||||||||||
Current maturities of corporate borrowings | $ | 15,873 | $ | — | $ | 14,577 | $ | 1,389 | ||||||
Corporate borrowings | 1,771,628 | — | 1,788,035 | 5,555 | ||||||||||
THEATRE_AND_OTHER_CLOSURE_AND_1
THEATRE AND OTHER CLOSURE AND DISPOSITION OF ASSETS (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
THEATRE AND OTHER CLOSURE AND DISPOSITION OF ASSETS | ||||||||
A rollforward of reserves for theatre and other closure and disposition of assets | ||||||||
Three Months Ended | ||||||||
(In thousands) | March 31, | March 31, | ||||||
2015 | 2014 | |||||||
Beginning balance | $ | 52,835 | $ | 55,163 | ||||
Theatre and other closure expense | 1,127 | 1,365 | ||||||
Transfer of assets and liabilities | 59 | 9 | ||||||
Foreign currency translation adjustment | (1,613 | ) | (247 | ) | ||||
Cash payments | (2,909 | ) | (2,673 | ) | ||||
| | | | | | | | |
Ending balance | $ | 49,499 | $ | 53,617 | ||||
| | | | | | | | |
| | | | | | | | |
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | |||||||||||||||||
Schedule of changes in accumulated other comprehensive income | |||||||||||||||||
(In thousands) | Foreign | Pension and | Unrealized Net | Unrealized Net | Total | ||||||||||||
Currency | Other Benefits | Gain on | Gain from Equity | ||||||||||||||
Marketable | Method Investees' | ||||||||||||||||
Securities | Cash Flow Hedge | ||||||||||||||||
Balance, December 31, 2014 | $ | 627 | $ | 5,564 | $ | 3,812 | $ | 2,841 | $ | 12,844 | |||||||
| | | | | | | | | | | | | | | | | |
Other comprehensive income (loss) before reclassifications | 976 | 701 | 825 | (361 | ) | 2,141 | |||||||||||
Amounts reclassified from accumulated other comprehensive income | — | (10,875 | ) | (4 | ) | 122 | (10,757 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Other comprehensive income (loss) | 976 | (10,174 | ) | 821 | (239 | ) | (8,616 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Balance, March 31, 2015 | $ | 1,603 | $ | (4,610 | ) | $ | 4,633 | $ | 2,602 | $ | 4,228 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
(In thousands) | Foreign | Pension and | Unrealized Net | Unrealized Net | Total | ||||||||||||
Currency | Other Benefits | Gain on | Gain from Equity | ||||||||||||||
Marketable | Method Investees' | ||||||||||||||||
Securities | Cash Flow Hedge | ||||||||||||||||
Balance, December 31, 2013 | $ | (351 | ) | $ | 20,967 | $ | 1,216 | $ | 2,372 | $ | 24,204 | ||||||
| | | | | | | | | | | | | | | | | |
Other comprehensive income (loss) before reclassifications | 166 | — | 2,019 | (32 | ) | 2,153 | |||||||||||
Amounts reclassified from accumulated other comprehensive income | — | (465 | ) | (4 | ) | 131 | (338 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Other comprehensive income (loss) | 166 | (465 | ) | 2,015 | 99 | 1,815 | |||||||||||
| | | | | | | | | | | | | | | | | |
Balance, March 31, 2014 | $ | (185 | ) | $ | 20,502 | $ | 3,231 | $ | 2,471 | $ | 26,019 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Schedule of tax effects allocated to each component of other comprehensive income | The tax effects allocated to each component of other comprehensive loss during the three months ended March 31, 2015 is as follows: | ||||||||||||||||
(In thousands) | Before-Tax | Tax (Expense) | Net-of-Tax | ||||||||||||||
Amount | Benefit | Amount | |||||||||||||||
Foreign currency translation adjustment | $ | 1,600 | $ | (624 | ) | $ | 976 | ||||||||||
Pension and other benefit adjustments: | |||||||||||||||||
Net loss arising during the period | (73 | ) | 28 | (45 | ) | ||||||||||||
Prior service credit arising during the period | 1,223 | (477 | ) | 746 | |||||||||||||
Amortization of net gain included in net periodic benefit costs | (2,786 | ) | 1,087 | (1,699 | ) | ||||||||||||
Amortization of prior service credit included in net periodic benefit costs | (2,888 | ) | 1,126 | (1,762 | ) | ||||||||||||
Curtailment gain reclassified to net periodic benefit costs | (11,867 | ) | 4,628 | (7,239 | ) | ||||||||||||
Settlement gain reclassified to net periodic benefit costs | (288 | ) | 113 | (175 | ) | ||||||||||||
Unrealized net gain on marketable securities: | |||||||||||||||||
Unrealized net holding gain arising during the period | 1,352 | (527 | ) | 825 | |||||||||||||
Net holding gain reclassified to investment income | (6 | ) | 2 | (4 | ) | ||||||||||||
Unrealized net gain (loss) from equity method investees' cash flow hedge: | |||||||||||||||||
Unrealized net holding loss arising during the period | (592 | ) | 231 | (361 | ) | ||||||||||||
Net holding loss reclassified to equity in (earnings) losses of non-consolidated entities | 200 | (78 | ) | 122 | |||||||||||||
| | | | | | | | | | | |||||||
Other comprehensive loss | $ | (14,125 | ) | $ | 5,509 | $ | (8,616 | ) | |||||||||
| | | | | | | | | | | |||||||
| | | | | | | | | | | |||||||
The tax effects allocated to each component of other comprehensive income during the three months ended March 31, 2014 is as follows: | |||||||||||||||||
(In thousands) | Before-Tax | Tax (Expense) | Net-of-Tax | ||||||||||||||
Amount | Benefit | Amount | |||||||||||||||
Foreign currency translation adjustment | $ | 272 | $ | (106 | ) | $ | 166 | ||||||||||
Pension and other benefit adjustments: | |||||||||||||||||
Amortization of net gain included in net periodic benefit costs | (346 | ) | 135 | (211 | ) | ||||||||||||
Amortization of prior service credit included in net periodic benefit costs | (416 | ) | 162 | (254 | ) | ||||||||||||
Unrealized net gain on marketable securities: | |||||||||||||||||
Unrealized net holding gain arising during the period | 3,310 | (1,291 | ) | 2,019 | |||||||||||||
Net holding gain reclassified to investment income | (7 | ) | 3 | (4 | ) | ||||||||||||
Unrealized net gain (loss) from equity method investees' cash flow hedge: | |||||||||||||||||
Unrealized net holding loss arising during the period | (53 | ) | 21 | (32 | ) | ||||||||||||
Net holding loss reclassified to equity in (earnings) losses of non-consolidated entities | 215 | (84 | ) | 131 | |||||||||||||
| | | | | | | | | | | |||||||
Other comprehensive income | $ | 2,975 | $ | (1,160 | ) | $ | 1,815 | ||||||||||
| | | | | | | | | | | |||||||
| | | | | | | | | | | |||||||
Schedule of amounts reclassified out of each component of accumulated other comprehensive income | |||||||||||||||||
Three Months Ended | |||||||||||||||||
(In thousands) | March 31, | March 31, | Affected Line Item in the | ||||||||||||||
2015 | 2014 | Consolidated Statements of | |||||||||||||||
Operations | |||||||||||||||||
Pension and other benefit adjustments: | |||||||||||||||||
Amortization of net gain included in net periodic benefit costs | $ | (2,786 | ) | $ | (346 | ) | General and administrative: Other | ||||||||||
Amortization of prior service credit included in net periodic benefit costs | (2,888 | ) | (416 | ) | General and administrative: Other | ||||||||||||
Curtailment gain reclassified to net periodic benefit costs | (11,867 | ) | — | General and administrative: Other | |||||||||||||
Settlement gain reclassified to net periodic benefit costs | (288 | ) | — | General and administrative: Other | |||||||||||||
| | | | | | | | | |||||||||
(17,829 | ) | (762 | ) | Total before tax | |||||||||||||
| | | | | | | | | |||||||||
6,954 | 297 | Tax expense | |||||||||||||||
| | | | | | | | | |||||||||
$ | (10,875 | ) | $ | (465 | ) | Net of tax | |||||||||||
| | | | | | | | | |||||||||
| | | | | | | | | |||||||||
Unrealized gains on marketable securities: | |||||||||||||||||
Net holding gain reclassified to investment income | $ | (6 | ) | $ | (7 | ) | Investment income | ||||||||||
| | | | | | | | | |||||||||
(6 | ) | (7 | ) | Total before tax | |||||||||||||
| | | | | | | | | |||||||||
2 | 3 | Tax expense | |||||||||||||||
| | | | | | | | | |||||||||
$ | (4 | ) | $ | (4 | ) | Net of tax | |||||||||||
| | | | | | | | | |||||||||
| | | | | | | | | |||||||||
Unrealized gain from equity method investees' cash flow hedge: | |||||||||||||||||
Net holding loss reclassified to equity in (earnings) losses of non-consolidated entities | $ | 200 | $ | 215 | Equity in (Earnings) Losses of Non-consolidated Entities | ||||||||||||
| | | | | | | | | |||||||||
200 | 215 | Total before tax | |||||||||||||||
| | | | | | | | | |||||||||
(78 | ) | (84 | ) | Tax benefit | |||||||||||||
| | | | | | | | | |||||||||
$ | 122 | $ | 131 | Net of tax | |||||||||||||
| | | | | | | | | |||||||||
| | | | | | | | | |||||||||
Total reclassifications | $ | (10,757 | ) | $ | (338 | ) | Net of tax | ||||||||||
| | | | | | | | | |||||||||
| | | | | | | | | |||||||||
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
EMPLOYEE BENEFIT PLANS | ||||||||||||||
Net periodic benefit cost recognized for the plans | ||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||
(In thousands) | March 31, | March 31, | March 31, | March 31, | ||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||
Components of net periodic benefit cost: | ||||||||||||||
Service cost | $ | — | $ | — | $ | 2 | $ | 9 | ||||||
Interest cost | 1,069 | 1,152 | 7 | 53 | ||||||||||
Expected return on plan assets | (1,166 | ) | (1,307 | ) | — | — | ||||||||
Amortization of net (gain) loss | 11 | (259 | ) | (2,797 | ) | (87 | ) | |||||||
Amortization of prior service credit | — | — | (2,888 | ) | (416 | ) | ||||||||
Curtailment gain | — | — | (11,867 | ) | — | |||||||||
Settlement (gain) loss | 287 | — | (575 | ) | — | |||||||||
| | | | | | | | | | | | | | |
Net periodic benefit cost (credit) | $ | 201 | $ | (414 | ) | $ | (18,118 | ) | $ | (441 | ) | |||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
EARNINGS_LOSS_PER_SHARE_Tables
EARNINGS (LOSS) PER SHARE (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
EARNINGS (LOSS) PER SHARE | ||||||||
Schedule of basic and diluted earnings (loss) from continuing operations per common share | ||||||||
Three Months Ended | ||||||||
(In thousands) | March 31, | March 31, | ||||||
2015 | 2014 | |||||||
Numerator: | ||||||||
Earnings (loss) from continuing operations | $ | 6,138 | $ | (4,842 | ) | |||
| | | | | | | | |
| | | | | | | | |
Denominator (shares in thousands): | ||||||||
Weighted average shares for basic earnings (loss) per common share | 97,919 | 97,390 | ||||||
Common equivalent shares for restricted stock units | — | — | ||||||
| | | | | | | | |
Shares for diluted earnings (loss) per common share | 97,919 | 97,390 | ||||||
| | | | | | | | |
| | | | | | | | |
Basic earnings (loss) from continuing operations per common share | $ | 0.06 | $ | (0.05 | ) | |||
| | | | | | | | |
| | | | | | | | |
Diluted earnings (loss) from continuing operations per common share | $ | 0.06 | $ | (0.05 | ) | |||
| | | | | | | | |
| | | | | | | | |
BASIS_OF_PRESENTATION_Details
BASIS OF PRESENTATION (Details) | Mar. 31, 2015 |
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | |
Noncontrolling (minority) interests (as a percent) | 0.00% |
Wanda | |
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | |
Ownership percentage held in Holding entity | 77.85% |
Combined voting power held in Holdings (as a percent) | 91.34% |
BASIS_OF_PRESENTATION_Details_
BASIS OF PRESENTATION (Details 2) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Other Income: | |
Gain on extinguishment of debt | $4,383 |
Other income | -4,229 |
8.75% Senior Fixed Rate Notes due 2019 | |
Other Income: | |
Interest rate of debt (as a percent) | 8.75% |
Gain on extinguishment of debt | 4,383 |
Other expense | |
Other Income: | |
Other expense | $154 |
INVESTMENTS_Details
INVESTMENTS (Details) (USD $) | 3 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 16, 2015 | Dec. 31, 2014 | Aug. 30, 2012 | |
Investments | |||||
The Company's recorded equity in earnings (losses) | $1,324,000 | ($5,384,000) | |||
Film exhibition costs | 223,088,000 | 212,100,000 | |||
Operating Results: | |||||
Revenues | 117,641,000 | 112,888,000 | |||
Operating costs and expenses | 138,897,000 | 110,160,000 | |||
Net earnings (loss) | -21,256,000 | 2,728,000 | |||
Changes in carrying amount of investment in NCM and equity in earnings of NCM | |||||
Equity in loss from amortization of basis difference | 1,324,000 | -5,384,000 | |||
Equity in (Earnings) Loss | |||||
Equity in loss from amortization of basis difference | 1,324,000 | -5,384,000 | |||
NCM LLC | Screenvision, LLC | |||||
Investments | |||||
Interest in non-consolidated affiliates (as a percent) | 15.05% | ||||
NCM | |||||
Investments | |||||
Interest in non-consolidated affiliates (as a percent) | 15.05% | ||||
Estimated fair market value of the units | 296,921,000 | ||||
Receipt of common units | 6,812,000 | ||||
Number of units owned (in shares) | 19,663,664 | ||||
The Company's recorded equity in earnings (losses) | -6,639,000 | -1,120,000 | |||
Note payable to affiliate | 6,944,000 | 6,944,000 | |||
Financial Condition: | |||||
The company's recorded investment | 257,175,000 | ||||
Changes in carrying amount of investment in NCM and equity in earnings of NCM | |||||
Balance at the beginning of the period | 265,839,000 | ||||
Receipt of common units | 6,812,000 | ||||
Receipt of excess cash distributions | -9,071,000 | ||||
Unrealized gain from cash flow hedge | 234,000 | ||||
Equity in loss from amortization of basis difference | -6,639,000 | -1,120,000 | |||
Balance at the end of the period | 257,175,000 | ||||
Exhibitor services agreement | |||||
Balance at the beginning of the period | -316,815,000 | ||||
Receipt of Common Units | -6,812,000 | ||||
Amortization of ESA | 3,768,000 | ||||
Balance at the end of the period | -319,859,000 | ||||
Term of amortization of the exhibitor services agreement (ESA) with NCM | 30 years | ||||
Other Comprehensive (Income) | |||||
Other comprehensive (income) at the beginning of the period | -3,780,000 | ||||
Unrealized gain from cash flow hedge | -234,000 | ||||
Other comprehensive (income) at the end of the period | -4,014,000 | ||||
Membership units received in ESA (in shares) | 469,163 | ||||
Fair value of Membership units received in ESA (in dollars per share) | $14.52 | ||||
Cash Received | |||||
Receipt of excess cash distributions | 9,071,000 | ||||
Balance at the end of the period | 9,071,000 | ||||
Equity in (Earnings) Loss | |||||
Equity in loss from amortization of basis difference | -6,639,000 | -1,120,000 | |||
Advertising (Revenue) | |||||
Amortization of ESA | -3,768,000 | ||||
Advertising (Revenue) for the period | -3,768,000 | ||||
NCM | NCM tax receivable agreement | |||||
Investments | |||||
Receipt under Tax Receivable Agreement | 5,352,000 | 8,045,000 | |||
NCM | Advertising (Revenue) | |||||
Investments | |||||
Amounts due from affiliate | 1,696,000 | 2,072,000 | |||
Revenues | 8,648,000 | 8,628,000 | |||
NCM | Advertising expense | |||||
Investments | |||||
Expenses | 2,514,000 | 2,909,000 | |||
NCM | Exhibitor services agreement | |||||
Investments | |||||
Amounts due to affiliate | 990,000 | 1,784,000 | |||
NCM | Capital units | Predecessor | |||||
Investments | |||||
Number of units owned (in shares) | 17,323,782 | ||||
NCM | NCM LLC | |||||
Investments | |||||
Price per share (in dollars per share) | $15.10 | ||||
AC JV, LLC | |||||
Investments | |||||
Interest in non-consolidated affiliates (as a percent) | 32.00% | ||||
The Company's recorded equity in earnings (losses) | 1,038,000 | 282,000 | |||
Amounts due to affiliate | 1,443 | 333 | |||
Film exhibition costs | 2,586 | 956 | |||
Changes in carrying amount of investment in NCM and equity in earnings of NCM | |||||
Equity in loss from amortization of basis difference | 1,038,000 | 282,000 | |||
Equity in (Earnings) Loss | |||||
Equity in loss from amortization of basis difference | 1,038,000 | 282,000 | |||
U.S. theatres and IMAX screen | |||||
Investments | |||||
Interest in non-consolidated affiliates (as a percent) | 50.00% | ||||
Number of U.S. theatres | 2 | ||||
Number of IMAX screens | 1 | ||||
DCIP | |||||
Investments | |||||
Interest in non-consolidated affiliates (as a percent) | 29.00% | ||||
The Company's recorded equity in earnings (losses) | 5,429,000 | 3,647,000 | |||
Amounts due from affiliate | 1,200,000 | 1,048,000 | |||
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 | 39,000 | ||||
Term for payment of equipment rent, including scheduled escalations | 12 years | ||||
Deferred rent liability for digital projectors | 8,954,000 | 9,031,000 | |||
Digital equipment rental expense (continuing operations) | 1,294,000 | 2,917,000 | |||
Changes in carrying amount of investment in NCM and equity in earnings of NCM | |||||
Equity in loss from amortization of basis difference | 5,429,000 | 3,647,000 | |||
Equity in (Earnings) Loss | |||||
Equity in loss from amortization of basis difference | 5,429,000 | 3,647,000 | |||
Open Road Releasing, LLC, operator of ORF | |||||
Investments | |||||
Interest in non-consolidated affiliates (as a percent) | 50.00% | ||||
The Company's recorded equity in earnings (losses) | 1,286,000 | -8,080,000 | |||
Amounts due from affiliate | 1,041,000 | 2,560,000 | |||
Film rent payable to Open Road Films | 808,000 | 709,000 | |||
Film exhibition costs | 1,400,000 | 5,700,000 | |||
Changes in carrying amount of investment in NCM and equity in earnings of NCM | |||||
Equity in loss from amortization of basis difference | 1,286,000 | -8,080,000 | |||
Equity in (Earnings) Loss | |||||
Equity in loss from amortization of basis difference | 1,286,000 | -8,080,000 | |||
Advertising (Revenue) | |||||
Capital commitment | 10,000,000 | 10,000,000 | |||
Other | |||||
Investments | |||||
The Company's recorded equity in earnings (losses) | 210,000 | -113,000 | |||
Changes in carrying amount of investment in NCM and equity in earnings of NCM | |||||
Equity in loss from amortization of basis difference | 210,000 | -113,000 | |||
Equity in (Earnings) Loss | |||||
Equity in loss from amortization of basis difference | $210,000 | ($113,000) | |||
Maximum | Investments in non-consolidated affiliates and certain other investments accounted for following the equity method | |||||
Investments | |||||
Interest in non-consolidated affiliates (as a percent) | 50.00% |
STOCKHOLDERS_EQUITY_Details
STOCKHOLDERS' EQUITY (Details) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||
Feb. 03, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 06, 2015 | Jan. 02, 2014 | Dec. 31, 2015 | Jan. 05, 2015 | |
item | |||||||
Dividends | |||||||
Dividends declared | $19,637,000 | ||||||
Dividends Payable, Amount Per Share | $0.20 | ||||||
Dividends and dividend equivalents | 19,821,000 | ||||||
Increase in additional paid in capital for recognition of deferred tax assets | 133,000 | ||||||
Accrued unpaid dividends | 41,000 | ||||||
Increase to additional paid-in capital related to stock based compensation | 5,739,000 | ||||||
Equity disclosures | |||||||
Stock-based compensation expense included in general and administrative expenses | 5,739,000 | 6,357,000 | |||||
Expected performance target to be achieved (as a percent) | 100.00% | ||||||
Total estimated unrecognized compensation cost related to nonvested stock-based compensation arrangements | 4,383,000 | ||||||
Restricted stock unit | Performance Vesting | |||||||
Dividends | |||||||
Vested units withheld for taxes | 3,131 | ||||||
Increase to additional paid-in capital related to stock based compensation | -107,000 | ||||||
Equity disclosures | |||||||
Restricted stock unit granted (in shares) | 286,796 | ||||||
Shares of RSU and PSU | |||||||
Granted (in shares) | 286,796 | ||||||
Vested (in shares) | -84,649 | ||||||
Nonvested at the end of the period (in shares) | 202,147 | ||||||
Weighted Average Grant Date Fair Value | |||||||
Granted (in dollars per share) | $33.96 | ||||||
Vested (in dollars per share) | $33.96 | ||||||
Unvested at the end of the period (in dollars per share) | $33.96 | ||||||
Members of management | Restricted stock unit | Performance Vesting | Forecast member | |||||||
Equity disclosures | |||||||
Expected performance target to be achieved (as a percent) | 100.00% | ||||||
2013 Equity Incentive Plan | Stock options | |||||||
Equity disclosures | |||||||
Number of shares authorized | 9,474,000 | ||||||
Number of shares remaining available for grant | 8,309,845 | ||||||
Price per share (in dollars per share) | 33.96 | 24.97 | |||||
2013 Equity Incentive Plan | Members of management and executive officers | Restricted stock unit | Performance Vesting | |||||||
Equity disclosures | |||||||
Stock-based compensation expense included in general and administrative expenses | 487,000 | ||||||
Number of days form the termination of service for settlement of fully vested RSU | 60 days | ||||||
Percentage of performance target | 100.00% | 100.00% | |||||
Awards to be granted on achieving specified percentage of performance target (in shares) | 143,398 | ||||||
Number of PSUs vesting, if Holdings does not achieve free cash flow minimum performance target | 0 | ||||||
2013 Equity Incentive Plan | Members of management and executive officers | Restricted stock unit | Performance Vesting | Minimum | |||||||
Equity disclosures | |||||||
PSUs vesting as a percentage of performance target | 80.00% | ||||||
2013 Equity Incentive Plan | Members of management and executive officers | Restricted stock unit | Performance Vesting | Maximum | |||||||
Equity disclosures | |||||||
PSUs vesting as a percentage of performance target | 120.00% | ||||||
2013 Equity Incentive Plan | Members of management and executive officers | Restricted stock unit | Performance Vesting | 30% | Minimum | |||||||
Equity disclosures | |||||||
Percentage of performance target | 30.00% | ||||||
2013 Equity Incentive Plan | Members of management and executive officers | Restricted stock unit | Performance Vesting | 150% | Minimum | |||||||
Equity disclosures | |||||||
Percentage of performance target | 150.00% | ||||||
2013 Equity Incentive Plan | Members of management | Restricted stock unit | |||||||
Equity disclosures | |||||||
Stock-based compensation expense included in general and administrative expenses | 2,875,000 | ||||||
Restricted stock unit granted (in shares) | 84,649 | ||||||
Number of shares that will be received under each RSU | 1 | ||||||
Shares of RSU and PSU | |||||||
Granted (in shares) | 84,649 | ||||||
2013 Equity Incentive Plan | Members of management | Restricted stock unit | Performance Vesting | |||||||
Equity disclosures | |||||||
Number of days form the termination of service for settlement of fully vested RSU | 60 days | ||||||
2013 Equity Incentive Plan | Members of management | Restricted stock unit | Performance Vesting | Forecast member | |||||||
Equity disclosures | |||||||
Stock-based compensation expense included in general and administrative expenses | 4,870,000 | ||||||
2013 Equity Incentive Plan | Executive officers | Restricted stock unit | |||||||
Equity disclosures | |||||||
Stock-based compensation expense included in general and administrative expenses | 1,995,000 | ||||||
Restricted stock unit granted (in shares) | 58,749 | ||||||
Grant date fair value (in dollars) | 1,995,000 | ||||||
Shares of RSU and PSU | |||||||
Granted (in shares) | 58,749 | ||||||
2013 Equity Incentive Plan | Executive officers | Restricted stock | |||||||
Equity disclosures | |||||||
Number of days form the termination of service for settlement of fully vested RSU | 60 days | ||||||
Class A common stock | |||||||
Dividends | |||||||
Dividends and dividend equivalents | 4,315,000 | ||||||
Class A common stock | 2013 Equity Incentive Plan | Board of Director | |||||||
Equity disclosures | |||||||
Stock-based compensation expense included in general and administrative expenses | 382,000 | ||||||
Shares granted | 3,828 | ||||||
Total shares granted | 15,312 | ||||||
Number of Board of Directors to whom common stock was granted | 4 | ||||||
Class B common stock | |||||||
Common Stock Rights and Privileges | |||||||
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 | |||||||
Dividends and dividend equivalents | 15,165,000 | ||||||
Dividend equivalents | |||||||
Dividends | |||||||
Dividends and dividend equivalents | 341,000 | ||||||
Holdings | Class A common stock | |||||||
Common Stock Rights and Privileges | |||||||
Number of votes per share | 1 | ||||||
Holdings | Class B common stock | |||||||
Common Stock Rights and Privileges | |||||||
Number of votes per share | 3 | ||||||
Wanda | |||||||
Dividends | |||||||
Receivable due from related party | $293,000 |
INCOME_TAXES_Details
INCOME TAXES (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Effect of: | ||
Effective income tax rate (as a percent) | 39.00% | 39.00% |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (Recurring basis, USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Total Carrying Value | |
Other long-term assets: | |
Total assets at fair value | $23,683 |
Total Carrying Value | Money Market Mutual Funds | |
Other long-term assets: | |
Money Market Mutual Funds | 240 |
Total Carrying Value | Mutual Fund Large U.S. Equity | |
Other long-term assets: | |
Equity securities, available-for-sale: | 3,200 |
Total Carrying Value | Mutual Fund Small/Mid U.S. Equity | |
Other long-term assets: | |
Equity securities, available-for-sale: | 2,148 |
Total Carrying Value | Mutual Fund International | |
Other long-term assets: | |
Equity securities, available-for-sale: | 865 |
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: | 829 |
Total Carrying Value | RealD Inc. | Common Stock | |
Other long-term assets: | |
Equity securities, available-for-sale: | 15,639 |
Quoted prices in active market (Level 1) | |
Other long-term assets: | |
Total assets at fair value | 23,683 |
Quoted prices in active market (Level 1) | Money Market Mutual Funds | |
Other long-term assets: | |
Money Market Mutual Funds | 240 |
Quoted prices in active market (Level 1) | Mutual Fund Large U.S. Equity | |
Other long-term assets: | |
Equity securities, available-for-sale: | 3,200 |
Quoted prices in active market (Level 1) | Mutual Fund Small/Mid U.S. Equity | |
Other long-term assets: | |
Equity securities, available-for-sale: | 2,148 |
Quoted prices in active market (Level 1) | Mutual Fund International | |
Other long-term assets: | |
Equity securities, available-for-sale: | 865 |
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: | 829 |
Quoted prices in active market (Level 1) | RealD Inc. | Common Stock | |
Other long-term assets: | |
Equity securities, available-for-sale: | $15,639 |
FAIR_VALUE_MEASUREMENTS_Detail1
FAIR VALUE MEASUREMENTS (Details 2) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Other Fair Value Measurement Disclosures | ||
Corporate borrowings | $1,771,628 | $1,775,132 |
Significant other observable inputs (Level 2) | ||
Other Fair Value Measurement Disclosures | ||
Current Maturities of Corporate Borrowings | 14,577 | |
Corporate Borrowings | 1,788,035 | |
Significant unobservable inputs (Level 3) | ||
Other Fair Value Measurement Disclosures | ||
Current Maturities of Corporate Borrowings | 1,389 | |
Corporate Borrowings | 5,555 | |
Total Carrying Value | ||
Other Fair Value Measurement Disclosures | ||
Current Maturities of Corporate Borrowings | 15,873 | |
Corporate borrowings | $1,771,628 |
THEATRE_AND_OTHER_CLOSURE_AND_2
THEATRE AND OTHER CLOSURE AND DISPOSITION OF ASSETS (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
A rollforward of reserves for theatre and other closure and disposition of assets | ||
Beginning balance | $52,835,000 | $55,163,000 |
Theatre and other closure expense | 1,127,000 | 1,365,000 |
Transfer of assets and liabilities | 59,000 | 9,000 |
Foreign currency translation adjustment | -1,613,000 | -247,000 |
Cash payments | -2,909,000 | -2,673,000 |
Ending balance | 49,499,000 | 53,617,000 |
Current portion included with accrued expenses and other liabilities | 7,588,000 | |
Long-term portion included with other long-term liabilities | $41,911,000 |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Changes in accumulated other comprehensive income | ||
Balance at the beginning of the period | $12,844 | $24,204 |
Other comprehensive income (loss) before reclassifications | 2,141 | 2,153 |
Amounts reclassified from accumulated other comprehensive income | -10,757 | -338 |
Other comprehensive income (loss) | -8,616 | 1,815 |
Balance at the end of period | 4,228 | 26,019 |
Foreign Currency | ||
Changes in accumulated other comprehensive income | ||
Balance at the beginning of the period | 627 | -351 |
Other comprehensive income (loss) before reclassifications | 976 | 166 |
Other comprehensive income (loss) | 976 | 166 |
Balance at the end of period | 1,603 | -185 |
Pension and Other Benefits | ||
Changes in accumulated other comprehensive income | ||
Balance at the beginning of the period | 5,564 | 20,967 |
Other comprehensive income (loss) before reclassifications | 701 | |
Amounts reclassified from accumulated other comprehensive income | -10,875 | -465 |
Other comprehensive income (loss) | -10,174 | -465 |
Balance at the end of period | -4,610 | 20,502 |
Unrealized Gains on Marketable Securities | ||
Changes in accumulated other comprehensive income | ||
Balance at the beginning of the period | 3,812 | 1,216 |
Other comprehensive income (loss) before reclassifications | 825 | 2,019 |
Amounts reclassified from accumulated other comprehensive income | -4 | -4 |
Other comprehensive income (loss) | 821 | 2,015 |
Balance at the end of period | 4,633 | 3,231 |
Unrealized Gain from Equity Method Investees' Cash Flow Hedge | ||
Changes in accumulated other comprehensive income | ||
Balance at the beginning of the period | 2,841 | 2,372 |
Other comprehensive income (loss) before reclassifications | -361 | -32 |
Amounts reclassified from accumulated other comprehensive income | 122 | 131 |
Other comprehensive income (loss) | -239 | 99 |
Balance at the end of period | $2,602 | $2,471 |
ACCUMULATED_OTHER_COMPREHENSIV3
ACCUMULATED OTHER COMPREHENSIVE INCOME (Details2) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Foreign currency translation adjustment, before tax: | ||
Foreign currency translation adjustment, before tax | $1,600 | $272 |
Pension and other benefit adjustments, before tax: | ||
Net loss arising during the period, before tax | -73 | |
Prior service credit arising during the period, before tax | 1,223 | |
Amortization of net gain included in net periodic benefit costs, before tax | -2,786 | -346 |
Amortization of prior service credit included in net periodic benefit costs, before tax | -2,888 | -416 |
Curtailment gain reclassified to net periodic benefit costs | -11,867 | |
Settlement gain reclassified to net periodic benefit costs, before tax | -288 | |
Unrealized net gain on marketable securities before tax: | ||
Unrealized net holding gain arising during the period, before tax | 1,352 | 3,310 |
Net holding gain reclassified to investment income, before tax | -6 | -7 |
Unrealized net gain (loss) from equity method investees' cash flow hedge, before tax: | ||
Unrealized net holding loss arising during the period, before tax | -592 | -53 |
Net holding loss reclassified to equity in (earnings) losses of non-consolidated entities, before tax | 200 | 215 |
Other comprehensive income loss, before tax: | -14,125 | 2,975 |
Foreign currency translation adjustment, tax: | ||
Foreign currency translation adjustment, tax | -624 | -106 |
Pension and other benefit adjustments, tax: | ||
Net loss arising during the period, tax | 28 | |
Prior service credit arising during the period, tax | -477 | |
Amortization of net gain included in net periodic benefit costs, tax | 1,087 | 135 |
Amortization of prior service credit included in net periodic benefit costs, tax | 1,126 | 162 |
Curtailment gain reclassified to net periodic benefit costs, tax | 4,628 | |
Settlement gain reclassified to net periodic benefit costs, tax | 113 | |
Unrealized net gain on marketable securities, tax: | ||
Unrealized holding gain arising during the period, tax | -527 | -1,291 |
Net holding gain reclassified to investment income, tax | 2 | 3 |
Unrealized net gain (loss) from equity method investees' cash flow hedge, tax: | ||
Unrealized net holding loss arising during the period, tax | 231 | 21 |
Net holding loss reclassified to equity in (earnings) losses of non-consolidated entities, tax | -78 | -84 |
Other comprehensive income (loss), tax | 5,509 | -1,160 |
Foreign currency translation adjustment, net of tax: | ||
Foreign currency translation adjustment, net of tax | 976 | 166 |
Pension and other benefit adjustments net of tax: | ||
Net loss arising during the period, net of tax | -45 | |
Prior service credit arising during the period, net of tax | 746 | |
Amortization of net gain included in net periodic benefit costs, net of tax | -1,699 | -211 |
Amortization of prior service credit included in net periodic benefit costs, net of tax | -1,762 | -254 |
Curtailment gain reclassified to net periodic benefit costs, net of tax | -7,239 | |
Settlement gain reclassified to net periodic benefit costs, net of tax | -175 | |
Unrealized net gain on marketable securities, net of tax: | ||
Unrealized net holding gain arising during the period, net of tax | 825 | 2,019 |
Net holding gain reclassified to investment income, net of tax | -4 | -4 |
Unrealized net gain (loss) from equity method investees' cash flow hedge, net o tax: | ||
Unrealized net holding loss arising during the period, net of tax | -361 | -32 |
Net holding loss reclassified to equity in (earnings) losses of non-consolidated entities, net of tax | 122 | 131 |
Other comprehensive income (loss) | ($8,616) | $1,815 |
ACCUMULATED_OTHER_COMPREHENSIV4
ACCUMULATED OTHER COMPREHENSIVE INCOME (Details3) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Pension and other benefit adjustments, before tax: | ||
Amortization of net gain included in net periodic benefit costs, before tax | ($2,786) | ($346) |
Amortization of prior service credit included in net periodic benefit costs, before tax | -2,888 | -416 |
Curtailment gain reclassified to net periodic benefit costs | -11,867 | |
Settlement gain reclassified to net periodic benefit costs, before tax | -288 | |
Other comprehensive income loss, before tax: | -14,125 | 2,975 |
Income tax expense | 3,930 | -3,100 |
Other comprehensive income (loss) | -8,616 | 1,815 |
Unrealized net gain on marketable securities before tax: | ||
Net holding gain reclassified to investment income, before tax | -6 | -7 |
Other comprehensive income loss, before tax: | -14,125 | 2,975 |
Income tax expense | 3,930 | -3,100 |
Other comprehensive income (loss) | -8,616 | 1,815 |
Unrealized net gain (loss) from equity method investees' cash flow hedge, before tax: | ||
Net holding loss reclassified to equity in (earnings) losses of non-consolidated entities, before tax | 200 | 215 |
Other comprehensive income loss, before tax: | -14,125 | 2,975 |
Income tax expense | 3,930 | -3,100 |
Other comprehensive income (loss) | -8,616 | 1,815 |
Other comprehensive income (loss) | -8,616 | 1,815 |
Net of tax | ||
Pension and other benefit adjustments, before tax: | ||
Other comprehensive income (loss) | -10,757 | -338 |
Unrealized net gain on marketable securities before tax: | ||
Other comprehensive income (loss) | -10,757 | -338 |
Unrealized net gain (loss) from equity method investees' cash flow hedge, before tax: | ||
Other comprehensive income (loss) | -10,757 | -338 |
Other comprehensive income (loss) | -10,757 | -338 |
Pension and Other Benefits | ||
Pension and other benefit adjustments, before tax: | ||
Other comprehensive income (loss) | -10,174 | -465 |
Unrealized net gain on marketable securities before tax: | ||
Other comprehensive income (loss) | -10,174 | -465 |
Unrealized net gain (loss) from equity method investees' cash flow hedge, before tax: | ||
Other comprehensive income (loss) | -10,174 | -465 |
Other comprehensive income (loss) | -10,174 | -465 |
Pension and Other Benefits | General and administrative: Other | ||
Pension and other benefit adjustments, before tax: | ||
Amortization of net gain included in net periodic benefit costs, before tax | -2,786 | -346 |
Amortization of prior service credit included in net periodic benefit costs, before tax | -2,888 | -416 |
Curtailment gain reclassified to net periodic benefit costs | -11,867 | |
Settlement gain reclassified to net periodic benefit costs, before tax | -288 | |
Pension and Other Benefits | Total before tax | ||
Pension and other benefit adjustments, before tax: | ||
Other comprehensive income loss, before tax: | -17,829 | -762 |
Unrealized net gain on marketable securities before tax: | ||
Other comprehensive income loss, before tax: | -17,829 | -762 |
Unrealized net gain (loss) from equity method investees' cash flow hedge, before tax: | ||
Other comprehensive income loss, before tax: | -17,829 | -762 |
Pension and Other Benefits | Tax expense | ||
Pension and other benefit adjustments, before tax: | ||
Income tax expense | 6,954 | 297 |
Unrealized net gain on marketable securities before tax: | ||
Income tax expense | 6,954 | 297 |
Unrealized net gain (loss) from equity method investees' cash flow hedge, before tax: | ||
Income tax expense | 6,954 | 297 |
Pension and Other Benefits | Net of tax | ||
Pension and other benefit adjustments, before tax: | ||
Other comprehensive income (loss) | -10,875 | -465 |
Unrealized net gain on marketable securities before tax: | ||
Other comprehensive income (loss) | -10,875 | -465 |
Unrealized net gain (loss) from equity method investees' cash flow hedge, before tax: | ||
Other comprehensive income (loss) | -10,875 | -465 |
Other comprehensive income (loss) | -10,875 | -465 |
Unrealized Gains on Marketable Securities | ||
Pension and other benefit adjustments, before tax: | ||
Other comprehensive income (loss) | 821 | 2,015 |
Unrealized net gain on marketable securities before tax: | ||
Other comprehensive income (loss) | 821 | 2,015 |
Unrealized net gain (loss) from equity method investees' cash flow hedge, before tax: | ||
Other comprehensive income (loss) | 821 | 2,015 |
Other comprehensive income (loss) | 821 | 2,015 |
Unrealized Gains on Marketable Securities | Investment income | ||
Unrealized net gain on marketable securities before tax: | ||
Net holding gain reclassified to investment income, before tax | -6 | -7 |
Unrealized Gains on Marketable Securities | Total before tax | ||
Pension and other benefit adjustments, before tax: | ||
Other comprehensive income loss, before tax: | -6 | -7 |
Unrealized net gain on marketable securities before tax: | ||
Other comprehensive income loss, before tax: | -6 | -7 |
Unrealized net gain (loss) from equity method investees' cash flow hedge, before tax: | ||
Other comprehensive income loss, before tax: | -6 | -7 |
Unrealized Gains on Marketable Securities | Tax expense | ||
Pension and other benefit adjustments, before tax: | ||
Income tax expense | 2 | 3 |
Unrealized net gain on marketable securities before tax: | ||
Income tax expense | 2 | 3 |
Unrealized net gain (loss) from equity method investees' cash flow hedge, before tax: | ||
Income tax expense | 2 | 3 |
Unrealized Gains on Marketable Securities | Net of tax | ||
Pension and other benefit adjustments, before tax: | ||
Other comprehensive income (loss) | -4 | -4 |
Unrealized net gain on marketable securities before tax: | ||
Other comprehensive income (loss) | -4 | -4 |
Unrealized net gain (loss) from equity method investees' cash flow hedge, before tax: | ||
Other comprehensive income (loss) | -4 | -4 |
Other comprehensive income (loss) | -4 | -4 |
Unrealized Gain from Equity Method Investees' Cash Flow Hedge | ||
Pension and other benefit adjustments, before tax: | ||
Other comprehensive income (loss) | -239 | 99 |
Unrealized net gain on marketable securities before tax: | ||
Other comprehensive income (loss) | -239 | 99 |
Unrealized net gain (loss) from equity method investees' cash flow hedge, before tax: | ||
Other comprehensive income (loss) | -239 | 99 |
Other comprehensive income (loss) | -239 | 99 |
Unrealized Gain from Equity Method Investees' Cash Flow Hedge | Equity in (Earnings) Losses of Non-consolidated Entities | ||
Unrealized net gain (loss) from equity method investees' cash flow hedge, before tax: | ||
Net holding loss reclassified to equity in (earnings) losses of non-consolidated entities, before tax | 200 | 215 |
Unrealized Gain from Equity Method Investees' Cash Flow Hedge | Total before tax | ||
Pension and other benefit adjustments, before tax: | ||
Other comprehensive income loss, before tax: | 200 | 215 |
Unrealized net gain on marketable securities before tax: | ||
Other comprehensive income loss, before tax: | 200 | 215 |
Unrealized net gain (loss) from equity method investees' cash flow hedge, before tax: | ||
Other comprehensive income loss, before tax: | 200 | 215 |
Unrealized Gain from Equity Method Investees' Cash Flow Hedge | Tax expense | ||
Pension and other benefit adjustments, before tax: | ||
Income tax expense | -78 | -84 |
Unrealized net gain on marketable securities before tax: | ||
Income tax expense | -78 | -84 |
Unrealized net gain (loss) from equity method investees' cash flow hedge, before tax: | ||
Income tax expense | -78 | -84 |
Unrealized Gain from Equity Method Investees' Cash Flow Hedge | Net of tax | ||
Pension and other benefit adjustments, before tax: | ||
Other comprehensive income (loss) | 122 | 131 |
Unrealized net gain on marketable securities before tax: | ||
Other comprehensive income (loss) | 122 | 131 |
Unrealized net gain (loss) from equity method investees' cash flow hedge, before tax: | ||
Other comprehensive income (loss) | 122 | 131 |
Other comprehensive income (loss) | $122 | $131 |
EMPLOYEE_BENEFIT_PLANS_Details
EMPLOYEE BENEFIT PLANS (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Employee benefit plan disclosures | ||
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 | |
Targeted payment to associates | $4,300,000 | |
Components of net periodic benefit cost: | ||
Net periodic benefit cost (credit) | -17,917,000 | -855,000 |
Pension Benefits | ||
Components of net periodic benefit cost: | ||
Interest cost | 1,069,000 | 1,152,000 |
Expected return on plan assets | -1,166,000 | -1,307,000 |
Amortization of net (gain) loss | 11,000 | -259,000 |
Settlement (gain) loss | 287,000 | |
Net periodic benefit cost (credit) | 201,000 | -414,000 |
Other Benefits | ||
Components of net periodic benefit cost: | ||
Service cost | 2,000 | 9,000 |
Interest cost | 7,000 | 53,000 |
Amortization of net (gain) loss | -2,797,000 | -87,000 |
Amortization of prior service credit | -2,888,000 | -416,000 |
Curtailment gain | 11,867,000 | |
Settlement (gain) loss | -575,000 | |
Net periodic benefit cost (credit) | ($18,118,000) | ($441,000) |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Details) (Screenvision, LLC, NCM LLC, USD $) | 0 Months Ended | 3 Months Ended | ||
Mar. 16, 2015 | Mar. 31, 2015 | Mar. 16, 2015 | 5-May-14 | |
Screenvision, LLC | NCM LLC | ||||
Commitments and contingencies line items | ||||
Total transaction value | $375,000,000 | |||
Termination fee | 26,840,000 | 26,840,000 | ||
Estimated legal and other transaction expense | 14,060,000 | |||
Ownership percentage | 15.05% | 15.05% | ||
Transaction expenses | $6,100,000 |
EARNINGS_LOSS_PER_SHARE_Detail
EARNINGS (LOSS) PER SHARE (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Numerator: | ||
Earnings (loss) from continuing operations | $6,138 | ($4,842) |
Denominator (shares in thousands): | ||
Weighted average shares for basic earnings (loss) per common share | 97,919,000 | 97,390,000 |
Shares for diluted earnings (loss) per common share | 97,919,000 | 97,390,000 |
Basic earnings (loss) from continuing operations per common share (in dollars per share) | $0.06 | ($0.05) |
Diluted earnings (loss) from continuing operations per common share (in dollars per share) | $0.06 | ($0.05) |
Restricted stock unit | ||
Denominator (shares in thousands): | ||
Anti-dilutive securities not included in the computations of diluted earnings per share (in shares) | 58,749 | |
Performance Vesting | ||
Denominator (shares in thousands): | ||
Anti-dilutive securities not included in the computations of diluted earnings per share (in shares) | 43,062 |
SUBSEQUENT_EVENT_Details
SUBSEQUENT EVENT (Details) (USD $) | 0 Months Ended |
Apr. 27, 2015 | |
Class A common stock | |
Subsequent Event | |
Cash dividend declared (in dollars per share) | $0.20 |
Class B common stock | |
Subsequent Event | |
Cash dividend declared (in dollars per share) | $0.20 |