Document_and_Entity_Informatio
Document and Entity Information | 12 Months Ended |
Dec. 31, 2013 | |
Document and Entity Information | ' |
Entity Registrant Name | 'AMC ENTERTAINMENT INC |
Entity Central Index Key | '0000722077 |
Document Type | 'S-4 |
Document Period End Date | 31-Dec-13 |
Amendment Flag | 'false |
Entity Filer Category | 'Non-accelerated Filer |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 4 Months Ended | 12 Months Ended | 5 Months Ended | 12 Months Ended |
Dec. 31, 2012 | Dec. 31, 2013 | Aug. 30, 2012 | Mar. 29, 2012 | |
Predecessor | Predecessor | |||
Revenues | ' | ' | ' | ' |
Admissions | $548,632,000 | $1,847,327,000 | $816,031,000 | $1,721,295,000 |
Food and beverage | 229,739,000 | 786,912,000 | 342,130,000 | 689,680,000 |
Other theatre | 33,121,000 | 115,189,000 | 47,911,000 | 111,002,000 |
Total revenues | 811,492,000 | 2,749,428,000 | 1,206,072,000 | 2,521,977,000 |
Operating costs and expenses | ' | ' | ' | ' |
Film exhibition costs | 291,561,000 | 976,912,000 | 436,539,000 | 916,054,000 |
Food and beverage costs | 30,545,000 | 107,325,000 | 47,326,000 | 93,581,000 |
Operating expense | 230,434,000 | 726,641,000 | 297,328,000 | 696,783,000 |
Rent | 143,374,000 | 451,828,000 | 189,086,000 | 445,326,000 |
General and administrative: | ' | ' | ' | ' |
Merger, acquisition and transaction costs | 3,366,000 | 2,883,000 | 172,000 | 2,622,000 |
Management fee | ' | ' | 2,500,000 | 5,000,000 |
Other | 29,110,000 | 97,288,000 | 27,025,000 | 51,776,000 |
Depreciation and amortization | 71,633,000 | 197,537,000 | 80,971,000 | 212,817,000 |
Impairment of long-lived assets | ' | ' | ' | 285,000 |
Operating costs and expenses | 800,023,000 | 2,560,414,000 | 1,080,947,000 | 2,424,244,000 |
Operating income (loss) | 11,469,000 | 189,014,000 | 125,125,000 | 97,733,000 |
Other expense (income) | ' | ' | ' | ' |
Other expense (income) | 49,000 | -1,415,000 | 960,000 | 1,402,000 |
Interest expense: | ' | ' | ' | ' |
Corporate borrowings | 45,259,000 | 129,963,000 | 67,614,000 | 161,645,000 |
Capital and financing lease obligations | 1,873,000 | 10,264,000 | 2,390,000 | 5,968,000 |
Equity in (earnings) losses of non-consolidated entities | 2,480,000 | -47,435,000 | -7,545,000 | -12,559,000 |
Investment expense (income) | 290,000 | -2,084,000 | -41,000 | 17,641,000 |
Total other expense | 49,951,000 | 89,293,000 | 63,378,000 | 174,097,000 |
Earnings (loss) from continuing operations before income taxes | -38,482,000 | 99,721,000 | 61,747,000 | -76,364,000 |
Income tax provision (benefit) | 3,500,000 | -263,383,000 | 2,500,000 | 2,015,000 |
Earnings (loss) from continuing operations | -41,982,000 | 363,104,000 | 59,247,000 | -78,379,000 |
Earnings (loss) from discontinued operations, net of income taxes | -688,000 | 1,296,000 | 35,153,000 | -3,609,000 |
Net earnings (loss) | ($42,670,000) | $364,400,000 | $94,400,000 | ($81,988,000) |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 4 Months Ended | 12 Months Ended | 5 Months Ended | 12 Months Ended |
Dec. 31, 2012 | Dec. 31, 2013 | Aug. 30, 2012 | Mar. 29, 2012 | |
Predecessor | Predecessor | |||
Net earnings (loss) | ($42,670,000) | $364,400,000 | $94,400,000 | ($81,988,000) |
Foreign currency translation adjustment, net of tax | -530,000 | 179,000 | 11,935,000 | 2,465,000 |
Pension and other benefit adjustments: | ' | ' | ' | ' |
Net gain (loss) arising during the period, net of tax | 7,279,000 | 4,510,000 | ' | -18,939,000 |
Prior service credit arising during the period, net of tax | ' | 9,271,000 | 771,000 | 1,035,000 |
Amortization of net (gains) loss included in net periodic benefit costs, net of tax | ' | -78,000 | 987,000 | 5,000 |
Amortization of prior service credit included in net periodic benefit costs, net of tax | ' | ' | -448,000 | -984,000 |
Settlement, net of tax | -15,000 | ' | ' | ' |
Unrealized gain (loss) on marketable securities: | ' | ' | ' | ' |
Unrealized holding gain (loss) arising during the period, net of tax | 1,915,000 | -1,622,000 | -4,167,000 | -17,490,000 |
Less: reclassification adjustment for (gains) loss included in investment expense (income), net of tax | -2,000 | 925,000 | -44,000 | 17,696,000 |
Unrealized gain from equity method investees' cash flow hedge, net of tax: | ' | ' | ' | ' |
Unrealized holding gains arising during the period, net of tax | 797,000 | 2,085,000 | ' | ' |
Holding gains reclassified to equity in earnings of non-consolidated entities | ' | -510,000 | ' | ' |
Other comprehensive income (loss) | 9,444,000 | 14,760,000 | 9,034,000 | -16,212,000 |
Total comprehensive income (loss) | ($33,226,000) | $379,160,000 | $103,434,000 | ($98,200,000) |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and equivalents | $544,311 | $130,928 |
Receivables, net | 106,148 | 97,108 |
Deferred tax asset | 110,097 | ' |
Other current assets | 80,824 | 70,627 |
Total current assets | 841,380 | 298,663 |
Property, net | 1,179,754 | 1,147,959 |
Intangible assets, net | 234,319 | 243,180 |
Goodwill | 2,291,943 | 2,251,296 |
Deferred tax asset | 96,824 | ' |
Other long-term assets | 402,504 | 332,740 |
Total assets | 5,046,724 | 4,273,838 |
Current liabilities: | ' | ' |
Accounts payable | 268,163 | 226,220 |
Accrued expenses and other liabilities | 170,920 | 155,286 |
Deferred revenues and income | 202,833 | 171,122 |
Current maturities of corporate borrowings and capital and financing lease obligations | 16,080 | 14,280 |
Total current liabilities | 657,996 | 566,908 |
Corporate borrowings | 2,069,672 | 2,070,671 |
Capital and financing lease obligations | 109,258 | 116,369 |
Exhibitor services agreement | 329,913 | 318,154 |
Deferred tax liability | ' | 47,433 |
Other long-term liabilities | 370,946 | 385,718 |
Total liabilities | 3,537,785 | 3,505,253 |
Commitments and contingencies | ' | ' |
Stockholder's equity: | ' | ' |
Common Stock, 1 share issued with $0.01 par value | ' | ' |
Additional paid-in capital | 1,163,593 | 801,811 |
Accumulated other comprehensive income | 24,204 | 9,444 |
Accumulated earnings (deficit) | 321,142 | -42,670 |
Total stockholder's equity | 1,508,939 | 768,585 |
Total liabilities and stockholder's equity | $5,046,724 | $4,273,838 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
CONSOLIDATED BALANCE SHEETS | ' | ' |
Common stock, share issued (in shares) | 1 | 1 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 4 Months Ended | 12 Months Ended | 5 Months Ended | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 30, 2012 | Mar. 29, 2012 | |
NCM Inc. | AC JV, LLC | Predecessor | Predecessor | |||
Cash flows from operating activities: | ' | ' | ' | ' | ' | ' |
Net earnings (loss) | ($42,670,000) | $364,400,000 | ' | ' | $94,400,000 | ($81,988,000) |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | 71,633,000 | 197,537,000 | ' | ' | 81,234,000 | 214,029,000 |
Deferred income taxes | 3,020,000 | -266,598,000 | ' | ' | ' | ' |
Impairment of assets | ' | ' | ' | ' | ' | 285,000 |
(Gain) loss on extinguishment and modification of debt | ' | -422,000 | ' | ' | ' | 538,000 |
Amortization of discount (premium) on corporate borrowings | -3,219,000 | -12,687,000 | ' | ' | 967,000 | 1,336,000 |
Impairment of marketable equity security. investment | ' | 1,370,000 | ' | ' | ' | 17,751,000 |
Theatre and other closure expense | 2,381,000 | 5,823,000 | ' | ' | 11,753,000 | 7,449,000 |
Stock based compensation | ' | 12,000,000 | ' | ' | 830,000 | 1,962,000 |
(Gain) loss on dispositions | 73,000 | -2,876,000 | ' | ' | -48,245,000 | -580,000 |
Equity in earnings and losses from non-consolidated entities, net of distributions | 12,707,000 | -19,611,000 | ' | ' | -495,000 | 20,553,000 |
Change in assets and liabilities: | ' | ' | ' | ' | ' | ' |
Receivables | -66,615,000 | -3,365,000 | ' | ' | 11,766,000 | -18,937,000 |
Other assets | -35,138,000 | -8,915,000 | ' | ' | 36,770,000 | -4,693,000 |
Accounts payable | 69,029,000 | 64,215,000 | ' | ' | -58,027,000 | 26,747,000 |
Accrued expenses and other liabilities | 63,288,000 | 14,822,000 | ' | ' | -50,473,000 | 22,589,000 |
Other, net | -597,000 | 11,649,000 | ' | ' | -983,000 | -9,714,000 |
Net cash provided by operating activities | 73,892,000 | 357,342,000 | ' | ' | 79,497,000 | 197,327,000 |
Cash flows from investing activities: | ' | ' | ' | ' | ' | ' |
Capital expenditures | -72,774,000 | -260,823,000 | ' | ' | -40,116,000 | -139,359,000 |
Merger, net of cash acquired | 3,110,000 | ' | ' | ' | ' | ' |
Acquisition of Rave theatres, net of cash acquired | -87,555,000 | -1,128,000 | ' | ' | ' | ' |
Proceeds from disposition of long-term assets | 90,000 | 3,880,000 | ' | ' | 7,291,000 | 1,474,000 |
Investments in non-consolidated entities, net | -1,194,000 | -3,265,000 | ' | ' | 1,589,000 | -26,880,000 |
Proceeds from sale/leaseback of digital projection equipment | ' | ' | ' | ' | ' | 953,000 |
Other, net | -575,000 | -7,448,000 | ' | ' | 205,000 | 98,000 |
Net cash used in investing activities | -158,898,000 | -268,784,000 | ' | ' | -31,031,000 | -163,714,000 |
Cash flows from financing activities: | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of Term Loan due 2020 | ' | 773,063,000 | ' | ' | ' | ' |
Capital contribution from Holdings | ' | 355,580,000 | ' | ' | ' | ' |
Repayment of Term Loan due 2016 | ' | -464,088,000 | ' | ' | ' | ' |
Repayment of Term Loan due 2018 | ' | -296,250,000 | ' | ' | ' | ' |
Proceeds from issuance of Term Loan due 2018 | ' | ' | ' | ' | ' | 297,000,000 |
Repayment of Term Loan due 2013 | ' | ' | ' | ' | ' | -140,657,000 |
Repurchase of Senior Subordinated Notes due 2014 | ' | ' | ' | ' | -191,035,000 | -108,965,000 |
Principal payments under Term Loan | -4,002,000 | -7,813,000 | ' | ' | -4,002,000 | -4,875,000 |
Principal payments under capital and financing lease obligations | -875,000 | -6,446,000 | ' | ' | -1,298,000 | -3,422,000 |
Capital contribution from Wanda | 100,000,000 | ' | ' | ' | ' | ' |
Deferred financing costs | ' | -9,126,000 | ' | ' | -2,378,000 | -6,002,000 |
Change in construction payables | 22,487,000 | -19,404,000 | ' | ' | -23,575,000 | 13,512,000 |
Dividends paid to Holdings | ' | -588,000 | ' | ' | ' | -109,581,000 |
Net cash provided by (used in) financing activities | 117,610,000 | 324,928,000 | ' | ' | -222,288,000 | -62,990,000 |
Effect of exchange rate changes on cash and equivalents | -207,000 | -103,000 | ' | ' | 16,000 | 556,000 |
Net increase (decrease) in cash and equivalents | 32,397,000 | 413,383,000 | ' | ' | -173,806,000 | -28,821,000 |
Cash and equivalents at beginning of period | 98,531,000 | 130,928,000 | ' | ' | 272,337,000 | 301,158,000 |
Cash and equivalents at end of period | 130,928,000 | 544,311,000 | ' | ' | 98,531,000 | 272,337,000 |
Cash paid (refunded) during the period for: | ' | ' | ' | ' | ' | ' |
Interest (including amounts capitalized of $511, $0 and $14) | 68,794,000 | 152,220,000 | ' | ' | 78,789,000 | 159,527,000 |
Income taxes, net | 10,088,000 | 1,646,000 | ' | ' | 828,000 | 807,000 |
Schedule of non-cash investing and financing activities: | ' | ' | ' | ' | ' | ' |
Non-cash portion of investments in non-consolidated affiliates (See Note 7-Investments) | ' | ' | $26,315,000 | $8,333,000 | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) | 4 Months Ended | 12 Months Ended | 5 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 30, 2012 |
Predecessor | |||
Interest, capitalized | $0 | $511 | $14 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDER'S EQUITY (USD $) | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Earnings (Deficit) | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor |
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Earnings (Deficit) | |
USD ($) | USD ($) | USD ($) | ||||||||
Balance at Mar. 31, 2011 | ' | ' | ' | ' | ' | $360,159 | ' | $551,955 | ($3,991) | ($187,805) |
Balance (in shares) at Mar. 31, 2011 | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings (loss) | ' | ' | ' | ' | ' | -81,988 | ' | ' | ' | -81,988 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | -16,212 | ' | ' | -16,212 | ' |
Stock based compensation, net of shares surrendered for taxes | ' | ' | ' | ' | ' | 1,962 | ' | 1,962 | ' | ' |
Dividends to Holdings | ' | ' | ' | ' | ' | -109,581 | ' | -109,581 | ' | ' |
Balance at Mar. 29, 2012 | ' | ' | ' | ' | ' | 154,340 | ' | 444,336 | -20,203 | -269,793 |
Balance (in shares) at Mar. 29, 2012 | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings (loss) | ' | ' | ' | ' | ' | 94,400 | ' | ' | ' | 94,400 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | 9,034 | ' | ' | 9,034 | ' |
Stock based compensation, net of shares surrendered for taxes | ' | ' | ' | ' | ' | 830 | ' | 830 | ' | ' |
Balance at Aug. 30, 2012 | ' | ' | ' | ' | ' | 258,604 | ' | 445,166 | -11,169 | -175,393 |
Balance (in shares) at Aug. 30, 2012 | ' | 1 | ' | ' | ' | ' | 1 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings (loss) | -42,670 | ' | ' | ' | -42,670 | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | 9,444 | ' | ' | 9,444 | ' | ' | ' | ' | ' | ' |
Merger consideration | 701,811 | ' | 701,811 | ' | ' | ' | ' | ' | ' | ' |
Capital contribution from Holdings | 100,000 | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2012 | 768,585 | ' | 801,811 | 9,444 | -42,670 | ' | ' | ' | ' | ' |
Balance (in shares) at Dec. 31, 2012 | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings (loss) | 364,400 | ' | ' | ' | 364,400 | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | 14,760 | ' | ' | 14,760 | ' | ' | ' | ' | ' | ' |
Stock based compensation, net of shares surrendered for taxes | 6,483 | ' | 6,483 | ' | ' | ' | ' | ' | ' | ' |
Dividends to Holdings | -588 | ' | ' | ' | -588 | ' | ' | ' | ' | ' |
Capital contribution from Holdings | 355,299 | ' | 355,299 | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2013 | $1,508,939 | ' | $1,163,593 | $24,204 | $321,142 | ' | ' | ' | ' | ' |
Balance (in shares) at Dec. 31, 2013 | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' |
THE_COMPANY_AND_SIGNIFICANT_AC
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | ' | |||||||||||||||
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | ' | |||||||||||||||
NOTE 1—THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||
AMC Entertainment® Inc. ("AMCE" or the "Company") is an intermediate holding company, which, through its direct and indirect subsidiaries, including American Multi-Cinema, Inc. ("OpCo") and its subsidiaries, (collectively with AMCE, 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. AMCE is a wholly owned subsidiary of AMC Entertainment Holdings, Inc. ("Holdings"). | ||||||||||||||||
Initial Public Offering of Holdings: On December 23, 2013, Holdings completed its initial public offering ("IPO") of 18,421,053 shares of Class A common stock at a price of $18.00 per share. In connection with the IPO, the underwriters exercised in full their option to purchase an additional 2,631,579 shares of Class A common stock. As a result, the total IPO size was 21,052,632 shares of Class A common stock and the net proceeds to Holdings were approximately $355,299,000 after deducting underwriting discounts and commissions and offering expenses. The net IPO proceeds of approximately $355,580,000, were contributed by Holdings to AMCE. | ||||||||||||||||
Wanda owns approximately 77.87% of Holdings' outstanding common stock and 91.35% of the combined voting power of Holdings' outstanding common stock as of December 31, 2013 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), the entering into of mergers, sales of substantially all of the Company's assets and other extraordinary transactions. | ||||||||||||||||
Wanda Merger: Prior to the IPO, Wanda acquired Holdings, on August 30, 2012, through a merger between Holdings and Wanda Film Exhibition Co. Ltd. ("Merger Subsidiary"), a wholly-owned indirect subsidiary of Wanda, whereby Merger Subsidiary merged with and into Holdings with Holdings continuing as the surviving corporation and as a then wholly-owned indirect subsidiary of Wanda (the "Merger"). A change of control of the Company occurred pursuant to the Merger. Prior to the Merger, Holdings was owned by J.P. Morgan Partners, LLC and certain related investment funds, Apollo Management, L.P. and certain related investment funds, affiliates of Bain Capital Partners, The Carlyle Group and Spectrum Equity Investors ("Spectrum") (collectively the "Sponsors"). The Merger consideration totaled $701,811,000, with $700,000,000 invested by Wanda and $1,811,000 invested by members of management. The estimated transaction value was approximately $2,748,018,000. Wanda acquired cash, corporate borrowings and capital and financing lease obligations in connection with the Merger. Funding for the Merger consideration was obtained by Merger Subsidiary pursuant to bank borrowings and cash contributed by Wanda. | ||||||||||||||||
In connection with the change of control due to the Merger, the Company's assets and liabilities were adjusted to fair value on the closing date of the Merger by application of "push down" accounting. As a result of the application of "push down" accounting in connection with the Merger, the Company's financial statement presentations herein distinguish between a predecessor period, ("Predecessor"), for periods prior to the Merger and a successor period, ("Successor"), for periods subsequent to the Merger. The Successor applied "push down" accounting and its financial statements reflect a new basis of accounting that is based on the fair value of assets acquired and liabilities assumed as of the Merger date, August 30, 2012. The consolidated financial statements presented herein are those of Successor from its inception on August 31, 2012 through December 31, 2013, and those of Predecessor for all periods prior to the Merger date. As a result of the application of "push down" accounting at the time of the Merger, the financial statements for the Predecessor period and for the Successor period are presented on different bases and are, therefore, not comparable. See Note 2—Merger for additional information regarding the Merger. | ||||||||||||||||
Use of Estimates: The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are used for, but not limited to: (1) Impairments, (2) Film exhibition costs, (3) Income and operating taxes, (4) Theatre and other closure expense, and (5) Gift card and packaged ticket breakage. Actual results could differ from those estimates. | ||||||||||||||||
Principles of Consolidation: The consolidated financial statements include the accounts of AMCE and all subsidiaries, as discussed above. All significant intercompany balances and transactions have been eliminated in consolidation. There are no noncontrolling (minority) interests in the Company's consolidated subsidiaries; consequently, all of its stockholder's equity, net earnings (loss) and comprehensive income (loss) for the periods presented are attributable to controlling interests. | ||||||||||||||||
Fiscal Year: On November 15, 2012, the Company changed its fiscal year to a calendar year ending on December 31st of each year. Prior to the change, the Company had a 52/53 week fiscal year ending on the Thursday closest to the last day of March. All references to "fiscal year", unless otherwise noted, refer to the fifty-two week fiscal year, which ended on the Thursday closest to the last day of March. The consolidated financial statements include the transition period of March 30, 2012 through December 31, 2012 ("Transition Period"). | ||||||||||||||||
For comparative purposes to the prior year Transition Period, the Consolidated Statements of Operations for the period April 1, 2011 through December 29, 2011 are presented as follows: | ||||||||||||||||
(In thousands) | (Unaudited) | |||||||||||||||
39 Weeks Ended | ||||||||||||||||
December 29, 2011 | ||||||||||||||||
(Predecessor) | ||||||||||||||||
Revenues | ||||||||||||||||
Admissions | $ | 1,295,469 | ||||||||||||||
Food and beverage | 518,081 | |||||||||||||||
Other theatre | 71,984 | |||||||||||||||
| | | | | ||||||||||||
Total revenues | 1,885,534 | |||||||||||||||
| | | | | ||||||||||||
Operating costs and expenses | ||||||||||||||||
Film exhibition costs | 694,863 | |||||||||||||||
Food and beverage costs | 70,961 | |||||||||||||||
Operating expense | 525,431 | |||||||||||||||
Rent | 334,607 | |||||||||||||||
General and administrative: | ||||||||||||||||
Merger, acquisition and transaction costs | 1,179 | |||||||||||||||
Management fee | 3,750 | |||||||||||||||
Other | 36,065 | |||||||||||||||
Depreciation and amortization | 155,970 | |||||||||||||||
| | | | | ||||||||||||
Operating costs and expenses | 1,822,826 | |||||||||||||||
| | | | | ||||||||||||
Operating income | 62,708 | |||||||||||||||
Other expense (income) | ||||||||||||||||
Other expense | 377 | |||||||||||||||
Interest expense: | ||||||||||||||||
Corporate borrowings | 120,265 | |||||||||||||||
Capital and financing lease obligations | 4,480 | |||||||||||||||
Equity in earnings of non-consolidated entities | (1,864 | ) | ||||||||||||||
Investment expense | 17,666 | |||||||||||||||
| | | | | ||||||||||||
Total other expense | 140,924 | |||||||||||||||
| | | | | ||||||||||||
Loss from continuing operations before income taxes | (78,216 | ) | ||||||||||||||
Income tax provision | 1,510 | |||||||||||||||
| | | | | ||||||||||||
Loss from continuing operations | (79,726 | ) | ||||||||||||||
Loss from discontinued operations, net of income taxes | (2,989 | ) | ||||||||||||||
| | | | | ||||||||||||
Net loss | $ | (82,715 | ) | |||||||||||||
| | | | | ||||||||||||
| | | | | ||||||||||||
Consolidated Statement of Comprehensive Loss | ||||||||||||||||
Net loss | $ | (82,715 | ) | |||||||||||||
Foreign currency translation adjustment, net of tax | 4,837 | |||||||||||||||
Pension and other benefit adjustments: | ||||||||||||||||
Amortization of net loss included in net periodic benefit costs, net of tax | 4 | |||||||||||||||
Amortization or prior service credit included in net periodic benefit costs, net of tax | (668 | ) | ||||||||||||||
Unrealized loss on marketable securities: | ||||||||||||||||
Unrealized holding loss arising during the period, net of tax | (23,791 | ) | ||||||||||||||
Less: reclassification adjustment for loss included in investment expense, net of tax | 17,724 | |||||||||||||||
| | | | | ||||||||||||
Other comprehensive loss | (1,894 | ) | ||||||||||||||
| | | | | ||||||||||||
Total comprehensive loss | $ | (84,609 | ) | |||||||||||||
| | | | | ||||||||||||
| | | | | ||||||||||||
Consolidated Statement of Cash Flows | (Unaudited) | |||||||||||||||
(In thousands) | 39 Weeks Ended | |||||||||||||||
December 29, 2011 | ||||||||||||||||
(Predecessor) | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net loss | $ | (82,715 | ) | |||||||||||||
Adjustment to reconcile net loss to net cash provided by operating activities: | ||||||||||||||||
Depreciation and amortization | 156,914 | |||||||||||||||
Impairment of RealD Inc. investment | 17,751 | |||||||||||||||
Theatre and other closure expense | 5,687 | |||||||||||||||
Loss on dispositions | 1,444 | |||||||||||||||
Stock-based compensation | 1,471 | |||||||||||||||
Equity in earnings from non-consolidated entities, net of distributions | 18,731 | |||||||||||||||
Change in assets and liabilities | ||||||||||||||||
Receivables | (46,862 | ) | ||||||||||||||
Other assets | (1,958 | ) | ||||||||||||||
Accounts payable | 38,266 | |||||||||||||||
Accrued expenses and other liabilities | 36,078 | |||||||||||||||
Other, net | (7,550 | ) | ||||||||||||||
| | | | | ||||||||||||
Net cash provided by operating activities | 137,257 | |||||||||||||||
| | | | | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Capital expenditures | (85,083 | ) | ||||||||||||||
Investments in non-consolidated entities, net | (23,835 | ) | ||||||||||||||
Other, net | 944 | |||||||||||||||
| | | | | ||||||||||||
Net cash used in investing activities | (107,974 | ) | ||||||||||||||
| | | | | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Principal payments under Term Loan | (3,250 | ) | ||||||||||||||
Principal payments under capital and financing lease obligations | (2,645 | ) | ||||||||||||||
Deferred financing costs | (667 | ) | ||||||||||||||
Change in construction payables | (1,298 | ) | ||||||||||||||
Dividends paid to Holdings | (109,581 | ) | ||||||||||||||
| | | | | ||||||||||||
Net cash used in financing activities | (117,441 | ) | ||||||||||||||
Effect of exchange rate changes on cash and equivalents | 520 | |||||||||||||||
| | | | | ||||||||||||
Net increase in cash and equivalents | (87,638 | ) | ||||||||||||||
Cash and equivalents at beginning of period | 301,158 | |||||||||||||||
| | | | | ||||||||||||
Cash and equivalents at end of period | $ | 213,520 | ||||||||||||||
| | | | | ||||||||||||
| | | | | ||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||||||||||||
Cash paid during the period for: | ||||||||||||||||
Interest | $ | 138,849 | ||||||||||||||
Income taxes, net | 802 | |||||||||||||||
Discontinued Operations: The results of operations for the Company's discontinued operations have been eliminated from the Company's continuing operations and classified as discontinued operations for each period presented within the Company's Consolidated Statements of Operations. See Note 4—Discontinued Operations for further information. | ||||||||||||||||
Revenues: Revenues are recognized when admissions and food and beverage sales are received at the theatres. The Company defers 100% of the revenue associated with the sales of gift cards and packaged tickets until such time as the items are redeemed or breakage income is recorded. In the fourth quarter of fiscal 2012, the Company changed its accounting method for recognizing gift card breakage income. Prior to the fourth quarter of fiscal 2012, the Company recognized breakage income when gift card redemptions were deemed remote and the Company determined that there was no legal obligation to remit the unredeemed gift cards to the relevant tax jurisdiction ("Remote Method"), which based on historical information was 18 months after the gift card was issued. In the fourth quarter of fiscal 2012, the Company accumulated a sufficient level of historical data from a large pool of homogeneous transactions to allow management to reasonably and objectively determine an estimated gift card breakage rate and the pattern of actual gift card redemptions. Accordingly during fiscal 2012, the Company changed its method for recording gift card breakage income to recognize breakage income and derecognize the gift card liability for unredeemed gift cards in proportion to actual redemptions of gift cards ("Proportional Method"). The Company recognizes breakage income for gift cards using the Proportional Method where it applies a breakage rate for its five gift card sales channels which ranges from 14% to 23% of the current month sales and the Company recognizes that total amount of breakage for that current month's sales as income over the next 24 months in proportion to the pattern of actual redemptions. The Company has determined its breakage rates and redemption patterns using data accumulated over ten years on a company-wide basis. Breakage for packaged tickets continues to be recognized as the redemption of these items is determined to be remote, that is if a ticket has not been used within 18 months after being purchased. During fiscal 2012, the Company recognized $32,633,000 of net gift card breakage income, of which $14,969,000 represented the adjustment related to the change from the Remote Method to the Proportional Method. Additionally, concurrent with the accounting change discussed above, the Company changed the presentation of gift card breakage income from other income to other theatre revenues during fiscal 2012, with conforming changes made for all prior periods presented. During the twelve months ended December 31, 2013, the period August 31, 2012 through December 31, 2012, the period March 30, 2012 through August 30, 2012, and the fifty-two weeks ended March 29, 2012, the Company recognized $19,510,000, $3,483,000, $7,776,000, and $32,633,000 of income, respectively, related to the derecognition of gift card liabilities which was recorded in other theatre revenues in the Consolidated Statements of Operations. | ||||||||||||||||
Film Exhibition Costs: Film exhibition costs are accrued based on the applicable box office receipts and estimates of the final settlement to the film licenses. Film exhibition costs include certain advertising costs. As of December 31, 2013 and December 31, 2012, the Company recorded film payables of $149,378,000 and $120,650,000, respectively, which are included in accounts payable in the accompanying Consolidated Balance Sheets. | ||||||||||||||||
Food and Beverage Costs: The Company records payments from vendors as a reduction of food and beverage costs when earned. | ||||||||||||||||
Screen Advertising: On March 29, 2005, the Company and Regal Entertainment Group ("Regal") combined their respective cinema screen advertising businesses into a joint venture company called National CineMedia, LLC ("NCM") and on July 15, 2005, Cinemark Holdings, Inc. ("Cinemark") joined NCM. The Company, Regal and Cinemark are known as the "Founding Members." NCM engages in the marketing and sale of cinema advertising and promotions products, business communications and training services and the distribution of digital alternative content. The Company records its share of on-screen advertising revenues generated by NCM in other theatre revenues. | ||||||||||||||||
Customer Frequency Program: On April 1, 2011, the Company fully launched AMC Stubs, a customer frequency program, which allows members to earn rewards, including $10 for each $100 spent, redeemable on future purchases at AMC locations. The portion of the admissions and food and beverage revenues attributed to the rewards is deferred as a reduction of admissions and food and beverage revenues, based on member redemptions. Rewards must be redeemed no later than 90 days from the date of issuance. Upon redemption, deferred rewards are recognized as revenues along with associated cost of goods. Rewards not redeemed within 90 days are forfeited and recognized as admissions or food and beverage revenues. Progress rewards (member expenditures toward earned rewards) for expired membership are forfeited upon expiration of the membership and recognized as admissions or food and beverage revenues. The program's annual membership fee is deferred, net of estimated refunds, and is recognized ratably over the one-year membership period. | ||||||||||||||||
Advertising Costs: The Company expenses advertising costs as incurred and does not have any direct-response advertising recorded as assets. Advertising costs were $9,684,000, $4,137,000, $3,603,000, and $10,118,000 for the twelve months ended December 31, 2013, the period August 31, 2012 through December 31, 2012, the period March 30, 2012 through August 30, 2012, and the fifty-two weeks ended March 29, 2012, respectively, and are recorded in operating expense in the accompanying Consolidated Statements of Operations. | ||||||||||||||||
Cash and Equivalents: All highly liquid debt instruments and investments purchased with an original maturity of three months or less are classified as cash equivalents. | ||||||||||||||||
Intangible Assets: Intangible assets are recorded at cost or fair value, in the case of intangible assets resulting from the Merger and acquisitions, and are comprised of amounts assigned to theatre leases acquired under favorable terms, management contracts, a contract with an equity method investee, and a non-compete agreement, each of which are being amortized on a straight-line basis over the estimated remaining useful lives of the assets, and trademark and trade names, which are considered indefinite lived intangible assets and therefore are not amortized but rather evaluated for impairment annually. | ||||||||||||||||
The Company first assesses the qualitative factors to determine whether the existence of events and circumstances indicate that it is more likely than not the fair vale of an indefinite-lived intangible asset is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative impairment test. There were no intangible asset impairment charges incurred during the twelve months ended December 31, 2013, the period August 31, 2012 through December 31, 2012, the period March 30, 2012 through August 30, 2012, and the fifty-two weeks ended March 29, 2012. | ||||||||||||||||
Investments: The Company accounts for its investments in non-consolidated entities using either the cost or equity methods of accounting as appropriate, and has recorded the investments within other long-term assets in its Consolidated Balance Sheets. Equity earnings and losses are recorded when the Company's ownership interest provides the Company with significant influence. The Company follows the guidance in ASC 323-30-35-3, which prescribes the use of the equity method for investments where the Company has significant influence. The Company classifies gains and losses on sales of and changes of interest in equity method investments within equity in earnings of non-consolidated entities or in separate line items on the face of the Consolidated Statements of Operations when material, and classifies gains and losses on sales of investments or impairments accounted for using the cost method in investment income. Gains and losses on cash sales are recorded using the weighted average cost of all interests in the investments. Gains and losses related to non-cash negative common unit adjustments are recorded using the weighted average cost of those units in NCM. As of the date of the Merger, August 30, 2012, the Company's investment in NCM consisted of a single investment tranche of 17,323,782 membership units recorded at fair value (Level 1). See Note 7—Investments for further discussion of the Company's investments in NCM. As of December 31, 2013, the Company holds equity method investments comprised of a 15.01% interest in NCM, a joint venture that markets and sells cinema advertising and promotions; a 32% interest in AC JV, LLC, a joint venture that owns Fathom Events offering alternative content for motion picture screens; a 29% interest in Digital Cinema Implementation Partners LLC, a joint venture charged with implementing digital cinema in the Company's theatres; a 50% ownership interest in two U.S. motion picture theatres and one IMAX screen; and a 50% ownership interest in Open Road Films, a motion picture distribution company. At December 31, 2013, the Company's recorded investments are less than its proportional ownership of the underlying equity in these entities by approximately $12,744,000, excluding NCM and AC JV, LLC. Included in equity in earnings of non-consolidated entities for the fifty-two weeks ended March 29, 2012 is an impairment charge of $2,742,000 related to a joint venture investment decline in value that was considered to be other than temporary. | ||||||||||||||||
The Company's investment in RealD Inc. is an available-for-sale marketable equity security and is carried at fair value (Level 1). Unrealized gains and losses on available-for-sale securities are included in the Company's Consolidated Balance Sheets as a component of accumulated other comprehensive loss. See Note 7—Investments for further discussion of the Company's investment in RealD Inc. | ||||||||||||||||
Goodwill: Goodwill represents the excess of purchase price over fair value of net tangible and identifiable intangible assets related to the Merger and subsequent acquisitions. The Company is not required to amortize goodwill as a charge to earnings; however, the Company is required to conduct an annual review of goodwill for impairment. | ||||||||||||||||
The Company's recorded goodwill was $2,291,943,000 and $2,251,296,000 as of December 31, 2013 and December 31, 2012, respectively. The Company evaluates goodwill and its trademark and trade names for impairment annually as of the beginning of the fourth quarter or more frequently as specific events or circumstances dictate. The Company's goodwill is recorded in its Theatrical Exhibition operating segment, which is also the reporting unit for purposes of evaluating recorded goodwill for impairment. | ||||||||||||||||
The Company performed its annual impairment analysis during the fourth quarter of calendar 2013 and the last quarter of the Transition Period ended December 31, 2012, and reached a determination that there was no goodwill or trademark and trade name impairment. According to ASC 350-20, the Company has an option to first assess the qualitative factors to determine whether it is more likely than not that the fair value of its reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. During the fourth quarter of calendar 2013 and the fourth quarter of the Transition Period, the Company assessed qualitative factors and reached a determination that it is not more likely than not that the fair value of the Company's reporting unit is less than its carrying value, and therefore, no impairment charge was incurred. | ||||||||||||||||
Other Long-term Assets: Other long-term assets are comprised principally of deferred tax assets, investments in equity method investees and capitalized computer software, which is amortized over the estimated useful life of the software. | ||||||||||||||||
Accounts Payable: Under the Company's cash management system, checks issued but not presented to banks frequently result in book overdraft balances for accounting purposes and are classified within accounts payable in the balance sheet. The change in book overdrafts are reported as a component of operating cash flows for accounts payable as they do not represent bank overdrafts. The amount of these checks included in accounts payable as of December 31, 2013 and December 31, 2012 was $52,093,000 and $64,573,000, respectively. | ||||||||||||||||
Leases: The majority of the Company's operations are conducted in premises occupied under lease agreements with initial base terms ranging generally from 15 to 20 years, with certain leases containing options to extend the leases for up to an additional 20 years. The Company does not believe that exercise of the renewal options are reasonably assured at the inception of the lease agreements and, therefore, considers the initial base term as the lease term. Lease terms vary but generally the leases provide for fixed and escalating rentals, contingent escalating rentals based on the Consumer Price Index not to exceed certain specified amounts and contingent rentals based on revenues with a guaranteed minimum. | ||||||||||||||||
The Company records rent expense for its operating leases on a straight-line basis over the initial base lease term commencing with the date the Company has "control and access" to the leased premises, which is generally a date prior to the "lease commencement date" in the lease agreement. Rent expense related to any "rent holiday" is recorded as operating expense, until construction of the leased premises is complete and the premises are ready for their intended use. Rent charges upon completion of the leased premises subsequent to the theatre opening date are expensed as a component of rent expense. | ||||||||||||||||
Occasionally, the Company will receive amounts from developers in excess of the costs incurred related to the construction of the leased premises. The Company records the excess amounts received from developers as deferred rent and amortizes the balance as a reduction to rent expense over the base term of the lease agreement. | ||||||||||||||||
The Company evaluates the classification of its leases following the guidance in ASC 840-10-25. Leases that qualify as capital leases are recorded at the present value of the future minimum rentals over the base term of the lease using the Company's incremental borrowing rate. Capital lease assets are assigned an estimated useful life at the inception of the lease that generally corresponds with the base term of the lease. | ||||||||||||||||
Occasionally, the Company is responsible for the construction of leased theatres and for paying project costs that are in excess of an agreed upon amount to be reimbursed from the developer. ASC 840-40-05-5 requires the Company to be considered the owner (for accounting purposes) of these types of projects during the construction period and therefore it is required to account for these projects as sale and leaseback transactions. As a result, the Company has recorded financing lease obligations for failed sale leaseback transactions of $85,902,000 and $90,772,000 in its Consolidated Balance Sheets related to these types of projects as of December 31, 2013 and December 31, 2012, respectively. | ||||||||||||||||
Sale and Leaseback Transactions: The Company accounts for the sale and leaseback of real estate assets in accordance with ASC 840-40. Losses on sale leaseback transactions are recognized at the time of sale if the fair value of the property sold is less than the net book value of the property. Gains on sale and leaseback transactions are deferred and amortized over the remaining lease term. | ||||||||||||||||
Impairment of Long-lived Assets: The Company reviews long-lived assets, including definite-lived intangibles, investments in non-consolidated equity method investees, marketable equity securities and internal use software for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. The Company identifies impairments related to internal use software when management determines that the remaining carrying value of the software will not be realized through future use. The Company reviews internal management reports on a quarterly basis as well as monitors current and potential future competition in the markets where it operates for indicators of triggering events or circumstances that indicate potential impairment of individual theatre assets. The Company evaluates theatres using historical and projected data of theatre level cash flow as its primary indicator of potential impairment and considers the seasonality of its business when making these evaluations. The Company performs impairment analysis during the last quarter of the year. Under these analyses, if the sum of the estimated future cash flows, undiscounted and without interest charges, are less than the carrying amount of the asset, an impairment loss is recognized in the amount by which the carrying value of the asset exceeds its estimated fair value. Assets are evaluated for impairment on an individual theatre basis, which management believes is the lowest level for which there are identifiable cash flows. The impairment evaluation is based on the estimated cash flows from continuing use until the expected disposal date for the fair value of furniture, fixtures and equipment. The expected disposal date does not exceed the remaining lease period unless it is probable the lease period will be extended and may be less than the remaining lease period when the Company does not expect to operate the theatre to the end of its lease term. The fair value of assets is determined as either the expected selling price less selling costs (where appropriate) or the present value of the estimated future cash flows. The fair value of furniture, fixtures and equipment has been determined using similar asset sales, in some instances with the assistance of third party valuation studies and using management judgment. | ||||||||||||||||
There is considerable management judgment necessary to determine the estimated future cash flows and fair values of the Company's theatres and other long-lived assets, and, accordingly, actual results could vary significantly from such estimates, which fall under Level 3 within the fair value measurement hierarchy, see Note 16—Fair Value Measurements. There were no impairments during the period August 31, through December 31, 2012 and the period March 30, 2012 through August 30, 2012. During calendar 2013, the Company recognized non-cash impairment losses of $1,370,000 related to a marketable equity security when it was determined that its decline in value was other than temporary. During fiscal 2012, the Company recognized non-cash impairment losses of $20,788,000 related to long-term assets. The Company recognized an impairment loss of $285,000 on three theatres with 33 screens (in Arkansas, Maryland and Utah), which was related to property, net. The Company adjusted the carrying value of a joint venture investment, resulting in an impairment charge of $2,742,000 and adjusted the carrying value of a marketable equity security, resulting in an impairment charge of $17,751,000, when it was determined that its decline in value was other than temporary. | ||||||||||||||||
Impairment losses in the Consolidated Statements of Operations are included in the following captions: | ||||||||||||||||
(In thousands) | 12 Months | From Inception | March 30, | 52 Weeks | ||||||||||||
Ended | August 31, | 2012 through | Ended | |||||||||||||
December 31, | 2012 Through | August 30, | March 29, | |||||||||||||
2013 | December 31, | 2012 | 2012 | |||||||||||||
2012 | ||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Predecessor) | |||||||||||||
Impairment of long-lived assets | $ | — | $ | — | $ | — | $ | 285 | ||||||||
Equity in (earnings) losses of non-consolidated entities | — | — | — | 2,742 | ||||||||||||
Investment expense (income) | 1,370 | — | — | 17,751 | ||||||||||||
| | | | | | | | | | | | | | | | |
Total impairment losses | $ | 1,370 | $ | — | $ | — | $ | 20,778 | ||||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Foreign Currency Translation: Operations outside the United States are generally measured using the local currency as the functional currency. Assets and liabilities are translated at the rates of exchange at the balance sheet date. Income and expense items are translated at average rates of exchange. The resultant translation adjustments are included in foreign currency translation adjustment, a separate component of accumulated other comprehensive income. Gains and losses from foreign currency transactions, except those intercompany transactions of a long-term investment nature, are included in net earnings (loss). If the Company substantially liquidates its investment in a foreign entity, any gain or loss on currency translation balance recorded in accumulated other comprehensive income is recognized as part of a gain or loss on disposition. | ||||||||||||||||
Income and Operating Taxes: The Company accounts for income taxes in accordance with ASC 740-10. Under ASC 740-10, deferred income tax effects of transactions reported in different periods for financial reporting and income tax return purposes are recorded by the asset and liability method. This method gives consideration to the future tax consequences of deferred income or expense items and recognizes changes in income tax laws in the period of enactment. The statement of operations effect is generally derived from changes in deferred income taxes on the balance sheet. | ||||||||||||||||
Holdings and its subsidiaries file a consolidated federal income tax return and combined income tax returns in certain state jurisdictions. Income taxes are allocated based on separate Company computations of income or loss. Tax sharing arrangements are in place and utilized when tax benefits from affiliates in the consolidated group are used to offset what would otherwise be taxable income generated by the Holdings or another affiliate. | ||||||||||||||||
Casualty Insurance: The Company is self-insured for general liability up to $1,000,000 per occurrence and carries a $500,000 deductible limit per occurrence for workers compensation claims. The Company utilizes actuarial projections of its ultimate losses to calculate its reserves and expense. The actuarial method includes an allowance for adverse developments on known claims and an allowance for claims which have been incurred but which have not yet been reported. As of December 31, 2013 and December 31, 2012, the Company had recorded casualty insurance reserves of $16,549,000 and $14,980,000, respectively, net of estimated insurance recoveries. The Company recorded expenses related to general liability and workers compensation claims of $16,332,000, $3,913,000, $5,732,000, and $12,705,000 for the twelve months ended December 31, 2013, the period August 31, 2012 through December 31, 2012, the period March 30, 2012 through August 30, 2012, and the fifty-two weeks ended March 29, 2012, respectively. | ||||||||||||||||
Other Expense (Income): The following table sets forth the components of other expense (income): | ||||||||||||||||
(In thousands) | 12 Months | From Inception | March 30, | 52 Weeks | ||||||||||||
Ended | August 31, | 2012 through | Ended | |||||||||||||
December 31, | 2012 Through | August 30, | March 29, | |||||||||||||
2013 | December 31, | 2012 | 2012 | |||||||||||||
2012 | ||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Predecessor) | |||||||||||||
(Gain) loss on redemption and modification of Senior Secured Credit Facility | $ | (130 | ) | $ | — | $ | — | $ | 383 | |||||||
Loss on redemption of 8% Senior Subordinated Notes due 2014 | — | — | 1,297 | 640 | ||||||||||||
Business interruption insurance recoveries | (1,285 | ) | — | (337 | ) | (12 | ) | |||||||||
Other expense (income) | — | 49 | — | 391 | ||||||||||||
| | | | | | | | | | | | | | | | |
Other expense (income) | $ | (1,415 | ) | $ | 49 | $ | 960 | $ | 1,402 | |||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Accounting Changes: Prior to the fourth quarter of fiscal 2012, the Company recognized breakage income when gift card redemptions were deemed remote and the Company determined that there was no legal obligation to remit the unredeemed gift cards to the relevant tax jurisdiction ("Remote Method"), which, based on historical information, the Company concluded to be 18 months after the gift card was issued. At the end of the fourth quarter of fiscal 2012, the Company concluded it had accumulated a sufficient level of historical data from a large pool of homogeneous transactions to allow management to reasonably and objectively determine an estimated gift card breakage rate and the pattern of actual gift card redemptions. Accordingly, the Company changed its method for recognizing gift card breakage income to recognize breakage income and derecognize the gift card liability for unredeemed gift cards in proportion to actual redemptions of gift cards ("Proportional Method"). The Company believes the Proportional Method is preferable to the Remote Method as it better reflects the gift card earnings process resulting in the recognition of gift card breakage income over the period of gift card redemptions (i.e., over the performance period). The Company will continue to review historical gift card redemption information at each reporting period to assess the continued appropriateness of the gift card breakage rates and pattern of redemption. | ||||||||||||||||
In accordance with ASC 250, Accounting Changes and Error Corrections, the Company concluded that this accounting change represented a change in accounting estimate effected by a change in accounting principle and accordingly, accounted for the change as a change in estimate following a cumulative catch-up method. As a result, the cumulative catch-up adjustment recorded at the end of the fourth quarter of fiscal 2012 resulted in an additional $14,969,000 of gift card breakage income under the Proportional Method. Inclusive of this cumulative catch-up, the Company recognized $32,633,000 of gift card breakage income in fiscal 2012. | ||||||||||||||||
Additionally, concurrent with the accounting change discussed above, the Company changed the presentation of gift card breakage income from other income to other theatre revenues in the Consolidated Statements of Operations during fiscal 2012, with conforming changes made for all prior periods presented. The Company believes newly adopted presentation of gift card breakage income is preferable in the circumstances because breakage is an expected revenue stream to be earned at the time the cards are issued and is a key element and consideration of the profitability of their gift card sale program, and because it makes the Company's statements more comparable to its primary competitors. | ||||||||||||||||
New Accounting Pronouncements: In July 2013, the Financial Accounting Standards Board ("FASB") issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, ("ASU 2013-11"). This amendment provides guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. However, to the extent that (i) a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position, or (ii) the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. ASU 2013-11 is effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2013. Early adoption is permitted and retrospective application is also permitted. The Company has early adopted ASU 2013-11 for the twelve months ended December 31, 2013. The adoption does not have a material impact on the Company's consolidated financial position, cash flows, or results of operations. | ||||||||||||||||
In March 2013, the FASB issued ASU No. 2013-05, Foreign Currency Matters (Topic 830)—Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity, ("ASU 2013-05"). This amendment clarifies the applicable guidance for the release of cumulative translation adjustment into net earnings. When an entity ceases to have a controlling financial interest in a subsidiary or group of assets within a foreign entity, the entity is required to apply the guidance in ASC 830-30 to release any related cumulative translation adjustment into net earnings. Accordingly, the cumulative translation adjustment should be released into net earnings only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. ASU 2013-05 is effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2013. Early adoption is permitted as of the beginning of the entity's fiscal year. The Company will adopt ASU 2013-05 as of the beginning of 2014 and does not expect the adoption of ASU 2013-05 to have a material impact on the Company's consolidated financial position, cash flows, or results of operations. | ||||||||||||||||
In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220)—Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, ("ASU 2013-02"). Under this amendment, an entity is required to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income, but only if the amount reclassified is required to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional detail about those amounts. ASU 2013-02 is effective prospectively for reporting periods beginning after December 15, 2012. Early adoption is permitted. The Company adopted the disclosure requirements of ASU 2013-02 in the first quarter of 2013. See Note 18—Accumulated Other Comprehensive Income for the required disclosure. | ||||||||||||||||
MERGER
MERGER | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
MERGER | ' | ||||
MERGER | ' | ||||
NOTE 2—MERGER | |||||
Holdings and Wanda, a Chinese private conglomerate, completed a Merger on August 30, 2012 in which Wanda indirectly acquired all of the then outstanding capital stock of Holdings. Holdings merged with Wanda Film Exhibition Co. Ltd., ("Merger Subsidiary"), a wholly-owned indirect subsidiary of Wanda, whereby Merger Subsidiary merged with and into Holdings with Holdings continuing as the surviving corporation and as a wholly-owned indirect subsidiary of Wanda. The Merger consideration totaled $701,811,000, with $700,000,000 invested by Wanda and $1,811,000 invested by members of management, for which 66,252,109 shares of Holdings' Class A common stock and 173,147 shares of Holdings' Class N common stock were issued, respectively. The investment amount and price per share paid by members of management was determined pursuant to Management Subscription Agreements negotiated in connection with the Merger. Pursuant to such agreements, as a retention incentive certain key members of management were required to reinvest 50% of the after tax amount they received with respect to equity awards outstanding at the time of the Merger at a price per share equal to that received for such equity awards. The approximately one percent differential in the per share price paid by Wanda and members of management represents the dilutive effect from settlement of outstanding management equity awards in connection with the Merger. Wanda also acquired cash, corporate borrowings and capital and financing lease obligations in connection with the Merger as described below. See Note 1—The Company and Significant Accounting Policies for information regarding the completed IPO of Holdings on December 23, 2013. | |||||
In connection with the Merger agreement, $35,000,000 of consideration otherwise payable to the equity holders was deposited into an Indemnity Escrow Fund and $2,000,000 otherwise payable to the equity holders was deposited into an account designated by the Stockholder Representative. The $35,000,000 of consideration previously deposited in the Indemnity Escrow Fund, which was established to cover any indemnity claims by Wanda against the sellers (former owners) relating to their representations, warranties and covenants in connection with the Merger, was released in full on April 3, 2013. There were no indemnity claims made. Further, the $2,000,000 previously deposited in an account designated by the stockholder representative, which account was established to cover post-merger closing de minimis taxes and administrative fees and expenses, has also been released in full. On April 15, 2013, after net of such taxes, fees and expenses, $1,974,000 was released back to the selling stockholders, including members of management. The Company accounted for the entire $701,811,000 as purchase price which included the amounts placed in escrow because the Company believed any contingencies requiring escrow were remote and that the amounts would be paid out subsequently. | |||||
As a result of the Merger and related change of control, the Company applied "push down" accounting, which required allocation of the Merger consideration to the estimated fair values of the assets and liabilities acquired in the Merger. The allocation of Merger consideration was based on management's judgment after evaluating several factors, including a valuation assessment performed by a third party appraiser. Final appraisal reports were received during the first quarter of 2013. The appraisal measurements included a combination of income, replacement costs and market approaches and represents managements' best estimate of fair value at August 30, 2012, the acquisition date. Management finalized its purchase price allocation in May of calendar 2013. Adjustments made during calendar 2013 increased recorded goodwill by approximately $32,000,000. Property, net and other long-term assets decreased by approximately $28,000,000 and $4,000,000, respectively, due to final determinations of fair values assigned to tangible assets. The following is a summary of the allocation of the Merger consideration: | |||||
(In thousands) | Total | ||||
(Predecessor) | |||||
Cash | $ | 101,641 | |||
Receivables, net | 29,775 | ||||
Other current assets | 34,840 | ||||
Property, net(1) | 1,034,597 | ||||
Intangible assets, net(2) | 246,507 | ||||
Goodwill(3) | 2,204,223 | ||||
Other long-term assets(4) | 339,013 | ||||
Accounts payable | (134,186 | ) | |||
Accrued expenses and other liabilities | (138,535 | ) | |||
Credit card, package tickets, and loyalty program liability(5) | (117,841 | ) | |||
Corporate borrowings(6) | (2,086,926 | ) | |||
Capital and financing lease obligations | (60,922 | ) | |||
Exhibitor services agreement(7) | (322,620 | ) | |||
Other long-term liabilities(8) | (427,755 | ) | |||
| | | | | |
Total Merger consideration | $ | 701,811 | |||
| | | | | |
Corporate borrowings | 2,086,926 | ||||
Capital and financing lease obligations | 60,922 | ||||
Less: cash | (101,641 | ) | |||
| | | | | |
Total transaction value | $ | 2,748,018 | |||
| | | | | |
| | | | | |
-1 | |||||
Property, net consists of real estate, leasehold improvements and furniture, fixtures and equipment recorded at fair value. | |||||
-2 | |||||
Intangible assets consist of a trademark and trade names, a non-compete agreement, management contracts, a contract with an equity method investee, and favorable leases. In general, the majority of the Company's asset value is comprised of real estate and fixed assets. Furthermore, the majority of the Company's theatres are operated via lease agreements as opposed to owning the underlying real estate. Therefore, any asset value related to leased real estate would exist only if the existing lease agreements were at below-market, or favorable, terms. Certain of the Company's leased locations were considered to be at favorable terms, and an intangible asset was ascribed for such lease agreements. However, the majority of lease agreements were considered to be at market terms. As a result, there is no owned real estate or lease intangible asset value ascribed to the majority of the Company's locations. In estimating the fair value of the favorable lease agreements, market rents were estimated for each of the Company's leased locations. If the contractual rents were considered to be below the market rent, a favorable lease agreement was valued by discounting the difference between the contractual rent and estimated market rates over the remaining lease term. Renewal options in the leases were also considered in determining the remaining lease term. | |||||
Other intangible assets were also considered. For the Company's business, the largest intangible asset (other than favorable lease agreements) is the trade name. There was no customer relationship asset since the Company's customers represent "walk-in traffic" in which the customer would not meet the legal or separable criteria under ASC 805. The royalty savings method, a form of the income approach, was used to estimate the fair value of the trade name. In estimating the appropriate royalty rate for the trade name, the Company considered the impact and contribution that the trade name provides to the Company's operating cash flows. The Company assessed that the trade name does provide some contribution to the Company's operating cash flow, but that the attendance in the theatre is ultimately driven by factors that are not separable from goodwill such as the quality of the film product, the location of each individual theatre, the physical condition of the individual theatre, and the competitive landscape of the individual theatre. | |||||
Other than the favorable lease agreements and the trade name, there are not many other operating intangible assets for the Company's business. However, the Company does have some contractual relationships identified as intangible assets. These contractual relationships include the non-compete agreement that was entered into as part of the Company's acquisition of Kerasotes, management agreements in which the Company manages certain theatres that are owned by a third party, and the NCM tax receivable agreement (the "NCM TRA") which represents an agreement in which the Company receives a certain portion of a tax benefit that NCM is expected to receive as part of the Company's partial ownership interest in NCM. The non-compete agreement was valued using the differential cash flow method, a form of the income approach, in which the cash flows of the Company were estimated under a scenario in which the non-compete agreement was in place and a scenario in which there was no non-compete agreement. The value of the non-compete agreement was considered to be the difference of the discounted cash flows between the two scenarios over the remaining contractual term of the agreement. The management agreements were valued using the income approach, in which the annual management fees over the life of the agreements were discounted. The NCM TRA was valued using the income approach in which the future tax benefit distribution realized from any tax amortization of intangible assets was estimated and discounted. The Company determined the value of the TRA using a discounted cash flow model. For the purposes of its analysis, the Company estimated the cash receipts from taxable transactions that were known as of the date of the Merger. The Company did not consider future transactions that NCM may undertake. The Company estimated a run-off of the intangible asset amortization benefits from the TRA due to the following transactions: | |||||
1 | |||||
ESA (Exhibitor Services Agreement)—relates to the amortization due to a modification of the initial ESA agreement. | |||||
2 | |||||
CUA (Common Unit Adjustment)—relates to NCM issuing additional common units to the founding members if there is an increase in the number of theaters under the ESA agreement. A reduction of common units is made if there are theaters removed from the ESA agreement. | |||||
3 | |||||
AMC II Benefit—relates to AMC's acquisition of Kerasotes theaters. | |||||
4 | |||||
IPO Exchange Benefit—relates to amortization from NCM's IPO in 2007. | |||||
5 | |||||
IPO II Exchange Benefit—relates to amortization step ups from NCM's secondary IPO in 2010. | |||||
6 | |||||
Capital Account Administration Allocation—relates to receipts attributable to the account administration. | |||||
The estimated TRA receipts through 2037 are tax effected at 40%, based on a blended federal and 50-state average tax rate. The after tax receipts were discounted to a present value using a discount rate of 12.0%, based on the cost of equity of NCM, as the TRA payments only benefit the equity holders. | |||||
-3 | |||||
Goodwill represents the excess of the Merger consideration over the net assets recognized and represents the future expected economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Goodwill associated with the Merger is not tax deductible. Additionally, the Company expects to realize synergies and cost savings related to the Merger. Wanda is the largest theatre exhibition operator in China through its controlling ownership interest in Wanda Cinema Line. The combined ownership and scale of AMC and Wanda Cinema Line, has enabled them to enhance relationships and obtain better terms for important food and beverage, lighting and theatre supply vendors, and to expand their strategic partnership with IMAX. Wanda and AMC are also working together to offer Hollywood studios and other production companies valuable access to their industry-leading promotion and distribution platforms, with the goal of gaining greater access to content and playing a more important role in the industry going forward. | |||||
-4 | |||||
Other long-term assets primarily include equity method investments, real estate held for investment and marketable equity securities recorded at fair value. | |||||
-5 | |||||
Represents a liability related to the sales of gift cards, packaged tickets and AMC Stubs™ memberships and rewards outstanding at August 30, 2012, recorded at fair value. The Company determined fair value for the gift cards and packaged tickets by removing the amount of unrecognized breakage income that was included in the deferred revenue amounts prior to the Merger. The Company made purchase accounting adjustments to reduce its deferred revenues for packaged tickets by $24,859,000 and gift cards by $7,441,000 such that the Company would recognize a normal profit margin on its deferred revenues for the future redemptions of the sales that occurred prior to the Merger. The Company did not make any fair value adjustments to its deferred revenues related to AMC Stubs as a result of the Merger because deferred revenues for the annual memberships require performance by AMC in the future and there was not sufficient historical data to estimate amounts of future breakage for AMC Stubs rewards. AMC Stubs vested rewards expire after 90 days if unused and AMC Stubs progress rewards expire to the extent members do not renew their annual membership. | |||||
-6 | |||||
Corporate borrowings include borrowings under the Senior Secured Credit Facility-Term Loan due 2016, the Senior Secured Credit Facility-Term Loan due 2018, the 8.75% Senior Fixed Rate Notes due 2019 and the 9.75% Senior Subordinated Notes due 2020, recorded at fair value. | |||||
-7 | |||||
In connection with the completion of NCM, Inc.'s IPO on February 13, 2007, the Company entered into the Exhibitor Services Agreement that provided favorable terms to NCM in exchange for a payment of $231,308,000. The Exhibitor Services Agreement was considered an unfavorable contract to the Company based on a comparison of rates charged by NCM to third-party exhibitors. The market rate was estimated as the average rate charged by NCM to third party exhibitors. The fair value of the contract was estimated as the present value of the difference between the Company's expected payments under the contract and a market rate over the life of the Exhibitor Services Agreement. The Company's expected payments were estimated based on the Company's expected annual attendance, screen count, and advertising revenues over the life of the exhibitor Services Agreement. | |||||
-8 | |||||
Other long-term liabilities consist of certain theatre leases that have been identified as unfavorable, adjustments to reset deferred rent related to escalations of minimum rentals to zero, adjustments for pension and postretirement medical plan liabilities and deferred RealD Inc. lease incentive recorded at fair value. Other long-term liabilities include deferred tax liabilities resulting from indefinite temporary differences that arose primarily from the application of "push down" accounting. | |||||
The fair value measurement of tangible and intangible assets and liabilities were based on significant inputs not observable in the market and thus represent Level 3 measurements within the fair value measurement hierarchy. Level 3 fair market values were determined using a variety of information, including estimated future cash flows, appraisals, market comparables, and quoted market prices. Quoted market prices and observable market based inputs were used to estimate the fair value of corporate borrowings (Level 2) and the Company's investments in NCM and equity securities available for sale (Level 1). | |||||
During the twelve months ended December 31, 2013 and the period of August 31, 2012 through December 31, 2012, the Company incurred Merger-related costs of approximately $957,000 and $2,500,000, respectively, which are included in general and administrative expense: merger, acquisition and transaction costs in the Consolidated Statements of Operations. | |||||
The unaudited pro forma financial information presented below sets forth the Company's historical statements of operations for the periods indicated and gives effect to the Merger as if "push down" accounting had been applied as of December 30, 2011. Such information is presented for comparative purposes to the Consolidated Statements of Operations only and does not purport to represent what the Company's results of operations would actually have been had these transactions occurred on the date indicated or to project its results of operations for any future period or date. | |||||
(In thousands) | Pro forma | ||||
March 30, 2012 | |||||
through | |||||
December 31, 2012 | |||||
(unaudited) | |||||
Revenues | |||||
Admissions | $ | 1,364,663 | |||
Food and beverage | 571,869 | ||||
Other theatre | 72,574 | ||||
| | | | | |
Total revenues | 2,009,106 | ||||
| | | | | |
Operating Costs and Expenses | |||||
Film exhibition costs | 728,100 | ||||
Food and beverage costs | 77,871 | ||||
Operating expense | 529,235 | ||||
Rent | 331,397 | ||||
General and administrative: | |||||
Merger, acquisition and transaction costs | 3,538 | ||||
Management fee | — | ||||
Other | 55,596 | ||||
Depreciation and amortization | 150,234 | ||||
| | | | | |
Operating costs and expenses | 1,875,971 | ||||
| | | | | |
Operating income | 133,135 | ||||
Other expense (income) | |||||
Other expense | 1,009 | ||||
Interest expense | |||||
Corporate borrowings | 103,429 | ||||
Capital and financing lease obligations | 4,263 | ||||
Equity in earnings of non-consolidated entities | (7,499 | ) | |||
Investment expense | 578 | ||||
| | | | | |
Total other expense | 101,780 | ||||
| | | | | |
Earnings from continuing operations before income taxes | 31,355 | ||||
Income tax provision | 9,000 | ||||
| | | | | |
Earnings from continuing operations | 22,355 | ||||
Earnings from discontinued operations | 34,465 | ||||
| | | | | |
Net earnings | $ | 56,820 | |||
| | | | | |
| | | | | |
The Merger on August 30, 2012 triggered the payment of an aggregate of $31,462,000 for success fees to financial advisors, bond amendment consent fees, payments for cancellation of stock based compensation and management success bonuses that were contingent on the consummation of the Merger. The Company determined that its accounting policy for any cost triggered by the consummation of the Merger was to recognize the cost when the Merger was consummated. Accordingly, the fees discussed above have not been recorded in the Consolidated Statement of Operations for the Predecessor period since that statement depicts the results of operations just prior to consummation of the transaction. In addition, since the Successor period reflects the effects of push-down accounting, these costs have also not been recorded as an expense in the Successor period. However, the costs were reflected in the purchase accounting adjustments which were applied in arriving at the opening balances of the Successor. | |||||
The following is a summary of the contingent costs: | |||||
(In thousands) | |||||
Financial advisor fees | $ | 18,129 | (a) | ||
Management transaction bonuses | 6,000 | (b) | |||
Bond amendment fees | 3,946 | (c) | |||
Unrecognized stock compensation expense | 3,177 | (d) | |||
Other contingent transaction costs | 210 | ||||
| | | | | |
$ | 31,462 | ||||
| | | | | |
| | | | | |
(a) | |||||
These represent non-exclusive arrangements made with multi-parties to provide advice and assistance related to the sale of Holdings. Payment terms were contingent upon consummation of a sale. Each agreement was entered into by Predecessor entities when the Company was under previous ownership. | |||||
(b) | |||||
Management bonuses were approved by the Predecessor Entity and previous ownership group to help incent key Holdings' management team members to use their best efforts to help facilitate the sale of the Company. Payments were contingent on the consummation of a transaction. | |||||
(c) | |||||
Consent fees were paid pursuant to a consent solicitation to amend indentures relating to the Company's outstanding notes and permit the sale of the Company without triggering change of control payments. The payments were only made upon closing the Wanda transaction. | |||||
(d) | |||||
Unrecognized stock compensation for previously existing awards that became payable due to change of control provisions and only upon consummation of a sale transaction. | |||||
ACQUISITION
ACQUISITION | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
ACQUISITION | ' | ||||
ACQUISITION | ' | ||||
NOTE 3—ACQUISITION | |||||
In December 2012, the Company completed the acquisition of 4 theatres and 61 screens from Rave Reviews Cinemas, LLC and 6 theatres and 95 screens from Rave Digital Media, LLC, (together "Rave"). The total purchase price for the Rave theatres, paid in cash, was $88,683,000, net of cash acquired. Approximately $881,000 of the total purchase price was paid during the twelve months ended December 31, 2013. The Company acquired the Rave theatres based on their highly complementary geographic presence in certain key markets. Additionally, the Company expects to realize synergies and cost savings related to the Rave acquisition as a result of moving to the Company's operating practices, decreasing costs for newspaper advertising, food and beverage costs, and general and administrative expense savings, particularly with respect to the consolidation of corporate related functions and elimination of redundancies. | |||||
The acquisitions are being treated as a purchase in accordance with Accounting Standards Codification, ("ASC") 805, Business Combinations, which requires allocation of the purchase price to the estimated fair values of assets and liabilities acquired in the transaction. The allocation of purchase price is based on management's judgment after evaluating several factors, including bid prices from potential buyers and a valuation assessment. The following is a summary of the allocation of the purchase price: | |||||
(In thousands) | Total | ||||
(Successor) | |||||
Cash | $ | 3,649 | |||
Receivables, net(1) | 58 | ||||
Other current assets | 1,556 | ||||
Property, net | 79,428 | ||||
Goodwill(2) | 87,720 | ||||
Deferred tax asset | 3,752 | ||||
Accrued expenses and other liabilities | (7,243 | ) | |||
Capital and financing lease obligations | (62,598 | ) | |||
Other long-term liabilities(3) | (13,990 | ) | |||
| | | | | |
Total purchase price | $ | 92,332 | |||
| | | | | |
| | | | | |
-1 | |||||
Receivables consist of trade receivables recorded at estimated fair value. The Company did not acquire any other class of receivables as a result of the acquisition of the Rave theatres. | |||||
-2 | |||||
Amounts recorded for goodwill are expected to be deductible for tax purposes. | |||||
-3 | |||||
Amounts recorded for other long-term liabilities consist of unfavorable leases and long-term deferred tax liabilities. | |||||
During the twelve months ended December 31, 2013, the Company incurred acquisition-related costs for the Rave theatres of approximately $728,000, which are included in general and administrative expense: merger, acquisition and transaction costs in the Consolidated Statements of Operations. The Company's operating results for the twelve months ended December 31, 2013 were not materially impacted by this acquisition. | |||||
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
DISCONTINUED OPERATIONS | ' | |||||||||||||||
DISCONTINUED OPERATIONS | ' | |||||||||||||||
NOTE 4—DISCONTINUED OPERATIONS | ||||||||||||||||
In August of 2012, the Company closed one theatre with 20 screens located in Canada. The Company paid the landlord $7,562,000 to terminate the lease agreement. Also, the Company sold one theatre with 12 screens located in the United Kingdom in August of 2012. The proceeds received from the sale was $395,000, and is subject to working capital and other purchase price adjustments as described in the asset purchase agreement. | ||||||||||||||||
In July of 2012, the Company sold six theatres with 134 screens located in Canada. The aggregate gross proceeds from the sales were approximately $1,472,000, and are subject to working capital and purchase price adjustments. | ||||||||||||||||
The Company recorded gains, net of lease termination expense, on the disposition of the seven Canada theatres and the one United Kingdom theatre of approximately $39,382,000, primarily due to the write-off of long-term lease liabilities extinguished in connection with the sales and closure during the period March 30, 2012 through August 30, 2012. The Company does not have any significant continuing involvement in the operations of these theatres after the disposition. The results of operations of these theatres have been classified as discontinued operations, and information presented for all periods reflects the classification. | ||||||||||||||||
The Company calculated the gain on sale and closure of its theatres in Canada and in the UK as follows during the period of March 30, 2012 through August 30, 2012: | ||||||||||||||||
(In thousands) | Total | |||||||||||||||
(Predecessor) | ||||||||||||||||
Proceeds from sale of UK theatre | $ | 395 | ||||||||||||||
Proceeds from sale of Canada theatres | 1,472 | |||||||||||||||
Cash payment for closure of Canada theatre | (7,562 | ) | ||||||||||||||
| | | | | ||||||||||||
Net cash payment | $ | (5,695 | ) | |||||||||||||
Fixed asset write-offs | (1,885 | ) | ||||||||||||||
Recognition of cumulative translation losses in AOCI(1) | (11,069 | ) | ||||||||||||||
Legal and professional fees | (1,582 | ) | ||||||||||||||
Operating Lease Liabilities: | ||||||||||||||||
Deferred rent write-off | 14,848 | |||||||||||||||
Unfavorable lease write-off | 31,099 | |||||||||||||||
Deferred gain write-off | 13,666 | |||||||||||||||
| | | | | ||||||||||||
Gain on sale, net of lease termination expense | $ | 39,382 | ||||||||||||||
| | | | | ||||||||||||
| | | | | ||||||||||||
-1 | ||||||||||||||||
Included in Consolidated Statements of Comprehensive Income (Loss) as follows: | ||||||||||||||||
(In thousands) | March 30, 2012 | |||||||||||||||
through | ||||||||||||||||
August 30, 2012 | ||||||||||||||||
(Predecessor) | ||||||||||||||||
Foreign currency translation adjustment: | ||||||||||||||||
Foreign currency translation adjustment, net of tax | $ | 866 | ||||||||||||||
Reclassification adjustment for foreign currency translation loss included in discontinued operations, net of tax | 11,069 | |||||||||||||||
| | | | | ||||||||||||
Total foreign currency translation adjustment, net of tax | $ | 11,935 | ||||||||||||||
| | | | | ||||||||||||
| | | | | ||||||||||||
The Company operated all of the Canada and UK theatres pursuant to long-term operating lease agreements with original terms of 20 years. In connection with the sales of these theatres, the buyers assumed responsibility under the operating lease agreements and the Company was relieved of its legal obligation for future payments under the lease agreements. For the theatre that was closed, the Company paid the landlord $7,562,000 to terminate its obligation under the lease at the date of closing. | ||||||||||||||||
During the twelve months ended December 31, 2013, the Company received $4,666,000 for a sales price adjustment from the sale of theatres located in Canada. The sales price adjustment was related to tax attributes of the theatres sold in Canada, which were not determinable or probable of collection at the date of the sale. The Company completed its tax returns for periods prior to the date of sale during the twelve months ended December 31, 2013, at which time the buyer was able to determine amounts due pursuant to the sales price adjustment and remit payment to the Company. The Company recorded the additional gain on sale following the guidance for gain contingencies in ASC 450-30-25-1 when the gains were realizable. | ||||||||||||||||
In December of 2008, the Company sold all of its interests in Cinemex, which it then operated 44 theatres with 493 screens primarily in the Mexico City Metropolitan Area, to Entretenimiento GM de Mexico S.A. de C.V. ("Entretenimiento"). As of December 31, 2013, the Company continues to be involved in litigation with Entretenimiento related to tax payments and refunds it believes are due to the Company from the sale. While the Company believes it is entitled to these amounts from Cinemex, the collection has and will continue to require litigation, which was initiated by the Company on April 30, 2010. The case was tried in November 2013, and a judgment was entered in January 2014. The net result was a judgment in favor of Entretenimiento of approximately $500,000, which the Company has recorded as of December 31, 2013 as a liability. The Company intends to appeal this decision. Any purchase price tax collections received or legal fees paid related to the sale of the Cinemex theatres have been classified as discontinued operations for all periods presented. | ||||||||||||||||
Components of amounts reflected as (earnings) loss from discontinued operations in the Company's Consolidated Statements of Operations are presented in the following table: | ||||||||||||||||
Calendar 2013 | Transition Period | Fiscal 2012 | ||||||||||||||
(In thousands) | 12 Months | From Inception | March 30, 2012 | 52 Weeks | ||||||||||||
Ended | August 31, 2012 | through | Ended | |||||||||||||
December 31, 2013 | through | August 30, 2012 | March 29, 2012 | |||||||||||||
December 31, 2012 | ||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Predecessor) | |||||||||||||
Revenues | ||||||||||||||||
Admissions | $ | — | $ | — | $ | 16,389 | $ | 56,172 | ||||||||
Food and beverage | — | — | 6,099 | 20,192 | ||||||||||||
Other theatre | — | — | 548 | 2,253 | ||||||||||||
| | | | | | | | | | | | | | | | |
Total revenues | — | — | 23,036 | 78,617 | ||||||||||||
| | | | | | | | | | | | | | | | |
Operating costs and expenses | ||||||||||||||||
Film exhibition costs | — | — | 8,706 | 28,958 | ||||||||||||
Food and beverage costs | — | 66 | 1,252 | 3,655 | ||||||||||||
Operating expense | — | 439 | 15,592 | 24,643 | ||||||||||||
Rent | — | — | 7,322 | 23,497 | ||||||||||||
General and administrative costs | — | 221 | 511 | 248 | ||||||||||||
Depreciation and amortization | — | — | 263 | 1,212 | ||||||||||||
(Gain) loss on disposition | (2,126 | ) | (37 | ) | (46,951 | ) | 25 | |||||||||
| | | | | | | | | | | | | | | | |
Operating costs and expenses | (2,126 | ) | 689 | (13,305 | ) | 82,238 | ||||||||||
| | | | | | | | | | | | | | | | |
Operating income (loss) | 2,126 | (689 | ) | 36,341 | (3,621 | ) | ||||||||||
Investment income | — | (1 | ) | (12 | ) | (12 | ) | |||||||||
| | | | | | | | | | | | | | | | |
Total other expense (income) | — | (1 | ) | (12 | ) | (12 | ) | |||||||||
| | | | | | | | | | | | | | | | |
Earnings (loss) before income taxes | 2,126 | (688 | ) | 36,353 | (3,609 | ) | ||||||||||
Income tax provision | 830 | — | 1,200 | — | ||||||||||||
| | | | | | | | | | | | | | | | |
Net earnings (loss) | $ | 1,296 | $ | (688 | ) | $ | 35,153 | $ | (3,609 | ) | ||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
PROPERTY
PROPERTY | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
PROPERTY | ' | |||||||
PROPERTY | ' | |||||||
NOTE 5—PROPERTY | ||||||||
A summary of property is as follows: | ||||||||
(In thousands) | December 31, 2013 | December 31, 2012 | ||||||
(Successor) | (Successor) | |||||||
Property owned: | ||||||||
Land | $ | 46,148 | $ | 46,148 | ||||
Buildings and improvements | 216,692 | 202,338 | ||||||
Leasehold improvements | 528,915 | 460,850 | ||||||
Furniture, fixtures and equipment | 616,234 | 501,550 | ||||||
| | | | | | | | |
1,407,989 | 1,210,886 | |||||||
Less-accumulated depreciation and amortization | 228,235 | 62,927 | ||||||
| | | | | | | | |
$ | 1,179,754 | $ | 1,147,959 | |||||
| | | | | | | | |
| | | | | | | | |
Property is recorded at cost or fair value, in the case of property resulting from acquisitions. The Company uses the straight-line method in computing depreciation and amortization for financial reporting purposes. The estimated useful lives for leasehold improvements reflect the shorter of the expected useful lives of the assets or the base terms of the corresponding lease agreements plus renewal options expected to be exercised for these leases. The estimated useful lives are as follows: | ||||||||
Buildings and improvements | 5 to 40 years | |||||||
Leasehold improvements | 1 to 20 years | |||||||
Furniture, fixtures and equipment | 1 to 10 years | |||||||
Expenditures for additions (including interest during construction) and betterments are capitalized, and expenditures for maintenance and repairs are charged to expense as incurred. The cost of assets retired or otherwise disposed of and the related accumulated depreciation and amortization are eliminated from the accounts in the year of disposal. Gains or losses resulting from property disposals are included in operating expense in the accompanying Consolidated Statements of Operations. | ||||||||
Depreciation expense was $176,998,000, $63,472,000, $70,715,000, and $184,935,000 for the twelve months ended December 31, 2013, the period August 31, 2012 through December 31, 2012, the period March 30, 2012 through August 30, 2012, and the fifty-two weeks ended March 29, 2012, respectively. | ||||||||
GOODWILL_AND_OTHER_INTANGIBLE_
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ' | ||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ' | ||||||||||||||||
NOTE 6—GOODWILL AND OTHER INTANGIBLE ASSETS | |||||||||||||||||
Activity of goodwill is presented below: | |||||||||||||||||
(In thousands) | Total | ||||||||||||||||
(Successor) | |||||||||||||||||
Balance as a result of Merger on August 30, 2012 | $ | 2,172,272 | |||||||||||||||
Increase in Goodwill from the acquisition of Rave theatres | 79,024 | ||||||||||||||||
| | | | | |||||||||||||
Balance as of December 31, 2012 | 2,251,296 | ||||||||||||||||
| | | | | |||||||||||||
Increase in Goodwill from purchase price allocation adjustments related to the Merger | 31,951 | ||||||||||||||||
Increase in Goodwill from purchase price allocation adjustments related to the Rave acquisition | 8,696 | ||||||||||||||||
| | | | | |||||||||||||
Balance as of December 31, 2013 | $ | 2,291,943 | |||||||||||||||
| | | | | |||||||||||||
| | | | | |||||||||||||
Detail of other intangible assets is presented below: | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
(Successor) | (Successor) | ||||||||||||||||
(In thousands) | Remaining | Gross | Accumulated | Gross | Accumulated | ||||||||||||
Useful Life | Carrying | Amortization | Carrying | Amortization | |||||||||||||
Amount | Amount | ||||||||||||||||
Amortizable Intangible Assets: | |||||||||||||||||
Favorable leases | 1 to 45 years | $ | 112,496 | $ | (8,053 | ) | $ | 112,496 | $ | (2,158 | ) | ||||||
Management contracts | 1 to 7 years | 4,690 | (1,103 | ) | 4,690 | (278 | ) | ||||||||||
Non-compete agreement | 2 years | 3,800 | (1,678 | ) | 3,800 | (404 | ) | ||||||||||
NCM tax receivable agreement | 23 years | 20,900 | (1,133 | ) | 20,900 | (266 | ) | ||||||||||
| | | | | | | | | | | | | | | | ||
Total, amortizable | $ | 141,886 | $ | (11,967 | ) | $ | 141,886 | $ | (3,106 | ) | |||||||
| | | | | | | | | | | | | | | | ||
| | | | | | | | | | | | | | | | ||
Unamortized Intangible Assets: | |||||||||||||||||
AMC trademark | $ | 104,400 | $ | 104,400 | |||||||||||||
| | | | | | | | | | | | | | | | ||
Total, unamortizable | $ | 104,400 | $ | 104,400 | |||||||||||||
| | | | | | | | | | | | | | | | ||
| | | | | | | | | | | | | | | | ||
Amortization expense associated with the intangible assets noted above is as follows: | |||||||||||||||||
(In thousands) | 12 Months | From Inception | March 30, 2012 | 52 Weeks | |||||||||||||
Ended | August 31, 2012 | through | Ended | ||||||||||||||
December 31, 2013 | through | August 30, 2012 | March 29, 2012 | ||||||||||||||
December 31, | |||||||||||||||||
2012 | |||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Predecessor) | ||||||||||||||
Recorded amortization | $ | 9,011 | $ | 3,106 | $ | 5,016 | $ | 14,469 | |||||||||
Estimated annual amortization for the next five calendar years for intangible assets is projected below: | |||||||||||||||||
(In thousands) | 2014 | 2015 | 2016 | 2017 | 2018 | ||||||||||||
Projected annual amortization | $ | 8,783 | $ | 8,372 | $ | 7,516 | $ | 7,401 | $ | 7,132 |
INVESTMENTS
INVESTMENTS | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
INVESTMENTS | ' | |||||||||||||||||||
INVESTMENTS | ' | |||||||||||||||||||
NOTE 7—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. Investments in non-consolidated affiliates as of December 31, 2013, include a 15.01% interest in National CineMedia, LLC ("NCM"), a 32% interest in AC JV, LLC, owner of Fathom Events, a 50% interest in two U.S. motion picture theatres and one IMAX screen, a 29% interest in Digital Cinema Implementation Partners, LLC ("DCIP") and a 50% interest in Open Road Releasing, LLC, operator of Open Road Films, LLC ("ORF"). 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). Under its RealD Inc. motion picture license agreement, the Company received a ten-year option to purchase 1,222,780 shares of RealD Inc. common stock at approximately $0.00667 per share. The stock options vested in 3 tranches upon the achievement of screen installation targets and were valued at the underlying stock price at the date of vesting. At the dates of exercise, the fair market value of the RealD Inc. common stock was recorded in other long-term assets with an offsetting entry recorded to other long-term liabilities as a deferred lease incentive. As a result of the Merger, the unamortized deferred lease incentive was recorded at fair value and is being amortized on a straight-line basis over the remaining contract life of approximately 9 years, to reduce RealD license expense recorded in the consolidated statements of operations under operating expense. For further information, see Note 2—Merger. As of December 31, 2013, the unamortized deferred lease incentive balance included in other long-term liabilities was $18,635,000. Fair value adjustments of RealD Inc. common stock are recorded to other long-term assets with an offsetting entry to accumulated other comprehensive income. | ||||||||||||||||||||
At December 29, 2011, the Company evaluated its investment in RealD Inc. common stock for a possible other-than-temporary impairment given market prices for RealD Inc. common stock and determined that the loss as of December 29, 2011 was other-than-temporary and recognized an impairment loss of $17,751,000 within investment expense (income), related to unrealized losses previously recorded in accumulated other comprehensive loss, as the Company determined the decline in fair value below historical cost to be other-than-temporary. Consideration was given to the financial condition and near-term prospects of the issuer, the length of time and extent to which the fair value had been less than cost and the Company's intent and ability to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in market value. | ||||||||||||||||||||
DCIP Transactions | ||||||||||||||||||||
On March 10, 2010, DCIP completed its financing of $660,000,000 for the deployment of digital projection systems for movie theatre screens across North America, including screens operated or managed by the Company, Cinemark and Regal. On March 31, 2011, DCIP completed an additional financing of $220,000,000, which has allowed the Company to substantially complete its planned digital deployments. Future digital cinema developments will be managed by DCIP, subject to certain approvals. | ||||||||||||||||||||
NCM Transactions | ||||||||||||||||||||
On March 29, 2005, the Company along with Regal combined their screen advertising operations to form NCM. On July 15, 2005, Cinemark joined the NCM joint venture by contributing its screen advertising business. The Company, Regal and Cinemark are known as "Founding Members" of NCM. On February 13, 2007, National CineMedia, Inc. ("NCM, Inc."), a newly formed entity that now serves as the sole manager of NCM, closed its initial public offering, or IPO, of 42,000,000 shares of its common stock at a price of $21.00 per share. | ||||||||||||||||||||
In connection with the completion of NCM, Inc.'s IPO, on February 13, 2007, the Company entered into the Third Amended and Restated Limited Liability Company Operating Agreement (the "NCM Operating Agreement") among the Company, Regal and Cinemark (the "Founding Members") and NCM, Inc. Pursuant to the NCM Operating Agreement, the members are granted a redemption right to exchange common units of NCM for, at the option of NCM, Inc., NCM, Inc. shares of common stock on a one-for-one basis, or a cash payment equal to the market price of one share of NCM, Inc.'s common stock. Upon execution of the NCM Operating Agreement, each existing preferred unit of NCM held by the Founding Members was redeemed in exchange for $13.7782 per unit, resulting in the cancellation of each preferred unit. NCM used the proceeds of a new $725,000,000 term loan facility and $59,800,000 of net proceeds from the NCM, Inc. IPO to redeem the outstanding preferred units. The Company received approximately $259,347,000 in the aggregate for the redemption of all its preferred units in NCM. The Company received approximately $26,467,000 from selling common units in NCM to NCM, Inc. in connection with the exercise of the underwriters' over-allotment option in the NCM, Inc. IPO. | ||||||||||||||||||||
Also in connection with the completion of NCM, Inc.'s IPO, the Company agreed to modify NCM's payment obligations under the prior Exhibitor Services Agreement ("ESA") in exchange for approximately $231,308,000. The ESA provides a term of 30 years for advertising and approximately five year terms (with automatic renewal provisions) for meeting event and digital programming services, and provides NCM with a five year right of first refusal for the services beginning one year prior to the end of the term. The ESA also changed the basis upon which the Company is paid by NCM from a percentage of revenues associated with advertising contracts entered into by NCM to a monthly theatre access fee. The theatre access fee is now composed of a fixed payment per patron and a fixed payment per digital screen, which increases by 8% every five years starting at the end of fiscal 2011 for payments per patron and by 5% annually starting at the end of fiscal 2007 for payments per digital screen. The theatre access fee paid in the aggregate to the Founding Members will not be less than 12% of NCM's aggregate advertising revenue, or it will be adjusted upward to meet this minimum payment. Additionally, the Company entered into the First Amended and Restated Loews Screen Integration Agreement with NCM on February 13, 2007, pursuant to which the Company paid NCM an amount that approximated the EBITDA that NCM would have generated if it had been able to sell advertising in the Loews Cineplex Entertainment Corporation ("Loews") theatre chain on an exclusive basis commencing upon the completion of NCM, Inc.'s IPO, and NCM issued to AMC common membership units in NCM, increasing the Company's ownership interest to approximately 33.7%; such Loews payments were made quarterly until the former screen advertising agreements expired in fiscal 2009. The Loews Screen Integration payments totaling $15,982,000 were paid in full in fiscal 2010. The Company is also required to purchase from NCM any on-screen advertising time provided to the Company's beverage concessionaire at a negotiated rate. In addition, the Company expects to receive mandatory quarterly distributions of excess cash from NCM. Immediately following the NCM, Inc. IPO, the Company held an 18.6% interest in NCM. | ||||||||||||||||||||
As a result of NCM, Inc.'s IPO and debt financing, the Company recorded a change of interest gain of $132,622,000 and received distributions in excess of its investment in NCM related to the redemption of preferred and common units of $106,188,000. The Company reduced its investment in NCM to zero and recognized the change of interest gain and the excess distribution in earnings as it has not guaranteed any obligations of NCM and is not otherwise committed to provide further financial support for NCM. | ||||||||||||||||||||
Annual adjustments to the common membership units are made pursuant to the Common Unit Adjustment Agreement dated as of February 13, 2007 between NCM, Inc. and the Founding Members. The Common Unit Adjustment Agreement was created to account for changes in the number of theatre screens operated by each of the Founding Members. Prior to fiscal 2011, each of the Founding Members had increased the number of screens it operates through acquisitions and newly built theatres. Since these incremental screens and increased attendance in turn provide for additional advertising revenues to NCM, NCM agreed to compensate the Founding Members by issuing additional common membership units to the Founding Members in consideration for their increased attendance and overall contribution to the joint venture. The Common Unit Adjustment Agreement also provides protection to NCM in that the Founding Members may be required to transfer or surrender common units to NCM based on certain limited events, including declines in attendance and the number of screens operated. As a result, each Founding Member's equity ownership interests are proportionately adjusted to reflect the risks and rewards relative to their contributions to the joint venture. | ||||||||||||||||||||
The Common Unit Adjustment Agreement provides that transfers of common units are solely between the Founding Members and NCM. There are no transfers of units among the Founding Members. In addition, there are no circumstances under which common units would be surrendered by the Company to NCM in the event of an acquisition by one of the Founding Members. However, adjustments to the common units owned by one of the Founding Members will result in an adjustment to the Company's equity ownership interest percentage in NCM. | ||||||||||||||||||||
Pursuant to the Company's Common Unit Adjustment Agreement, from time to time common units of NCM held by the Founding Members will be adjusted up or down through a formula ("Common Unit Adjustment"), primarily based on increases or decreases in the number of theatre screens operated and theatre attendance generated by each Founding Member. The common unit adjustment is computed annually, except that an earlier common unit adjustment will occur for a Founding Member if its acquisition or disposition of theatres, in a single transaction or cumulatively since the most recent common unit adjustment, will cause a change of 2% or more in the total annual attendance of all of the Founding Members. In the event that a common unit adjustment is determined to be a negative number, the Founding Member shall cause, at its election, either (a) the transfer and surrender to NCM of a number of common units equal to all or part of such Founding Member's common unit adjustment or (b) pay to NCM an amount equal to such Founding Member's common unit adjustment calculated in accordance with the Common Unit Adjustment Agreement. | ||||||||||||||||||||
Effective March 27, 2008, the Company received 939,853 common membership units of NCM as a result of the Common Unit Adjustment, increasing the Company's interest in NCM to 19.1%. The Company recorded the additional units received as a result of the Common Unit Adjustment at a fair value of $21,598,000, based on a price for shares of NCM, Inc. on March 26, 2008, of $22.98 per share, and as a new investment (Tranche 2 Investment), with an offsetting adjustment to deferred revenue. Effective May 29, 2008, NCM issued 2,913,754 common membership units to another Founding Member due to an acquisition, which caused a decrease in the Company's ownership share from 19.1% to 18.52%. Effective March 17, 2009, the Company received 406,371 common membership units of NCM as a result of the Common Unit Adjustment, increasing the Company's interest in NCM to 18.53%. The Company recorded these additional units at a fair value of $5,453,000, based on a price for shares of NCM, Inc. on March 17, 2009, of $13.42 per share, with an offsetting adjustment to deferred revenue. Effective March 17, 2010, the Company received 127,290 common membership units of NCM. As a result of the Common Unit Adjustment among the Founding Members, the Company's interest in NCM decreased to 18.23% as of April 1, 2010. The Company recorded the additional units received at a fair value of $2,290,000, based on a price for shares of NCM, Inc. on March 17, 2010, of $17.99 per share, with an offsetting adjustment to deferred revenue. Effective June 14, 2010 and with a settlement date of June 28, 2010, the Company received 6,510,209 common membership units in NCM as a result of an Extraordinary Common Unit Adjustment in connection with the Company's acquisition of Kerasotes. The Company recorded the additional units at a fair value of $111,520,000, based on a price for shares of NCM, Inc. on June 14, 2010, of $17.13 per share, with an offsetting adjustment to deferred revenue. As a result of the Extraordinary Common Unit Adjustment, the Company's interest in NCM increased to 23.05%. | ||||||||||||||||||||
All of the Company's NCM membership units are redeemable for, at the option of NCM, Inc., cash or shares of common stock of NCM, Inc. on a share-for-share basis. On August 18, 2010, the Company sold 6,500,000 shares of common stock of NCM, Inc. in an underwritten public offering for $16.00 per share and reduced the Company's related investment in NCM by $36,709,000, the carrying amount of all shares sold. Net proceeds received on this sale were $99,840,000 after deducting related underwriting fees and professional and consulting costs of $4,160,000, resulting in a gain on sale of $63,131,000. In addition, on September 8, 2010, the Company sold 155,193 shares of NCM, Inc. to the underwriters to cover over-allotments for $16.00 per share and reduced the Company's related investment in NCM by $867,000, the carrying amount of all shares sold. Net proceeds received on this sale were $2,384,000 after deducting related underwriting fees and professional and consulting costs of $99,000, resulting in a gain on sale of $1,517,000. As a result of the membership unit conversions and sales, the Company's ownership interest in NCM was reduced to 17.02% as of September 30, 2010. | ||||||||||||||||||||
Effective March 17, 2011, the Company was notified by NCM that its Common Unit Adjustment was determined to be a negative number. The Company elected to surrender 1,479,638 common membership units to satisfy the Common Unit Adjustment, leaving it with 17,323,782 units, or a 15.66% ownership interest in NCM as of March 31, 2011. The Company recorded the surrendered common units as a reduction to deferred revenues for exhibitor services agreement at fair value of $25,361,000, based on a price per share of NCM, Inc. of $17.14 on March 17, 2011, and recorded the reduction of the Company's NCM investment at weighted average cost for Tranche 2 Investments of $25,568,000, resulting in a loss on the surrender of the units of $207,000. The gain from the NCM, Inc. stock sales and the loss from the surrendered NCM common units are reported as Gain on NCM transactions on the Consolidated Statements of Operations. As a result of theatre closings and a related decline in attendance, the NCM Common Unit Adjustment for calendar 2011 called for a reduction in common units. The Company elected to pay NCM $214,000 to retain 16,717 common units effective March 16, 2012. The amount paid to retain the units decreased the deferred revenues for exhibitor services agreement available for amortization to advertising income for future periods. | ||||||||||||||||||||
As a result of the Rave theatre acquisitions in December 2012, the Company received 1,728,988 common membership units of NCM, effective March 14, 2013 from the annual Common Unit Adjustment. The Company recorded the additional units received at a fair value of $26,315,000, based on a price for shares of NCM, Inc. on March 14, 2013, of $15.22 per share, and as a new investment (Tranche 2 Investment), with an offsetting adjustment to the Exhibitor Services Agreement to be amortized to revenues over the remaining term of the ESA following the units-of-revenue method. The Rave theatre screens were under a contract with another screen advertising provider and the Company will continue to receive its share of the advertising revenues. During the remainder of the Rave screen contract, the Company will pay a screen integration fee to NCM in an amount that approximates the EBITDA that NCM would have generated if it had been able to sell advertising on the Rave theatre screens. | ||||||||||||||||||||
The NCM, Inc. IPO and related transactions have the effect of reducing the amounts NCM, Inc. would otherwise pay in the future to various tax authorities as a result of an increase in its proportionate share of tax basis in NCM's tangible and intangible assets. On the IPO date, NCM, Inc. and the Founding Members entered into a tax receivable agreement. Under the terms of this agreement, NCM, Inc. will make cash payments to the Founding Members in amounts equal to 90% of NCM, Inc.'s actual tax benefit realized from the tax amortization of the NCM intangible assets. For purposes of the tax receivable agreement, cash savings in income and franchise tax will be computed by comparing NCM, Inc.'s actual income and franchise tax liability to the amount of such taxes that NCM, Inc. would have been required to pay had there been no increase in NCM Inc.'s proportionate share of tax basis in NCM's tangible and intangible assets and had the tax receivable agreement not been entered into. The tax receivable agreement shall generally apply to NCM, Inc.'s taxable years up to and including the 30th anniversary date of the NCM, Inc. IPO and related transactions. Pursuant to the terms of the tax receivable agreement, in fiscal year 2009, the Company received payments of $3,796,000 from NCM, Inc. with respect to NCM, Inc.'s 2007 taxable year; in fiscal year 2010, the Company received payments of $8,788,000 with respect to NCM, Inc.'s 2008 and 2009 taxable year; and in fiscal year 2011, the Company received $6,637,000 with respect to NCM, Inc.'s 2008 and 2010 taxable years. In fiscal 2012, the Company received $6,248,000 with respect to NCM, Inc.'s 2009, 2010 and 2011 taxable years. Prior to the date of the Merger on August 30, 2012, distributions received under the tax receivable agreement from NCM, Inc. were recorded as additional proceeds received related to the Company's Tranche 1 or 2 Investments and were recorded in earnings in a similar fashion to the proceeds received from the NCM, Inc. IPO and the receipt of excess cash distributions. Following the date of the Merger, the Company recorded an intangible asset of $20,900,000 as the fair value of the tax receivable agreement. The tax receivable agreement intangible asset is amortized on a straight-line basis against investment income over the remaining life of the ESA. Cash receipts from NCM, Inc. for the tax receivable agreement are recorded to the investment income account. | ||||||||||||||||||||
Amounts related to the NCM tax receivable agreement of $4,408,000 and $3,949,000 were recorded in equity in earnings of non-consolidated entities during the fifty-two weeks ended March 29, 2012 and the period December 30, 2011 through August 30, 2012, respectively. During the twelve months ended December 31, 2013, payments received of $3,677,000 related to the NCM tax receivable agreement were recorded in investment income, net of related amortization, for the NCM tax receivable agreement intangible asset. | ||||||||||||||||||||
As of December 31, 2013, the Company owns a 15.01% interest in NCM. As a founding member, the Company has the ability to exercise significant influence over the governance of NCM, and, accordingly accounts for its investment following the equity method. All of the Company's NCM membership units are redeemable for, at the option of NCM, Inc., cash or shares of common stock of NCM, Inc. on a share-for-share basis. The fair market value of the units in National CineMedia, LLC was approximately $380,293,000 based on a price for shares of NCM, Inc. on December 31, 2013 of $19.96 per share. | ||||||||||||||||||||
AC JV Transactions | ||||||||||||||||||||
On December 26, 2013, the Company amended and restated its existing ESA with NCM in connection with the spin-off by NCM of its Fathom Events business to AC JV, LLC ("AC JV "), a newly-formed company owned 32% by each of the Founding Members and 4% by NCM. In consideration for the spin-off, NCM received a total of $25,000,000 in promissory notes from its Founding Members (approximately $8,333,000 from each Founding Member). Interest on the promissory note is at a fixed rate of 5% per annum, compounded annually. Interest and principal payments are due annually in six equal installments commencing on the first anniversary of the closing. Cinemark and Regal also amended and restated their respective ESAs with NCM in connection with the spin-off. The ESAs were modified to remove those provisions addressing the rights and obligations related to digital programing services of the Fathom Events business. Those provisions are now contained in the Amended and Restated Digital Programming Exhibitor Services Agreements (the "Digital ESAs") that were entered into on December 26, 2013 by NCM and each of the Founding Members. These Digital ESAs were then assigned by NCM to AC JV as part of the Fathom spin-off. There were no significant operations from the closing date until December 31, 2013. | ||||||||||||||||||||
Transactions with Non-consolidated Affiliates | ||||||||||||||||||||
NCM Transactions. The Company recorded the following transactions with NCM: | ||||||||||||||||||||
(In thousands) | December 31, | December 31, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(Successor) | (Successor) | |||||||||||||||||||
Due from NCM for on-screen advertising revenue | $ | 2,266 | $ | 1,978 | ||||||||||||||||
Due to NCM for Exhibitor Services Agreement | 2,429 | 2,021 | ||||||||||||||||||
(In thousands) | 12 Months | From | March 30, | 52 Weeks | ||||||||||||||||
Ended | Inception | 2012 through | Ended | |||||||||||||||||
December 31, | August 31, | August 30, | March 29, | |||||||||||||||||
2013 | 2012 | 2012 | 2012 | |||||||||||||||||
through | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2012 | ||||||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Predecessor) | |||||||||||||||||
Net NCM screen advertising revenues | $ | 33,790 | $ | 11,086 | $ | 11,731 | $ | 24,351 | ||||||||||||
NCM beverage advertising expense | 13,809 | 4,197 | 6,326 | 13,447 | ||||||||||||||||
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 $44,000 for new build locations). The Company pays equipment rent monthly and records the equipment rental expense on a straight-line basis over 12 years, including scheduled escalations of rent to commence after six and one-half years from the inception of the agreement. The difference between the cash rent and straight-line rent is recorded to deferred rent, a long-term liability account. | ||||||||||||||||||||
The Company recorded the following transactions with DCIP: | ||||||||||||||||||||
(In thousands) | December 31, | December 31, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(Successor) | (Successor) | |||||||||||||||||||
Due from DCIP for equipment and warranty purchases | $ | 663 | $ | 736 | ||||||||||||||||
Deferred rent liability for digital projectors | 7,747 | 1,810 | ||||||||||||||||||
(In thousands) | 12 Months | From | March 30, | 52 Weeks | ||||||||||||||||
Ended | Inception | 2012 through | Ended | |||||||||||||||||
December 31, | August 31, | August 30, | March 29, | |||||||||||||||||
2013 | 2012 | 2012 | 2012 | |||||||||||||||||
through | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2012 | ||||||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Predecessor) | |||||||||||||||||
Digital equipment rental expense (continuing operations) | $ | 11,077 | $ | 3,338 | $ | 3,624 | $ | 6,969 | ||||||||||||
Open Road Films Transactions. The Company recorded the following transactions with Open Road Films: | ||||||||||||||||||||
(In thousands) | December 31, | December 31, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(Successor) | (Successor) | |||||||||||||||||||
Due from Open Road Films | $ | 2,658 | $ | 1,950 | ||||||||||||||||
Film rent payable to Open Road Films | 1,959 | 326 | ||||||||||||||||||
(In thousands) | 12 Months | From | March 30, | 52 Weeks | ||||||||||||||||
Ended | Inception | 2012 through | Ended | |||||||||||||||||
December 31, | August 31, | August 30, | March 29, | |||||||||||||||||
2013 | 2012 | 2012 | 2012 | |||||||||||||||||
through | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2012 | ||||||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Predecessor) | |||||||||||||||||
Gross film exhibition cost on Open Road Films | $ | 12,700 | $ | 5,500 | $ | 1,550 | $ | 7,000 | ||||||||||||
Summary Financial Information | ||||||||||||||||||||
Investments in non-consolidated affiliates accounted for under the equity method as of December 31, 2013, include interests in National CineMedia, LLC ("NCM"), AC JV, LLC, two U.S. motion picture theatres and one IMAX screen, Digital Cinema Implementation Partners, LLC ("DCIP"), Open Road Films("ORF"), and other immaterial investments. | ||||||||||||||||||||
Condensed financial information of the Company's non-consolidated equity method investments is shown below. Amounts are presented under U.S. GAAP for the periods of ownership by the Company. | ||||||||||||||||||||
Financial Condition: | ||||||||||||||||||||
December 31, 2013 (Successor) | ||||||||||||||||||||
(In thousands) | NCM | DCIP | ORF | Other | Total | |||||||||||||||
Current assets | $ | 141,600 | $ | 140,353 | $ | 60,431 | $ | 14,069 | $ | 356,453 | ||||||||||
Noncurrent assets | 557,600 | 1,124,517 | 10,341 | 24,281 | 1,716,739 | |||||||||||||||
Total assets | 699,200 | 1,264,870 | 70,772 | 38,350 | 2,073,192 | |||||||||||||||
Current liabilities | 122,400 | 34,919 | 69,530 | 6,301 | 233,150 | |||||||||||||||
Noncurrent liabilities | 876,000 | 1,028,191 | 15,918 | — | 1,920,109 | |||||||||||||||
Total liabilities | 998,400 | 1,063,110 | 85,448 | 6,301 | 2,153,259 | |||||||||||||||
Stockholders' equity (deficit) | (299,200 | ) | 201,760 | (14,676 | ) | 32,049 | (80,067 | ) | ||||||||||||
Liabilities and stockholders' equity (deficit) | 699,200 | 1,264,870 | 70,772 | 38,350 | 2,073,192 | |||||||||||||||
| | | | | | | | | | | | | | | | | ||||
The Company's recorded investment(1) | $ | 272,407 | $ | 45,831 | $ | (1,920 | ) | $ | 11,592 | $ | 327,910 | |||||||||
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December 31, 2012 (Successor) | ||||||||||||||||||||
(In thousands) | NCM | DCIP | ORF | Other | Total | |||||||||||||||
Current assets | $ | 112,100 | $ | 56,322 | $ | 42,712 | $ | 3,547 | $ | 214,681 | ||||||||||
Noncurrent assets | 325,300 | 1,153,610 | 7,352 | 14,558 | 1,500,820 | |||||||||||||||
Total assets | 437,400 | 1,209,932 | 50,064 | 18,105 | 1,715,501 | |||||||||||||||
Current liabilities | 82,600 | 54,211 | 67,402 | 1,976 | 206,189 | |||||||||||||||
Noncurrent liabilities | 879,000 | 1,016,135 | 7,060 | — | 1,902,195 | |||||||||||||||
Total liabilities | 961,600 | 1,070,346 | 74,462 | 1,976 | 2,108,384 | |||||||||||||||
Stockholders' equity (deficit) | (524,200 | ) | 139,586 | (24,398 | ) | 16,129 | (392,883 | ) | ||||||||||||
Liabilities and stockholders' equity (deficit) | 437,400 | 1,209,932 | 50,064 | 18,105 | 1,715,501 | |||||||||||||||
| | | | | | | | | | | | | | | | | ||||
The Company's recorded investment(1) | $ | 245,047 | $ | 25,234 | $ | (6,781 | ) | $ | 3,922 | $ | 267,422 | |||||||||
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-1 | ||||||||||||||||||||
Certain differences in the Company's recorded investments, and its proportional ownership share resulting from the Merger where the investments were recorded at fair value, are amortized to equity in (earnings) or losses over the estimated useful lives the underlying assets and liabilities. Other non-amortizing differences are considered to represent goodwill and are evaluated for impairment annually. | ||||||||||||||||||||
Operating Results: | ||||||||||||||||||||
12 Months Ended December 31, 2013 | ||||||||||||||||||||
(Successor) | ||||||||||||||||||||
(In thousands) | NCM | DCIP | ORF | Other | Total | |||||||||||||||
Revenues | $ | 462,800 | $ | 182,659 | $ | 140,350 | $ | 18,517 | $ | 804,326 | ||||||||||
Operating costs and expenses | 299,900 | 133,700 | 130,628 | 18,546 | 582,774 | |||||||||||||||
| | | | | | | | | | | | | | | | | ||||
Net earnings (loss) | $ | 162,900 | $ | 48,959 | $ | 9,722 | $ | (29 | ) | $ | 221,552 | |||||||||
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From Inception August 31, 2012 through December 31, 2012 | ||||||||||||||||||||
(Successor) | ||||||||||||||||||||
(In thousands) | NCM | DCIP | ORF | Other | Total | |||||||||||||||
Revenues | $ | 178,100 | $ | 56,851 | $ | 39,701 | $ | 9,128 | $ | 283,780 | ||||||||||
Operating costs and expenses | 144,000 | 43,052 | 61,083 | 11,088 | 259,223 | |||||||||||||||
| | | | | | | | | | | | | | | | | ||||
Net earnings (loss) | $ | 34,100 | $ | 13,799 | $ | (21,382 | ) | $ | (1,960 | ) | $ | 24,557 | ||||||||
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March 30, 2012 through August 30, 2012 | ||||||||||||||||||||
(Predecessor) | ||||||||||||||||||||
(In thousands) | NCM | DCIP | ORF | Other | Total | |||||||||||||||
Revenues | $ | 231,600 | $ | 71,560 | $ | 42,563 | $ | 14,680 | $ | 360,403 | ||||||||||
Operating costs and expenses | 167,900 | 55,378 | 55,395 | 14,820 | 293,493 | |||||||||||||||
| | | | | | | | | | | | | | | | | ||||
Net earnings (loss) | $ | 63,700 | $ | 16,182 | $ | (12,832 | ) | $ | (140 | ) | $ | 66,910 | ||||||||
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52 Weeks Ended March 29, 2012 | ||||||||||||||||||||
(Predecessor) | ||||||||||||||||||||
(In thousands) | NCM | DCIP | ORF | Other | Total | |||||||||||||||
Revenues | $ | 443,700 | $ | 134,640 | $ | 44,842 | $ | 35,758 | $ | 658,940 | ||||||||||
Operating costs and expenses | 311,100 | 129,690 | 74,294 | 36,837 | 551,921 | |||||||||||||||
| | | | | | | | | | | | | | | | | ||||
Net earnings (loss) | $ | 132,600 | $ | 4,950 | $ | (29,452 | ) | $ | (1,079 | ) | $ | 107,019 | ||||||||
| | | | | | | | | | | | | | | | | ||||
| | | | | | | | | | | | | | | | | ||||
(In thousands) | 12 Months | From | March 30, | 52 Weeks | ||||||||||||||||
Ended | Inception | 2012 through | Ended | |||||||||||||||||
December 31, | August 31, | August 30, | March 29, | |||||||||||||||||
2013 | 2012 | 2012 | 2012 | |||||||||||||||||
through | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2012 | ||||||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Predecessor) | |||||||||||||||||
National CineMedia, LLC | $ | 23,196 | $ | 4,271 | $ | 7,473 | $ | 28,489 | ||||||||||||
Digital Cinema Implementation Partners, LLC | 18,660 | 4,436 | 4,941 | 1,726 | ||||||||||||||||
Open Road Releasing, LLC | 4,861 | (10,691 | ) | (6,416 | ) | (14,726 | ) | |||||||||||||
Other | 718 | (496 | ) | 1,547 | (2,930 | ) | ||||||||||||||
| | | | | | | | | | | | | | | | |||||
The Company's recorded equity in earnings (losses) | $ | 47,435 | $ | (2,480 | ) | $ | 7,545 | $ | 12,559 | |||||||||||
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The Company reviews investments in non-consolidated subsidiaries accounted for under the equity method for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be fully recoverable. The Company reviews unaudited financial statements on a quarterly basis and audited financial statements on an annual basis for indicators of triggering events or circumstances that indicate the potential impairment of these investments as well as current equity prices for its investment in NCM and discounted projections of cash flows for certain of its other investees. Additionally, the Company has quarterly discussions with the management of significant investees to assist in the identification of any factors that might indicate the potential for impairment. In order to determine whether the carrying value of investments may have experienced an "other-than-temporary" decline in value necessitating the write-down of the recorded investment, the Company considers the period of time during which the fair value of the investment remains substantially below the recorded amounts, the investees financial condition and quality of assets, the length of time the investee has been operating, the severity and nature of losses sustained in current and prior years, a reduction or cessation in the investee's dividend payments, suspension of trading in the security, qualifications in accountant's reports due to liquidity or going concern issues, investee announcement of adverse changes, downgrading of investee debt, regulatory actions, changes in reserves for product liability, loss of a principal customer, negative operating cash flows or working capital deficiencies and the recording of an impairment charge by the investee for goodwill, intangible or long-lived assets. Once a determination is made that an other-than-temporary impairment exists, the Company writes down its investment to fair value. | ||||||||||||||||||||
The Company recorded the following changes in the carrying amount of its investment in NCM and equity in earnings of NCM during twelve months ended December 31, 2013, the period August 31, 2012 through December 31, 2012, the period March 30, 2012 through August 30, 2012, and the fifty-two weeks ended March 29, 2012. | ||||||||||||||||||||
(In thousands) | Investment in | Exhibitor | Other | Cash | Equity in | Advertising | ||||||||||||||
NCM(1) | Services | Comprehensive | Received | (Earnings) | (Revenue) | |||||||||||||||
Agreement(2) | (Income) | (Paid) | Losses | |||||||||||||||||
Ending balance March 31, 2011 | $ | 74,551 | $ | (333,792 | ) | $ | — | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Receipt of excess cash distributions | $ | (6,444 | ) | $ | — | $ | — | $ | 25,275 | $ | (18,831 | ) | $ | — | ||||||
Receipt under Tax Receivable Agreement(5) | (1,840 | ) | — | — | 6,248 | (4,408 | ) | — | ||||||||||||
Payment to retain Common Units(6) | — | 214 | — | (214 | ) | — | — | |||||||||||||
Amortization of ESA | — | 5,136 | — | — | — | (5,136 | ) | |||||||||||||
Equity in earnings(3) | 5,250 | — | — | — | (5,250 | ) | — | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Ending balance March 29, 2012 | $ | 71,517 | $ | (328,442 | ) | $ | — | $ | 31,309 | $ | (28,489 | ) | $ | (5,136 | ) | |||||
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Receipt of excess cash distributions | $ | (1,701 | ) | $ | — | $ | — | $ | 6,667 | $ | (4,966 | ) | $ | — | ||||||
Change in interest loss | (16 | ) | — | — | — | 16 | — | |||||||||||||
Amortization of ESA | — | 2,367 | — | — | — | (2,367 | ) | |||||||||||||
Equity in earnings(3) | 2,523 | — | — | — | (2,523 | ) | — | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Ending balance August 30, 2012 | $ | 72,323 | $ | (326,075 | ) | $ | — | $ | 6,667 | $ | (7,473 | ) | $ | (2,367 | ) | |||||
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Purchase price fair value adjustment | 177,832 | 3,453 | — | — | — | — | ||||||||||||||
Receipt of excess cash distributions | (10,176 | ) | — | — | 10,176 | — | ||||||||||||||
Amortization of ESA | — | 4,468 | — | — | — | (4,468 | ) | |||||||||||||
Unrealized gain | 797 | — | (797 | ) | — | — | — | |||||||||||||
Equity in earnings(3) | 4,271 | — | — | — | (4,271 | ) | — | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Ending balance December 31, 2012 | $ | 245,047 | $ | (318,154 | ) | $ | (797 | ) | $ | 10,176 | $ | (4,271 | ) | $ | (4,468 | ) | ||||
| | | | | | | | | | | | | | | | | | | | |
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Receipt of common units | 26,315 | (26,315 | ) | — | — | — | — | |||||||||||||
Receipt of excess cash distributions | (27,453 | ) | — | — | 27,453 | — | — | |||||||||||||
Amortization of ESA | — | 14,556 | — | — | — | (14,556 | ) | |||||||||||||
Unrealized gain from cash flow hedge | 1,485 | — | (1,485 | ) | — | — | — | |||||||||||||
Adjust carrying value of AC JV, LLC(8) | 3,817 | — | — | — | — | — | ||||||||||||||
Change in interest gain(4) | 5,012 | — | — | — | (5,012 | ) | — | |||||||||||||
Equity in earnings(3) | 21,149 | — | — | — | (21,149 | ) | — | |||||||||||||
Equity in loss from amortization of basis difference(7) | (2,965 | ) | — | — | — | 2,965 | — | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Ending balance December 31, 2013 | $ | 272,407 | $ | (329,913 | ) | $ | (2,282 | ) | $ | 27,453 | $ | (23,196 | ) | $ | (14,556 | ) | ||||
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-1 | ||||||||||||||||||||
Represents AMC's investment through the date of the Merger on August 30, 2012 in 4,417,042 common membership units received under the Common Unit Adjustment Agreement dated as of February 13, 2007 (Predecessor Tranche 2 Investments). AMC's investment in 12,906,740 common membership units (Predecessor Tranche 1 Investment) was carried at zero cost through the date of the Merger. As of the date of the Merger, 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). As a result of the Rave theatre acquisitions in December of 2012, and as provided under the Common Unit Adjustment Agreement, the Company received 1,728,988 additional NCM common membership units in 2013 valued at $26,315,000 and is recorded in a new tranche, (Tranche 2 Investment). | ||||||||||||||||||||
-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). In connection with the Merger on August 30, 2012, the amounts related to the ESA were adjusted to estimated fair value. | ||||||||||||||||||||
-3 | ||||||||||||||||||||
Represents equity in earnings on the Predecessor Tranche 2 investments only through August 30, 2012. Subsequent to August 30, 2012, represents percentage of ownership equity in earnings for Successor on both Tranche 1 and Tranche 2 Investments. | ||||||||||||||||||||
-4 | ||||||||||||||||||||
Two non-cash gains were recorded to adjust the Company's investment balance due to NCM's issuance of 8,688,078 common membership units to other founding members, at a price per share in excess of the Company's average carrying amount per share. | ||||||||||||||||||||
-5 | ||||||||||||||||||||
Distributions received under the Tax Receivable Agreement ("TRA") in fiscal 2012, were allocated among the Predecessor Tranche 1 Investment and the Predecessor Tranche 2 Investments based on the ownership percentages as of the date of the related NCM, Inc. taxable year to which the distribution relates. Post Merger, the TRA was recorded at fair value as an Intangible Asset. Amortization of the TRA intangible asset and cash receipts are recorded to Investment Expense (Income). | ||||||||||||||||||||
-6 | ||||||||||||||||||||
As a result of theatre closings and a related decline in attendance, the NCM Common Unit Adjustment for calendar 2011 called for a reduction in common units. The Company elected to pay NCM $214,000 to retain 16,717 common units effective March 16, 2012. The amount paid to retain the units decreased the amount for exhibitor services agreement available for amortization to advertising income for future periods. | ||||||||||||||||||||
-7 | ||||||||||||||||||||
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. | ||||||||||||||||||||
-8 | ||||||||||||||||||||
On December 26, 2013, NCM spun-off its Fathom Events business to a newly formed limited liability company, AC JV, LLC which is owned 32% by each founding member and 4% by NCM. In consideration for the sale, each of the three founding members issued promissory notes of approximately $8,333,000 to NCM. The Company's share of the gain recorded by NCM, as a result of the spin-off, has been excluded from equity in earnings and has been applied as a reduction in the carrying value of AC JV, LLC investment. | ||||||||||||||||||||
SUPPLEMENTAL_BALANCE_SHEET_INF
SUPPLEMENTAL BALANCE SHEET INFORMATION | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
SUPPLEMENTAL BALANCE SHEET INFORMATION | ' | |||||||
SUPPLEMENTAL BALANCE SHEET INFORMATION | ' | |||||||
NOTE 8—SUPPLEMENTAL BALANCE SHEET INFORMATION | ||||||||
Other assets and liabilities consist of the following: | ||||||||
(In thousands) | December 31, 2013 | December 31, 2012 | ||||||
(Successor) | (Successor) | |||||||
Other current assets: | ||||||||
Prepaid rent | $ | 37,839 | $ | 35,551 | ||||
Income taxes receivable | 3,871 | 5,805 | ||||||
Prepaid insurance and other | 18,578 | 12,049 | ||||||
Merchandise inventory | 10,645 | 8,859 | ||||||
Other | 9,891 | 8,363 | ||||||
| | | | | | | | |
$ | 80,824 | $ | 70,627 | |||||
| | | | | | | | |
| | | | | | | | |
Other long-term assets: | ||||||||
Investments in real estate | $ | 10,733 | $ | 14,800 | ||||
Deferred financing costs | 7,841 | — | ||||||
Investments in equity method investees | 327,910 | 267,422 | ||||||
Computer software | 39,237 | 32,023 | ||||||
Investment in marketable equity securities | 10,442 | 13,707 | ||||||
Other | 6,341 | 4,788 | ||||||
| | | | | | | | |
$ | 402,504 | $ | 332,740 | |||||
| | | | | | | | |
| | | | | | | | |
Accrued expenses and other liabilities: | ||||||||
Taxes other than income | $ | 46,251 | $ | 42,990 | ||||
Interest | 9,783 | 9,865 | ||||||
Payroll and vacation | 21,697 | 18,799 | ||||||
Current portion of casualty claims and premiums | 10,030 | 6,332 | ||||||
Accrued bonus | 36,916 | 27,630 | ||||||
Theatre and other closure | 6,405 | 6,258 | ||||||
Accrued licensing and percentage rent | 19,241 | 13,390 | ||||||
Current portion of pension and other benefits liabilities | 766 | 1,039 | ||||||
Other | 19,831 | 28,983 | ||||||
| | | | | | | | |
$ | 170,920 | $ | 155,286 | |||||
| | | | | | | | |
| | | | | | | | |
Other long-term liabilities: | ||||||||
Unfavorable lease obligations | $ | 194,233 | $ | 211,329 | ||||
Deferred rent | 55,272 | 10,318 | ||||||
Pension and other benefits | 30,177 | 63,225 | ||||||
RealD deferred lease incentive | 18,635 | 21,223 | ||||||
Casualty claims and premiums | 9,525 | 10,254 | ||||||
Theatre and other closure | 48,758 | 55,086 | ||||||
Other | 14,346 | 14,283 | ||||||
| | | | | | | | |
$ | 370,946 | $ | 385,718 | |||||
| | | | | | | | |
| | | | | | | | |
CORPORATE_BORROWINGS_AND_CAPIT
CORPORATE BORROWINGS AND CAPITAL AND FINANCING LEASE OBLIGATIONS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
CORPORATE BORROWINGS AND CAPITAL AND FINANCING LEASE OBLIGATIONS | ' | ||||||||||||||||
CORPORATE BORROWINGS AND CAPITAL AND FINANCING LEASE OBLIGATIONS | ' | ||||||||||||||||
NOTE 9—CORPORATE BORROWINGS AND CAPITAL AND FINANCING LEASE OBLIGATIONS | |||||||||||||||||
A summary of the carrying value of corporate borrowings and capital and financing lease obligations is as follows: | |||||||||||||||||
(In thousands) | December 31, | December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||||
(Successor) | (Successor) | ||||||||||||||||
Senior Secured Credit Facility-Term Loan due 2016 (4.25% as of December 31, 2012) | $ | — | $ | 465,878 | |||||||||||||
Senior Secured Credit Facility-Term Loan due 2018 (4.75% as of December 31, 2012) | — | 297,000 | |||||||||||||||
Senior Secured Credit Facility-Term Loan due 2020 (3.50% as of December 31, 2013) | 767,502 | — | |||||||||||||||
5% Promissory Note payable to NCM due 2019 | 8,333 | — | |||||||||||||||
8.75% Senior Fixed Rate Notes due 2019 | 647,666 | 654,692 | |||||||||||||||
9.75% Senior Subordinated Notes due 2020 | 655,310 | 661,105 | |||||||||||||||
Capital and financing lease obligations, 8.25%-11% | 116,199 | 122,645 | |||||||||||||||
| | | | | | | | ||||||||||
2,195,010 | 2,201,320 | ||||||||||||||||
Less: current maturities | (16,080 | ) | (14,280 | ) | |||||||||||||
| | | | | | | | ||||||||||
$ | 2,178,930 | $ | 2,187,040 | ||||||||||||||
| | | | | | | | ||||||||||
| | | | | | | | ||||||||||
The carrying amount of corporate borrowings includes a net amount of $101,290,000 for unamortized premiums and discounts as of December 31, 2013. | |||||||||||||||||
Minimum annual payments required under existing capital and financing lease obligations (net present value thereof) and maturities of corporate borrowings as of December 31, 2013 are as follows: | |||||||||||||||||
Capital and Financing Lease Obligations | |||||||||||||||||
Principal | |||||||||||||||||
Amount of | |||||||||||||||||
Corporate | |||||||||||||||||
(In thousands) | Minimum Lease | Less | Principal | Borrowings | Total | ||||||||||||
Payments | Interest | ||||||||||||||||
2014 | $ | 16,808 | $ | 9,867 | $ | 6,941 | $ | 9,139 | $ | 16,080 | |||||||
2015 | 16,933 | 9,207 | 7,726 | 9,139 | 16,865 | ||||||||||||
2016 | 16,943 | 8,474 | 8,469 | 9,139 | 17,608 | ||||||||||||
2017 | 16,951 | 7,671 | 9,280 | 9,139 | 18,419 | ||||||||||||
2018 | 17,112 | 6,782 | 10,330 | 9,139 | 19,469 | ||||||||||||
Thereafter | 96,571 | 23,118 | 73,453 | 1,931,826 | 2,005,279 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total | $ | 181,318 | $ | 65,119 | $ | 116,199 | $ | 1,977,521 | $ | 2,093,720 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Senior Secured Credit Facility | |||||||||||||||||
The Senior Secured Credit Facility is with a syndicate of banks and other financial institutions and, as a result of the third amendment on December 15, 2010, the term loan maturity was extended from January 26, 2013 to December 15, 2016 (the "Term Loan due 2016") for the then aggregate principal amount of $476,597,000 held by lenders who consented to the amendment. The remaining then aggregate term loan principal amount of $142,528,000 (the "Term Loan due 2013") was scheduled to mature on January 26, 2013. The Senior Secured Credit Facility also provided for a revolving credit facility of $192,500,000 that would mature on December 15, 2015. The revolving credit facility included borrowing capacity available for letters of credit and for swingline borrowings on same-day notice. | |||||||||||||||||
Incremental Amendment. On February 22, 2012, the Company entered into an amendment to its Senior Secured Credit Facility pursuant to which the Company borrowed term loans (the "Term Loan due 2018"), and used the proceeds, together with cash on hand, to fund the cash tender offer and redemption of the 8% Senior Subordinated Notes due 2014 and to repay the existing Term Loan due 2013. The Term Loan due 2018 was issued under the Senior Secured Credit Facility for $300,000,000 aggregate principal amount and the net proceeds received were $297,000,000. The 1% discount was amortized to interest expense over the term of the loan until the Merger date of August 30, 2012, when the debt was re-measured at fair value. The Term Loan due 2018 required repayments of principal of 1%, or $3,000,000, per annum and the remaining principal payable upon maturity on February 22, 2018. The Company capitalized deferred financing costs paid to creditors of $5,157,000 related to the issuance of the Term Loan due 2018 during the year ended March 29, 2012. Concurrently with the Term Loan due 2018 borrowings on February 22, 2012, the Company redeemed the outstanding Term Loan due 2013 at a redemption price of 100% of the then outstanding aggregate principal balance of $140,657,000, plus accrued and unpaid interest. The Company recorded a loss on extinguishment of the Term Loan due 2013 in Other expense, due to previously capitalized deferred financing fees of $383,000, during the fifty-two weeks ended March 29, 2012. Prior to extinguishment, the Term Loan due 2013 bore interest at 2.021% on February 22, 2012, which was based on LIBOR plus 1.75%. | |||||||||||||||||
Fourth Amendment. On July 2, 2012, the Company entered into a waiver and fourth amendment to its Senior Secured Credit Facility dated as of January 26, 2006 to, among other things: (i) waive a certain specified default that would otherwise occur upon the change of control effected by the Merger, (ii) permit the Company to change its fiscal year after completion of the Merger, (iii) reflect the change in ownership going forward by restating the definition of "Permitted Holder" to include only Wanda and its affiliates under the Senior Secured Credit Facility in connection with the Merger, (iv) provide for a minimum LIBOR percentage of 1.00%, from, and only after, the completion of the Merger, in determining the interest rate to the Term Loan due 2016, and (v) provide for an interest rate of LIBOR plus 375 basis points to the Term Loan due 2018, from and only after, the completion of the Merger. | |||||||||||||||||
In connection with the waiver and fourth amendment, the Company paid consent fees to lenders equal to 0.25% of the sum of the revolving credit commitment of such consenting lender and the aggregate outstanding principal amount of term loans held by such consenting lender. The company made total consent fee payments to lenders for the fourth amendment of $2,256,000 and recorded it as deferred charges to be amortized as an adjustment to interest expense over the remaining term of the related term loan or revolving credit facility. The Company recorded deferred charges for the consent fees of $438,000 on the Revolving Credit Facility pursuant to ASC 470-50-40-21 and recorded deferred charges of $1,108,000 for the Term Loan due 2016 and $710,000 for the Term Loan due 2018 pursuant to ASC 470-50-40-17b. | |||||||||||||||||
New Senior Secured Credit Facility. On April 30, 2013, the Company entered into a new $925,000,000 Senior Secured Credit Facility pursuant to which the Company borrowed term loans and used the proceeds to fund the redemption of both the Term Loan due 2016 and the Term Loan due 2018. The Senior Secured Credit Facility is comprised of a $150,000,000 Revolving Credit Facility, which matures on April 30, 2018 (the "Revolving Credit Facility"), and a $775,000,000 term loan, which matures on April 30, 2020 (the "Term Loan due 2020"). The Term Loan due 2020 requires repayments of principal of 0.25% of the original principal amount, or $1,937,500, per quarter, with the remaining principal payable upon maturity. The term loan was issued at a 0.25% discount which will be amortized to interest expense over the term of the loan. The Company capitalized deferred financing costs of approximately $6,909,000 related to the issuance of the Revolving Credit Facility and approximately $2,217,000 related to the issuance of the Term Loan due 2020 during calendar 2013. Concurrently with the Term Loan due 2020 borrowings on April 30, 2013, the Company redeemed all of the outstanding Term Loan due 2016 and the Term Loan due 2018 at a redemption price of 100% of the outstanding aggregate principal balance of $464,088,000 and $296,250,000, respectively, plus accrued and unpaid interest. The Company recorded a net gain of approximately $(130,000) in other expense (income), which consisted of the Term Loan due 2016 premium write-off, partially offset by the expense for the third-party costs incurred in connection with the repurchase of the Term Loan due 2016 and the Term Loan due 2018, during the twelve months ended December 31, 2013. At December 31, 2013, the aggregate principal balance of the Term Loan due 2020 was $769,188,000 and there were no borrowings under the Revolving Credit Facility. The Company had approximately $11,502,000 in outstanding letters of credit issued under the credit facility, leaving approximately $138,498,000 available to borrow against the revolving credit facility at December 31, 2013. | |||||||||||||||||
Borrowings under the Senior Secured Credit Facility bear interest at a rate equal to an applicable margin plus, at the Company's option, either a base rate or LIBOR. The minimum rate for base rate borrowings is 1.75% and the minimum rate for LIBOR-based borrowings is 0.75%. The applicable margin for the Term loan due 2020 is 1.75% for base rate borrowings and 2.75% for LIBOR based loans. The applicable margin for the Revolving Credit Facility ranges from 1.25% to 1.5% for base rate borrowings and from 2.25% to 2.5% for LIBOR based borrowings. The Revolving Credit Facility also provides for an unused commitment fee of 0.50% per annum and for letter of credit fees of up to 0.25% per annum plus the applicable margin for LIBOR-based borrowings on the undrawn amount of the letter of credit. The applicable rate for borrowings under the Term Loan due 2020 at December 31, 2013 was 3.5% based on LIBOR (2.75% margin plus 0.75% minimum LIBOR rate). Prior to redemption, the applicable rate for borrowings under the Term Loan due 2016 at April 30, 2013 was 4.25% based on LIBOR (3.25% margin plus 1.00% minimum LIBOR rate) and the applicable rate for borrowings under the Term Loan due 2018 was 4.75% (3.75% margin plus 1.00% minimum LIBOR rate). The Company is obligated to repay $7,750,000 of the Term Loan due 2020 per annum through April 30, 2019, with any remaining balance due on April 30, 2020. The Company may voluntarily repay outstanding loans under the Senior Secured Credit Facility at any time without premium or penalty, other than customary "breakage" costs with respect to LIBOR loans. | |||||||||||||||||
The Senior Secured Credit Facility contains a number of covenants that, among other things, restrict, subject to certain exceptions, the ability of the Company and its subsidiaries, to sell assets; incur additional indebtedness; prepay other indebtedness (including the notes); pay dividends and distributions or repurchase their capital stock; create liens on assets; make investments; make acquisitions; engage in mergers or consolidations; engage in transactions with affiliates; amend constituent documents and material agreements governing subordinated indebtedness, including the Notes due 2020; change the business conducted by it and its subsidiaries; and enter into agreements that restrict dividends from subsidiaries. In addition, the Senior Secured Credit Facility requires the Company and its subsidiaries to maintain, on the last day of each fiscal quarter, a net senior secured leverage ratio, as defined in the Senior Secured Credit Facility, of no more than 3.25 to 1 as long as the commitments under the Revolving Credit Facility remain outstanding. The Senior Secured Credit Facility also contains certain customary affirmative covenants and events of default, including the occurrence of (i) a change in control, as defined in the Senior Secured Credit Facility, (ii) defaults under other indebtedness of the Company, any guarantor or any significant subsidiary having a principal amount of $25,000,000 or more, and (iii) one or more uninsured judgments against the Company, any guarantor, or any significant subsidiary for an aggregate amount exceeding $25,000,000 with respect to which enforcement proceedings are brought or a stay of enforcement is not in effect for any period of 60 consecutive days. | |||||||||||||||||
All obligations under the Senior Secured Credit Facility are guaranteed by each of the Company's wholly-owned domestic subsidiaries. All obligations under the Senior Secured Credit Facility, and the guarantees of those obligations (as well as cash management obligations), are secured by substantially all of the Company's assets as well as those of each subsidiary guarantor. | |||||||||||||||||
Notes Due 2014 | |||||||||||||||||
On February 24, 2004, the Company sold $300,000,000 aggregate principal amount of 8% Senior Subordinated Notes due 2014 (the "Notes due 2014"). The interest rate for the Notes due 2014 was 8% per annum, payable in March and September. The Notes due 2014 were redeemable at the option of the Company, in whole or in part, at any time on or after March 1, 2009 at 104% of the principal amount thereof, declining ratably to 100% of the principal amount thereof on or after March 1, 2012, plus in each case interest accrued to the redemption date. | |||||||||||||||||
On February 7, 2012, the Company launched a cash tender offer to purchase up to $160,000,000 aggregate principal amount of its then outstanding $300,000,000 aggregate principal amount of the Notes due 2014. On February 21, 2012, holders of $108,955,000 aggregate principal amount of the Notes due 2014 tendered pursuant to the cash tender offer. On February 22, 2012, the Company accepted for purchase $58,063,000 aggregate principal amount, plus accrued and unpaid interest of the Notes due 2014, for total consideration equal to (i) $972.50 per $1,000 in principal amount of notes validly tendered plus (ii) $30 per $1,000 in principal amount of the notes validly tendered. On March 7, 2012, the Company accepted for purchase the remaining $50,892,000 aggregate principal amount, plus accrued and unpaid interest of the Notes due 2014 tendered on February 21, 2012, for total consideration equal to (i) $972.50 per $1,000 in principal amount of notes validly tendered plus (ii) $30 per $1,000 in principal amount of the notes validly tendered. In addition, the Company accepted for purchase $10,000 aggregate principal amount, plus accrued and unpaid interest of Notes due 2014 tendered after February 21, 2012, for total consideration equal to $972.50 per $1,000 in principal amount of the notes validly tendered. The Company recorded a loss on extinguishment related to the cash tender offer and redeemed its Notes due 2014 of $640,000 in Other expense during the fifty-two weeks ended March 29, 2012, which included tender offer and consent fees paid to the holders of $213,000, write-off of a non-cash discount of $155,000, and other expenses of $272,000. On March 7, 2012, the Company announced its intent to redeem $51,035,000 aggregate principal amount of the Notes due 2014 at a price of $1,000 per $1,000 principal amount such that an aggregate of $160,000,000 of Notes due 2014 would be retired through the tender offer and redemption. On April 6, 2012, the Company completed the redemption of $51,035,000 aggregate principal amount of Notes due 2014 at a redemption price of 100% of the principal amount plus accrued and unpaid interest. | |||||||||||||||||
On April 6, 2012, the Company redeemed $51,035,000 aggregate principal amount of its Notes due 2014 pursuant to a cash tender offer at a price of $1,000 per $1,000 principal amount. The Company used the net proceeds from the issuance of the Term Loan due 2018, which was borrowed on February 22, 2012, to pay for the consideration of the cash tender offer plus accrued and unpaid interest on the principal amount of the Notes due 2014. On August 30, 2012 prior to the consummation of the Merger, the Company issued a call notice for all of its then remaining outstanding Notes due 2014 at a redemption price of 100% of the principal amount thereof, plus accrued and unpaid interest, to the redemption date. On August 30, 2012, the Company irrevocably deposited $141,027,000, plus accrued interest to September 1, 2012 with a trustee to satisfy and to discharge its obligations under the Notes due 2014 and its indenture. The Company used a combination of cash on hand and funds contributed by Wanda. The Company recorded a loss on redemption of $1,297,000 prior to the Merger related to the extinguishment of the Notes due 2014. | |||||||||||||||||
Notes Due 2019 | |||||||||||||||||
On June 9, 2009, the Company issued $600,000,000 aggregate principal amount of 8.75% Senior Notes due 2019 (the "Notes due 2019") issued under an indenture with U.S. Bank, National Association, as trustee. The Notes due 2019 bear interest at a rate of 8.75% per annum, payable on June 1 and December 1 of each year (commencing on December 1, 2009), and have a maturity date of June 1, 2019. The Notes due 2019 are redeemable at the Company's option in whole or in part, at any time on or after June 1, 2014 at 104.375% of the principal amount thereof, declining ratably to 100% of the principal amount thereof on or after June 1, 2017, plus accrued and unpaid interest to the redemption date. See Note 21—Subsequent Events for information regarding the Company's cash tender offer and consent solicitation for the Notes due 2019. | |||||||||||||||||
The Notes due 2019 are general unsecured senior obligations of the Company, fully and unconditionally guaranteed, jointly and severally, on a senior basis by each of the Company's existing and future domestic restricted subsidiaries that guarantee the Company's other indebtedness. | |||||||||||||||||
In connection with the Merger on August 30, 2012, the carrying value of the Notes due 2019 was adjusted to fair value. As a result, a premium of $57,000,000 was recorded and will be amortized to interest expense utilizing the interest rate method over the remaining term of the notes. Quoted market prices were used to estimate the fair value of the Company's Notes due 2019 (Level 2) at the date of the Merger. The Company determined the premium for the Notes due 2019 as the difference between the fair value of the Notes due 2019 and the principal balance of the Notes due 2019. | |||||||||||||||||
Notes Due 2020 | |||||||||||||||||
On December 15, 2010, the Company completed the offering of $600,000,000 aggregate principal amount of its Notes due 2020. The Notes due 2020 mature on December 1, 2020, pursuant to an indenture dated as of December 15, 2010, among the Company, the Guarantors named therein and U.S. Bank National Association, as trustee. The Company will pay interest on the Notes due 2020 at 9.75% per annum, semi-annually in arrears on June 1 and December 1, commencing on June 1, 2011. The Company may redeem some or all of the Notes due 2020 at any time on or after December 1, 2015 at 104.875% of the principal amount thereof, declining ratably to 100% of the principal amount thereof on or after December 1, 2018, plus accrued and unpaid interest to the redemption date. | |||||||||||||||||
The Indenture provides that the Notes due 2020 are general unsecured senior subordinated obligations of the Company and are fully and unconditionally guaranteed on a joint and several senior subordinated unsecured basis by all of its existing and future domestic restricted subsidiaries that guarantee its other indebtedness. | |||||||||||||||||
The indenture governing the Notes due 2020 contains covenants limiting other indebtedness, dividends, purchases or redemptions of stock, transactions with affiliates and mergers and sales of assets. | |||||||||||||||||
In connection with the Merger on August 30, 2012, the carrying value of the Notes due 2020 was adjusted to fair value. As a result, a premium of $63,000,000 was recorded and will be amortized to interest expense over the remaining term of the notes. Quoted market prices were used to estimate the fair value of the Company's Notes due 2020 (Level 2) at the Merger. The Company determined the premium for the Notes due 2020 as the difference between the fair value of the Notes due 2020 and the principal balance of the Notes due 2020. | |||||||||||||||||
Consent Solicitation | |||||||||||||||||
On June 22, 2012, the Company announced it had received the requisite consents from holders of each of its Notes due 2019 and its Notes due 2020 and, collectively with the Notes due 2019, the ("Notes") for (i) a waiver of the requirement for the Company to comply with the "change of control" covenant in each of the indentures governing the Notes due 2019 and the indenture governing the Notes due 2020 (collectively, the "Indentures"), in connection with the Merger (the "Waivers"), including the Company's obligation to make a "change of control offer" in connection with the Merger with respect to each series of Notes, and (ii) certain amendments to the Indentures to reflect the change in ownership going forward by adding Wanda and its affiliates to the definition of "Permitted Holder" under each of the Indentures. The Company entered into supplemental indentures to give effect to the Waivers and certain amendments to the Indentures, which became operative upon payment of the applicable consent fee immediately prior to the closing of the Merger. The holders of each of the Notes due 2019 and Notes due 2020, who validly consented to the Waiver and the proposed amendments, received a consent fee of $2.50 per $1,000 principal amount at the closing date of the Merger. The total consent fees were $2,376,000. See Note 2—Merger for additional information regarding the recording of the consent fees. | |||||||||||||||||
Promissory Note | |||||||||||||||||
See Note 7—Investments for information regarding the 5% Promissory Note payable to NCM. | |||||||||||||||||
Financial Covenants | |||||||||||||||||
Each indenture relating to the Company's notes (Notes due 2019 and Notes due 2020) allows it to incur specified permitted indebtedness (as defined therein) without restriction. Each indenture also allows the Company to incur any amount of additional debt as long as it can satisfy the coverage ratio of each indenture, after giving effect to the event on a pro forma basis. Under the indenture for the Notes due 2020 (the Company's most restrictive indenture), the Company could borrow approximately $1,537,000,000 (assuming an interest rate of 5.875% per annum on the additional indebtedness) in addition to specified permitted indebtedness at December 31, 2013. If the Company cannot satisfy the coverage ratios of the indentures, generally the Company can borrow an additional amount under the Senior Secured Credit Facility. | |||||||||||||||||
As of December 31, 2013, the Company was in compliance with all financial covenants relating to the Senior Secured Credit Facility, the Notes due 2020, and the Notes due 2019. | |||||||||||||||||
STOCKHOLDERS_EQUITY
STOCKHOLDER'S EQUITY | 12 Months Ended |
Dec. 31, 2013 | |
STOCKHOLDER'S EQUITY | ' |
STOCKHOLDER'S EQUITY | ' |
NOTE 10—STOCKHOLDER'S EQUITY | |
AMCE has one share of Common Stock issued as of December 31, 2013, which is owned by Holdings. | |
During the twelve months ended December 31, 2013 Holdings contributed $355,299,000 to AMCE from the net proceeds of its IPO. | |
During the twelve months ended December 31, 2013, AMCE used cash on hand to make a dividend distribution to Holdings to purchase treasury stock of $588,000. As a result of the IPO, members of management incurred a tax liability associated with Holdings' common stock owned since the date of the Merger. Management elected to satisfy $588,000 of the tax withholding obligation by tendering the shares of Class A common stock to the Holdings. | |
During the Successor period of August 31, 2012 through December 31, 2012, the Company received capital contributions of $100,000,000 from Wanda. | |
During fiscal 2012, AMCE used cash on hand to pay a dividend distribution to Holdings in an aggregate amount of $109,581,000. Holdings used the available funds to pay corporate overhead expenses incurred in the ordinary course of business and to redeem its Term Loan Facility due June 2012, plus accrued and unpaid interest of $219,405,000. | |
Stock-Based Compensation | |
The Company has no stock-based compensation arrangements of its own at December 31, 2013, but Holdings has adopted a stock-based compensation plan in December of 2013. Prior to the Merger, Holdings had adopted the 2010 Equity Incentive Plan, which was cancelled at the Merger date, and the 2004 Stock Plan, which was suspended by the Board of Directors on July 23, 2010. | |
The Company has recorded stock-based compensation expense of $12,000,000, $830,000, and $1,962,000 within general and administrative: other during the twelve months ended December 31, 2013, the period March 30, 2012 through August 30, 2012, and the fiscal year ended March 29, 2012, respectively. | |
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 December 31, 2013, the aggregate number of shares of Holdings' common stock available for grant was 9,113,828 shares. | |
Awards in Connection with Holdings' IPO | |
In connections with the Holdings' IPO, the Board of Directors of Holdings approved the grants of 666,675 fully vested shares of the Holdings' Class A common stock to certain of its employees in December of 2013 under the 2013 Equity Incentive Plan. Of the total 666,675 shares that were awarded, 360,172 shares were issued to the employees and 306,503 were withheld to cover tax obligations and were cancelled. The fair value of the stock at the grant date was $18.00 per share and was based on the IPO price. The Company recognized approximately $12,000,000 of expense in connection with these share grants included in general and administrative: other expense. | |
Awards Granted in 2014 | |
The Board of Directors approved awards of stock, restricted stock units ("RSUs"), and performance stock units ("PSUs") granted on January 2, 2014, 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 was $20.18 per share and was based on the closing price of Holdings' stock. Holdings' Compensation Committee and Board of Directors have discretion in determining whether performance requirements applicable to awards have been achieved. The award agreements generally have the following features: | |
• | |
Stock Award Agreement: On January 2, 2014, 2 independent Board of Directors were granted an award of 5,002 fully vested Class A shares each, for a total award of 10,004 shares. The Company will recognize approximately $202,000 of expense in general and administrative: other expense during the three months March 31, 2014, in connection with these share grants according to ASC 718-10-55-68. | |
• | |
Restricted Stock Unit Award Agreement: On January 2, 2014, RSU awards of 115,375 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 are fully vested at the date of grant and will be settled on the third anniversary of the date of grant. Under certain termination scenarios defined in the award agreement, the RSUs may be settled within 60 days following termination of service. Participants will receive dividend equivalents equal to the amount paid in respect to the shares of Class A common stock underlying the RSUs. The Company will recognize approximately $2,328,000 of expense in general and administrative: other expense during the three months ended March 31, 2014, in connection with these share grants. | |
On January 2, 2014, RSU awards of 128,641 units were granted to certain executive officers. The RSUs will be forfeited if Holdings does not achieve a specified cash flow from operating activities performance target for the twelve months ended December 31, 2014. Participants will receive dividend equivalents, if the shares are not forfeited, equal to the amount paid in respect to the shares of Class A common stock underlying the RSUs. The Company will recognize expense for these awards of approximately $2,596,000 in general and administrative: other expense over the performance and vesting period during the twelve months ended December 31, 2014, according to ASC 718-20-55-37, assuming the performance condition is expected to be achieved. | |
• | |
Performance Stock Unit Award Agreement: On January 2, 2014, PSU awards were granted to certain members of management, with both a free cash flow performance target and a service condition, during the twelve months ended December 31, 2014. The PSUs will vest ratably based on a scale ranging from 80% to 120% of the performance target with the vested amount ranging from 30% to 150%. If the performance target is met at 100%, the total PSU grant will be 244,016 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, 2014. The vested PSUs will be settled on the third anniversary of the date of grant. Under certain termination scenarios defined in the award agreement, the PSUs may be settled within 60 days following termination of service. Participants will accrue dividend equivalents from the date of grant to be paid upon vesting and will receive dividend equivalents after vesting, equal to the amount paid in respect to the shares of Class A common stock underlying the PSUs. Assuming attainment of the performance target at 100%, the Company will recognize expense for these awards of approximately $4,924,000 in general and administrative: other expense over the performance and vesting period during the twelve months ended December 31, 2014, according to ASC 718-20-55-37. | |
Merger | |
All of the stock options and restricted stock interests under both the amended and restated 2004 Stock Option Plan and the 2010 Equity Incentive Plan were cancelled, upon the change of control as a result of the Merger, and holders received payments aggregating approximately $7,035,000. The Company had previously recognized stock-based compensation expense of $3,858,000 related to these stock options and restricted stock interests. The Company did not recognize an expense for the remaining $3,177,000 of unrecognized stock-based compensation expense. The Company's accounting policy for any cost triggered by the consummation of the Merger was to recognize the cost when the Merger was consummated. Accordingly, unrecognized stock-based compensation expense for stock options and restricted stock interests has not been recorded in the Consolidated Statement of Operations for the Predecessor period since that statement depicts the results of operations just prior to consummation of the transaction. In addition, since the Successor period reflects the effects of push-down accounting, these costs have also not been recorded as an expense in the Successor period. However, the costs were reflected in the purchase accounting adjustments which were applied in arriving at the opening balances of the Successor. See Note 2—Merger for additional information regarding the settlement of stock options and restricted stock interests. | |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
INCOME TAXES | ' | ||||||||||||||||
INCOME TAXES | ' | ||||||||||||||||
NOTE 11—INCOME TAXES | |||||||||||||||||
The Income tax provision reflected in the Consolidated Statements of Operations consists of the following components during the twelve months ended December 31, 2013, the period August 31, 2012 through December 31, 2012, the period March 30, 2012 through August 30, 2012, and the fifty-two weeks ended March 29, 2012: | |||||||||||||||||
(In thousands) | 12 Months | From Inception | March 30, | 52 Weeks | |||||||||||||
Ended | August 31, | 2012 through | Ended | ||||||||||||||
December 31, | 2012 through | August 30, | March 29, | ||||||||||||||
2013 | December 31, | 2012 | 2012 | ||||||||||||||
2012 | |||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Predecessor) | ||||||||||||||
Current: | |||||||||||||||||
Federal | $ | — | $ | — | $ | — | $ | — | |||||||||
Foreign | — | — | — | — | |||||||||||||
State | 4,045 | 480 | 3,700 | 2,015 | |||||||||||||
| | | | | | | | | | | | | | | | ||
Total current | 4,045 | 480 | 3,700 | 2,015 | |||||||||||||
| | | | | | | | | | | | | | | | ||
Deferred: | |||||||||||||||||
Federal | (229,778 | ) | 3,020 | — | — | ||||||||||||
Foreign | — | — | — | — | |||||||||||||
State | (36,820 | ) | — | — | — | ||||||||||||
| | | | | | | | | | | | | | | | ||
Total deferred | (266,598 | ) | 3,020 | — | — | ||||||||||||
| | | | | | | | | | | | | | | | ||
Total provision (benefit) | (262,553 | ) | 3,500 | 3,700 | 2,015 | ||||||||||||
Tax provision from discontinued operations | 830 | — | 1,200 | — | |||||||||||||
| | | | | | | | | | | | | | | | ||
Total provision (benefit) from continuing operations | $ | (263,383 | ) | $ | 3,500 | $ | 2,500 | $ | 2,015 | ||||||||
| | | | | | | | | | | | | | | | ||
| | | | | | | | | | | | | | | | ||
AMCE has recorded no alternative minimum taxes as the consolidated tax group for which AMCE is a member expects no alternative minimum tax liability, due to the utilization of tax credits. | |||||||||||||||||
Pre-tax income (losses) consisted of the following: | |||||||||||||||||
(In thousands) | 12 Months | From Inception | March 30, | 52 Weeks | |||||||||||||
Ended | August 31, | 2012 through | Ended | ||||||||||||||
December 31, | 2012 through | August 30, | March 29, | ||||||||||||||
2013 | December 31, | 2012 | 2012 | ||||||||||||||
2012 | |||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Predecessor) | ||||||||||||||
Domestic | $ | 103,526 | $ | (39,294 | ) | $ | 98,093 | $ | (78,677 | ) | |||||||
Foreign | (1,679 | ) | 124 | 7 | (1,296 | ) | |||||||||||
| | | | | | | | | | | | | | | | ||
Total | $ | 101,847 | $ | (39,170 | ) | $ | 98,100 | $ | (79,973 | ) | |||||||
| | | | | | | | | | | | | | | | ||
| | | | | | | | | | | | | | | | ||
The difference between the effective tax rate on earnings (loss) from continuing operations before income taxes and the U.S. federal income tax statutory rate is as follows: | |||||||||||||||||
(In thousands) | 12 Months | From Inception | March 30, | 52 Weeks | |||||||||||||
Ended | August 31, | 2012 through | Ended | ||||||||||||||
December 31, | 2012 through | August 30, | March 29, | ||||||||||||||
2013 | December 31, | 2012 | 2012 | ||||||||||||||
2012 | |||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Predecessor) | ||||||||||||||
Income tax expense (benefit) at the federal statutory rate | $ | 34,902 | $ | (13,470 | ) | $ | 21,600 | $ | (26,730 | ) | |||||||
Effect of: | |||||||||||||||||
State income taxes | 1,479 | (1,930 | ) | 2,500 | 2,015 | ||||||||||||
Change in ASC 740 (formerly FIN 48) reserve | 2,193 | — | — | (5,400 | ) | ||||||||||||
Federal credits | (2,600 | ) | — | — | — | ||||||||||||
Change in net operating loss carryforward for excess tax deductions | (28,206 | ) | — | — | — | ||||||||||||
Permanent items | 537 | 20 | 100 | 825 | |||||||||||||
Other items | (6,088 | ) | — | — | — | ||||||||||||
Valuation allowance | (265,600 | ) | 18,880 | (21,700 | ) | 31,305 | |||||||||||
| | | | | | | | | | | | | | | | ||
Income tax expense (benefit) | $ | (263,383 | ) | $ | 3,500 | $ | 2,500 | $ | 2,015 | ||||||||
| | | | | | | | | | | | | | | | ||
| | | | | | | | | | | | | | | | ||
Effective income tax rate | (264.1 | )% | (9.1 | )% | 4 | % | (2.6 | )% | |||||||||
| | | | | | | | | | | | | | | | ||
| | | | | | | | | | | | | | | | ||
The significant components of deferred income tax assets and liabilities as of December 31, 2013 and December 31, 2012 are as follows: | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
(Successor) | (Successor) | ||||||||||||||||
Deferred Income Tax | Deferred Income Tax | ||||||||||||||||
(In thousands) | Assets | Liabilities | Assets | Liabilities | |||||||||||||
Tangible assets | $ | — | $ | (102,669 | ) | $ | — | $ | (125,641 | ) | |||||||
Accrued reserves | 33,156 | — | 35,359 | — | |||||||||||||
Intangible assets | — | (89,761 | ) | — | (76,430 | ) | |||||||||||
Receivables | — | (3,513 | ) | — | (1,632 | ) | |||||||||||
Investments | — | (227,718 | ) | — | (231,524 | ) | |||||||||||
Capital loss carryforwards | 564 | — | 2,077 | — | |||||||||||||
Pension postretirement and deferred compensation | 29,290 | — | 28,001 | — | |||||||||||||
Corporate borrowings | 43,839 | — | 50,558 | — | |||||||||||||
Deferred revenue | 154,155 | — | 136,350 | — | |||||||||||||
Lease liabilities | 97,307 | — | 86,417 | — | |||||||||||||
Capital and financing lease obligations | 37,956 | — | 40,102 | — | |||||||||||||
Alternative minimum tax and other credit carryovers | 19,545 | — | 15,083 | — | |||||||||||||
Charitable contributions | — | — | 1,051 | — | |||||||||||||
Net operating loss carryforward | 214,770 | — | 241,216 | — | |||||||||||||
| | | | | | | | | | | | | | ||||
Total | $ | 630,582 | $ | (423,661 | ) | $ | 636,214 | $ | (435,227 | ) | |||||||
Less: Valuation allowance | — | — | (248,420 | ) | — | ||||||||||||
| | | | | | | | | | | | | | ||||
Total deferred income taxes | $ | 630,582 | $ | (423,661 | ) | $ | 387,794 | $ | (435,227 | ) | |||||||
| | | | | | | | | | | | | | ||||
| | | | | | | | | | | | | | ||||
A rollforward of the Company's valuation allowance for deferred tax assets is as follows: | |||||||||||||||||
(In thousands) | Balance at | Additions | Charged | Charged | Balance | ||||||||||||
Beginning | Charged | (Credited) | (Credited) | at End of | |||||||||||||
of Period | (Credited) to | to Goodwill | to Other | Period | |||||||||||||
Revenues, | Accounts(1) | ||||||||||||||||
Costs and | |||||||||||||||||
Expenses | |||||||||||||||||
Calendar Year 2013 | |||||||||||||||||
Valuation allowance-deferred income tax assets | $ | 248,420 | (265,600 | ) | 11,088 | 6,092 | $ | — | |||||||||
From Inception August 31, 2012 through December 31, 2012 | |||||||||||||||||
Valuation allowance-deferred income tax assets | $ | 232,985 | 18,880 | 195 | (3,640 | ) | $ | 248,420 | |||||||||
March 30, 2012 through August 30, 2012 | |||||||||||||||||
Valuation allowance-deferred income tax assets | $ | 413,666 | (21,700 | ) | (158,981 | ) | — | $ | 232,985 | ||||||||
Fiscal Year 2012 | |||||||||||||||||
Valuation allowance-deferred income tax assets | $ | 329,221 | 32,560 | — | 51,885 | $ | 413,666 | ||||||||||
-1 | |||||||||||||||||
Primarily relates to amounts resulting from the Company's tax sharing arrangement, changes in deferred tax assets and associated valuation allowance that are not related to income statement activity as well as amounts charged to other comprehensive income. | |||||||||||||||||
The Company's federal income tax loss carryforward of $619,225,000 will begin to expire in 2016 and will completely expire in 2031 and will be limited annually due to certain change in ownership provisions of the Internal Revenue Code. The Company also has state income tax loss carryforwards of $405,510,000 which may be used over various periods ranging from 1 to 20 years. | |||||||||||||||||
From 2008 to 2012, the Company's predecessor entity generated significant net deferred tax assets primarily from debt carrying costs and asset impairments combined with reduced operating profitability. At December 31, 2013 and December 31, 2012, the Company had net deferred tax assets of $206,921,000 and $200,987,000, respectively. The Company evaluates its deferred tax assets each period to determine if a valuation allowance is required based on whether it is "more likely than not" that some portion of the deferred tax assets would not be realized. The ultimate realization of these deferred tax assets is dependent upon the generation of sufficient taxable income during future periods. The Company conducts its evaluation by considering all available positive and negative evidence. This evaluation considers, among other factors, historical operating results, forecasts of future profitability, the duration of statutory carryforward periods, and the outlooks for the U.S. motion picture and broader economy. Based on the Company's evaluation through September 30, 2013, the Company continued to reserve a portion of its net deferred tax assets due to uncertainty of their realization and dependence upon future taxable income. One of the primary pieces of negative evidence considered was the significant losses incurred in recent years, including being in a three-year cumulative pre-tax loss position as projected through December 31, 2013. | |||||||||||||||||
Consistent with the above process, the Company evaluated the need for a valuation allowance against its net deferred tax assets at December 31, 2013, and determined that the valuation allowance against its federal deferred tax assets and all of its state deferred tax assets dependent upon future taxable income was no longer appropriate. Accordingly, the Company reversed $265,600,000 of valuation allowance in the fourth quarter of 2013. This reversal is reflected as a non-cash income tax benefit recorded in the fourth quarter of 2013 in the accompanying consolidated statements of operations. | |||||||||||||||||
The Company conducted its evaluation by considering all available positive and negative evidence. The principal positive evidence that led to the reversal of the valuation allowance included: (1) prudent and feasible tax planning strategies; (2) a successful public offering of Holdings' common stock during December 2013; (3) the Company's projected emergence from a three-year cumulative loss in March 2014; (4) the significant positive income generated during 2013; (5) the Company's forecasted future profitability; and (6) improvement in the Company's financial position, including over $500,000,000 of cash on hand at December 31, 2013. | |||||||||||||||||
As described above, the Company has identified a prudent and feasible tax planning strategy which involves the conversion of NCM units into NCM, Inc. common stock that, if executed, would generate significant taxable income. The conversion is within the control of the Company and the Company intends to execute the conversion if it becomes necessary to prevent its net operating loss carryforward from expiring unrealized. In addition, and as described in Note 21—Subsequent Events, AMCE utilized a portion of proceeds from the public offering of Holdings common stock along with cash generated from an offering of 5.875% Senior Subordinated Notes due 2022 to purchase approximately 77.33% of its 8.75% Senior Notes due 2019 which will lower the amount of indebtedness and lower overall borrowing costs for the Company. These subsequent events also were additional positive evidence considered by management. | |||||||||||||||||
The accounting for deferred taxes is based upon an estimate of future results. Differences between estimated and actual results could have a material impact on the Company's consolidated results of operations, its financial position and the ability to fully realize its deferred tax assets over time. Changes in existing tax laws could also affect actual tax results and the realization of deferred tax assets over time. If future results are significantly different from the Company's estimates and judgments, the Company may be required to record a valuation allowance against some or all of its deferred tax assets prospectively. | |||||||||||||||||
As a result of the Merger in 2012, the Company's ability to use certain of its pre-ownership change net operating loss carryforwards and tax credits is limited by Section 382 of the Internal Revenue Code. The Company's Section 382 limitation is approximately $200,000,000 per year with approximately $448,000,000 of the Company's net operating loss carryforwards and tax credits currently available for utilization. The Company does not believe that the Section 382 limitation will prevent it from using its pre-ownership change federal net operating loss carryforwards and tax credits. | |||||||||||||||||
A reconciliation of the change in the amount of unrecognized tax benefits was as follows: | |||||||||||||||||
(In millions) | 12 Months | From Inception | March 30, | 52 Weeks | |||||||||||||
Ended | August 31, | 2012 through | Ended | ||||||||||||||
December 31, | 2012 through | August 30, | March 29, | ||||||||||||||
2013 | December 31, | 2012 | 2012 | ||||||||||||||
2012 | |||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Predecessor) | ||||||||||||||
Balance at beginning of period | $ | 21.9 | $ | 22.4 | $ | 22.7 | $ | 28.2 | |||||||||
Gross increases—current period tax positions | 3.8 | — | 0.6 | 0.7 | |||||||||||||
Gross increases—prior period tax positions | 2.2 | ||||||||||||||||
Favorable resolutions with authorities | (0.5 | ) | — | — | (1.0 | ) | |||||||||||
Expired attributes | — | — | — | (5.2 | ) | ||||||||||||
Cash settlements | — | (0.5 | ) | (0.9 | ) | — | |||||||||||
| | | | | | | | | | | | | | | | ||
Balance at end of period | $ | 27.4 | $ | 21.9 | $ | 22.4 | $ | 22.7 | |||||||||
| | | | | | | | | | | | | | | | ||
| | | | | | | | | | | | | | | | ||
The Company's effective tax rate is not expected to be significantly impacted by the ultimate resolution of the uncertain tax positions. | |||||||||||||||||
The Company recognizes income tax-related interest expense and penalties as income tax expense and general and administrative expense, respectively. The liabilities increased for interest and penalties by $0 and $110,000, as of December 31, 2013 and December 31, 2012, respectively. | |||||||||||||||||
There are currently unrecognized tax benefits which the Company anticipates will be resolved in the next 12 months; however, the Company is unable at this time to estimate what the impact on its unrecognized tax benefits will be. | |||||||||||||||||
The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. An IRS examination of the tax years February 28, 2002 through December 31, 2003 of the former Loews Cineplex Entertainment Corporation and subsidiaries was concluded during fiscal 2007. An IRS examination for the tax years ended March 31, 2005 and March 30, 2006 was completed during 2009. Generally, tax years beginning after March 28, 2002 are still open to examination by various taxing authorities. Additionally, the Company has net operating loss ("NOL") carryforwards for tax years ended October 31, 2000 through March 28, 2002 in the U.S. and various state jurisdictions which have carryforwards of varying lengths of time. These NOLs are subject to adjustment based on the statute of limitations applicable to the return in which they are utilized, not the year in which they are generated. Various state, local and foreign income tax returns are also under examination by taxing authorities. The Company does not believe that the outcome of any examination will have a material impact on its financial statements. | |||||||||||||||||
LEASES
LEASES | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
LEASES | ' | |||||||||||||||
LEASES | ' | |||||||||||||||
NOTE 12—LEASES | ||||||||||||||||
The following table sets forth the future minimum rental payments, by calendar year, required under existing operating leases and digital projector equipment leases payable to DCIP that have initial or remaining non-cancelable terms in excess of one year as of December 31, 2013: | ||||||||||||||||
(In thousands) | Minimum operating | |||||||||||||||
lease payments | ||||||||||||||||
2014 | $ | 428,108 | ||||||||||||||
2015 | 435,906 | |||||||||||||||
2016 | 420,230 | |||||||||||||||
2017 | 403,552 | |||||||||||||||
2018 | 360,704 | |||||||||||||||
Thereafter | 1,606,326 | |||||||||||||||
| | | | | ||||||||||||
Total minimum payments required | $ | 3,654,826 | ||||||||||||||
| | | | | ||||||||||||
| | | | | ||||||||||||
As of December 31, 2013, the Company has lease agreements for four theatres with 41 screens which are under construction or development and are expected to open in 2014. | ||||||||||||||||
Included in other long-term liabilities as of December 31, 2013 and December 31, 2012 is $55,272,000 and $10,318,000, respectively, of deferred rent representing future minimum rental payments for leases with scheduled rent increases, and $194,233,000 and $211,329,000, respectively, for unfavorable lease liabilities. | ||||||||||||||||
Rent expense is summarized as follows: | ||||||||||||||||
(In thousands) | 12 Months | From Inception | March 30, | 52 Weeks | ||||||||||||
Ended | August 31, | 2012 through | Ended | |||||||||||||
December 31, | 2012 through | August 30, | March 29, | |||||||||||||
2013 | December 31, | 2012 | 2012 | |||||||||||||
2012 | ||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Predecessor) | |||||||||||||
Minimum rentals | $ | 394,937 | $ | 126,529 | $ | 166,220 | $ | 394,742 | ||||||||
Common area expenses | 44,198 | 12,968 | 17,591 | 40,918 | ||||||||||||
Percentage rentals based on revenues | 12,693 | 3,877 | 5,275 | 9,666 | ||||||||||||
| | | | | | | | | | | | | | | | |
Rent | 451,828 | 143,374 | 189,086 | 445,326 | ||||||||||||
General and administrative and other | 13,393 | 3,940 | 4,207 | 8,747 | ||||||||||||
| | | | | | | | | | | | | | | | |
Total | $ | 465,221 | $ | 147,314 | $ | 193,293 | $ | 454,073 | ||||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||
EMPLOYEE BENEFIT PLANS | ' | |||||||||||||||||||||||||||||
EMPLOYEE BENEFIT PLANS | ' | |||||||||||||||||||||||||||||
NOTE 13—EMPLOYEE BENEFIT PLANS | ||||||||||||||||||||||||||||||
The Company sponsors frozen non-contributory qualified and non-qualified defined benefit pension plans generally covering all employees who, prior to the freeze, were age 21 or older and had completed at least 1,000 hours of service in their first twelve months of employment, or in a calendar year ending thereafter, and who were not covered by a collective bargaining agreement. The Company also offers eligible retirees the opportunity to participate in a health plan. Certain employees are eligible for subsidized postretirement medical benefits. The eligibility for these benefits is based upon a participant's age and service as of January 1, 2009. The Company also sponsors a postretirement deferred compensation plan. | ||||||||||||||||||||||||||||||
On December 31, 2013, the Company's Board of Directors approved revisions to the Company's Post Retirement Medical and Life Insurance Plan effective April 1, 2014 and the changes were communicated to the plan participants. As a result of these revisions, the Company recorded a prior service credit of approximately $15,197,000 through other comprehensive income to be amortized over nine years starting in calendar 2014, based on expected future service of the remaining participants. | ||||||||||||||||||||||||||||||
As a result of the Merger and the application of "push down" accounting, the benefit plans reflect a new basis of accounting that is based on the fair value of assets acquired and liabilities assumed as of the Merger date. At August 31, 2012, the Successor balance recorded in accumulated other comprehensive income was reset to zero. | ||||||||||||||||||||||||||||||
The measurement dates used to determine pension and other postretirement benefits were December 31, 2013, December 31, 2012, August 30, 2012, and March 29, 2012. | ||||||||||||||||||||||||||||||
Net periodic benefit cost for the plans consists of the following: | ||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||
(In thousands) | 12 Months | From | March 30, | 52 Weeks | 12 Months | From | March 30, | 52 Weeks | ||||||||||||||||||||||
Ended | Inception | 2012 through | Ended | Ended | Inception | 2012 through | Ended | |||||||||||||||||||||||
December 31, | August 31, | August 30, | March 29, | December 31, | August 31, | August 30, | March 29, | |||||||||||||||||||||||
2013 | 2012 through | 2012 | 2012 | 2013 | 2012 through | 2012 | 2012 | |||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||
2012 | 2012 | |||||||||||||||||||||||||||||
(Successor) | (Successor)) | (Predecessor) | (Predecessor) | (Successor) | (Successor) | (Predecessor) | (Predecessor) | |||||||||||||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||||||||||||||||
Service cost | $ | 180 | $ | 59 | $ | 76 | $ | 180 | $ | 195 | $ | 61 | $ | 74 | $ | 149 | ||||||||||||||
Interest cost | 4,513 | 1,484 | 1,962 | 4,640 | 870 | 306 | 435 | 1,122 | ||||||||||||||||||||||
Expected return on plan assets | (4,707 | ) | (1,442 | ) | (1,811 | ) | (4,465 | ) | — | — | — | — | ||||||||||||||||||
Amortization of net (gain) loss | — | — | 899 | 5 | (78 | ) | — | 88 | — | |||||||||||||||||||||
Amortization of prior service credit | — | — | — | — | — | — | (448 | ) | (984 | ) | ||||||||||||||||||||
Settlement | — | (15 | ) | — | — | — | — | — | — | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net periodic benefit cost | $ | (14 | ) | $ | 86 | $ | 1,126 | $ | 360 | $ | 987 | $ | 367 | $ | 149 | $ | 287 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The following table summarizes the changes in other comprehensive income: | ||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||
(In thousands) | 12 Months | From | March 30, | 12 Months | From | March 30, | ||||||||||||||||||||||||
Ended | Inception | 2012 through | Ended | Inception | 2012 through | |||||||||||||||||||||||||
December 31, | August 31, | August 30, | December 31, | August 31, | August 30, | |||||||||||||||||||||||||
2013 | 2012 through | 2012 | 2013 | 2012 through | 2012 | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||
2012 | 2012 | |||||||||||||||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Successor) | (Successor) | (Predecessor) | |||||||||||||||||||||||||
Net (gain) loss | $ | (12,537 | ) | $ | (4,118 | ) | $ | — | $ | (1,271 | ) | $ | (3,161 | ) | $ | — | ||||||||||||||
Net prior service credit | — | — | — | (15,197 | ) | — | (771 | ) | ||||||||||||||||||||||
Merger push-down accounting adjustment | — | — | (20,741 | ) | — | — | 3,804 | |||||||||||||||||||||||
Amortization of net gain (loss) | — | — | (899 | ) | 78 | — | (88 | ) | ||||||||||||||||||||||
Amortization of prior service credit | — | — | — | — | — | 448 | ||||||||||||||||||||||||
Allocated tax expense | 8,442 | — | — | 6,782 | — | — | ||||||||||||||||||||||||
Settlement | — | 15 | — | — | — | — | ||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |||||||
Total recognized in other comprehensive income | $ | (4,095 | ) | $ | (4,103 | ) | $ | (21,640 | ) | $ | (9,608 | ) | $ | (3,161 | ) | $ | 3,393 | |||||||||||||
Net periodic benefit cost | (14 | ) | 86 | 1,126 | 987 | 367 | 149 | |||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | (4,109 | ) | $ | (4,017 | ) | $ | (20,514 | ) | $ | (8,621 | ) | $ | (2,794 | ) | $ | 3,542 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | | | | | | | | | | | |||||||
The following tables set forth the plan's change in benefit obligations and plan assets and the accrued liability for benefit costs included in the Consolidated Balance Sheets: | ||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||
(In thousands) | 12 Months | From | March 30, | 12 Months | From | March 30, | ||||||||||||||||||||||||
Ended | Inception | 2012 through | Ended | Inception | 2012 through | |||||||||||||||||||||||||
December 31, | August 31, | August 30, | December 31, | August 31, | August 30, | |||||||||||||||||||||||||
2013 | 2012 through | 2012 | 2013 | 2012 through | 2012 | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||
2012 | 2012 | |||||||||||||||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Successor) | (Successor) | (Predecessor) | |||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||||||
Benefit obligation at beginning of period | $ | 109,718 | $ | 112,822 | $ | 96,672 | $ | 22,765 | $ | 25,816 | $ | 24,538 | ||||||||||||||||||
Service cost | 180 | 59 | 76 | 195 | 61 | 74 | ||||||||||||||||||||||||
Interest cost | 4,513 | 1,484 | 1,962 | 870 | 306 | 435 | ||||||||||||||||||||||||
Plan participant's contributions | — | — | — | 562 | 196 | 227 | ||||||||||||||||||||||||
Actuarial (gain) loss | (10,022 | ) | (3,465 | ) | 15,161 | (1,271 | ) | (3,161 | ) | 1,828 | ||||||||||||||||||||
Plan amendment | — | — | — | (15,197 | ) | — | (771 | ) | ||||||||||||||||||||||
Benefits paid | (5,408 | ) | (862 | ) | (1,007 | ) | (2,206 | ) | (453 | ) | (515 | ) | ||||||||||||||||||
Administrative expenses | (98 | ) | ||||||||||||||||||||||||||||
Settlement | — | (320 | ) | (42 | ) | — | — | — | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |||||||
Benefit obligation at end of period | $ | 98,883 | $ | 109,718 | $ | 112,822 | $ | 5,718 | $ | 22,765 | $ | 25,816 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | | | | | | | | | | | |||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||
(In thousands) | 12 Months | From | March 30, | 12 Months | From | March 30, | ||||||||||||||||||||||||
Ended | Inception | 2012 | Ended | Inception | 2012 | |||||||||||||||||||||||||
December 31, | August 31, | through | December 31, | August 31, | through | |||||||||||||||||||||||||
2013 | 2012 | August 30, | 2013 | 2012 | August 30, | |||||||||||||||||||||||||
through | 2012 | through | 2012 | |||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||
2012 | 2012 | |||||||||||||||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Successor) | (Successor) | (Predecessor) | |||||||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of period | $ | 68,219 | $ | 66,059 | $ | 64,236 | $ | — | $ | — | $ | — | ||||||||||||||||||
Actual return on plan assets gain | 7,223 | 2,095 | 977 | — | — | — | ||||||||||||||||||||||||
Employer contribution | 3,722 | 1,247 | 1,895 | 1,644 | 257 | 288 | ||||||||||||||||||||||||
Plan participants' contributions | — | — | — | 562 | 196 | 227 | ||||||||||||||||||||||||
Benefits paid | (5,408 | ) | (862 | ) | (1,007 | ) | (2,206 | ) | (453 | ) | (515 | ) | ||||||||||||||||||
Administrative expense | (98 | ) | — | — | — | — | — | |||||||||||||||||||||||
Settlement | — | (320 | ) | (42 | ) | — | — | — | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |||||||
Fair value of plan assets at end of period | $ | 73,658 | $ | 68,219 | $ | 66,059 | $ | — | $ | — | $ | — | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | | | | | | | | | | | |||||||
Net liability for benefit cost: | ||||||||||||||||||||||||||||||
Funded status | $ | (25,225 | ) | $ | (41,499 | ) | $ | (46,763 | ) | $ | (5,718 | ) | $ | (22,765 | ) | $ | (25,816 | ) | ||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | | | | | | | | | | | |||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||
(In thousands) | December 31, | December 31, | August 30, | December 31, | December 31, | August 30, | ||||||||||||||||||||||||
2013 | 2012 | 2012 | 2013 | 2012 | 2012 | |||||||||||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Successor) | (Successor) | (Predecessor) | |||||||||||||||||||||||||
Amounts recognized in the Balance Sheet: | ||||||||||||||||||||||||||||||
Accrued expenses and other liabilities | $ | (154 | ) | $ | (154 | ) | $ | (40 | ) | $ | (612 | ) | $ | (885 | ) | $ | (1,016 | ) | ||||||||||||
Other long-term liabilities | (25,071 | ) | (41,345 | ) | (46,723 | ) | (5,106 | ) | (21,880 | ) | (24,800 | ) | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |||||||
Net liability recognized | $ | (25,225 | ) | $ | (41,499 | ) | $ | (46,763 | ) | $ | (5,718 | ) | $ | (22,765 | ) | $ | (25,816 | ) | ||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | | | | | | | | | | | |||||||
Aggregate accumulated benefit obligation | $ | (98,883 | ) | $ | (109,718 | ) | $ | (112,822 | ) | $ | (5,718 | ) | $ | (22,765 | ) | $ | (25,816 | ) | ||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | | | | | | | | | | | |||||||
The following table summarizes pension plans with accumulated benefit obligations and projected benefit obligations in excess of plan assets: | ||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||
(In thousands) | December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||
(Successor) | (Successor) | |||||||||||||||||||||||||||||
Aggregated accumulated benefit obligation | $ | (98,883 | ) | $ | (109,718 | ) | ||||||||||||||||||||||||
Aggregated projected benefit obligation | (98,883 | ) | (109,718 | ) | ||||||||||||||||||||||||||
Aggregated fair value of plan assets | 73,658 | 68,219 | ||||||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income consist of the following: | ||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||
(In thousands) | December 31, | December 31, | August 30, | December 31, | December 31, | August 30, | ||||||||||||||||||||||||
2013 | 2012 | 2012 | 2013 | 2012 | 2012 | |||||||||||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Successor) | (Successor) | (Predecessor) | |||||||||||||||||||||||||
Net actuarial (gain) loss | $ | (12,537 | ) | $ | (4,118 | ) | $ | — | $ | (1,271 | ) | $ | (3,161 | ) | $ | — | ||||||||||||||
Prior service credit | — | — | — | (15,197 | ) | — | — | |||||||||||||||||||||||
Amounts in accumulated other comprehensive income expected to be recognized in components of net periodic pension cost during the calendar year 2014 are as follows: | ||||||||||||||||||||||||||||||
(In thousands) | Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||
Net actuarial gain | $ | (1,031 | ) | $ | (348 | ) | ||||||||||||||||||||||||
Net prior service credit | — | (1,665 | ) | |||||||||||||||||||||||||||
Actuarial Assumptions | ||||||||||||||||||||||||||||||
The weighted-average assumptions used to determine benefit obligations are as follows: | ||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||
(In thousands) | December 31, | December 31, | August 30, | December 31, | December 31, | August 30, | ||||||||||||||||||||||||
2013 | 2012 | 2012 | 2013 | 2012 | 2012 | |||||||||||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Successor) | (Successor) | (Predecessor) | |||||||||||||||||||||||||
Discount rate | 4.73 | % | 4.17 | % | 3.99 | % | 4 | % | 3.9 | % | 3.65 | % | ||||||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||
The weighted-average assumptions used to determine net periodic benefit cost are as follows: | ||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||
(In thousands) | 12 Months | From | March 30, | 52 Weeks | 12 Months | From | March 30, | 52 Weeks | ||||||||||||||||||||||
Ended | Inception | 2012 | Ended March 29, 2012 | Ended | Inception | 2012 | Ended | |||||||||||||||||||||||
December 31, | August 31, | through | December 31, | August 31, | through | March 29, | ||||||||||||||||||||||||
2013 | 2012 | August 30, | 2013 | 2012 | August 30, | 2012 | ||||||||||||||||||||||||
through | 2012 | through | 2012 | |||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||
2012 | 2012 | |||||||||||||||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Predecessor) | (Successor) | (Successor) | (Predecessor) | (Predecessor) | |||||||||||||||||||||||
Discount rate | 4.17 | % | 3.99 | % | 4.86 | % | 5.86 | % | 3.9 | % | 3.65 | % | 4.42 | % | 5.51 | % | ||||||||||||||
Weighted average expected long-term return on plan assets | 7.27 | % | 7.27 | % | 7.27 | % | 8 | % | N/A | N/A | N/A | N/A | ||||||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||
In developing the expected long-term rate of return on plan assets at each measurement date, the Company considers the plan assets' historical returns, asset allocations, and the anticipated future economic environment and long-term performance of the asset classes. While appropriate consideration is given to recent and historical investment performance, the assumption represents management's best estimate of the long-term prospective return. | ||||||||||||||||||||||||||||||
For measurement purposes, the annual rate of increase in the per capita cost of covered health care benefits assumed for 2013 was 7.5% for medical. The rates were assumed to decrease gradually to 5.0% for medical in 2019. Increasing the assumed health care cost trend rates by one percentage point in each year would increase the accumulated postretirement benefit obligation as of December 31, 2013 by $49,000 and the aggregate of the service and interest cost components of postretirement expense for calendar year 2013 by $92,000. Decreasing the assumed health care cost trend rates by one percentage point in each year would decrease the accumulated postretirement obligation for calendar year 2013 by $118,000 and the aggregate service and interest cost components of postretirement expense for calendar year 2013 by $75,000. The Company's retiree health plan provides a benefit to its retirees that is at least actuarially equivalent to the benefit provided by the Medicare Prescription Drug, Improvement and Modernization Act of 2003 ("Medicare Part D"). | ||||||||||||||||||||||||||||||
Cash Flows | ||||||||||||||||||||||||||||||
The Company expects to contribute $3,092,000 to the pension plans during the calendar year 2014. | ||||||||||||||||||||||||||||||
The following table provides the benefits expected to be paid (inclusive of benefits attributable to estimated future employee service) in each of the next five fiscal years, and in the aggregate for the five years thereafter: | ||||||||||||||||||||||||||||||
(In thousands) | Pension Benefits | Other Benefits | Medicare Part D | |||||||||||||||||||||||||||
Net of Medicare | Adjustments | |||||||||||||||||||||||||||||
Part D Adjustments | ||||||||||||||||||||||||||||||
2014 | $ | 2,664 | $ | 738 | $ | 19 | ||||||||||||||||||||||||
2015 | 3,438 | 631 | — | |||||||||||||||||||||||||||
2016 | 3,057 | 630 | — | |||||||||||||||||||||||||||
2017 | 4,260 | 613 | — | |||||||||||||||||||||||||||
2018 | 4,178 | 548 | — | |||||||||||||||||||||||||||
Years 2019 - 2023 | 29,293 | 1,953 | — | |||||||||||||||||||||||||||
Pension Plan Assets | ||||||||||||||||||||||||||||||
The Company's investment objectives for its defined benefit pension plan investments are: (1) to preserve the real value of its principal; (2) to maximize a real long-term return with respect to the plan assets consistent with minimizing risk; (3) to achieve and maintain adequate asset coverage for accrued benefits under the plan; and (4) to maintain sufficient liquidity for payment of the plan obligations and expenses. The Company uses a diversified allocation of equity, debt, commodity and real estate exposures that are customized to the Plan's cash flow benefit needs. The target allocations for plan assets are as follows: | ||||||||||||||||||||||||||||||
Asset Category | Target | |||||||||||||||||||||||||||||
Allocation | ||||||||||||||||||||||||||||||
Fixed(1) | 16 | % | ||||||||||||||||||||||||||||
Equity Securities—U.S. | 25 | % | ||||||||||||||||||||||||||||
Equity Securities—International | 15 | % | ||||||||||||||||||||||||||||
Collective trust fund | 25 | % | ||||||||||||||||||||||||||||
Private Real Estate | 14 | % | ||||||||||||||||||||||||||||
Commodities broad basket | 5 | % | ||||||||||||||||||||||||||||
| | | | | ||||||||||||||||||||||||||
100 | % | |||||||||||||||||||||||||||||
| | | | | ||||||||||||||||||||||||||
| | | | | ||||||||||||||||||||||||||
-1 | ||||||||||||||||||||||||||||||
Includes U.S. Treasury Securities and Bond market fund. | ||||||||||||||||||||||||||||||
Valuation Techniques. The fair values classified within Level 1 of the valuation hierarchy were determined using quoted market prices from actively traded markets. The fair values classified within Level 2 of the valuation hierarchy included pooled separate accounts and collective trust funds, which valuations were based on market prices for the underlying instruments that were observable in the market or could be derived by observable market data from independent external valuation information. | ||||||||||||||||||||||||||||||
The fair value of the pension plan assets at December 31, 2013, by asset class are as follows: | ||||||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2013 Using | ||||||||||||||||||||||||||||||
(In thousands) | Total Carrying | Quoted prices in | Significant other | Significant | ||||||||||||||||||||||||||
Value at | active market | observable inputs | unobservable inputs | |||||||||||||||||||||||||||
December 31, 2013 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||
Cash and cash equivalents | $ | 265 | $ | 265 | $ | — | $ | — | ||||||||||||||||||||||
U.S. Treasury Securities | 1,557 | 1,557 | — | — | ||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||
U.S. companies | 19,654 | 19,654 | — | — | ||||||||||||||||||||||||||
International companies | 11,281 | 11,281 | — | — | ||||||||||||||||||||||||||
Bond market fund | 9,655 | 9,655 | — | — | ||||||||||||||||||||||||||
Collective trust fund | 17,958 | — | 17,958 | — | ||||||||||||||||||||||||||
Commodities broad basket fund | 3,459 | 3,459 | — | — | ||||||||||||||||||||||||||
Private real estate | 9,829 | — | 9,829 | — | ||||||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||||||
Total assets at fair value | $ | 73,658 | $ | 45,871 | $ | 27,787 | $ | — | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||||||
The fair value of the pension plan assets at December 31, 2012, by asset class are as follows: | ||||||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2012 Using | ||||||||||||||||||||||||||||||
(In thousands) | Total Carrying | Quoted prices in | Significant other | Significant | ||||||||||||||||||||||||||
Value at | active market | observable inputs | unobservable inputs | |||||||||||||||||||||||||||
December 31, 2012 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||
Cash and cash equivalents | $ | 19 | $ | 19 | $ | — | $ | — | ||||||||||||||||||||||
U.S. Treasury Securities | 1,668 | 1,668 | — | — | ||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||
U.S. companies | 15,993 | 2,184 | 13,809 | — | ||||||||||||||||||||||||||
International companies | 11,098 | 11,098 | — | — | ||||||||||||||||||||||||||
Public REITs | 1,229 | — | 1,229 | |||||||||||||||||||||||||||
Bond market fund | 6,222 | 6,222 | — | — | ||||||||||||||||||||||||||
Collective trust fund | 17,551 | — | 17,551 | — | ||||||||||||||||||||||||||
Commodities broad basket fund | 3,304 | 3,304 | — | — | ||||||||||||||||||||||||||
High yield bond fund | 3,104 | — | 3,104 | — | ||||||||||||||||||||||||||
Private real estate | 8,031 | — | 8,031 | — | ||||||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||||||
Total assets at fair value | $ | 68,219 | $ | 24,495 | $ | 43,724 | $ | — | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||||||
Defined Contribution Plan | ||||||||||||||||||||||||||||||
The Company sponsors a voluntary 401(k) savings plan covering certain employees age 21 or older and who are not covered by a collective bargaining agreement. Under the Company's 401(k) Savings Plan, the Company matches 100% of each eligible employee's elective contributions up to 3% and 50% of contributions up to 5% of the employee's eligible compensation. The Company's expense under the 401(k) savings plan was $2,817,000, $1,182,000, $1,108,000, and $2,676,000, for the twelve months ended December 31, 2013, the period August 31, 2012 through December 31, 2012, the period March 30, 2012 through August 30, 2012, and the fifty-two weeks ended March 29, 2012, respectively. | ||||||||||||||||||||||||||||||
Union-Sponsored Plans | ||||||||||||||||||||||||||||||
Certain theatre employees are covered by union-sponsored pension and health and welfare plans. Company contributions into these plans are determined in accordance with provisions of negotiated labor contracts. Contributions aggregated $265,000, $80,000, $109,000, and $261,000, for the twelve months ended December 31, 2013, the period August 31, 2012 through December 31, 2012, the period March 30, 2012 through August 30, 2012, and the fifty-two weeks ended March 29, 2012, respectively. | ||||||||||||||||||||||||||||||
As of both December 31, 2013 and December 31, 2012, the Company's liability related to the collectively bargained multiemployer pension plan withdrawals was immaterial. | ||||||||||||||||||||||||||||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2013 | |
COMMITMENTS AND CONTINGENCIES | ' |
COMMITMENTS AND CONTINGENCIES | ' |
NOTE 14—COMMITMENTS AND CONTINGENCIES | |
The Company, in the normal course of business, is a party to various ordinary course claims from vendors (including food and beverage suppliers and film distributors), landlords, competitors, and other legal proceedings. If management believes that a loss arising from these actions is probable and can reasonably be estimated, the Company records the amount of the loss, or the minimum estimated liability when the loss is estimated using a range and no point is more probable than another. As additional information becomes available, any potential liability related to these actions is assessed and the estimates are revised, if necessary. Management believes that the ultimate outcome of such other matters, individually and in the aggregate, will not have a material adverse effect on the Company's financial position or overall trends in results of operations. However, litigation and claims are subject to inherent uncertainties and unfavorable outcomes could occur. An unfavorable outcome could include monetary damages. If an unfavorable outcome were to occur, there exists the possibility of a material adverse impact on the results of operations in the period in which the outcome occurs or in future periods. | |
THEATRE_AND_OTHER_CLOSURE_AND_
THEATRE AND OTHER CLOSURE AND DISPOSITION OF ASSETS | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
THEATRE AND OTHER CLOSURE AND DISPOSITION OF ASSETS | ' | |||||||||||||||
THEATRE AND OTHER CLOSURE AND DISPOSITION OF ASSETS | ' | |||||||||||||||
NOTE 15—THEATRE AND OTHER CLOSURE AND DISPOSITION OF ASSETS | ||||||||||||||||
The Company has provided reserves for estimated losses from theatres and screens which have been permanently closed and vacant space with no right to future use. As of December 31, 2013, the Company has reserved $55,163,000 for lease terminations which have either not been consummated or paid, related primarily to eight theatres and certain vacant restaurant space. The Company is obligated under long-term lease commitments with remaining terms of up to 14 years for theatres which have been closed. As of December 31, 2013, base rents aggregated approximately $9,744,000 annually and $69,489,000 over the remaining terms of the leases. | ||||||||||||||||
A rollforward of reserves for theatre and other closure is as follows: | ||||||||||||||||
(In thousands) | 12 Months | From Inception | March 30, | 52 Weeks | ||||||||||||
Ended | August 31, | 2012 through | Ended | |||||||||||||
December 31, | 2012 through | August 30, | March 29, | |||||||||||||
2013 | December 31, | 2012 | 2012 | |||||||||||||
2012 | ||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Predecessor) | |||||||||||||
Beginning balance | $ | 61,344 | $ | 62,935 | $ | 65,471 | $ | 73,852 | ||||||||
Theatre and other closure expense—continuing operations | 5,823 | 2,381 | 4,191 | 7,449 | ||||||||||||
Theatre and other closure expense—discontinued operations | — | — | 7,562 | — | ||||||||||||
Transfer of lease liability | (53 | ) | 994 | (697 | ) | 571 | ||||||||||
Net book value of abandoned and other property dispositions | — | — | — | (485 | ) | |||||||||||
Foreign currency translation adjustment | (286 | ) | 405 | (38 | ) | (511 | ) | |||||||||
Cash payments | (11,665 | ) | (5,371 | ) | (13,554 | ) | (15,405 | ) | ||||||||
| | | | | | | | | | | | | | | | |
Ending balance | $ | 55,163 | $ | 61,344 | $ | 62,935 | $ | 65,471 | ||||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
The current portion of the ending balance is included with accrued expenses and other liabilities and the long-term portion of the ending balance is included with other long-term liabilities in the accompanying Consolidated Balance Sheets. | ||||||||||||||||
During the twelve months ended December 31, 2013, the Company recognized $5,823,000 of theatre and other closure expense primarily related to accretion on previously closed properties with remaining lease obligations and, during the twelve months ended December 31, 2013, the Company permanently closed four theatres with 29 screens. | ||||||||||||||||
During the period of August 31, 2012 through December 31, 2012 and the period of March 30, 2012 through August 30, 2012, the Company recognized $2,381,000 and $4,191,000, respectively, of theatre and other closure expense primarily related to the early termination of a lease agreement and accretion on previously closed properties with remaining lease obligations. The Company closed one theatre with 20 screens located in Canada and paid the landlord $7,562,000 to terminate the lease agreement during the period March 30, 2012 through August 30, 2012. See Note 4—Discontinued Operations for additional information. | ||||||||||||||||
During the fifty-two weeks ended March 29, 2012, the Company recognized $7,449,000 of theatre and other closure expense primarily related to accretion on previously closed properties with remaining lease obligations. | ||||||||||||||||
Theatre and other closure reserves for leases that have not been terminated are recorded at the present value of the future contractual commitments for the base rents, taxes and maintenance. As of December 31, 2013, the future lease obligations are discounted at annual rates ranging from 7.55% to 9.0%. | ||||||||||||||||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||
NOTE 16—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 December 31, 2013: | ||||||||||||||
Fair Value Measurements at | ||||||||||||||
December 31, 2013 Using | ||||||||||||||
(In thousands) | Total Carrying | Quoted prices | Significant | Significant | ||||||||||
Value at | in active | other | unobservable | |||||||||||
December 31, | market | observable | inputs | |||||||||||
2013 | (Level 1) | inputs | (Level 3) | |||||||||||
(Level 2) | ||||||||||||||
Other long-term assets: | ||||||||||||||
Money Market Mutual Funds | $ | 84 | $ | 84 | $ | — | $ | — | ||||||
Equity securities, available-for-sale: | ||||||||||||||
RealD Inc. Common Stock | 10,442 | 10,442 | — | — | ||||||||||
Mutual Fund Large U.S. Equity | 2,563 | 2,563 | — | — | ||||||||||
Mutual Fund Small/Mid U.S. Equity | 982 | 982 | — | — | ||||||||||
Mutual Fund International | 503 | 503 | — | — | ||||||||||
Mutual Fund Balance | 456 | 456 | — | — | ||||||||||
Mutual Fund Fixed Income | 351 | 351 | — | — | ||||||||||
| | | | | | | | | | | | | | |
Total assets at fair value | $ | 15,381 | $ | 15,381 | $ | — | $ | — | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
The following table summarizes the fair value hierarchy of the Company's financial assets carried at fair value on a recurring basis as of December 31, 2012: | ||||||||||||||
Fair Value Measurements at | ||||||||||||||
December 31, 2012 Using | ||||||||||||||
(In thousands) | Total Carrying | Quoted prices | Significant | Significant | ||||||||||
Value at | in active | other | unobservable | |||||||||||
December 31, | market | observable | inputs | |||||||||||
2012 | (Level 1) | inputs | (Level 3) | |||||||||||
(Level 2) | ||||||||||||||
Other long-term assets: | ||||||||||||||
Money Market Mutual Funds | $ | 85 | $ | 85 | $ | — | $ | — | ||||||
Equity securities, available-for-sale: | ||||||||||||||
RealD Inc. Common Stock | 13,707 | 13,707 | — | — | ||||||||||
Mutual Fund Large U.S. Equity | 1,995 | 1,995 | — | — | ||||||||||
Mutual Fund Small/Mid U.S. Equity | 413 | 413 | — | — | ||||||||||
Mutual Fund International | 249 | 249 | — | — | ||||||||||
Mutual Fund Balance | 150 | 150 | — | — | ||||||||||
Mutual Fund Fixed Income | 349 | 349 | — | — | ||||||||||
| | | | | | | | | | | | | | |
Total assets at fair value | $ | 16,948 | $ | 16,948 | $ | — | $ | — | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
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 18—Accumulated Other Comprehensive Income (Loss) for the unrealized gain on equity securities recorded in accumulated other comprehensive income. | ||||||||||||||
Nonrecurring Fair Value Measurements. See Note 2—Merger, for information regarding the Company's assets and liabilities that were measured at fair value on a nonrecurring basis due to the Merger on August 30, 2012. The Company did not record any nonrecurring fair value measurements during the successor period of August 31, 2012 through December 31, 2013. | ||||||||||||||
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 | ||||||||||||||
December 31, 2013 Using | ||||||||||||||
(In thousands) | Total Carrying | Quoted prices | Significant | Significant | ||||||||||
Value at | in active | other | unobservable | |||||||||||
December 31, | market | observable | inputs | |||||||||||
2013 | (Level 1) | inputs | (Level 3) | |||||||||||
(Level 2) | ||||||||||||||
Current Maturities of Corporate Borrowings | $ | 9,139 | $ | — | $ | 7,779 | $ | 1,389 | ||||||
Corporate Borrowings | 2,069,672 | — | 2,090,332 | 6,944 | ||||||||||
Fair Value Measurements at | ||||||||||||||
December 31, 2012 Using | ||||||||||||||
(In thousands) | Total Carrying | Quoted prices | Significant | Significant | ||||||||||
Value at | in active | other | unobservable | |||||||||||
December 31, | market | observable | inputs | |||||||||||
2012 | (Level 1) | inputs | (Level 3) | |||||||||||
(Level 2) | ||||||||||||||
Current Maturities of Corporate Borrowings | $ | 8,004 | $ | — | $ | 8,063 | $ | — | ||||||
Corporate Borrowings | 2,070,671 | — | 2,115,919 | — | ||||||||||
Valuation Technique. Quoted market prices and observable market based inputs were used to estimate fair value. The level 3 fair value measurement represents the transaction price of the corporate borrowings under market conditions in December 2013. | ||||||||||||||
OPERATING_SEGMENT
OPERATING SEGMENT | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
OPERATING SEGMENT | ' | |||||||||||||||
OPERATING SEGMENT | ' | |||||||||||||||
NOTE 17—OPERATING SEGMENT | ||||||||||||||||
The Company reports information about operating segments in accordance with ASC 280-10, Segment Reporting, which requires financial information to be reported based on the way management organizes segments within a company for making operating decisions and evaluating performance. The Company has identified one reportable segment for its theatrical exhibition operations. | ||||||||||||||||
Information about the Company's revenues from continuing operations and assets by geographic area is as follows: | ||||||||||||||||
Revenues (In thousands) | 12 Months | From Inception | March 30, | 52 Weeks | ||||||||||||
Ended | August 31, | 2012 through | Ended | |||||||||||||
December 31, | 2012 through | August 30, | March 29, | |||||||||||||
2013 | December 31, | 2012 | 2012 | |||||||||||||
2012 | ||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Predecessor) | |||||||||||||
United States | $ | 2,741,717 | $ | 808,378 | $ | 1,202,179 | $ | 2,507,562 | ||||||||
Canada | 1,214 | 809 | 885 | 2,814 | ||||||||||||
Europe | 6,497 | 2,305 | 3,008 | 11,601 | ||||||||||||
| | | | | | | | | | | | | | | | |
Total revenues | $ | 2,749,428 | $ | 811,492 | $ | 1,206,072 | $ | 2,521,977 | ||||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Long-term assets, net (In thousands) | December 31, | December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||||
(Successor) | (Successor) | |||||||||||||||
United States | $ | 4,204,490 | $ | 3,974,577 | ||||||||||||
Canada | 201 | 102 | ||||||||||||||
Europe | 653 | 496 | ||||||||||||||
| | | | | | | | |||||||||
Total long-term assets(1) | $ | 4,205,344 | $ | 3,975,175 | ||||||||||||
| | | | | | | | |||||||||
| | | | | | | | |||||||||
-1 | ||||||||||||||||
Long-term assets are comprised of property, intangible assets, goodwill, deferred income tax assets and other long-term assets. | ||||||||||||||||
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE INCOME | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | ' | ||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | ' | ||||||||||||||||
NOTE 18—ACCUMULATED OTHER COMPREHENSIVE INCOME | |||||||||||||||||
The following table presents the changes in accumulated other comprehensive income by component, net of tax: | |||||||||||||||||
(In thousands) | Foreign | Pension | Unrealized | Unrealized | Total | ||||||||||||
Currency | and Other | Gains on | Gain from | ||||||||||||||
Benefits (recorded | Marketable | Equity Method | |||||||||||||||
in G&A =r /> Other) | Securities | Investees' Cash | |||||||||||||||
(recorded in | Flow Hedge | ||||||||||||||||
investment expense) | (recorded in | ||||||||||||||||
equity in | |||||||||||||||||
earnings of | |||||||||||||||||
non-consolidated | |||||||||||||||||
entities) | |||||||||||||||||
(Successor) | |||||||||||||||||
Balance, December 31, 2012 | $ | (530 | ) | $ | 7,264 | $ | 1,913 | $ | 797 | $ | 9,444 | ||||||
| | | | | | | | | | | | | | | | | |
Other comprehensive income (loss) before reclassifications | 179 | 13,781 | (1,622 | ) | 2,085 | 14,423 | |||||||||||
Amounts reclassified from accumulated other comprehensive income | — | (78 | ) | 925 | (510 | ) | 337 | ||||||||||
| | | | | | | | | | | | | | | | | |
Net other comprehensive income (loss) | 179 | 13,703 | (697 | ) | 1,575 | 14,760 | |||||||||||
| | | | | | | | | | | | | | | | | |
Balance, December 31, 2013 | $ | (351 | ) | $ | 20,967 | $ | 1,216 | $ | 2,372 | $ | 24,204 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Allocated tax expense 2013 | $ | — | $ | 15,224 | $ | (1,081 | ) | $ | 1,389 | $ | 15,532 |
CONDENSED_CONSOLIDATING_FINANC
CONDENSED CONSOLIDATING FINANCIAL INFORMATION | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
CONDENSED CONSOLIDATING FINANCIAL INFORMATION | ' | ||||||||||||||||
CONDENSED CONSOLIDATING FINANCIAL INFORMATION | ' | ||||||||||||||||
NOTE 19—CONDENSED CONSOLIDATING FINANCIAL INFORMATION | |||||||||||||||||
The accompanying condensed consolidating financial information has been prepared and presented pursuant to SEC Regulation S-X Rule 3-10, Financial statements of guarantors and issuers of guaranteed securities registered or being registered. Each of the subsidiary guarantors are 100% owned by AMCE. The subsidiary guarantees of AMCE's Notes due 2019, Notes due 2020 and Senior subordinated notes due 2022 are full and unconditional, joint and several and subject to customary release provisions. There are significant restrictions on the Company's ability to obtain funds from any of its subsidiaries through dividends, loans or advances. The Company and its subsidiary guarantor's investments in its consolidated subsidiaries are presented under the equity method of accounting. | |||||||||||||||||
Twelve Months Ended December 31, 2013: | |||||||||||||||||
(In thousands) | AMCE | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||
Guarantors | Non-Guarantors | Adjustments | AMC | ||||||||||||||
Entertainment Inc. | |||||||||||||||||
Revenues | |||||||||||||||||
Admissions | $ | — | $ | 1,842,977 | $ | 4,350 | $ | — | $ | 1,847,327 | |||||||
Food and beverage | — | 785,041 | 1,871 | — | 786,912 | ||||||||||||
Other theatre | — | 114,922 | 267 | — | 115,189 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total revenues | — | 2,742,940 | 6,488 | — | 2,749,428 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Operating costs and expenses | |||||||||||||||||
Film exhibition costs | — | 974,917 | 1,995 | — | 976,912 | ||||||||||||
Food and beverage costs | — | 106,926 | 399 | — | 107,325 | ||||||||||||
Operating expense | (102 | ) | 722,984 | 3,759 | — | 726,641 | |||||||||||
Rent | — | 449,833 | 1,995 | — | 451,828 | ||||||||||||
General and administrative: | |||||||||||||||||
Merger, acquisition and transaction costs | — | 2,883 | — | — | 2,883 | ||||||||||||
Other | — | 97,259 | 29 | — | 97,288 | ||||||||||||
Depreciation and amortization | — | 197,486 | 51 | — | 197,537 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Operating costs and expenses | (102 | ) | 2,552,288 | 8,228 | — | 2,560,414 | |||||||||||
| | | | | | | | | | | | | | | | | |
Operating income (loss) | 102 | 190,652 | (1,740 | ) | — | 189,014 | |||||||||||
Other expense (income) | |||||||||||||||||
Equity in net (earnings) losses of subsidiaries | (349,185 | ) | 1,141 | — | 348,044 | — | |||||||||||
Other income | — | (1,415 | ) | — | — | (1,415 | ) | ||||||||||
Interest expense: | |||||||||||||||||
Corporate borrowings | 130,363 | 173,633 | — | (174,033 | ) | 129,963 | |||||||||||
Capital and financing lease obligations | — | 10,264 | — | — | 10,264 | ||||||||||||
Equity in (earnings) losses of non-consolidated entities | 2 | (47,424 | ) | (13 | ) | — | (47,435 | ) | |||||||||
Investment income | (145,478 | ) | (30,373 | ) | (266 | ) | 174,033 | (2,084 | ) | ||||||||
| | | | | | | | | | | | | | | | | |
Total other expense (income) | (364,298 | ) | 105,826 | (279 | ) | 348,044 | 89,293 | ||||||||||
| | | | | | | | | | | | | | | | | |
Earnings (loss) from continuing operations before income taxes | 364,400 | 84,826 | (1,461 | ) | (348,044 | ) | 99,721 | ||||||||||
Income tax benefit | — | (263,383 | ) | — | — | (263,383 | ) | ||||||||||
| | | | | | | | | | | | | | | | | |
Earnings (loss) from continuing operations | 364,400 | 348,209 | (1,461 | ) | (348,044 | ) | 363,104 | ||||||||||
Earnings from discontinued operations, net of income taxes | — | 976 | 320 | — | 1,296 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Net earnings (loss) | $ | 364,400 | $ | 349,185 | $ | (1,141 | ) | $ | (348,044 | ) | $ | 364,400 | |||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Successor from Inception on August 31, 2012 through December 31, 2012: | |||||||||||||||||
(In thousands) | AMCE | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||
Guarantors | Non-Guarantors | Adjustments | AMC | ||||||||||||||
Entertainment Inc. | |||||||||||||||||
Revenues | |||||||||||||||||
Admissions | $ | — | $ | 547,094 | $ | 1,538 | $ | — | $ | 548,632 | |||||||
Food and beverage | — | 229,101 | 638 | — | 229,739 | ||||||||||||
Other theatre | — | 32,990 | 131 | — | 33,121 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total revenues | — | 809,185 | 2,307 | — | 811,492 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Operating costs and expenses | |||||||||||||||||
Film exhibition costs | — | 290,888 | 673 | — | 291,561 | ||||||||||||
Food and beverage costs | — | 30,374 | 171 | — | 30,545 | ||||||||||||
Operating expense | (21 | ) | 229,199 | 1,256 | — | 230,434 | |||||||||||
Rent | — | 142,698 | 676 | — | 143,374 | ||||||||||||
General and administrative: | |||||||||||||||||
Merger, acquisition and transaction costs | — | 3,366 | — | — | 3,366 | ||||||||||||
Management fee | — | — | — | — | — | ||||||||||||
Other | — | 29,073 | 37 | — | 29,110 | ||||||||||||
Depreciation and amortization | — | 71,616 | 17 | — | 71,633 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Operating costs and expenses | (21 | ) | 797,214 | 2,830 | — | 800,023 | |||||||||||
| | | | | | | | | | | | | | | | | |
Operating income (loss) | 21 | 11,971 | (523 | ) | — | 11,469 | |||||||||||
Other expense (income) | |||||||||||||||||
Equity in net loss of subsidiaries | 48,107 | 788 | — | (48,895 | ) | — | |||||||||||
Other expense | — | 49 | — | — | 49 | ||||||||||||
Interest expense: | |||||||||||||||||
Corporate borrowings | 45,145 | 61,280 | — | (61,166 | ) | 45,259 | |||||||||||
Capital and financing lease obligations | — | 1,873 | — | — | 1,873 | ||||||||||||
Equity in losses of non-consolidated entities | 348 | 2,114 | 18 | — | 2,480 | ||||||||||||
Investment expense (income) | (50,909 | ) | (9,967 | ) | — | 61,166 | 290 | ||||||||||
| | | | | | | | | | | | | | | | | |
Total other expense | 42,691 | 56,137 | 18 | (48,895 | ) | 49,951 | |||||||||||
| | | | | | | | | | | | | | | | | |
Loss from continuing operations before income taxes | (42,670 | ) | (44,166 | ) | (541 | ) | 48,895 | (38,482 | ) | ||||||||
Income tax provision | — | 3,500 | — | — | 3,500 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Loss from continuing operations | (42,670 | ) | (47,666 | ) | (541 | ) | 48,895 | (41,982 | ) | ||||||||
Loss from discontinued operations, net of income taxes | — | (441 | ) | (247 | ) | — | (688 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Net loss | $ | (42,670 | ) | $ | (48,107 | ) | $ | (788 | ) | $ | 48,895 | $ | (42,670 | ) | |||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Predecessor from March 30, 2012 through August 30, 2012: | |||||||||||||||||
(In thousands) | AMCE | Subsidiary | Subsidiary | Consolidating | Consolidated AMC | ||||||||||||
Guarantors | Non-Guarantors | Adjustments | Entertainment Inc. | ||||||||||||||
Revenues | |||||||||||||||||
Admissions | $ | — | $ | 814,034 | $ | 1,997 | $ | — | $ | 816,031 | |||||||
Food and beverage | — | 341,260 | 870 | — | 342,130 | ||||||||||||
Other theatre | — | 47,771 | 140 | — | 47,911 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total revenues | — | 1,203,065 | 3,007 | — | 1,206,072 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Operating costs and expenses | |||||||||||||||||
Film exhibition costs | — | 435,526 | 1,013 | — | 436,539 | ||||||||||||
Food and beverage costs | — | 47,142 | 184 | — | 47,326 | ||||||||||||
Operating expense | 28 | 295,708 | 1,592 | — | 297,328 | ||||||||||||
Rent | — | 188,283 | 803 | — | 189,086 | ||||||||||||
General and administrative: | |||||||||||||||||
Merger, acquisition and transaction costs | — | 172 | — | — | 172 | ||||||||||||
Management fee | — | 2,500 | — | — | 2,500 | ||||||||||||
Other | — | 27,013 | 12 | — | 27,025 | ||||||||||||
Depreciation and amortization | — | 80,944 | 27 | — | 80,971 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Operating costs and expenses | 28 | 1,077,288 | 3,631 | — | 1,080,947 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Operating income (loss) | (28 | ) | 125,777 | (624 | ) | — | 125,125 | ||||||||||
Other expense (income) | |||||||||||||||||
Equity in net earnings of subsidiaries | (88,759 | ) | (15,269 | ) | — | 104,028 | — | ||||||||||
Other expense | — | 960 | — | — | 960 | ||||||||||||
Interest expense: | |||||||||||||||||
Corporate borrowings | 67,366 | 87,133 | — | (86,885 | ) | 67,614 | |||||||||||
Capital and financing lease obligations | — | 2,390 | — | — | 2,390 | ||||||||||||
Equity in (earnings) losses of non-consolidated entities | 60 | (6,382 | ) | (1,223 | ) | — | (7,545 | ) | |||||||||
Investment income | (73,095 | ) | (13,831 | ) | — | 86,885 | (41 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Total other expense (income) | (94,428 | ) | 55,001 | (1,223 | ) | 104,028 | 63,378 | ||||||||||
| | | | | | | | | | | | | | | | | |
Earnings from continuing operations before income taxes | 94,400 | 70,776 | 599 | (104,028 | ) | 61,747 | |||||||||||
Income tax provision | — | 2,500 | — | — | 2,500 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Earnings from continuing operations | 94,400 | 68,276 | 599 | (104,028 | ) | 59,247 | |||||||||||
Earnings from discontinued operations, net of income taxes | — | 20,483 | 14,670 | — | 35,153 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Net earnings | $ | 94,400 | $ | 88,759 | $ | 15,269 | $ | (104,028 | ) | $ | 94,400 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Predecessor fifty-two weeks ended March 29, 2012: | |||||||||||||||||
(In thousands) | AMCE | Subsidiary | Subsidiary | Consolidating | Consolidated AMC | ||||||||||||
Guarantors | Non-Guarantors | Adjustments | Entertainment Inc. | ||||||||||||||
Revenues | |||||||||||||||||
Admissions | $ | — | $ | 1,712,943 | $ | 8,352 | $ | — | $ | 1,721,295 | |||||||
Food and beverage | — | 687,083 | 2,597 | — | 689,680 | ||||||||||||
Other theatre | — | 110,349 | 653 | — | 111,002 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total revenues | — | 2,510,375 | 11,602 | — | 2,521,977 | ||||||||||||
Operating costs and expenses | |||||||||||||||||
Film exhibition costs | — | 912,405 | 3,649 | — | 916,054 | ||||||||||||
Food and beverage costs | — | 93,062 | 519 | — | 93,581 | ||||||||||||
Operating expense | 227 | 689,239 | 7,317 | — | 696,783 | ||||||||||||
Rent | — | 442,610 | 2,716 | — | 445,326 | ||||||||||||
General and administrative: | |||||||||||||||||
Merger, acquisition and transaction costs | 85 | 2,537 | — | — | 2,622 | ||||||||||||
Management fee | — | 5,000 | — | — | 5,000 | ||||||||||||
Other | — | 51,695 | 81 | — | 51,776 | ||||||||||||
Depreciation and amortization | — | 212,576 | 241 | — | 212,817 | ||||||||||||
Impairment of long-lived assets | — | 285 | — | — | 285 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Operating costs and expenses | 312 | 2,409,409 | 14,523 | — | 2,424,244 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Operating income (loss) | (312 | ) | 100,966 | (2,921 | ) | — | 97,733 | ||||||||||
Other expense (income) | |||||||||||||||||
Equity in loss of consolidated subsidiaries | 93,172 | 3,658 | — | (96,830 | ) | — | |||||||||||
Other expense | — | 1,402 | — | — | 1,402 | ||||||||||||
Interest expense | |||||||||||||||||
Corporate borrowings | 160,849 | 206,205 | — | (205,409 | ) | 161,645 | |||||||||||
Capital and financing lease obligations | — | 5,968 | — | — | 5,968 | ||||||||||||
Equity in (earnings) loss of non-consolidated entities | 2,359 | (15,465 | ) | 547 | — | (12,559 | ) | ||||||||||
Investment expense (income) | (175,229 | ) | (12,539 | ) | — | 205,409 | 17,641 | ||||||||||
| | | | | | | | | | | | | | | | | |
Total other expense | 81,151 | 189,229 | 547 | (96,830 | ) | 174,097 | |||||||||||
| | | | | | | | | | | | | | | | | |
Loss from continuing operations before income taxes | (81,463 | ) | (88,263 | ) | (3,468 | ) | 96,830 | (76,364 | ) | ||||||||
Income tax provision | 525 | 1,490 | — | — | 2,015 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Loss from continuing operations | (81,988 | ) | (89,753 | ) | (3,468 | ) | 96,830 | (78,379 | ) | ||||||||
Loss from discontinued operations, net of income taxes | — | (3,419 | ) | (190 | ) | — | (3,609 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Net loss | $ | (81,988 | ) | $ | (93,172 | ) | $ | (3,658 | ) | $ | 96,830 | $ | (81,988 | ) | |||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Successor as of December 31, 2013: | |||||||||||||||||
(In thousands) | AMCE | Subsidiary | Subsidiary | Consolidating | Consolidated AMC | ||||||||||||
Guarantors | Non-Guarantors | Adjustments | Entertainment Inc. | ||||||||||||||
Assets | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and equivalents | $ | 485 | $ | 501,989 | $ | 41,837 | $ | — | $ | 544,311 | |||||||
Receivables, net | (10 | ) | 106,096 | 62 | — | 106,148 | |||||||||||
Deferred tax asset | — | 110,097 | — | — | 110,097 | ||||||||||||
Other current assets | — | 79,433 | 1,391 | — | 80,824 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total current assets | 475 | 797,615 | 43,290 | — | 841,380 | ||||||||||||
Investment in equity of subsidiaries | 1,617,629 | 18,903 | — | (1,636,532 | ) | — | |||||||||||
Property, net | — | 1,179,666 | 88 | — | 1,179,754 | ||||||||||||
Intangible assets, net | — | 234,319 | — | — | 234,319 | ||||||||||||
Intercompany advances | 1,953,778 | (1,953,145 | ) | (633 | ) | — | — | ||||||||||
Goodwill | — | 2,291,943 | — | — | 2,291,943 | ||||||||||||
Deferred tax asset | — | 96,824 | — | — | 96,824 | ||||||||||||
Other long-term assets | 7,841 | 394,031 | 632 | — | 402,504 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total assets | $ | 3,579,723 | $ | 3,060,156 | $ | 43,377 | $ | (1,636,532 | ) | $ | 5,046,724 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Liabilities and Stockholder's Equity | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Accounts payable | $ | — | $ | 267,675 | $ | 488 | $ | — | $ | 268,163 | |||||||
Accrued expenses and other liabilities | 306 | 170,676 | (62 | ) | — | 170,920 | |||||||||||
Deferred revenues and income | — | 202,833 | — | — | 202,833 | ||||||||||||
Current maturities of corporate borrowings and capital and financing lease obligations | 7,750 | 8,330 | — | — | 16,080 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total current liabilities | 8,056 | 649,514 | 426 | — | 657,996 | ||||||||||||
Corporate borrowings | 2,062,728 | 6,944 | — | — | 2,069,672 | ||||||||||||
Capital and financing lease obligations | — | 109,258 | — | — | 109,258 | ||||||||||||
Exhibitor services agreement | — | 329,913 | — | — | 329,913 | ||||||||||||
Other long-term liabilities | — | 346,898 | 24,048 | — | 370,946 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total liabilities | 2,070,784 | 1,442,527 | 24,474 | — | 3,537,785 | ||||||||||||
Stockholder's equity | 1,508,939 | 1,617,629 | 18,903 | (1,636,532 | ) | 1,508,939 | |||||||||||
| | | | | | | | | | | | | | | | | |
Total liabilities and stockholder's equity | $ | 3,579,723 | $ | 3,060,156 | $ | 43,377 | $ | (1,636,532 | ) | $ | 5,046,724 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Predecessor as of December 31, 2012: | |||||||||||||||||
(In thousands) | AMCE | Subsidiary | Subsidiary | Consolidating | Consolidated AMC | ||||||||||||
Guarantors | Non-Guarantors | Adjustments | Entertainment Inc. | ||||||||||||||
Assets | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and equivalents | $ | 308 | $ | 89,168 | $ | 41,452 | $ | — | $ | 130,928 | |||||||
Receivables, net | 20 | 97,004 | 84 | — | 97,108 | ||||||||||||
Other current assets | — | 69,150 | 1,477 | — | 70,627 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total current assets | 328 | 255,322 | 43,013 | — | 298,663 | ||||||||||||
Investment in equity of subsidiaries | 888,865 | 16,980 | — | (905,845 | ) | — | |||||||||||
Property, net | — | 1,147,874 | 85 | — | 1,147,959 | ||||||||||||
Intangible assets, net | — | 243,180 | — | — | 243,180 | ||||||||||||
Intercompany advances | 1,958,022 | (1,958,901 | ) | 879 | — | — | |||||||||||
Goodwill | — | 2,251,296 | — | — | 2,251,296 | ||||||||||||
Other long-term assets | 59 | 332,199 | 482 | — | 332,740 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total assets | $ | 2,847,274 | $ | 2,287,950 | $ | 44,459 | $ | (905,845 | ) | $ | 4,273,838 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Liabilities and Stockholder's Equity | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Accounts payable | $ | — | $ | 225,754 | $ | 466 | $ | — | $ | 226,220 | |||||||
Accrued expenses and other liabilities | 14 | 154,903 | 369 | — | 155,286 | ||||||||||||
Deferred revenues and income | — | 171,105 | 17 | — | 171,122 | ||||||||||||
Current maturities of corporate borrowings and capital and financing lease obligations | 8,004 | 6,276 | — | — | 14,280 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total current liabilities | 8,018 | 558,038 | 852 | — | 566,908 | ||||||||||||
Corporate borrowings | 2,070,671 | — | — | — | 2,070,671 | ||||||||||||
Capital and financing lease obligations | — | 116,369 | — | — | 116,369 | ||||||||||||
Exhibitor services agreement | — | 318,154 | — | — | 318,154 | ||||||||||||
Deferred tax liability | — | 47,433 | — | — | 47,433 | ||||||||||||
Other long-term liabilities | — | 359,091 | 26,627 | — | 385,718 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total liabilities | 2,078,689 | 1,399,085 | 27,479 | — | 3,505,253 | ||||||||||||
Stockholder's equity | 768,585 | 888,865 | 16,980 | (905,845 | ) | 768,585 | |||||||||||
| | | | | | | | | | | | | | | | | |
Total liabilities and stockholder's equity | $ | 2,847,274 | $ | 2,287,950 | $ | 44,459 | $ | (905,845 | ) | $ | 4,273,838 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Twelve Months Ended December 31, 2013: | |||||||||||||||||
(In thousands) | AMCE | Subsidiary | Subsidiary | Consolidating | Consolidated AMC | ||||||||||||
Guarantors | Non-Guarantors | Adjustments | Entertainment Inc. | ||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net cash provided by (used in) operating activities | $ | 3,772 | $ | 354,520 | $ | (950 | ) | $ | — | $ | 357,342 | ||||||
| | | | | | | | | | | | | | | | | |
Cash flows from investing activities: | |||||||||||||||||
Capital expenditures | — | (260,633 | ) | (190 | ) | — | (260,823 | ) | |||||||||
Acquisition of Rave theatres, net of cash acquired | — | (1,128 | ) | — | — | (1,128 | ) | ||||||||||
Proceeds from the disposition of long-term assets | — | 3,880 | — | — | 3,880 | ||||||||||||
Investments in non-consolidated entities, net | — | (3,280 | ) | 15 | — | (3,265 | ) | ||||||||||
Other, net | — | (7,448 | ) | — | — | (7,448 | ) | ||||||||||
| | | | | | | | | | | | | | | | | |
Net cash used in investing activities | — | (268,609 | ) | (175 | ) | — | (268,784 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Cash flows from financing activities: | |||||||||||||||||
Proceeds from issuance of Term Loan due 2020 | 773,063 | — | — | — | 773,063 | ||||||||||||
Capital contribution from Holdings | 355,580 | — | — | — | 355,580 | ||||||||||||
Repayment of Term Loan due 2016 | (464,088 | ) | — | — | — | (464,088 | ) | ||||||||||
Repayment of Term Loan due 2018 | (296,250 | ) | — | — | — | (296,250 | ) | ||||||||||
Principal payments under Term Loan | (7,813 | ) | — | — | — | (7,813 | ) | ||||||||||
Principal payments under capital and financing lease obligations | — | (6,446 | ) | — | — | (6,446 | ) | ||||||||||
Deferred financing costs | (9,126 | ) | — | — | — | (9,126 | ) | ||||||||||
Change in construction payables | — | (19,404 | ) | — | — | (19,404 | ) | ||||||||||
Dividends paid to Holdings | (588 | ) | (588 | ) | |||||||||||||
Change in intercompany advances | (354,373 | ) | 352,861 | 1,512 | — | — | |||||||||||
| | | | | | | | | | | | | | | | | |
Net cash provided by (used in) financing activities | (3,595 | ) | 327,011 | 1,512 | — | 324,928 | |||||||||||
| | | | | | | | | | | | | | | | | |
Effect of exchange rate changes on cash and equivalents | — | (101 | ) | (2 | ) | — | (103 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Net increase in cash and equivalents | 177 | 412,821 | 385 | — | 413,383 | ||||||||||||
Cash and equivalents at beginning of period | 308 | 89,168 | 41,452 | — | 130,928 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Cash and equivalents at end of period | $ | 485 | $ | 501,989 | $ | 41,837 | $ | — | $ | 544,311 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Successor from Inception on August 31, 2012 through December 31, 2012: | |||||||||||||||||
(In thousands) | AMCE | Subsidiary | Subsidiary | Consolidating | Consolidated AMC | ||||||||||||
Guarantors | Non-Guarantors | Adjustments | Entertainment Inc. | ||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net cash provided by (used in) operating activities | $ | (21,605 | ) | $ | 143,430 | $ | (47,933 | ) | $ | — | $ | 73,892 | |||||
| | | | | | | | | | | | | | | | | |
Cash flows from investing activities: | |||||||||||||||||
Capital expenditures | — | (72,765 | ) | (9 | ) | — | (72,774 | ) | |||||||||
Merger, net of cash acquired | — | 3,110 | — | — | 3,110 | ||||||||||||
Acquisition of Rave theatres, net of cash acquired | — | (87,555 | ) | — | — | (87,555 | ) | ||||||||||
Proceeds from the disposition of long-term assets | — | 112 | (22 | ) | — | 90 | |||||||||||
Investments in non-consolidated entities, net | — | (1,173 | ) | (21 | ) | — | (1,194 | ) | |||||||||
Other, net | — | (575 | ) | — | — | (575 | ) | ||||||||||
| | | | | | | | | | | | | | | | | |
Net cash used in investing activities | — | (158,846 | ) | (52 | ) | — | (158,898 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Cash flows from financing activities: | |||||||||||||||||
Principal payments under Term Loan | (4,002 | ) | — | — | — | (4,002 | ) | ||||||||||
Principal payments under capital and financing lease obligations | — | (875 | ) | — | — | (875 | ) | ||||||||||
Capital contribution of Wanda | 100,000 | — | — | — | 100,000 | ||||||||||||
Change in construction payables | — | 22,487 | — | — | 22,487 | ||||||||||||
Change in intercompany advances | (74,376 | ) | 23,867 | 50,509 | — | — | |||||||||||
| | | | | | | | | | | | | | | | | |
Net cash provided by financing activities | 21,622 | 45,479 | 50,509 | — | 117,610 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Effect of exchange rate changes on cash and equivalents | — | 3,779 | (3,986 | ) | — | (207 | ) | ||||||||||
| | | | | | | | | | | | | | | | | |
Net increase (decrease) in cash and equivalents | 17 | 33,842 | (1,462 | ) | — | 32,397 | |||||||||||
Cash and equivalents at beginning of period | 291 | 55,326 | 42,914 | — | 98,531 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Cash and equivalents at end of period | $ | 308 | $ | 89,168 | $ | 41,452 | $ | — | $ | 130,928 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Predecessor March 30, 2012 through August 30, 2012: | |||||||||||||||||
(In thousands) | AMCE | Subsidiary | Subsidiary | Consolidating | Consolidated AMC | ||||||||||||
Guarantors | Non-Guarantors | Adjustments | Entertainment Inc. | ||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net cash provided by (used in) operating activities | $ | (3,735 | ) | $ | 82,423 | $ | 809 | $ | — | $ | 79,497 | ||||||
| | | | | | | | | | | | | | | | | |
Cash flows from investing activities: | |||||||||||||||||
Capital expenditures | — | (40,095 | ) | (21 | ) | — | (40,116 | ) | |||||||||
Proceeds from the disposition of long-term assets | — | 7,134 | 157 | — | 7,291 | ||||||||||||
Investments in non-consolidated entities, net | — | (17 | ) | 1,606 | — | 1,589 | |||||||||||
Other, net | — | 205 | — | — | 205 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Net cash provided by (used in) investing activities | — | (32,773 | ) | 1,742 | — | (31,031 | ) | ||||||||||
| | | | | | | | | | | | | | | | | |
Cash flows from financing activities: | |||||||||||||||||
Repurchase of Senior Subordinated Notes due 2014 | (191,035 | ) | — | — | — | (191,035 | ) | ||||||||||
Principal payments under Term Loan | (4,002 | ) | — | — | — | (4,002 | ) | ||||||||||
Principal payments under capital and financing lease obligations | — | (1,298 | ) | — | — | (1,298 | ) | ||||||||||
Deferred financing costs | (2,378 | ) | — | — | — | (2,378 | ) | ||||||||||
Change in construction payables | — | (23,575 | ) | — | — | (23,575 | ) | ||||||||||
Change in intercompany advances | 200,755 | (200,872 | ) | 117 | — | — | |||||||||||
| | | | | | | | | | | | | | | | | |
Net cash provided by (used in) financing activities | 3,340 | (225,745 | ) | 117 | — | (222,288 | ) | ||||||||||
| | | | | | | | | | | | | | | | | |
Effect of exchange rate changes on cash and equivalents | — | (588 | ) | 604 | — | 16 | |||||||||||
| | | | | | | | | | | | | | | | | |
Net increase (decrease) in cash and equivalents | (395 | ) | (176,683 | ) | 3,272 | — | (173,806 | ) | |||||||||
Cash and equivalents at beginning of period | 686 | 232,009 | 39,642 | — | 272,337 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Cash and equivalents at end of period | $ | 291 | $ | 55,326 | $ | 42,914 | $ | — | $ | 98,531 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Predecessor fifty-two weeks ended March 29, 2012: | |||||||||||||||||
(In thousands) | AMCE | Subsidiary | Subsidiary | Consolidating | Consolidated AMC | ||||||||||||
Guarantors | Non-Guarantors | Adjustments | Entertainment Inc. | ||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net cash provided by (used in) operating activities | $ | 21,673 | $ | 177,633 | $ | (1,979 | ) | $ | — | $ | 197,327 | ||||||
| | | | | | | | | | | | | | | | | |
Cash flows from investing activities: | |||||||||||||||||
Capital expenditures | — | (139,195 | ) | (164 | ) | — | (139,359 | ) | |||||||||
Proceeds from disposition of long-term assets | — | 1,474 | — | — | 1,474 | ||||||||||||
Investments in non-consolidated entities, net | 1,049 | (27,928 | ) | (1 | ) | — | (26,880 | ) | |||||||||
Proceeds from sale/leaseback of digital projection equipment | — | 953 | — | — | 953 | ||||||||||||
Other, net | — | 98 | — | — | 98 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Net cash provided by (used in) investing activities | 1,049 | (164,598 | ) | (165 | ) | — | (163,714 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Cash flows from financing activities: | |||||||||||||||||
Proceeds from issuance of Term Loan due 2018 | 297,000 | — | — | — | 297,000 | ||||||||||||
Repayment of Term Loan 2013 | (140,657 | ) | — | — | — | (140,657 | ) | ||||||||||
Repurchase of Senior Subordinated Notes due 2014 | (108,965 | ) | — | — | — | (108,965 | ) | ||||||||||
Principal payments under Term Loan | (4,875 | ) | — | — | — | (4,875 | ) | ||||||||||
Principal payments under capital and financing lease obligations | — | (3,422 | ) | — | — | (3,422 | ) | ||||||||||
Deferred financing costs | (6,002 | ) | — | — | — | (6,002 | ) | ||||||||||
Change in construction payables | — | 13,512 | — | — | 13,512 | ||||||||||||
Dividends paid to Holdings | (109,581 | ) | — | — | — | (109,581 | ) | ||||||||||
Change in intercompany advances | 51,044 | (52,427 | ) | 1,383 | — | — | |||||||||||
| | | | | | | | | | | | | | | | | |
Net cash provided by (used in) financing activities | (22,036 | ) | (42,337 | ) | 1,383 | — | (62,990 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Effect of exchange rate changes on cash and equivalents | — | 215 | 341 | — | 556 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Net increase (decrease) in cash and equivalents | 686 | (29,087 | ) | (420 | ) | — | (28,821 | ) | |||||||||
Cash and equivalents at beginning of period | — | 261,096 | 40,062 | — | 301,158 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Cash and equivalents at end of period | $ | 686 | $ | 232,009 | $ | 39,642 | $ | — | $ | 272,337 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2013 | |
RELATED PARTY TRANSACTIONS | ' |
RELATED PARTY TRANSACTIONS | ' |
NOTE 20—RELATED PARTY TRANSACTIONS | |
Amended and Restated Fee Agreement | |
Prior to the Merger, upon the consummation of a change of control transaction or an IPO, each of the Sponsors were entitled to receive, in lieu of quarterly payments of the annual management fee, a fee equal to the net present value of the aggregate annual management fee that would have been payable to the Sponsors during the remainder of the term of the fee agreement (assuming a twelve year term from the date of the original fee agreement), calculated using the treasury rate having a final maturity date that is closest to the twelfth anniversary of the date of the original fee agreement date. The Sponsors waived their right to the payment described above that was triggered by the Merger. As a result of the Merger, the Company ceased paying the annual management fee of $5,000,000 to the Sponsors. | |
Control Arrangement | |
Wanda, through its stock ownership, has the ability to control the Company's affairs and policies and the election of directors and appointment of management. | |
Non Consolidated Affiliates | |
See Note 7—Investments for transactions with non-consolidated affiliates. | |
SUBSEQUENT_EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Dec. 31, 2013 | |
SUBSEQUENT EVENT | ' |
SUBSEQUENT EVENT | ' |
NOTE 21—SUBSEQUENT EVENTS | |
On January 15, 2014, AMCE launched a cash tender offer and consent solicitation for any and all of its then outstanding 8.75% Senior Fixed Rate Notes due 2019 ("Notes due 2019") at a purchase price of $1,038.75 plus a $30.00 consent fee for each $1,000 principal amount of Notes due 2019 validly tendered and accepted by AMCE on or before the consent payment deadline on January 29, 2014 at 5:00 p.m. New York City time (the "Consent Date"). Holders of $463,950,000, or approximately 77.33%, of the Notes due 2019 validly tendered (or defective tender waived by AMCE) and did not withdraw their Notes due 2019 prior to the expiration of the Consent Date. An additional $14,000 of Notes due 2019 were tendered from the Consent Date to the expiration date of the tender offer. The consents received exceeded the number needed to approve the proposed amendments to the indenture under which the Notes due 2019 were issued. On February 7, 2014, AMCE amended the indenture governing the Notes due 2019 to eliminate substantially all of the restrictive covenants and certain events of default and other related provisions. On February 7, 2014, AMCE accepted for purchase $463,950,000 aggregate principal amount, plus accrued and unpaid interest of the Notes due 2019, at a purchase price of $1,038.75 plus a $30.00 consent fee for each $1,000 principal amount of Notes due 2019 validly tendered (or defective tender waived by AMCE), and, on February 14, 2014, AMCE accepted for purchase the additional $14,000 of Notes due 2019 tendered after the Consent Date, plus accrued and unpaid interest, at a purchase price of $1,038.75 for each $1,000 principal amount of Notes due 2019 validly tendered. The Company expects to record a gain on extinguishment related to the cash tender offer and redemption of the Notes due 2019 of approximately $4,383,000 in Other expense during the three months ended March 31, 2014. | |
On February 7, 2014, AMCE completed the offering of $375,000,000 aggregate principal amount of its senior subordinated notes due 2022 (the "Notes due 2022") in a private offering. The Notes due 2022 mature on February 15, 2022. AMCE will pay interest on the Notes due 2022 at 5.875% per annum, semi-annually in arrears on February 15th and August 15th, commencing on August 15, 2014. AMCE may redeem some or all of the Notes due 2022 at any time on or after February 15, 2017 at 104.406% of the principal amount thereof, declining ratably to 100% of the principal amount thereof on or after February 15, 2020, plus accrued and unpaid interest to the redemption date. Prior to February 15, 2017, AMCE may redeem the Notes due 2022 at par plus a make-whole premium. AMCE used the net proceeds from the Notes due 2022 private offering, together with a portion of the net proceeds from the Holdings' IPO, to pay the consideration and consent payments for the tender offer for the Notes due 2019, plus any accrued and unpaid interest and related transaction fees and expenses. | |
On February 7, 2014, in connection with the issuance of the Notes due 2022, AMCE entered into a registration rights agreement. Subject to the terms of the registration rights agreement, within 120 days after the issue date of the Notes due 2022, AMCE will file one or more registration statements pursuant to the Securities Act of 1933, as amended, relating to notes having substantially identical terms as the Notes due 2022 as part of our offer to exchange freely tradable exchange notes, the Notes due 2022, and will use its commercially reasonable efforts to cause the registration statement to become effective within 210 days after the issue date. If AMCE fails to meet these requirements, a special interest rate will accrue on the principal amount of the Notes due 2022 at a rate of $0.192 per week per $1,000 principal amount shall occur to the date it has been cured. | |
THE_COMPANY_AND_SIGNIFICANT_AC1
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | ' | |||||||||||||||
BASIS OF PRESENTATION | ' | |||||||||||||||
AMC Entertainment® Inc. ("AMCE" or the "Company") is an intermediate holding company, which, through its direct and indirect subsidiaries, including American Multi-Cinema, Inc. ("OpCo") and its subsidiaries, (collectively with AMCE, 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. AMCE is a wholly owned subsidiary of AMC Entertainment Holdings, Inc. ("Holdings"). | ||||||||||||||||
Initial Public Offering of Holdings: On December 23, 2013, Holdings completed its initial public offering ("IPO") of 18,421,053 shares of Class A common stock at a price of $18.00 per share. In connection with the IPO, the underwriters exercised in full their option to purchase an additional 2,631,579 shares of Class A common stock. As a result, the total IPO size was 21,052,632 shares of Class A common stock and the net proceeds to Holdings were approximately $355,299,000 after deducting underwriting discounts and commissions and offering expenses. The net IPO proceeds of approximately $355,580,000, were contributed by Holdings to AMCE. | ||||||||||||||||
Wanda owns approximately 77.87% of Holdings' outstanding common stock and 91.35% of the combined voting power of Holdings' outstanding common stock as of December 31, 2013 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), the entering into of mergers, sales of substantially all of the Company's assets and other extraordinary transactions. | ||||||||||||||||
Wanda Merger: Prior to the IPO, Wanda acquired Holdings, on August 30, 2012, through a merger between Holdings and Wanda Film Exhibition Co. Ltd. ("Merger Subsidiary"), a wholly-owned indirect subsidiary of Wanda, whereby Merger Subsidiary merged with and into Holdings with Holdings continuing as the surviving corporation and as a then wholly-owned indirect subsidiary of Wanda (the "Merger"). A change of control of the Company occurred pursuant to the Merger. Prior to the Merger, Holdings was owned by J.P. Morgan Partners, LLC and certain related investment funds, Apollo Management, L.P. and certain related investment funds, affiliates of Bain Capital Partners, The Carlyle Group and Spectrum Equity Investors ("Spectrum") (collectively the "Sponsors"). The Merger consideration totaled $701,811,000, with $700,000,000 invested by Wanda and $1,811,000 invested by members of management. The estimated transaction value was approximately $2,748,018,000. Wanda acquired cash, corporate borrowings and capital and financing lease obligations in connection with the Merger. Funding for the Merger consideration was obtained by Merger Subsidiary pursuant to bank borrowings and cash contributed by Wanda. | ||||||||||||||||
In connection with the change of control due to the Merger, the Company's assets and liabilities were adjusted to fair value on the closing date of the Merger by application of "push down" accounting. As a result of the application of "push down" accounting in connection with the Merger, the Company's financial statement presentations herein distinguish between a predecessor period, ("Predecessor"), for periods prior to the Merger and a successor period, ("Successor"), for periods subsequent to the Merger. The Successor applied "push down" accounting and its financial statements reflect a new basis of accounting that is based on the fair value of assets acquired and liabilities assumed as of the Merger date, August 30, 2012. The consolidated financial statements presented herein are those of Successor from its inception on August 31, 2012 through December 31, 2013, and those of Predecessor for all periods prior to the Merger date. As a result of the application of "push down" accounting at the time of the Merger, the financial statements for the Predecessor period and for the Successor period are presented on different bases and are, therefore, not comparable. See Note 2—Merger for additional information regarding the Merger. | ||||||||||||||||
Use of Estimates | ' | |||||||||||||||
Use of Estimates: The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are used for, but not limited to: (1) Impairments, (2) Film exhibition costs, (3) Income and operating taxes, (4) Theatre and other closure expense, and (5) Gift card and packaged ticket breakage. Actual results could differ from those estimates. | ||||||||||||||||
Principles of Consolidation | ' | |||||||||||||||
Principles of Consolidation: The consolidated financial statements include the accounts of AMCE and all subsidiaries, as discussed above. All significant intercompany balances and transactions have been eliminated in consolidation. There are no noncontrolling (minority) interests in the Company's consolidated subsidiaries; consequently, all of its stockholder's equity, net earnings (loss) and comprehensive income (loss) for the periods presented are attributable to controlling interests. | ||||||||||||||||
Fiscal Year | ' | |||||||||||||||
Fiscal Year: On November 15, 2012, the Company changed its fiscal year to a calendar year ending on December 31st of each year. Prior to the change, the Company had a 52/53 week fiscal year ending on the Thursday closest to the last day of March. All references to "fiscal year", unless otherwise noted, refer to the fifty-two week fiscal year, which ended on the Thursday closest to the last day of March. The consolidated financial statements include the transition period of March 30, 2012 through December 31, 2012 ("Transition Period"). | ||||||||||||||||
For comparative purposes to the prior year Transition Period, the Consolidated Statements of Operations for the period April 1, 2011 through December 29, 2011 are presented as follows: | ||||||||||||||||
(In thousands) | (Unaudited) | |||||||||||||||
39 Weeks Ended | ||||||||||||||||
December 29, 2011 | ||||||||||||||||
(Predecessor) | ||||||||||||||||
Revenues | ||||||||||||||||
Admissions | $ | 1,295,469 | ||||||||||||||
Food and beverage | 518,081 | |||||||||||||||
Other theatre | 71,984 | |||||||||||||||
| | | | | ||||||||||||
Total revenues | 1,885,534 | |||||||||||||||
| | | | | ||||||||||||
Operating costs and expenses | ||||||||||||||||
Film exhibition costs | 694,863 | |||||||||||||||
Food and beverage costs | 70,961 | |||||||||||||||
Operating expense | 525,431 | |||||||||||||||
Rent | 334,607 | |||||||||||||||
General and administrative: | ||||||||||||||||
Merger, acquisition and transaction costs | 1,179 | |||||||||||||||
Management fee | 3,750 | |||||||||||||||
Other | 36,065 | |||||||||||||||
Depreciation and amortization | 155,970 | |||||||||||||||
| | | | | ||||||||||||
Operating costs and expenses | 1,822,826 | |||||||||||||||
| | | | | ||||||||||||
Operating income | 62,708 | |||||||||||||||
Other expense (income) | ||||||||||||||||
Other expense | 377 | |||||||||||||||
Interest expense: | ||||||||||||||||
Corporate borrowings | 120,265 | |||||||||||||||
Capital and financing lease obligations | 4,480 | |||||||||||||||
Equity in earnings of non-consolidated entities | (1,864 | ) | ||||||||||||||
Investment expense | 17,666 | |||||||||||||||
| | | | | ||||||||||||
Total other expense | 140,924 | |||||||||||||||
| | | | | ||||||||||||
Loss from continuing operations before income taxes | (78,216 | ) | ||||||||||||||
Income tax provision | 1,510 | |||||||||||||||
| | | | | ||||||||||||
Loss from continuing operations | (79,726 | ) | ||||||||||||||
Loss from discontinued operations, net of income taxes | (2,989 | ) | ||||||||||||||
| | | | | ||||||||||||
Net loss | $ | (82,715 | ) | |||||||||||||
| | | | | ||||||||||||
| | | | | ||||||||||||
Consolidated Statement of Comprehensive Loss | ||||||||||||||||
Net loss | $ | (82,715 | ) | |||||||||||||
Foreign currency translation adjustment, net of tax | 4,837 | |||||||||||||||
Pension and other benefit adjustments: | ||||||||||||||||
Amortization of net loss included in net periodic benefit costs, net of tax | 4 | |||||||||||||||
Amortization or prior service credit included in net periodic benefit costs, net of tax | (668 | ) | ||||||||||||||
Unrealized loss on marketable securities: | ||||||||||||||||
Unrealized holding loss arising during the period, net of tax | (23,791 | ) | ||||||||||||||
Less: reclassification adjustment for loss included in investment expense, net of tax | 17,724 | |||||||||||||||
| | | | | ||||||||||||
Other comprehensive loss | (1,894 | ) | ||||||||||||||
| | | | | ||||||||||||
Total comprehensive loss | $ | (84,609 | ) | |||||||||||||
| | | | | ||||||||||||
| | | | | ||||||||||||
Consolidated Statement of Cash Flows | (Unaudited) | |||||||||||||||
(In thousands) | 39 Weeks Ended | |||||||||||||||
December 29, 2011 | ||||||||||||||||
(Predecessor) | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net loss | $ | (82,715 | ) | |||||||||||||
Adjustment to reconcile net loss to net cash provided by operating activities: | ||||||||||||||||
Depreciation and amortization | 156,914 | |||||||||||||||
Impairment of RealD Inc. investment | 17,751 | |||||||||||||||
Theatre and other closure expense | 5,687 | |||||||||||||||
Loss on dispositions | 1,444 | |||||||||||||||
Stock-based compensation | 1,471 | |||||||||||||||
Equity in earnings from non-consolidated entities, net of distributions | 18,731 | |||||||||||||||
Change in assets and liabilities | ||||||||||||||||
Receivables | (46,862 | ) | ||||||||||||||
Other assets | (1,958 | ) | ||||||||||||||
Accounts payable | 38,266 | |||||||||||||||
Accrued expenses and other liabilities | 36,078 | |||||||||||||||
Other, net | (7,550 | ) | ||||||||||||||
| | | | | ||||||||||||
Net cash provided by operating activities | 137,257 | |||||||||||||||
| | | | | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Capital expenditures | (85,083 | ) | ||||||||||||||
Investments in non-consolidated entities, net | (23,835 | ) | ||||||||||||||
Other, net | 944 | |||||||||||||||
| | | | | ||||||||||||
Net cash used in investing activities | (107,974 | ) | ||||||||||||||
| | | | | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Principal payments under Term Loan | (3,250 | ) | ||||||||||||||
Principal payments under capital and financing lease obligations | (2,645 | ) | ||||||||||||||
Deferred financing costs | (667 | ) | ||||||||||||||
Change in construction payables | (1,298 | ) | ||||||||||||||
Dividends paid to Holdings | (109,581 | ) | ||||||||||||||
| | | | | ||||||||||||
Net cash used in financing activities | (117,441 | ) | ||||||||||||||
Effect of exchange rate changes on cash and equivalents | 520 | |||||||||||||||
| | | | | ||||||||||||
Net increase in cash and equivalents | (87,638 | ) | ||||||||||||||
Cash and equivalents at beginning of period | 301,158 | |||||||||||||||
| | | | | ||||||||||||
Cash and equivalents at end of period | $ | 213,520 | ||||||||||||||
| | | | | ||||||||||||
| | | | | ||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||||||||||||
Cash paid during the period for: | ||||||||||||||||
Interest | $ | 138,849 | ||||||||||||||
Income taxes, net | 802 | |||||||||||||||
Discontinued Operations | ' | |||||||||||||||
Discontinued Operations: The results of operations for the Company's discontinued operations have been eliminated from the Company's continuing operations and classified as discontinued operations for each period presented within the Company's Consolidated Statements of Operations. See Note 4—Discontinued Operations for further information. | ||||||||||||||||
Revenues | ' | |||||||||||||||
Revenues: Revenues are recognized when admissions and food and beverage sales are received at the theatres. The Company defers 100% of the revenue associated with the sales of gift cards and packaged tickets until such time as the items are redeemed or breakage income is recorded. In the fourth quarter of fiscal 2012, the Company changed its accounting method for recognizing gift card breakage income. Prior to the fourth quarter of fiscal 2012, the Company recognized breakage income when gift card redemptions were deemed remote and the Company determined that there was no legal obligation to remit the unredeemed gift cards to the relevant tax jurisdiction ("Remote Method"), which based on historical information was 18 months after the gift card was issued. In the fourth quarter of fiscal 2012, the Company accumulated a sufficient level of historical data from a large pool of homogeneous transactions to allow management to reasonably and objectively determine an estimated gift card breakage rate and the pattern of actual gift card redemptions. Accordingly during fiscal 2012, the Company changed its method for recording gift card breakage income to recognize breakage income and derecognize the gift card liability for unredeemed gift cards in proportion to actual redemptions of gift cards ("Proportional Method"). The Company recognizes breakage income for gift cards using the Proportional Method where it applies a breakage rate for its five gift card sales channels which ranges from 14% to 23% of the current month sales and the Company recognizes that total amount of breakage for that current month's sales as income over the next 24 months in proportion to the pattern of actual redemptions. The Company has determined its breakage rates and redemption patterns using data accumulated over ten years on a company-wide basis. Breakage for packaged tickets continues to be recognized as the redemption of these items is determined to be remote, that is if a ticket has not been used within 18 months after being purchased. During fiscal 2012, the Company recognized $32,633,000 of net gift card breakage income, of which $14,969,000 represented the adjustment related to the change from the Remote Method to the Proportional Method. Additionally, concurrent with the accounting change discussed above, the Company changed the presentation of gift card breakage income from other income to other theatre revenues during fiscal 2012, with conforming changes made for all prior periods presented. During the twelve months ended December 31, 2013, the period August 31, 2012 through December 31, 2012, the period March 30, 2012 through August 30, 2012, and the fifty-two weeks ended March 29, 2012, the Company recognized $19,510,000, $3,483,000, $7,776,000, and $32,633,000 of income, respectively, related to the derecognition of gift card liabilities which was recorded in other theatre revenues in the Consolidated Statements of Operations. | ||||||||||||||||
Film Exhibition Costs | ' | |||||||||||||||
Film Exhibition Costs: Film exhibition costs are accrued based on the applicable box office receipts and estimates of the final settlement to the film licenses. Film exhibition costs include certain advertising costs. As of December 31, 2013 and December 31, 2012, the Company recorded film payables of $149,378,000 and $120,650,000, respectively, which are included in accounts payable in the accompanying Consolidated Balance Sheets. | ||||||||||||||||
Food and Beverage Costs | ' | |||||||||||||||
Food and Beverage Costs: The Company records payments from vendors as a reduction of food and beverage costs when earned. | ||||||||||||||||
Screen Advertising | ' | |||||||||||||||
Screen Advertising: On March 29, 2005, the Company and Regal Entertainment Group ("Regal") combined their respective cinema screen advertising businesses into a joint venture company called National CineMedia, LLC ("NCM") and on July 15, 2005, Cinemark Holdings, Inc. ("Cinemark") joined NCM. The Company, Regal and Cinemark are known as the "Founding Members." NCM engages in the marketing and sale of cinema advertising and promotions products, business communications and training services and the distribution of digital alternative content. The Company records its share of on-screen advertising revenues generated by NCM in other theatre revenues. | ||||||||||||||||
Customer Frequency Program | ' | |||||||||||||||
Customer Frequency Program: On April 1, 2011, the Company fully launched AMC Stubs, a customer frequency program, which allows members to earn rewards, including $10 for each $100 spent, redeemable on future purchases at AMC locations. The portion of the admissions and food and beverage revenues attributed to the rewards is deferred as a reduction of admissions and food and beverage revenues, based on member redemptions. Rewards must be redeemed no later than 90 days from the date of issuance. Upon redemption, deferred rewards are recognized as revenues along with associated cost of goods. Rewards not redeemed within 90 days are forfeited and recognized as admissions or food and beverage revenues. Progress rewards (member expenditures toward earned rewards) for expired membership are forfeited upon expiration of the membership and recognized as admissions or food and beverage revenues. The program's annual membership fee is deferred, net of estimated refunds, and is recognized ratably over the one-year membership period. | ||||||||||||||||
Advertising Costs | ' | |||||||||||||||
Advertising Costs: The Company expenses advertising costs as incurred and does not have any direct-response advertising recorded as assets. Advertising costs were $9,684,000, $4,137,000, $3,603,000, and $10,118,000 for the twelve months ended December 31, 2013, the period August 31, 2012 through December 31, 2012, the period March 30, 2012 through August 30, 2012, and the fifty-two weeks ended March 29, 2012, respectively, and are recorded in operating expense in the accompanying Consolidated Statements of Operations. | ||||||||||||||||
Cash and Equivalents | ' | |||||||||||||||
Cash and Equivalents: All highly liquid debt instruments and investments purchased with an original maturity of three months or less are classified as cash equivalents. | ||||||||||||||||
Intangible Assets | ' | |||||||||||||||
Intangible Assets: Intangible assets are recorded at cost or fair value, in the case of intangible assets resulting from the Merger and acquisitions, and are comprised of amounts assigned to theatre leases acquired under favorable terms, management contracts, a contract with an equity method investee, and a non-compete agreement, each of which are being amortized on a straight-line basis over the estimated remaining useful lives of the assets, and trademark and trade names, which are considered indefinite lived intangible assets and therefore are not amortized but rather evaluated for impairment annually. | ||||||||||||||||
The Company first assesses the qualitative factors to determine whether the existence of events and circumstances indicate that it is more likely than not the fair vale of an indefinite-lived intangible asset is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative impairment test. There were no intangible asset impairment charges incurred during the twelve months ended December 31, 2013, the period August 31, 2012 through December 31, 2012, the period March 30, 2012 through August 30, 2012, and the fifty-two weeks ended March 29, 2012. | ||||||||||||||||
Investments | ' | |||||||||||||||
Investments: The Company accounts for its investments in non-consolidated entities using either the cost or equity methods of accounting as appropriate, and has recorded the investments within other long-term assets in its Consolidated Balance Sheets. Equity earnings and losses are recorded when the Company's ownership interest provides the Company with significant influence. The Company follows the guidance in ASC 323-30-35-3, which prescribes the use of the equity method for investments where the Company has significant influence. The Company classifies gains and losses on sales of and changes of interest in equity method investments within equity in earnings of non-consolidated entities or in separate line items on the face of the Consolidated Statements of Operations when material, and classifies gains and losses on sales of investments or impairments accounted for using the cost method in investment income. Gains and losses on cash sales are recorded using the weighted average cost of all interests in the investments. Gains and losses related to non-cash negative common unit adjustments are recorded using the weighted average cost of those units in NCM. As of the date of the Merger, August 30, 2012, the Company's investment in NCM consisted of a single investment tranche of 17,323,782 membership units recorded at fair value (Level 1). See Note 7—Investments for further discussion of the Company's investments in NCM. As of December 31, 2013, the Company holds equity method investments comprised of a 15.01% interest in NCM, a joint venture that markets and sells cinema advertising and promotions; a 32% interest in AC JV, LLC, a joint venture that owns Fathom Events offering alternative content for motion picture screens; a 29% interest in Digital Cinema Implementation Partners LLC, a joint venture charged with implementing digital cinema in the Company's theatres; a 50% ownership interest in two U.S. motion picture theatres and one IMAX screen; and a 50% ownership interest in Open Road Films, a motion picture distribution company. At December 31, 2013, the Company's recorded investments are less than its proportional ownership of the underlying equity in these entities by approximately $12,744,000, excluding NCM and AC JV, LLC. Included in equity in earnings of non-consolidated entities for the fifty-two weeks ended March 29, 2012 is an impairment charge of $2,742,000 related to a joint venture investment decline in value that was considered to be other than temporary. | ||||||||||||||||
The Company's investment in RealD Inc. is an available-for-sale marketable equity security and is carried at fair value (Level 1). Unrealized gains and losses on available-for-sale securities are included in the Company's Consolidated Balance Sheets as a component of accumulated other comprehensive loss. See Note 7—Investments for further discussion of the Company's investment in RealD Inc. | ||||||||||||||||
Goodwill | ' | |||||||||||||||
Goodwill: Goodwill represents the excess of purchase price over fair value of net tangible and identifiable intangible assets related to the Merger and subsequent acquisitions. The Company is not required to amortize goodwill as a charge to earnings; however, the Company is required to conduct an annual review of goodwill for impairment. | ||||||||||||||||
The Company's recorded goodwill was $2,291,943,000 and $2,251,296,000 as of December 31, 2013 and December 31, 2012, respectively. The Company evaluates goodwill and its trademark and trade names for impairment annually as of the beginning of the fourth quarter or more frequently as specific events or circumstances dictate. The Company's goodwill is recorded in its Theatrical Exhibition operating segment, which is also the reporting unit for purposes of evaluating recorded goodwill for impairment. | ||||||||||||||||
The Company performed its annual impairment analysis during the fourth quarter of calendar 2013 and the last quarter of the Transition Period ended December 31, 2012, and reached a determination that there was no goodwill or trademark and trade name impairment. According to ASC 350-20, the Company has an option to first assess the qualitative factors to determine whether it is more likely than not that the fair value of its reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. During the fourth quarter of calendar 2013 and the fourth quarter of the Transition Period, the Company assessed qualitative factors and reached a determination that it is not more likely than not that the fair value of the Company's reporting unit is less than its carrying value, and therefore, no impairment charge was incurred. | ||||||||||||||||
Other Long-term Assets | ' | |||||||||||||||
Other Long-term Assets: Other long-term assets are comprised principally of deferred tax assets, investments in equity method investees and capitalized computer software, which is amortized over the estimated useful life of the software. | ||||||||||||||||
Accounts Payable | ' | |||||||||||||||
Accounts Payable: Under the Company's cash management system, checks issued but not presented to banks frequently result in book overdraft balances for accounting purposes and are classified within accounts payable in the balance sheet. The change in book overdrafts are reported as a component of operating cash flows for accounts payable as they do not represent bank overdrafts. The amount of these checks included in accounts payable as of December 31, 2013 and December 31, 2012 was $52,093,000 and $64,573,000, respectively. | ||||||||||||||||
Leases | ' | |||||||||||||||
Leases: The majority of the Company's operations are conducted in premises occupied under lease agreements with initial base terms ranging generally from 15 to 20 years, with certain leases containing options to extend the leases for up to an additional 20 years. The Company does not believe that exercise of the renewal options are reasonably assured at the inception of the lease agreements and, therefore, considers the initial base term as the lease term. Lease terms vary but generally the leases provide for fixed and escalating rentals, contingent escalating rentals based on the Consumer Price Index not to exceed certain specified amounts and contingent rentals based on revenues with a guaranteed minimum. | ||||||||||||||||
The Company records rent expense for its operating leases on a straight-line basis over the initial base lease term commencing with the date the Company has "control and access" to the leased premises, which is generally a date prior to the "lease commencement date" in the lease agreement. Rent expense related to any "rent holiday" is recorded as operating expense, until construction of the leased premises is complete and the premises are ready for their intended use. Rent charges upon completion of the leased premises subsequent to the theatre opening date are expensed as a component of rent expense. | ||||||||||||||||
Occasionally, the Company will receive amounts from developers in excess of the costs incurred related to the construction of the leased premises. The Company records the excess amounts received from developers as deferred rent and amortizes the balance as a reduction to rent expense over the base term of the lease agreement. | ||||||||||||||||
The Company evaluates the classification of its leases following the guidance in ASC 840-10-25. Leases that qualify as capital leases are recorded at the present value of the future minimum rentals over the base term of the lease using the Company's incremental borrowing rate. Capital lease assets are assigned an estimated useful life at the inception of the lease that generally corresponds with the base term of the lease. | ||||||||||||||||
Occasionally, the Company is responsible for the construction of leased theatres and for paying project costs that are in excess of an agreed upon amount to be reimbursed from the developer. ASC 840-40-05-5 requires the Company to be considered the owner (for accounting purposes) of these types of projects during the construction period and therefore it is required to account for these projects as sale and leaseback transactions. As a result, the Company has recorded financing lease obligations for failed sale leaseback transactions of $85,902,000 and $90,772,000 in its Consolidated Balance Sheets related to these types of projects as of December 31, 2013 and December 31, 2012, respectively. | ||||||||||||||||
Sale and Leaseback Transactions | ' | |||||||||||||||
Sale and Leaseback Transactions: The Company accounts for the sale and leaseback of real estate assets in accordance with ASC 840-40. Losses on sale leaseback transactions are recognized at the time of sale if the fair value of the property sold is less than the net book value of the property. Gains on sale and leaseback transactions are deferred and amortized over the remaining lease term. | ||||||||||||||||
Impairment of Long-lived Assets | ' | |||||||||||||||
Impairment of Long-lived Assets: The Company reviews long-lived assets, including definite-lived intangibles, investments in non-consolidated equity method investees, marketable equity securities and internal use software for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. The Company identifies impairments related to internal use software when management determines that the remaining carrying value of the software will not be realized through future use. The Company reviews internal management reports on a quarterly basis as well as monitors current and potential future competition in the markets where it operates for indicators of triggering events or circumstances that indicate potential impairment of individual theatre assets. The Company evaluates theatres using historical and projected data of theatre level cash flow as its primary indicator of potential impairment and considers the seasonality of its business when making these evaluations. The Company performs impairment analysis during the last quarter of the year. Under these analyses, if the sum of the estimated future cash flows, undiscounted and without interest charges, are less than the carrying amount of the asset, an impairment loss is recognized in the amount by which the carrying value of the asset exceeds its estimated fair value. Assets are evaluated for impairment on an individual theatre basis, which management believes is the lowest level for which there are identifiable cash flows. The impairment evaluation is based on the estimated cash flows from continuing use until the expected disposal date for the fair value of furniture, fixtures and equipment. The expected disposal date does not exceed the remaining lease period unless it is probable the lease period will be extended and may be less than the remaining lease period when the Company does not expect to operate the theatre to the end of its lease term. The fair value of assets is determined as either the expected selling price less selling costs (where appropriate) or the present value of the estimated future cash flows. The fair value of furniture, fixtures and equipment has been determined using similar asset sales, in some instances with the assistance of third party valuation studies and using management judgment. | ||||||||||||||||
There is considerable management judgment necessary to determine the estimated future cash flows and fair values of the Company's theatres and other long-lived assets, and, accordingly, actual results could vary significantly from such estimates, which fall under Level 3 within the fair value measurement hierarchy, see Note 16—Fair Value Measurements. There were no impairments during the period August 31, through December 31, 2012 and the period March 30, 2012 through August 30, 2012. During calendar 2013, the Company recognized non-cash impairment losses of $1,370,000 related to a marketable equity security when it was determined that its decline in value was other than temporary. During fiscal 2012, the Company recognized non-cash impairment losses of $20,788,000 related to long-term assets. The Company recognized an impairment loss of $285,000 on three theatres with 33 screens (in Arkansas, Maryland and Utah), which was related to property, net. The Company adjusted the carrying value of a joint venture investment, resulting in an impairment charge of $2,742,000 and adjusted the carrying value of a marketable equity security, resulting in an impairment charge of $17,751,000, when it was determined that its decline in value was other than temporary. | ||||||||||||||||
Impairment losses in the Consolidated Statements of Operations are included in the following captions: | ||||||||||||||||
(In thousands) | 12 Months | From Inception | March 30, | 52 Weeks | ||||||||||||
Ended | August 31, | 2012 through | Ended | |||||||||||||
December 31, | 2012 Through | August 30, | March 29, | |||||||||||||
2013 | December 31, | 2012 | 2012 | |||||||||||||
2012 | ||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Predecessor) | |||||||||||||
Impairment of long-lived assets | $ | — | $ | — | $ | — | $ | 285 | ||||||||
Equity in (earnings) losses of non-consolidated entities | — | — | — | 2,742 | ||||||||||||
Investment expense (income) | 1,370 | — | — | 17,751 | ||||||||||||
| | | | | | | | | | | | | | | | |
Total impairment losses | $ | 1,370 | $ | — | $ | — | $ | 20,778 | ||||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Foreign Currency Translation | ' | |||||||||||||||
Foreign Currency Translation: Operations outside the United States are generally measured using the local currency as the functional currency. Assets and liabilities are translated at the rates of exchange at the balance sheet date. Income and expense items are translated at average rates of exchange. The resultant translation adjustments are included in foreign currency translation adjustment, a separate component of accumulated other comprehensive income. Gains and losses from foreign currency transactions, except those intercompany transactions of a long-term investment nature, are included in net earnings (loss). If the Company substantially liquidates its investment in a foreign entity, any gain or loss on currency translation balance recorded in accumulated other comprehensive income is recognized as part of a gain or loss on disposition. | ||||||||||||||||
Income and Operating Taxes | ' | |||||||||||||||
Income and Operating Taxes: The Company accounts for income taxes in accordance with ASC 740-10. Under ASC 740-10, deferred income tax effects of transactions reported in different periods for financial reporting and income tax return purposes are recorded by the asset and liability method. This method gives consideration to the future tax consequences of deferred income or expense items and recognizes changes in income tax laws in the period of enactment. The statement of operations effect is generally derived from changes in deferred income taxes on the balance sheet. | ||||||||||||||||
Holdings and its subsidiaries file a consolidated federal income tax return and combined income tax returns in certain state jurisdictions. Income taxes are allocated based on separate Company computations of income or loss. Tax sharing arrangements are in place and utilized when tax benefits from affiliates in the consolidated group are used to offset what would otherwise be taxable income generated by the Holdings or another affiliate. | ||||||||||||||||
Casualty Insurance | ' | |||||||||||||||
Casualty Insurance: The Company is self-insured for general liability up to $1,000,000 per occurrence and carries a $500,000 deductible limit per occurrence for workers compensation claims. The Company utilizes actuarial projections of its ultimate losses to calculate its reserves and expense. The actuarial method includes an allowance for adverse developments on known claims and an allowance for claims which have been incurred but which have not yet been reported. As of December 31, 2013 and December 31, 2012, the Company had recorded casualty insurance reserves of $16,549,000 and $14,980,000, respectively, net of estimated insurance recoveries. The Company recorded expenses related to general liability and workers compensation claims of $16,332,000, $3,913,000, $5,732,000, and $12,705,000 for the twelve months ended December 31, 2013, the period August 31, 2012 through December 31, 2012, the period March 30, 2012 through August 30, 2012, and the fifty-two weeks ended March 29, 2012, respectively. | ||||||||||||||||
Other Expense (Income) | ' | |||||||||||||||
Other Expense (Income): The following table sets forth the components of other expense (income): | ||||||||||||||||
(In thousands) | 12 Months | From Inception | March 30, | 52 Weeks | ||||||||||||
Ended | August 31, | 2012 through | Ended | |||||||||||||
December 31, | 2012 Through | August 30, | March 29, | |||||||||||||
2013 | December 31, | 2012 | 2012 | |||||||||||||
2012 | ||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Predecessor) | |||||||||||||
(Gain) loss on redemption and modification of Senior Secured Credit Facility | $ | (130 | ) | $ | — | $ | — | $ | 383 | |||||||
Loss on redemption of 8% Senior Subordinated Notes due 2014 | — | — | 1,297 | 640 | ||||||||||||
Business interruption insurance recoveries | (1,285 | ) | — | (337 | ) | (12 | ) | |||||||||
Other expense (income) | — | 49 | — | 391 | ||||||||||||
| | | | | | | | | | | | | | | | |
Other expense (income) | $ | (1,415 | ) | $ | 49 | $ | 960 | $ | 1,402 | |||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Accounting Changes | ' | |||||||||||||||
Accounting Changes: Prior to the fourth quarter of fiscal 2012, the Company recognized breakage income when gift card redemptions were deemed remote and the Company determined that there was no legal obligation to remit the unredeemed gift cards to the relevant tax jurisdiction ("Remote Method"), which, based on historical information, the Company concluded to be 18 months after the gift card was issued. At the end of the fourth quarter of fiscal 2012, the Company concluded it had accumulated a sufficient level of historical data from a large pool of homogeneous transactions to allow management to reasonably and objectively determine an estimated gift card breakage rate and the pattern of actual gift card redemptions. Accordingly, the Company changed its method for recognizing gift card breakage income to recognize breakage income and derecognize the gift card liability for unredeemed gift cards in proportion to actual redemptions of gift cards ("Proportional Method"). The Company believes the Proportional Method is preferable to the Remote Method as it better reflects the gift card earnings process resulting in the recognition of gift card breakage income over the period of gift card redemptions (i.e., over the performance period). The Company will continue to review historical gift card redemption information at each reporting period to assess the continued appropriateness of the gift card breakage rates and pattern of redemption. | ||||||||||||||||
In accordance with ASC 250, Accounting Changes and Error Corrections, the Company concluded that this accounting change represented a change in accounting estimate effected by a change in accounting principle and accordingly, accounted for the change as a change in estimate following a cumulative catch-up method. As a result, the cumulative catch-up adjustment recorded at the end of the fourth quarter of fiscal 2012 resulted in an additional $14,969,000 of gift card breakage income under the Proportional Method. Inclusive of this cumulative catch-up, the Company recognized $32,633,000 of gift card breakage income in fiscal 2012. | ||||||||||||||||
Additionally, concurrent with the accounting change discussed above, the Company changed the presentation of gift card breakage income from other income to other theatre revenues in the Consolidated Statements of Operations during fiscal 2012, with conforming changes made for all prior periods presented. The Company believes newly adopted presentation of gift card breakage income is preferable in the circumstances because breakage is an expected revenue stream to be earned at the time the cards are issued and is a key element and consideration of the profitability of their gift card sale program, and because it makes the Company's statements more comparable to its primary competitors. | ||||||||||||||||
New Accounting Pronouncements | ' | |||||||||||||||
New Accounting Pronouncements: In July 2013, the Financial Accounting Standards Board ("FASB") issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, ("ASU 2013-11"). This amendment provides guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. However, to the extent that (i) a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position, or (ii) the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. ASU 2013-11 is effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2013. Early adoption is permitted and retrospective application is also permitted. The Company has early adopted ASU 2013-11 for the twelve months ended December 31, 2013. The adoption does not have a material impact on the Company's consolidated financial position, cash flows, or results of operations. | ||||||||||||||||
In March 2013, the FASB issued ASU No. 2013-05, Foreign Currency Matters (Topic 830)—Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity, ("ASU 2013-05"). This amendment clarifies the applicable guidance for the release of cumulative translation adjustment into net earnings. When an entity ceases to have a controlling financial interest in a subsidiary or group of assets within a foreign entity, the entity is required to apply the guidance in ASC 830-30 to release any related cumulative translation adjustment into net earnings. Accordingly, the cumulative translation adjustment should be released into net earnings only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. ASU 2013-05 is effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2013. Early adoption is permitted as of the beginning of the entity's fiscal year. The Company will adopt ASU 2013-05 as of the beginning of 2014 and does not expect the adoption of ASU 2013-05 to have a material impact on the Company's consolidated financial position, cash flows, or results of operations. | ||||||||||||||||
In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220)—Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, ("ASU 2013-02"). Under this amendment, an entity is required to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income, but only if the amount reclassified is required to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional detail about those amounts. ASU 2013-02 is effective prospectively for reporting periods beginning after December 15, 2012. Early adoption is permitted. The Company adopted the disclosure requirements of ASU 2013-02 in the first quarter of 2013. See Note 18—Accumulated Other Comprehensive Income for the required disclosure. | ||||||||||||||||
THE_COMPANY_AND_SIGNIFICANT_AC2
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | ' | |||||||||||||||
Schedule of Consolidated Statements of Operations and Comprehensive Loss | ' | |||||||||||||||
(In thousands) | (Unaudited) | |||||||||||||||
39 Weeks Ended | ||||||||||||||||
29-Dec-11 | ||||||||||||||||
(Predecessor) | ||||||||||||||||
Revenues | ||||||||||||||||
Admissions | $ | 1,295,469 | ||||||||||||||
Food and beverage | 518,081 | |||||||||||||||
Other theatre | 71,984 | |||||||||||||||
| | | | | ||||||||||||
Total revenues | 1,885,534 | |||||||||||||||
| | | | | ||||||||||||
Operating costs and expenses | ||||||||||||||||
Film exhibition costs | 694,863 | |||||||||||||||
Food and beverage costs | 70,961 | |||||||||||||||
Operating expense | 525,431 | |||||||||||||||
Rent | 334,607 | |||||||||||||||
General and administrative: | ||||||||||||||||
Merger, acquisition and transaction costs | 1,179 | |||||||||||||||
Management fee | 3,750 | |||||||||||||||
Other | 36,065 | |||||||||||||||
Depreciation and amortization | 155,970 | |||||||||||||||
| | | | | ||||||||||||
Operating costs and expenses | 1,822,826 | |||||||||||||||
| | | | | ||||||||||||
Operating income | 62,708 | |||||||||||||||
Other expense (income) | ||||||||||||||||
Other expense | 377 | |||||||||||||||
Interest expense: | ||||||||||||||||
Corporate borrowings | 120,265 | |||||||||||||||
Capital and financing lease obligations | 4,480 | |||||||||||||||
Equity in earnings of non-consolidated entities | (1,864 | ) | ||||||||||||||
Investment expense | 17,666 | |||||||||||||||
| | | | | ||||||||||||
Total other expense | 140,924 | |||||||||||||||
| | | | | ||||||||||||
Loss from continuing operations before income taxes | (78,216 | ) | ||||||||||||||
Income tax provision | 1,510 | |||||||||||||||
| | | | | ||||||||||||
Loss from continuing operations | (79,726 | ) | ||||||||||||||
Loss from discontinued operations, net of income taxes | (2,989 | ) | ||||||||||||||
| | | | | ||||||||||||
Net loss | $ | (82,715 | ) | |||||||||||||
| | | | | ||||||||||||
| | | | | ||||||||||||
Consolidated Statement of Comprehensive Loss | ||||||||||||||||
Net loss | $ | (82,715 | ) | |||||||||||||
Foreign currency translation adjustment, net of tax | 4,837 | |||||||||||||||
Pension and other benefit adjustments: | ||||||||||||||||
Amortization of net loss included in net periodic benefit costs, net of tax | 4 | |||||||||||||||
Amortization or prior service credit included in net periodic benefit costs, net of tax | (668 | ) | ||||||||||||||
Unrealized loss on marketable securities: | ||||||||||||||||
Unrealized holding loss arising during the period, net of tax | (23,791 | ) | ||||||||||||||
Less: reclassification adjustment for loss included in investment expense, net of tax | 17,724 | |||||||||||||||
| | | | | ||||||||||||
Other comprehensive loss | (1,894 | ) | ||||||||||||||
| | | | | ||||||||||||
Total comprehensive loss | $ | (84,609 | ) | |||||||||||||
| | | | | ||||||||||||
| | | | | ||||||||||||
Schedule of Consolidated Statement of Cash Flows | ' | |||||||||||||||
Consolidated Statement of Cash Flows | (Unaudited) | |||||||||||||||
(In thousands) | 39 Weeks Ended | |||||||||||||||
29-Dec-11 | ||||||||||||||||
(Predecessor) | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net loss | $ | (82,715 | ) | |||||||||||||
Adjustment to reconcile net loss to net cash provided by operating activities: | ||||||||||||||||
Depreciation and amortization | 156,914 | |||||||||||||||
Impairment of RealD Inc. investment | 17,751 | |||||||||||||||
Theatre and other closure expense | 5,687 | |||||||||||||||
Loss on dispositions | 1,444 | |||||||||||||||
Stock-based compensation | 1,471 | |||||||||||||||
Equity in earnings from non-consolidated entities, net of distributions | 18,731 | |||||||||||||||
Change in assets and liabilities | ||||||||||||||||
Receivables | (46,862 | ) | ||||||||||||||
Other assets | (1,958 | ) | ||||||||||||||
Accounts payable | 38,266 | |||||||||||||||
Accrued expenses and other liabilities | 36,078 | |||||||||||||||
Other, net | (7,550 | ) | ||||||||||||||
| | | | | ||||||||||||
Net cash provided by operating activities | 137,257 | |||||||||||||||
| | | | | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Capital expenditures | (85,083 | ) | ||||||||||||||
Investments in non-consolidated entities, net | (23,835 | ) | ||||||||||||||
Other, net | 944 | |||||||||||||||
| | | | | ||||||||||||
Net cash used in investing activities | (107,974 | ) | ||||||||||||||
| | | | | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Principal payments under Term Loan | (3,250 | ) | ||||||||||||||
Principal payments under capital and financing lease obligations | (2,645 | ) | ||||||||||||||
Deferred financing costs | (667 | ) | ||||||||||||||
Change in construction payables | (1,298 | ) | ||||||||||||||
Dividends paid to Holdings | (109,581 | ) | ||||||||||||||
| | | | | ||||||||||||
Net cash used in financing activities | (117,441 | ) | ||||||||||||||
Effect of exchange rate changes on cash and equivalents | 520 | |||||||||||||||
| | | | | ||||||||||||
Net increase in cash and equivalents | (87,638 | ) | ||||||||||||||
Cash and equivalents at beginning of period | 301,158 | |||||||||||||||
| | | | | ||||||||||||
Cash and equivalents at end of period | $ | 213,520 | ||||||||||||||
| | | | | ||||||||||||
| | | | | ||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||||||||||||
Cash paid during the period for: | ||||||||||||||||
Interest | $ | 138,849 | ||||||||||||||
Income taxes, net | 802 | |||||||||||||||
Schedule of impairment losses in the Consolidated Statements of Operations | ' | |||||||||||||||
(In thousands) | 12 Months | From Inception | March 30, | 52 Weeks | ||||||||||||
Ended | August 31, | 2012 through | Ended | |||||||||||||
December 31, | 2012 Through | August 30, | March 29, | |||||||||||||
2013 | December 31, | 2012 | 2012 | |||||||||||||
2012 | ||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Predecessor) | |||||||||||||
Impairment of long-lived assets | $ | — | $ | — | $ | — | $ | 285 | ||||||||
Equity in (earnings) losses of non-consolidated entities | — | — | — | 2,742 | ||||||||||||
Investment expense (income) | 1,370 | — | — | 17,751 | ||||||||||||
| | | | | | | | | | | | | | | | |
Total impairment losses | $ | 1,370 | $ | — | $ | — | $ | 20,778 | ||||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Schedule of components of other expense (income) | ' | |||||||||||||||
(In thousands) | 12 Months | From Inception | March 30, | 52 Weeks | ||||||||||||
Ended | August 31, | 2012 through | Ended | |||||||||||||
December 31, | 2012 Through | August 30, | March 29, | |||||||||||||
2013 | December 31, | 2012 | 2012 | |||||||||||||
2012 | ||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Predecessor) | |||||||||||||
(Gain) loss on redemption and modification of Senior Secured Credit Facility | $ | (130 | ) | $ | — | $ | — | $ | 383 | |||||||
Loss on redemption of 8% Senior Subordinated Notes due 2014 | — | — | 1,297 | 640 | ||||||||||||
Business interruption insurance recoveries | (1,285 | ) | — | (337 | ) | (12 | ) | |||||||||
Other expense (income) | — | 49 | — | 391 | ||||||||||||
| | | | | | | | | | | | | | | | |
Other expense (income) | $ | (1,415 | ) | $ | 49 | $ | 960 | $ | 1,402 | |||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
MERGER_Tables
MERGER (Tables) (AMC Entertainment, Inc., Merger Subsidiary) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
AMC Entertainment, Inc. | Merger Subsidiary | ' | ||||
Merger | ' | ||||
Summary of the final allocation of the Merger consideration | ' | ||||
(In thousands) | Total | ||||
(Predecessor) | |||||
Cash | $ | 101,641 | |||
Receivables, net | 29,775 | ||||
Other current assets | 34,840 | ||||
Property, net(1) | 1,034,597 | ||||
Intangible assets, net(2) | 246,507 | ||||
Goodwill(3) | 2,204,223 | ||||
Other long-term assets(4) | 339,013 | ||||
Accounts payable | (134,186 | ) | |||
Accrued expenses and other liabilities | (138,535 | ) | |||
Credit card, package tickets, and loyalty program liability(5) | (117,841 | ) | |||
Corporate borrowings(6) | (2,086,926 | ) | |||
Capital and financing lease obligations | (60,922 | ) | |||
Exhibitor services agreement(7) | (322,620 | ) | |||
Other long-term liabilities(8) | (427,755 | ) | |||
| | | | | |
Total Merger consideration | $ | 701,811 | |||
| | | | | |
Corporate borrowings | 2,086,926 | ||||
Capital and financing lease obligations | 60,922 | ||||
Less: cash | (101,641 | ) | |||
| | | | | |
Total transaction value | $ | 2,748,018 | |||
| | | | | |
| | | | | |
-1 | |||||
Property, net consists of real estate, leasehold improvements and furniture, fixtures and equipment recorded at fair value. | |||||
-2 | |||||
Intangible assets consist of a trademark and trade names, a non-compete agreement, management contracts, a contract with an equity method investee, and favorable leases. In general, the majority of the Company's asset value is comprised of real estate and fixed assets. Furthermore, the majority of the Company's theatres are operated via lease agreements as opposed to owning the underlying real estate. Therefore, any asset value related to leased real estate would exist only if the existing lease agreements were at below-market, or favorable, terms. Certain of the Company's leased locations were considered to be at favorable terms, and an intangible asset was ascribed for such lease agreements. However, the majority of lease agreements were considered to be at market terms. As a result, there is no owned real estate or lease intangible asset value ascribed to the majority of the Company's locations. In estimating the fair value of the favorable lease agreements, market rents were estimated for each of the Company's leased locations. If the contractual rents were considered to be below the market rent, a favorable lease agreement was valued by discounting the difference between the contractual rent and estimated market rates over the remaining lease term. Renewal options in the leases were also considered in determining the remaining lease term. | |||||
Other intangible assets were also considered. For the Company's business, the largest intangible asset (other than favorable lease agreements) is the trade name. There was no customer relationship asset since the Company's customers represent "walk-in traffic" in which the customer would not meet the legal or separable criteria under ASC 805. The royalty savings method, a form of the income approach, was used to estimate the fair value of the trade name. In estimating the appropriate royalty rate for the trade name, the Company considered the impact and contribution that the trade name provides to the Company's operating cash flows. The Company assessed that the trade name does provide some contribution to the Company's operating cash flow, but that the attendance in the theatre is ultimately driven by factors that are not separable from goodwill such as the quality of the film product, the location of each individual theatre, the physical condition of the individual theatre, and the competitive landscape of the individual theatre. | |||||
Other than the favorable lease agreements and the trade name, there are not many other operating intangible assets for the Company's business. However, the Company does have some contractual relationships identified as intangible assets. These contractual relationships include the non-compete agreement that was entered into as part of the Company's acquisition of Kerasotes, management agreements in which the Company manages certain theatres that are owned by a third party, and the NCM tax receivable agreement (the "NCM TRA") which represents an agreement in which the Company receives a certain portion of a tax benefit that NCM is expected to receive as part of the Company's partial ownership interest in NCM. The non-compete agreement was valued using the differential cash flow method, a form of the income approach, in which the cash flows of the Company were estimated under a scenario in which the non-compete agreement was in place and a scenario in which there was no non-compete agreement. The value of the non-compete agreement was considered to be the difference of the discounted cash flows between the two scenarios over the remaining contractual term of the agreement. The management agreements were valued using the income approach, in which the annual management fees over the life of the agreements were discounted. The NCM TRA was valued using the income approach in which the future tax benefit distribution realized from any tax amortization of intangible assets was estimated and discounted. The Company determined the value of the TRA using a discounted cash flow model. For the purposes of its analysis, the Company estimated the cash receipts from taxable transactions that were known as of the date of the Merger. The Company did not consider future transactions that NCM may undertake. The Company estimated a run-off of the intangible asset amortization benefits from the TRA due to the following transactions: | |||||
1 | |||||
ESA (Exhibitor Services Agreement)—relates to the amortization due to a modification of the initial ESA agreement. | |||||
2 | |||||
CUA (Common Unit Adjustment)—relates to NCM issuing additional common units to the founding members if there is an increase in the number of theaters under the ESA agreement. A reduction of common units is made if there are theaters removed from the ESA agreement. | |||||
3 | |||||
AMC II Benefit—relates to AMC's acquisition of Kerasotes theaters. | |||||
4 | |||||
IPO Exchange Benefit—relates to amortization from NCM's IPO in 2007. | |||||
5 | |||||
IPO II Exchange Benefit—relates to amortization step ups from NCM's secondary IPO in 2010. | |||||
6 | |||||
Capital Account Administration Allocation—relates to receipts attributable to the account administration. | |||||
The estimated TRA receipts through 2037 are tax effected at 40%, based on a blended federal and 50-state average tax rate. The after tax receipts were discounted to a present value using a discount rate of 12.0%, based on the cost of equity of NCM, as the TRA payments only benefit the equity holders. | |||||
-3 | |||||
Goodwill represents the excess of the Merger consideration over the net assets recognized and represents the future expected economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Goodwill associated with the Merger is not tax deductible. Additionally, the Company expects to realize synergies and cost savings related to the Merger. Wanda is the largest theatre exhibition operator in China through its controlling ownership interest in Wanda Cinema Line. The combined ownership and scale of AMC and Wanda Cinema Line, has enabled them to enhance relationships and obtain better terms for important food and beverage, lighting and theatre supply vendors, and to expand their strategic partnership with IMAX. Wanda and AMC are also working together to offer Hollywood studios and other production companies valuable access to their industry-leading promotion and distribution platforms, with the goal of gaining greater access to content and playing a more important role in the industry going forward. | |||||
-4 | |||||
Other long-term assets primarily include equity method investments, real estate held for investment and marketable equity securities recorded at fair value. | |||||
-5 | |||||
Represents a liability related to the sales of gift cards, packaged tickets and AMC Stubs™ memberships and rewards outstanding at August 30, 2012, recorded at fair value. The Company determined fair value for the gift cards and packaged tickets by removing the amount of unrecognized breakage income that was included in the deferred revenue amounts prior to the Merger. The Company made purchase accounting adjustments to reduce its deferred revenues for packaged tickets by $24,859,000 and gift cards by $7,441,000 such that the Company would recognize a normal profit margin on its deferred revenues for the future redemptions of the sales that occurred prior to the Merger. The Company did not make any fair value adjustments to its deferred revenues related to AMC Stubs as a result of the Merger because deferred revenues for the annual memberships require performance by AMC in the future and there was not sufficient historical data to estimate amounts of future breakage for AMC Stubs rewards. AMC Stubs vested rewards expire after 90 days if unused and AMC Stubs progress rewards expire to the extent members do not renew their annual membership. | |||||
-6 | |||||
Corporate borrowings include borrowings under the Senior Secured Credit Facility-Term Loan due 2016, the Senior Secured Credit Facility-Term Loan due 2018, the 8.75% Senior Fixed Rate Notes due 2019 and the 9.75% Senior Subordinated Notes due 2020, recorded at fair value. | |||||
-7 | |||||
In connection with the completion of NCM, Inc.'s IPO on February 13, 2007, the Company entered into the Exhibitor Services Agreement that provided favorable terms to NCM in exchange for a payment of $231,308,000. The Exhibitor Services Agreement was considered an unfavorable contract to the Company based on a comparison of rates charged by NCM to third-party exhibitors. The market rate was estimated as the average rate charged by NCM to third party exhibitors. The fair value of the contract was estimated as the present value of the difference between the Company's expected payments under the contract and a market rate over the life of the Exhibitor Services Agreement. The Company's expected payments were estimated based on the Company's expected annual attendance, screen count, and advertising revenues over the life of the exhibitor Services Agreement. | |||||
-8 | |||||
Other long-term liabilities consist of certain theatre leases that have been identified as unfavorable, adjustments to reset deferred rent related to escalations of minimum rentals to zero, adjustments for pension and postretirement medical plan liabilities and deferred RealD Inc. lease incentive recorded at fair value. Other long-term liabilities include deferred tax liabilities resulting from indefinite temporary differences that arose primarily from the application of "push down" accounting. | |||||
Summary of unaudited pro forma financial information related to statements of operations | ' | ||||
(In thousands) | Pro forma | ||||
30-Mar-12 | |||||
through | |||||
31-Dec-12 | |||||
(unaudited) | |||||
Revenues | |||||
Admissions | $ | 1,364,663 | |||
Food and beverage | 571,869 | ||||
Other theatre | 72,574 | ||||
| | | | | |
Total revenues | 2,009,106 | ||||
| | | | | |
Operating Costs and Expenses | |||||
Film exhibition costs | 728,100 | ||||
Food and beverage costs | 77,871 | ||||
Operating expense | 529,235 | ||||
Rent | 331,397 | ||||
General and administrative: | |||||
Merger, acquisition and transaction costs | 3,538 | ||||
Management fee | — | ||||
Other | 55,596 | ||||
Depreciation and amortization | 150,234 | ||||
| | | | | |
Operating costs and expenses | 1,875,971 | ||||
| | | | | |
Operating income | 133,135 | ||||
Other expense (income) | |||||
Other expense | 1,009 | ||||
Interest expense | |||||
Corporate borrowings | 103,429 | ||||
Capital and financing lease obligations | 4,263 | ||||
Equity in earnings of non-consolidated entities | (7,499 | ) | |||
Investment expense | 578 | ||||
| | | | | |
Total other expense | 101,780 | ||||
| | | | | |
Earnings from continuing operations before income taxes | 31,355 | ||||
Income tax provision | 9,000 | ||||
| | | | | |
Earnings from continuing operations | 22,355 | ||||
Earnings from discontinued operations | 34,465 | ||||
| | | | | |
Net earnings | $ | 56,820 | |||
| | | | | |
| | | | | |
Summary of the contingent costs | ' | ||||
(In thousands) | |||||
Financial advisor fees | $ | 18,129 | (a) | ||
Management transaction bonuses | 6,000 | (b) | |||
Bond amendment fees | 3,946 | (c) | |||
Unrecognized stock compensation expense | 3,177 | (d) | |||
Other contingent transaction costs | 210 | ||||
| | | | | |
$ | 31,462 | ||||
| | | | | |
| | | | | |
(a) | |||||
These represent non-exclusive arrangements made with multi-parties to provide advice and assistance related to the sale of Holdings. Payment terms were contingent upon consummation of a sale. Each agreement was entered into by Predecessor entities when the Company was under previous ownership. | |||||
(b) | |||||
Management bonuses were approved by the Predecessor Entity and previous ownership group to help incent key Holdings' management team members to use their best efforts to help facilitate the sale of the Company. Payments were contingent on the consummation of a transaction. | |||||
(c) | |||||
Consent fees were paid pursuant to a consent solicitation to amend indentures relating to the Company's outstanding notes and permit the sale of the Company without triggering change of control payments. The payments were only made upon closing the Wanda transaction. | |||||
(d) | |||||
Unrecognized stock compensation for previously existing awards that became payable due to change of control provisions and only upon consummation of a sale transaction. | |||||
ACQUISITION_Tables
ACQUISITION (Tables) (Rave Reviews Cinemas, LLC) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Rave Reviews Cinemas, LLC | ' | ||||
ACQUISITION | ' | ||||
Summary of preliminary allocation of the purchase price | ' | ||||
(In thousands) | Total | ||||
(Successor) | |||||
Cash | $ | 3,649 | |||
Receivables, net(1) | 58 | ||||
Other current assets | 1,556 | ||||
Property, net | 79,428 | ||||
Goodwill(2) | 87,720 | ||||
Deferred tax asset | 3,752 | ||||
Accrued expenses and other liabilities | (7,243 | ) | |||
Capital and financing lease obligations | (62,598 | ) | |||
Other long-term liabilities(3) | (13,990 | ) | |||
| | | | | |
Total purchase price | $ | 92,332 | |||
| | | | | |
| | | | | |
-1 | |||||
Receivables consist of trade receivables recorded at estimated fair value. The Company did not acquire any other class of receivables as a result of the acquisition of the Rave theatres. | |||||
-2 | |||||
Amounts recorded for goodwill are expected to be deductible for tax purposes. | |||||
-3 | |||||
Amounts recorded for other long-term liabilities consist of unfavorable leases and long-term deferred tax liabilities. | |||||
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Discontinued operations | ' | |||||||||||||||
Schedule of calculation of the gain on sale and closure of theatres and components of amounts reflected as (earnings) loss from discontinued operations in the Company's Consolidated Statements of Operations | ' | |||||||||||||||
Calendar 2013 | Transition Period | Fiscal 2012 | ||||||||||||||
(In thousands) | 12 Months | From Inception | 30-Mar-12 | 52 Weeks | ||||||||||||
Ended | 31-Aug-12 | through | Ended | |||||||||||||
31-Dec-13 | through | 30-Aug-12 | 29-Mar-12 | |||||||||||||
31-Dec-12 | ||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Predecessor) | |||||||||||||
Revenues | ||||||||||||||||
Admissions | $ | — | $ | — | $ | 16,389 | $ | 56,172 | ||||||||
Food and beverage | — | — | 6,099 | 20,192 | ||||||||||||
Other theatre | — | — | 548 | 2,253 | ||||||||||||
| | | | | | | | | | | | | | | | |
Total revenues | — | — | 23,036 | 78,617 | ||||||||||||
| | | | | | | | | | | | | | | | |
Operating costs and expenses | ||||||||||||||||
Film exhibition costs | — | — | 8,706 | 28,958 | ||||||||||||
Food and beverage costs | — | 66 | 1,252 | 3,655 | ||||||||||||
Operating expense | — | 439 | 15,592 | 24,643 | ||||||||||||
Rent | — | — | 7,322 | 23,497 | ||||||||||||
General and administrative costs | — | 221 | 511 | 248 | ||||||||||||
Depreciation and amortization | — | — | 263 | 1,212 | ||||||||||||
(Gain) loss on disposition | (2,126 | ) | (37 | ) | (46,951 | ) | 25 | |||||||||
| | | | | | | | | | | | | | | | |
Operating costs and expenses | (2,126 | ) | 689 | (13,305 | ) | 82,238 | ||||||||||
| | | | | | | | | | | | | | | | |
Operating income (loss) | 2,126 | (689 | ) | 36,341 | (3,621 | ) | ||||||||||
Investment income | — | (1 | ) | (12 | ) | (12 | ) | |||||||||
| | | | | | | | | | | | | | | | |
Total other expense (income) | — | (1 | ) | (12 | ) | (12 | ) | |||||||||
| | | | | | | | | | | | | | | | |
Earnings (loss) before income taxes | 2,126 | (688 | ) | 36,353 | (3,609 | ) | ||||||||||
Income tax provision | 830 | — | 1,200 | — | ||||||||||||
| | | | | | | | | | | | | | | | |
Net earnings (loss) | $ | 1,296 | $ | (688 | ) | $ | 35,153 | $ | (3,609 | ) | ||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Seven Canada theatres and one United Kingdom theatre | ' | |||||||||||||||
Discontinued operations | ' | |||||||||||||||
Schedule of calculation of the gain on sale and closure of theatres and components of amounts reflected as (earnings) loss from discontinued operations in the Company's Consolidated Statements of Operations | ' | |||||||||||||||
(In thousands) | Total | |||||||||||||||
(Predecessor) | ||||||||||||||||
Proceeds from sale of UK theatre | $ | 395 | ||||||||||||||
Proceeds from sale of Canada theatres | 1,472 | |||||||||||||||
Cash payment for closure of Canada theatre | (7,562 | ) | ||||||||||||||
| | | | | ||||||||||||
Net cash payment | $ | (5,695 | ) | |||||||||||||
Fixed asset write-offs | (1,885 | ) | ||||||||||||||
Recognition of cumulative translation losses in AOCI(1) | (11,069 | ) | ||||||||||||||
Legal and professional fees | (1,582 | ) | ||||||||||||||
Operating Lease Liabilities: | ||||||||||||||||
Deferred rent write-off | 14,848 | |||||||||||||||
Unfavorable lease write-off | 31,099 | |||||||||||||||
Deferred gain write-off | 13,666 | |||||||||||||||
| | | | | ||||||||||||
Gain on sale, net of lease termination expense | $ | 39,382 | ||||||||||||||
| | | | | ||||||||||||
| | | | | ||||||||||||
-1 | ||||||||||||||||
Included in Consolidated Statements of Comprehensive Income (Loss) as follows: | ||||||||||||||||
(In thousands) | March 30, 2012 | |||||||||||||||
through | ||||||||||||||||
August 30, 2012 | ||||||||||||||||
(Predecessor) | ||||||||||||||||
Foreign currency translation adjustment: | ||||||||||||||||
Foreign currency translation adjustment, net of tax | $ | 866 | ||||||||||||||
Reclassification adjustment for foreign currency translation loss included in discontinued operations, net of tax | 11,069 | |||||||||||||||
| | | | | ||||||||||||
Total foreign currency translation adjustment, net of tax | $ | 11,935 | ||||||||||||||
| | | | | ||||||||||||
| | | | | ||||||||||||
PROPERTY_Tables
PROPERTY (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
PROPERTY | ' | |||||||
Summary of property | ' | |||||||
(In thousands) | 31-Dec-13 | 31-Dec-12 | ||||||
(Successor) | (Successor) | |||||||
Property owned: | ||||||||
Land | $ | 46,148 | $ | 46,148 | ||||
Buildings and improvements | 216,692 | 202,338 | ||||||
Leasehold improvements | 528,915 | 460,850 | ||||||
Furniture, fixtures and equipment | 616,234 | 501,550 | ||||||
| | | | | | | | |
1,407,989 | 1,210,886 | |||||||
Less-accumulated depreciation and amortization | 228,235 | 62,927 | ||||||
| | | | | | | | |
$ | 1,179,754 | $ | 1,147,959 | |||||
| | | | | | | | |
| | | | | | | | |
Schedule of estimated useful lives | ' | |||||||
Buildings and improvements | 5 to 40 years | |||||||
Leasehold improvements | 1 to 20 years | |||||||
Furniture, fixtures and equipment | 1 to 10 years |
GOODWILL_AND_OTHER_INTANGIBLE_1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ' | ||||||||||||||||
Schedule of activity of goodwill | ' | ||||||||||||||||
(In thousands) | Total | ||||||||||||||||
(Successor) | |||||||||||||||||
Balance as a result of Merger on August 30, 2012 | $ | 2,172,272 | |||||||||||||||
Increase in Goodwill from the acquisition of Rave theatres | 79,024 | ||||||||||||||||
| | | | | |||||||||||||
Balance as of December 31, 2012 | 2,251,296 | ||||||||||||||||
| | | | | |||||||||||||
Increase in Goodwill from purchase price allocation adjustments related to the Merger | 31,951 | ||||||||||||||||
Increase in Goodwill from purchase price allocation adjustments related to the Rave acquisition | 8,696 | ||||||||||||||||
| | | | | |||||||||||||
Balance as of December 31, 2013 | $ | 2,291,943 | |||||||||||||||
| | | | | |||||||||||||
| | | | | |||||||||||||
Schedule of detail of other intangible assets | ' | ||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||
(Successor) | (Successor) | ||||||||||||||||
(In thousands) | Remaining | Gross | Accumulated | Gross | Accumulated | ||||||||||||
Useful Life | Carrying | Amortization | Carrying | Amortization | |||||||||||||
Amount | Amount | ||||||||||||||||
Amortizable Intangible Assets: | |||||||||||||||||
Favorable leases | 1 to 45 years | $ | 112,496 | $ | (8,053 | ) | $ | 112,496 | $ | (2,158 | ) | ||||||
Management contracts | 1 to 7 years | 4,690 | (1,103 | ) | 4,690 | (278 | ) | ||||||||||
Non-compete agreement | 2 years | 3,800 | (1,678 | ) | 3,800 | (404 | ) | ||||||||||
NCM tax receivable agreement | 23 years | 20,900 | (1,133 | ) | 20,900 | (266 | ) | ||||||||||
| | | | | | | | | | | | | | | | ||
Total, amortizable | $ | 141,886 | $ | (11,967 | ) | $ | 141,886 | $ | (3,106 | ) | |||||||
| | | | | | | | | | | | | | | | ||
| | | | | | | | | | | | | | | | ||
Unamortized Intangible Assets: | |||||||||||||||||
AMC trademark | $ | 104,400 | $ | 104,400 | |||||||||||||
| | | | | | | | | | | | | | | | ||
Total, unamortizable | $ | 104,400 | $ | 104,400 | |||||||||||||
| | | | | | | | | | | | | | | | ||
| | | | | | | | | | | | | | | | ||
Schedule of amortization expense associated with the intangible assets | ' | ||||||||||||||||
(In thousands) | 12 Months | From Inception | 30-Mar-12 | 52 Weeks | |||||||||||||
Ended | 31-Aug-12 | through | Ended | ||||||||||||||
31-Dec-13 | through | 30-Aug-12 | 29-Mar-12 | ||||||||||||||
December 31, | |||||||||||||||||
2012 | |||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Predecessor) | ||||||||||||||
Recorded amortization | $ | 9,011 | $ | 3,106 | $ | 5,016 | $ | 14,469 | |||||||||
Schedule of estimated annual amortization for the next five fiscal years for intangible assets | ' | ||||||||||||||||
(In thousands) | 2014 | 2015 | 2016 | 2017 | 2018 | ||||||||||||
Projected annual amortization | $ | 8,783 | $ | 8,372 | $ | 7,516 | $ | 7,401 | $ | 7,132 |
INVESTMENTS_Tables
INVESTMENTS (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Investments | ' | |||||||||||||||||||
Schedule of condensed financial information of the reporting entity's non-consolidated equity method investments | ' | |||||||||||||||||||
December 31, 2013 (Successor) | ||||||||||||||||||||
(In thousands) | NCM | DCIP | ORF | Other | Total | |||||||||||||||
Current assets | $ | 141,600 | $ | 140,353 | $ | 60,431 | $ | 14,069 | $ | 356,453 | ||||||||||
Noncurrent assets | 557,600 | 1,124,517 | 10,341 | 24,281 | 1,716,739 | |||||||||||||||
Total assets | 699,200 | 1,264,870 | 70,772 | 38,350 | 2,073,192 | |||||||||||||||
Current liabilities | 122,400 | 34,919 | 69,530 | 6,301 | 233,150 | |||||||||||||||
Noncurrent liabilities | 876,000 | 1,028,191 | 15,918 | — | 1,920,109 | |||||||||||||||
Total liabilities | 998,400 | 1,063,110 | 85,448 | 6,301 | 2,153,259 | |||||||||||||||
Stockholders' equity (deficit) | (299,200 | ) | 201,760 | (14,676 | ) | 32,049 | (80,067 | ) | ||||||||||||
Liabilities and stockholders' equity (deficit) | 699,200 | 1,264,870 | 70,772 | 38,350 | 2,073,192 | |||||||||||||||
| | | | | | | | | | | | | | | | | ||||
The Company's recorded investment(1) | $ | 272,407 | $ | 45,831 | $ | (1,920 | ) | $ | 11,592 | $ | 327,910 | |||||||||
| | | | | | | | | | | | | | | | | ||||
| | | | | | | | | | | | | | | | | ||||
December 31, 2012 (Successor) | ||||||||||||||||||||
(In thousands) | NCM | DCIP | ORF | Other | Total | |||||||||||||||
Current assets | $ | 112,100 | $ | 56,322 | $ | 42,712 | $ | 3,547 | $ | 214,681 | ||||||||||
Noncurrent assets | 325,300 | 1,153,610 | 7,352 | 14,558 | 1,500,820 | |||||||||||||||
Total assets | 437,400 | 1,209,932 | 50,064 | 18,105 | 1,715,501 | |||||||||||||||
Current liabilities | 82,600 | 54,211 | 67,402 | 1,976 | 206,189 | |||||||||||||||
Noncurrent liabilities | 879,000 | 1,016,135 | 7,060 | — | 1,902,195 | |||||||||||||||
Total liabilities | 961,600 | 1,070,346 | 74,462 | 1,976 | 2,108,384 | |||||||||||||||
Stockholders' equity (deficit) | (524,200 | ) | 139,586 | (24,398 | ) | 16,129 | (392,883 | ) | ||||||||||||
Liabilities and stockholders' equity (deficit) | 437,400 | 1,209,932 | 50,064 | 18,105 | 1,715,501 | |||||||||||||||
| | | | | | | | | | | | | | | | | ||||
The Company's recorded investment(1) | $ | 245,047 | $ | 25,234 | $ | (6,781 | ) | $ | 3,922 | $ | 267,422 | |||||||||
| | | | | | | | | | | | | | | | | ||||
| | | | | | | | | | | | | | | | | ||||
-1 | ||||||||||||||||||||
Certain differences in the Company's recorded investments, and its proportional ownership share resulting from the Merger where the investments were recorded at fair value, are amortized to equity in (earnings) or losses over the estimated useful lives the underlying assets and liabilities. Other non-amortizing differences are considered to represent goodwill and are evaluated for impairment annually. | ||||||||||||||||||||
Schedule of components of the Company's recorded equity in earnings (losses) of non-consolidated entities | ' | |||||||||||||||||||
12 Months Ended December 31, 2013 | ||||||||||||||||||||
(Successor) | ||||||||||||||||||||
(In thousands) | NCM | DCIP | ORF | Other | Total | |||||||||||||||
Revenues | $ | 462,800 | $ | 182,659 | $ | 140,350 | $ | 18,517 | $ | 804,326 | ||||||||||
Operating costs and expenses | 299,900 | 133,700 | 130,628 | 18,546 | 582,774 | |||||||||||||||
| | | | | | | | | | | | | | | | | ||||
Net earnings (loss) | $ | 162,900 | $ | 48,959 | $ | 9,722 | $ | (29 | ) | $ | 221,552 | |||||||||
| | | | | | | | | | | | | | | | | ||||
| | | | | | | | | | | | | | | | | ||||
From Inception August 31, 2012 through December 31, 2012 | ||||||||||||||||||||
(Successor) | ||||||||||||||||||||
(In thousands) | NCM | DCIP | ORF | Other | Total | |||||||||||||||
Revenues | $ | 178,100 | $ | 56,851 | $ | 39,701 | $ | 9,128 | $ | 283,780 | ||||||||||
Operating costs and expenses | 144,000 | 43,052 | 61,083 | 11,088 | 259,223 | |||||||||||||||
| | | | | | | | | | | | | | | | | ||||
Net earnings (loss) | $ | 34,100 | $ | 13,799 | $ | (21,382 | ) | $ | (1,960 | ) | $ | 24,557 | ||||||||
| | | | | | | | | | | | | | | | | ||||
| | | | | | | | | | | | | | | | | ||||
March 30, 2012 through August 30, 2012 | ||||||||||||||||||||
(Predecessor) | ||||||||||||||||||||
(In thousands) | NCM | DCIP | ORF | Other | Total | |||||||||||||||
Revenues | $ | 231,600 | $ | 71,560 | $ | 42,563 | $ | 14,680 | $ | 360,403 | ||||||||||
Operating costs and expenses | 167,900 | 55,378 | 55,395 | 14,820 | 293,493 | |||||||||||||||
| | | | | | | | | | | | | | | | | ||||
Net earnings (loss) | $ | 63,700 | $ | 16,182 | $ | (12,832 | ) | $ | (140 | ) | $ | 66,910 | ||||||||
| | | | | | | | | | | | | | | | | ||||
| | | | | | | | | | | | | | | | | ||||
52 Weeks Ended March 29, 2012 | ||||||||||||||||||||
(Predecessor) | ||||||||||||||||||||
(In thousands) | NCM | DCIP | ORF | Other | Total | |||||||||||||||
Revenues | $ | 443,700 | $ | 134,640 | $ | 44,842 | $ | 35,758 | $ | 658,940 | ||||||||||
Operating costs and expenses | 311,100 | 129,690 | 74,294 | 36,837 | 551,921 | |||||||||||||||
| | | | | | | | | | | | | | | | | ||||
Net earnings (loss) | $ | 132,600 | $ | 4,950 | $ | (29,452 | ) | $ | (1,079 | ) | $ | 107,019 | ||||||||
| | | | | | | | | | | | | | | | | ||||
| | | | | | | | | | | | | | | | | ||||
(In thousands) | 12 Months | From | March 30, | 52 Weeks | ||||||||||||||||
Ended | Inception | 2012 through | Ended | |||||||||||||||||
December 31, | August 31, | August 30, | March 29, | |||||||||||||||||
2013 | 2012 | 2012 | 2012 | |||||||||||||||||
through | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2012 | ||||||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Predecessor) | |||||||||||||||||
National CineMedia, LLC | $ | 23,196 | $ | 4,271 | $ | 7,473 | $ | 28,489 | ||||||||||||
Digital Cinema Implementation Partners, LLC | 18,660 | 4,436 | 4,941 | 1,726 | ||||||||||||||||
Open Road Releasing, LLC | 4,861 | (10,691 | ) | (6,416 | ) | (14,726 | ) | |||||||||||||
Other | 718 | (496 | ) | 1,547 | (2,930 | ) | ||||||||||||||
| | | | | | | | | | | | | | | | |||||
The Company's recorded equity in earnings (losses) | $ | 47,435 | $ | (2,480 | ) | $ | 7,545 | $ | 12,559 | |||||||||||
| | | | | | | | | | | | | | | | |||||
| | | | | | | | | | | | | | | | |||||
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 | (Earnings) | (Revenue) | |||||||||||||||
Agreement(2) | (Income) | (Paid) | Losses | |||||||||||||||||
Ending balance March 31, 2011 | $ | 74,551 | $ | (333,792 | ) | $ | — | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Receipt of excess cash distributions | $ | (6,444 | ) | $ | — | $ | — | $ | 25,275 | $ | (18,831 | ) | $ | — | ||||||
Receipt under Tax Receivable Agreement(5) | (1,840 | ) | — | — | 6,248 | (4,408 | ) | — | ||||||||||||
Payment to retain Common Units(6) | — | 214 | — | (214 | ) | — | — | |||||||||||||
Amortization of ESA | — | 5,136 | — | — | — | (5,136 | ) | |||||||||||||
Equity in earnings(3) | 5,250 | — | — | — | (5,250 | ) | — | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Ending balance March 29, 2012 | $ | 71,517 | $ | (328,442 | ) | $ | — | $ | 31,309 | $ | (28,489 | ) | $ | (5,136 | ) | |||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Receipt of excess cash distributions | $ | (1,701 | ) | $ | — | $ | — | $ | 6,667 | $ | (4,966 | ) | $ | — | ||||||
Change in interest loss | (16 | ) | — | — | — | 16 | — | |||||||||||||
Amortization of ESA | — | 2,367 | — | — | — | (2,367 | ) | |||||||||||||
Equity in earnings(3) | 2,523 | — | — | — | (2,523 | ) | — | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Ending balance August 30, 2012 | $ | 72,323 | $ | (326,075 | ) | $ | — | $ | 6,667 | $ | (7,473 | ) | $ | (2,367 | ) | |||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Purchase price fair value adjustment | 177,832 | 3,453 | — | — | — | — | ||||||||||||||
Receipt of excess cash distributions | (10,176 | ) | — | — | 10,176 | — | ||||||||||||||
Amortization of ESA | — | 4,468 | — | — | — | (4,468 | ) | |||||||||||||
Unrealized gain | 797 | — | (797 | ) | — | — | — | |||||||||||||
Equity in earnings(3) | 4,271 | — | — | — | (4,271 | ) | — | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Ending balance December 31, 2012 | $ | 245,047 | $ | (318,154 | ) | $ | (797 | ) | $ | 10,176 | $ | (4,271 | ) | $ | (4,468 | ) | ||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Receipt of common units | 26,315 | (26,315 | ) | — | — | — | — | |||||||||||||
Receipt of excess cash distributions | (27,453 | ) | — | — | 27,453 | — | — | |||||||||||||
Amortization of ESA | — | 14,556 | — | — | — | (14,556 | ) | |||||||||||||
Unrealized gain from cash flow hedge | 1,485 | — | (1,485 | ) | — | — | — | |||||||||||||
Adjust carrying value of AC JV, LLC(8) | 3,817 | — | — | — | — | — | ||||||||||||||
Change in interest gain(4) | 5,012 | — | — | — | (5,012 | ) | — | |||||||||||||
Equity in earnings(3) | 21,149 | — | — | — | (21,149 | ) | — | |||||||||||||
Equity in loss from amortization of basis difference(7) | (2,965 | ) | — | — | — | 2,965 | — | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Ending balance December 31, 2013 | $ | 272,407 | $ | (329,913 | ) | $ | (2,282 | ) | $ | 27,453 | $ | (23,196 | ) | $ | (14,556 | ) | ||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
-1 | ||||||||||||||||||||
Represents AMC's investment through the date of the Merger on August 30, 2012 in 4,417,042 common membership units received under the Common Unit Adjustment Agreement dated as of February 13, 2007 (Predecessor Tranche 2 Investments). AMC's investment in 12,906,740 common membership units (Predecessor Tranche 1 Investment) was carried at zero cost through the date of the Merger. As of the date of the Merger, 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). As a result of the Rave theatre acquisitions in December of 2012, and as provided under the Common Unit Adjustment Agreement, the Company received 1,728,988 additional NCM common membership units in 2013 valued at $26,315,000 and is recorded in a new tranche, (Tranche 2 Investment). | ||||||||||||||||||||
-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). In connection with the Merger on August 30, 2012, the amounts related to the ESA were adjusted to estimated fair value. | ||||||||||||||||||||
-3 | ||||||||||||||||||||
Represents equity in earnings on the Predecessor Tranche 2 investments only through August 30, 2012. Subsequent to August 30, 2012, represents percentage of ownership equity in earnings for Successor on both Tranche 1 and Tranche 2 Investments. | ||||||||||||||||||||
-4 | ||||||||||||||||||||
Two non-cash gains were recorded to adjust the Company's investment balance due to NCM's issuance of 8,688,078 common membership units to other founding members, at a price per share in excess of the Company's average carrying amount per share. | ||||||||||||||||||||
-5 | ||||||||||||||||||||
Distributions received under the Tax Receivable Agreement ("TRA") in fiscal 2012, were allocated among the Predecessor Tranche 1 Investment and the Predecessor Tranche 2 Investments based on the ownership percentages as of the date of the related NCM, Inc. taxable year to which the distribution relates. Post Merger, the TRA was recorded at fair value as an Intangible Asset. Amortization of the TRA intangible asset and cash receipts are recorded to Investment Expense (Income). | ||||||||||||||||||||
-6 | ||||||||||||||||||||
As a result of theatre closings and a related decline in attendance, the NCM Common Unit Adjustment for calendar 2011 called for a reduction in common units. The Company elected to pay NCM $214,000 to retain 16,717 common units effective March 16, 2012. The amount paid to retain the units decreased the amount for exhibitor services agreement available for amortization to advertising income for future periods. | ||||||||||||||||||||
-7 | ||||||||||||||||||||
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. | ||||||||||||||||||||
-8 | ||||||||||||||||||||
On December 26, 2013, NCM spun-off its Fathom Events business to a newly formed limited liability company, AC JV, LLC which is owned 32% by each founding member and 4% by NCM. In consideration for the sale, each of the three founding members issued promissory notes of approximately $8,333,000 to NCM. The Company's share of the gain recorded by NCM, as a result of the spin-off, has been excluded from equity in earnings and has been applied as a reduction in the carrying value of AC JV, LLC investment. | ||||||||||||||||||||
NCM | ' | |||||||||||||||||||
Investments | ' | |||||||||||||||||||
Schedule of transactions | ' | |||||||||||||||||||
(In thousands) | December 31, | December 31, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(Successor) | (Successor) | |||||||||||||||||||
Due from NCM for on-screen advertising revenue | $ | 2,266 | $ | 1,978 | ||||||||||||||||
Due to NCM for Exhibitor Services Agreement | 2,429 | 2,021 | ||||||||||||||||||
(In thousands) | 12 Months | From | March 30, | 52 Weeks | ||||||||||||||||
Ended | Inception | 2012 through | Ended | |||||||||||||||||
December 31, | August 31, | August 30, | March 29, | |||||||||||||||||
2013 | 2012 | 2012 | 2012 | |||||||||||||||||
through | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2012 | ||||||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Predecessor) | |||||||||||||||||
Net NCM screen advertising revenues | $ | 33,790 | $ | 11,086 | $ | 11,731 | $ | 24,351 | ||||||||||||
NCM beverage advertising expense | 13,809 | 4,197 | 6,326 | 13,447 | ||||||||||||||||
DCIP | ' | |||||||||||||||||||
Investments | ' | |||||||||||||||||||
Schedule of transactions | ' | |||||||||||||||||||
(In thousands) | December 31, | December 31, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(Successor) | (Successor) | |||||||||||||||||||
Due from DCIP for equipment and warranty purchases | $ | 663 | $ | 736 | ||||||||||||||||
Deferred rent liability for digital projectors | 7,747 | 1,810 | ||||||||||||||||||
(In thousands) | 12 Months | From | March 30, | 52 Weeks | ||||||||||||||||
Ended | Inception | 2012 through | Ended | |||||||||||||||||
December 31, | August 31, | August 30, | March 29, | |||||||||||||||||
2013 | 2012 | 2012 | 2012 | |||||||||||||||||
through | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2012 | ||||||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Predecessor) | |||||||||||||||||
Digital equipment rental expense (continuing operations) | $ | 11,077 | $ | 3,338 | $ | 3,624 | $ | 6,969 | ||||||||||||
Open Road Releasing, LLC, operator of ORF | ' | |||||||||||||||||||
Investments | ' | |||||||||||||||||||
Schedule of transactions | ' | |||||||||||||||||||
(In thousands) | December 31, | December 31, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(Successor) | (Successor) | |||||||||||||||||||
Due from Open Road Films | $ | 2,658 | $ | 1,950 | ||||||||||||||||
Film rent payable to Open Road Films | 1,959 | 326 | ||||||||||||||||||
(In thousands) | 12 Months | From | March 30, | 52 Weeks | ||||||||||||||||
Ended | Inception | 2012 through | Ended | |||||||||||||||||
December 31, | August 31, | August 30, | March 29, | |||||||||||||||||
2013 | 2012 | 2012 | 2012 | |||||||||||||||||
through | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2012 | ||||||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Predecessor) | |||||||||||||||||
Gross film exhibition cost on Open Road Films | $ | 12,700 | $ | 5,500 | $ | 1,550 | $ | 7,000 |
SUPPLEMENTAL_BALANCE_SHEET_INF1
SUPPLEMENTAL BALANCE SHEET INFORMATION (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
SUPPLEMENTAL BALANCE SHEET INFORMATION | ' | |||||||
Schedule of other assets and liabilities | ' | |||||||
(In thousands) | 31-Dec-13 | 31-Dec-12 | ||||||
(Successor) | (Successor) | |||||||
Other current assets: | ||||||||
Prepaid rent | $ | 37,839 | $ | 35,551 | ||||
Income taxes receivable | 3,871 | 5,805 | ||||||
Prepaid insurance and other | 18,578 | 12,049 | ||||||
Merchandise inventory | 10,645 | 8,859 | ||||||
Other | 9,891 | 8,363 | ||||||
| | | | | | | | |
$ | 80,824 | $ | 70,627 | |||||
| | | | | | | | |
| | | | | | | | |
Other long-term assets: | ||||||||
Investments in real estate | $ | 10,733 | $ | 14,800 | ||||
Deferred financing costs | 7,841 | — | ||||||
Investments in equity method investees | 327,910 | 267,422 | ||||||
Computer software | 39,237 | 32,023 | ||||||
Investment in marketable equity securities | 10,442 | 13,707 | ||||||
Other | 6,341 | 4,788 | ||||||
| | | | | | | | |
$ | 402,504 | $ | 332,740 | |||||
| | | | | | | | |
| | | | | | | | |
Accrued expenses and other liabilities: | ||||||||
Taxes other than income | $ | 46,251 | $ | 42,990 | ||||
Interest | 9,783 | 9,865 | ||||||
Payroll and vacation | 21,697 | 18,799 | ||||||
Current portion of casualty claims and premiums | 10,030 | 6,332 | ||||||
Accrued bonus | 36,916 | 27,630 | ||||||
Theatre and other closure | 6,405 | 6,258 | ||||||
Accrued licensing and percentage rent | 19,241 | 13,390 | ||||||
Current portion of pension and other benefits liabilities | 766 | 1,039 | ||||||
Other | 19,831 | 28,983 | ||||||
| | | | | | | | |
$ | 170,920 | $ | 155,286 | |||||
| | | | | | | | |
| | | | | | | | |
Other long-term liabilities: | ||||||||
Unfavorable lease obligations | $ | 194,233 | $ | 211,329 | ||||
Deferred rent | 55,272 | 10,318 | ||||||
Pension and other benefits | 30,177 | 63,225 | ||||||
RealD deferred lease incentive | 18,635 | 21,223 | ||||||
Casualty claims and premiums | 9,525 | 10,254 | ||||||
Theatre and other closure | 48,758 | 55,086 | ||||||
Other | 14,346 | 14,283 | ||||||
| | | | | | | | |
$ | 370,946 | $ | 385,718 | |||||
| | | | | | | | |
| | | | | | | | |
CORPORATE_BORROWINGS_AND_CAPIT1
CORPORATE BORROWINGS AND CAPITAL AND FINANCING LEASE OBLIGATIONS (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
CORPORATE BORROWINGS AND CAPITAL AND FINANCING LEASE OBLIGATIONS | ' | ||||||||||||||||
Summary of the carrying value of corporate borrowings and capital and financing lease obligations | ' | ||||||||||||||||
(In thousands) | December 31, | December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||||
(Successor) | (Successor) | ||||||||||||||||
Senior Secured Credit Facility-Term Loan due 2016 (4.25% as of December 31, 2012) | $ | — | $ | 465,878 | |||||||||||||
Senior Secured Credit Facility-Term Loan due 2018 (4.75% as of December 31, 2012) | — | 297,000 | |||||||||||||||
Senior Secured Credit Facility-Term Loan due 2020 (3.50% as of December 31, 2013) | 767,502 | — | |||||||||||||||
5% Promissory Note payable to NCM due 2019 | 8,333 | — | |||||||||||||||
8.75% Senior Fixed Rate Notes due 2019 | 647,666 | 654,692 | |||||||||||||||
9.75% Senior Subordinated Notes due 2020 | 655,310 | 661,105 | |||||||||||||||
Capital and financing lease obligations, 8.25%-11% | 116,199 | 122,645 | |||||||||||||||
| | | | | | | | ||||||||||
2,195,010 | 2,201,320 | ||||||||||||||||
Less: current maturities | (16,080 | ) | (14,280 | ) | |||||||||||||
| | | | | | | | ||||||||||
$ | 2,178,930 | $ | 2,187,040 | ||||||||||||||
| | | | | | | | ||||||||||
| | | | | | | | ||||||||||
Schedule of minimum annual payments required under existing capital and financing lease obligations (net present value thereof) and maturities of corporate borrowings | ' | ||||||||||||||||
Capital and Financing Lease Obligations | |||||||||||||||||
Principal | |||||||||||||||||
Amount of | |||||||||||||||||
Corporate | |||||||||||||||||
(In thousands) | Minimum Lease | Less | Principal | Borrowings | Total | ||||||||||||
Payments | Interest | ||||||||||||||||
2014 | $ | 16,808 | $ | 9,867 | $ | 6,941 | $ | 9,139 | $ | 16,080 | |||||||
2015 | 16,933 | 9,207 | 7,726 | 9,139 | 16,865 | ||||||||||||
2016 | 16,943 | 8,474 | 8,469 | 9,139 | 17,608 | ||||||||||||
2017 | 16,951 | 7,671 | 9,280 | 9,139 | 18,419 | ||||||||||||
2018 | 17,112 | 6,782 | 10,330 | 9,139 | 19,469 | ||||||||||||
Thereafter | 96,571 | 23,118 | 73,453 | 1,931,826 | 2,005,279 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total | $ | 181,318 | $ | 65,119 | $ | 116,199 | $ | 1,977,521 | $ | 2,093,720 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
INCOME TAXES | ' | ||||||||||||||||
Schedule of component of income tax provision reflected in the consolidated statements of operations | ' | ||||||||||||||||
(In thousands) | 12 Months | From Inception | March 30, | 52 Weeks | |||||||||||||
Ended | August 31, | 2012 through | Ended | ||||||||||||||
December 31, | 2012 through | August 30, | March 29, | ||||||||||||||
2013 | December 31, | 2012 | 2012 | ||||||||||||||
2012 | |||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Predecessor) | ||||||||||||||
Current: | |||||||||||||||||
Federal | $ | — | $ | — | $ | — | $ | — | |||||||||
Foreign | — | — | — | — | |||||||||||||
State | 4,045 | 480 | 3,700 | 2,015 | |||||||||||||
| | | | | | | | | | | | | | | | ||
Total current | 4,045 | 480 | 3,700 | 2,015 | |||||||||||||
| | | | | | | | | | | | | | | | ||
Deferred: | |||||||||||||||||
Federal | (229,778 | ) | 3,020 | — | — | ||||||||||||
Foreign | — | — | — | — | |||||||||||||
State | (36,820 | ) | — | — | — | ||||||||||||
| | | | | | | | | | | | | | | | ||
Total deferred | (266,598 | ) | 3,020 | — | — | ||||||||||||
| | | | | | | | | | | | | | | | ||
Total provision (benefit) | (262,553 | ) | 3,500 | 3,700 | 2,015 | ||||||||||||
Tax provision from discontinued operations | 830 | — | 1,200 | — | |||||||||||||
| | | | | | | | | | | | | | | | ||
Total provision (benefit) from continuing operations | $ | (263,383 | ) | $ | 3,500 | $ | 2,500 | $ | 2,015 | ||||||||
| | | | | | | | | | | | | | | | ||
| | | | | | | | | | | | | | | | ||
Schedule of pre-tax income (losses) | ' | ||||||||||||||||
(In thousands) | 12 Months | From Inception | March 30, | 52 Weeks | |||||||||||||
Ended | August 31, | 2012 through | Ended | ||||||||||||||
December 31, | 2012 through | August 30, | March 29, | ||||||||||||||
2013 | December 31, | 2012 | 2012 | ||||||||||||||
2012 | |||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Predecessor) | ||||||||||||||
Domestic | $ | 103,526 | $ | (39,294 | ) | $ | 98,093 | $ | (78,677 | ) | |||||||
Foreign | (1,679 | ) | 124 | 7 | (1,296 | ) | |||||||||||
| | | | | | | | | | | | | | | | ||
Total | $ | 101,847 | $ | (39,170 | ) | $ | 98,100 | $ | (79,973 | ) | |||||||
| | | | | | | | | | | | | | | | ||
| | | | | | | | | | | | | | | | ||
Schedule of the difference between the effective tax rate on earnings (loss) from continuing operations before income taxes and the U.S. federal income tax statutory rate | ' | ||||||||||||||||
(In thousands) | 12 Months | From Inception | March 30, | 52 Weeks | |||||||||||||
Ended | August 31, | 2012 through | Ended | ||||||||||||||
December 31, | 2012 through | August 30, | March 29, | ||||||||||||||
2013 | December 31, | 2012 | 2012 | ||||||||||||||
2012 | |||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Predecessor) | ||||||||||||||
Income tax expense (benefit) at the federal statutory rate | $ | 34,902 | $ | (13,470 | ) | $ | 21,600 | $ | (26,730 | ) | |||||||
Effect of: | |||||||||||||||||
State income taxes | 1,479 | (1,930 | ) | 2,500 | 2,015 | ||||||||||||
Change in ASC 740 (formerly FIN 48) reserve | 2,193 | — | — | (5,400 | ) | ||||||||||||
Federal credits | (2,600 | ) | — | — | — | ||||||||||||
Change in net operating loss carryforward for excess tax deductions | (28,206 | ) | — | — | — | ||||||||||||
Permanent items | 537 | 20 | 100 | 825 | |||||||||||||
Other items | (6,088 | ) | — | — | — | ||||||||||||
Valuation allowance | (265,600 | ) | 18,880 | (21,700 | ) | 31,305 | |||||||||||
| | | | | | | | | | | | | | | | ||
Income tax expense (benefit) | $ | (263,383 | ) | $ | 3,500 | $ | 2,500 | $ | 2,015 | ||||||||
| | | | | | | | | | | | | | | | ||
| | | | | | | | | | | | | | | | ||
Effective income tax rate | (264.1 | )% | (9.1 | )% | 4 | % | (2.6 | )% | |||||||||
| | | | | | | | | | | | | | | | ||
| | | | | | | | | | | | | | | | ||
Schedule of significant components of deferred income tax assets and liabilities | ' | ||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||
(Successor) | (Successor) | ||||||||||||||||
Deferred Income Tax | Deferred Income Tax | ||||||||||||||||
(In thousands) | Assets | Liabilities | Assets | Liabilities | |||||||||||||
Tangible assets | $ | — | $ | (102,669 | ) | $ | — | $ | (125,641 | ) | |||||||
Accrued reserves | 33,156 | — | 35,359 | — | |||||||||||||
Intangible assets | — | (89,761 | ) | — | (76,430 | ) | |||||||||||
Receivables | — | (3,513 | ) | — | (1,632 | ) | |||||||||||
Investments | — | (227,718 | ) | — | (231,524 | ) | |||||||||||
Capital loss carryforwards | 564 | — | 2,077 | — | |||||||||||||
Pension postretirement and deferred compensation | 29,290 | — | 28,001 | — | |||||||||||||
Corporate borrowings | 43,839 | — | 50,558 | — | |||||||||||||
Deferred revenue | 154,155 | — | 136,350 | — | |||||||||||||
Lease liabilities | 97,307 | — | 86,417 | — | |||||||||||||
Capital and financing lease obligations | 37,956 | — | 40,102 | — | |||||||||||||
Alternative minimum tax and other credit carryovers | 19,545 | — | 15,083 | — | |||||||||||||
Charitable contributions | — | — | 1,051 | — | |||||||||||||
Net operating loss carryforward | 214,770 | — | 241,216 | — | |||||||||||||
| | | | | | | | | | | | | | ||||
Total | $ | 630,582 | $ | (423,661 | ) | $ | 636,214 | $ | (435,227 | ) | |||||||
Less: Valuation allowance | — | — | (248,420 | ) | — | ||||||||||||
| | | | | | | | | | | | | | ||||
Total deferred income taxes | $ | 630,582 | $ | (423,661 | ) | $ | 387,794 | $ | (435,227 | ) | |||||||
| | | | | | | | | | | | | | ||||
| | | | | | | | | | | | | | ||||
Schedule of rollforward of the Company's valuation allowance for deferred tax assets | ' | ||||||||||||||||
(In thousands) | Balance at | Additions | Charged | Charged | Balance | ||||||||||||
Beginning | Charged | (Credited) | (Credited) | at End of | |||||||||||||
of Period | (Credited) to | to Goodwill | to Other | Period | |||||||||||||
Revenues, | Accounts(1) | ||||||||||||||||
Costs and | |||||||||||||||||
Expenses | |||||||||||||||||
Calendar Year 2013 | |||||||||||||||||
Valuation allowance-deferred income tax assets | $ | 248,420 | (265,600 | ) | 11,088 | 6,092 | $ | — | |||||||||
From Inception August 31, 2012 through December 31, 2012 | |||||||||||||||||
Valuation allowance-deferred income tax assets | $ | 232,985 | 18,880 | 195 | (3,640 | ) | $ | 248,420 | |||||||||
March 30, 2012 through August 30, 2012 | |||||||||||||||||
Valuation allowance-deferred income tax assets | $ | 413,666 | (21,700 | ) | (158,981 | ) | — | $ | 232,985 | ||||||||
Fiscal Year 2012 | |||||||||||||||||
Valuation allowance-deferred income tax assets | $ | 329,221 | 32,560 | — | 51,885 | $ | 413,666 | ||||||||||
-1 | |||||||||||||||||
Primarily relates to amounts resulting from the Company's tax sharing arrangement, changes in deferred tax assets and associated valuation allowance that are not related to income statement activity as well as amounts charged to other comprehensive income. | |||||||||||||||||
Schedule of reconciliation of the change in the amount of unrecognized tax benefits | ' | ||||||||||||||||
(In millions) | 12 Months | From Inception | March 30, | 52 Weeks | |||||||||||||
Ended | August 31, | 2012 through | Ended | ||||||||||||||
December 31, | 2012 through | August 30, | March 29, | ||||||||||||||
2013 | December 31, | 2012 | 2012 | ||||||||||||||
2012 | |||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Predecessor) | ||||||||||||||
Balance at beginning of period | $ | 21.9 | $ | 22.4 | $ | 22.7 | $ | 28.2 | |||||||||
Gross increases—current period tax positions | 3.8 | — | 0.6 | 0.7 | |||||||||||||
Gross increases—prior period tax positions | 2.2 | ||||||||||||||||
Favorable resolutions with authorities | (0.5 | ) | — | — | (1.0 | ) | |||||||||||
Expired attributes | — | — | — | (5.2 | ) | ||||||||||||
Cash settlements | — | (0.5 | ) | (0.9 | ) | — | |||||||||||
| | | | | | | | | | | | | | | | ||
Balance at end of period | $ | 27.4 | $ | 21.9 | $ | 22.4 | $ | 22.7 | |||||||||
| | | | | | | | | | | | | | | | ||
| | | | | | | | | | | | | | | | ||
LEASES_Tables
LEASES (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
LEASES | ' | |||||||||||||||
Schedule, by calendar year, of future minimum rental payments required under existing operating leases and digital projector equipment leases payable to DCIP that have initial or remaining non-cancelable terms in excess of one year | ' | |||||||||||||||
(In thousands) | Minimum operating | |||||||||||||||
lease payments | ||||||||||||||||
2014 | $ | 428,108 | ||||||||||||||
2015 | 435,906 | |||||||||||||||
2016 | 420,230 | |||||||||||||||
2017 | 403,552 | |||||||||||||||
2018 | 360,704 | |||||||||||||||
Thereafter | 1,606,326 | |||||||||||||||
| | | | | ||||||||||||
Total minimum payments required | $ | 3,654,826 | ||||||||||||||
| | | | | ||||||||||||
| | | | | ||||||||||||
Summary of rent expense | ' | |||||||||||||||
(In thousands) | 12 Months | From Inception | March 30, | 52 Weeks | ||||||||||||
Ended | August 31, | 2012 through | Ended | |||||||||||||
December 31, | 2012 through | August 30, | March 29, | |||||||||||||
2013 | December 31, | 2012 | 2012 | |||||||||||||
2012 | ||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Predecessor) | |||||||||||||
Minimum rentals | $ | 394,937 | $ | 126,529 | $ | 166,220 | $ | 394,742 | ||||||||
Common area expenses | 44,198 | 12,968 | 17,591 | 40,918 | ||||||||||||
Percentage rentals based on revenues | 12,693 | 3,877 | 5,275 | 9,666 | ||||||||||||
| | | | | | | | | | | | | | | | |
Rent | 451,828 | 143,374 | 189,086 | 445,326 | ||||||||||||
General and administrative and other | 13,393 | 3,940 | 4,207 | 8,747 | ||||||||||||
| | | | | | | | | | | | | | | | |
Total | $ | 465,221 | $ | 147,314 | $ | 193,293 | $ | 454,073 | ||||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||
EMPLOYEE BENEFIT PLANS | ' | |||||||||||||||||||||||||||||
Net periodic benefit cost recognized for the plans | ' | |||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||
(In thousands) | 12 Months | From | March 30, | 52 Weeks | 12 Months | From | March 30, | 52 Weeks | ||||||||||||||||||||||
Ended | Inception | 2012 through | Ended | Ended | Inception | 2012 through | Ended | |||||||||||||||||||||||
December 31, | August 31, | August 30, | March 29, | December 31, | August 31, | August 30, | March 29, | |||||||||||||||||||||||
2013 | 2012 through | 2012 | 2012 | 2013 | 2012 through | 2012 | 2012 | |||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||
2012 | 2012 | |||||||||||||||||||||||||||||
(Successor) | (Successor)) | (Predecessor) | (Predecessor) | (Successor) | (Successor) | (Predecessor) | (Predecessor) | |||||||||||||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||||||||||||||||
Service cost | $ | 180 | $ | 59 | $ | 76 | $ | 180 | $ | 195 | $ | 61 | $ | 74 | $ | 149 | ||||||||||||||
Interest cost | 4,513 | 1,484 | 1,962 | 4,640 | 870 | 306 | 435 | 1,122 | ||||||||||||||||||||||
Expected return on plan assets | (4,707 | ) | (1,442 | ) | (1,811 | ) | (4,465 | ) | — | — | — | — | ||||||||||||||||||
Amortization of net (gain) loss | — | — | 899 | 5 | (78 | ) | — | 88 | — | |||||||||||||||||||||
Amortization of prior service credit | — | — | — | — | — | — | (448 | ) | (984 | ) | ||||||||||||||||||||
Settlement | — | (15 | ) | — | — | — | — | — | — | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net periodic benefit cost | $ | (14 | ) | $ | 86 | $ | 1,126 | $ | 360 | $ | 987 | $ | 367 | $ | 149 | $ | 287 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Summary of changes in other comprehensive income: | ' | |||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||
(In thousands) | 12 Months | From | March 30, | 12 Months | From | March 30, | ||||||||||||||||||||||||
Ended | Inception | 2012 through | Ended | Inception | 2012 through | |||||||||||||||||||||||||
December 31, | August 31, | August 30, | December 31, | August 31, | August 30, | |||||||||||||||||||||||||
2013 | 2012 through | 2012 | 2013 | 2012 through | 2012 | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||
2012 | 2012 | |||||||||||||||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Successor) | (Successor) | (Predecessor) | |||||||||||||||||||||||||
Net (gain) loss | $ | (12,537 | ) | $ | (4,118 | ) | $ | — | $ | (1,271 | ) | $ | (3,161 | ) | $ | — | ||||||||||||||
Net prior service credit | — | — | — | (15,197 | ) | — | (771 | ) | ||||||||||||||||||||||
Merger push-down accounting adjustment | — | — | (20,741 | ) | — | — | 3,804 | |||||||||||||||||||||||
Amortization of net gain (loss) | — | — | (899 | ) | 78 | — | (88 | ) | ||||||||||||||||||||||
Amortization of prior service credit | — | — | — | — | — | 448 | ||||||||||||||||||||||||
Allocated tax expense | 8,442 | — | — | 6,782 | — | — | ||||||||||||||||||||||||
Settlement | — | 15 | — | — | — | — | ||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |||||||
Total recognized in other comprehensive income | $ | (4,095 | ) | $ | (4,103 | ) | $ | (21,640 | ) | $ | (9,608 | ) | $ | (3,161 | ) | $ | 3,393 | |||||||||||||
Net periodic benefit cost | (14 | ) | 86 | 1,126 | 987 | 367 | 149 | |||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | (4,109 | ) | $ | (4,017 | ) | $ | (20,514 | ) | $ | (8,621 | ) | $ | (2,794 | ) | $ | 3,542 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | | | | | | | | | | | |||||||
Schedule of plan's change in benefit obligations and plan assets and the accrued liability for benefit costs included in the Consolidated Balance Sheets | ' | |||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||
(In thousands) | 12 Months | From | March 30, | 12 Months | From | March 30, | ||||||||||||||||||||||||
Ended | Inception | 2012 through | Ended | Inception | 2012 through | |||||||||||||||||||||||||
December 31, | August 31, | August 30, | December 31, | August 31, | August 30, | |||||||||||||||||||||||||
2013 | 2012 through | 2012 | 2013 | 2012 through | 2012 | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||
2012 | 2012 | |||||||||||||||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Successor) | (Successor) | (Predecessor) | |||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||||||
Benefit obligation at beginning of period | $ | 109,718 | $ | 112,822 | $ | 96,672 | $ | 22,765 | $ | 25,816 | $ | 24,538 | ||||||||||||||||||
Service cost | 180 | 59 | 76 | 195 | 61 | 74 | ||||||||||||||||||||||||
Interest cost | 4,513 | 1,484 | 1,962 | 870 | 306 | 435 | ||||||||||||||||||||||||
Plan participant's contributions | — | — | — | 562 | 196 | 227 | ||||||||||||||||||||||||
Actuarial (gain) loss | (10,022 | ) | (3,465 | ) | 15,161 | (1,271 | ) | (3,161 | ) | 1,828 | ||||||||||||||||||||
Plan amendment | — | — | — | (15,197 | ) | — | (771 | ) | ||||||||||||||||||||||
Benefits paid | (5,408 | ) | (862 | ) | (1,007 | ) | (2,206 | ) | (453 | ) | (515 | ) | ||||||||||||||||||
Administrative expenses | (98 | ) | ||||||||||||||||||||||||||||
Settlement | — | (320 | ) | (42 | ) | — | — | — | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |||||||
Benefit obligation at end of period | $ | 98,883 | $ | 109,718 | $ | 112,822 | $ | 5,718 | $ | 22,765 | $ | 25,816 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | | | | | | | | | | | |||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||
(In thousands) | 12 Months | From | March 30, | 12 Months | From | March 30, | ||||||||||||||||||||||||
Ended | Inception | 2012 | Ended | Inception | 2012 | |||||||||||||||||||||||||
December 31, | August 31, | through | December 31, | August 31, | through | |||||||||||||||||||||||||
2013 | 2012 | August 30, | 2013 | 2012 | August 30, | |||||||||||||||||||||||||
through | 2012 | through | 2012 | |||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||
2012 | 2012 | |||||||||||||||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Successor) | (Successor) | (Predecessor) | |||||||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of period | $ | 68,219 | $ | 66,059 | $ | 64,236 | $ | — | $ | — | $ | — | ||||||||||||||||||
Actual return on plan assets gain | 7,223 | 2,095 | 977 | — | — | — | ||||||||||||||||||||||||
Employer contribution | 3,722 | 1,247 | 1,895 | 1,644 | 257 | 288 | ||||||||||||||||||||||||
Plan participants' contributions | — | — | — | 562 | 196 | 227 | ||||||||||||||||||||||||
Benefits paid | (5,408 | ) | (862 | ) | (1,007 | ) | (2,206 | ) | (453 | ) | (515 | ) | ||||||||||||||||||
Administrative expense | (98 | ) | — | — | — | — | — | |||||||||||||||||||||||
Settlement | — | (320 | ) | (42 | ) | — | — | — | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |||||||
Fair value of plan assets at end of period | $ | 73,658 | $ | 68,219 | $ | 66,059 | $ | — | $ | — | $ | — | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | | | | | | | | | | | |||||||
Net liability for benefit cost: | ||||||||||||||||||||||||||||||
Funded status | $ | (25,225 | ) | $ | (41,499 | ) | $ | (46,763 | ) | $ | (5,718 | ) | $ | (22,765 | ) | $ | (25,816 | ) | ||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | | | | | | | | | | | |||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||
(In thousands) | December 31, | December 31, | August 30, | December 31, | December 31, | August 30, | ||||||||||||||||||||||||
2013 | 2012 | 2012 | 2013 | 2012 | 2012 | |||||||||||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Successor) | (Successor) | (Predecessor) | |||||||||||||||||||||||||
Amounts recognized in the Balance Sheet: | ||||||||||||||||||||||||||||||
Accrued expenses and other liabilities | $ | (154 | ) | $ | (154 | ) | $ | (40 | ) | $ | (612 | ) | $ | (885 | ) | $ | (1,016 | ) | ||||||||||||
Other long-term liabilities | (25,071 | ) | (41,345 | ) | (46,723 | ) | (5,106 | ) | (21,880 | ) | (24,800 | ) | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |||||||
Net liability recognized | $ | (25,225 | ) | $ | (41,499 | ) | $ | (46,763 | ) | $ | (5,718 | ) | $ | (22,765 | ) | $ | (25,816 | ) | ||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | | | | | | | | | | | |||||||
Aggregate accumulated benefit obligation | $ | (98,883 | ) | $ | (109,718 | ) | $ | (112,822 | ) | $ | (5,718 | ) | $ | (22,765 | ) | $ | (25,816 | ) | ||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | | | | | | | | | | | |||||||
Summary of pension plans with accumulated benefit obligations and projected benefit obligations in excess of plan assets | ' | |||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||
(In thousands) | 31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||
(Successor) | (Successor) | |||||||||||||||||||||||||||||
Aggregated accumulated benefit obligation | $ | (98,883 | ) | $ | (109,718 | ) | ||||||||||||||||||||||||
Aggregated projected benefit obligation | (98,883 | ) | (109,718 | ) | ||||||||||||||||||||||||||
Aggregated fair value of plan assets | 73,658 | 68,219 | ||||||||||||||||||||||||||||
Schedule of components of amounts recognized in accumulated other comprehensive income | ' | |||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||
(In thousands) | December 31, | December 31, | August 30, | December 31, | December 31, | August 30, | ||||||||||||||||||||||||
2013 | 2012 | 2012 | 2013 | 2012 | 2012 | |||||||||||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Successor) | (Successor) | (Predecessor) | |||||||||||||||||||||||||
Net actuarial (gain) loss | $ | (12,537 | ) | $ | (4,118 | ) | $ | — | $ | (1,271 | ) | $ | (3,161 | ) | $ | — | ||||||||||||||
Prior service credit | — | — | — | (15,197 | ) | — | — | |||||||||||||||||||||||
Schedule of amounts in accumulated other comprehensive income expected to be recognized in components of net periodic pension cost | ' | |||||||||||||||||||||||||||||
(In thousands) | Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||
Net actuarial gain | $ | (1,031 | ) | $ | (348 | ) | ||||||||||||||||||||||||
Net prior service credit | — | (1,665 | ) | |||||||||||||||||||||||||||
Schedule of weighted-average assumptions used to determine benefit obligations | ' | |||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||
(In thousands) | December 31, | December 31, | August 30, | December 31, | December 31, | August 30, | ||||||||||||||||||||||||
2013 | 2012 | 2012 | 2013 | 2012 | 2012 | |||||||||||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Successor) | (Successor) | (Predecessor) | |||||||||||||||||||||||||
Discount rate | 4.73 | % | 4.17 | % | 3.99 | % | 4 | % | 3.9 | % | 3.65 | % | ||||||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||
Schedule of weighted-average assumptions used to determine net periodic benefit cost | ' | |||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||
(In thousands) | 12 Months | From | March 30, | 52 Weeks | 12 Months | From | March 30, | 52 Weeks | ||||||||||||||||||||||
Ended | Inception | 2012 | Ended March 29, 2012 | Ended | Inception | 2012 | Ended | |||||||||||||||||||||||
December 31, | August 31, | through | December 31, | August 31, | through | March 29, | ||||||||||||||||||||||||
2013 | 2012 | August 30, | 2013 | 2012 | August 30, | 2012 | ||||||||||||||||||||||||
through | 2012 | through | 2012 | |||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||
2012 | 2012 | |||||||||||||||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Predecessor) | (Successor) | (Successor) | (Predecessor) | (Predecessor) | |||||||||||||||||||||||
Discount rate | 4.17 | % | 3.99 | % | 4.86 | % | 5.86 | % | 3.9 | % | 3.65 | % | 4.42 | % | 5.51 | % | ||||||||||||||
Weighted average expected long-term return on plan assets | 7.27 | % | 7.27 | % | 7.27 | % | 8 | % | N/A | N/A | N/A | N/A | ||||||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||
Schedule of benefits expected to be paid | ' | |||||||||||||||||||||||||||||
(In thousands) | Pension Benefits | Other Benefits | Medicare Part D | |||||||||||||||||||||||||||
Net of Medicare | Adjustments | |||||||||||||||||||||||||||||
Part D Adjustments | ||||||||||||||||||||||||||||||
2014 | $ | 2,664 | $ | 738 | $ | 19 | ||||||||||||||||||||||||
2015 | 3,438 | 631 | — | |||||||||||||||||||||||||||
2016 | 3,057 | 630 | — | |||||||||||||||||||||||||||
2017 | 4,260 | 613 | — | |||||||||||||||||||||||||||
2018 | 4,178 | 548 | — | |||||||||||||||||||||||||||
Years 2019 - 2023 | 29,293 | 1,953 | — | |||||||||||||||||||||||||||
Schedule of target allocations for plan assets | ' | |||||||||||||||||||||||||||||
Asset Category | Target | |||||||||||||||||||||||||||||
Allocation | ||||||||||||||||||||||||||||||
Fixed(1) | 16 | % | ||||||||||||||||||||||||||||
Equity Securities—U.S. | 25 | % | ||||||||||||||||||||||||||||
Equity Securities—International | 15 | % | ||||||||||||||||||||||||||||
Collective trust fund | 25 | % | ||||||||||||||||||||||||||||
Private Real Estate | 14 | % | ||||||||||||||||||||||||||||
Commodities broad basket | 5 | % | ||||||||||||||||||||||||||||
| | | | | ||||||||||||||||||||||||||
100 | % | |||||||||||||||||||||||||||||
| | | | | ||||||||||||||||||||||||||
| | | | | ||||||||||||||||||||||||||
-1 | ||||||||||||||||||||||||||||||
Includes U.S. Treasury Securities and Bond market fund. | ||||||||||||||||||||||||||||||
Schedule of fair value of the pension plan assets | ' | |||||||||||||||||||||||||||||
The fair value of the pension plan assets at December 31, 2013, by asset class are as follows: | ||||||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2013 Using | ||||||||||||||||||||||||||||||
(In thousands) | Total Carrying | Quoted prices in | Significant other | Significant | ||||||||||||||||||||||||||
Value at | active market | observable inputs | unobservable inputs | |||||||||||||||||||||||||||
December 31, 2013 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||
Cash and cash equivalents | $ | 265 | $ | 265 | $ | — | $ | — | ||||||||||||||||||||||
U.S. Treasury Securities | 1,557 | 1,557 | — | — | ||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||
U.S. companies | 19,654 | 19,654 | — | — | ||||||||||||||||||||||||||
International companies | 11,281 | 11,281 | — | — | ||||||||||||||||||||||||||
Bond market fund | 9,655 | 9,655 | — | — | ||||||||||||||||||||||||||
Collective trust fund | 17,958 | — | 17,958 | — | ||||||||||||||||||||||||||
Commodities broad basket fund | 3,459 | 3,459 | — | — | ||||||||||||||||||||||||||
Private real estate | 9,829 | — | 9,829 | — | ||||||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||||||
Total assets at fair value | $ | 73,658 | $ | 45,871 | $ | 27,787 | $ | — | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||||||
The fair value of the pension plan assets at December 31, 2012, by asset class are as follows: | ||||||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2012 Using | ||||||||||||||||||||||||||||||
(In thousands) | Total Carrying | Quoted prices in | Significant other | Significant | ||||||||||||||||||||||||||
Value at | active market | observable inputs | unobservable inputs | |||||||||||||||||||||||||||
December 31, 2012 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||
Cash and cash equivalents | $ | 19 | $ | 19 | $ | — | $ | — | ||||||||||||||||||||||
U.S. Treasury Securities | 1,668 | 1,668 | — | — | ||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||
U.S. companies | 15,993 | 2,184 | 13,809 | — | ||||||||||||||||||||||||||
International companies | 11,098 | 11,098 | — | — | ||||||||||||||||||||||||||
Public REITs | 1,229 | — | 1,229 | |||||||||||||||||||||||||||
Bond market fund | 6,222 | 6,222 | — | — | ||||||||||||||||||||||||||
Collective trust fund | 17,551 | — | 17,551 | — | ||||||||||||||||||||||||||
Commodities broad basket fund | 3,304 | 3,304 | — | — | ||||||||||||||||||||||||||
High yield bond fund | 3,104 | — | 3,104 | — | ||||||||||||||||||||||||||
Private real estate | 8,031 | — | 8,031 | — | ||||||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||||||
Total assets at fair value | $ | 68,219 | $ | 24,495 | $ | 43,724 | $ | — | ||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||||||
THEATRE_AND_OTHER_CLOSURE_AND_1
THEATRE AND OTHER CLOSURE AND DISPOSITION OF ASSETS (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
THEATRE AND OTHER CLOSURE AND DISPOSITION OF ASSETS | ' | |||||||||||||||
A rollforward of reserves for theatre and other closure | ' | |||||||||||||||
(In thousands) | 12 Months | From Inception | March 30, | 52 Weeks | ||||||||||||
Ended | August 31, | 2012 through | Ended | |||||||||||||
December 31, | 2012 through | August 30, | March 29, | |||||||||||||
2013 | December 31, | 2012 | 2012 | |||||||||||||
2012 | ||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Predecessor) | |||||||||||||
Beginning balance | $ | 61,344 | $ | 62,935 | $ | 65,471 | $ | 73,852 | ||||||||
Theatre and other closure expense—continuing operations | 5,823 | 2,381 | 4,191 | 7,449 | ||||||||||||
Theatre and other closure expense—discontinued operations | — | — | 7,562 | — | ||||||||||||
Transfer of lease liability | (53 | ) | 994 | (697 | ) | 571 | ||||||||||
Net book value of abandoned and other property dispositions | — | — | — | (485 | ) | |||||||||||
Foreign currency translation adjustment | (286 | ) | 405 | (38 | ) | (511 | ) | |||||||||
Cash payments | (11,665 | ) | (5,371 | ) | (13,554 | ) | (15,405 | ) | ||||||||
| | | | | | | | | | | | | | | | |
Ending balance | $ | 55,163 | $ | 61,344 | $ | 62,935 | $ | 65,471 | ||||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
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 | ||||||||||||||
December 31, 2013 Using | ||||||||||||||
(In thousands) | Total Carrying | Quoted prices | Significant | Significant | ||||||||||
Value at | in active | other | unobservable | |||||||||||
December 31, | market | observable | inputs | |||||||||||
2013 | (Level 1) | inputs | (Level 3) | |||||||||||
(Level 2) | ||||||||||||||
Other long-term assets: | ||||||||||||||
Money Market Mutual Funds | $ | 84 | $ | 84 | $ | — | $ | — | ||||||
Equity securities, available-for-sale: | ||||||||||||||
RealD Inc. Common Stock | 10,442 | 10,442 | — | — | ||||||||||
Mutual Fund Large U.S. Equity | 2,563 | 2,563 | — | — | ||||||||||
Mutual Fund Small/Mid U.S. Equity | 982 | 982 | — | — | ||||||||||
Mutual Fund International | 503 | 503 | — | — | ||||||||||
Mutual Fund Balance | 456 | 456 | — | — | ||||||||||
Mutual Fund Fixed Income | 351 | 351 | — | — | ||||||||||
| | | | | | | | | | | | | | |
Total assets at fair value | $ | 15,381 | $ | 15,381 | $ | — | $ | — | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Fair Value Measurements at | ||||||||||||||
December 31, 2012 Using | ||||||||||||||
(In thousands) | Total Carrying | Quoted prices | Significant | Significant | ||||||||||
Value at | in active | other | unobservable | |||||||||||
December 31, | market | observable | inputs | |||||||||||
2012 | (Level 1) | inputs | (Level 3) | |||||||||||
(Level 2) | ||||||||||||||
Other long-term assets: | ||||||||||||||
Money Market Mutual Funds | $ | 85 | $ | 85 | $ | — | $ | — | ||||||
Equity securities, available-for-sale: | ||||||||||||||
RealD Inc. Common Stock | 13,707 | 13,707 | — | — | ||||||||||
Mutual Fund Large U.S. Equity | 1,995 | 1,995 | — | — | ||||||||||
Mutual Fund Small/Mid U.S. Equity | 413 | 413 | — | — | ||||||||||
Mutual Fund International | 249 | 249 | — | — | ||||||||||
Mutual Fund Balance | 150 | 150 | — | — | ||||||||||
Mutual Fund Fixed Income | 349 | 349 | — | — | ||||||||||
| | | | | | | | | | | | | | |
Total assets at fair value | $ | 16,948 | $ | 16,948 | $ | — | $ | — | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
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 | ||||||||||||||
December 31, 2013 Using | ||||||||||||||
(In thousands) | Total Carrying | Quoted prices | Significant | Significant | ||||||||||
Value at | in active | other | unobservable | |||||||||||
December 31, | market | observable | inputs | |||||||||||
2013 | (Level 1) | inputs | (Level 3) | |||||||||||
(Level 2) | ||||||||||||||
Current Maturities of Corporate Borrowings | $ | 9,139 | $ | — | $ | 7,779 | $ | 1,389 | ||||||
Corporate Borrowings | 2,069,672 | — | 2,090,332 | 6,944 | ||||||||||
Fair Value Measurements at | ||||||||||||||
December 31, 2012 Using | ||||||||||||||
(In thousands) | Total Carrying | Quoted prices | Significant | Significant | ||||||||||
Value at | in active | other | unobservable | |||||||||||
December 31, | market | observable | inputs | |||||||||||
2012 | (Level 1) | inputs | (Level 3) | |||||||||||
(Level 2) | ||||||||||||||
Current Maturities of Corporate Borrowings | $ | 8,004 | $ | — | $ | 8,063 | $ | — | ||||||
Corporate Borrowings | 2,070,671 | — | 2,115,919 | — |
OPERATING_SEGMENT_Tables
OPERATING SEGMENT (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
OPERATING SEGMENT | ' | |||||||||||||||
Schedule of information about the Company's revenues from continuing operations and assets by geographic area | ' | |||||||||||||||
Revenues (In thousands) | 12 Months | From Inception | March 30, | 52 Weeks | ||||||||||||
Ended | August 31, | 2012 through | Ended | |||||||||||||
December 31, | 2012 through | August 30, | March 29, | |||||||||||||
2013 | December 31, | 2012 | 2012 | |||||||||||||
2012 | ||||||||||||||||
(Successor) | (Successor) | (Predecessor) | (Predecessor) | |||||||||||||
United States | $ | 2,741,717 | $ | 808,378 | $ | 1,202,179 | $ | 2,507,562 | ||||||||
Canada | 1,214 | 809 | 885 | 2,814 | ||||||||||||
Europe | 6,497 | 2,305 | 3,008 | 11,601 | ||||||||||||
| | | | | | | | | | | | | | | | |
Total revenues | $ | 2,749,428 | $ | 811,492 | $ | 1,206,072 | $ | 2,521,977 | ||||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Long-term assets, net (In thousands) | December 31, | December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||||
(Successor) | (Successor) | |||||||||||||||
United States | $ | 4,204,490 | $ | 3,974,577 | ||||||||||||
Canada | 201 | 102 | ||||||||||||||
Europe | 653 | 496 | ||||||||||||||
| | | | | | | | |||||||||
Total long-term assets(1) | $ | 4,205,344 | $ | 3,975,175 | ||||||||||||
| | | | | | | | |||||||||
| | | | | | | | |||||||||
-1 | ||||||||||||||||
Long-term assets are comprised of property, intangible assets, goodwill, deferred income tax assets and other long-term assets. | ||||||||||||||||
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | ' | ||||||||||||||||
Schedule of changes in accumulated other comprehensive income | ' | ||||||||||||||||
(In thousands) | Foreign | Pension | Unrealized | Unrealized | Total | ||||||||||||
Currency | and Other | Gains on | Gain from | ||||||||||||||
Benefits (recorded | Marketable | Equity Method | |||||||||||||||
in G&A =r /> Other) | Securities | Investees' Cash | |||||||||||||||
(recorded in | Flow Hedge | ||||||||||||||||
investment expense) | (recorded in | ||||||||||||||||
equity in | |||||||||||||||||
earnings of | |||||||||||||||||
non-consolidated | |||||||||||||||||
entities) | |||||||||||||||||
(Successor) | |||||||||||||||||
Balance, December 31, 2012 | $ | (530 | ) | $ | 7,264 | $ | 1,913 | $ | 797 | $ | 9,444 | ||||||
| | | | | | | | | | | | | | | | | |
Other comprehensive income (loss) before reclassifications | 179 | 13,781 | (1,622 | ) | 2,085 | 14,423 | |||||||||||
Amounts reclassified from accumulated other comprehensive income | — | (78 | ) | 925 | (510 | ) | 337 | ||||||||||
| | | | | | | | | | | | | | | | | |
Net other comprehensive income (loss) | 179 | 13,703 | (697 | ) | 1,575 | 14,760 | |||||||||||
| | | | | | | | | | | | | | | | | |
Balance, December 31, 2013 | $ | (351 | ) | $ | 20,967 | $ | 1,216 | $ | 2,372 | $ | 24,204 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Allocated tax expense 2013 | $ | — | $ | 15,224 | $ | (1,081 | ) | $ | 1,389 | $ | 15,532 |
CONDENSED_CONSOLIDATING_FINANC1
CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
CONDENSED CONSOLIDATING FINANCIAL INFORMATION | ' | ||||||||||||||||
Schedule of condensed statements of operations | ' | ||||||||||||||||
Twelve Months Ended December 31, 2013: | |||||||||||||||||
(In thousands) | AMCE | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||
Guarantors | Non-Guarantors | Adjustments | AMC | ||||||||||||||
Entertainment Inc. | |||||||||||||||||
Revenues | |||||||||||||||||
Admissions | $ | — | $ | 1,842,977 | $ | 4,350 | $ | — | $ | 1,847,327 | |||||||
Food and beverage | — | 785,041 | 1,871 | — | 786,912 | ||||||||||||
Other theatre | — | 114,922 | 267 | — | 115,189 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total revenues | — | 2,742,940 | 6,488 | — | 2,749,428 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Operating costs and expenses | |||||||||||||||||
Film exhibition costs | — | 974,917 | 1,995 | — | 976,912 | ||||||||||||
Food and beverage costs | — | 106,926 | 399 | — | 107,325 | ||||||||||||
Operating expense | (102 | ) | 722,984 | 3,759 | — | 726,641 | |||||||||||
Rent | — | 449,833 | 1,995 | — | 451,828 | ||||||||||||
General and administrative: | |||||||||||||||||
Merger, acquisition and transaction costs | — | 2,883 | — | — | 2,883 | ||||||||||||
Other | — | 97,259 | 29 | — | 97,288 | ||||||||||||
Depreciation and amortization | — | 197,486 | 51 | — | 197,537 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Operating costs and expenses | (102 | ) | 2,552,288 | 8,228 | — | 2,560,414 | |||||||||||
| | | | | | | | | | | | | | | | | |
Operating income (loss) | 102 | 190,652 | (1,740 | ) | — | 189,014 | |||||||||||
Other expense (income) | |||||||||||||||||
Equity in net (earnings) losses of subsidiaries | (349,185 | ) | 1,141 | — | 348,044 | — | |||||||||||
Other income | — | (1,415 | ) | — | — | (1,415 | ) | ||||||||||
Interest expense: | |||||||||||||||||
Corporate borrowings | 130,363 | 173,633 | — | (174,033 | ) | 129,963 | |||||||||||
Capital and financing lease obligations | — | 10,264 | — | — | 10,264 | ||||||||||||
Equity in (earnings) losses of non-consolidated entities | 2 | (47,424 | ) | (13 | ) | — | (47,435 | ) | |||||||||
Investment income | (145,478 | ) | (30,373 | ) | (266 | ) | 174,033 | (2,084 | ) | ||||||||
| | | | | | | | | | | | | | | | | |
Total other expense (income) | (364,298 | ) | 105,826 | (279 | ) | 348,044 | 89,293 | ||||||||||
| | | | | | | | | | | | | | | | | |
Earnings (loss) from continuing operations before income taxes | 364,400 | 84,826 | (1,461 | ) | (348,044 | ) | 99,721 | ||||||||||
Income tax benefit | — | (263,383 | ) | — | — | (263,383 | ) | ||||||||||
| | | | | | | | | | | | | | | | | |
Earnings (loss) from continuing operations | 364,400 | 348,209 | (1,461 | ) | (348,044 | ) | 363,104 | ||||||||||
Earnings from discontinued operations, net of income taxes | — | 976 | 320 | — | 1,296 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Net earnings (loss) | $ | 364,400 | $ | 349,185 | $ | (1,141 | ) | $ | (348,044 | ) | $ | 364,400 | |||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Successor from Inception on August 31, 2012 through December 31, 2012: | |||||||||||||||||
(In thousands) | AMCE | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||
Guarantors | Non-Guarantors | Adjustments | AMC | ||||||||||||||
Entertainment Inc. | |||||||||||||||||
Revenues | |||||||||||||||||
Admissions | $ | — | $ | 547,094 | $ | 1,538 | $ | — | $ | 548,632 | |||||||
Food and beverage | — | 229,101 | 638 | — | 229,739 | ||||||||||||
Other theatre | — | 32,990 | 131 | — | 33,121 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total revenues | — | 809,185 | 2,307 | — | 811,492 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Operating costs and expenses | |||||||||||||||||
Film exhibition costs | — | 290,888 | 673 | — | 291,561 | ||||||||||||
Food and beverage costs | — | 30,374 | 171 | — | 30,545 | ||||||||||||
Operating expense | (21 | ) | 229,199 | 1,256 | — | 230,434 | |||||||||||
Rent | — | 142,698 | 676 | — | 143,374 | ||||||||||||
General and administrative: | |||||||||||||||||
Merger, acquisition and transaction costs | — | 3,366 | — | — | 3,366 | ||||||||||||
Management fee | — | — | — | — | — | ||||||||||||
Other | — | 29,073 | 37 | — | 29,110 | ||||||||||||
Depreciation and amortization | — | 71,616 | 17 | — | 71,633 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Operating costs and expenses | (21 | ) | 797,214 | 2,830 | — | 800,023 | |||||||||||
| | | | | | | | | | | | | | | | | |
Operating income (loss) | 21 | 11,971 | (523 | ) | — | 11,469 | |||||||||||
Other expense (income) | |||||||||||||||||
Equity in net loss of subsidiaries | 48,107 | 788 | — | (48,895 | ) | — | |||||||||||
Other expense | — | 49 | — | — | 49 | ||||||||||||
Interest expense: | |||||||||||||||||
Corporate borrowings | 45,145 | 61,280 | — | (61,166 | ) | 45,259 | |||||||||||
Capital and financing lease obligations | — | 1,873 | — | — | 1,873 | ||||||||||||
Equity in losses of non-consolidated entities | 348 | 2,114 | 18 | — | 2,480 | ||||||||||||
Investment expense (income) | (50,909 | ) | (9,967 | ) | — | 61,166 | 290 | ||||||||||
| | | | | | | | | | | | | | | | | |
Total other expense | 42,691 | 56,137 | 18 | (48,895 | ) | 49,951 | |||||||||||
| | | | | | | | | | | | | | | | | |
Loss from continuing operations before income taxes | (42,670 | ) | (44,166 | ) | (541 | ) | 48,895 | (38,482 | ) | ||||||||
Income tax provision | — | 3,500 | — | — | 3,500 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Loss from continuing operations | (42,670 | ) | (47,666 | ) | (541 | ) | 48,895 | (41,982 | ) | ||||||||
Loss from discontinued operations, net of income taxes | — | (441 | ) | (247 | ) | — | (688 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Net loss | $ | (42,670 | ) | $ | (48,107 | ) | $ | (788 | ) | $ | 48,895 | $ | (42,670 | ) | |||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Predecessor from March 30, 2012 through August 30, 2012: | |||||||||||||||||
(In thousands) | AMCE | Subsidiary | Subsidiary | Consolidating | Consolidated AMC | ||||||||||||
Guarantors | Non-Guarantors | Adjustments | Entertainment Inc. | ||||||||||||||
Revenues | |||||||||||||||||
Admissions | $ | — | $ | 814,034 | $ | 1,997 | $ | — | $ | 816,031 | |||||||
Food and beverage | — | 341,260 | 870 | — | 342,130 | ||||||||||||
Other theatre | — | 47,771 | 140 | — | 47,911 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total revenues | — | 1,203,065 | 3,007 | — | 1,206,072 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Operating costs and expenses | |||||||||||||||||
Film exhibition costs | — | 435,526 | 1,013 | — | 436,539 | ||||||||||||
Food and beverage costs | — | 47,142 | 184 | — | 47,326 | ||||||||||||
Operating expense | 28 | 295,708 | 1,592 | — | 297,328 | ||||||||||||
Rent | — | 188,283 | 803 | — | 189,086 | ||||||||||||
General and administrative: | |||||||||||||||||
Merger, acquisition and transaction costs | — | 172 | — | — | 172 | ||||||||||||
Management fee | — | 2,500 | — | — | 2,500 | ||||||||||||
Other | — | 27,013 | 12 | — | 27,025 | ||||||||||||
Depreciation and amortization | — | 80,944 | 27 | — | 80,971 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Operating costs and expenses | 28 | 1,077,288 | 3,631 | — | 1,080,947 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Operating income (loss) | (28 | ) | 125,777 | (624 | ) | — | 125,125 | ||||||||||
Other expense (income) | |||||||||||||||||
Equity in net earnings of subsidiaries | (88,759 | ) | (15,269 | ) | — | 104,028 | — | ||||||||||
Other expense | — | 960 | — | — | 960 | ||||||||||||
Interest expense: | |||||||||||||||||
Corporate borrowings | 67,366 | 87,133 | — | (86,885 | ) | 67,614 | |||||||||||
Capital and financing lease obligations | — | 2,390 | — | — | 2,390 | ||||||||||||
Equity in (earnings) losses of non-consolidated entities | 60 | (6,382 | ) | (1,223 | ) | — | (7,545 | ) | |||||||||
Investment income | (73,095 | ) | (13,831 | ) | — | 86,885 | (41 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Total other expense (income) | (94,428 | ) | 55,001 | (1,223 | ) | 104,028 | 63,378 | ||||||||||
| | | | | | | | | | | | | | | | | |
Earnings from continuing operations before income taxes | 94,400 | 70,776 | 599 | (104,028 | ) | 61,747 | |||||||||||
Income tax provision | — | 2,500 | — | — | 2,500 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Earnings from continuing operations | 94,400 | 68,276 | 599 | (104,028 | ) | 59,247 | |||||||||||
Earnings from discontinued operations, net of income taxes | — | 20,483 | 14,670 | — | 35,153 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Net earnings | $ | 94,400 | $ | 88,759 | $ | 15,269 | $ | (104,028 | ) | $ | 94,400 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Predecessor fifty-two weeks ended March 29, 2012: | |||||||||||||||||
(In thousands) | AMCE | Subsidiary | Subsidiary | Consolidating | Consolidated AMC | ||||||||||||
Guarantors | Non-Guarantors | Adjustments | Entertainment Inc. | ||||||||||||||
Revenues | |||||||||||||||||
Admissions | $ | — | $ | 1,712,943 | $ | 8,352 | $ | — | $ | 1,721,295 | |||||||
Food and beverage | — | 687,083 | 2,597 | — | 689,680 | ||||||||||||
Other theatre | — | 110,349 | 653 | — | 111,002 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total revenues | — | 2,510,375 | 11,602 | — | 2,521,977 | ||||||||||||
Operating costs and expenses | |||||||||||||||||
Film exhibition costs | — | 912,405 | 3,649 | — | 916,054 | ||||||||||||
Food and beverage costs | — | 93,062 | 519 | — | 93,581 | ||||||||||||
Operating expense | 227 | 689,239 | 7,317 | — | 696,783 | ||||||||||||
Rent | — | 442,610 | 2,716 | — | 445,326 | ||||||||||||
General and administrative: | |||||||||||||||||
Merger, acquisition and transaction costs | 85 | 2,537 | — | — | 2,622 | ||||||||||||
Management fee | — | 5,000 | — | — | 5,000 | ||||||||||||
Other | — | 51,695 | 81 | — | 51,776 | ||||||||||||
Depreciation and amortization | — | 212,576 | 241 | — | 212,817 | ||||||||||||
Impairment of long-lived assets | — | 285 | — | — | 285 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Operating costs and expenses | 312 | 2,409,409 | 14,523 | — | 2,424,244 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Operating income (loss) | (312 | ) | 100,966 | (2,921 | ) | — | 97,733 | ||||||||||
Other expense (income) | |||||||||||||||||
Equity in loss of consolidated subsidiaries | 93,172 | 3,658 | — | (96,830 | ) | — | |||||||||||
Other expense | — | 1,402 | — | — | 1,402 | ||||||||||||
Interest expense | |||||||||||||||||
Corporate borrowings | 160,849 | 206,205 | — | (205,409 | ) | 161,645 | |||||||||||
Capital and financing lease obligations | — | 5,968 | — | — | 5,968 | ||||||||||||
Equity in (earnings) loss of non-consolidated entities | 2,359 | (15,465 | ) | 547 | — | (12,559 | ) | ||||||||||
Investment expense (income) | (175,229 | ) | (12,539 | ) | — | 205,409 | 17,641 | ||||||||||
| | | | | | | | | | | | | | | | | |
Total other expense | 81,151 | 189,229 | 547 | (96,830 | ) | 174,097 | |||||||||||
| | | | | | | | | | | | | | | | | |
Loss from continuing operations before income taxes | (81,463 | ) | (88,263 | ) | (3,468 | ) | 96,830 | (76,364 | ) | ||||||||
Income tax provision | 525 | 1,490 | — | — | 2,015 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Loss from continuing operations | (81,988 | ) | (89,753 | ) | (3,468 | ) | 96,830 | (78,379 | ) | ||||||||
Loss from discontinued operations, net of income taxes | — | (3,419 | ) | (190 | ) | — | (3,609 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Net loss | $ | (81,988 | ) | $ | (93,172 | ) | $ | (3,658 | ) | $ | 96,830 | $ | (81,988 | ) | |||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Schedule of condensed balance sheets | ' | ||||||||||||||||
Successor as of December 31, 2013: | |||||||||||||||||
(In thousands) | AMCE | Subsidiary | Subsidiary | Consolidating | Consolidated AMC | ||||||||||||
Guarantors | Non-Guarantors | Adjustments | Entertainment Inc. | ||||||||||||||
Assets | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and equivalents | $ | 485 | $ | 501,989 | $ | 41,837 | $ | — | $ | 544,311 | |||||||
Receivables, net | (10 | ) | 106,096 | 62 | — | 106,148 | |||||||||||
Deferred tax asset | — | 110,097 | — | — | 110,097 | ||||||||||||
Other current assets | — | 79,433 | 1,391 | — | 80,824 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total current assets | 475 | 797,615 | 43,290 | — | 841,380 | ||||||||||||
Investment in equity of subsidiaries | 1,617,629 | 18,903 | — | (1,636,532 | ) | — | |||||||||||
Property, net | — | 1,179,666 | 88 | — | 1,179,754 | ||||||||||||
Intangible assets, net | — | 234,319 | — | — | 234,319 | ||||||||||||
Intercompany advances | 1,953,778 | (1,953,145 | ) | (633 | ) | — | — | ||||||||||
Goodwill | — | 2,291,943 | — | — | 2,291,943 | ||||||||||||
Deferred tax asset | — | 96,824 | — | — | 96,824 | ||||||||||||
Other long-term assets | 7,841 | 394,031 | 632 | — | 402,504 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total assets | $ | 3,579,723 | $ | 3,060,156 | $ | 43,377 | $ | (1,636,532 | ) | $ | 5,046,724 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Liabilities and Stockholder's Equity | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Accounts payable | $ | — | $ | 267,675 | $ | 488 | $ | — | $ | 268,163 | |||||||
Accrued expenses and other liabilities | 306 | 170,676 | (62 | ) | — | 170,920 | |||||||||||
Deferred revenues and income | — | 202,833 | — | — | 202,833 | ||||||||||||
Current maturities of corporate borrowings and capital and financing lease obligations | 7,750 | 8,330 | — | — | 16,080 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total current liabilities | 8,056 | 649,514 | 426 | — | 657,996 | ||||||||||||
Corporate borrowings | 2,062,728 | 6,944 | — | — | 2,069,672 | ||||||||||||
Capital and financing lease obligations | — | 109,258 | — | — | 109,258 | ||||||||||||
Exhibitor services agreement | — | 329,913 | — | — | 329,913 | ||||||||||||
Other long-term liabilities | — | 346,898 | 24,048 | — | 370,946 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total liabilities | 2,070,784 | 1,442,527 | 24,474 | — | 3,537,785 | ||||||||||||
Stockholder's equity | 1,508,939 | 1,617,629 | 18,903 | (1,636,532 | ) | 1,508,939 | |||||||||||
| | | | | | | | | | | | | | | | | |
Total liabilities and stockholder's equity | $ | 3,579,723 | $ | 3,060,156 | $ | 43,377 | $ | (1,636,532 | ) | $ | 5,046,724 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Predecessor as of December 31, 2012: | |||||||||||||||||
(In thousands) | AMCE | Subsidiary | Subsidiary | Consolidating | Consolidated AMC | ||||||||||||
Guarantors | Non-Guarantors | Adjustments | Entertainment Inc. | ||||||||||||||
Assets | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and equivalents | $ | 308 | $ | 89,168 | $ | 41,452 | $ | — | $ | 130,928 | |||||||
Receivables, net | 20 | 97,004 | 84 | — | 97,108 | ||||||||||||
Other current assets | — | 69,150 | 1,477 | — | 70,627 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total current assets | 328 | 255,322 | 43,013 | — | 298,663 | ||||||||||||
Investment in equity of subsidiaries | 888,865 | 16,980 | — | (905,845 | ) | — | |||||||||||
Property, net | — | 1,147,874 | 85 | — | 1,147,959 | ||||||||||||
Intangible assets, net | — | 243,180 | — | — | 243,180 | ||||||||||||
Intercompany advances | 1,958,022 | (1,958,901 | ) | 879 | — | — | |||||||||||
Goodwill | — | 2,251,296 | — | — | 2,251,296 | ||||||||||||
Other long-term assets | 59 | 332,199 | 482 | — | 332,740 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total assets | $ | 2,847,274 | $ | 2,287,950 | $ | 44,459 | $ | (905,845 | ) | $ | 4,273,838 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Liabilities and Stockholder's Equity | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Accounts payable | $ | — | $ | 225,754 | $ | 466 | $ | — | $ | 226,220 | |||||||
Accrued expenses and other liabilities | 14 | 154,903 | 369 | — | 155,286 | ||||||||||||
Deferred revenues and income | — | 171,105 | 17 | — | 171,122 | ||||||||||||
Current maturities of corporate borrowings and capital and financing lease obligations | 8,004 | 6,276 | — | — | 14,280 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total current liabilities | 8,018 | 558,038 | 852 | — | 566,908 | ||||||||||||
Corporate borrowings | 2,070,671 | — | — | — | 2,070,671 | ||||||||||||
Capital and financing lease obligations | — | 116,369 | — | — | 116,369 | ||||||||||||
Exhibitor services agreement | — | 318,154 | — | — | 318,154 | ||||||||||||
Deferred tax liability | — | 47,433 | — | — | 47,433 | ||||||||||||
Other long-term liabilities | — | 359,091 | 26,627 | — | 385,718 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total liabilities | 2,078,689 | 1,399,085 | 27,479 | — | 3,505,253 | ||||||||||||
Stockholder's equity | 768,585 | 888,865 | 16,980 | (905,845 | ) | 768,585 | |||||||||||
| | | | | | | | | | | | | | | | | |
Total liabilities and stockholder's equity | $ | 2,847,274 | $ | 2,287,950 | $ | 44,459 | $ | (905,845 | ) | $ | 4,273,838 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Schedule of condensed statements of cash flows | ' | ||||||||||||||||
Twelve Months Ended December 31, 2013: | |||||||||||||||||
(In thousands) | AMCE | Subsidiary | Subsidiary | Consolidating | Consolidated AMC | ||||||||||||
Guarantors | Non-Guarantors | Adjustments | Entertainment Inc. | ||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net cash provided by (used in) operating activities | $ | 3,772 | $ | 354,520 | $ | (950 | ) | $ | — | $ | 357,342 | ||||||
| | | | | | | | | | | | | | | | | |
Cash flows from investing activities: | |||||||||||||||||
Capital expenditures | — | (260,633 | ) | (190 | ) | — | (260,823 | ) | |||||||||
Acquisition of Rave theatres, net of cash acquired | — | (1,128 | ) | — | — | (1,128 | ) | ||||||||||
Proceeds from the disposition of long-term assets | — | 3,880 | — | — | 3,880 | ||||||||||||
Investments in non-consolidated entities, net | — | (3,280 | ) | 15 | — | (3,265 | ) | ||||||||||
Other, net | — | (7,448 | ) | — | — | (7,448 | ) | ||||||||||
| | | | | | | | | | | | | | | | | |
Net cash used in investing activities | — | (268,609 | ) | (175 | ) | — | (268,784 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Cash flows from financing activities: | |||||||||||||||||
Proceeds from issuance of Term Loan due 2020 | 773,063 | — | — | — | 773,063 | ||||||||||||
Capital contribution from Holdings | 355,580 | — | — | — | 355,580 | ||||||||||||
Repayment of Term Loan due 2016 | (464,088 | ) | — | — | — | (464,088 | ) | ||||||||||
Repayment of Term Loan due 2018 | (296,250 | ) | — | — | — | (296,250 | ) | ||||||||||
Principal payments under Term Loan | (7,813 | ) | — | — | — | (7,813 | ) | ||||||||||
Principal payments under capital and financing lease obligations | — | (6,446 | ) | — | — | (6,446 | ) | ||||||||||
Deferred financing costs | (9,126 | ) | — | — | — | (9,126 | ) | ||||||||||
Change in construction payables | — | (19,404 | ) | — | — | (19,404 | ) | ||||||||||
Dividends paid to Holdings | (588 | ) | (588 | ) | |||||||||||||
Change in intercompany advances | (354,373 | ) | 352,861 | 1,512 | — | — | |||||||||||
| | | | | | | | | | | | | | | | | |
Net cash provided by (used in) financing activities | (3,595 | ) | 327,011 | 1,512 | — | 324,928 | |||||||||||
| | | | | | | | | | | | | | | | | |
Effect of exchange rate changes on cash and equivalents | — | (101 | ) | (2 | ) | — | (103 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Net increase in cash and equivalents | 177 | 412,821 | 385 | — | 413,383 | ||||||||||||
Cash and equivalents at beginning of period | 308 | 89,168 | 41,452 | — | 130,928 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Cash and equivalents at end of period | $ | 485 | $ | 501,989 | $ | 41,837 | $ | — | $ | 544,311 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Successor from Inception on August 31, 2012 through December 31, 2012: | |||||||||||||||||
(In thousands) | AMCE | Subsidiary | Subsidiary | Consolidating | Consolidated AMC | ||||||||||||
Guarantors | Non-Guarantors | Adjustments | Entertainment Inc. | ||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net cash provided by (used in) operating activities | $ | (21,605 | ) | $ | 143,430 | $ | (47,933 | ) | $ | — | $ | 73,892 | |||||
| | | | | | | | | | | | | | | | | |
Cash flows from investing activities: | |||||||||||||||||
Capital expenditures | — | (72,765 | ) | (9 | ) | — | (72,774 | ) | |||||||||
Merger, net of cash acquired | — | 3,110 | — | — | 3,110 | ||||||||||||
Acquisition of Rave theatres, net of cash acquired | — | (87,555 | ) | — | — | (87,555 | ) | ||||||||||
Proceeds from the disposition of long-term assets | — | 112 | (22 | ) | — | 90 | |||||||||||
Investments in non-consolidated entities, net | — | (1,173 | ) | (21 | ) | — | (1,194 | ) | |||||||||
Other, net | — | (575 | ) | — | — | (575 | ) | ||||||||||
| | | | | | | | | | | | | | | | | |
Net cash used in investing activities | — | (158,846 | ) | (52 | ) | — | (158,898 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Cash flows from financing activities: | |||||||||||||||||
Principal payments under Term Loan | (4,002 | ) | — | — | — | (4,002 | ) | ||||||||||
Principal payments under capital and financing lease obligations | — | (875 | ) | — | — | (875 | ) | ||||||||||
Capital contribution of Wanda | 100,000 | — | — | — | 100,000 | ||||||||||||
Change in construction payables | — | 22,487 | — | — | 22,487 | ||||||||||||
Change in intercompany advances | (74,376 | ) | 23,867 | 50,509 | — | — | |||||||||||
| | | | | | | | | | | | | | | | | |
Net cash provided by financing activities | 21,622 | 45,479 | 50,509 | — | 117,610 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Effect of exchange rate changes on cash and equivalents | — | 3,779 | (3,986 | ) | — | (207 | ) | ||||||||||
| | | | | | | | | | | | | | | | | |
Net increase (decrease) in cash and equivalents | 17 | 33,842 | (1,462 | ) | — | 32,397 | |||||||||||
Cash and equivalents at beginning of period | 291 | 55,326 | 42,914 | — | 98,531 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Cash and equivalents at end of period | $ | 308 | $ | 89,168 | $ | 41,452 | $ | — | $ | 130,928 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Predecessor March 30, 2012 through August 30, 2012: | |||||||||||||||||
(In thousands) | AMCE | Subsidiary | Subsidiary | Consolidating | Consolidated AMC | ||||||||||||
Guarantors | Non-Guarantors | Adjustments | Entertainment Inc. | ||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net cash provided by (used in) operating activities | $ | (3,735 | ) | $ | 82,423 | $ | 809 | $ | — | $ | 79,497 | ||||||
| | | | | | | | | | | | | | | | | |
Cash flows from investing activities: | |||||||||||||||||
Capital expenditures | — | (40,095 | ) | (21 | ) | — | (40,116 | ) | |||||||||
Proceeds from the disposition of long-term assets | — | 7,134 | 157 | — | 7,291 | ||||||||||||
Investments in non-consolidated entities, net | — | (17 | ) | 1,606 | — | 1,589 | |||||||||||
Other, net | — | 205 | — | — | 205 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Net cash provided by (used in) investing activities | — | (32,773 | ) | 1,742 | — | (31,031 | ) | ||||||||||
| | | | | | | | | | | | | | | | | |
Cash flows from financing activities: | |||||||||||||||||
Repurchase of Senior Subordinated Notes due 2014 | (191,035 | ) | — | — | — | (191,035 | ) | ||||||||||
Principal payments under Term Loan | (4,002 | ) | — | — | — | (4,002 | ) | ||||||||||
Principal payments under capital and financing lease obligations | — | (1,298 | ) | — | — | (1,298 | ) | ||||||||||
Deferred financing costs | (2,378 | ) | — | — | — | (2,378 | ) | ||||||||||
Change in construction payables | — | (23,575 | ) | — | — | (23,575 | ) | ||||||||||
Change in intercompany advances | 200,755 | (200,872 | ) | 117 | — | — | |||||||||||
| | | | | | | | | | | | | | | | | |
Net cash provided by (used in) financing activities | 3,340 | (225,745 | ) | 117 | — | (222,288 | ) | ||||||||||
| | | | | | | | | | | | | | | | | |
Effect of exchange rate changes on cash and equivalents | — | (588 | ) | 604 | — | 16 | |||||||||||
| | | | | | | | | | | | | | | | | |
Net increase (decrease) in cash and equivalents | (395 | ) | (176,683 | ) | 3,272 | — | (173,806 | ) | |||||||||
Cash and equivalents at beginning of period | 686 | 232,009 | 39,642 | — | 272,337 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Cash and equivalents at end of period | $ | 291 | $ | 55,326 | $ | 42,914 | $ | — | $ | 98,531 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Predecessor fifty-two weeks ended March 29, 2012: | |||||||||||||||||
(In thousands) | AMCE | Subsidiary | Subsidiary | Consolidating | Consolidated AMC | ||||||||||||
Guarantors | Non-Guarantors | Adjustments | Entertainment Inc. | ||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net cash provided by (used in) operating activities | $ | 21,673 | $ | 177,633 | $ | (1,979 | ) | $ | — | $ | 197,327 | ||||||
| | | | | | | | | | | | | | | | | |
Cash flows from investing activities: | |||||||||||||||||
Capital expenditures | — | (139,195 | ) | (164 | ) | — | (139,359 | ) | |||||||||
Proceeds from disposition of long-term assets | — | 1,474 | — | — | 1,474 | ||||||||||||
Investments in non-consolidated entities, net | 1,049 | (27,928 | ) | (1 | ) | — | (26,880 | ) | |||||||||
Proceeds from sale/leaseback of digital projection equipment | — | 953 | — | — | 953 | ||||||||||||
Other, net | — | 98 | — | — | 98 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Net cash provided by (used in) investing activities | 1,049 | (164,598 | ) | (165 | ) | — | (163,714 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Cash flows from financing activities: | |||||||||||||||||
Proceeds from issuance of Term Loan due 2018 | 297,000 | — | — | — | 297,000 | ||||||||||||
Repayment of Term Loan 2013 | (140,657 | ) | — | — | — | (140,657 | ) | ||||||||||
Repurchase of Senior Subordinated Notes due 2014 | (108,965 | ) | — | — | — | (108,965 | ) | ||||||||||
Principal payments under Term Loan | (4,875 | ) | — | — | — | (4,875 | ) | ||||||||||
Principal payments under capital and financing lease obligations | — | (3,422 | ) | — | — | (3,422 | ) | ||||||||||
Deferred financing costs | (6,002 | ) | — | — | — | (6,002 | ) | ||||||||||
Change in construction payables | — | 13,512 | — | — | 13,512 | ||||||||||||
Dividends paid to Holdings | (109,581 | ) | — | — | — | (109,581 | ) | ||||||||||
Change in intercompany advances | 51,044 | (52,427 | ) | 1,383 | — | — | |||||||||||
| | | | | | | | | | | | | | | | | |
Net cash provided by (used in) financing activities | (22,036 | ) | (42,337 | ) | 1,383 | — | (62,990 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Effect of exchange rate changes on cash and equivalents | — | 215 | 341 | — | 556 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Net increase (decrease) in cash and equivalents | 686 | (29,087 | ) | (420 | ) | — | (28,821 | ) | |||||||||
Cash and equivalents at beginning of period | — | 261,096 | 40,062 | — | 301,158 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Cash and equivalents at end of period | $ | 686 | $ | 232,009 | $ | 39,642 | $ | — | $ | 272,337 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
THE_COMPANY_AND_SIGNIFICANT_AC3
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 4 Months Ended | 12 Months Ended | 4 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 5 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 5 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 02, 2011 | Mar. 29, 2012 | Aug. 30, 2012 | Dec. 29, 2011 | Mar. 29, 2012 | Feb. 13, 2007 | Aug. 30, 2012 | Mar. 29, 2012 | Jun. 14, 2010 | Mar. 29, 2012 | Mar. 29, 2012 | Dec. 31, 2013 | Dec. 23, 2013 | Dec. 31, 2013 | |
NCM | NCM | Minimum | Maximum | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Wanda | IPO | IPO | |||
item | NCM | NCM | NCM | NCM | Minimum | Maximum | Class A common stock | Class A common stock | ||||||||||||
Holdings | Holdings | |||||||||||||||||||
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,421,053 | ' |
Price per share (in dollars per share) | ' | ' | ' | $19.96 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $17.13 | ' | ' | ' | $18 | ' |
Number of additional shares option exercised by underwriters | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,631,579 | ' |
Total offering size (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,052,632 | ' |
Net proceeds from offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $355,299,000 | ' |
Amount of IPO proceeds contributed AMCE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 355,580,000 | 355,299,000 |
Ownership percentage held in Holding entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 77.87% | ' | ' |
Combined voting power held in Holdings (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 91.35% | ' | ' |
Total Merger consideration | ' | ' | ' | ' | ' | ' | ' | ' | 701,811,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash invested by Wanda | ' | ' | ' | ' | ' | ' | ' | ' | 700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash invested by members of management | ' | ' | ' | ' | ' | ' | ' | ' | 1,811,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated transaction value | ' | ' | ' | ' | ' | ' | ' | ' | 2,748,018,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling (minority) interests (as a percent) | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Length of fiscal year prior to change | ' | ' | ' | ' | '364 days | '371 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Admissions | 548,632,000 | 1,847,327,000 | ' | ' | ' | ' | ' | ' | 816,031,000 | 1,295,469,000 | 1,721,295,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Food and beverage | 229,739,000 | 786,912,000 | ' | ' | ' | ' | ' | ' | 342,130,000 | 518,081,000 | 689,680,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other theatre | 33,121,000 | 115,189,000 | ' | ' | ' | ' | ' | ' | 47,911,000 | 71,984,000 | 111,002,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | 811,492,000 | 2,749,428,000 | ' | ' | ' | ' | ' | ' | 1,206,072,000 | 1,885,534,000 | 2,521,977,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Film exhibition costs | 291,561,000 | 976,912,000 | ' | ' | ' | ' | ' | ' | 436,539,000 | 694,863,000 | 916,054,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Food and beverage costs | 30,545,000 | 107,325,000 | ' | ' | ' | ' | ' | ' | 47,326,000 | 70,961,000 | 93,581,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating expense | 230,434,000 | 726,641,000 | ' | ' | ' | ' | ' | ' | 297,328,000 | 525,431,000 | 696,783,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rent | 143,374,000 | 451,828,000 | ' | ' | ' | ' | ' | ' | 189,086,000 | 334,607,000 | 445,326,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General and administrative: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Merger, acquisition and transaction costs | 3,366,000 | 2,883,000 | ' | ' | ' | ' | ' | ' | 172,000 | 1,179,000 | 2,622,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management fee | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | 3,750,000 | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other | 29,110,000 | 97,288,000 | ' | ' | ' | ' | ' | ' | 27,025,000 | 36,065,000 | 51,776,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | 71,633,000 | 197,537,000 | ' | ' | ' | ' | ' | ' | 80,971,000 | 155,970,000 | 212,817,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating costs and expenses | 800,023,000 | 2,560,414,000 | ' | ' | ' | ' | ' | ' | 1,080,947,000 | 1,822,826,000 | 2,424,244,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income (loss) | 11,469,000 | 189,014,000 | ' | ' | ' | ' | ' | ' | 125,125,000 | 62,708,000 | 97,733,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other expense (income) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other expense (income) | 49,000 | -1,415,000 | ' | ' | ' | ' | ' | ' | 960,000 | 377,000 | 1,402,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Corporate borrowings | 45,259,000 | 129,963,000 | ' | ' | ' | ' | ' | ' | 67,614,000 | 120,265,000 | 161,645,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital and financing lease obligations | 1,873,000 | 10,264,000 | ' | ' | ' | ' | ' | ' | 2,390,000 | 4,480,000 | 5,968,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in earnings of non-consolidated entities | 2,480,000 | -47,435,000 | -4,271,000 | -23,196,000 | ' | ' | ' | ' | -7,545,000 | -1,864,000 | -12,559,000 | -132,622,000 | -7,473,000 | -28,489,000 | ' | ' | ' | ' | ' | ' |
Investment expense (income) | 290,000 | -2,084,000 | ' | ' | ' | ' | ' | ' | -41,000 | 17,666,000 | 17,641,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total other expense | 49,951,000 | 89,293,000 | ' | ' | ' | ' | ' | ' | 63,378,000 | 140,924,000 | 174,097,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings (loss) from continuing operations before income taxes | -38,482,000 | 99,721,000 | ' | ' | ' | ' | ' | ' | 61,747,000 | -78,216,000 | -76,364,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax provision | 3,500,000 | -263,383,000 | ' | ' | ' | ' | ' | ' | 2,500,000 | 1,510,000 | 2,015,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings (loss) from continuing operations | -41,982,000 | 363,104,000 | ' | ' | ' | ' | ' | ' | 59,247,000 | -79,726,000 | -78,379,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss from discontinued operations, net of income taxes | -688,000 | 1,296,000 | ' | ' | ' | ' | ' | ' | 35,153,000 | -2,989,000 | -3,609,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings (loss) | -42,670,000 | 364,400,000 | ' | ' | ' | ' | ' | ' | 94,400,000 | -82,715,000 | -81,988,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated Statement of Comprehensive Loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -42,670,000 | 364,400,000 | ' | ' | ' | ' | ' | ' | 94,400,000 | -82,715,000 | -81,988,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustment, net of tax | -530,000 | 179,000 | ' | ' | ' | ' | ' | ' | 11,935,000 | 4,837,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension and other benefit adjustments: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of net loss included in net periodic benefit costs, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of prior service credit included in net periodic benefit costs, net of tax | ' | -78,000 | ' | ' | ' | ' | ' | ' | ' | -668,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized loss on marketable securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized holding loss arising during the period, net of tax | 1,915,000 | -1,622,000 | ' | ' | ' | ' | ' | ' | ' | -23,791,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less: reclassification adjustment for loss included in investment expense, net of tax | -2,000 | 925,000 | ' | ' | ' | ' | ' | ' | ' | 17,724,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive loss | 9,444,000 | 14,760,000 | ' | ' | ' | ' | ' | ' | ' | -1,894,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total comprehensive income (loss) | -33,226,000 | 379,160,000 | ' | ' | ' | ' | ' | ' | ' | -84,609,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -42,670,000 | 364,400,000 | ' | ' | ' | ' | ' | ' | 94,400,000 | -82,715,000 | -81,988,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustment to reconcile net loss to net cash provided by operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | 71,633,000 | 197,537,000 | ' | ' | ' | ' | ' | ' | ' | 156,914,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of RealD Inc. investment | ' | 1,370,000 | ' | ' | ' | ' | ' | ' | ' | 17,751,000 | 17,751,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Theatre and other closure expense | 2,381,000 | 5,823,000 | ' | ' | ' | ' | ' | ' | ' | 5,687,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on dispositions | -73,000 | 2,876,000 | ' | ' | ' | ' | ' | ' | ' | 1,444,000 | 580,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | ' | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | 1,471,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in earnings from non-consolidated entities, net of distributions | 12,707,000 | -19,611,000 | ' | ' | ' | ' | ' | ' | ' | 18,731,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in assets and liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables | -66,615,000 | -3,365,000 | ' | ' | ' | ' | ' | ' | ' | -46,862,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other assets | -35,138,000 | -8,915,000 | ' | ' | ' | ' | ' | ' | ' | -1,958,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | 69,029,000 | 64,215,000 | ' | ' | ' | ' | ' | ' | ' | 38,266,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued expenses and other liabilities | 63,288,000 | 14,822,000 | ' | ' | ' | ' | ' | ' | ' | 36,078,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other, net | -597,000 | 11,649,000 | ' | ' | ' | ' | ' | ' | ' | -7,550,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities | 73,892,000 | 357,342,000 | ' | ' | ' | ' | ' | ' | 79,497,000 | 137,257,000 | 197,327,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash flows from investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | -72,774,000 | -260,823,000 | ' | ' | ' | ' | ' | ' | -40,116,000 | -85,083,000 | -139,359,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in non-consolidated entities, net | -1,194,000 | -3,265,000 | ' | ' | ' | ' | ' | ' | 1,589,000 | -23,835,000 | -26,880,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other, net | -575,000 | -7,448,000 | ' | ' | ' | ' | ' | ' | 205,000 | 944,000 | 98,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash used in investing activities | -158,898,000 | -268,784,000 | ' | ' | ' | ' | ' | ' | -31,031,000 | -107,974,000 | -163,714,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash flows from financing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal payments under Term Loan | -4,002,000 | -7,813,000 | ' | ' | ' | ' | ' | ' | -4,002,000 | -3,250,000 | -4,875,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal payments under capital and financing lease obligations | -875,000 | -6,446,000 | ' | ' | ' | ' | ' | ' | -1,298,000 | -2,645,000 | -3,422,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing costs | ' | -9,126,000 | ' | ' | ' | ' | ' | ' | -2,378,000 | -667,000 | -6,002,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in construction payables | 22,487,000 | -19,404,000 | ' | ' | ' | ' | ' | ' | -23,575,000 | -1,298,000 | 13,512,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends paid to Holdings | ' | -588,000 | ' | ' | ' | ' | ' | ' | ' | -109,581,000 | -109,581,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by (used in) financing activities | 117,610,000 | 324,928,000 | ' | ' | ' | ' | ' | ' | -222,288,000 | -117,441,000 | -62,990,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of exchange rate changes on cash and equivalents | -207,000 | -103,000 | ' | ' | ' | ' | ' | ' | 16,000 | 520,000 | 556,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net increase (decrease) in cash and equivalents | 32,397,000 | 413,383,000 | ' | ' | ' | ' | ' | ' | -173,806,000 | -87,638,000 | -28,821,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and equivalents at beginning of period | 98,531,000 | 130,928,000 | ' | ' | ' | ' | 301,158,000 | ' | ' | 301,158,000 | 301,158,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and equivalents at end of period | 130,928,000 | 544,311,000 | ' | ' | ' | ' | ' | ' | 98,531,000 | 213,520,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid during the period for: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest | 68,794,000 | 152,220,000 | ' | ' | ' | ' | ' | ' | ' | 138,849,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income taxes, net | 10,088,000 | 1,646,000 | ' | ' | ' | ' | ' | ' | ' | 802,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of revenue related to sales of gift cards and packaged tickets deferred | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period after issuance of gift cards to recognize breakage income on the unredeemed gift cards | ' | '18 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of gift card sales channels for which breakage rate is applied | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Breakage rate for gift cards (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14.00% | 23.00% | ' | ' | ' |
Period over which total amount of breakage for that current month's sales in proportion to the pattern of actual redemptions is recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '24 months | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period during which breakage for packaged tickets continues to be recognized as redemption if not used after being purchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '18 months | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gift card breakage income recognized | 3,483,000 | 19,510,000 | ' | ' | ' | ' | ' | ' | 7,776,000 | ' | 32,633,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gift card breakage income recorded due to change from the Remote Method to the Proportional Method | ' | ' | ' | ' | ' | ' | ' | 14,969,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Film Exhibition Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Film exhibition cost payable | 120,650,000 | 149,378,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Customer Frequency Program | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rewards earned | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount spent | ' | ' | ' | ' | ' | ' | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption period of rewards, maximum (in days) | ' | ' | ' | ' | ' | ' | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period for recognition of annual membership fee (in years) | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising costs | 4,137,000 | 9,684,000 | ' | ' | ' | ' | ' | ' | 3,603,000 | ' | 10,118,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of intangible assets | $0 | $0 | ' | ' | ' | ' | ' | ' | $0 | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
THE_COMPANY_AND_SIGNIFICANT_AC4
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 29, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 26, 2013 | Aug. 30, 2012 | Mar. 31, 2011 | Sep. 30, 2010 | Jun. 14, 2010 | Apr. 01, 2010 | Mar. 17, 2009 | 29-May-08 | Mar. 27, 2008 | Aug. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 29, 2012 | Dec. 31, 2013 |
Minimum | Maximum | Predecessor | Predecessor | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | Digital Cinema Implementation Partners LLC | U.S. theatres and IMAX screen | Open Road Films | Investments in non-consolidated affiliates and certain other investments accounted for following the equity method | Investments in non-consolidated affiliates and certain other investments accounted for following the equity method | AC JV, LLC | ||||
Trademark and trade name | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Tranche 2 Investments | theatre | Maximum | Predecessor | ||||||||||||
item | Predecessor | Screen | ||||||||||||||||||||||
Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of membership units recorded at fair value (Level 1) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,323,782 | ' | ' | ' | ' | ' | ' |
Equity method investments holding percentage | ' | ' | ' | ' | ' | ' | ' | 15.01% | 4.00% | ' | 15.66% | 17.02% | 23.05% | 18.23% | 18.53% | 18.52% | 19.10% | ' | 29.00% | 50.00% | 50.00% | 50.00% | ' | 32.00% |
Number of U.S. theatres | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' |
Number of IMAX screens | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' |
Reduced amount of recorded investments upon proportional ownership of the underlying equity, excluding NCM and AC JV, LLC | $12,744,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charge related to joint venture investment | ' | ' | ' | ' | ' | 2,742,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,742,000 | ' |
Goodwill | 2,291,943,000 | 2,251,296,000 | 2,172,272,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of goodwill | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of trademark and tradename | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable related to checks issued but not yet presented to bank | 52,093,000 | 64,573,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease terms | ' | ' | ' | '15 years | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional term for which leases can be extended | ' | ' | ' | ' | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing lease obligations for failed sale leaseback transactions | $85,902,000 | $90,772,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
THE_COMPANY_AND_SIGNIFICANT_AC5
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES (Details 3) (USD $) | 4 Months Ended | 12 Months Ended | 5 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2013 | Mar. 29, 2012 | Dec. 31, 2013 | Aug. 30, 2012 | Dec. 29, 2011 | Mar. 29, 2012 | |
theatre | Maximum | Predecessor | Predecessor | Predecessor | |||
Screen | |||||||
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES | ' | ' | ' | ' | ' | ' | ' |
Number of theatres | ' | 3 | ' | ' | ' | ' | ' |
Number of screens in theatres | ' | 33 | ' | ' | ' | ' | ' |
Impairment losses | ' | ' | ' | ' | ' | ' | ' |
Impairment of long-lived assets | ' | ' | $285,000 | ' | ' | ' | $285,000 |
Equity in (earnings) losses of non-consolidated entities | ' | ' | ' | ' | ' | ' | 2,742,000 |
Investment expense (income) | ' | 1,370,000 | ' | ' | ' | 17,751,000 | 17,751,000 |
Total impairment losses | ' | 1,370,000 | ' | ' | ' | ' | 20,778,000 |
Casualty Insurance | ' | ' | ' | ' | ' | ' | ' |
Self-insured amount for general liability per occurrence | ' | ' | ' | 1,000,000 | ' | ' | ' |
Deductible limit per occurrence for workers compensation claims | ' | ' | ' | 500,000 | ' | ' | ' |
Casualty insurance reserves, net of estimated insurance recoveries | 14,980,000 | 16,549,000 | ' | ' | ' | ' | ' |
Expenses related to general liability and workers compensation claims | $3,913,000 | $16,332,000 | ' | ' | $5,732,000 | ' | $12,705,000 |
THE_COMPANY_AND_SIGNIFICANT_AC6
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES (Details 4) (USD $) | 4 Months Ended | 12 Months Ended | 5 Months Ended | 9 Months Ended | 12 Months Ended | 5 Months Ended | 12 Months Ended | 4 Months Ended | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2013 | Aug. 30, 2012 | Dec. 29, 2011 | Mar. 29, 2012 | Dec. 31, 2013 | Mar. 29, 2012 | Aug. 30, 2012 | Mar. 29, 2012 | Dec. 31, 2012 | Mar. 29, 2012 | |
Predecessor | Predecessor | Predecessor | Senior Secured Credit Facility | Senior Secured Credit Facility | 8% Senior Subordinated Notes due 2014 | 8% Senior Subordinated Notes due 2014 | Other expense | Other expense | |||
Predecessor | Predecessor | Predecessor | Predecessor | ||||||||
Other Expense (Income) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Gain) loss on redemption and modification of debt | ' | ' | ' | ' | ' | ($130,000) | $383,000 | $1,297,000 | $640,000 | ' | ' |
Business interruption insurance recoveries | ' | -1,285,000 | -337,000 | ' | -12,000 | ' | ' | ' | ' | ' | ' |
Other expense (income) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49,000 | 391,000 |
Other expense (income) | $49,000 | ($1,415,000) | $960,000 | $377,000 | $1,402,000 | ' | ' | ' | ' | ' | ' |
THE_COMPANY_AND_SIGNIFICANT_AC7
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES (Details 5) (USD $) | 4 Months Ended | 12 Months Ended | 3 Months Ended | 5 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended |
Dec. 31, 2012 | Dec. 31, 2013 | Mar. 29, 2012 | Aug. 30, 2012 | Mar. 29, 2012 | Mar. 29, 2012 | Mar. 29, 2012 | |
Predecessor | Predecessor | Predecessor | Accounting change represented a change in accounting estimate effected by a change in accounting principle | Accounting change represented a change in accounting estimate effected by a change in accounting principle | |||
Predecessor | Predecessor | ||||||
Accounting Changes | ' | ' | ' | ' | ' | ' | ' |
Period after issuance of gift cards to recognize breakage income on the unredeemed gift cards | ' | '18 months | ' | ' | ' | '18 months | ' |
Gift card breakage income recorded due to change from the Remote Method to the Proportional Method | ' | ' | $14,969,000 | ' | ' | $14,969,000 | ' |
Gift card breakage income recognized | $3,483,000 | $19,510,000 | ' | $7,776,000 | $32,633,000 | ' | $32,633,000 |
MERGER_Details
MERGER (Details) (USD $) | 4 Months Ended | 12 Months Ended | 5 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 4 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | ||||||||||
Dec. 31, 2012 | Dec. 31, 2013 | Aug. 30, 2012 | Aug. 30, 2012 | Dec. 29, 2011 | Mar. 29, 2012 | Feb. 13, 2007 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 03, 2013 | Aug. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Apr. 15, 2013 | Aug. 30, 2012 | Aug. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Predecessor | Predecessor | Predecessor | NCM | 9.75% Senior Subordinated Notes due 2020 | 8.75% Senior Notes due 2019 | AMC Entertainment, Inc. | AMC Entertainment, Inc. | AMC Entertainment, Inc. | AMC Entertainment, Inc. | AMC Entertainment, Inc. | AMC Entertainment, Inc. | AMC Entertainment, Inc. | AMC Entertainment, Inc. | AMC Entertainment, Inc. | AMC Entertainment, Inc. | AMC Entertainment, Inc. | AMC Entertainment, Inc. | ||||
NCM Inc. | Merger Subsidiary | Merger Subsidiary | Merger Subsidiary | Merger Subsidiary | Merger Subsidiary | Merger Subsidiary | Merger Subsidiary | Merger Subsidiary | Merger Subsidiary | Merger Subsidiary | Merger Subsidiary | Merger Subsidiary | |||||||||
Predecessor | item | Class A common stock | Class N common stock | Predecessor | Adjustment to initial allocation | Lease intangible asset | Customer relationship asset | Non-compete agreements | |||||||||||||
Merger | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash invested by Wanda | ' | ' | ' | $700,000,000 | ' | ' | ' | ' | ' | ' | $700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash invested by members of management | ' | ' | ' | 1,811,000 | ' | ' | ' | ' | ' | ' | 1,811,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued for acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,252,109 | 173,147 | ' | ' | ' | ' | ' |
Percentage of management reinvestment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Differential in per share price paid in Merger (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of consideration deposited into indemnity escrow fund | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of consideration deposited into an account designated by the stockholder representative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Release of amount deposited in indemnity escrow fund | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indemnity claims | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Release of amount deposited into an account designated by the stockholder representative | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount released back to the selling stockholders, including members of management | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,974,000 | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 2,251,296,000 | 2,291,943,000 | 2,172,272,000 | ' | ' | ' | ' | ' | ' | ' | 2,204,223,000 | ' | ' | ' | ' | ' | ' | 32,000,000 | ' | ' | ' |
Allocation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101,641,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,775,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other current assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,840,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,034,597,000 | ' | ' | ' | ' | ' | ' | -28,000,000 | ' | ' | ' |
Intangible assets, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 246,507,000 | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Goodwill | 2,251,296,000 | 2,291,943,000 | 2,172,272,000 | ' | ' | ' | ' | ' | ' | ' | 2,204,223,000 | ' | ' | ' | ' | ' | ' | 32,000,000 | ' | ' | ' |
Other long-term assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 339,013,000 | ' | ' | ' | ' | ' | ' | -4,000,000 | ' | ' | ' |
Accounts payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -134,186,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued expenses and other liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -138,535,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit card, package tickets, and loyalty program liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -117,841,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Corporate borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,086,926,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital and financing lease obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -60,922,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exhibitor services agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -322,620,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other long-term liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -427,755,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Merger consideration | ' | ' | ' | 701,811,000 | ' | ' | ' | ' | ' | ' | 701,811,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transaction value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Corporate borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,086,926,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital and financing lease obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,922,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less: cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -101,641,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total transaction value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,748,018,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 246,507,000 | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Owned real estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of scenarios to determine value of intangible asset | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in deferred revenues for packaged tickets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -24,859,000 | ' | ' | ' |
Reduction in deferred revenues for gift cards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,441,000 | ' | ' | ' |
Expiration period of AMC Stubs vested rewards, if unused | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate of debt instrument (as a percent) | ' | ' | ' | ' | ' | ' | ' | 9.75% | 8.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration received for modifying the ESA | ' | ' | ' | ' | ' | ' | 231,308,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustments to reset deferred rent related to escalations of minimum rentals | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Merger, acquisition and transaction costs | $3,366,000 | $2,883,000 | ' | $172,000 | $1,179,000 | $2,622,000 | ' | ' | ' | ' | ' | $2,500,000 | $957,000 | ' | ' | ' | $3,538,000 | ' | ' | ' | ' |
MERGER_Details_2
MERGER (Details 2) (USD $) | 4 Months Ended | 12 Months Ended | 5 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 4 Months Ended | 12 Months Ended | 9 Months Ended |
Dec. 31, 2012 | Dec. 31, 2013 | Aug. 30, 2012 | Dec. 29, 2011 | Mar. 29, 2012 | Aug. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Predecessor | Predecessor | Predecessor | AMC Entertainment, Inc. | AMC Entertainment, Inc. | AMC Entertainment, Inc. | AMC Entertainment, Inc. | |||
Pro forma | Pro forma | Pro forma | Pro forma | ||||||
Predecessor | |||||||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Admissions | $548,632,000 | $1,847,327,000 | $816,031,000 | $1,295,469,000 | $1,721,295,000 | ' | ' | ' | $1,364,663,000 |
Food and beverage | 229,739,000 | 786,912,000 | 342,130,000 | 518,081,000 | 689,680,000 | ' | ' | ' | 571,869,000 |
Other theatre | 33,121,000 | 115,189,000 | 47,911,000 | 71,984,000 | 111,002,000 | ' | ' | ' | 72,574,000 |
Total revenues | 811,492,000 | 2,749,428,000 | 1,206,072,000 | 1,885,534,000 | 2,521,977,000 | ' | ' | ' | 2,009,106,000 |
Operating costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Film exhibition costs | 291,561,000 | 976,912,000 | 436,539,000 | 694,863,000 | 916,054,000 | ' | ' | ' | 728,100,000 |
Food and beverage costs | 30,545,000 | 107,325,000 | 47,326,000 | 70,961,000 | 93,581,000 | ' | ' | ' | 77,871,000 |
Operating expense | 230,434,000 | 726,641,000 | 297,328,000 | 525,431,000 | 696,783,000 | ' | ' | ' | 529,235,000 |
Rent | 143,374,000 | 451,828,000 | 189,086,000 | 334,607,000 | 445,326,000 | ' | ' | ' | 331,397,000 |
General and administrative: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Merger, acquisition and transaction costs | 3,366,000 | 2,883,000 | 172,000 | 1,179,000 | 2,622,000 | ' | 2,500,000 | 957,000 | 3,538,000 |
Management fee | ' | ' | 2,500,000 | 3,750,000 | 5,000,000 | ' | ' | ' | ' |
Other | 29,110,000 | 97,288,000 | 27,025,000 | 36,065,000 | 51,776,000 | ' | ' | ' | 55,596,000 |
Depreciation and amortization | 71,633,000 | 197,537,000 | 80,971,000 | 155,970,000 | 212,817,000 | ' | ' | ' | 150,234,000 |
Operating costs and expenses | 800,023,000 | 2,560,414,000 | 1,080,947,000 | 1,822,826,000 | 2,424,244,000 | ' | ' | ' | 1,875,971,000 |
Operating income (loss) | 11,469,000 | 189,014,000 | 125,125,000 | 62,708,000 | 97,733,000 | ' | ' | ' | 133,135,000 |
Other expense (income) | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other expense (income) | 49,000 | -1,415,000 | 960,000 | 377,000 | 1,402,000 | ' | ' | ' | 1,009,000 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Corporate borrowings | 45,259,000 | 129,963,000 | 67,614,000 | 120,265,000 | 161,645,000 | ' | ' | ' | 103,429,000 |
Capital and financing lease obligations | 1,873,000 | 10,264,000 | 2,390,000 | 4,480,000 | 5,968,000 | ' | ' | ' | 4,263,000 |
Equity in earnings of non-consolidated entities | 2,480,000 | -47,435,000 | -7,545,000 | -1,864,000 | -12,559,000 | ' | ' | ' | -7,499,000 |
Investment expense (income) | 290,000 | -2,084,000 | -41,000 | 17,666,000 | 17,641,000 | ' | ' | ' | 578,000 |
Total other expense | 49,951,000 | 89,293,000 | 63,378,000 | 140,924,000 | 174,097,000 | ' | ' | ' | 101,780,000 |
Earnings (loss) from continuing operations before income taxes | -38,482,000 | 99,721,000 | 61,747,000 | -78,216,000 | -76,364,000 | ' | ' | ' | 31,355,000 |
Income tax provision | 3,500,000 | -263,383,000 | 2,500,000 | 1,510,000 | 2,015,000 | ' | ' | ' | 9,000,000 |
Earnings (loss) from continuing operations | -41,982,000 | 363,104,000 | 59,247,000 | -79,726,000 | -78,379,000 | ' | ' | ' | 22,355,000 |
Earnings from discontinued operations | -688,000 | 1,296,000 | 35,153,000 | -2,989,000 | -3,609,000 | ' | ' | ' | 34,465,000 |
Net earnings (loss) | -42,670,000 | 364,400,000 | 94,400,000 | -82,715,000 | -81,988,000 | ' | ' | ' | 56,820,000 |
Financial advisor fees, bond amendment consent fees, and professional and consulting fees related to merger | ' | ' | ' | ' | ' | $31,462,000 | ' | ' | ' |
MERGER_Details_3
MERGER (Details 3) (AMC Entertainment, Inc., Merger Subsidiary, USD $) | 0 Months Ended |
Aug. 30, 2012 | |
AMC Entertainment, Inc. | Merger Subsidiary | ' |
Merger | ' |
Financial advisor fees | $18,129,000 |
Management transaction bonuses | 6,000,000 |
Bond amendment fees | 3,946,000 |
Unrecognized stock compensation expense | 3,177,000 |
Other contingent transaction costs | 210,000 |
Financial advisor fees, bond amendment consent fees, and professional and consulting fees related to the Merger | $31,462,000 |
ACQUISITION_Details
ACQUISITION (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 |
Rave | Rave | Rave Reviews Cinemas, LLC | Rave Digital Media, LLC | ||||
item | item | ||||||
Screen | Screen | ||||||
ACQUISITION | ' | ' | ' | ' | ' | ' | ' |
Number of theatres acquired | ' | ' | ' | ' | ' | 4 | 6 |
Number of screens acquired | ' | ' | ' | ' | ' | 61 | 95 |
Purchase price paid in cash, net of cash acquired | ' | ' | ' | $881,000 | $88,683,000 | ' | ' |
Allocation of purchase price not yet completed | ' | ' | ' | ' | ' | ' | ' |
Cash | ' | ' | ' | ' | 3,649,000 | ' | ' |
Receivables, net | ' | ' | ' | ' | 58,000 | ' | ' |
Other current assets | ' | ' | ' | ' | 1,556,000 | ' | ' |
Property, net | ' | ' | ' | ' | 79,428,000 | ' | ' |
Goodwill | 2,291,943,000 | 2,251,296,000 | 2,172,272,000 | ' | 87,720,000 | ' | ' |
Accrued expenses and other liabilities | ' | ' | ' | ' | -7,243,000 | ' | ' |
Capital and financing lease obligations | ' | ' | ' | ' | -62,598,000 | ' | ' |
Deferred tax asset | 96,824,000 | ' | ' | ' | 3,752,000 | ' | ' |
Other long-term liabilities | ' | ' | ' | ' | -13,990,000 | ' | ' |
Total Merger consideration | ' | ' | ' | ' | $92,332,000 | ' | ' |
ACQUISITION_Details_2
ACQUISITION (Details 2) (Rave, USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Rave | ' |
ACQUISITION | ' |
Acquisition-related costs | $728,000 |
DISCONTINUED_OPERATIONS_Detail
DISCONTINUED OPERATIONS (Details) (USD $) | 4 Months Ended | 12 Months Ended | 5 Months Ended | 9 Months Ended | 12 Months Ended | 5 Months Ended | 4 Months Ended | 12 Months Ended | 5 Months Ended | 12 Months Ended | 4 Months Ended | 12 Months Ended | 1 Months Ended | 5 Months Ended | 12 Months Ended | 1 Months Ended | 5 Months Ended | 1 Months Ended | 5 Months Ended | 1 Months Ended | ||||
Dec. 31, 2012 | Dec. 31, 2013 | Aug. 30, 2012 | Dec. 29, 2011 | Mar. 29, 2012 | Dec. 31, 2013 | Aug. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 30, 2012 | Mar. 29, 2012 | Aug. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Jul. 31, 2012 | Aug. 30, 2012 | Mar. 29, 2012 | Aug. 30, 2012 | Aug. 30, 2012 | Jul. 31, 2012 | Aug. 30, 2012 | Aug. 30, 2012 | Aug. 30, 2012 | Dec. 31, 2008 | |
Screen | Predecessor | Predecessor | Predecessor | One closed theatre | Seven Canada theatres and one United Kingdom theatre | All discontinued operations | All discontinued operations | All discontinued operations | All discontinued operations | One theatre | Canada | Canada | Canada | Canada | Canada | Canada | Canada | Canada | Canada | United Kingdom | United Kingdom | Mexico City Metropolitan Area | ||
Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | One closed theatre | One closed theatre | 6 theatres | Theatres | Theatres | One theatre | Cinemex | |||||||||||
Odeon Cinemas Limited | Screen | theatre | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | |||||||||||||||
theatre | Screen | theatre | theatre | Screen | ||||||||||||||||||||
Screen | theatre | |||||||||||||||||||||||
Discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of theatres closed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' |
Number of screens in theatres | ' | 33 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 134 | ' | ' | ' | 20 | ' | ' | ' | 12 | ' |
Payment made to the landlord to terminate the lease agreement | ' | ' | ' | ' | ' | ' | $7,562,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,562,000 | ' | ' | ' | ' | ' |
Number of theatres sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | ' | ' | ' | 6 | ' | ' | 1 | 44 |
Gross proceeds from sales subject to working capital and other purchase price adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 395,000 | ' | ' | ' | ' | ' | ' | ' | 1,472,000 | ' | ' | ' | ' |
Proceeds from sale of theatre | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,472,000 | 395,000 | ' | ' |
Cash payment for closure of Canada theatre | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,562,000 | ' | ' | ' |
Net cash payment | ' | ' | -5,695,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed asset write-offs | ' | ' | -1,885,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognition of cumulative translation losses in AOCI | ' | ' | -11,069,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Legal and professional fees | ' | ' | -1,582,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Lease Liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred rent write-off | ' | ' | 14,848,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unfavorable lease write-off | ' | ' | 31,099,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred gain write-off | ' | ' | 13,666,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale, net of lease termination expense | ' | ' | 39,382,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustment: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustment, net of tax | ' | ' | 866,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification adjustment for foreign currency translation loss included in discontinued operations, net of tax | ' | ' | 11,069,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total foreign currency translation adjustment, net of tax | -530,000 | 179,000 | 11,935,000 | 4,837,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional disclosures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of operating lease agreements | ' | ' | ' | ' | ' | ' | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount received for a sales price adjustment from the sale of theatres located in Canada | ' | 4,666,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of screens sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 493 |
Liability recorded | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Admissions | 548,632,000 | 1,847,327,000 | 816,031,000 | 1,295,469,000 | 1,721,295,000 | ' | ' | ' | ' | 16,389,000 | 56,172,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Food and beverage | 229,739,000 | 786,912,000 | 342,130,000 | 518,081,000 | 689,680,000 | ' | ' | ' | ' | 6,099,000 | 20,192,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other theatre | 33,121,000 | 115,189,000 | 47,911,000 | 71,984,000 | 111,002,000 | ' | ' | ' | ' | 548,000 | 2,253,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | 811,492,000 | 2,749,428,000 | 1,206,072,000 | 1,885,534,000 | 2,521,977,000 | ' | ' | ' | ' | 23,036,000 | 78,617,000 | ' | 809,000 | 1,214,000 | ' | 885,000 | 2,814,000 | ' | ' | ' | ' | ' | ' | ' |
Operating costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Film exhibition costs | 291,561,000 | 976,912,000 | 436,539,000 | 694,863,000 | 916,054,000 | ' | ' | ' | ' | 8,706,000 | 28,958,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Food and beverage costs | 30,545,000 | 107,325,000 | 47,326,000 | 70,961,000 | 93,581,000 | ' | ' | 66,000 | ' | 1,252,000 | 3,655,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating expense | 230,434,000 | 726,641,000 | 297,328,000 | 525,431,000 | 696,783,000 | ' | ' | 439,000 | ' | 15,592,000 | 24,643,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rent | 143,374,000 | 451,828,000 | 189,086,000 | 334,607,000 | 445,326,000 | ' | ' | ' | ' | 7,322,000 | 23,497,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General and administrative costs | ' | ' | ' | ' | ' | ' | ' | 221,000 | ' | 511,000 | 248,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation, Depletion and Amortization | 71,633,000 | 197,537,000 | 80,971,000 | 155,970,000 | 212,817,000 | ' | ' | ' | ' | 263,000 | 1,212,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Gain) loss on disposition | ' | ' | ' | ' | ' | ' | 39,382,000 | -37,000 | -2,126,000 | -46,951,000 | 25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating costs and expenses | 800,023,000 | 2,560,414,000 | 1,080,947,000 | 1,822,826,000 | 2,424,244,000 | ' | ' | 689,000 | -2,126,000 | -13,305,000 | 82,238,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | -689,000 | 2,126,000 | 36,341,000 | -3,621,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment income | 290,000 | -2,084,000 | -41,000 | 17,666,000 | 17,641,000 | ' | ' | -1,000 | ' | -12,000 | -12,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total other expense | 49,951,000 | 89,293,000 | 63,378,000 | 140,924,000 | 174,097,000 | ' | ' | -1,000 | ' | -12,000 | -12,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | -688,000 | 2,126,000 | 36,353,000 | -3,609,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax provision | ' | 830,000 | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings (loss) | ($688,000) | $1,296,000 | $35,153,000 | ($2,989,000) | ($3,609,000) | ' | ' | ($688,000) | $1,296,000 | $35,153,000 | ($3,609,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
PROPERTY_Details
PROPERTY (Details) (USD $) | 4 Months Ended | 12 Months Ended | 5 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2012 | Dec. 31, 2013 | Aug. 30, 2012 | Mar. 29, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
Predecessor | Predecessor | Land | Land | Buildings and improvements | Buildings and improvements | Buildings and improvements | Buildings and improvements | Leasehold improvements | Leasehold improvements | Leasehold improvements | Leasehold improvements | Furniture, fixtures and equipment | Furniture, fixtures and equipment | Furniture, fixtures and equipment | Furniture, fixtures and equipment | |||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | |||||||||||||
PROPERTY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property owned, gross | $1,210,886,000 | $1,407,989,000 | ' | ' | $46,148,000 | $46,148,000 | $216,692,000 | $202,338,000 | ' | ' | $528,915,000 | $460,850,000 | ' | ' | $616,234,000 | $501,550,000 | ' | ' |
Less-accumulated depreciation and amortization | 62,927,000 | 228,235,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property owned, net | 1,147,959,000 | 1,179,754,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property leased under capital leases: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful lives | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '40 years | ' | ' | '1 year | '20 years | ' | ' | '1 year | '10 years |
Depreciation expense | $63,472,000 | $176,998,000 | $70,715,000 | $184,935,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
GOODWILL_AND_OTHER_INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Details) (USD $) | 12 Months Ended | 4 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Aug. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | |
Rave | Rave | |||
Activity of goodwill | ' | ' | ' | ' |
Balance at the beginning of the period | $2,251,296,000 | $2,172,272,000 | ' | $87,720,000 |
Increase in Goodwill from purchase price allocation adjustments | 31,951,000 | ' | 79,024,000 | 8,696,000 |
Balance at the end of the period | $2,291,943,000 | $2,172,272,000 | $87,720,000 | ' |
GOODWILL_AND_OTHER_INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS (Details 2) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Amortizable Intangible Assets: | ' | ' |
Gross Carrying Amount | $141,886,000 | $141,886,000 |
Accumulated Amortization | -11,967,000 | -3,106,000 |
Unamortized Intangible Assets: | ' | ' |
AMC trademark | 104,400,000 | 104,400,000 |
Total, unamortizable | 104,400,000 | 104,400,000 |
Favorable leases | ' | ' |
Amortizable Intangible Assets: | ' | ' |
Gross Carrying Amount | 112,496,000 | 112,496,000 |
Accumulated Amortization | -8,053,000 | -2,158,000 |
Favorable leases | Minimum | ' | ' |
Amortizable Intangible Assets: | ' | ' |
Remaining Useful Life | '1 year | ' |
Favorable leases | Maximum | ' | ' |
Amortizable Intangible Assets: | ' | ' |
Remaining Useful Life | '45 years | ' |
Management contracts | ' | ' |
Amortizable Intangible Assets: | ' | ' |
Gross Carrying Amount | 4,690,000 | 4,690,000 |
Accumulated Amortization | -1,103,000 | -278,000 |
Management contracts | Minimum | ' | ' |
Amortizable Intangible Assets: | ' | ' |
Remaining Useful Life | '1 year | ' |
Management contracts | Maximum | ' | ' |
Amortizable Intangible Assets: | ' | ' |
Remaining Useful Life | '7 years | ' |
Non-compete agreements | ' | ' |
Amortizable Intangible Assets: | ' | ' |
Remaining Useful Life | '2 years | ' |
Gross Carrying Amount | 3,800,000 | 3,800,000 |
Accumulated Amortization | -1,678,000 | -404,000 |
NCM tax receivable agreement | ' | ' |
Amortizable Intangible Assets: | ' | ' |
Remaining Useful Life | '23 years | ' |
Gross Carrying Amount | 20,900,000 | 20,900,000 |
Accumulated Amortization | ($1,133,000) | ($266,000) |
GOODWILL_AND_OTHER_INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS (Details 3) (USD $) | 4 Months Ended | 12 Months Ended | 5 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 30, 2012 | Mar. 29, 2012 |
Predecessor | Predecessor | |||
Amortization expense associated with the intangible assets | ' | ' | ' | ' |
Recorded amortization | $3,106 | $9,011 | $5,016 | $14,469 |
Projected annual amortization | ' | ' | ' | ' |
2014 | ' | 8,783 | ' | ' |
2015 | ' | 8,372 | ' | ' |
2016 | ' | 7,516 | ' | ' |
2017 | ' | 7,401 | ' | ' |
2018 | ' | $7,132 | ' | ' |
INVESTMENTS_Details
INVESTMENTS (Details) (USD $) | 4 Months Ended | 12 Months Ended | 12 Months Ended | 5 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 4 Months Ended | 12 Months Ended | 0 Months Ended | 5 Months Ended | 12 Months Ended | 8 Months Ended | 12 Months Ended | 4 Months Ended | 12 Months Ended | 5 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 4 Months Ended | 12 Months Ended | 5 Months Ended | 12 Months Ended | 4 Months Ended | 12 Months Ended | 5 Months Ended | 12 Months Ended | 4 Months Ended | 12 Months Ended | 5 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 30, 2012 | Dec. 29, 2011 | Mar. 29, 2012 | Feb. 13, 2007 | Aug. 30, 2012 | Aug. 30, 2012 | Aug. 30, 2012 | Dec. 29, 2011 | Feb. 13, 2007 | Mar. 17, 2011 | Mar. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 26, 2013 | Dec. 31, 2013 | Mar. 14, 2013 | Sep. 08, 2010 | Aug. 18, 2010 | Feb. 13, 2007 | Aug. 30, 2012 | Mar. 29, 2012 | Mar. 31, 2011 | Apr. 01, 2010 | Sep. 30, 2010 | Jun. 14, 2010 | Mar. 17, 2009 | 29-May-08 | Mar. 27, 2008 | Aug. 30, 2012 | Mar. 29, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 30, 2012 | Mar. 29, 2012 | Dec. 31, 2012 | Jun. 28, 2010 | Mar. 17, 2010 | Mar. 17, 2009 | Mar. 29, 2008 | Mar. 27, 2008 | Mar. 31, 2011 | Aug. 30, 2012 | Mar. 31, 2011 | Feb. 13, 2007 | Mar. 16, 2012 | Dec. 31, 2013 | 29-May-08 | Feb. 13, 2007 | Dec. 31, 2013 | Sep. 08, 2010 | Aug. 18, 2010 | Feb. 13, 2007 | Mar. 29, 2012 | Mar. 31, 2011 | Apr. 01, 2010 | Mar. 29, 2009 | Mar. 17, 2009 | Feb. 13, 2007 | Feb. 13, 2007 | Feb. 13, 2007 | Dec. 31, 2013 | Dec. 26, 2013 | Dec. 26, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 30, 2012 | Mar. 29, 2012 | Mar. 31, 2011 | Mar. 10, 2010 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 30, 2012 | Mar. 29, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 30, 2012 | Mar. 29, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
Promissory Note 5 Percent Due 2019 [Member] | NCM tax receivable agreement | NCM tax receivable agreement | RealD Inc. | Predecessor | Predecessor | Predecessor | Predecessor | Tranche 2 Investments | Capital units | Capital units | Common units | NCM Inc. | NCM Inc. | NCM Inc. | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | NCM | AC JV, LLC | AC JV, LLC | AC JV, LLC | U.S. theatres and IMAX screen | DCIP | DCIP | DCIP | DCIP | DCIP | DCIP | DCIP | Open Road Releasing, LLC, operator of ORF | Open Road Releasing, LLC, operator of ORF | Open Road Releasing, LLC, operator of ORF | Open Road Releasing, LLC, operator of ORF | Other | Other | Other | Other | Maximum | Minimum | |||
item | AMC | Predecessor | AMC | Predecessor | Predecessor | Predecessor | Predecessor | Capital units | NCM tax receivable agreement | Rave | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Advertising (Revenue) | Advertising (Revenue) | Advertising (Revenue) | Advertising (Revenue) | Cash Received (Paid) | Tranche 2 Investments | Tranche 2 Investments | Tranche 2 Investments | Tranche 2 Investments | Tranche 2 Investments | Tranche 2 Investments | Capital units | Capital units | Preferred units | Common units | Founding Members | Founding Members | Founding Members | NCM Inc. | NCM Inc. | NCM Inc. | NCM Inc. | NCM Inc. | NCM Inc. | NCM Inc. | NCM Inc. | NCM Inc. | NCM Inc. | NCM Inc. | NCM Inc. | Founding Members | Founding Members | theatre | Expected | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Investments in non-consolidated affiliates and certain other investments accounted for following the equity method | NCM | |||||||||||||||||||
AMC | AMC | RealD Inc. | Predecessor | NCM tax receivable agreement | NCM tax receivable agreement | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Tranche 2 Investments | Tranche 2 Investments | Common units | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Preferred units | Common units | Promissory Note 5 Percent Due 2019 [Member] | Screen | Founding Members | ||||||||||||||||||||||||||||||||||||||||||||||||||||
item | Predecessor | Predecessor | Common Stock | Predecessor | Predecessor | item | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest in non-consolidated affiliates (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.70% | ' | ' | ' | ' | ' | ' | ' | ' | 15.01% | 4.00% | ' | ' | ' | ' | ' | ' | ' | 15.66% | 18.23% | 17.02% | 23.05% | 18.53% | 18.52% | 19.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32.00% | 32.00% | ' | 50.00% | ' | 29.00% | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | 50.00% | ' |
Number of U.S. theatres | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of IMAX screens | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period over which shares of common stock can be purchased | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares of common stock that can be purchased | ' | ' | ' | ' | ' | 1,222,780 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Price at which each share of common stock can be purchased (in dollars per share) | ' | ' | ' | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of tranches in which stock options shall be vested upon the achievement of screen installation targets | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period over which deferred lease incentive is being amortized | ' | ' | ' | ' | ' | '9 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
RealD deferred lease incentive | $21,223,000 | $18,635,000 | ' | ' | ' | $18,635,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of RealD Inc. investment | ' | 1,370,000 | ' | ' | ' | ' | ' | 17,751,000 | 17,751,000 | ' | ' | ' | ' | 17,751,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of financing completed by equity method investee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 220,000,000 | 660,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock issued in IPO | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Price of shares of common stock issued in IPO (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exchange ratio of common units of related party to its shares of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price of each existing preferred unit of equity method investee (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13.78 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from new term loan facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 725,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from related party used to redeem preferred units of equity method investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption or sale of units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 259,347,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,467,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration received for modifying the ESA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 231,308,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of ESA for advertising | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of ESA for meeting event and digital programming services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of ESA for the right of first refusal for the services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period prior to end of term of ESA from which the right of first refusal begins | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in theatre access fee per patron every five years (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period for which theatre access fee increases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual increase in theatre access fee per digital screen (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment of theatre access fee to the Founding Members as a percentage of NCM's aggregate advertising revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% |
Loews Screen Integration payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,982,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest of the related party in non-consolidated affiliates after IPO (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions received in excess of investment in NCM related to the redemption of preferred and common units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 106,188,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in NCM | 267,422,000 | 327,910,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | 245,047,000 | 272,407,000 | ' | ' | ' | ' | ' | ' | ' | 71,517,000 | 74,551,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,234,000 | 45,831,000 | ' | ' | ' | ' | ' | -6,781,000 | -1,920,000 | ' | ' | 3,922,000 | 11,592,000 | ' | ' | ' | ' |
Number of units transferred among founding members | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage change in the total annual attendance of all the founding members required to cause an earlier common unit adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% |
Number of additional units received (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,510,209 | ' | 127,290 | 406,371 | 939,853 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair market value of the units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 380,293,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 111,520,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,598,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Price per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $17.14 | ' | ' | $19.96 | ' | ' | $15.22 | ' | ' | ' | ' | ' | ' | ' | ' | $17.13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $17.99 | ' | ' | $22.98 | ' | ' | ' | ' | ' | ' | ' | ' | $19.96 | ' | ' | ' | ' | ' | ' | ' | $13.42 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of units issued to Founding Member due to an acquisition (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,290,000 | 5,453,000 | ' | ' | ' | ' | ' | ' | ' | 8,688,078 | 2,913,754 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receipt of common units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,315,000 | ' | ' | 26,315,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares sold in an underwritten public offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Price of shares sold in an underwritten public offering (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in aggregate carrying amount of investment in NCM | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 867,000 | 36,709,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds received on sale of shares of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,384,000 | 99,840,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Underwriting fees and professional and consulting costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99,000 | 4,160,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of shares of NCM | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,517,000 | 63,131,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Price of shares sold in an underwritten public offering to cover over-allotments (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of units owned (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,417,042 | ' | 12,906,740 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,323,782 | 17,323,782 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction to deferred revenues due to surrender of common units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,361,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in aggregate carrying amount of investment in NCM | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,568,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on surrender of units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 207,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment to retain common units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -214,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 214,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common units retained | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,717 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares sold in an underwritten public offering to cover over-allotments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 155,193 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of units surrendered | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,479,638 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receipt of common units (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,728,988 | ' | ' | 1,728,988 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment to the Founding Members as a percentage of actual tax benefit realized from the tax amortization of the intangible assets by related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of applicability of the tax receivable agreement to related party from its IPO | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receipt under Tax Receivable Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,677,000 | ' | ' | ' | ' | ' | 1,840,000 | ' | ' | ' | ' | ' | ' | ' | ' | 6,248,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,248,000 | 6,637,000 | 8,788,000 | 3,796,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortizable intangible asset | 141,886,000 | 141,886,000 | ' | 20,900,000 | 20,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
The Company's recorded equity in earnings (losses) | -2,480,000 | 47,435,000 | ' | ' | ' | ' | 7,545,000 | 1,864,000 | 12,559,000 | ' | ' | ' | ' | ' | ' | ' | ' | 4,271,000 | 23,196,000 | ' | ' | ' | ' | ' | 132,622,000 | 7,473,000 | 28,489,000 | ' | ' | ' | ' | ' | ' | ' | 3,949,000 | 4,408,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,436,000 | 18,660,000 | ' | 4,941,000 | 1,726,000 | ' | ' | -10,691,000 | 4,861,000 | -6,416,000 | -14,726,000 | -496,000 | 718,000 | 1,547,000 | -2,930,000 | ' | ' |
Consideration received for spin-off | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration received for spin-off from each founder member | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,333,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate (as a percent) | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of equal installments of interest and principal payments due | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts due from affiliate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,978,000 | 2,266,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 736,000 | 663,000 | ' | ' | ' | ' | ' | 1,950,000 | 2,658,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts due to affiliate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,021,000 | 2,429,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,086,000 | 33,790,000 | 11,731,000 | 24,351,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,197,000 | 13,809,000 | ' | ' | ' | ' | ' | ' | 6,326,000 | 13,447,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term for payment of equipment rent, including scheduled escalations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term from the inception of the agreement to commence scheduled escalations of rent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years 6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred rent liability for digital projectors | 10,318,000 | 55,272,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,810,000 | 7,747,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Digital equipment rental expense (continuing operations) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,338,000 | 11,077,000 | ' | 3,624,000 | 6,969,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Film rent payable to Open Road Films | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 326,000 | 1,959,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Gross film exhibition cost on Open Road Films | 291,561,000 | 976,912,000 | ' | ' | ' | ' | 436,539,000 | 694,863,000 | 916,054,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,500,000 | 12,700,000 | 1,550,000 | 7,000,000 | ' | ' | ' | ' | ' | ' |
Financial Condition: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets | 214,681,000 | 356,453,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 112,100,000 | 141,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56,322,000 | 140,353,000 | ' | ' | ' | ' | ' | 42,712,000 | 60,431,000 | ' | ' | 3,547,000 | 14,069,000 | ' | ' | ' | ' |
Noncurrent assets | 1,500,820,000 | 1,716,739,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 325,300,000 | 557,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,153,610,000 | 1,124,517,000 | ' | ' | ' | ' | ' | 7,352,000 | 10,341,000 | ' | ' | 14,558,000 | 24,281,000 | ' | ' | ' | ' |
Total assets | 1,715,501,000 | 2,073,192,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 437,400,000 | 699,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,209,932,000 | 1,264,870,000 | ' | ' | ' | ' | ' | 50,064,000 | 70,772,000 | ' | ' | 18,105,000 | 38,350,000 | ' | ' | ' | ' |
Current liabilities | 206,189,000 | 219,150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 82,600,000 | 108,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,211,000 | 34,919,000 | ' | ' | ' | ' | ' | 67,402,000 | 69,530,000 | ' | ' | 1,976,000 | 6,301,000 | ' | ' | ' | ' |
Noncurrent liabilities | 1,902,195,000 | 1,934,109,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 879,000,000 | 890,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,016,135,000 | 1,028,191,000 | ' | ' | ' | ' | ' | 7,060,000 | 15,918,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Total liabilities | 2,108,384,000 | 2,153,259,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 961,600,000 | 998,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,070,346,000 | 1,063,110,000 | ' | ' | ' | ' | ' | 74,462,000 | 85,448,000 | ' | ' | 1,976,000 | 6,301,000 | ' | ' | ' | ' |
Stockholders' equity (deficit) | -392,883,000 | -80,067,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -524,200,000 | -299,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 139,586,000 | 201,760,000 | ' | ' | ' | ' | ' | -24,398,000 | -14,676,000 | ' | ' | 16,129,000 | 32,049,000 | ' | ' | ' | ' |
Liabilities and stockholders' equity (deficit) | 1,715,501,000 | 2,073,192,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 437,400,000 | 699,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,209,932,000 | 1,264,870,000 | ' | ' | ' | ' | ' | 50,064,000 | 70,772,000 | ' | ' | 18,105,000 | 38,350,000 | ' | ' | ' | ' |
Common membership units carried at cost | 267,422,000 | 327,910,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | 245,047,000 | 272,407,000 | ' | ' | ' | ' | ' | ' | ' | 71,517,000 | 74,551,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,234,000 | 45,831,000 | ' | ' | ' | ' | ' | -6,781,000 | -1,920,000 | ' | ' | 3,922,000 | 11,592,000 | ' | ' | ' | ' |
Operating Results: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | 283,780,000 | 804,326,000 | ' | ' | ' | ' | 360,403,000 | ' | 658,940,000 | ' | ' | ' | ' | ' | ' | ' | ' | 178,100,000 | 462,800,000 | ' | ' | ' | ' | ' | ' | 231,600,000 | 443,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56,851,000 | 182,659,000 | ' | 71,560,000 | 134,640,000 | ' | ' | 39,701,000 | 140,350,000 | 42,563,000 | 44,842,000 | 9,128,000 | 18,517,000 | 14,680,000 | 35,758,000 | ' | ' |
Operating costs and expenses | 259,223,000 | 582,774,000 | ' | ' | ' | ' | 293,493,000 | ' | 551,921,000 | ' | ' | ' | ' | ' | ' | ' | ' | 144,000,000 | 299,900,000 | ' | ' | ' | ' | ' | ' | 167,900,000 | 311,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43,052,000 | 133,700,000 | ' | 55,378,000 | 129,690,000 | ' | ' | 61,083,000 | 130,628,000 | 55,395,000 | 74,294,000 | 11,088,000 | 18,546,000 | 14,820,000 | 36,837,000 | ' | ' |
Net earnings (loss) | 24,557,000 | 221,552,000 | ' | ' | ' | ' | 66,910,000 | ' | 107,019,000 | ' | ' | ' | ' | ' | ' | ' | ' | 34,100,000 | 162,900,000 | ' | ' | ' | ' | ' | ' | 63,700,000 | 132,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,799,000 | 48,959,000 | ' | 16,182,000 | 4,950,000 | ' | ' | -21,382,000 | 9,722,000 | -12,832,000 | -29,452,000 | -1,960,000 | -29,000 | -140,000 | -1,079,000 | ' | ' |
Changes in carrying amount of investment in NCM and equity in earnings of NCM | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | 267,422,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 245,047,000 | ' | ' | ' | ' | ' | ' | 71,517,000 | 74,551,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,234,000 | ' | ' | ' | ' | ' | ' | -6,781,000 | ' | ' | ' | 3,922,000 | ' | ' | ' | ' |
Receipt of common units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,315,000 | ' | ' | 26,315,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receipt of excess cash distributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10,176,000 | -27,453,000 | ' | ' | ' | ' | ' | ' | -1,701,000 | -6,444,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receipt under Tax Receivable Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,677,000 | ' | ' | ' | ' | ' | -1,840,000 | ' | ' | ' | ' | ' | ' | ' | ' | -6,248,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,248,000 | -6,637,000 | -8,788,000 | -3,796,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in interest loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -16,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase Price Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 177,832,000 | 3,817,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain from cash flow hedge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 797,000 | 1,485,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in interest gain | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,012,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,271,000 | 21,149,000 | ' | ' | ' | ' | ' | ' | 2,523,000 | 5,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in loss from amortization of basis difference | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,965,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the end of the period | 267,422,000 | 327,910,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | 245,047,000 | 272,407,000 | ' | ' | ' | ' | ' | ' | ' | 71,517,000 | 74,551,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,234,000 | 45,831,000 | ' | ' | ' | ' | ' | -6,781,000 | -1,920,000 | ' | ' | 3,922,000 | 11,592,000 | ' | ' | ' | ' |
Number of units owned (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,417,042 | ' | 12,906,740 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,323,782 | 17,323,782 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of Tranche 1 Investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receipt of common units (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,728,988 | ' | ' | 1,728,988 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exhibitor services agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -318,154,000 | ' | ' | ' | ' | ' | ' | -328,442,000 | -333,792,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment to retain Common Units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 214,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase Price Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,453,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receipt of Common Units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -26,315,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of ESA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,468,000 | 14,556,000 | ' | ' | ' | ' | ' | ' | 2,367,000 | 5,136,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the end of the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -318,154,000 | -329,913,000 | ' | ' | ' | ' | ' | ' | -326,075,000 | -328,442,000 | -333,792,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of amortization of the exhibitor services agreement (ESA) with NCM | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive (Income) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive (income) at the end of the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -797,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain from cash flow hedge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -797,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,485,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive (income) at the end of the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -797,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,282,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Received (Paid) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,176,000 | ' | ' | ' | ' | ' | ' | 31,309,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receipt of excess cash distributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,176,000 | 27,453,000 | ' | ' | ' | ' | ' | ' | 6,667,000 | 25,275,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receipt under Tax Receivable Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,248,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,248,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment to retain common units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -214,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 214,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the end of the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,176,000 | 27,453,000 | ' | ' | ' | ' | ' | ' | 6,667,000 | 31,309,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in (Earnings) Loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receipt of excess cash distributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,966,000 | -18,831,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in interest loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in interest gain | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,012,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receipt under Tax Receivable Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,408,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,408,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,271,000 | -21,149,000 | ' | ' | ' | ' | ' | ' | -2,523,000 | -5,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in loss from amortization of basis difference | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,965,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in (earnings) losses of non-consolidated entities | 2,480,000 | -47,435,000 | ' | ' | ' | ' | -7,545,000 | -1,864,000 | -12,559,000 | ' | ' | ' | ' | ' | ' | ' | ' | -4,271,000 | -23,196,000 | ' | ' | ' | ' | ' | -132,622,000 | -7,473,000 | -28,489,000 | ' | ' | ' | ' | ' | ' | ' | -3,949,000 | -4,408,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,436,000 | -18,660,000 | ' | -4,941,000 | -1,726,000 | ' | ' | 10,691,000 | -4,861,000 | 6,416,000 | 14,726,000 | 496,000 | -718,000 | -1,547,000 | 2,930,000 | ' | ' |
Advertising (Revenue) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of ESA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,468,000 | -14,556,000 | ' | ' | ' | ' | ' | ' | -2,367,000 | -5,136,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising (Revenue) for the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,468,000 | -14,556,000 | ' | ' | ' | ' | ' | ' | -2,367,000 | -5,136,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of non-cash gains | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of founding members | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Promissory notes issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,333,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
SUPPLEMENTAL_BALANCE_SHEET_INF2
SUPPLEMENTAL BALANCE SHEET INFORMATION (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other current assets: | ' | ' |
Prepaid rent | $37,839 | $35,551 |
Income taxes receivable | 3,871 | 5,805 |
Prepaid insurance and other | 18,578 | 12,049 |
Merchandise inventory | 10,645 | 8,859 |
Other | 9,891 | 8,363 |
Other current assets, total | 80,824 | 70,627 |
Other long-term assets: | ' | ' |
Investments in real estate | 10,733 | 14,800 |
Deferred financing costs | 7,841 | ' |
Investments in equity method investees | 327,910 | 267,422 |
Computer software | 39,237 | 32,023 |
Investment in marketable equity securities | 10,442 | 13,707 |
Other | 6,341 | 4,788 |
Other long-term assets, total | 402,504 | 332,740 |
Accrued expenses and other liabilities: | ' | ' |
Taxes other than income | 46,251 | 42,990 |
Interest | 9,783 | 9,865 |
Payroll and vacation | 21,697 | 18,799 |
Current portion of casualty claims and premiums | 10,030 | 6,332 |
Accrued bonus | 36,916 | 27,630 |
Theatre and other closure | 6,405 | 6,258 |
Accrued licensing and percentage rent | 19,241 | 13,390 |
Current portion of pension and other benefits liabilities | 766 | 1,039 |
Other | 19,831 | 28,983 |
Accrued expenses and other liabilities, total | 170,920 | 155,286 |
Other long-term liabilities: | ' | ' |
Unfavorable lease obligations | 194,233 | 211,329 |
Deferred rent | 55,272 | 10,318 |
Pension and other benefits | 30,177 | 63,225 |
RealD deferred lease incentive | 18,635 | 21,223 |
Casualty claims and premiums | 9,525 | 10,254 |
Theatre and other closure | 48,758 | 55,086 |
Other | 14,346 | 14,283 |
Other long-term liabilities, total | $370,946 | $385,718 |
CORPORATE_BORROWINGS_AND_CAPIT2
CORPORATE BORROWINGS AND CAPITAL AND FINANCING LEASE OBLIGATIONS (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
Credit Facility term loans due 2016 | Credit Facility term loans due 2018 | Senior Secured Credit Facility-Term Loan due 2020 | 5% Promissory Note payable to NCM due 2019 | 8.75% Senior Fixed Rate Notes due 2019 | 8.75% Senior Fixed Rate Notes due 2019 | 8.75% Senior Fixed Rate Notes due 2019 | 9.75% Senior Subordinated Notes due 2020 | 9.75% Senior Subordinated Notes due 2020 | 9.75% Senior Subordinated Notes due 2020 | Capital and financing lease obligations | Capital and financing lease obligations | Capital and financing lease obligations | Capital and financing lease obligations | |||
Predecessor | Predecessor | Minimum | Maximum | |||||||||||||
CORPORATE BORROWINGS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Corporate borrowings and capital and financing lease obligations | $2,195,010,000 | $2,201,320,000 | $465,878,000 | $297,000,000 | $767,502,000 | $8,333,000 | $647,666,000 | $654,692,000 | ' | $655,310,000 | $661,105,000 | ' | $116,199,000 | $122,645,000 | ' | ' |
Less: current maturities | -16,080,000 | -14,280,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Corporate borrowings and capital and financing lease obligations, non-current | 2,178,930,000 | 2,187,040,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized premium and discounts | $101,290,000 | ' | ' | ' | ' | ' | ' | ' | $57,000,000 | ' | ' | $63,000,000 | ' | ' | ' | ' |
Interest rate (as a percent) | ' | ' | 4.25% | 4.75% | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate (as a percent) | ' | ' | ' | ' | ' | 5.00% | 8.75% | ' | ' | 9.75% | ' | ' | ' | ' | ' | ' |
Interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.25% | 11.00% |
CORPORATE_BORROWINGS_AND_CAPIT3
CORPORATE BORROWINGS AND CAPITAL AND FINANCING LEASE OBLIGATIONS (Details 2) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Capital and Financing Lease Obligations, Minimum Lease Payments | ' |
2014 | $16,808 |
2015 | 16,933 |
2016 | 16,943 |
2017 | 16,951 |
2018 | 17,112 |
Thereafter | 96,571 |
Total | 181,318 |
Capital and Financing Lease Obligations, Less Interest | ' |
2014 | 9,867 |
2015 | 9,207 |
2016 | 8,474 |
2017 | 7,671 |
2018 | 6,782 |
Thereafter | 23,118 |
Total | 65,119 |
Capital and Financing Lease Obligations, Principal | ' |
2014 | 6,941 |
2015 | 7,726 |
2016 | 8,469 |
2017 | 9,280 |
2018 | 10,330 |
Thereafter | 73,453 |
Total | 116,199 |
Principal Amount of Corporate Borrowings | ' |
2014 | 9,139 |
2015 | 9,139 |
2016 | 9,139 |
2017 | 9,139 |
2018 | 9,139 |
Thereafter | 1,931,826 |
Total | 1,977,521 |
Future maturities of corporate borrowings and capital and financing leases | ' |
2014 | 16,080 |
2015 | 16,865 |
2016 | 17,608 |
2017 | 18,419 |
2018 | 19,469 |
Thereafter | 2,005,279 |
Total | $2,093,720 |
CORPORATE_BORROWINGS_AND_CAPIT4
CORPORATE BORROWINGS AND CAPITAL AND FINANCING LEASE OBLIGATIONS (Details 3) (USD $) | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Jul. 02, 2012 | Dec. 31, 2013 | Apr. 30, 2013 | Mar. 29, 2012 | Apr. 30, 2013 | Apr. 30, 2013 | Apr. 30, 2013 | Dec. 31, 2013 | Apr. 30, 2013 | Apr. 30, 2013 | Apr. 30, 2013 | Apr. 30, 2013 | Dec. 15, 2010 | Feb. 22, 2012 | Dec. 15, 2010 | Jul. 02, 2012 | Apr. 30, 2013 | Dec. 31, 2012 | Dec. 15, 2010 | Jul. 02, 2012 | Apr. 30, 2013 | Jul. 02, 2012 | Apr. 30, 2013 | Dec. 31, 2012 | Feb. 22, 2012 | Dec. 31, 2013 | Jul. 02, 2012 | Apr. 30, 2013 | Apr. 30, 2013 | Dec. 31, 2013 | Apr. 30, 2013 | Apr. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 30, 2012 | Mar. 29, 2012 | Apr. 06, 2012 | Feb. 07, 2012 | Feb. 24, 2004 | Feb. 12, 2012 | |
Fourth Amendment | Senior Secured Credit Facility | Senior Secured Credit Facility | Senior Secured Credit Facility | Senior Secured Credit Facility | Senior Secured Credit Facility | Revolving credit facility due in 2018 | Revolving credit facility due in 2018 | Revolving credit facility due in 2018 | Revolving credit facility due in 2018 | Revolving credit facility due in 2018 | Revolving credit facility due in 2018 | Term loan facility due 2013 | Term loan facility due 2013 | Revolving credit facility | Revolving credit facility | Credit Facility term loans due 2016 | Credit Facility term loans due 2016 | Credit Facility term loans due 2016 | Credit Facility term loans due 2016 | Credit Facility term loans due 2016 | Credit Facility term loans due 2016 | Credit Facility term loans due 2018 | Credit Facility term loans due 2018 | Credit Facility term loans due 2018 | Credit Facility term loans due 2018 | Credit Facility term loans due 2018 | Credit Facility term loans due 2018 | Credit Facility term loans due in 2020 | Credit Facility term loans due in 2020 | Credit Facility term loans due in 2020 | Credit Facility term loans due in 2020 | Credit Facility term loans due in 2020 | 8% Senior Subordinated Notes due 2014 | 8% Senior Subordinated Notes due 2014 | 8% Senior Subordinated Notes due 2014 | 8% Senior Subordinated Notes due 2014 | 8% Senior Subordinated Notes due 2014 | 8% Senior Subordinated Notes due 2014 | 8% Senior Subordinated Notes due 2014 | |
Predecessor | item | Incremental Amendment | Base rate | LIBOR | Base rate | Base rate | LIBOR | LIBOR | Third Amendment | Incremental Amendment | Third Amendment | Fourth Amendment | Third Amendment | Fourth Amendment | LIBOR | LIBOR | Incremental Amendment | Fourth Amendment | Fourth Amendment | LIBOR | Base rate | LIBOR | LIBOR | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Incremental Amendment | |||||||||||
Predecessor | Minimum | Maximum | Minimum | Maximum | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Minimum | Fourth Amendment | Predecessor | Predecessor | Minimum | Minimum | Predecessor | |||||||||||||||||||||||
Predecessor | ||||||||||||||||||||||||||||||||||||||||
Minimum | ||||||||||||||||||||||||||||||||||||||||
Corporate borrowings and capital and financing lease obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $142,528,000 | ' | ' | ' | ' | ' | $476,597,000 | ' | ' | ' | ' | ' | $300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000,000 | ' |
Maximum borrowing capacity | ' | ' | 925,000,000 | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | 192,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 775,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | 8.00% | 8.00% |
Net proceeds received from issuance of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 297,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount on issuance of credit facility (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Required annual repayments of principal (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual repayments of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | 7,750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized deferred financing costs | ' | ' | ' | 5,157,000 | ' | ' | 6,909,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,217,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price of debt instrument (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | 100.00% | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | 100.00% | ' | ' | ' |
Outstanding aggregate principal balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 140,657,000 | ' | ' | 464,088,000 | ' | ' | ' | ' | ' | 296,250,000 | ' | ' | ' | ' | ' | ' | 769,188,000 | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' |
Loss/(Gain) on the modification of the debt | ' | -130,000 | ' | 383,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,297,000 | -640,000 | ' | ' | ' | ' |
Interest rate for borrowings (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.02% | ' | ' | 4.25% | ' | ' | ' | ' | ' | 4.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable rate basis | ' | ' | ' | ' | 'Base rate | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | 'LIBOR | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Spread on variable rate basis (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | 1.50% | 2.25% | 2.50% | ' | 1.75% | ' | ' | 3.25% | ' | ' | ' | ' | ' | 3.75% | ' | ' | 3.25% | ' | ' | ' | 2.75% | 1.75% | 2.75% | ' | ' | ' | ' | ' | ' | ' | ' |
Reference rate (as a percent) | ' | ' | ' | ' | 1.75% | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 1.00% | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | 0.75% | ' | ' | ' | ' | ' | ' | ' |
Consent fee payable as a percentage of principal amount | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consent fees reflected in purchase accounting adjustments | 2,256,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 438,000 | ' | ' | ' | 1,108,000 | ' | ' | ' | ' | ' | ' | 710,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Required quarterly repayments of principal (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal repayments per quarter | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,937,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount percentage on issuance of term loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings outstanding under the Revolving Credit Facility | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit | ' | ' | ' | ' | ' | ' | ' | 11,502,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available borrowing capacity | ' | ' | ' | ' | ' | ' | ' | 138,498,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unused commitment fee (as a percent) | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fee on undrawn amount of the letter of credit (as a percent) | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.25% | ' | ' | ' | ' | ' | 4.75% | ' | ' | ' | ' | ' | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum senior secured leverage ratio | ' | 3.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of guarantor or any significant subsidiary considered for defaults under other indebtedness, minimum | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of uninsured judgments against the entity, any guarantor, or any significant subsidiary for specified principal amount considered as events of default, minimum | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount for which uninsured judgments against the entity, any guarantor, or any significant subsidiary considered as events of default | ' | $25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stay of enforcement period | ' | '60 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CORPORATE_BORROWINGS_AND_CAPIT5
CORPORATE BORROWINGS AND CAPITAL AND FINANCING LEASE OBLIGATIONS (Details 4) (USD $) | 4 Months Ended | 12 Months Ended | 5 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||||||||||||
Dec. 31, 2012 | Dec. 31, 2013 | Aug. 30, 2012 | Mar. 29, 2012 | Dec. 31, 2013 | Aug. 30, 2012 | Apr. 06, 2012 | Mar. 29, 2012 | Mar. 07, 2012 | Feb. 22, 2012 | Feb. 21, 2012 | Feb. 07, 2012 | Feb. 24, 2004 | Mar. 07, 2012 | Feb. 07, 2012 | Feb. 24, 2004 | Feb. 24, 2004 | Dec. 31, 2013 | Aug. 30, 2012 | Jun. 09, 2009 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 30, 2012 | Dec. 15, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 30, 2012 | Dec. 31, 2013 | |
Predecessor | Predecessor | Notes due 2014 | Notes due 2014 | Notes due 2014 | Notes due 2014 | Notes due 2014 | Notes due 2014 | Notes due 2014 | Notes due 2014 | Notes due 2014 | Notes due 2014 | Notes due 2014 | Notes due 2014 | Notes due 2014 | Notes due 2019 | Notes due 2019 | Notes due 2019 | Notes due 2019 | Notes due 2019 | Notes due 2020 | Notes due 2020 | Notes due 2020 | Notes due 2020 | Notes due 2020 | Notes | Notes | 5% Promissory Note payable to NCM due 2019 | |||
Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Forecast | Maximum | Redemption period on or after March 1, 2009 | Redemption period on or after March 1, 2012 | Predecessor | Predecessor | Redemption period on or after June 1, 2014 | Redemption period on or after June 1, 2017 | Predecessor | Predecessor | Redemption period on or after December 1, 2015 | Redemption period on or after December 1, 2018 | Predecessor | ||||||||||
Predecessor | Predecessor | Predecessor | Predecessor | |||||||||||||||||||||||||||
Corporate borrowings and capital and financing lease obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount of debt issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000,000 | ' | ' | ' | ' | ' | ' | $600,000,000 | ' | ' | ' | ' | $600,000,000 | ' | ' | ' | ' | ' |
Stated interest rate (as a percent) | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | 8.75% | ' | 8.75% | ' | ' | 9.75% | ' | 9.75% | ' | ' | 5.88% | ' | 5.00% |
Redemption price of debt instrument (as a percent) | ' | ' | ' | ' | ' | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | 104.00% | 100.00% | ' | ' | ' | 104.38% | 100.00% | ' | ' | ' | 104.88% | 100.00% | ' | ' | ' |
Aggregate principal amount of debt that was offered for purchase under the cash tender offer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 160,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding aggregate principal balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount for which holders tendered | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 108,955,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount for which tendered offer was accepted for purchase | ' | ' | ' | ' | ' | ' | ' | ' | 50,892,000 | 58,063,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price percentage of principal amount for the first part | ' | ' | ' | ' | ' | ' | ' | ' | ' | 97.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price percentage of principal amount for the second part | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional aggregate principal amount for which tendered offer accepted for purchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument redemption price as a percentage of principal amount | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | 97.25% | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Gain) loss on redemption and modification of debt | ' | ' | ' | ' | ' | 1,297,000 | ' | -640,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tender offer and consent fee paid | ' | ' | ' | ' | ' | ' | ' | 213,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tender offer and consent fee paid | -3,219,000 | -12,687,000 | 967,000 | 1,336,000 | ' | ' | ' | 155,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other expenses | ' | ' | ' | ' | ' | ' | ' | 272,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount of debt redeemed | ' | ' | ' | ' | ' | ' | 51,035,000 | ' | ' | ' | ' | ' | ' | 51,035,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount plus accrued interest paid | ' | ' | ' | ' | ' | 141,027,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consent fee payable as a percentage of principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' |
Unamortized premium | ' | 101,290,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57,000,000 | ' | ' | ' | ' | 63,000,000 | ' | ' | ' | ' | ' | ' |
Consent fees reflected in purchase accounting adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,376,000 | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,537,000,000 | ' | ' |
STOCKHOLDERS_EQUITY_Details
STOCKHOLDER'S EQUITY (Details) (USD $) | 4 Months Ended | 5 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 5 Months Ended | 12 Months Ended | 5 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2012 | Aug. 30, 2012 | Dec. 31, 2013 | Jan. 02, 2014 | Dec. 31, 2013 | Jan. 02, 2014 | Dec. 31, 2013 | Jan. 02, 2014 | Mar. 31, 2014 | Jan. 02, 2014 | Mar. 31, 2014 | Jan. 02, 2014 | Dec. 31, 2014 | Jan. 02, 2014 | Jan. 02, 2014 | Jan. 02, 2014 | Jan. 02, 2014 | Jan. 02, 2014 | Dec. 31, 2014 | Jan. 02, 2014 | Jan. 02, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 30, 2012 | Mar. 29, 2012 | Aug. 30, 2012 | Dec. 23, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 29, 2012 | Dec. 17, 2013 | Dec. 31, 2013 | Dec. 17, 2013 | Dec. 31, 2013 | |
Board of Director | 2013 Equity Incentive Plan | 2013 Equity Incentive Plan | 2013 Equity Incentive Plan | 2013 Equity Incentive Plan | 2013 Equity Incentive Plan | 2013 Equity Incentive Plan | 2013 Equity Incentive Plan | 2013 Equity Incentive Plan | 2013 Equity Incentive Plan | 2013 Equity Incentive Plan | 2013 Equity Incentive Plan | 2013 Equity Incentive Plan | 2013 Equity Incentive Plan | 2013 Equity Incentive Plan | 2013 Equity Incentive Plan | Class A common stock | Class A common stock | Class A common stock | Class B common stock | Predecessor | Predecessor | Predecessor | AMCE | AMCE | Holdings | Holdings | Holdings | Holdings | Holdings | Holdings | ||||
item | Parent's IPO | Stock options | Stock options | Stock options | Stock options | Restricted stock unit | Restricted stock unit | Restricted stock unit | Restricted stock unit | Restricted stock unit | Restricted stock unit | Restricted stock unit | Restricted stock unit | Restricted stock unit | Restricted stock unit | 2013 Equity Incentive Plan | 2013 Equity Incentive Plan | 2013 Equity Incentive Plan | Adjustment to initial allocation | Class A common stock | Class A common stock | Class A common stock | Class A common stock | Class N common stock | Class B common stock | |||||||||
Board of Director | Board of Director | Members of management | Members of management | Members of management | Members of management | Members of management | Members of management | Members of management | Members of management | Executive officers | Executive officers | Stock options | Stock options | Parent's IPO | Parent's IPO | item | item | |||||||||||||||||
Performance Vesting | Performance Vesting | Performance Vesting | Performance Vesting | Performance Vesting | Performance Vesting | Board of Director | Parent's IPO | |||||||||||||||||||||||||||
Minimum | Maximum | 30% | 150% | |||||||||||||||||||||||||||||||
Minimum | Maximum | |||||||||||||||||||||||||||||||||
STOCKHOLDER'S EQUITY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of IPO proceeds contributed AMCE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $355,580,000 | $355,299,000 | ' | ' | ' | ' | ' | ' |
Number of common stock shares issued | 1 | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends paid (in dollars) | ' | ' | 588,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 109,581,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Withholding tax obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 588,000 | ' | ' | ' | ' | ' |
Capital contribution from Wanda | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment of accrued and unpaid interest | ' | ' | 9,126,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,378,000 | 6,002,000 | ' | ' | ' | ' | 219,405,000 | ' | ' | ' | ' |
Common Stock Rights and Privileges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock split conversion ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.514 | ' | 49.514 | ' |
Number of votes per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | 3 |
Number of shares to be issued on conversion of each common stock at option of holder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares to be issued on automatic conversion of each common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense included in general and administrative | ' | ' | 12,000,000 | ' | 12,000,000 | ' | ' | ' | 202,000 | ' | 2,328,000 | ' | 4,924,000 | ' | ' | ' | ' | ' | 2,596,000 | ' | ' | ' | ' | 830,000 | 1,962,000 | 3,858,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized | ' | ' | ' | ' | ' | ' | 9,474,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares available for grant | ' | ' | ' | ' | ' | ' | 9,113,828 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares granted | ' | ' | ' | ' | ' | ' | ' | 10,004 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,002 | 666,675 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share issued to employees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 360,172 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares withheld and cancelled | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 306,503 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of stock at grant date (in dollars per share) | ' | ' | ' | ' | ' | $20.18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Board of Directors to whom options were granted | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock unit granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 115,375 | ' | ' | ' | ' | ' | ' | ' | 128,641 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares that will be received under each RSU | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of days form the termination of service for settlement of fully vested RSU | ' | ' | ' | ' | ' | ' | ' | ' | ' | '60 days | ' | '60 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
PSUs vesting as a percentage of performance target | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | 120.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of performance target | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | 30.00% | 150.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Awards to be granted on achieving specified percentage of performance target (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 244,016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected performance target to be achieved (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of PSUs vesting, if Holdings does not achieve free cash flow minimum performance target | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments received by holders | ' | 7,035,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total estimated unrecognized compensation cost related to nonvested stock-based compensation arrangements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,177,000 | ' | ' | ' | ' | ' | ' | ' | ' |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 4 Months Ended | 12 Months Ended | 5 Months Ended | 12 Months Ended |
Dec. 31, 2012 | Dec. 31, 2013 | Aug. 30, 2012 | Mar. 29, 2012 | |
Predecessor | Predecessor | |||
Current: | ' | ' | ' | ' |
State | $480,000 | $4,045,000 | $3,700,000 | $2,015,000 |
Total current | 480,000 | 4,045,000 | 3,700,000 | 2,015,000 |
Deferred: | ' | ' | ' | ' |
Federal | 3,020,000 | -229,778,000 | ' | ' |
State | ' | -36,820,000 | ' | ' |
Total deferred | 3,020,000 | -266,598,000 | ' | ' |
Total provision (benefit) | 3,500,000 | -262,553,000 | 3,700,000 | 2,015,000 |
Tax provision from discontinued operations | ' | 830,000 | 1,200,000 | ' |
Total provision (benefit) from continuing operations | 3,500,000 | -263,383,000 | 2,500,000 | 2,015,000 |
Alternative minimum taxes recorded | ' | 0 | ' | ' |
Alternative minimum tax liability of the consolidated tax group | ' | 0 | ' | ' |
Pre-tax income (losses) | ' | ' | ' | ' |
Domestic | -39,294,000 | 103,526,000 | 98,093,000 | -78,677,000 |
Foreign | 124,000 | -1,679,000 | 7,000 | -1,296,000 |
Total | ($39,170,000) | $101,847,000 | $98,100,000 | ($79,973,000) |
INCOME_TAXES_Details_2
INCOME TAXES (Details 2) (USD $) | 4 Months Ended | 12 Months Ended | 5 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 30, 2012 | Mar. 29, 2012 |
Predecessor | Predecessor | |||
Reconciliation of effective tax rate on earnings (loss) from continuing operations before income taxes and the U.S. federal income tax statutory rate | ' | ' | ' | ' |
Income tax expense (benefit) at the federal statutory rate | ($13,470) | $34,902 | $21,600 | ($26,730) |
Effect of: | ' | ' | ' | ' |
State income taxes | -1,930 | 1,479 | 2,500 | 2,015 |
Change in ASC 740 (formerly FIN 48) reserve | ' | 2,193 | ' | -5,400 |
Federal credits | ' | -2,600 | ' | ' |
Change in net operating loss carryforward for excess tax deductions | ' | -28,206 | ' | ' |
Permanent items | 20 | 537 | 100 | 825 |
Other items | ' | -6,088 | ' | ' |
Valuation allowance | 18,880 | -265,600 | -21,700 | 31,305 |
Total provision (benefit) from continuing operations | $3,500 | ($263,383) | $2,500 | $2,015 |
Effective income tax rate (as a percent) | -9.10% | -264.10% | 4.00% | -2.60% |
INCOME_TAXES_Details_3
INCOME TAXES (Details 3) (USD $) | 4 Months Ended | 12 Months Ended | 5 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 30, 2012 | Mar. 29, 2012 | Dec. 31, 2012 |
Predecessor | Predecessor | Predecessor | |||
Assets | ' | ' | ' | ' | ' |
Accrued reserves | $35,359 | $33,156 | ' | ' | ' |
Capital loss carryforwards | 2,077 | 564 | ' | ' | ' |
Pension postretirement and deferred compensation | 28,001 | 29,290 | ' | ' | ' |
Corporate borrowings | 50,558 | 43,839 | ' | ' | ' |
Deferred revenue | 136,350 | 154,155 | ' | ' | ' |
Lease liabilities | 86,417 | 97,307 | ' | ' | ' |
Capital and financing lease obligations | 40,102 | 37,956 | ' | ' | ' |
Alternative minimum tax and other credit carryovers | 15,083 | 19,545 | ' | ' | ' |
Charitable contributions | 1,051 | ' | ' | ' | ' |
Net operating loss carryforward | 241,216 | 214,770 | ' | ' | ' |
Total | 636,214 | 630,582 | ' | ' | ' |
Less: Valuation allowance | -248,420 | ' | -232,985 | -413,666 | -248,240 |
Total deferred income taxes | 387,794 | 630,582 | ' | ' | ' |
Liabilities | ' | ' | ' | ' | ' |
Tangible assets | -125,641 | -102,669 | ' | ' | ' |
Intangible assets | -76,430 | -89,761 | ' | ' | ' |
Receivables | -1,632 | -3,513 | ' | ' | ' |
Investments | -231,524 | -227,718 | ' | ' | ' |
Total deferred income taxes | -435,227 | -423,661 | ' | ' | ' |
Rollforward of the Company's valuation allowance for deferred tax assets | ' | ' | ' | ' | ' |
Balance at Beginning of Period | 232,985 | 248,420 | 413,666 | 329,221 | 248,240 |
Additions Charged (Credited) to Revenues, Costs and Expenses | 18,880 | -265,600 | -21,700 | 32,560 | ' |
Charged (Credited) to Goodwill | 195 | 11,088 | -158,981 | ' | ' |
Charged (Credited) to Other Accounts | -3,640 | 6,092 | ' | 51,885 | ' |
Balance at End of Period | $248,420 | ' | $232,985 | $413,666 | $248,240 |
INCOME_TAXES_Details_4
INCOME TAXES (Details 4) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Minimum | ' |
Income tax loss carryforward | ' |
Period of limitations on use | '1 year |
Maximum | ' |
Income tax loss carryforward | ' |
Period of limitations on use | '20 years |
Federal | ' |
Income tax loss carryforward | ' |
Income tax loss carryforward | 619,225,000 |
State | ' |
Income tax loss carryforward | ' |
Income tax loss carryforward | 405,510,000 |
INCOME_TAXES_Details_5
INCOME TAXES (Details 5) (USD $) | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jan. 15, 2014 | Dec. 31, 2013 | Feb. 07, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | |
Notes due 2019 | Notes due 2019 | Notes due 2019 | Notes due 2022 | Notes due 2022 | Minimum | ||||
Subsequent event | Subsequent event | Subsequent event | Subsequent event | ||||||
INCOME TAXES | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net deferred tax assets | $206,921,000 | $206,921,000 | $200,987,000 | ' | ' | ' | ' | ' | ' |
Period of cumulative pre-tax loss position, as negative evidence for determining requirement of valuation allowance | ' | '3 years | ' | ' | ' | ' | ' | ' | ' |
Amount of valuation allowance reversed | 265,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Period of cumulative loss for emergence, as positive evidence for reversal of valuation allowance | ' | '3 years | ' | ' | ' | ' | ' | ' | ' |
Cash on hand, as positive evidence for reversal of valuation allowance | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 |
Interest rate of debt instrument (as a percent) | ' | ' | ' | 8.75% | 8.75% | 8.75% | 5.88% | 5.88% | ' |
Percentage of outstanding notes received in tenders and consents | ' | ' | ' | ' | 77.33% | 77.33% | ' | ' | ' |
Net operating loss carryforwards and tax credits per year as limited by section382 of the Internal Revenue Code | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' |
Net operating loss carryforwards and tax credits as limited by section382 | $448,000,000 | $448,000,000 | ' | ' | ' | ' | ' | ' | ' |
INCOME_TAXES_Details_6
INCOME TAXES (Details 6) (USD $) | 4 Months Ended | 12 Months Ended | 5 Months Ended | 12 Months Ended |
Dec. 31, 2012 | Dec. 31, 2013 | Aug. 30, 2012 | Mar. 29, 2012 | |
item | Predecessor | Predecessor | ||
Reconciliation of the change in the amount of unrecognized tax benefits | ' | ' | ' | ' |
Balance at beginning of period | $22,400,000 | $21,900,000 | $22,700,000 | $28,200,000 |
Gross increases due to new positions | ' | 3,800,000 | 600,000 | 700,000 |
Gross increases-prior periods tax position | ' | 2,200,000 | ' | ' |
Favorable resolutions with authorities | ' | -500,000 | ' | -1,000,000 |
Expired attributes | ' | ' | ' | -5,200,000 |
Cash settlements | -500,000 | ' | -900,000 | ' |
Balance at end of period | 21,900,000 | 27,400,000 | 22,400,000 | 22,700,000 |
Interest and penalties | $110,000 | $0 | ' | ' |
Number of subsidiaries files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions | ' | 1 | ' | ' |
LEASES_Details
LEASES (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Screen | |
theatre | |
Future minimum rental payments required under existing operating leases and digital projector equipment leases payable to DCIP | ' |
2014 | $428,108 |
2015 | 435,906 |
2016 | 420,230 |
2017 | 403,552 |
2018 | 360,704 |
Thereafter | 1,606,326 |
Total minimum payments required | $3,654,826 |
Number of theatres under construction taken on lease | 4 |
Number of screens in theatres under construction taken on lease | 41 |
LEASES_Details_2
LEASES (Details 2) (USD $) | 4 Months Ended | 12 Months Ended | 5 Months Ended | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 30, 2012 | Dec. 29, 2011 | Mar. 29, 2012 |
Predecessor | Predecessor | Predecessor | |||
Leases | ' | ' | ' | ' | ' |
Deferred rent | $10,318 | $55,272 | ' | ' | ' |
Unfavorable lease obligations | 211,329 | 194,233 | ' | ' | ' |
Rent expense | ' | ' | ' | ' | ' |
Minimum rentals | 126,529 | 394,937 | 166,220 | ' | 394,742 |
Common area expenses | 12,968 | 44,198 | 17,591 | ' | 40,918 |
Percentage rentals based on revenues | 3,877 | 12,693 | 5,275 | ' | 9,666 |
Rent | 143,374 | 451,828 | 189,086 | 334,607 | 445,326 |
General and administrative and other | 3,940 | 13,393 | 4,207 | ' | 8,747 |
Total | $147,314 | $465,221 | $193,293 | ' | $454,073 |
EMPLOYEE_BENEFIT_PLANS_Details
EMPLOYEE BENEFIT PLANS (Details) (USD $) | 0 Months Ended | 4 Months Ended | 12 Months Ended | 5 Months Ended | 12 Months Ended | 4 Months Ended | 12 Months Ended | 5 Months Ended | 12 Months Ended | 4 Months Ended | 12 Months Ended | 5 Months Ended | 12 Months Ended |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 30, 2012 | Mar. 29, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 30, 2012 | Mar. 29, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 30, 2012 | Mar. 29, 2012 | |
Predecessor | Predecessor | Pension Benefits | Pension Benefits | Pension Benefits | Pension Benefits | Other Benefits | Other Benefits | Other Benefits | Other Benefits | ||||
Predecessor | Predecessor | Predecessor | Predecessor | ||||||||||
EMPLOYEE BENEFIT PLANS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Qualification age of employees for participation in the savings plan (in years) | ' | ' | '21 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum service in first twelve months of employment for eligibility (in hours) | ' | ' | '1000 hours | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial period of employment for eligibility (in months) | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Negative prior service cost recorded due to revision of plan | $15,197,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization period over which prior service cost will be amortized | '9 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Components of net periodic benefit cost: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service cost | ' | ' | ' | ' | ' | 59,000 | 180,000 | 76,000 | 180,000 | 61,000 | 195,000 | 74,000 | 149,000 |
Interest cost | ' | ' | ' | ' | ' | 1,484,000 | 4,513,000 | 1,962,000 | 4,640,000 | 306,000 | 870,000 | 435,000 | 1,122,000 |
Expected return on plan assets | ' | ' | ' | ' | ' | -1,442,000 | -4,707,000 | -1,811,000 | -4,465,000 | ' | ' | ' | ' |
Amortization of net (gain) loss | ' | ' | ' | ' | ' | ' | ' | 899,000 | 5,000 | ' | -78,000 | 88,000 | ' |
Amortization of prior service credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -448,000 | -984,000 |
Settlement | ' | ' | ' | ' | ' | -15,000 | ' | ' | ' | ' | ' | ' | ' |
Net periodic benefit cost | ' | ' | ' | ' | ' | 86,000 | -14,000 | 1,126,000 | 360,000 | 367,000 | 987,000 | 149,000 | 287,000 |
Changes in other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (gain) loss | ' | -7,279,000 | -4,510,000 | ' | 18,939,000 | -4,118,000 | -12,537,000 | ' | ' | -3,161,000 | -1,271,000 | ' | ' |
Net prior service credit | ' | ' | -9,271,000 | -771,000 | -1,035,000 | ' | ' | ' | ' | ' | -15,197,000 | -771,000 | ' |
Merger push-down accounting adjustment | ' | ' | ' | ' | ' | ' | ' | -20,741,000 | ' | ' | ' | 3,804,000 | ' |
Amortization of net gain (loss) | ' | ' | ' | ' | ' | ' | ' | -899,000 | ' | ' | 78,000 | -88,000 | ' |
Amortization of prior service credit | ' | ' | 78,000 | 448,000 | 984,000 | ' | ' | ' | ' | ' | ' | 448,000 | ' |
Allocated tax expense | ' | ' | -15,532,000 | ' | ' | ' | 8,442,000 | ' | ' | ' | 6,782,000 | ' | ' |
Settlement | ' | ' | ' | ' | ' | 15,000 | ' | ' | ' | ' | ' | ' | ' |
Total recognized in other comprehensive income | ' | ' | ' | ' | ' | -4,103,000 | -4,095,000 | -21,640,000 | ' | -3,161,000 | -9,608,000 | 3,393,000 | ' |
Net periodic benefit cost | ' | ' | ' | ' | ' | 86,000 | -14,000 | 1,126,000 | 360,000 | 367,000 | 987,000 | 149,000 | 287,000 |
Total recognized in net periodic benefit cost and other comprehensive income | ' | ' | ' | ' | ' | -4,017,000 | -4,109,000 | -20,514,000 | ' | -2,794,000 | -8,621,000 | 3,542,000 | ' |
Change in benefit obligation: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Benefit obligation at beginning of period | ' | ' | ' | ' | ' | 112,822,000 | 109,718,000 | 96,672,000 | ' | 25,816,000 | 22,765,000 | 24,538,000 | ' |
Service cost | ' | ' | ' | ' | ' | 59,000 | 180,000 | 76,000 | 180,000 | 61,000 | 195,000 | 74,000 | 149,000 |
Interest cost | ' | ' | ' | ' | ' | 1,484,000 | 4,513,000 | 1,962,000 | 4,640,000 | 306,000 | 870,000 | 435,000 | 1,122,000 |
Plan participant's contributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | 196,000 | 562,000 | 227,000 | ' |
Actuarial (gain) loss | ' | ' | ' | ' | ' | -3,465,000 | -10,022,000 | 15,161,000 | ' | -3,161,000 | -1,271,000 | 1,828,000 | ' |
Plan amendment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -15,197,000 | -771,000 | ' |
Benefits paid | ' | ' | ' | ' | ' | -862,000 | -5,408,000 | -1,007,000 | ' | -453,000 | -2,206,000 | -515,000 | ' |
Administrative expenses | ' | ' | ' | ' | ' | ' | -98,000 | ' | ' | ' | ' | ' | ' |
Settlement | ' | ' | ' | ' | ' | -320,000 | ' | -42,000 | ' | ' | ' | ' | ' |
Benefit obligation at end of period | ' | ' | ' | ' | ' | 109,718,000 | 98,883,000 | 112,822,000 | 96,672,000 | 22,765,000 | 5,718,000 | 25,816,000 | 24,538,000 |
Change in plan assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of plan assets at beginning of period | ' | ' | ' | ' | ' | 66,059,000 | 68,219,000 | 64,236,000 | ' | ' | ' | ' | ' |
Actual return on plan assets gain | ' | ' | ' | ' | ' | 2,095,000 | 7,223,000 | 977,000 | ' | ' | ' | ' | ' |
Employer contribution | ' | ' | ' | ' | ' | 1,247,000 | 3,722,000 | 1,895,000 | ' | 257,000 | 1,644,000 | 288,000 | ' |
Plan participant's contributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | 196,000 | 562,000 | 227,000 | ' |
Benefits paid | ' | ' | ' | ' | ' | -862,000 | -5,408,000 | -1,007,000 | ' | -453,000 | -2,206,000 | -515,000 | ' |
Administrative expense | ' | ' | ' | ' | ' | ' | -98,000 | ' | ' | ' | ' | ' | ' |
Settlement | ' | ' | ' | ' | ' | -320,000 | ' | -42,000 | ' | ' | ' | ' | ' |
Fair value of plan assets at end of period | ' | ' | ' | ' | ' | 68,219,000 | 73,658,000 | 66,059,000 | 64,236,000 | ' | ' | ' | ' |
Net liability for benefit cost: Funded status | ' | ' | ' | ' | ' | -41,499,000 | -25,225,000 | -46,763,000 | ' | -22,765,000 | -5,718,000 | -25,816,000 | ' |
Amounts recognized in the Balance Sheet: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued expenses and other liabilities | -766,000 | -1,039,000 | -766,000 | ' | ' | -154,000 | -154,000 | -40,000 | ' | -885,000 | -612,000 | -1,016,000 | ' |
Other long-term liabilities | -30,177,000 | -63,225,000 | -30,177,000 | ' | ' | -41,345,000 | -25,071,000 | -46,723,000 | ' | -21,880,000 | -5,106,000 | -24,800,000 | ' |
Net liability recognized | ' | ' | ' | ' | ' | -41,499,000 | -25,225,000 | -46,763,000 | ' | -22,765,000 | -5,718,000 | -25,816,000 | ' |
Aggregate accumulated benefit obligation | ' | ' | ' | ' | ' | -109,718,000 | -98,883,000 | -112,822,000 | -96,672,000 | -22,765,000 | -5,718,000 | -25,816,000 | -24,538,000 |
Pension plans with accumulated benefit obligations and projected benefit obligations in excess of plan assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregated accumulated benefit obligation | ' | ' | ' | ' | ' | -109,718,000 | -98,883,000 | ' | ' | ' | ' | ' | ' |
Aggregated projected benefit obligation | ' | ' | ' | ' | ' | -109,718,000 | -98,883,000 | ' | ' | ' | ' | ' | ' |
Aggregated fair value of plan assets | ' | ' | ' | ' | ' | 68,219,000 | 73,658,000 | ' | ' | ' | ' | ' | ' |
Amounts recognized in accumulated other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net actuarial (gain) loss | ' | ' | ' | ' | ' | -4,118,000 | -12,537,000 | ' | ' | -3,161,000 | -1,271,000 | ' | ' |
Prior service credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -15,197,000 | ' | ' |
Amounts in accumulated other comprehensive income expected to be recognized in components of net periodic pension cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net actuarial gain | ' | ' | ' | ' | ' | ' | -1,031,000 | ' | ' | ' | -348,000 | ' | ' |
Net prior service credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,665,000 | ' | ' |
Weighted-average assumptions used to determine benefit obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate (as a percent) | ' | ' | ' | ' | ' | 4.17% | 4.73% | 3.99% | ' | 3.90% | 4.00% | 3.65% | ' |
Weighted-average assumptions used to determine net periodic benefit cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate (as a percent) | ' | ' | ' | ' | ' | 3.99% | 4.17% | 4.86% | 5.86% | 3.65% | 3.90% | 4.42% | 5.51% |
Weighted average expected long-term return on plan assets (as a percent) | ' | ' | ' | ' | ' | 7.27% | 7.27% | 7.27% | 8.00% | ' | ' | ' | ' |
Assumed annual rate of covered health care benefits for 2013 (as a percent) | ' | ' | 7.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assumed annual rate of covered health care benefits for 2019 (as a percent) | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in the accumulated postretirement benefit obligation due to one-percentage-point increase in the assumed health care cost trend rate | ' | ' | 49,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in the aggregate of the service and interest cost components of postretirement expense due to one-percentage-point increase in the assumed health care cost trend rate | ' | ' | 92,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in the accumulated postretirement benefit obligation due to one-percentage-point increase in the assumed health care cost trend rate | ' | ' | 118,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase the aggregate of the service and interest cost components of postretirement expense due to one-percentage-point increase in the assumed health care cost trend rate | ' | ' | $75,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EMPLOYEE_BENEFIT_PLANS_Details1
EMPLOYEE BENEFIT PLANS (Details 2) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Net periodic benefit cost recognized | ' |
Anticipated contributions by the company during the calendar year 2014 | $3,092,000 |
Pension Benefits | ' |
Benefits expected to be paid | ' |
2014 | 2,664,000 |
2015 | 3,438,000 |
2016 | 3,057,000 |
2017 | 4,260,000 |
2018 | 4,178,000 |
Years 2019-2023 | 29,293,000 |
Other Benefits Net of Medicare Part D Adjustment | ' |
Benefits expected to be paid | ' |
2014 | 738,000 |
2015 | 631,000 |
2016 | 630,000 |
2017 | 613,000 |
2018 | 548,000 |
Years 2019-2023 | 1,953,000 |
Medicare Part D Adjustments | ' |
2014 | $19,000 |
EMPLOYEE_BENEFIT_PLANS_Details2
EMPLOYEE BENEFIT PLANS (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 30, 2012 | Aug. 30, 2012 | Mar. 29, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Total Carrying Value | Total Carrying Value | Quoted prices in active market (Level 1) | Quoted prices in active market (Level 1) | Significant other observable inputs (Level 2) | Significant other observable inputs (Level 2) | High yield bond fund | High yield bond fund | Cash and cash equivalents | Cash and cash equivalents | Cash and cash equivalents | Cash and cash equivalents | U.S. Treasury Securities | U.S. Treasury Securities | U.S. Treasury Securities | U.S. Treasury Securities | Equity Securities - U.S. | Equity Securities - U.S. | Equity Securities - U.S. | Equity Securities - U.S. | Equity Securities - U.S. | Equity Securities - International | Equity Securities - International | Equity Securities - International | Equity Securities - International | Collective trust fund | Collective trust fund | Collective trust fund | Collective trust fund | Private Real Estate | Private Real Estate | Private Real Estate | Private Real Estate | Public REITs | Public REITs | Bond market fund | Bond market fund | Bond market fund | Bond market fund | Commodities broad basket fund | Commodities broad basket fund | Commodities broad basket fund | Commodities broad basket fund | Pension Benefits | Pension Benefits | Pension Benefits | Pension Benefits | Pension Benefits | Pension Benefits | Pension Benefits | Pension Benefits | Pension Benefits | Pension Benefits | Pension Benefits |
Total Carrying Value | Significant other observable inputs (Level 2) | Total Carrying Value | Total Carrying Value | Quoted prices in active market (Level 1) | Quoted prices in active market (Level 1) | Total Carrying Value | Total Carrying Value | Quoted prices in active market (Level 1) | Quoted prices in active market (Level 1) | Total Carrying Value | Total Carrying Value | Quoted prices in active market (Level 1) | Quoted prices in active market (Level 1) | Significant other observable inputs (Level 2) | Total Carrying Value | Total Carrying Value | Quoted prices in active market (Level 1) | Quoted prices in active market (Level 1) | Total Carrying Value | Total Carrying Value | Significant other observable inputs (Level 2) | Significant other observable inputs (Level 2) | Total Carrying Value | Total Carrying Value | Significant other observable inputs (Level 2) | Significant other observable inputs (Level 2) | Total Carrying Value | Significant other observable inputs (Level 2) | Total Carrying Value | Total Carrying Value | Quoted prices in active market (Level 1) | Quoted prices in active market (Level 1) | Total Carrying Value | Total Carrying Value | Quoted prices in active market (Level 1) | Quoted prices in active market (Level 1) | Predecessor | Predecessor | Fixed | Equity Securities - U.S. | Equity Securities - International | Collective trust fund | Private Real Estate | Commodities broad basket fund | ||||||||||
Net periodic benefit cost recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Target Allocation (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | 16.00% | 25.00% | 15.00% | 25.00% | 14.00% | 5.00% |
Fair value of the pension plan assets | $73,658 | $68,219 | $45,871 | $24,495 | $27,787 | $43,724 | $3,104 | $3,104 | $265 | $19 | $265 | $19 | $1,557 | $1,668 | $1,557 | $1,668 | $19,654 | $15,993 | $19,654 | $2,184 | $13,809 | $11,281 | $11,098 | $11,281 | $11,098 | $17,958 | $17,551 | $17,958 | $17,551 | $9,829 | $8,031 | $9,829 | $8,031 | $1,229 | $1,229 | $9,655 | $6,222 | $9,655 | $6,222 | $3,459 | $3,304 | $3,459 | $3,304 | $73,658 | $68,219 | $66,059 | $66,059 | $64,236 | ' | ' | ' | ' | ' | ' |
EMPLOYEE_BENEFIT_PLANS_Details3
EMPLOYEE BENEFIT PLANS (Details 4) (USD $) | 4 Months Ended | 12 Months Ended | 5 Months Ended | 12 Months Ended |
Dec. 31, 2012 | Dec. 31, 2013 | Aug. 30, 2012 | Mar. 29, 2012 | |
Predecessor | Predecessor | |||
Defined Contribution Plan | ' | ' | ' | ' |
Qualification age of employees for participation in the 401(k) savings plan | ' | '21 years | ' | ' |
Employer match of employee contributions of first 3% of eligible compensation (as a percent) | ' | 100.00% | ' | ' |
Percentage of eligible compensation, matched 100% by employer | ' | 3.00% | ' | ' |
Employer's match of employee's contributions of the next 5% of eligible compensation (as a percent) | ' | 50.00% | ' | ' |
Percentage of eligible compensation, matched 50% by employer | ' | 5.00% | ' | ' |
Expenses under the 401(k) saving plan | $1,182,000 | $2,817,000 | $1,108,000 | $2,676,000 |
EMPLOYEE_BENEFIT_PLANS_Details4
EMPLOYEE BENEFIT PLANS (Details 5) (USD $) | 4 Months Ended | 12 Months Ended | 5 Months Ended | 12 Months Ended |
Dec. 31, 2012 | Dec. 31, 2013 | Aug. 30, 2012 | Mar. 29, 2012 | |
Predecessor | Predecessor | |||
Union-Sponsored Plans | ' | ' | ' | ' |
Aggregate contributions | $80,000 | $265,000 | $109,000 | $261,000 |
THEATRE_AND_OTHER_CLOSURE_AND_2
THEATRE AND OTHER CLOSURE AND DISPOSITION OF ASSETS (Details) (USD $) | 4 Months Ended | 12 Months Ended | 12 Months Ended | 5 Months Ended | 12 Months Ended | 1 Months Ended | 5 Months Ended | ||||
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 30, 2012 | Mar. 29, 2012 | Jul. 31, 2012 | Aug. 30, 2012 | Aug. 30, 2012 | |
theatre | Minimum | Maximum | Eight theatres and vacant restaurant space | Four closed theatres | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | ||
Screen | theatre | theatre | Canada | One closed theatre | One closed theatre | ||||||
Screen | Screen | Canada | Canada | ||||||||
theatre | Screen | ||||||||||
THEATRE AND OTHER CLOSURE AND DISPOSITION OF ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of theatres | ' | 3 | ' | ' | 8 | ' | ' | ' | ' | ' | ' |
Remaining terms of obligation under the long-term lease commitments for theatres closed | ' | ' | ' | '14 years | ' | ' | ' | ' | ' | ' | ' |
Aggregate annual base rents under the long-term lease commitments | ' | $9,744,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base rents under the long-term lease commitments over remaining terms | ' | 69,489,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
A rollforward of reserves for theatre and other closure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | 62,935,000 | 61,344,000 | ' | ' | ' | ' | 65,471,000 | 73,852,000 | ' | ' | ' |
Theatre and other closure expense-continuing operations | 2,381,000 | 5,823,000 | ' | ' | ' | ' | 4,191,000 | 7,449,000 | ' | ' | ' |
Theatre and other closure expense-discontinued operations | ' | ' | ' | ' | ' | ' | 7,562,000 | ' | ' | ' | ' |
Transfer of lease liability | 994,000 | -53,000 | ' | ' | ' | ' | -697,000 | 571,000 | ' | ' | ' |
Net book value of abandoned and other property dispositions | ' | ' | ' | ' | ' | ' | ' | -485,000 | ' | ' | ' |
Foreign currency translation adjustment | 405,000 | -286,000 | ' | ' | ' | ' | -38,000 | -511,000 | ' | ' | ' |
Cash payments | -5,371,000 | -11,665,000 | ' | ' | ' | ' | -13,554,000 | -15,405,000 | ' | ' | ' |
Ending balance | 61,344,000 | 55,163,000 | ' | ' | ' | ' | 62,935,000 | 65,471,000 | ' | ' | ' |
Number of theatres closed | ' | ' | ' | ' | ' | 4 | ' | ' | ' | 1 | ' |
Number of screens in theatres | ' | 33 | ' | ' | ' | 29 | ' | ' | 134 | ' | 20 |
Payment made to the landlord to terminate the lease agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,562,000 |
Future lease obligations discount rate (as a percent) | ' | ' | 7.55% | 9.00% | ' | ' | ' | ' | ' | ' | ' |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (Recurring basis, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Total Carrying Value | ' | ' |
Other long-term assets: | ' | ' |
Total assets at fair value | $15,381 | $16,948 |
Total Carrying Value | Money Market Mutual Funds | ' | ' |
Other long-term assets: | ' | ' |
Money Market Mutual Funds | 84 | 85 |
Total Carrying Value | Mutual Fund Large U.S. Equity | ' | ' |
Other long-term assets: | ' | ' |
Equity securities, available-for-sale: | 2,563 | 1,995 |
Total Carrying Value | Mutual Fund Small/Mid U.S. Equity | ' | ' |
Other long-term assets: | ' | ' |
Equity securities, available-for-sale: | 982 | 413 |
Total Carrying Value | Mutual Fund International | ' | ' |
Other long-term assets: | ' | ' |
Equity securities, available-for-sale: | 503 | 249 |
Total Carrying Value | Mutual Fund Balance | ' | ' |
Other long-term assets: | ' | ' |
Equity securities, available-for-sale: | 456 | 150 |
Total Carrying Value | Mutual Fund Fixed Income | ' | ' |
Other long-term assets: | ' | ' |
Equity securities, available-for-sale: | 351 | 349 |
Total Carrying Value | RealD Inc. | Common Stock | ' | ' |
Other long-term assets: | ' | ' |
Equity securities, available-for-sale: | 10,442 | 13,707 |
Quoted prices in active market (Level 1) | ' | ' |
Other long-term assets: | ' | ' |
Total assets at fair value | 15,381 | 16,948 |
Quoted prices in active market (Level 1) | Money Market Mutual Funds | ' | ' |
Other long-term assets: | ' | ' |
Money Market Mutual Funds | 84 | 85 |
Quoted prices in active market (Level 1) | Mutual Fund Large U.S. Equity | ' | ' |
Other long-term assets: | ' | ' |
Equity securities, available-for-sale: | 2,563 | 1,995 |
Quoted prices in active market (Level 1) | Mutual Fund Small/Mid U.S. Equity | ' | ' |
Other long-term assets: | ' | ' |
Equity securities, available-for-sale: | 982 | 413 |
Quoted prices in active market (Level 1) | Mutual Fund International | ' | ' |
Other long-term assets: | ' | ' |
Equity securities, available-for-sale: | 503 | 249 |
Quoted prices in active market (Level 1) | Mutual Fund Balance | ' | ' |
Other long-term assets: | ' | ' |
Equity securities, available-for-sale: | 456 | 150 |
Quoted prices in active market (Level 1) | Mutual Fund Fixed Income | ' | ' |
Other long-term assets: | ' | ' |
Equity securities, available-for-sale: | 351 | 349 |
Quoted prices in active market (Level 1) | RealD Inc. | Common Stock | ' | ' |
Other long-term assets: | ' | ' |
Equity securities, available-for-sale: | $10,442 | $13,707 |
FAIR_VALUE_MEASUREMENTS_Detail1
FAIR VALUE MEASUREMENTS (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Significant other observable inputs (Level 2) | ' | ' |
Other Fair Value Measurement Disclosures | ' | ' |
Current Maturities of Corporate Borrowings | $7,779 | $8,063 |
Corporate Borrowings | 2,090,332 | 2,115,919 |
Significant unobservable inputs (Level 3) | ' | ' |
Other Fair Value Measurement Disclosures | ' | ' |
Current Maturities of Corporate Borrowings | 1,389 | ' |
Corporate Borrowings | 6,944 | ' |
Total Carrying Value | ' | ' |
Other Fair Value Measurement Disclosures | ' | ' |
Current Maturities of Corporate Borrowings | 9,139 | 8,004 |
Corporate Borrowings | $2,069,672 | $2,070,671 |
OPERATING_SEGMENT_Details
OPERATING SEGMENT (Details) (USD $) | 4 Months Ended | 12 Months Ended | 5 Months Ended | 9 Months Ended | 12 Months Ended | 4 Months Ended | 12 Months Ended | 5 Months Ended | 12 Months Ended | 4 Months Ended | 12 Months Ended | 5 Months Ended | 12 Months Ended | 4 Months Ended | 12 Months Ended | 5 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 30, 2012 | Dec. 29, 2011 | Mar. 29, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 30, 2012 | Mar. 29, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 30, 2012 | Mar. 29, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 30, 2012 | Mar. 29, 2012 |
segment | Predecessor | Predecessor | Predecessor | United States | United States | United States | United States | Canada | Canada | Canada | Canada | Europe | Europe | Europe | Europe | ||
Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | ||||||||||||
OPERATING SEGMENT | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reportable segments | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OPERATING SEGMENT | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | $811,492 | $2,749,428 | $1,206,072 | $1,885,534 | $2,521,977 | $808,378 | $2,741,717 | $1,202,179 | $2,507,562 | $809 | $1,214 | $885 | $2,814 | $2,305 | $6,497 | $3,008 | $11,601 |
Total long-term assets | $3,975,175 | $4,205,344 | ' | ' | ' | $3,974,577 | $4,204,490 | ' | ' | $102 | $201 | ' | ' | $496 | $653 | ' | ' |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) (USD $) | 4 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 |
Changes in accumulated other comprehensive income | ' | ' |
Balance at the beginning of the period | ' | $9,444 |
Other comprehensive income (loss) before reclassifications | ' | 14,423 |
Amounts reclassified from accumulated other comprehensive income | ' | 337 |
Other comprehensive income (loss) | 9,444 | 14,760 |
Balance at the end of period | 9,444 | 24,204 |
Allocated tax expense 2013 | ' | 15,532 |
Foreign Currency | ' | ' |
Changes in accumulated other comprehensive income | ' | ' |
Balance at the beginning of the period | ' | -530 |
Other comprehensive income (loss) before reclassifications | ' | 179 |
Other comprehensive income (loss) | ' | 179 |
Balance at the end of period | ' | -351 |
Pension and Other Benefits (recorded in G&A =ther) | ' | ' |
Changes in accumulated other comprehensive income | ' | ' |
Balance at the beginning of the period | ' | 7,264 |
Other comprehensive income (loss) before reclassifications | ' | 13,781 |
Other comprehensive income (loss) | ' | 13,703 |
Balance at the end of period | ' | 20,967 |
Allocated tax expense 2013 | ' | 15,224 |
Pension and Other Benefits (recorded in G&A =ther) | G&A: Other | ' | ' |
Changes in accumulated other comprehensive income | ' | ' |
Amounts reclassified from accumulated other comprehensive income | ' | -78 |
Unrealized Gains on Marketable Securities (recorded in investment expense) | ' | ' |
Changes in accumulated other comprehensive income | ' | ' |
Balance at the beginning of the period | ' | 1,913 |
Other comprehensive income (loss) before reclassifications | ' | -1,622 |
Other comprehensive income (loss) | ' | -697 |
Balance at the end of period | ' | 1,216 |
Allocated tax expense 2013 | ' | -1,081 |
Unrealized Gains on Marketable Securities (recorded in investment expense) | Investment expense | ' | ' |
Changes in accumulated other comprehensive income | ' | ' |
Amounts reclassified from accumulated other comprehensive income | ' | 925 |
Unrealized Gain from Equity Method Investees' Cash Flow Hedge (recorded in equity in earnings of non-consolidated entities) | ' | ' |
Changes in accumulated other comprehensive income | ' | ' |
Balance at the beginning of the period | ' | 797 |
Other comprehensive income (loss) before reclassifications | ' | 2,085 |
Other comprehensive income (loss) | ' | 1,575 |
Balance at the end of period | ' | 2,372 |
Allocated tax expense 2013 | ' | 1,389 |
Unrealized Gain from Equity Method Investees' Cash Flow Hedge (recorded in equity in earnings of non-consolidated entities) | Equity in earnings of non-consolidated entities | ' | ' |
Changes in accumulated other comprehensive income | ' | ' |
Amounts reclassified from accumulated other comprehensive income | ' | ($510) |
ACCUMULATED_OTHER_COMPREHENSIV3
ACCUMULATED OTHER COMPREHENSIVE INCOME (Details 2) (USD $) | 4 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 |
Before-Tax Amount | ' | ' |
Foreign currency translation adjustment | ' | $179 |
Pension and other benefit adjustments: | ' | ' |
Net gain (loss) arising during the period | ' | 13,808 |
Prior service credit arising during the period | ' | 15,197 |
Amortization of net (gains) loss | ' | -78 |
Unrealized gain (loss) on marketable securities: | ' | ' |
Unrealized holding gain (loss) arising during the period | ' | -2,703 |
Less: reclassification adjustment for (gains) loss | ' | 925 |
Unrealized gain from equity method investees' cash flow hedge | ' | ' |
Unrealized holding gains arising during the period | ' | 3,474 |
Less: reclassification of holding gains | ' | -510 |
Other comprehensive income | ' | 30,292 |
Pension and other benefit adjustments: | ' | ' |
Net gain (loss) arising during the period | ' | -9,298 |
Prior service credit arising during the period | ' | -5,926 |
Unrealized gain (loss) on marketable securities: | ' | ' |
Unrealized holding gain (loss) arising during the period | ' | 1,081 |
Unrealized gain from equity method investees' cash flow hedge | ' | ' |
Unrealized holding gains arising during the period | ' | -1,389 |
Other comprehensive income | ' | -15,532 |
Net-of-Tax Amount | ' | ' |
Foreign currency translation adjustment, net of tax | -530 | 179 |
Pension and other benefit adjustments: | ' | ' |
Net gain (loss) arising during the period, net of tax | 7,279 | 4,510 |
Prior service credit arising during the period | ' | 9,271 |
Amortization of net (gains) loss | ' | -78 |
Unrealized gain (loss) on marketable securities: | ' | ' |
Unrealized holding gain (loss) arising during the period, net of tax | 1,915 | -1,622 |
Less: reclassification adjustment for loss included in investment expense, net of tax | -2 | 925 |
Unrealized gain from equity method investees' cash flow hedge, net of tax: | ' | ' |
Unrealized holding gains arising during the period | 797 | 2,085 |
Less: reclassification of holding gains | ' | -510 |
Other comprehensive income (loss) | $9,444 | $14,760 |
ACCUMULATED_OTHER_COMPREHENSIV4
ACCUMULATED OTHER COMPREHENSIVE INCOME (Details 3) (USD $) | 4 Months Ended | 12 Months Ended |
Dec. 31, 2012 | Dec. 31, 2013 | |
Reclassifications out of Accumulated Other Comprehensive Income | ' | ' |
General and administrative: Other | $29,110,000 | $97,288,000 |
Investment income | 290,000 | -2,084,000 |
Equity in (earnings) losses of non-consolidated entities | 2,480,000 | -47,435,000 |
Tax expense (benefit) | 3,500,000 | -263,383,000 |
Amounts reclassified from accumulated other comprehensive income | ' | 337,000 |
Gains Reclassified from Accumulated Other Comprehensive Income | ' | ' |
Reclassifications out of Accumulated Other Comprehensive Income | ' | ' |
Amounts reclassified from accumulated other comprehensive income | ' | -337,000 |
Amortization of pension and other benefit adjustments | Gains Reclassified from Accumulated Other Comprehensive Income | ' | ' |
Reclassifications out of Accumulated Other Comprehensive Income | ' | ' |
General and administrative: Other | ' | -78,000 |
Unrealized loss on marketable securities | Gains Reclassified from Accumulated Other Comprehensive Income | ' | ' |
Reclassifications out of Accumulated Other Comprehensive Income | ' | ' |
Investment income | ' | 925,000 |
Unrealized Gain from Equity Method Investees' Cash Flow Hedge | Gains Reclassified from Accumulated Other Comprehensive Income | ' | ' |
Reclassifications out of Accumulated Other Comprehensive Income | ' | ' |
Equity in (earnings) losses of non-consolidated entities | ' | ($510,000) |
CONDENSED_CONSOLIDATING_FINANC2
CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Details) (USD $) | 4 Months Ended | 12 Months Ended | 4 Months Ended | 12 Months Ended | 4 Months Ended | 12 Months Ended | 4 Months Ended | 12 Months Ended | 4 Months Ended | 12 Months Ended | 5 Months Ended | 9 Months Ended | 12 Months Ended | 5 Months Ended | 12 Months Ended | 5 Months Ended | 12 Months Ended | 5 Months Ended | 12 Months Ended | 5 Months Ended | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2013 | Mar. 29, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 30, 2012 | Dec. 29, 2011 | Mar. 29, 2012 | Aug. 30, 2012 | Mar. 29, 2012 | Aug. 30, 2012 | Mar. 29, 2012 | Aug. 30, 2012 | Mar. 29, 2012 | Aug. 30, 2012 | Mar. 29, 2012 | |
Subsidiary Guarantors | Reportable Entity | Reportable Entity | Reportable Entity | Reportable Entity | Reportable Entity | Reportable Entity | Consolidating Adjustments | Consolidating Adjustments | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | ||||
AMCE | AMCE | Subsidiary Guarantors | Subsidiary Guarantors | Subsidiary Non-Guarantors | Subsidiary Non-Guarantors | Reportable Entity | Reportable Entity | Reportable Entity | Reportable Entity | Reportable Entity | Reportable Entity | Consolidating Adjustments | Consolidating Adjustments | ||||||||||
AMCE | AMCE | Subsidiary Guarantors | Subsidiary Guarantors | Subsidiary Non-Guarantors | Subsidiary Non-Guarantors | ||||||||||||||||||
CONDENSED CONSOLIDATING FINANCIAL INFORMATION | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Admissions | $548,632,000 | $1,847,327,000 | ' | ' | ' | ' | $547,094,000 | $1,842,977,000 | $1,538,000 | $4,350,000 | ' | ' | $816,031,000 | $1,295,469,000 | $1,721,295,000 | ' | ' | $814,034,000 | $1,712,943,000 | $1,997,000 | $8,352,000 | ' | ' |
Food and beverage | 229,739,000 | 786,912,000 | ' | ' | ' | ' | 229,101,000 | 785,041,000 | 638,000 | 1,871,000 | ' | ' | 342,130,000 | 518,081,000 | 689,680,000 | ' | ' | 341,260,000 | 687,083,000 | 870,000 | 2,597,000 | ' | ' |
Other theatre | 33,121,000 | 115,189,000 | ' | ' | ' | ' | 32,990,000 | 114,922,000 | 131,000 | 267,000 | ' | ' | 47,911,000 | 71,984,000 | 111,002,000 | ' | ' | 47,771,000 | 110,349,000 | 140,000 | 653,000 | ' | ' |
Total revenues | 811,492,000 | 2,749,428,000 | ' | ' | ' | ' | 809,185,000 | 2,742,940,000 | 2,307,000 | 6,488,000 | ' | ' | 1,206,072,000 | 1,885,534,000 | 2,521,977,000 | ' | ' | 1,203,065,000 | 2,510,375,000 | 3,007,000 | 11,602,000 | ' | ' |
Operating costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Film exhibition costs | 291,561,000 | 976,912,000 | ' | ' | ' | ' | 290,888,000 | 974,917,000 | 673,000 | 1,995,000 | ' | ' | 436,539,000 | 694,863,000 | 916,054,000 | ' | ' | 435,526,000 | 912,405,000 | 1,013,000 | 3,649,000 | ' | ' |
Food and beverage costs | 30,545,000 | 107,325,000 | ' | ' | ' | ' | 30,374,000 | 106,926,000 | 171,000 | 399,000 | ' | ' | 47,326,000 | 70,961,000 | 93,581,000 | ' | ' | 47,142,000 | 93,062,000 | 184,000 | 519,000 | ' | ' |
Operating expense | 230,434,000 | 726,641,000 | ' | ' | -21,000 | -102,000 | 229,199,000 | 722,984,000 | 1,256,000 | 3,759,000 | ' | ' | 297,328,000 | 525,431,000 | 696,783,000 | 28,000 | 227,000 | 295,708,000 | 689,239,000 | 1,592,000 | 7,317,000 | ' | ' |
Rent | 143,374,000 | 451,828,000 | ' | ' | ' | ' | 142,698,000 | 449,833,000 | 676,000 | 1,995,000 | ' | ' | 189,086,000 | 334,607,000 | 445,326,000 | ' | ' | 188,283,000 | 442,610,000 | 803,000 | 2,716,000 | ' | ' |
General and administrative: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Merger, acquisition and transaction costs | 3,366,000 | 2,883,000 | ' | ' | ' | ' | 3,366,000 | 2,883,000 | ' | ' | ' | ' | 172,000 | 1,179,000 | 2,622,000 | ' | 85,000 | 172,000 | 2,537,000 | ' | ' | ' | ' |
Management fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | 3,750,000 | 5,000,000 | ' | ' | 2,500,000 | 5,000,000 | ' | ' | ' | ' |
Other | 29,110,000 | 97,288,000 | ' | ' | ' | ' | 29,073,000 | 97,259,000 | 37,000 | 29,000 | ' | ' | 27,025,000 | 36,065,000 | 51,776,000 | ' | ' | 27,013,000 | 51,695,000 | 12,000 | 81,000 | ' | ' |
Depreciation and amortization | 71,633,000 | 197,537,000 | ' | ' | ' | ' | 71,616,000 | 197,486,000 | 17,000 | 51,000 | ' | ' | 80,971,000 | 155,970,000 | 212,817,000 | ' | ' | 80,944,000 | 212,576,000 | 27,000 | 241,000 | ' | ' |
Impairment of long-lived assets | ' | ' | 285,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 285,000 | ' | ' | ' | 285,000 | ' | ' | ' | ' |
Operating costs and expenses | 800,023,000 | 2,560,414,000 | ' | ' | -21,000 | -102,000 | 797,214,000 | 2,552,288,000 | 2,830,000 | 8,228,000 | ' | ' | 1,080,947,000 | 1,822,826,000 | 2,424,244,000 | 28,000 | 312,000 | 1,077,288,000 | 2,409,409,000 | 3,631,000 | 14,523,000 | ' | ' |
Operating income (loss) | 11,469,000 | 189,014,000 | ' | ' | 21,000 | 102,000 | 11,971,000 | 190,652,000 | -523,000 | -1,740,000 | ' | ' | 125,125,000 | 62,708,000 | 97,733,000 | -28,000 | -312,000 | 125,777,000 | 100,966,000 | -624,000 | -2,921,000 | ' | ' |
Other expense (income) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in net (earnings) losses of subsidiaries | ' | ' | ' | ' | 48,107,000 | -349,185,000 | 788,000 | 1,141,000 | ' | ' | -48,895,000 | 348,044,000 | ' | ' | ' | -88,759,000 | 93,172,000 | -15,269,000 | 3,658,000 | ' | ' | 104,028,000 | -96,830,000 |
Other income | ' | ' | ' | ' | ' | ' | ' | -1,415,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other expense (income) | 49,000 | -1,415,000 | ' | ' | ' | ' | 49,000 | ' | ' | ' | ' | ' | 960,000 | 377,000 | 1,402,000 | ' | ' | 960,000 | 1,402,000 | ' | ' | ' | ' |
Interest expense: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Corporate borrowings | 45,259,000 | 129,963,000 | ' | ' | 45,145,000 | 130,363,000 | 61,280,000 | 173,633,000 | ' | ' | -61,166,000 | -174,033,000 | 67,614,000 | 120,265,000 | 161,645,000 | 67,366,000 | 160,849,000 | 87,133,000 | 206,205,000 | ' | ' | -86,885,000 | -205,409,000 |
Capital and financing lease obligations | 1,873,000 | 10,264,000 | ' | ' | ' | ' | 1,873,000 | 10,264,000 | ' | ' | ' | ' | 2,390,000 | 4,480,000 | 5,968,000 | ' | ' | 2,390,000 | 5,968,000 | ' | ' | ' | ' |
Equity in (earnings) losses of non-consolidated entities | 2,480,000 | -47,435,000 | ' | ' | 348,000 | 2,000 | 2,114,000 | -47,424,000 | 18,000 | -13,000 | ' | ' | -7,545,000 | -1,864,000 | -12,559,000 | 60,000 | 2,359,000 | -6,382,000 | -15,465,000 | -1,223,000 | 547,000 | ' | ' |
Investment expense (income) | 290,000 | -2,084,000 | ' | ' | -50,909,000 | -145,478,000 | -9,967,000 | -30,373,000 | ' | -266,000 | 61,166,000 | 174,033,000 | -41,000 | 17,666,000 | 17,641,000 | -73,095,000 | -175,229,000 | -13,831,000 | -12,539,000 | ' | ' | 86,885,000 | 205,409,000 |
Total other expense | 49,951,000 | 89,293,000 | ' | ' | 42,691,000 | -364,298,000 | 56,137,000 | 105,826,000 | 18,000 | -279,000 | -48,895,000 | 348,044,000 | 63,378,000 | 140,924,000 | 174,097,000 | -94,428,000 | 81,151,000 | 55,001,000 | 189,229,000 | -1,223,000 | 547,000 | 104,028,000 | -96,830,000 |
Earnings (loss) from continuing operations before income taxes | -38,482,000 | 99,721,000 | ' | ' | -42,670,000 | 364,400,000 | -44,166,000 | 84,826,000 | -541,000 | -1,461,000 | 48,895,000 | -348,044,000 | 61,747,000 | -78,216,000 | -76,364,000 | 94,400,000 | -81,463,000 | 70,776,000 | -88,263,000 | 599,000 | -3,468,000 | -104,028,000 | 96,830,000 |
Income tax provision | 3,500,000 | -263,383,000 | ' | ' | ' | ' | 3,500,000 | -263,383,000 | ' | ' | ' | ' | 2,500,000 | 1,510,000 | 2,015,000 | ' | 525,000 | 2,500,000 | 1,490,000 | ' | ' | ' | ' |
Earnings (loss) from continuing operations | -41,982,000 | 363,104,000 | ' | ' | -42,670,000 | 364,400,000 | -47,666,000 | 348,209,000 | -541,000 | -1,461,000 | 48,895,000 | -348,044,000 | 59,247,000 | -79,726,000 | -78,379,000 | 94,400,000 | -81,988,000 | 68,276,000 | -89,753,000 | 599,000 | -3,468,000 | -104,028,000 | 96,830,000 |
Gain (loss) from discontinued operations, net of income taxes | -688,000 | 1,296,000 | ' | ' | ' | ' | -441,000 | 976,000 | -247,000 | 320,000 | ' | ' | 35,153,000 | -2,989,000 | -3,609,000 | ' | ' | 20,483,000 | -3,419,000 | 14,670,000 | -190,000 | ' | ' |
Net earnings (loss) | ($42,670,000) | $364,400,000 | ' | ' | ($42,670,000) | $364,400,000 | ($48,107,000) | $349,185,000 | ($788,000) | ($1,141,000) | $48,895,000 | ($348,044,000) | $94,400,000 | ($82,715,000) | ($81,988,000) | $94,400,000 | ($81,988,000) | $88,759,000 | ($93,172,000) | $15,269,000 | ($3,658,000) | ($104,028,000) | $96,830,000 |
CONDENSED_CONSOLIDATING_FINANC3
CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 30, 2012 |
Current assets: | ' | ' | ' |
Cash and equivalents | $544,311,000 | $130,928,000 | $98,531,000 |
Receivables, net | 106,148,000 | 97,108,000 | ' |
Deferred tax asset | 110,097,000 | ' | ' |
Other current assets | 80,824,000 | 70,627,000 | ' |
Total current assets | 841,380,000 | 298,663,000 | ' |
Property, net | 1,179,754,000 | 1,147,959,000 | ' |
Intangible assets, net | 234,319,000 | 243,180,000 | ' |
Goodwill | 2,291,943,000 | 2,251,296,000 | 2,172,272,000 |
Deferred tax asset | 96,824,000 | ' | ' |
Other long-term assets | 402,504,000 | 332,740,000 | ' |
Total assets | 5,046,724,000 | 4,273,838,000 | ' |
Current liabilities: | ' | ' | ' |
Accounts payable | 268,163,000 | 226,220,000 | ' |
Accrued expenses and other liabilities | 170,920,000 | 155,286,000 | ' |
Deferred revenues and income | 202,833,000 | 171,122,000 | ' |
Current maturities of corporate borrowings and capital and financing lease obligations | 16,080,000 | 14,280,000 | ' |
Total current liabilities | 657,996,000 | 566,908,000 | ' |
Corporate borrowings | 2,069,672,000 | 2,070,671,000 | ' |
Capital and financing lease obligations | 109,258,000 | 116,369,000 | ' |
Exhibitor services agreement | 329,913,000 | 318,154,000 | ' |
Deferred tax liability | ' | 47,433,000 | ' |
Other long-term liabilities | 370,946,000 | 385,718,000 | ' |
Total liabilities | 3,537,785,000 | 3,505,253,000 | ' |
Stockholder's equity | 1,508,939,000 | 768,585,000 | ' |
Total liabilities and stockholder's equity | 5,046,724,000 | 4,273,838,000 | ' |
Reportable Entity | AMCE | ' | ' | ' |
Current assets: | ' | ' | ' |
Cash and equivalents | 485,000 | 308,000 | 291,000 |
Receivables, net | -10,000 | 20,000 | ' |
Total current assets | 475,000 | 328,000 | ' |
Investment in equity of subsidiaries | 1,617,629,000 | 888,865,000 | ' |
Intercompany advances | 1,953,778,000 | 1,958,022,000 | ' |
Other long-term assets | 7,841,000 | 59,000 | ' |
Total assets | 3,579,723,000 | 2,847,274,000 | ' |
Current liabilities: | ' | ' | ' |
Accrued expenses and other liabilities | 306,000 | 14,000 | ' |
Current maturities of corporate borrowings and capital and financing lease obligations | 7,750,000 | 8,004,000 | ' |
Total current liabilities | 8,056,000 | 8,018,000 | ' |
Corporate borrowings | 2,062,728,000 | 2,070,671,000 | ' |
Total liabilities | 2,070,784,000 | 2,078,689,000 | ' |
Stockholder's equity | 1,508,939,000 | 768,585,000 | ' |
Total liabilities and stockholder's equity | 3,579,723,000 | 2,847,274,000 | ' |
Reportable Entity | Subsidiary Guarantors | ' | ' | ' |
Current assets: | ' | ' | ' |
Cash and equivalents | 501,989,000 | 89,168,000 | 55,326,000 |
Receivables, net | 106,096,000 | 97,004,000 | ' |
Deferred tax asset | 110,097,000 | ' | ' |
Other current assets | 79,433,000 | 69,150,000 | ' |
Total current assets | 797,615,000 | 255,322,000 | ' |
Investment in equity of subsidiaries | 18,903,000 | 16,980,000 | ' |
Property, net | 1,179,666,000 | 1,147,874,000 | ' |
Intangible assets, net | 234,319,000 | 243,180,000 | ' |
Intercompany advances | -1,953,145,000 | -1,958,901,000 | ' |
Goodwill | 2,291,943,000 | 2,251,296,000 | ' |
Deferred tax asset | 96,824,000 | ' | ' |
Other long-term assets | 394,031,000 | 332,199,000 | ' |
Total assets | 3,060,156,000 | 2,287,950,000 | ' |
Current liabilities: | ' | ' | ' |
Accounts payable | 267,675,000 | 225,754,000 | ' |
Accrued expenses and other liabilities | 170,676,000 | 154,903,000 | ' |
Deferred revenues and income | 202,833,000 | 171,105,000 | ' |
Current maturities of corporate borrowings and capital and financing lease obligations | 8,330,000 | 6,276,000 | ' |
Total current liabilities | 649,514,000 | 558,038,000 | ' |
Corporate borrowings | 6,944,000 | ' | ' |
Capital and financing lease obligations | 109,258,000 | 116,369,000 | ' |
Exhibitor services agreement | 329,913,000 | 318,154,000 | ' |
Deferred tax liability | ' | 47,433,000 | ' |
Other long-term liabilities | 346,898,000 | 359,091,000 | ' |
Total liabilities | 1,442,527,000 | 1,399,085,000 | ' |
Stockholder's equity | 1,617,629,000 | 888,865,000 | ' |
Total liabilities and stockholder's equity | 3,060,156,000 | 2,287,950,000 | ' |
Reportable Entity | Subsidiary Non-Guarantors | ' | ' | ' |
Current assets: | ' | ' | ' |
Cash and equivalents | 41,837,000 | 41,452,000 | 42,914,000 |
Receivables, net | 62,000 | 84,000 | ' |
Other current assets | 1,391,000 | 1,477,000 | ' |
Total current assets | 43,290,000 | 43,013,000 | ' |
Property, net | 88,000 | 85,000 | ' |
Intercompany advances | -633,000 | 879,000 | ' |
Other long-term assets | 632,000 | 482,000 | ' |
Total assets | 43,377,000 | 44,459,000 | ' |
Current liabilities: | ' | ' | ' |
Accounts payable | 488,000 | 466,000 | ' |
Accrued expenses and other liabilities | -62,000 | 369,000 | ' |
Deferred revenues and income | ' | 17,000 | ' |
Total current liabilities | 426,000 | 852,000 | ' |
Other long-term liabilities | 24,048,000 | 26,627,000 | ' |
Total liabilities | 24,474,000 | 27,479,000 | ' |
Stockholder's equity | 18,903,000 | 16,980,000 | ' |
Total liabilities and stockholder's equity | 43,377,000 | 44,459,000 | ' |
Consolidating Adjustments | ' | ' | ' |
Current assets: | ' | ' | ' |
Investment in equity of subsidiaries | -1,636,532,000 | -905,845,000 | ' |
Total assets | -1,636,532,000 | -905,845,000 | ' |
Current liabilities: | ' | ' | ' |
Stockholder's equity | -1,636,532,000 | -905,845,000 | ' |
Total liabilities and stockholder's equity | ($1,636,532,000) | ($905,845,000) | ' |
CONDENSED_CONSOLIDATING_FINANC4
CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Details 3) (USD $) | 4 Months Ended | 12 Months Ended | 4 Months Ended | 12 Months Ended | 4 Months Ended | 12 Months Ended | 4 Months Ended | 12 Months Ended | 5 Months Ended | 9 Months Ended | 12 Months Ended | 5 Months Ended | 12 Months Ended | 5 Months Ended | 12 Months Ended | 5 Months Ended | 12 Months Ended |
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 30, 2012 | Dec. 29, 2011 | Mar. 29, 2012 | Aug. 30, 2012 | Mar. 29, 2012 | Aug. 30, 2012 | Mar. 29, 2012 | Aug. 30, 2012 | Mar. 29, 2012 | |
Reportable Entity | Reportable Entity | Reportable Entity | Reportable Entity | Reportable Entity | Reportable Entity | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | |||
AMCE | AMCE | Subsidiary Guarantors | Subsidiary Guarantors | Subsidiary Non-Guarantors | Subsidiary Non-Guarantors | Reportable Entity | Reportable Entity | Reportable Entity | Reportable Entity | Reportable Entity | Reportable Entity | ||||||
AMCE | AMCE | Subsidiary Guarantors | Subsidiary Guarantors | Subsidiary Non-Guarantors | Subsidiary Non-Guarantors | ||||||||||||
Cash flows from operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by (used in) operating activities | $73,892,000 | $357,342,000 | ($21,605,000) | $3,772,000 | $143,430,000 | $354,520,000 | ($47,933,000) | ($950,000) | $79,497,000 | $137,257,000 | $197,327,000 | ($3,735,000) | $21,673,000 | $82,423,000 | $177,633,000 | $809,000 | ($1,979,000) |
Cash flows from investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | -72,774,000 | -260,823,000 | ' | ' | -72,765,000 | -260,633,000 | -9,000 | -190,000 | -40,116,000 | -85,083,000 | -139,359,000 | ' | ' | -40,095,000 | -139,195,000 | -21,000 | -164,000 |
Merger, net of cash acquired | 3,110,000 | ' | ' | ' | 3,110,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition of Rave theatres, net of cash acquired | -87,555,000 | -1,128,000 | ' | ' | -87,555,000 | -1,128,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from disposition of long-term assets | 90,000 | 3,880,000 | ' | ' | 112,000 | 3,880,000 | -22,000 | ' | 7,291,000 | ' | 1,474,000 | ' | ' | 7,134,000 | 1,474,000 | 157,000 | ' |
Investments in non-consolidated entities, net | -1,194,000 | -3,265,000 | ' | ' | -1,173,000 | -3,280,000 | -21,000 | 15,000 | 1,589,000 | -23,835,000 | -26,880,000 | ' | 1,049,000 | -17,000 | -27,928,000 | 1,606,000 | -1,000 |
Proceeds from sale/leaseback of digital projection equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 953,000 | ' | ' | ' | 953,000 | ' | ' |
Other, net | -575,000 | -7,448,000 | ' | ' | -575,000 | -7,448,000 | ' | ' | 205,000 | 944,000 | 98,000 | ' | ' | 205,000 | 98,000 | ' | ' |
Net cash used in investing activities | -158,898,000 | -268,784,000 | ' | ' | -158,846,000 | -268,609,000 | -52,000 | -175,000 | -31,031,000 | -107,974,000 | -163,714,000 | ' | 1,049,000 | -32,773,000 | -164,598,000 | 1,742,000 | -165,000 |
Cash flows from financing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of Term Loan due 2020 | ' | 773,063,000 | ' | 773,063,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital contribution from Holdings | ' | 355,580,000 | ' | 355,580,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of Term Loan due 2016 | ' | -464,088,000 | ' | -464,088,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of Term Loan due 2018 | ' | -296,250,000 | ' | -296,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of Term Loan due 2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 297,000,000 | ' | 297,000,000 | ' | ' | ' | ' |
Repayment of Term Loan 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -140,657,000 | ' | -140,657,000 | ' | ' | ' | ' |
Repurchase of Senior Subordinated Notes due 2014 | ' | ' | ' | ' | ' | ' | ' | ' | -191,035,000 | ' | -108,965,000 | -191,035,000 | -108,965,000 | ' | ' | ' | ' |
Principal payments under Term Loan | -4,002,000 | -7,813,000 | -4,002,000 | -7,813,000 | ' | ' | ' | ' | -4,002,000 | -3,250,000 | -4,875,000 | -4,002,000 | -4,875,000 | ' | ' | ' | ' |
Principal payments under capital and financing lease obligations | -875,000 | -6,446,000 | ' | ' | -875,000 | -6,446,000 | ' | ' | -1,298,000 | -2,645,000 | -3,422,000 | ' | ' | -1,298,000 | -3,422,000 | ' | ' |
Deferred financing costs | ' | -9,126,000 | ' | -9,126,000 | ' | ' | ' | ' | -2,378,000 | -667,000 | -6,002,000 | -2,378,000 | -6,002,000 | ' | ' | ' | ' |
Capital contribution of Wanda | 100,000,000 | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in construction payables | 22,487,000 | -19,404,000 | ' | ' | 22,487,000 | -19,404,000 | ' | ' | -23,575,000 | -1,298,000 | 13,512,000 | ' | ' | -23,575,000 | 13,512,000 | ' | ' |
Dividends paid to Holdings | ' | -588,000 | ' | -588,000 | ' | ' | ' | ' | ' | -109,581,000 | -109,581,000 | ' | -109,581,000 | ' | ' | ' | ' |
Change in intercompany advances | ' | ' | -74,376,000 | -354,373,000 | 23,867,000 | 352,861,000 | 50,509,000 | 1,512,000 | ' | ' | ' | 200,755,000 | 51,044,000 | -200,872,000 | -52,427,000 | 117,000 | 1,383,000 |
Net cash provided by (used in) financing activities | 117,610,000 | 324,928,000 | 21,622,000 | -3,595,000 | 45,479,000 | 327,011,000 | 50,509,000 | 1,512,000 | -222,288,000 | -117,441,000 | -62,990,000 | 3,340,000 | -22,036,000 | -225,745,000 | -42,337,000 | 117,000 | 1,383,000 |
Effect of exchange rate changes on cash and equivalents | -207,000 | -103,000 | ' | ' | 3,779,000 | -101,000 | -3,986,000 | -2,000 | 16,000 | 520,000 | 556,000 | ' | ' | -588,000 | 215,000 | 604,000 | 341,000 |
Net increase (decrease) in cash and equivalents | 32,397,000 | 413,383,000 | 17,000 | 177,000 | 33,842,000 | 412,821,000 | -1,462,000 | 385,000 | -173,806,000 | -87,638,000 | -28,821,000 | -395,000 | 686,000 | -176,683,000 | -29,087,000 | 3,272,000 | -420,000 |
Cash and equivalents at beginning of period | 98,531,000 | 130,928,000 | 291,000 | 308,000 | 55,326,000 | 89,168,000 | 42,914,000 | 41,452,000 | ' | 301,158,000 | 301,158,000 | 686,000 | ' | 232,009,000 | 261,096,000 | 39,642,000 | 40,062,000 |
Cash and equivalents at end of period | $130,928,000 | $544,311,000 | $308,000 | $485,000 | $89,168,000 | $501,989,000 | $41,452,000 | $41,837,000 | $98,531,000 | $213,520,000 | ' | $291,000 | $686,000 | $55,326,000 | $232,009,000 | $42,914,000 | $39,642,000 |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details) (Sponsors, USD $) | 5 Months Ended |
Aug. 30, 2012 | |
Sponsors | ' |
RELATED PARTY TRANSACTIONS | ' |
Term of the fee agreement from the date of the original fee agreement for which annual fees are payable | '12 years |
Annual management fee | $5,000,000 |
SUBSEQUENT_EVENT_Details
SUBSEQUENT EVENT (Details) (USD $) | 4 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 15, 2014 | Mar. 31, 2014 | Feb. 14, 2014 | Feb. 07, 2014 | Jan. 29, 2014 | Dec. 31, 2013 | Feb. 07, 2014 | Dec. 31, 2013 | Feb. 07, 2014 | Feb. 07, 2014 | Feb. 07, 2014 | Feb. 07, 2014 | |
Notes due 2019 | Subsequent event | Subsequent event | Subsequent event | Subsequent event | Subsequent event | Subsequent event | Subsequent event | Subsequent event | Subsequent event | Subsequent event | Subsequent event | Subsequent event | |||
Notes due 2019 | Notes due 2019 | Notes due 2019 | Notes due 2019 | Notes due 2019 | Notes due 2019 | Notes due 2022 | Notes due 2022 | Notes due 2022 | Notes due 2022 | Notes due 2022 | Notes due 2022 | ||||
Minimum | Maximum | On or after February 15, 2017 | On or after February 15, 2020 | ||||||||||||
item | |||||||||||||||
Subsequent Event | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate of debt instrument (as a percent) | ' | ' | 8.75% | 8.75% | ' | ' | ' | ' | 8.75% | 5.88% | 5.88% | ' | ' | ' | ' |
Principal amount of Notes tendered | ' | ' | ' | $1,038.75 | ' | $1,038.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consent fee payable as a percentage of principal amount | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of notes tendered | ' | ' | ' | 1,000 | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount for which holders tendered | ' | ' | ' | 463,950,000 | ' | ' | ' | 14,000 | ' | ' | ' | ' | ' | ' | ' |
Percentage of outstanding notes received in tenders and consents | ' | ' | ' | 77.33% | ' | ' | ' | ' | 77.33% | ' | ' | ' | ' | ' | ' |
Aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 375,000,000 | ' | ' | ' | ' | ' |
Debt instrument redemption price as a percentage of principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 104.41% | 100.00% |
Aggregate principal amount for which tendered offer was accepted for purchase | ' | ' | ' | ' | ' | 14,000 | 463,950,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on extinguishment related to the cash tender offer | ' | ' | ' | ' | 4,383,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write-off of a non-cash premium | -3,219,000 | -12,687,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term for filing registration rights agreement after the issue date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '120 days | ' | ' |
Number of registration statements to be filed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' |
Term for causing registration statement to become effective | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '210 days | ' | ' |
Special interest rate accrual (in dollars per day) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.192 | ' | ' | ' | ' | ' |
Unit principal amount of debt on which special interest rate will accrue | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000 | ' | ' | ' | ' | ' |